Measuring love and loathing
Superior user experience brings tangible and intangible value to the business. But although most traditional performance measures are straightforward to track, experience is not. It's abstract and subjective. What one person loves, another loathes. So, how can finance functions effectively measure their users' experience?
- Look beyond traditional performance measurement: Experience is personal, defined as an event or occurrence that leaves an impression on someone. It requires a measurement model that prioritizes sentiment trends over standard quantifiable finance metrics.
- Consider the wider audience: It's easy to only monitor the experiences customers are having. But there is a wider audience to consider. Monitoring the experiences of the customers, employees, suppliers, and partners that finance interacts with gives you a holistic assessment and creates greater opportunities to add value and improve experiences further.
- Design all-inclusive measurement: Tools that monitor digital experiences measure performance from an end-user perspective, analyzing digital touchpoints to drive better experiences. For finance, an experience-monitoring framework should be all-inclusive, measuring every user touchpoint across the entire internal and external customer journey.
Take, for example, balancing the books. The reconciliation process defines a user journey and maps out the touchpoints. The reconciliation tool and interactions between people resolving open items determine the user's experience. Measurement must account for every interaction with processes, platforms, and people in this journey.
- Dimensions: The experience dimensions to measure differ across industries – government agencies need to deliver effectiveness and ease, while healthcare companies must provide accessible, quality care. In finance, what matters is:
- Credibility: trust, transparency, and quality in the team's output
- Responsiveness: quick or timely turnarounds to requests
- Seamlessness: a smooth end-to-end journey across the functions involved in generating reports and insight
- Engagement: building more strategic relationships with the business by enhancing core skills, such as collaboration, influencing, and communications
Though we've covered the considerations for improving user-experience KPIs, we've not quantified the unquantifiable. New and advanced applications can provide a holistic user-experience measurement and monitoring tool that harness intelligent automation technologies to capture and quantify the experience across touchpoints. An intelligent recommendation engine, trained by millions of experience touchpoints, can connect the organizational and functional user-experience measures directly to business outcomes.
Though we still don't necessarily advocate smiley faces in your C-suite reporting 😉, user-experience metrics must be presented alongside traditional finance measures and considered a key business KPI. Employee motivation and customer and supplier loyalty depend on recognizing the quantitative and qualitative value that comes from a seamless experience.
This point of view was co-authored by Vivek Saxena, finance and accounting service line leader, Genpact; and Lavi Sharma, finance and accounting subject matter expert, Genpact.