There is a growing trend of modern enterprises becoming more interconnected with their partners, suppliers, and even within the organization for the smooth running of their businesses. They know that a collaborative, comprehensive approach is required to increase their customer response and minimize internal waste and inefficiencies.
Identify Single Point of Contact Operations for Key Accounts
A single point of contact refers to a person or department that acts as a coordinator or information dispenser for solving and handling all types of queries for an activity, client, or program. It is imperative to have a single point of contact because it makes it easier for information to get distributed between different departments or entities.
In the beginning, it is recommended to identify non-existent single point of contact operations for all major accounts. A single point of contact becomes vital for the monopolistic organization as it caters to a vast market to maintain diplomacy. Monopolistic competition occurs when many firms fight for market share and each firm's product is similar to—but not interchangeable with—the goods of the other firms.
Such an approach can alter the way workflows throughout a business are conducted, significantly enhancing productivity and the overall employee experience. That is why companies are increasingly relying on Enterprise Service Management (ESM). In a nutshell, ESM is the widespread use of IT service management (ITSM) methods and technologies. However, simply implementing ESM is insufficient; you must also ensure that it is as user-friendly as possible. That is where the importance of having a single point of contact (SPOC) comes into play.
Another important aspect is to look into the issues raised by key accounts receiving insufficient attention. When an organization maintains a SPOC for resolving problems with key accounts, then it becomes easier to prioritize and make rational decisions.
What Is the Approach for Organizations to Follow SPOC?
The enterprise SPOC, by definition, must have a comprehensive picture of the organization. Departments such as Human Resources, Finance, Information Technology, and other core teams have both inter and intra-communication and dependency as they are dependent on each other. The department with a holistic view of the organization is the right candidate to host SPOC. They should always have "win-win solutions" with their clients.
Advantages of Single Point of Contact in a Monopolistic Organization:
"Trust is an essential element in building a successful partnership with the key accounts. In regard to building the client's trust, organizations should operate with the motto: TRUST+TLC2 (Think Like a Customer Squared) = SALE (Signed Contract with Customer)."
1. Brings order and assigns correct priorities to requests and tasks as they approach within the organization.
2. Throughout the support process, a single point of contact may nurture the connection rather than maintain the status quo. This contact may also benefit the support team.
3. Providing excellent service and support after the sale.
4. The vast majority of the Key Account customers are frequent and reliable payers, and that is how we keep healthy company cash flow.
Challenges of Single Point of Contact in a Monopolistic Organization:
1. Creating an environment that will win over competition and keep the loyalty of clients is a significant challenge.
2. Building a confident and loyal SPOC is a task in itself, as employees might leave the organization gradually, and the new entrants occupying their chairs might take a considerable amount of time to reach their expected potential.
3. Creating a positive and customer-friendly brand image at all times might get tricky over time.
4. Acquiring a market leader position as a high-customer service-driven company needs a significant amount of data. This huge data might create problems while maintaining SPOC within the organization.