People-centricity: The epicenter of Total Experience | HCLTech

People-centricity: The epicenter of Total Experience

What is the disruptive potential and competitive advantage of Total Experience?
 
8 minutes read
Kapil Tyagi
Kapil Tyagi
Associate Vice President, Digital Business Services
8 minutes read
People-centricity: The epicenter of Total Experience

What makes Disneyland the happiest place on Earth? Perhaps one of the 750 million people who have visited the park since it opened could explain?

Disney has achieved their purpose of creating happiness by creating an immersive world where generations of families go to make memories and lose themselves in the magic. They consider the high cost of the tickets worth it.

When it comes to superior experiences, no one does it better.

Now, what if businesses could do the same, irrespective of their industry? That’s where Total Experience (TX) comes in. It is more than just a buzzword. It's a strategic approach that encompasses every facet of an organization's interactions. Like a symphony, where customer experience (CX), employee experience (EX) and supplier/stakeholder experience harmonize to create a masterpiece.

TX shows promise. Gartner predicts that by 2026, 60% of large enterprises will employ this approach to transform their business models and achieve “world-class customer and employee advocacy levels.”

Understanding the human experience (HX) disciplines

In the post-pandemic world, brands and organizations alike have realized that to succeed, they must address the human side of customers, employees and other stakeholders. Here’s why it matters.

CX: Consumers no longer shop in isolation. They look for concrete reasons to spend their hard-earned money in places that cater to their wants and needs. In fact, 73% of global consumers say they consider customer experience when making purchase decisions. As for companies that put in the effort to improve customer journeys, they’ve seen revenues increase by 10% to 15% and costs reduce by 15% to 20%.

EX: As the popular saying goes, “People don’t quit jobs, they quit bosses.” In a survey of one million employees, 75% who voluntarily left their jobs did so because of their boss and not the position itself. Employees who feel undervalued and unsupported experience burnout. This leads to costly churn. Organizations are looking to fix this, with 92% saying that employee experience will be a priority over the next three years.

Supplier experience: While this may seem a straightforward, transactional relationship, there are many friction points: compliance, multiple requests, innovation, sustainability and diversity. Companies realize the need to fix this. After all, 64% of them find that “better interdepartmental communication is needed for supplier-related matters.” The benefits could be immense, from lower supply chain costs to shorter lead times.

Individually, each of these HX disciplines is important to the health of any business or organization. It’s not just business intuition; the numbers back this up. A Forrester study revealed that employees in customer-obsessed firms were “28% more likely to report being happy at work, which contributed to higher employee accountability, more innovation and lower attrition, among other benefits.” Adding supplier experience to the mix creates a holistic approach that forges a path to success.

Connecting the dots

Usually, CX, EX and supplier experience teams work in silos. With no cross-collaboration, each experience ends up being vastly different. When every person — internal and external — receives cohesive and consistent messaging, the overall output is of greater quality. Well-executed TX strategies can potentially give organizations a 25% jump in satisfaction metrics.

But how can companies strategize and execute TX well? Let’s draw parallels with ‘Total Football.’

For the non-soccer fans, this is a tactical system in association football in which every player can play every position on the field. They play a fluid role, interchanging responsibilities to create multiple patterns for their game plan. The basis of this is open interaction, mutual trust and the willingness to adapt constantly.

Similarly, a TX approach analyzes organizations as dynamic ecosystems. Every interaction between customers, employees, suppliers and stakeholders sparks continuous, data-driven business transformation in response to a rapidly changing market. With information and expertise on multiple fronts, organizations can respond more accurately to each stakeholder in any situation.

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The tangible benefits of TX

The TX approach creates a unique and hard-to-copy game plan, a competitive differentiator that helps set organizations apart from the rest. Here are just a few of the tangible benefits that companies can see.

  • Enhanced customer loyalty: By focusing on delivering consistently positive experiences, TX fosters deep emotional connections with customers, driving loyalty and advocacy. This translates to higher customer satisfaction scores and Net Promoter Scores (NPS), a key indicator of future business growth. For a European electric company, HCLTech implemented a model that boosted their online sales. They saw a 25-30% increase in solar panel leads; 150% increase in leads from the bakery and restaurant segment (with a 10% increase in conversions) and 40% cost reduction through reduced physical visits.
  • Stronger relationships with suppliers: TX recognizes the value of collaboration. By fostering positive relationships with suppliers, companies can unlock greater innovation, agility and resilience, giving them a distinct edge in the market.
  • Increased employee engagement: Happy and engaged employees are not just satisfied; they're more productive, innovative and accountable. TX invests in employee well-being and growth, leading to reduced turnover and a culture of excellence. HCLTech tackled the problem of achieving a reduction in employee costs while still offering an engaging, in-person experience. We found that facilitating virtual town halls through platforms like the Metaverse has the potential to uplift overall employee engagement by 20-30%. 

In addition, by streamlining processes and removing silos, TX optimizes internal operations, leading to increased efficiency and cost savings. This allows organizations to allocate resources more effectively, focusing on strategic initiatives that drive growth. And in a world of constant change, the ability to adapt is crucial. TX fosters a culture of continuous improvement and responsiveness, enabling companies to anticipate and react to market trends with agility and precision.

TX, however, is not a quick fix. It's a transformation that requires commitment and dedication. Implementing a holistic strategy across different departments, breaking down silos and gathering data can be complex and require significant effort. Additionally, aligning internal cultures and mindsets around a people-centric approach may face resistance or require training and cultural shifts.

TX remains the key to unlocking exceptional outcomes and securing a competitive edge. It is not just a collection of tactics. It's the sum total of HX and brand, seamlessly interweaving interactions with everyone who touches a business. It's a strategic shift that prioritizes people, whether customers, employees or suppliers, recognizing their experiences as the foundation of sustainable success.

While challenges exist, embracing TX is not just a good idea, it represents a path forward. It's an investment in an organization's most valuable assets — their people — and the key to unlocking sustainable growth and success in the ever-evolving business landscape. People-centricity is not a trend; it's the future.

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