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Industry Research : Harvard Study: Excelling in Organizational Change Enables Digital Transformation Success

#contactcenterworld, @genpact
Despite digital technologies’ growing importance to enterprise success, and the considerable time and resources invested, only about a third of companies say that they currently achieve significant positive business outcomes from their use of digital, says a new study from Harvard Business Review Analytic Services in association with the Genpact Research Institute.

The study looks at where companies focus digital investments, their expected benefits, and obstacles faced. To probe deeper on the qualities needed for effective enterprise digital transformation, the research also examines what differentiates the leaders (the top third of respondents who cite positive business outcomes from their digital implementations) from everyone else (the strivers).

All respondents face similar key barriers from their organizations’ use of digital technologies, such as the inability to experiment quickly (cited by 46 percent of leaders and 55 percent of strivers), organizational silos (47 and 52 percent), and legacy systems (50 and 52 percent). The study, however, found that successful digital transformation hinges much more on the ability to embrace necessary organizational change.

Embracing Risk and Having Strategic Vision Key Among Digital Leaders
Those companies leading the pack tackle corporate culture, strategy, and change management barriers head on:

Having a risk-averse culture is a major obstacle for more than half (53 percent) of the companies that are digital strivers compared to less than a third (31 percent) of leaders.
Lacking a clear vision for digital transformation is twice as common with strivers as leaders (47 percent vs. 24 percent).
Change management capabilities are a challenge for half of the strivers but only 37 percent of leaders.

Leaders Drive Greater and More Innovative Business Benefits
The study demonstrates that leaders clearly leverage the power of digital technology more effectively to receive broader business benefits. What is particularly interesting is this includes driving more innovative strategies such as expanding markets, launching products, and creating new business models, as well as more operational cost cutting and asset utilization.

Increasing market share and expanding to new markets: 
More than three quarters of leaders strongly agree that digital technologies increase market share compared to less than a third of strivers. Leaders also see much more opportunity to use digital to create new markets (77 percent versus only 30 percent of other strivers).

Launching new products: 
Nearly 80 percent of leaders use digital technology to launch new products and services compared to only 39 percent of strivers.

Creating new business models: 
Two-thirds of leaders versus only a quarter of other companies embrace digital technology to create new business models.

Utilizing assets better: 
80 percent of leaders strongly agree that their digital efforts improve asset utilization versus 39 percent of strivers.

Reducing costs: 
70 percent of leaders say digital technologies reduce costs compared to only 43 percent of other companies.

Digital’s Impact Across the Enterprise Remains Elusive, Yet Promise Shown
Even with these reported benefits, the study shows challenges remain in driving the impact of digital through the entire enterprise. Most companies do not have a systematic enterprise-level process that aligns digital interventions to business outcomes; however, leaders are four times more likely than strivers (40 versus 11 percent) to embrace such a company-wide approach. Leaders also are twice as likely as strivers (66 versus 33 percent) to have support from their company to use digital to improve non-customer-facing operations (e.g., middle- and back-office functions such as accounting, sales operations, auditing, and procurement).

"This study underscores how digital transformation is not challenging because it is about technology – but rather that it is challenging because it is about change," said Alex Clemente, managing director, Harvard Business Review Analytic Services. "This is testimony to the importance of a strong and agile corporate culture with a vision that works though common obstacles like legacy technology systems. So that, in combination with focusing on the end customer experience, is helping digital leaders achieve their desired business outcomes."

"Leaders aren’t perfect, but they clearly have a better understanding of how to design digital interventions that are more holistic and focused on what matters most, so they’re able to turn their organizations around more effectively," said Gianni Giacomelli, senior vice president and head of the Genpact Research Institute. "The study sheds new light on our previous analysis that shows nearly $400 billion of investment may not achieve the expected results. Based on our experience running and transforming complex operations for hundreds of global companies, we have determined that effective digital transformation requires much more than just technology and analytics savvy. Enterprises benefit enormously from complementary management disciplines such as design thinking and Lean principles, and require solid domain expertise. This is what we call Lean DigitalSM, and Genpact’s new Silicon Valley innovation center brings this approach to life with our clients."

The Genpact Research Institute and Harvard Business Review Analytic Services will release the second phase of this study later this year that will further explore digital transformation methods and skills.

