Industry
- Communications, Media and Information Services
Going Beyond: CMI to Focus on Personalized Experiences for Growth
Highlights
- As a leading provider of financial data to buy-side and sell-side firms, Refinitiv aimed to automate its order fulfillment process to enhance customer experience.
- With TCS as the technology partner, Refinitiv simplified the order fulfillment process, streamlined contract management, and eliminated pricing irregularities.
- Not only has the sales cycle shortened, but the transaction experience of customers has also immensely improved.
In this article
Overview
Refinitiv is a leading provider of financial data to buy-side and sell-side firms.
The organization, formerly the Financial & Risk division of Thomson Reuters, receives thousands of customer inquiries and orders on a daily basis.
The Challenge
The company's legacy systems and processes needed significant manual intervention.
They were time-consuming and inconvenient for customer administration teams, that were responsible for processing orders globally. Moreover, this dependency on customer administration teams drove longer than ideal turnaround times for entitling data and delivering order forms to customers.
The Solution
TCS adopts Salesforce-based automation, enabling a smooth order-to-cash process.
With TCS as the technology partner, Refinitiv reengineered its order-to-cash process. TCS worked closely with Refinitiv’s business and IT teams to conduct a thorough gap analysis of the existing process. Consequently, it proposed a Salesforce automation solution to replace the manual work being done by customer admin staff. In this new setup, the customer master and ordering system continued to be on Siebel and SAP respectively, but the two were bridged using the Salesforce platform. The work that customer admins were performing to date – the entire drill of retrieving customer data from Siebel, mapping it to the order data in SAP and processing the request for closure and billing – was now carried out in just a few simple clicks!
The Benefits
A shorter order-to-cash process delights Refinitiv's sales users and customers alike.
With the new setup, Refinitiv has simplified the order fulfillment process, streamlined contract management and eliminated pricing irregularities; much to the delight of the company’s sales representatives who can now close deals quicker than before.
Not only has the sales cycle shortened, but the transaction experience of customers has also immensely improved; thanks to a self-service tool launched by Refinitiv called License Management.
STATISTICS
What Made it happen
Know how TCS HOBS™ can help organizations transition to subscription business models, data monetization, and device management for growth.
TCS TwinX combined with Enterprise Digital Twin technology powered by AI/ML provides solutions to help customers overcome & outperform challenges. Read more.
TCS Contexify, a Dynamic Orchestrator, uses contexts linked to purposes to drive personalized interventions (Next Best Action) & simplify customer engagement.
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