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At Commercial Strategy Conference, HSMAI hosted a roundtable for Chief Revenue Officers where industry experts pinpointed five main challenges and discussed ways to tackle them. Below are the identified challenges and their corresponding strategies:
1. Change Management and Education
Challenge: Focus on training team members in new systems and predictive analytics to build trust and shift mindsets from tactical to strategic thinking.
Strategy: Implement continuous retraining programs and maintain clear communication channels to align team members with strategic objectives. Set clear performance standards to ensure everyone understands their roles and responsibilities.
2. Talent and Team Building
Challenge: It’s important to build a positive team culture and find the right talent, especially in the post-pandemic era. Retaining talent is also a challenge.
Strategy: Focus on building a positive team culture and prioritize hiring individuals who fit the company culture and can be trained. Retain talent by offering non-monetary benefits such as flexible work arrangements and additional days off.
3. Technology and Automation
Challenge: Integrating technology and leveraging automation enhances productivity. However, selecting the right technology solutions and achieving effective integration can pose challenges.
Strategy: Adopt automation to manage repetitive tasks, allowing team members to focus on strategic activities. Integrate technology to streamline operations and enhance productivity, and work through integration challenges with vendors to ensure seamless operations.
4. Asset Management and Strategic Thinking
Challenge: Asset managers’ goals do not always naturally align with the company’s broader strategic objectives.
Strategy: Promoting better collaboration and understanding between asset managers and other departments helps avoid conflicts and achieve business goals. Clear communication and expectation setting are also critical.
5. Consumer-Centric Approach
Challenge: Understanding consumer needs and preferences can be challenging, but it is necessary to tailor offerings.
Strategy: Focus on providing real value to consumers beyond traditional incentives. Use customer research to tailor offerings and emphasize flexibility and personalization in service delivery to enhance loyalty.