Why investing in technology helps boost EX, CX, and profitability
EMPLOYEES are a company’s greatest (intangible) asset — which is why they’re often referred to as human capital by business leaders.
In the digital age, just as customers expect better products and services from brands, so do employees. In fact, employees tend to expect their companies to provide them with tools and services that augment their capabilities.
Companies usually find that investments in new technology solutions not only help improve employee experience (EX) but also have a strong positive correlation with their customer experience (CX).
Happier employees naturally tend to go the extra mile to deliver a better experience to customers.
Further, according to a recent study by Accenture and Forrester, an improvement in EX directly boosts profitability — by as much as 21 percent. In comparison, improving CX only yields an 11 percent increase in profitability at most.
Although measuring the impact of improvements in EX and CX seem easy, determining which technology solutions to invest is quite a challenge. Here are three areas where technology can have the biggest impact on EX naturally:
# 1 | HR tech
Human resource (HR) professionals provide a lot of support to an organization. Although their contribution isn’t directly reflected on the top-line of a company, their role is critical to business growth and success.
Investing in technology solutions such as artificial intelligence (AI)-powered screening solutions, AI and machine-learning (ML)-powered employee evaluations systems, and AI-enabled reimbursement and taxation systems all make life simpler for HR folks — and boost EX directly as a result.
In the realm of HR tech, deploying chatbots and other systems that are “live” 24-hours a day, 7 days a week, to answer questions employees have about company policy (leaves, pension, etc) and their own appraisal and compensation are quite important as well given the on-demand generation we live in.
# 2 | Task and process automation
Task and process automation are key to boosting EX.
Teams at most organizations perform a number of routine, repetitive tasks on a daily basis. Automating those, either using robotic process automation (RPA) or more advanced systems based on AI and ML, not only frees up valuable time but also helps employees become more productive.
As a result, employees feel like they have an opportunity to grow, which naturally contributes to an increased EX score for the business.
Further, automating tasks and processes that are repetitive means the organization can spend more time analyzing its everyday actions and consciously focus on delivering a better experience to end users — thus directly impacting the firm’s CX score as well.
# 3 | Basic technology upgrade
According to a recent PwC study, employees want options that help them do their best work and gain a stronger sense of control by having more input before leaders choose the systems they will use regularly.
In today’s world, AI delivered as a service, via the cloud, and emerging technologies such as ML and the internet of things (IoT) can make a lot of everyday tasks in the workplace smarter, simpler, and more secure.
Hence, organizations should consider basic technology upgrades to boost the EX they provide — and make sure they involve employees while making the decision as they will be the ones using the technology on a daily basis.
For example, in the pantry, simple IoT systems can help employees use RFID or NFC-based wearables to pay for things, and AI-powered facial recognition systems can make cardless-entry and exit a reality while also ensuring the safety of the company’s campus.