CorporateTháng Giêng 21, 2020

Acting on customer insights in the regulatory industry

Only ten percent of companies that collect customer feedback act on it. The team behind Beyond the Score decided to change that in the compliance and regulatory industries. We met two team members to learn about their experience.

According to Gartner, only ten percent of the vast number of companies that collect customer feedback act on it, and even fewer tell their customers of the actions taken as a result of the feedback. Beyond the Score is a program that allows Wolters Kluwer to listen to and understand the customer journey and act on customer feedback. The enterprise-wide customer experience measurement program is being executed in tandem with incorporating analytics and data management to amplify the most important customer insights. As a result, the team is now driving accountable actions, creating more memorable experiences for customers, and influencing over $25 million of existing revenue.

In 2018, Beyond the Score won in the ‘Internal Process’ category of the Global Innovation Awards.

Hear from the team Darin Byrne, VP, Client Experience & Delivery GRC Compliance Solutions and Lynette Lager, Director, Custom Research & VoC Programs, GRC CIOx.

How did the Global Innovation Awards impact your thinking about innovation in GRC?

Darin: The Global Innovation Awards is really about the impact of innovation on customers, employees, and financial results – and it’s about thinking big and about opportunities. We’re trying to address industry-wide challenges and trying to get into new markets, drive high growth, increase our brand recognition, and be a trusted partner to our customers.

You won in the category ‘Internal Process’, how is this category different?

Lynette: This category is a little bit different than the other two GIA categories. In our case, we were not submitting a product innovation but rather we were submitting an innovation in our business practices. So, this was about how we operate differently to be more efficient and more effective. Innovations don’t always come in the form of a product or a service to the customer but in how we operate to improve what we deliver to our customers. It’s about doing something better that ultimately enhances our customers’ relationships with the organization.

Learn how one GIA winner created a new platform that allows non-coders to create interactive content.

How did the idea for Beyond the Score, a customer experience measurement program, arise?

Darin: I’ve been involved in the customer experience industry for several years and one of the things that I noticed was a lot of customer experience practitioners are very focused on getting the voice of the customer and understanding the customer journey. But there’s really not many companies that have any kind of formal program or plan to take action. You may have a program that delivers data to the business but without any kind of action. So, we asked ourselves: can we find a great way to collect the customer voice and act on it using advanced analytics?

What has the journey since winning GIA, been like?

Lynette: It’s been a great journey. I think one of the biggest benefits for the organization has been really taking a consistent and robust approach to the journey that we’re on so that we, ultimately, are accountable to our customers based on the feedback that they’ve given us.

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