Mark Smith's Analyst Perspectives

Economic dynamics and market pressures during a black-swan event can wreak havoc on efforts to effectively manage revenue operations and pricing for business continuity. For many organizations, environmental changes disrupt the methods by which these essential business processes are managed can be disrupted, damaging the revenue streams that create profitability. The array of pricing strategies and related promotional tactics across channels for configure, price and quote (CPQ), digital commerce and subscription management can challenge the best of organizations. Leadership must examine the agility of pricing management to determine if they have ability to make and manage changes to determine the effectiveness of decisions. This requires visibility into revenue operations and selling channels, which in turn requires programs, processes and technology designed to meet the needs of what is called price and revenue management (PRM).  

Topics: Sales, Customer Experience, Human Capital Management, Marketing, Analytics, Business Intelligence, Collaboration, Internet of Things, Data, Product Information Management, Sales Performance Management, Workforce Management, Workforce Planning, Price and Revenue Management, Total Compensation Management, Conversational Computing

Over the past several months, I have discussed a wide range of topics that organizations must consider and appropriately prioritize to maintain business continuity during periods of upheaval. But sometimes it’s important to take a step back and reflect on a critical and recurring theme: experiences. The array of experiences across the workforce and business processes both inside and outside of the organization are an essential part of an organization’s success. Leadership must give these experiences the attention they deserve, and this requires visibility into operations and the tools to measure effectiveness, especially during black-swan events. Fulfilling this objective requires the programs, processes and technology designed to meet the needs of what is called experience management (XM).

Topics: Sales, Customer Experience, Human Capital Management, Marketing, Office of Finance, Analytics, Business Intelligence, Collaboration, Internet of Things, Data, Sales Performance Management, Workforce Management, Workforce Planning, Operations & Supply Chain, Total Compensation Management, Conversational Computing

Business planning is an essential part of an organization’s focus on its future performance and overall potential because it ensures continuous operations, even in black-swan events. Planning across the entire organization needs to be a critical priority and leadership should give it the attention it deserves. In challenging times, a focus on execution tends to take hold — this is not unreasonable but in focusing on satisfying immediate customer and workforce needs and putting out fires, business leaders too often forget that forward-looking continuous planning is essential to achieving desired outcomes. Fulfilling this objective requires technology designed to meet these needs for every business process in the organization.  

Topics: Sales, Human Capital Management, Office of Finance, Continuous Planning, Analytics, Business Intelligence, Collaboration, Internet of Things, Data, Sales Performance Management, Workforce Management, Financial Performance Management, Price and Revenue Management, Operations & Supply Chain, Enterprise Resource Planning, ERP and Continuous Accounting, Total Compensation Management, Predictive Planning, Conversational Computing

The workforce is an essential part of an organization’s overall business potential because it ensures continuous operations, even in black-swan events. The workforce is the core of the organization and should get the attention it deserves. In challenging times, a “customer-first” mentality tends to take hold — this is not unreasonable but in focusing on satisfying customers and opportunities, business leaders too often forget that the workforce experience is essential to achieving desired results. Fulfilling this objective requires technology designed to meet these human capital management (HCM) objectives. An organization’s agility and ability to invest adequate time and resources into the workforce experience is essential to an organization’s sustainability and operational effectiveness.

Topics: Sales, Customer Experience, Human Capital Management, Marketing, Office of Finance, Voice of the Customer, Continuous Planning, Business Continuity, Analytics, Business Planning, Data, Product Information Management, Workforce Management, Digital Technology, Operations & Supply Chain, Robotic Process Automation, employee experience, Conversational Computing, collaborative computing, agent management, People Analytics

Analytics and data provide visibility into an organization’s past, present and potential performance. However, not all organizations are using analytics that provide timely insights — insights that not just reflect what happen but direct a successful course for the future. Demand for personalized and relevant insight only intensifies in a black-swan event. To maintain business continuity in times of pressure, it is critical that organizations not waste any time or resources when using analytics and data to optimize operations and decision-making. Just having an analytics and data-first mentality and operating in the cloud is insufficient for success, as those are just part of an effective data and analytics effort. Organizations also should include data science and machine learning that can provide an excellent digital experience; unfortunately, this is no simple task.

