Is lack of hashtag#collaboration destroying your hashtag#customer hashtag#experience and hashtag#Profits? Is 1+1= 2 or 11 in your organization?
One of the biggest problems in companies across the world, and more so in Indian companies is the lack of inter-team or inter departmental hashtag#collaboration. This has a negative impact not just on the organization’s hashtag#performance, but also on the hashtag#customerexperience.
In hashtag#banking businesses, the most common problem that we have observed is the lack of collaboration between the loan (hashtag#Assets) teams and the deposit (hashtag#Liability) teams
It is very common that as a deposit customer, the bank does not offer you the best interest rates despite knowing the financial history. Customers are forced to borrow from other institutions or banks. The bank loses loan business and may eventually lose deposits also from the customer who had a bad experience.
What is the hashtag#root hashtag#cause?
Politics and lack of collaboration among the functional or business unit leaders cascade down to the junior levels and eventually spoil consumer experience.
How to hashtag#enhance hashtag#collaboration?
hashtag#Build hashtag#interdependency:
Shared goals are critical. Taking the example of the bank, the goals of the loan team should include 1/3 of the loan business to come from the deposits’ customers. The goals of the deposits team should include 1/3 of the business coming from loans.
hashtag#Align teams with hashtag#organization’s hashtag#objective:
CEOs and leaders should ensure that the functions, business units, and teams work towards a common objective. Leaders’ incentives should be balanced between unit goals achievements and organizational goals achievements.
Build hashtag#platforms for regular hashtag#communication:
A preemptive solution would be to build platforms where business heads and team leaders can communicate with each other, understand each other’s points of view, and problems. They can then together find solutions.
Assisted hashtag#communication to resolve hashtag#issues:
If an issue occurred, there was a lack of communication. Later the two leaders operated out of ego-state. A neutral party, an HRBP or a mentor, can mediate a discussion between the two leaders and help them resolve the problem.
hashtag#Socialization hashtag#platforms:
For the doing-teams create socialization platforms. For example, Relationship Managers and loan sales professionals should collaborate. Help them meet for a coffee every week. Organize family dinners for such cohorts once in six months. Festival meets such as Diwali parties are also a great way to interact, socialize, and build connections between larger teams.
My advice to every business, team, and individual would be to leverage the power of collaboration if you want to increase your customer engagement, revenue, and profits. You can make 1+1, 11.
@W.E.-Matter has collaboration as a key hashtag#leadership driver of engagement