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Embracing GenAI: How Cloud ERP Customers Are Winning

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Picture this: You’re at a stand-up comedy show, and the host kicks off with a classic joke. You chuckle, settling in for a night of laughter. Then, just when you least expect it, the conversation takes a sharp turn into deeper, more thought-provoking territory, leaving you intrigued and engaged. That’s the essence of our journey into the world of GenAI and Cloud ERP.

I recently had the chance to dive into a demo showcasing the integration of GenAI directly into an ERP. It’s like witnessing the future. The impact it’s set to make in the ERP space is fascinating and much bigger than everyone thought. 

ERP companies are at a critical point, facing the disruptive impact of GenAI. It’s incredible to see how quickly they’re adapting, integrating GenAI into their systems to stay ahead of the curve. But here’s the kicker – not all ERP customers are going to reap the benefits.

For those still running on-prem ERP, the outlook isn’t exactly rosy. With all the focus and investment pouring into cloud-based platforms, on-premise users risk missing out on crucial AI features. Most businesses running on-prem ERP or private cloud may lag behind GenAI adoption because they may not get those features or its going to be late. And if their ERP vendors aren’t ready with public cloud(Multi tenant) its time to look for alternate ERP solutions. 

The Dawn of GenAI in ERP Has Arrived

GenAI Meets ERP Now, some ERP vendors have nailed the integration game, seamlessly embedding GenAI into their systems. But for those lagging behind, it’s a missed opportunity that speaks volumes about their strategy and execution. We’re not just talking about basic API connections here – we’re talking about GenAI LLM-based solutions built right into the ERP framework, complete with top-notch security and data privacy measures.

Endless Opportunities: Unleashing GenAI in ERP

The beauty of GenAI lies in its endless possibilities within ERP systems. Remember when ChatGPT first dropped in 2021? It was hard to imagine its applications in the ERP domain. But fast forward to today, and we’re seeing it pull insights from ERP data like nobody’s business. 

GenAI is capable of analyzing vast amounts of data in ERP and provides insights into demand forecasting, predictive maintenance, planning and simulation, automated report generation, financial forecasting, risk assessment and many more.  This is just the tip of the iceberg – GenAI has the potential to revolutionize every aspect of ERP business processes.

Security and Data Privacy

Now, I know there’s been a lot of chatter about the security and privacy risks associated with GenAI integration. But here’s the thing – those concerns? They’re yesterday’s news. Several ERP vendors have already cracked the code, demonstrating that with the right approach, security and privacy can be addressed effectively.

The Race to AI Supremacy: Who Will Come Out on Top?

As the cloud ERP market takes a backseat to the AI race, the million-dollar question remains: which ERP will emerge victorious? My guess? We’ll have our answer within the next five years. Just like the shift to cloud computing reshaped the software landscape, the successful execution of AI integration is poised to redefine the future of ERP systems. It all boils down to execution – and only time will reveal the true frontrunners in this AI revolution.

Customer Success Dos and Donts

Maximizing Success: A Guide for Customer Success Managers in the SaaS Industry

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In the competitive landscape of the Software as a Service (SaaS) industry, success isn’t just about acquiring customers; it’s about retaining them and ensuring they achieve their desired outcomes. Customer Success Managers (CSMs) play a pivotal role in this journey, acting as the bridge between the customer and the company. In this guide, we’ll delve into the dos and don’ts of making CSMs successful in a large SaaS company, drawing insights from leading experts and practitioners in the field.

Understanding the Role of a Customer Success Manager

First and foremost, it’s crucial to grasp the essence of a CSM’s role. At its core, a CSM is responsible for nurturing customer relationships, understanding their needs, and guiding them towards success with the product or service. This involves proactive communication, timely support, and a deep understanding of the customer’s business objectives.

Dos for Success:

  1. Build Strong Relationships: Successful CSMs prioritize building trust and rapport with their customers. They go beyond transactional interactions and aim for meaningful, long-term partnerships.

  2. Understand Customer Goals: A thorough understanding of the customer’s goals and challenges is essential. CSMs should align the company’s offerings with the customer’s objectives, ensuring a tailored approach to success.

