Xploration 15 Takeaways: What is ECM? Statement Types & More
The recent Xploration 15 conference (#xplor15) was held in Orlando, FL. While the weather outside was hot and hazy, the conference brought together many of the best and brightest minds to help clear the air on a number of topics.
Among the key takeaways:
- What is ECM? It depends on who you ask and goes well beyond just whether it is the acronym for Enterprise Communication Management or Enterprise Content Management. First and foremost, organizations need to define what they need ECM to be before they can even begin to assess the available options. In defining their needs, three key elements must be the focus—platform, process and recipients. No one solution completely addresses all of these key aspects, so find the one that best meets your needs in order of priority.
- While it’s been a well-known stat that 98% of recipients open and read their statements, bills and invoices, 85% return to read the statement a second time (likely at the time they pay it)…and 13% read it at least 3 times! From a marketing perspective this is a gold mine waiting to be mined with targeted 1:1 offers (compare this to a 21 second average read time for a direct mail offer).
- Two terms that come up often are just as often used interchangeably, and incorrectly. These terms are “interactive statement” and “dynamic statement”. What do they really mean and how are they different? Simply put, an interactive statement is in print format with an element (QR code, URL or PURL) that allows the recipient to access additional content electronically if desired, while a dynamic statement is in a responsive mobile/web format with real-time personalized data, and possibly video/audio elements.
- Cloud storage of customer communications for easy online retrieval via a secure link is now nearly 2x the volume of eDelivery (email attachments, for instance). This trend signals a strong customer preference for easy, anytime, anywhere access to their communications, most often via a mobile device.
- ePayment will continue to grow but only at the pace customers adopt it. The biggest driving factor for organizations to push customers in this direction is not just the reduced costs associated with receiving the payment via paper, but the fact that it reduces the pay lag time up to 10 days. In terms of revenue cycle management this reduction is huge!
These points just skim the surface of what Xploration covered over three days. To learn more, visit xplor.orgor contact Venture Solutions.