An article published by McKinsey correctly argues that adopting a customer-centric mindset is just as critical in B2B dealings as it is when serving retail customers. The article, Improving the Business-to-Business Customer Experience says that more and more executives are developing B2B customer-experience strategies with striking results.
McKinsey says that B2B customer-experience index ratings significantly lag behind those of retail customers. “B2C companies typically score in the 65 to 85 percent range, while B2B companies average less than 50 percent. This gap will become even more apparent as B2B customer expectations rise.”
Driving these expectations are digitization and the increased use of smartphones. This is establishing new standards for fast, seamless customer service in all settings. “Real-time responsiveness and easy-to-use apps for daily banking chores or ordering groceries are setting a high bar for speed and ease of doing business in B2C industries, and these expectations are migrating to B2B.”
McKinsey says that digitizing the customer experience is a lever often left unused by B2B companies. “There is great potential in the B2B realm in using concepts such as self-service, online interfaces, and automated decision rules. For example, the use of digital “track and trace” interfaces enables B2B clients to see the status of their customer journeys in real time.”
In their report, McKinsey suggests that customer-experience leaders in B2B settings have on average higher margins than their competitors. In cases where companies have put in place broad transformations of their customer-experience processes, “the impact among B2B and B2C players has been similar, with higher client-satisfaction scores, reductions of 10 to 20 percent in cost to serve, revenue growth of 10 to 15 percent, and an increase in employee satisfaction.”
At VersaPay we work with many medium and large enterprises. We see a wide range of processes and interfaces deployed within the finance and accounting functions from extremely dated and manual to digital, user-friendly and highly efficient approaches and of course everything in between. The invoice-to-cash process is where our SaaS based solution is concentrated. From a CFO’s and/or Controller’s perspective it is one of the most important areas for them to focus on as it involves key interfaces with their customer base as well as the company’s cash flow. By adopting an invoice-to-cash solution such as VersaPay ARC an enterprise can enable 24/7 self-service for their customers, a far superior customer experience overall and cash in the bank faster, more reliably and at a much lower cost as a result of online presentment, customer collaboration, and payments.