Future of digital business in 2022
Tuesday, January 18, 2022
Subrah Iyar and Stanley Huang from Moxtra talk about the future of digital business in 2022, and share their 2022 predictions about digital practices that keep customers engaged, why traditional industries will shift toward a customer-centric business model and a lot more.
Subrah Iyar, CEO and Co-Founder, and Stanley Huang, CTO, and Co-founder from Moxtra share their 2022 predictions about digital interactions, why customer-centric business models will become the norm, how to combat the pain points of backend management, and much more.
Subrah Iyar, CEO, and Co-founder, Moxtra on the future of digital business:
“There’s no doubt that the convenience of digital interactions with businesses has completely influenced consumer preferences in recent years. However, the loss of humanization in digital business-to-customer interactions poses a huge challenge as businesses start planning for 2022. This is especially true as more technologically evolved business models come to the forefront, such as fully virtual service of clients and businesses stepping away from the 9 to 5 workday. While keeping up with customer expectations requires regular refinement and management, businesses must implement better digital practices to keep customers engaged.
As we head into 2022, digital businesses must focus on optimizing their internal processes to improve the customer experience of their clients as a whole. For example, despite 24/7 availability offering instant responsiveness to clients, from a staffing perspective, the on-demand delivery of services not only drains limited resources but also erases human touchpoints as many businesses rely on chatbots to be able to offer 24/7 access. On the other hand, a just-in-time assistance model allows teams to respond when it is convenient, while still delivering timely, high-quality service in a cost-effective manner for an overall better customer experience.
Ultimately, focusing on combating the pain points of backend management is what will enable consistent, high-quality client engagement in 2022 and beyond. Customizable workflow capabilities that empower employees to properly manage client accounts will subsequently streamline collaboration with clients and offer a just-in-time, quality service. By leveraging workflows to combat the original pain point that is the unmanaged delivery of client services, businesses will be able to provide the optimal customer experience in every step of the customer journey.”
Stanley Huang, CTO, and Co-founder, Moxtra:
1) Traditional industries will start to transition toward a customer-centric business model
Over the last two years, companies have figured out how to successfully digitize their business. As digital-first businesses become the new foundation for success, companies will need to turn their focus toward building up customer-centric business models as the organic next step to digital transformation in 2022. Especially in the mobile era, where customers expect companies of all sizes and in all industries to have a mobile app, a successful business will require customer-centric business workflows, a mobile leading app, and, most importantly, internal team alignment in the future of digital operations. For high touch industries delivering high-value client service, the demand to make this transition will be more urgent than other, lower-touch industries resulting in the digitization of many traditionally digital-averse industries.
2) Customer-centric business workflows will become the norm
Some of the world’s leading consumer-focused brands like Uber and Doordash are operating as customer-centric workflow apps. Vertical-focused industries have been relying on automated workflows for years - but they have primarily been focused on internal functions that are employee and productivity-centric. Now, businesses of all types need to turn their automated workflows outward to tackle customer needs. To do business in the mobile era, businesses will be required to adopt customer-centric workflows that improve the customer experience. In 2022 and beyond, businesses will need to reimagine their workflows from the perspective of their most critical business entity: the customer.
3) Boundaries between business backend systems and customer communication channels will be blurred
Backend systems are designed to manage internal data, processes, and operations in an organized fashion. They help determine which ROI measurements are about productivity, management efficiency, and cost savings. On the other side, customer communication channels are designed as unstructured, data-agnostic utilities that often focus on omnichannel and bots to understand customer intent. In 2022, businesses will need to blend the backend and customer communication channels together to ensure data and communication are deeply coupled to offer the best customer experience possible. When businesses think about the customer experience holistically with a customer-centric backend leading to a more analytical frontend channel, the customer experience will be improved across the entire lifecycle.
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