There are three steps to using transaction data to optimise the customer journey:
Measure the real customer experience and define bottlenecks
Using process mining to connect data from different systems allows you to understand the customer journey as experienced by customers, highlight gaps and inefficiencies, and measure throughput times and workload.
For a large retail bank in the Netherlands, for example, we measured the customer journey for customers applying for a new mortgage. The online application process asked them to calculate their mortgage requirements and fill in their details. We connected online customer click paths to information in the CRM system and made the real omni-channel customer journey visible, from first contact until the moment the mortgage was signed. Process mining uncovered several bottlenecks in the customer journey, allowing the bank to focus on making improvements that increased conversion rates. This included optimising the functionality for uploading mortgage documentation, a point where customers where dropping out of the process without completing their application.
Stop making assumptions – develop a business case based on full and real data
Data on the number of steps involved in the customer journey and its actual duration makes defining the drivers for your business case easy. Data that compares the performance of sales employees, departments or branches indicates potential for savings based on facts.
For a global financial institution, we analysed 2.8 million process steps in the IT service management chain and identified 300,000 process steps (representing 6.8 million hours of throughput) that could be eliminated. Optimising processes meant internal IT customers had their IT problems solved more quickly and the organisation made savings of €3.3 million.
Monitor improvement with continuous intelligence about the customer experience
Process mining lets you monitor the results you get from changes to the customer journey and enables continuous improvement. Using automatic triggers can help you to target improvements for maximum impact. For example, you can set triggers to alert employees whenever runtime or the number of steps exceeds a pre-set target, allowing them to take action and contact customers directly.
Businesses have always known that giving their customers a pleasant experience will encourage them to buy more. No successful high-street retailer would expect their customers to come back to a physical store that was confusing, inefficient and full of long queues. The same is true for digital customers. Using process mining, you can optimise the customer journey and reap the rewards in improved conversion.
To find more about understanding the customer journey and optimising the customer experience,contact us