Tuesday, April 28, 2009

Moments of Truth

I was introduced to a new term called 'Moment of Truth' in BPM context. According to IBM, the Customer Service Processes - The business processes that directly interacts with the customer - are typically associated with Moments of Truth. It further defines that the moment of truth is a point during the process where the user is in a position to form an instant opinion about the service or process. These moments of truth are becoming extremely important as they play vital role in building customer loyalty, expanding market share, and remaking entire market places. It also enables the companies to closely watch the interaction points with the customer, generate insights from them, challenge them and innovate to make those interactions cheaper, simpler and better. Hence, Business processes which have moments of truth are becoming valuable assets to the company.

Now, there is another perspective. Yesterday I was introduced to another newstory by one of my colleagues, saying Twitter has launched a Search Engine. Now, using this Twitter search engine, one can do a search on vast amount of Tweet posts. Tweets are no more personal messages. As mentioned in this story, Tweet messages are increasingly becoming a platform to share customers' experiences with a product/services from a company. Some of my close friends are using Twitter in India and I have personally watched those Tweet posts. Handful of those messages will be 'feedback' messages. For example, they may post feedback about a restaurant or Telecom service provider. Now, there is a tremendous opportunity. It is an opportunity for both the consumers and the companies. Consumers can get tremendous insights as to what other people are talking about the products/services they are interested in. Companies can generate insights about new product/service ideas, gaps and feedback. I wouldn't be surprised if Twitter or any of its partners come up with a tailor-made analytics solution on top of its search. In a way, Twitter serves as the feedback point for Moments of Truth.

Now, with the combination of above two concepts - Moments of Truth in BPM and Twitter - You get a closed-loop system that would enable the companies to not only just collect the feedback but also to continuously improve the business process based on the customer's inputs. In fact, it can happen in near real-time. Am certain the concept & technology has got great potential to be deployed in the enterprises who are serious about their customer service, as it would play a significant role in increasing the customer's perceived value on a company's offerings and enable the companies to control, manage, and innovate on those customer-interactive processes.

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