Topics: embedded analytics, Analytics, Business Intelligence, Collaboration, Internet of Things, IOT, Digital Technology, AI and Machine Learning

Marketing is inextricably linked to business success, and digital technology is essential to an organization’s overall marketing potential because it generates interest and brand awareness. In a black-swan event, the marketing department often is overwhelmed by short-term demands, so in these situations it’s of the essence that digital transformation gets the attention it deserves. In challenging times, a “putting-out-fires” mentality tends to take hold — this is not unreasonable but in focusing on satisfying the interest of the moment, business leaders too often forget that a consistent digital experience is essential to engaging consumers, the public and customers in a way that contributes to long-term success. Fulfilling this objective requires technology designed to deliver for marketing to meet this essential imperative. An organization’s agility and ability to invest adequate time and resources into marketing technology that enables a superior digital experience is essential for its sustainability and operational effectiveness.

Topics: Sales, Customer Experience, Marketing, Office of Finance, Voice of the Customer, Analytics, Data, Product Information Management, Digital Technology, Operations & Supply Chain, Conversational Computing

Contact centers play a substantial role in an organization’s success. The customer journey is engaged here, at each moment of interaction. Agents, whether human or machine-driven, are intrinsic to the customer experience and the value of the contact center. Customers are essential to an organizations’ overall business potential because they generate revenue. In a black-swan event, demand for customer service may spike or dip, so in these situations it’s of the essence that agents get the attention they deserve. In challenging times, a “customer-first” mentality tends to take hold — this is natural, but in focusing on satisfying customers, business leaders too often forget that the agent experience is essential to effective customer engagement. Fulfilling this objective requires contact center technology designed for this purpose. An organization’s agility and ability to invest adequate time and resources into agents is essential for its sustainability and contact center effectiveness.

Topics: Sales, Customer Experience, Marketing, Office of Finance, Voice of the Customer, Analytics, Contact Center, Data, Digital Technology, Operations & Supply Chain, Conversational Computing, agent management

Subscriptions are the future of business. Subscribers are essential to an organization’s overall business potential because they generate recurring revenue. In a black-swan event, demand for a subscription may spike or dip, so in these situations it’s of the essence that subscriptions get the attention they deserve. In challenging times, a “subscriber-first” mentality tends to take hold — this is not unreasonable but in focusing on satisfying subscribers, business leaders too often forget that the subscription experience is essential to retaining them. Fulfilling this objective requires technology designed for subscriptions. An organization’s agility and ability to invest adequate time and resources into subscriptions is essential for its sustainability and operational effectiveness.

Topics: Sales, Customer Experience, Marketing, Office of Finance, Voice of the Customer, Analytics, Data, Product Information Management, Digital Technology, Operations & Supply Chain, Conversational Computing

Partners play a key role in the revenue and growth of every organization. Whether channel selling is in assistance to internal sales or independent, what happens in partnering has ramifications that are simply too important to underestimate. The imperative to maintain business continuity with channel partners becomes painfully clear in a global pandemic, and that imperative demands that organizations cultivate partner excellence and channel performance. This effort should start with partner leadership and operations, with the objective of building channel relationships that can survive the test of time. Effective sales channel partnerships are built on mutual trust and a shared belief in the market opportunity, and recruiting and managing partners must be supported by effective processes and technology. The health of these relationships and the resulting revenue from the channel hinges on an effective partner experience, and this requires technology investments that enable leaders to not just manage channel performance, but help inspire it every single day.

Topics: Big Data, Customer Experience, Learning, Office of Finance, Voice of the Customer, Business Continuity, Analytics, Digital Technology, Work and Resource Management, Operations & Supply Chain, Sales Enablement and Execution, Conversational Computing, AI and Machine Learning, work experience management, partner management

Products and services are the foundation of every organization, regardless of its industry or size. Products are essential to an organization’s overall business health because they generate revenue and engage buyers and customers. In a black-swan event, demand for a product may spike or dip, so in these situations it’s of the essence that products get the attention they deserve as they are marketed, sold, serviced and enhanced with innovations. In challenging times, a “customer-first” mentality tends to take hold — this is not unreasonable but in a rush to satisfy customers, business leaders too often forget that the product experience is essential to fulfilling on the customer experience and satisfying customers and buyers. An organization’s agility and ability to invest adequate time and resources into products is essential for its sustainability and operational effectiveness.

Topics: Sales, Customer Experience, Marketing, Office of Finance, Voice of the Customer, Analytics, Data, Product Information Management, Digital Technology, Operations & Supply Chain, Conversational Computing