My trusty old bicycle has taught me two lessons in recent weeks. The first lesson is that pandemic era waiting lists to repair either your body or your bike are of roughly similar duration. The second lesson is that there’s not a lot I can do about my weight or my age but…. I do still want to go faster. Steve Jobs used to refer to computers as “bicycles for our minds”. He liked the cycling analogy for its ability to illustrate how revolutionary technology could assist humans to “amplify their inherent abilities” with vastly superior power, speed and agility at much lower energy costs. However, many of my bike journeys involve way too much friction and wasted effort as the rolling resistance from an old or soft tyre literally sucks the energy out of my lungs. So the best bit of news for those like me with ‘older frames’ and patchy weight loss regimes – is that current advances in tyre technology can reduce that rolling resistance by up to 50%.
But for those of you less interested in cycling let me tell you how this friction and waste can also apply to your digital transformation projects. IDC estimates that 70% of all digital transformation initiatives do not reach their goals and we particularly love the following quote from a global bank CFO in the latest Oliver Wyman report on the Financial Services industry : “I know 50 percent of my digital transformation is wasted – I just don’t know Which50 percent”.
That 50% number has always resonated with us too – so much so we called our platform Which50!
We view customer collaboration being represented on a spectrum which ranges from simple notification messages to complex interactive journeys. However, in most services business today few journeys are fully digital, particularly as the complexity of the interaction with the business increases. We believe that it is the gaps highlighted in the graphic below where up to 50% of current transformation spend is being wasted. Bluntly, there is still too much friction and waste in rolling out digital solutions which means that there are still many parts of the customer journey left untouched by the major transformation projects.
Customer Minds focuses on those ‘digital gaps’. Our Which50 platform brings decades of investment and enterprise grade power to businesses who need to deliver better digital journeys for their customers. Not everybody can be Stripe and roll out services on a relatively youthful base of modern digital architecture. Many businesess need to work with the existing ‘frame’ of their legacy platforms as they can’t simply rip and replace their existing architecture.
However, this is where we believe our cycling analogy can inspire. We don’t need to necessarily buy a whole new “frame” for the organisation. Instead, we focus on wrapping the existing infrastructure with some slick new tyres that support customer collaboration and reduce the friction across all customer journeys. Digital decision makers will be relieved to hear Which50 connects seamlessly with their core legacy platforms and databases, and allows a business to create complex but engaging customer journeys across multiple channels. Even better, intuitive no-code interfaces enables speedy low cost delivery. But, here’s the big win.
Delivering personalisation at scale creates increased collaboration with customers which in turn, generates higher quality engagement and data collection. Now you’re into Stripe-envy territory; high quality data provides better customer insights, identifies additional customer needs and generates additional products, services and……revenue growth. That’s the digital “slicks” in low friction motion. Which50 is an agile, quick and easy solution which can “pump-up” those flat legacy platforms in weeks, not months.
Those digital gaps in the Which50 graphic are a very good delivery starting point. The operational results can be witnessed in weeks and reduce digital friction for customer journeys at much lower cost than other unwieldy solutions. That is a compelling return on investment for any business grappling with a ‘spaghetti junction’ of legacy platform and data frameworks. The business case is clear. Fill those gaps with better digital experiences and both customers and staff will be pumped.