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As the financial services industry becomes increasingly competitive, companies are faced with the mounting challenge of successfully distinguishing themselves from their competitors while maximizing corporate performance. Some of the key tactics for achieving this goal include:
One of the most critical factors is understanding customer wants and needs. In the past, companies tended to focus mainly on the voice of the business. However, in recent years, there has been a movement to focus on voice of employee and voice of customer (VOC) in addition to voice of business.
The voice of the customer is now evolving from performance indicator to compass for organizational process improvement in the financial services industry. From strategy and structure, to performance measurement and technological innovation, customer satisfaction and loyalty measures are reshaping the customer service landscape. A learning from the implementation of Six Sigma, VOC is a critical tool that financial services companies are increasingly using to drive corporate growth. In fact, companies have been able to gain significant competitive advantage by successfully harnessing, understanding and weaving the voice of the customer into their corporate strategy and culture.
Best Practices, LLC assists companies achieve top-notch performance by employing best practice research, benchmarking, and assessments to compare their operations with those of world-class organizations. We address all areas of financial services, including
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Best Practices, LLC has developed an integrated set of tools and techniques including proprietary databases, surveys, lessons-learned interviews, site visits, multi-industry assessments, insightful decision-support tools, and unparalleled access to high-level contacts at industry-leading organizations across the globe. The results are best practice research, analysis, competitiveness review and insight that enable organizations to evaluate their total productivity and improve growth, cost position, process design, and overall operating effectiveness.
This 29-slide presentation gives insights into customer interaction processes and strategies employed by top companies. Based on a survey of 108 companies, the study covers the following: tactics for capturing customer voice; application of Voice of the Customer (VOC) data; most useful types of customer feedback; volume and resolution of customer complaints; and tactics for assessing customer perception of products and services. This research originated from Best Practices, LLC's Internet Benchmarking Exchange service.
This "best of the best" complilation from previous Global Benchmarking Councils discusses various aspects of customer service and satisfaction best practices across industries. The 68-page document contains ten case studies of Fortune companies and covers topics including customer loyalty, managing customer value, managing the customer experience, driving sales through customer service, call center performance, and driving continuous customer satisfaction improvement. An Internet Benchmarking Exchange Research Sample titled "Capturing the Voice of the Customer" provides a follow-up to the case studies. The report contains select slides, quotes, profiles, key findings and lessons learned.
Master, step-by-step, the processes that turn CRM initiatives into global successes. Customer Relationship Management solutions are often a multi-million dollar investment. After committing to such a large expenditure, companies must be assured that their CRM investments will thrive. Recent research shows that a customer-focused culture is just as critical as the technology to a CRM implementation success. This Best Practices Benchmarking® Report details how companies effectively roll out CRM initiatives throughout their organizations. It highlights the step-by-step processes and key milestones companies use to realize the potential of their CRM tools.
Economic, competitive and regulatory pressures have companies investigating new measures that will protect and expand customer relationships and cost-efficiently expand sales efforts. Transforming Contact Centers into High-Performing Sales Channels: Building Service that Sustains Sales will help you develop your contact center service representatives for sales excellence.
This Best Practices®, LLC report offers a unique opportunity to see how top companies such as Bank of America, Citigroup, Dell Computer, IBM, Lands’ End and Medtronic drive sales, increase customer loyalty and expand customer relationships by enabling service representatives to cross-sell and up-sell.
New Research underscores the importance of "engaging employees" in their jobs and companies as a way to foster high productivity, high morale and excellent customer service. Increasingly, companies are innovating on the traditional employee opinion survey and moving beyond simple measurement of employee satisfaction. More than ever, companies are measuring the extent to which employees are "engaged" as the best indicator of employee health.
This report by Best Practices, LLC uncovers best practices in identifying and improving drivers that are proving most effective in engaging employees in their jobs, their companies and their work groups. Specifically, this 79 page report links successful employee engagement to increased levels of productivity and examines through case studies what practices worked for companies who have turned employee indifference into successful engagement. Tactics described in this report will help your company achieve higher levels of engagement through effective performance management.
This research originated from survey results and speaker presentations introduced at the Global Benchmarking Council's meeting on Employee Engagement.
Best Practices, LLC's M&A integration study is a response to the reality that the pace of new mergers and acquisitions shows no sign of slowing. Yet, while every single industry has been affected by this trend, the success of these combinations is suspect at best. In one recent study, barely one-half of the M&A deals of recent years delivered shareholder value that outperformed even the relevant industry averages; and for large-scale acquisitions or mergers, that percentage is less than 25%.
Many sources of M&A integration exist, but very few have identified the specific practices that distinguish many of the world’s top integrators. This report by Best Practices, LLC combines the practices and experiences of over 20 leading companies into a comprehensive publication. Included are: insights concerning leading integrators’ team structures and how those teams are used to deliver on new growth opportunities. It also clearly delineates the practices in place that ensure success in five key integration areas of: Business Development; Integration Planning; Culture & Personnel Management; Sales, Marketing & Customer Service; Technology & Systems. This report provides a navigational compass that can guide your company's efforts to create a world-class M&A integration system.