  3. Proactive Communication: Anticipating needs and addressing concerns before they escalate is a hallmark of effective CSMs. Regular check-ins, progress updates, and proactive problem-solving demonstrate commitment to the customer’s success.

  4. Product Expertise: CSMs should have an in-depth knowledge of the product or service they’re supporting. This enables them to provide valuable guidance, recommend relevant features, and troubleshoot effectively.

  5. Data-Driven Approach: Leveraging data and analytics is key to understanding customer behavior and identifying areas for improvement. CSMs should track metrics related to customer health, usage patterns, and satisfaction levels to drive strategic decisions.

Don’ts to Avoid:

  1. Being Reactive: Waiting for customers to reach out with issues is a recipe for dissatisfaction. CSMs should proactively engage with customers, anticipate their needs, and address potential roadblocks before they arise.

  2. Overpromising and Underdelivering: Setting unrealistic expectations can lead to disappointment and churn. CSMs should be honest about what the product can and cannot do, setting realistic goals for customer success.

  3. Neglecting Training and Onboarding: Effective onboarding sets the foundation for a successful customer journey. CSMs should ensure customers receive comprehensive training and support during the onboarding process to maximize product adoption and value realization.

  4. Ignoring Feedback: Customer feedback is invaluable for driving product improvements and refining the customer experience. CSMs should actively solicit feedback, listen attentively to customer concerns, and advocate for necessary changes within the organization.

  5. Losing Sight of the Big Picture: While it’s essential to focus on individual customer needs, CSMs should also keep sight of the broader company goals and strategies. Aligning customer success initiatives with organizational objectives ensures a cohesive approach towards growth and scalability.

Conclusion:

In the dynamic landscape of the SaaS industry, the role of Customer Success Managers is more critical than ever. By adhering to the dos and don’ts outlined in this guide, CSMs can elevate their effectiveness and drive meaningful outcomes for both customers and the company. Remember, success in customer success is not just about meeting expectations; it’s about exceeding them consistently, fostering trust, and cultivating lasting relationships.

CJ Mapping

Exploring the Customer Experience: A Reflection on the Importance of Customer Journey Mapping

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Communication with customers is fragmented as different people and teams engage with customers during various stages of the customer lifecycle. For instance, the sales team engages with customers during the sales phase, the implementation team during solution implementation, the marketing team, customer success team checkin later, and at times, executives may engage with customers. Customer journey mapping can be used by companies to improve the customer experience. Mapping the customer journey can provide a better roadmap for customers. The goal of customer journey mapping is to identify areas where customers may face challenges or frustration and to find ways to improve their experience. However, there are common mistakes that companies make that can hinder the effectiveness of this exercise. Here are few of my thoughts on it,

The first mistake that companies make is to focus too much on touchpoints and not enough on the overall customer journey. Touchpoints are the individual interactions that customers have with a company, such as sales interactions, marketing interactions, escalations, or customer success manager cadencence calls. While touchpoints are important, they are just one part of the customer journey. To truly understand the customer experience, companies need to look at the journey from the customer’s perspective. Mapping the customer journey beyond touchpoints can help companies identify areas of improvement that may have gone unnoticed.

Another mistake that companies make is relying on assumptions instead of gathering data. To truly understand the customer experience, companies must gather data from various sources, including stakeholders like sales teams, project teams, renewal teams, and customer success teams. Involving every stakeholder is important. Their customer insights can provide a wealth of information that can be used to improve customer experience.

For example, a company may assume that their customers are happy solely based on usage statistics. However, the customers may have plans to replace the product due to a new executive strategy. Communicating with the appropriate stakeholders can help gather this information in advance and take measures to prevent churn. Alternatively, it can help identify potential sources of dissatisfaction and take corrective action.

A third mistake that companies make is not valuing diverse views. Customer journey mapping should involve people from different departments, such as sales, customer success, marketing, product support, and product development. Each department has a unique perspective and can provide valuable insights into the customer journey.

The fourth mistake that companies make is not using the insights gained from customer journey mapping to drive change and improve the customer experience. Customer journey mapping is a means to an end, not an end in itself. The goal is to identify areas for improvement and take action to make changes that will benefit the customer.

