Choosing a Customer Communication Management Platform: 7 Factors to Consider

“Do I really need to modernize my customer communication management platform?”

This is a pertinent question today, especially with the changing demographics and digital-native customers who expect businesses to communicate with them in context across channels. So, if you are still dependent on your legacy customer communication management system, it’s time you give it a digital facelift.

Per marketsandmarkets.com, “the global CCM market size is projected to grow from USD 1.3 billion in 2021 to USD 2.2 billion by 2026, at a compound annual growth rate (CAGR) of 11.2% during the forecast period”.

Benefits of Modernizing Your Customer Communication Management Platform:

Providing 360-degree View of Customers’ Communication Lifecycle

By tracking the delivery of communication across various channels, an ideal CCM platform facilitates you with a holistic view of customer interactions through reports and dashboards. It helps you understand how your customer interacts with your communications, which can help you design personalized promotional offers, improve cross-sell and up-sell opportunities, and increase your revenue.

Delivering Omni-channel Experience

Pursuing customer-centricity is a fool-proof approach to being ahead in the competition. And for this, you need to ensure a fluid customer experience across channels. Even if a customer switches the communication channel during the transaction, you should be able to continue the process/conversation without any difficulty. An ideal CCM platform provides consistency in customer experience across channels, like phone calls, e-mail, SMS, chat, or social media.

Knowing Your Customers Better

An ideal CCM assists your executives by consolidating past customer interactions across various channels. You know your customers by their name, understand their preferences, and purchase history, which can help improve customer interaction and lifetime value. CCM also helps in delivering personalized communication by arranging variable data and information in structured templates. Sending e-cards on birthdays and anniversaries can improve your customer engagement.

customer communication management

Employing Cutting-edge Technologies

An efficient CCM leverages modern technologies such as artificial intelligence, machine learning, and digital sensing to track your customer interactions across various touchpoints. This can help you auto-route and prioritize cases based on urgency, requirement, and resource skill set.

Designing Flexible and Extensive Template

Ideal CCM platforms have in-built, easy-to-use, drag and drop tools, enabling you with component-based designing of communications for consistency, compliance, and standardization. Extensive template management capabilities facilitate security, collaboration, and sharing of content.

Automating Communication Generation

An ideal CCM can generate various kinds of communications as per requirements. It can be in batch, on-demand communication, and interactive. Batch generation enables structured, scheduled, and consistent communications processed in large volumes. On-demand generation delivers real-time communications with triggers from enterprise business applications. Interactive generation adds a human touch to the communication by arranging variable data and content in a structured template.

Generating Documents Quickly

Minimal to no-coding simplifies the document generation process, cutting the processing time. An efficient CCM platform also helps in reducing errors in communications generated with controlled and permission-based editing rights.

Reimaging Communication Using Customer Communication Management Platform

In a nutshell, by considering all the factors mentioned above, an ideal CCM can help you track the customer journey across various channels, deliver personalized messages, reduce operational costs, and increase selling opportunities, thereby maximizing return on investment.

Source: https://newgensoft.com/blog/choosing-a-customer-communication-management-platform-7-factors-to-consider/

Automate Insurance Underwriting – The Need of the Hour

Is the insurance underwriting process slowing you down? Are you struggling to manage high volumes of paperwork? Are you taking more time to initiate new quotes and policies? Is a hard-coded legacy system inefficient to meet your requirements? Are you finding difficulty in determining risks? To overcome these hurdles, automation comes into the picture.

Why Automate Your Insurance Underwriting System?

An automated underwriting system helps you streamline the end-to-end process and enables you to make informed business decisions. The system comes equipped with robust functionalities, thereby enabling you to witness a host of business benefits, including:

  • Reduced errors
  • Minimized turnaround times
  • Higher operational efficiency
  • Improved compliance

Transform into a Truly Digital Insurer

Listed here are the seven simple ways to automate your insurance underwriting system and transform into a truly digital insurer.

