Data-Driven Business Transformation. FreySoft cases.
Today’s business world is extremely dynamic. For this reason, data processing services have become an absolute must for organizations that want to make strategic decisions in the long term. Read on the article, and you will find out the hottest of this topic! What’s more, we will illustrate the examples of data-driven business transformations based on implemented FreySoft cases.
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- Treat data as the business asset
- Case 1. Reduced cost and enhanced the operational efficiency of the organization
- Case 2. Leveraging customer behavior data and analytics to drive customer acquisition, retention, and growth
Treat data as the business asset
Since data is the most integral part of a data-driven culture, it is extremely important for organizations to view data as a business asset. Big Data is a vast amount of information that, when properly processed, can reveal hidden patterns and use them to improve the efficiency of the business. The data will then create value and subsequently help companies make strategic decisions.
To clarify, the well-executed data-driven transformation allows the business to do the following:
- improve the quality of customer service;
- relieve the head and employees from routine work, more efficiently use their working time for the development of the company;
- optimize the operational and personnel costs;
- promptly receive any reports on the actual state of affairs of the business;
- enhance business processes and effectively support the operational activities;
- quickly and correctly prepare documents for the clients, partners, contractors – from the commercial proposal to the reconciliation act;
- minimize the negative impact of the “human factor” on the business;
- store information safely – each employee works with that very data he has access to.
To dive deeply, further, we are illustrating the examples of data-driven transformation to face the real issues of the businesses and solutions to them.
Case number 1. Reduced cost and enhanced the operational efficiency of the organization
An organizational culture with data-based decisions requires a technical infrastructure that can properly harvest and process both internal and external data. To achieve this infrastructure, companies should synchronize their strategy and technology stack to automate smart data collection.
Let’s observe the FreySoft case, what the client’s situation was before data-driven transformation and after its implementation.
Asian telecommunication provider’s towers are operating in different locations. Thus, there is a significant number of suppliers and business partnerships of the client. Regularly the operator’s accounts had thousands of service invoices that needed to be processed. They were carried out manually, which greatly impeded the development of the company.
The client’s request was to automate the processing of invoices from customers and implement a process that allows them to quickly perform data reconciliation (services provided and invoices for these services). Thus, we started to study the client’s business and think over the most effective solution to the problem.
50-60% of the received invoices of the client are now refined because of automatization. As a matter of fact, this number is a great indicator of the data-driven processing’s results since the formats of invoices differ (some of them are scanned, or received in poor quality). Additionally, the list of the unprocessed invoices is automatically reput to the human resources for further operation.
Notably, due to automation, the management of the telecommunication provider could reduce the average handle time by up to 50%, optimize work with suppliers and improve the quality of management decisions. That is, by outsourcing data scientists, the company has strongly improved its operational efficiency at a lower cost.
Case number 2. Leveraging customer behavior data and analytics to drive customer acquisition, retention, and growth.
With the substantial amount of information delivered, it’s impossible for the middle- or big-sized company to follow all the qualities of the business processes. Not to mention staying ahead of the competitors. The right solution is to react to point-wise workflows and within the individual customer. Hence, such an approach will contribute to long-term growth.
Up to a point, data science and predictive analytics are the keys to a brilliant customer experience and additional revenue streams for the business. To clarify, let us introduce one another FreySoft case. In particular, the client’s issue before and after the business applied for our data-driven services.
The client of ours is an international B2B company that specializes in contact services (call centers) around the world. To put it simply, direct communication with customers, thousands of live chats, phone calls have been daily processed in substantial amounts. Besides, the company broads its services, and the business was constantly refining an inordinate set of information.
As a result, they’ve needed to minimize and prevent bad customer experience by identifying the process and behavior of their clients. Equally important, the company strived to improve self-service by focusing the contact center staff on creating value and meeting the customer’s demand.
The FreySoft team clearly understood the needs of the client based on the first call. We found the key to higher satisfaction and retention rates with predicting customer needs and accordingly delivering business services.
Along with integrating features, such as customer journey visualization, demand tracking and benchmarking, analysis of sentiments and intentions of the call center’s customer, the FreySoft team strongly equipped the client’s business.
The case has proved that accurate data processing, machine learning algorithms, and predictive analytics techniques contributed to a streamlined customer engagement of the client-company.
Let’s co-create your data-driven business together!
Finding the proper way to the data-driven transformation that will pay off in the long term is a huge undertaking for every industry-specific business. If to approach it seriously from the start, it can greatly enhance your business growth. If not, you can dramatically waste your costs, time, and business resources.
Transferring your non-core but mission-critical online data services to FreySoft gives you the double benefit of increasing your organization’s operational efficiency at lower costs and constantly enriching the customer experience. We help you collect, extract, digitize and process data from a variety of sources and transform it into useful insights.
We do understand that each business needs a flexible, results-oriented, and individual approach to automatization. Working with clients from a variety of industries, we have developed proven key steps towards business transformation, starting from analyzing the company’s niche and target audience to constructive support and maintenance.