To summarize, customer journey mapping is a valuable tool for companies to understand and improve the customer experience. However, companies should avoid common mistakes such as overemphasizing touchpoints, making assumptions, undervaluing diverse views, and not taking action on the insights gained. In essence, customer journey mapping is just the start of creating superior customer experiences.

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Why Customer Success Matters?

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If You Don’t Take Care of Your Customers, Someone Else Will – Edgar Mitchell.

As the year draws to a close, it is worth considering the various challenges and opportunities faced by customer success teams in the context of software as a service (SaaS) companies.

These organizations, whether newly established or transitioning from on-premises software, rely on a subscription-based model for their revenue, making customer success and adoption crucial to their viability. As a result, customer success teams have become an integral part of the core business of every SaaS company, although the specific functions of these teams may vary.

Retention

One key challenge faced by customer success teams is retention, as companies seek to maintain the revenue generated through subscription renewals. To achieve this, customer success teams must demonstrate the value of the product to customers and develop strategies for adoption that facilitate retention. In some cases, the way a company operates may contribute to retention challenges, such as when sales teams oversell products that become “shelfware” and lead to customer churn. Larger organizations may also face greater retention challenges than those born in the cloud.

Customer Experience Matters

Another important aspect of customer success in SaaS companies is the customer experience. In this highly competitive space, the customer success team is often the only team that stays with customers throughout their journey with the product, giving them the opportunity to make the experience truly personal. To do so effectively, customer success team members must be skilled communicators and adept at coordinating with other teams, as well as being advocates for the customer.

Opportunity for Growth

Finally, customer success teams have the opportunity to drive growth for their organizations by identifying opportunities for expansion with satisfied customers who may be willing to purchase additional products or serve as ambassadors for the company. To realize this potential, SaaS companies must focus on building a strong product roadmap, delivering excellent customer experiences, and avoiding the temptation to “oversell” to customers.

In summary, the challenges faced by customer success teams in SaaS companies are diverse and influenced by the unique operating practices of each organization. However, these teams are crucial for retention, adoption, customer experience, and growth, and have the potential to make a significant impact on the success of their companies.

Subscription Based Enterprise Software, Just Like Netflix

Subscription Based Enterprise Software, Just Like Netflix

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If you are not taking care of your customers, someone else will – Edgar Mitchell

When you buy a car from a dealer they may not bother whether you drive it or not. Their interest is in selling more cars. But, when you’re renting a car they are bothered if you are not driving it. Because if you are not driving it you will return it. Hence, no money for them. It’s the same story in the enterprise software cloud world now – the license is subscription based!

Just like Netflix enterprise software is now subscribed by large companies, usually for a period of 2-5 years. By end of a contract, customer can decide to continue or not.  And, the decision will be based on whether customer is really using the solution. 

So, it’s now the software vendor’s responsibility also to make sure customer is using the solution – license renewal has got more importance than ever before and resulted in customer success, post-sale teams!

When everyone is trying to pioneer customer retention here are some things I learned during my past 5 years in a customer success role.

Automate customer experience as much as possible

Customer experience starts from the moment customer signs the contract. After that it’s more complicated than sales – provisioning of multiple systems, proper access to the right users, onboarding the customer considering that cusotmer is new to cloud, and many more.

Automate everything possible hence, others can focus on value tasks – automate provisioning, welcome emails, onboarding, etc.

Listen to customers 

Sometimes customers only need someone to listen to them. A customer advocate would be a better choice than a sales guy to do this role.

You can’t measure customer success

I have seen multiple tools that use data to predict customer success. But, none really worked. Always get someone assigned to the customer to achieve the long term goals of your company – it is cost but, remember that there is huge competition and you may get profit in the long run.

Hire people with empathy

People with empathy for customers can get more jobs done than people with sympathy. They will have the energy and motivation to go an extra mile for a customer to make them happy.

Lastly, don’t sell more than customers need

Go for Land and Expand strategy in sales for long term growth. Overselling will backfire one day. Initiate strategies in favour of Land and Expand model. Have a long term vision than a quarter by quarter living.

Thanks for letting me vent, your comments are welcome!