  1. Managing a High Volume of Content
    A content service platform helps underwriters manage a high volume of content, which otherwise is a cumbersome task. The system captures, digitizes, and extracts data from content generated across multiple channels
  2. Analyzing Applications
    An intelligent business process management platform helps automate the insurance underwriting process. It analyzes incoming applications, identifies the concerned areas, and sends straight-through processing if it meets all the given criteria. If not, it is sent for review
  3. Generating Summary Sheet
    An automated insurance underwriting engine helps consolidate the information collected from multiple sources and generates a summary sheet. The system helps gain a 360-degree case view to the underwriter
  4. Enabling Error-free Underwriting
    Optical character recognition (OCR) enables error-free insurance underwriting of quotes. Further, it ensures simplified and consistent policy issuance
  5. Initiating Case On-the-move
    Mobile-based initiation platform helps field agents to initiate cases ‘on the move’, thereby reducing processing cycle times and improving customer experience
  6. Analyzing Geo-specific Data
    Satellite imagery data analyzes geo-specific data of a particular region. It determines the risk and helps caseworkers to decide the premium in a hassle-free manner
  7. Finding Co-relations Between Claims and Risk Elements
    Natural language processing extracts texts and audio data, categorizes them, finds co-relations between specific claims and risk elements, and accordingly determines the premium

The Way Forward

Underwriting is one of the key functions in the financial world and plays an imperative role in gaining performance excellence. Hence, to make a reasonable profit in insurance, underwriters are required to intelligently assess risk and cover the losses of the insured and related expenses. Therefore, the need of the hour is to automate the end-to-end underwriting process.

Source: https://newgensoft.com/blog/automate-insurance-underwriting-the-need-of-the-hour/

4 Use Cases of Low Code Application Development Platform

If you still think that low code is only used to build simple applications, you have a major misconception. There is so much an organization can do with the power of a low code application development platform. The tool is ideal for highly scalable applications, the kind that can support your organization’s digital transformation initiatives.

A study by Forrester anticipates the low code development market to exceed $21 billion by 2022 and experience a 50% annual growth rate in the next five years. This proves that a low code application development is definitely not a fad and is here to stay.

Low code application development is not new. What’s new is that leading enterprises today have realized that they can go the low code way for faster innovation. Low code has become the go-to choice for its visual development environment, point-and-click user interfaces, drag-and-drop control, automation capabilities, and workflow management.

low code application development platform

But do you know all that you can build with a low code platform?

Honestly, a whole lot! Professional IT developers and business users can collaborate on numerous projects with a low code platform.

Here’s a glimpse into the 4 use cases of low code application development platform:

Content-driven workflow applications

Low code platforms can enable businesses to automate their end-to-end content-centric processes/applications–such as customer onboarding, claims processing, and online account opening–ensuring that the right content is available at the right time to the right people at appropriate stages of the process.

Mobile app development

Businesses can rapidly design and develop responsive mobile applications with point-and-click and drag-and-drop functionalities in a well-abstracted low code application development platform.

Customer-facing and customer support portals

With low code, an organization can develop customer-facing portals such as customer self-service or agent portals that can easily be integrated with existing systems. Businesses can also leverage a template-based user interface development interface to design these portals for faster, simpler, and more efficient ways of interacting with the customer in real-time.

Modernization of legacy systems

Low code can help enterprises extend their legacy systems. By leveraging the low code application development platform, businesses can support core systems and develop applications that can easily integrate into the existing system.

These are just a few of the numerous use cases on how low code application development can drive up productivity, revenue, and customer experience. To learn more about how low code can help your enterprise, read the case study on how National Commercial Bank Jamaica Limited leveraged a low code application platform to centralize its loan underwriting service and decrease turn-around time for loan applications.

How a Low Code Process Automation Software Can Transform Your Business Processes

As a business leader, you must always look for new and innovative ways to bring speed and agility into your processes. Lengthy turnaround times are no longer an option, and a low code process automation software ensures a flexible and agile operating environment that can quickly respond to dynamic market requirements.

Low Code to the Rescue

A low code process automation software leverages user-friendly capabilities, including a modeling-driven environment, point-and-click configurability, and graphical interface tool, thereby enabling enterprises to minimize manual coding to develop and deploy business applications rapidly. The software facilitates end-to-end automation of customer journeys without losing context across all digital touchpoints.

Advantages of Low Code Process Automation Software

By leveraging low code, your enterprises can:

Achieve Faster Go-to-market

Low code helps to significantly cut the time it takes to design business applications. Its user-friendly and intuitive drag-and-drop functionality and reusable application components fast-tracks the application design process. This enables you to rapidly develop and bring to market complex business applications in a short period.

Reduce IT Shadow

Low code process automation software empowers your users with a collaboration-driven work environment and helps eliminate the reliance on third-party applications for quick IT fixes. It provides you the governance capability and guardrails (set by IT) without hindering innovation, thereby helping remove data, process, and security vulnerabilities.

Optimize IT Cost

You can leverage low code to seamlessly integrate on-premise systems with modern cloud-based applications, thereby reducing the upfront migration costs. Furthermore, the platform offers scalability and fosters innovation in less time through an optimum IT headcount.