About the Study
Conducted in the first quarter of 2016, Harvard Business Review Analytic Services, in association with the Genpact Research Institute, surveyed 376 respondents representing companies of more than 1,000 employees across multiple sectors, business functions, and regions around the world, with a prevalence of U.S. and European firms. 

#contactcenterworld, @genpact

Posted by Veronica Silva Cusi, news correspondent 
Source: Genpact

Today's Tip of the Day - Think About Demotivating Your Staff

Read today's tip or listen to it on podcast.

Published: Monday, May 2, 2016

Printer Friendly Version Printer friendly version

2021 Buyers Guide Speech Technology

 
1.) 
Agara

Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.

Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.
PH: +1 (512) 333 4634

2.) 
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.
PH: +1 512-872-7565

3.) 
Call Tracking Metrics

Execute automated actions based on words spoken by your customer.

Our intelligent word detection and transcription tools make it easier for you to decipher the content of your customer conversations and automate action based on those insights.

Transform the audio of your calls into speaker-organized scripts so you can easily search your call log for specific words from a conversation, or automatically detect when words of intent are spoken by your customer.

Listen in on and highlight common patterns in order to execute triggers to initiate a new action or workflow, such as emailing a manager if the word “cancel” is spoken on a call. You can also set up to automatically redact content from a transcript, such as sensitive health information transmitted on a call.
PH: 8005771872

4.) 
Daisee

Daisee
Daisee builds technology that empowers people to solve problems by making interactions simple and smart so they can have a more significant impact, be more productive and be better at what they do. We believe incremental improvements carry huge potency and provide exponentially greater change for the better.

Genesys customers can now automate risk and quality management using Daisee’s speech and sentiment analytics and remediation workflow software. Daisee helps improve customer experience, ensure regulatory compliance, identify missed commercial opportunities & training requirements as well as provide valuable insights back to the business directly from the frontline – the true voice-of-...
(read more)
PH: +61404697151

5.) 
Eckoh

EckohASSIST
Advanced speech recognition and natural language expertise that routes callers by simply asking ‘how can I help you?’. It allows customers to use their own words to ask for what they want and steers them to the right place.

Menus are eliminated altogether and contact centres can use a single inbound telephone number.
PH: 01442 458300

6.) 
MattsenKumar LLC

SmartSpeech
SmartSpeech – The Best In Class Speech Analytics Software

An all-inclusive speech analytics application that enables you to visualize your audio using state-of-the-art speech recognition, transcription, and text analytics technologies.
PH: +91 99026 10044

7.) 
Nemesysco

InTone Suite - Emotion Detection via Voice Analysis
InTone™ is a voice analysis tool geared to detect genuine emotional and cognitive reactions regardless of the speaker’s language or chosen intonation.
It integrates into existing contact center environments and provides realtime indications of both client and agent emotional reactions throughout all ongoing calls. This unique set of indications assists managers and call center representatives to truly understand the client, improve call center performance, easily detect angry calls, elevate training efficiency and provide a tailored customer experience in every single call.

Nemesysco's contact center technology is also available in API and SDK forms.
Please visit our website for information about our product portfolio.
PH: +972-9-9605894

8.) 
Voci Technologies Incorporated

V-Blaze Speech to Text
Our GPU-accelerated, AI-based technology enables you to deliver greater insights to the contact center by transcribing audio into analyzable text.

- Transcribe large volumes of recorded audio quickly
- Integrate transcripts with your analytics or business intelligence platform
- Reduce your hardware footprint and minimize total cost of ownership
PH: 412-621-9310

9.) 
Voxjar

Voxjar
Voxjar is your one-stop-shop for driving better phone calls with your customers. We're a modern Conversation Analytics and Call Coaching Platform.

- Custom Charts and Dashboards give you the freedom to analyze calls from the highest level down to the details of each conversation.

- AI-Powered Speech Analytics transcribes, searches, and analyzes your reps' phone conversations, at scale.

- Quality Assurance and Call Coaching tools let you evaluate and improve agent performance with a human touch.

- Long term recording storage for historical analysis


All of these together provide the holistic, easy-to-use software that you need to manage a modern call team and create better con...
(read more)
 

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