SaaS technologies take the lead in digital transformation – Universities
Mon 14 February 2022
We live in a digital age where our lifestyles are defined by the rapid pace at which technology evolves. Everything can be managed with a few clicks on our smartphones, from ordering a taxi to grocery shopping. Customers in emerging economies like Indonesia are increasingly comfortable with a variety of digital solutions to meet their daily needs.
As a result, tech-savvy millennials, who form the largest generational group in the Indonesian workforce, are demanding better solutions and faster opportunities for self-development. But the business world, including traditional industries like banking and insurance, has not been able to offer the one-size-fits-all solutions needed to keep pace with changing expectations.
Technology has transformed the global banking, financial services and insurance (BFSI) industry in recent years. From big data to cloud computing and artificial intelligence, companies are leveraging technology tools to extract valuable insights to support the decision-making process, prevent fraud, improve operational efficiency and enhance the customer experience. final customer. But these priorities are only advancing in Indonesia in the wake of the pandemic.
Take, for example, an insurance company with an army of sales teams. Before the COVID-19 outbreak hit Southeast Asia in January 2020, sales reps were interacting with hundreds of potential customers in a month, advising them on which financial products were best for them, and answering their questions. objections in a way that reassures potential customers. their money. The outbreak of COVID-19 completely upended this process, and agents were struggling to accept virtual engagement and remote work.
And as the world continues to struggle to control the spread of new coronavirus variants, a company could see productivity decline as sales teams have to limit their mobility due to restrictions on public gatherings, including networking events and meetings. site visits. The company has no choice but to leverage digital management and collaboration tools to maintain engagement with customers and business partners while employees are working remotely for an extended period.
The pandemic has highlighted the urgency of accelerating digital transformation at the enterprise level. Adopting the right cloud-based technology tools can help businesses and employees continue to thrive under pressure.
Sales engagement platforms that help sales teams remotely manage day-to-day activities and provide them with performance management analytics have risen in demand. Companies like AIA, Generali and AXA have quickly adopted the platform to enable their teams to track needs assessments, claims, collections or renewal processes and reassure customers of uninterrupted services.
Besides the team on the ground, the managers in the office are also dealing with new changes brought about by the pandemic. Managing a remote team can be challenging as some employees may not be able to work independently and may feel less connected. This could lead to loss of productivity and control failures.
The platforms now help them gain better visibility into their teams and track their progress with real-time data. Managers can thus intervene quickly to support their sales representatives if necessary. With timely guidance and insights provided by the platform, managers can identify teams’ strengths and weaknesses, organize training programs based on each team member’s specific needs, and potentially fill the gap. skills with precision.
After collecting relevant data, we analyze how customer interactions are changing in this pandemic, correlate them with business priorities, and report on analytics across the organization with contextual nudges . This information enables organizations to better understand their customers and provide more personalized experiences, improving overall customer relationships.
A Bain & Company report suggested that a 5% increase in customer retention rates could potentially boost a company’s profits by 25-29%. One of the main reasons that businesses, especially financial institutions, fail to achieve even commendable numbers is the lack of proper customer relationship management (CRM) implementations.
But even if implemented correctly, CRMs have limited abilities to understand which exact behaviors of top performers convert more customers. And how to get the whole team to replicate similar results.
Gartner has identified a new category called “Engagement System” that will become critical in the next decade. Therefore, financial institutions will need to assess their churn rates and invest in technologies that will help them better interact with customers.
Additionally, Gartner predicted that 65% of B2B sales organizations will use technology that unites workflow, data, and analytics to make data-driven decisions by 2026. Companies that unify business strategies and leverage multi-threaded business engagements will outperform competitors by 30 percent.
Software as a Service (SaaS) technology is here to stay and is growing exponentially, especially in Asia. This is one of the largest market segments among cloud services, and Gartner estimates that the SaaS market will reach at least US$145.3 billion in 2022. This allows businesses to start small and adopt essential services before moving on to more complex and comprehensive products. This technology is also easy to scale to adapt to the changing needs of businesses of all sizes.
With its vibrant ecosystem of technologies and startups, Indonesia is poised to become the next powerhouse in Southeast Asia. Private companies and the government have worked together to realize the country’s digital ambitions. According to a survey by Forrester, 43% of Indonesian businesses were already adopting digitalization by the end of 2020. This number is expected to increase every year, showing that organizations, including financial institutions, are ready to invest and adapt to the latest technologies. to improve customer experience and long-term business growth.
The author is Managing Director, Asia-Pacific, Vymo.