Account Lifecycle Governance Best Practices that Drive the Modern Business World
Business growth and profitability goes beyond customer acquisition and the sales process, and long after the project is complete. A key component of the account lifecycle is the customer experience and how well a business interacts with its customer base. Organizations that embrace Account Lifecycle Governance or have account stewardship programs in place, deliver significant value to their customer, improving the overall customer experience.
What is Account Lifecycle Governance?
In other words, Account Lifecycle Governance, or account stewardship programs involve various strategies and tools to ensure that vendors are held accountable to performance metrics and ensure that business objectives are met. Using various tools such as Client Business Review Definition and Management, Telecom Expense Management, Escalation Process Definition and Support, and Auditing Services, customers can remain confident knowing they are receiving the most value from their vendors.
Not all organization’s embrace modern Account Lifecycle Governance best practices, but its imperative that you can recognize who does and how it can impact your overall experience. In this post, we’ll reflect on:
• The Importance of Account Lifecycle Governance
• What’s Changed in the Recent Years
• Top Governance Best Practices that are Driving the Modern Business World
The Importance of Account Lifecycle Governance
A good Account Lifecycle Governance strategy is essential for stability and growth. Organizations that embrace Account Lifecycle Governance ensure that the entire business is focused on the same goals, delivering for the success of the customer, and both the organization and the customer benefit.
Within a modern account lifecycle governance approach, involvement spans across every unit of the organization. Every team has a unified goal, accelerating growth and account lifetime value.
So, What’s Changed?
There’s nothing more costly to a company than a bad experience. Each year it is estimated that US business lose $83 billion as a result of poor customer experiences. This trend carries over to account lifecycle governance, with many customers unhappy with the level of service received. Below are some of the key reasons we find that Account Lifecycle Governance has experienced a decline:
- Not Personal – With automation, chatbots, and other technological advances, the experience has become significantly less personal.
- Fewer Front-Line Support People – Harder to find someone that understands your needs and can provide support you’re when in need.
- Disjointed Communication – Teams act in silos where there needs to be integration.
We’re finding that experiences are becoming less personal as time goes on, with the influence of technology, and it can be harder to find a person to support you when in need. Customer experiences are now automated, cut-and-paste, when they really need to be customized, tailored to your unique needs.
Top Governance Best Practices that are Driving the Modern Business World
Some organizations that have recognized the shift in Account Lifecycle Governance are choosing to respond to the change. At MacroNet, we’ve found the following best practices prove to deliver the best results:
- Deliver Personal Customer Service – When the opportunity allows, you will always have a team member to support you in your time of need.
- Provide Tailored Support – We don’t believe in cookie cutter solutions. Our team embraces an approach using proven consultative processes to understand your business drivers and will garner a full understanding of your current commitments, so we can strategically map these into your overall technology strategy.
- Leverage a DocumentedDesign Process – This process is a methodology by which we collaborate with your IT team and other stakeholders to align business requirements with a realistic network plan. We push hard on suppliers to ensure that they are proposing and documenting their best supportable solutions. Learn more about MacroNet’s DocumentedDesign Process here.
- Embrace Accountability – Our team customizes an account stewardship program for each of our clients based on their specific vendor and service mix. Together, we ensure that vendors are held accountable to performance metrics and that business objectives are met. *client business review (insert service review items?)
A Partner that Practices Modern Account Lifecycle Governance Can Go a Long Way
By engaging MacroNet, your company gains a long-term business partner and an experienced team of telecommunications professionals. We continually seek to understand your business and how technology services from our portfolio of suppliers can help you gain a competitive advantage and improve profitability. Further, we will leverage our relationships and experience to ensure that you receive the best possible account support from the selected service providers.
Learn More about our unique Account Lifecycle Governance Methodology and how it can help your business excel.