While COVID-19 rapidly changes the way we live and work, organizations all over the world are facing daunting challenges. Businesses are undergoing significant internal changes to accommodate newly remote workforces while reacting to seismic shifts in customer needs and behaviors. As the Microsoft Business Applications team adapts to the crisis, we want to share some of what we’ve learned in the hope that we can help light the way for your organization too.
According to PwC research, roughly 57 percent of CEOs report vulnerability due to outdated business continuity plans. Therefore, we’ve identified priority areas to help reboot your business. Core approaches include retaining and staying connected to customers, responding to changes in real time, and leveraging insights to maintain business continuity. With the right combination of these methods underpinned by the right applications, businesses can become increasingly resilient for now and for an unpredictable future.
In the coming weeks and months, we will share more articles in this series to keep you abreast of new ideas and support wherever and however we can during this time, and how Microsoft Dynamics 365 can assist.
Stay connected to customers
We have found that you can keep your business focused and moving forward by prioritizing your relationships with your customers while leveraging your existing technology to the fullest. It’s possible to rapidly scale your company’s ability to respond to customer and employee needs without a large cost or an extended time commitment.
Remaining at the forefront of the shifts that result from this crisis—the movement to e-commerce, digital selling, and remote customer service—can increase your company’s resiliency and form a solid foundation for future growth. The following infographic showcases how many businesses were caught unprepared to adapt to recent changes.
Always-on service: Respond to changes in real time
In a recent Harvard Business Review study conducted between March 11 and March 26, 2020, the average company saw the percentage of customer calls scored as “difficult” more than double from a typical level of 10 percent to over 20 percent.
Some hold times ballooned by as much as 34 percent, with escalations skyrocketing more than 68 percent. As a result of these sharp increases in customer inquiries, many organizations are confronting a lack of agility, including difficulties onboarding new customer service agents who can effectively meet customer demands in a crisis.
However, by utilizing technology to its upmost potential, you can weave people and processes together to build and strengthen the customer connection. For instance, customer and field service applications blend into an always-on offering that connects with the customer at every touchpoint, increasing customer satisfaction through rapid, accurate case resolution. Provide around-the-clock personalized service through virtual agents, trained to respond to simple high-volume requests and gently guide customers to the right solution. Mixed-reality and IoT tools can assist field support technicians by remotely detecting and resolving customer issues. Mixed reality can benefit employees by providing greater safety and protection to frontline workers so they can collaborate with customers, experts, and colleagues without physical contact.
Digital selling: Strengthen engagement, retain customers
Due to COVID-19, many companies lack the ability to engage with customers face-to-face. As a result, sellers and customers may have difficulty visualizing products and services and understanding how best to engage with one another during the crisis.
In fact, 25 percent of B2B sales representatives said that not being able to meet face-to-face with customers was one of their biggest struggles, according to Business2Community.
As a result, most B2Bs have moved to a virtual sales model during the pandemic—and for good reason. Building a remote sales organization that can digitally connect with customers ensures you are engaging prospects and customers in a timely and safe manner.
Companies should consider migrating to a real-time, secure e-commerce experience that delivers a personalized, seamless buying experience across all channels, further building customer confidence and trust. Then add videoconferencing capabilities to enable your workforce to digitally show and sell products. Bring products to life with 3D models that demonstrate solutions. Layer on always-on virtual agents to answer routine questions, and create lines of personalized communications that target your audience and gather relevant feedback. Empowering your sales force and meeting customers’ needs in this way was important before the pandemic and has become even more crucial now.
Business continuity: Create certainty
According to the Shelby Report, 40 percent of Retail Systems Research respondents identified unpredictable consumer demand as a top business challenge. A large number of companies have reported supply chain disruptions in some capacity due to COVID-19 transportation restrictions.
These COVID-created challenges are unprecedented, making it vital that company’s approach business with a readiness to innovate. Still, companies are often uneasy about considering drastic changes, even if it is to keep their businesses moving forward.
The key to adapting to changes is to unlock data and derived AI-driven insights that teams can quickly integrate into existing processes. Data can help forecast fluctuations and stay ahead of changing customer demands and reveal trends that you can use to rapidly adapt new business models, like “buy online with curbside pickup,” that build confidence and trust.
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Despite the current challenges, there is ample opportunity to deliver a seamless customer experience and boost your company’s resiliency. By weaving applications together, you can create a formidable end-to-end solution that empowers you to rapidly respond, better connect, and maintain business continuity no matter how volatile the business landscape.
Source & credits: Dina Apostolu, Sr. Director, Microsoft Dynamics 365 Product Marketing, Contentful
Check back to our blog for updates on more solutions from AXSource and Microsoft to help you stay open for business and thrive in the new economy.
Check out the newest Dynamics 365 features available in the 2020 Dynamics Release Wave 2 Plan, and contact AXSource to discuss how we can help you build a more resilient organization. email@example.com