Transformation, Evolution, and Consolidation: Key Factors for 2023 and Beyond
Following a complex period, our sector is undergoing a phase of renewal and adaptation to new market needs, playing a leading role on a global level. At Konecta, we believe that the upcoming year will be marked by company consolidation, service transformation, leveraging digitization, and fostering talent. Through all of this, we will achieve a unique customer experience.
Consolidation and Concentration
We are witnessing a trend towards consolidation and concentration. Our services are becoming increasingly critical for all types of companies, not just the large ones. We serve as the intermediary with their customers and, therefore, are obliged to continuously offer personalized and improved services. A solid path to enrich the global offering is to integrate with other businesses with complementary values and solutions in order to support synergies and t consolidation.
It's important to note that we belong to a scalable sector, where there's a growing trend toward mergers and company consolidations. In this market, deals like the one Konecta undertook with Comdata could become more common. We observe that the Top 10 players are striving to expand their geographical coverage to reach countries where they're not present and to reinforce their position in those where they already operate. This is because customers demand global partners that provide services at all levels, which precisely translates into further consolidation and concentration.
Service Transformation and Digitalization
Simultaneously, there is a transformation in the services provided and a push for digitalization. The trend of adding value layers to the core service while relying on digital tools and analytical models continues.
The industry recognizes the value of all contacts made. Data and its management are crucial, and in our specific case, we work with various analytical models to maximize the information's performance. Once you understand, analyze, and leverage the data, you achieve improvements in quality, efficiency, and proactivity in customer management, which in turn optimizes levels of loyalty.
Digitalization is facilitating the development of our sector and enhancing our customers' experience. Recognizing this, at Konecta, we are promoting self-service to reduce unnecessary calls and leveraging omnichannel approaches to ensure that contacts, regardless of the channel, are resolved in the first interaction, thus enhancing the experience. With the same goal, we are investing in process automation and simplification; the goal is to make everything as easy as possible, helping our clients to streamline what they do.
The Value of People
We continue to carry out vital work with people, helping them to grow and have a professional future within the company. Having a stable, motivated, and qualified team has a significant positive impact on results. In this respect, we are running talent management projects at various levels. We want to recognize employees’ value, empower them, boost their skills, and offer them a future. People are fundamental and will continue to be so at all levels.
In essence, a positive employee experience is the key to a positive customer experience.
In this industry, we work with clients of all sizes and sectors. For all of them, we have a clear objective: to provide the best experience, ensuring that both small and large clients feel equally comfortable with us. To achieve this, a solid structure across different countries is necessary to always deliver what the client requires.
We assess two types of experiences: B2C and B2B. The former, the experience of our clients' customers, is fundamental to achieving the latter, the experience of our clients with Konecta. The role of the Experience Consultant is crucial in our organization. Their goal is to guide the client and help them evolve the service during the contract's lifespan, proactively proposing continuous improvement projects, coordinating their execution, and evaluating their outcomes.
Challenges for Konecta
Konecta is currently undergoing a transformation period as a company, and we have several challenges ahead.
Firstly, we face the challenge of integrating Comdata, which has launched a series of cross-functional initiatives to transfer unique capabilities and digital assets across different geographic locations. We aim to establish a model of global commercial and operational excellence, to present a more consistent market offering and positioning in the industry. We are implementing similar models in each country, maintaining the customer-centric culture.
Secondly, like the rest of the sector, we are confronted with the challenge of streamlining resources. We need business synergies as well as cost efficiency.
Ultimately, all actors in this industry are evolving significantly. In the realm of services, this is pivotal, as what was considered value-added not long ago is now a basic expectation. That's why we all need to incorporate new capabilities that help us provide excellent service, support our clients wherever and whenever they need us, and address the challenges that come our way.