Oversee Efficient App Governance

Low code will allow your IT and DevOps teams to manage a portfolio of apps with complete compliance and governance capabilities. It will help reduce a significant amount of time spent in application and data governance activities, thereby boosting productivity.

Deliver Delightful Customer Experiences

With low code, you will be able to seamlessly integrate multiple services and deliver continuous improvements to end-users. This results in significantly improved and consistent experiences across several channels.

Takeaway

“By 2024, low-code application development will be responsible for more than 65% of application development activity.” – Gartner

By investing in a low code process automation software, you can optimize your existing enterprise-wide resources, foster a conducive environment for continuous innovations, and sustainably drive digital transformation to achieve your long-term strategic objectives.

Read more: https://www.edms-consultants.com/newgen-enterprise-document-content-management-system/

Source: https://newgensoft.com/blog/how-a-low-code-process-automation-software-can-transform-your-business-processes/

6 Ways Content Services Platform Can Help Unleash the Power of Content

A content services platform is the ideal approach for optimizing business performance through efficient utilization of enterprise content. It can enable your organization to create, collaborate, share, transform, and leverage content for deriving business value.

The platform, backed with capabilities such as audio-video management, content analytics, cloud computing, records management, and others, enables secure document collaboration, facilitates anytime-anywhere information access, and helps derive valuable insights.

Unleash the Power of Content with Content Services Platform

Here are six ways in which a content services platform can help you efficiently leverage content:

  1. Ensuring Content Governance and Compliance: Ensure complete content governance for regulatory compliance. Create labels and policies, such as retention, disposition, and storage, to manage records while complying with various regulatory standards.
  2. Enabling Efficient Content Extraction: Extract critical data from paper and digital documents to enhance operational efficiency and reduce errors. Aggregate documents from disparate sources, make them legible, extract data with precision while continuously improving extraction accuracy.
  3. Facilitating Secure Information Access: Enable anytime-anywhere information access and real-time collaboration. Empower employees with smart search and intelligent recommendations.
  4. Driving Contextual Engagement: Capture, manage, and consume content generated in the context of business processes. Derive context from information, residing across various sources, and deliver personalized communications to customers across multiple touchpoints.
  5. Streamlining Content Lifecycle Management: Create, manage, share, and archive different types of content while enabling easy and secure access.
  6. Enabling Hybrid Records Management: Manage various records, including e-mails, physical, and electronic records, while retaining their integrity and authenticityCreate and manage multiple classification schemes for records that help in easy search and retrieval.

Video: https://youtu.be/ekOdKxJDTwAhttps://youtu.be/ekOdKxJDTwA

Source: https://newgensoft.com/blog/6-ways-content-services-platform-can-help-unleash-the-power-of-content/

All About Enterprise Content Management

Organizations, across industries, are dependent on paperwork in some way or the other. However, managing the growing volume of documents is a task. To manage this deluge of varied content across data sources and to create a workplace without boundaries with anytime-anywhere content access and document management, an enterprise content management (ECM) platform becomes an absolute must. The platform manages the complete content lifecycle, from digitization, storage, and orchestration to archival.

Enterprise Content Management

Core capabilities of an ideal enterprise content management platform

Enable Multi-Channel Content Capture

The platform facilitates you with an advanced distributed document scanning solution, which intelligently scans, transforms, and delivers information. The platform securely captures paper and electronic documents coming through various channels, classifies and transforms those data into actionable information

Ensure Anytime-Anywhere Content Access

ECM applications, deployed on the cloud enable a seamless flow of content across the organization, allowing your employees and customers to access content anytime-anywhere. The platform increases collaboration with real-time track on document movement and improvement in customer experience

Monitor for Continuous Improvement

Enterprise content management platform tracks all the actions being performed on various documents and are sent through various channels. Report and analytics help generate the required information in the desired format for a specific user set

Enforce Regulatory Compliance

Enterprise content management platform ensures information security by applying various security measures, including password-protected, rights-based access, and encrypted storage. The platform also ensures your organization’s compliance in accordance with industry-specific regulatory programs, standards, and policies

In Conclusion

An ideal enterprise content management platform will simplify your content-centric processes while infusing context in your engagements. It will also empower you to deliver a better customer experience using the power of your digital content.

Since traditional ways of managing content can slow you down, click on the link to gain insights into 10 compelling reasons to modernize your ECM or contact us at info@edms-consultants.com

Source: https://newgensoft.com/blog/all-about-enterprise-content-management/