No Need To Change Existing Systems,
Service Providers, Or Institutions
Performance Management
Global Customer Insights In Real-Time
Performance Management
Feature Overview
How The Performance Management Feature
Can Bring Value To Your Global Organization
INSTANT® Performance Management capabilities equip organizations with the tools and insights to monitor, analyze, and enhance their operations comprehensively.
As shown by quantifying the benefits of each feature, Performance Management can contribute to significant savings and efficiency improvements and drive revenue growth and competitive advantage. Implementing these capabilities allows a company to operate more effectively, making informed decisions that foster market success and sustainability.
Real-Time Performance Dashboards
Feature Description: Offers customizable dashboards that provide real-time insights into key performance indicators (KPIs) across various aspects of the business, including sales, marketing effectiveness, customer service efficiency, and more.
Benefit and Savings: By having instant access to performance metrics, a company can make timely decisions that can improve operational efficiency by up to 20%. Real-time data allows for quick adjustments to strategies, reducing the cost of delayed responses and potentially increasing revenue through rapid optimization of resources.
Goal Setting and Tracking
Feature Description: Enables a company to set specific, measurable goals for different departments, teams, or individual employees and track their progress in real time against these objectives.
Benefit and Savings: Effective goal setting and tracking can enhance employee productivity and motivation, leading to an approximate 25% increase in performance efficiency. By aligning individual and team efforts with company objectives, the company can experience a direct impact on overall achievement and cost savings through improved resource allocation.
Automated Performance Reports
Feature Description: Generates automated, in-depth reports on performance data, offering insights into trends, achievements, and areas requiring attention, facilitating a deeper understanding of business operations.
Benefit and Savings: Automating performance reporting saves significant administrative time and resources, potentially reducing related costs by up to 10%. It also ensures that decision-makers are always informed, enabling data-driven decisions that can improve profitability and operational efficiency.
Predictive Performance Analytics
Feature Description: Utilizes predictive analytics to forecast future performance trends based on historical data, helping a company anticipate changes and adjust strategies accordingly.
Benefit and Savings: Predictive insights can improve strategic planning effectiveness by up to 20%, allowing a company to proactively manage risks and seize opportunities, potentially increasing revenue by 10-15% through more informed decision-making.
Benchmarking and Competitive Analysis
Feature Description: Compares business performance against industry benchmarks and competitors, providing a clear perspective on where the company stands in the market and identifying areas for improvement.
Benefit and Savings: Benchmarking can identify performance gaps and opportunities for improvement, leading to an approximate 15% increase in market competitiveness. Understanding competitive positioning can guide strategic adjustments, enhancing revenue and market share by leveraging strengths and addressing weaknesses.
Actionable Insights and Recommendations
Feature Description: Delivers actionable insights and specific recommendations based on performance data analysis, guiding business organizations on the next steps to improve performance and achieve goals.
Benefit and Savings: Implementing data-driven recommendations can optimize operational processes and marketing strategies, potentially increasing overall business efficiency by up to 20%. This strategic guidance helps businesses focus on generating the highest returns and maximizing profitability.
Performance Management
Optimize Your Performance
INSTANT Performance Management
Effective performance management is comprised of five component processes: planning, monitoring, developing, rating, and rewarding. These processes work together and support each other to provide a natural, effective overall framework.
Customer Performance Management
Customer performance management is the process of creating and maintaining high-performance customer care operations. To succeed in this endeavor, you must communicate operational expectations clearly and implement procedures to measure, report, and act on your company’s performance against those expectations.
- Customer performance management is a new category of software applications that includes strategy management, score-carding, planning, analysis, and optimization of customer business processes.
Customer Performance Metrics
There are a myriad of metrics for evaluating customer performance, but most of these fit into one of the following five categories:
1. Customer satisfaction (CSAT). This is the most traditional type of metric. Typically, it involves the capture of explicit answers to survey questions about customers’ satisfaction on a variety of measures. This can also include metrics such as product review ratings, statistics about the timeliness of delivery, or mystery shopping scores.
2. Customer loyalty/Retention/Churn. These metrics include retrospective measures such as average (customer) tenure. While based on past interactions, these indicators are generally considered to be relatively predictive of future customer behavior (and retention). Examples include purchase frequency, multiple channel usage, loyalty program participation, average order size, repeat orders, and return rates.
3. Advocacy/Reputation/Brand. These metrics reflect a customers’ likelihood of favorably recommending or endorsing a product, brand, or company. Examples include price sensitivity, sentiment scores on social media, trust ratings, and event participation.
4. Quality/Operations. This is the most underestimated set of metrics, given its importance to the overall customer experience. When a product or service does not meet expectations in this area, the customer experience is often poor, even if actions are taken to remediate the problem.
5. Employee engagement. This last set of metrics, which measures the level of perceived involvement by a company’s employees, is included in only 10% of customer experience (CX) initiatives. However, employee engagement is a major way for companies to deliver improvements in customer experience. For example 86% of organizations rank employee engagement as having an equal or greater impact compared to other CX factors.
