Traditionally, IT professionals made the call when it came to software and hardware purchases. This was especially true when those purchases remained in the IT department. Technology has developed to the point where its influence is directly felt by customers, thus having an impact on the bottom line.
The CFO should engage with the CIO when it comes to IT budgets, not just in terms of paperwork, but what business solutions are going to do for the company: how will they be implemented and what are the desired outcomes?
The ideal business solutions provider will find out what the company’s current frustration points and preferred outcomes are before the solution is developed or applied. Then the solution is chosen that best suits those needs. An 'off-brochure' solution will only ever meet what it states on the packaging, but a business solutions provider that works with the company throughout the implementation process can ensure that it’s functioning and producing the desired effects.
If a process can be automated within the contact centre environment, thus saving time, then this has a direct impact on the efficiency and productivity of the contact centre, leading to improved customer service. Time saved translates to profitability. That’s a simple example of how a business solution can benefit a company.
The cheapest business solution should not be the first option, how the solution is implemented and the business value it derives is more important. Ultimately, the more effective the solution is in terms of ROI is what will be of benefit to the company rather than the initial capital outlay.
The big tech buzzwords can be off-putting to a CFO, but their potential impact on profitability can be communicated in ways that inform the IT budget process:
1. Big data is collected to drive customer service and also company strategy. If the data on every customer is collected at each point of contact, then this can provide intelligence that can help provide a better customer experience, which has a direct impact on satisfaction, loyalty, and your company’s bottom line.
2. Omni-channel is an aspired communications model that offers a seamless contact experience no matter what channel is used to contact the company, a model that lives and breathes data.
Ultimately, the business solutions that are paid for by IT budgets speak to efficiency, productivity, improved CX and customer service and profitability, something close to the heart of any CFO.
