As the tide of digitalization continues to rise, more and more businesses are adopting technologies the software industry has to offer. However, as the increasing client base creates new opportunities, it also creates new challenges for software vendors and implementation consultants. To remain competitive and relevant, business software vendors must continue providing excellent customer service despite the overwhelming influx of customers.
By understanding these trends and leveraging next-generation onboarding solutions, software vendors can provide better customer service, make their work more efficient, and keep up with the growing demand.
The Rise of Digital Adoption
The client base for business software is accelerating, and a worldwide pandemic has only accelerated this trend. It's a direction built around a strategy to adopt efficient processes, gather informative data, and provide a seamless customer experience. Extensive evidence validates this observation:
- A 2021 study by Foundry found that 89% of all companies have already adopted a digital-first business strategy.
- By 2022, 70% of customer engagements will be driven by Intelligent systems, according to a Gartner study.
- By 2025, Performance Improvement Partners predicts that three of every four business executives can adapt to new markets or industries using digital solutions and toolsets.
- In 2019, 44% of firms using AI reported a reduction in business costs in departments where AI is implemented (McKinsey)
Over the last several years, hundreds of digital solutions have been developed across a broad business spectrum, and the momentum is not expected to slow down.
What's Driving the Shift?
There are plenty of reasons to consider digital adoption. Outside of general efficiencies such as increased profitability, lower cost to serve, and allowing workers to focus on needle-moving activities, several others have come into focus in recent years:
There have been many regulatory changes, including those involving payroll, benefits, and taxes, making it critical for companies to use software to stay compliant. With these changes, businesses must be able to review, analyze, and report on data quickly to make informed decisions and comply with business regulators.
There are also the effects of today's shortage of experienced knowledge workers. They are becoming increasingly difficult to find, train, and retain.
The lack of available workforce is due in part to the increasing desire for a higher-quality work and life balance, and businesses are now under increased pressure than ever to allow their employees to work remotely. In 2021, over 47 million workers quit their jobs, searching for a better work-life balance and flexibility, increased compensation, or a more employee-focused company culture. As technology develops and it becomes easier to work from home, this number will only continue to grow.
It's not just the workforce that is changing. Customers' expectations are, too. They now expect companies to have a digital presence and offer digital channels for customer service. A study by PwC found that 1 in 3 customers would leave a brand they love after just one bad experience. In other words, companies can no longer afford a poor customer experience. As a result, collecting data and using it to improve customer service has become a top priority for businesses.
Given these complexities and continued challenges, it's no wonder that businesses are turning to digital solutions and personalized automation.
These insights make it clear - businesses are on board with automating their processes using software, and they're doing so at an unprecedented rate. That said, we continue to evolve in our technology use, with many businesses only beginning to understand how they can leverage software to automate their work.
The Challenge for Software Vendors
Business software vendors must adapt to continue offering excellent customer service while accommodating the rush of new customers and ongoing client upgrades. With this dramatic increase in digital adoption comes the challenge of serving the rapid inflow of customers with different and constantly changing needs. Providing a seamless onboarding process, keeping customers well informed and trained, and offering top-notch customer support will be crucial for success.
So, how can a software vendor manage hundreds or thousands of clients, each with specific use cases? The answer, of course, is automation, and in 2022, there will be tools for the entire customer journey, from awareness and marketing to purchasing and customer support.
Software vendors can take on a bigger client base without sacrificing quality by automating the processes and workflows associated with customer onboarding and customer service. Automation and self-serve tools can help to gather data, assess customer needs, and provide solutions - all while freeing up customer service representatives to handle more complex issues quickly and efficiently.
In other words, automation is the key to success for business software vendors in today's climate. It's the only way to manage the increased workload while providing an excellent customer experience and remaining competitive in the market.
The shift towards automation is just beginning. In the next few years, the world will see even more companies automating their processes to stay competitive. We expect the surge in automation to continue, with predictions of the business process automation industry reaching $19.4 billion by 2026, rising at a market growth of 13.2% (compounded annual growth rate).
This momentum is due to the increasing focus on other downstream trends such as:
- Customer experience and using automation to improve it
- An increase in the use of AI and machine learning to automate tasks
- A rise in the number of companies offering self-serve solutions
- Continued disruption in the technology software space
Looking to start with automation, but not sure where to start. Chat with Setuply!
At Setuply, we offer a robust client onboarding automation platform for software vendors to manage customer relationships more efficiently and at scale. Our platform includes everything you need to continue your automation journey, including customizable workflows, self-service tools, data collection and analysis, and much more.
If you're interested in learning more about automation or how our platform can help your business, we invite you to contact us today We'll be happy to answer any of your questions and help you get started on the path to success.