Expand Revenue by Leveraging Talent Management Technologies to Reach Your Extended Enterprise
An ‘Extended Enterprise’ is a network of partners and customers that are integral to an organisation's success in capturing the head, hearts and hands of a ‘channel’ to deliver your brand experience along with the company’s goods and services. Australian companies have an opportunity to significantly impact earnings by engaging the extended enterprise.
Optimising an extended enterprise offers meaningful economies of scale, so companies that develop, engage and connect this important network can not only reduce communication, training, and transaction costs, but growing incremental revenues, typically at higher margin
Accessing an extended enterprise may seem simple, but it can be a complicated process. The first step of effectively engaging your extended enterprise in Australia is understanding 1) how you would like your channel to behave differently and 2) what interventions, and sequencing of them, is required to make that change. For those in Sales, HR and training, that sounds very similar to the support we provide to our customer-facing people because, it is. The second step is then aligning your enterprise learning management software (LMS) to deliver this to your extended enterprise.
Some LMSs have been designed to address this unique opportunity. These easy-to-use applications will ensure that the information and training you are dispersing to your extended enterprise is delivered evenly across entire all networks, in a manner that is highly engaging and provide Sales and HR/Training the ability to adjust the interventions based on the needs of the business and channel. The partnerships and increased frequency of communication that comes along with engaging your extended enterprise will help to increase partner and customer engagement, improve their success and satisfaction with your solutions and business, and often drive incremental, higher margin revenue to your business.
Key considerations of this path include:
- Understanding the needs of the different groups within the enterprise network;
- Defining strategies to introduce innovation and collaboration to support organic growth of the value and size of the network; and
- Identifying opportunities to recognise success and support thought leaders being heard in the community.
Some examples of extended enterprise networks consist of customers, partners, and franchises. Here are some ways leading companies can engage with each of these networks.
Providing an effective and engaging source of information and training to customers improves their experience with your products and services. Leading companies cater this ‘learning’ to verticals to ensure it resonates with the key customer groups. As a result, Net Promoter Scores are often considered as metrics for success.
Further, new, incremental revenue, improved engagement rates and new marketing opporutnities may be available by offering customers targeted value-add training or certification leveraging the LMS training. Consider selling lessons individually to customers, or give them unlimited access to classes on a subscription basis
Partners (Resellers can also be considered in this category) often have alternative solutions to yours that they consider for their customers. Therefore, capturing Partner mindshare for your solutions is critical to your success.
Extended Enterprise Learning and Community Programs that ensure that your Partners are highly competent at
- global performance-management consulting company identifying opportunities aligned to your solutions,
- communicating the value to the customer and
- engaging the customer with their value-add services around your solution
Drive healthy business within the extended enterprise ecosystem and foster a satisfied community.
Australia is a big Franchise market. Due to its’ decentralised nature and the varying degrees of operating independence within the Franchise model, Franchisors are challenged to maintain brand, operational and customer experience consistency across an often disparate network.
This is an excellent opportunity to leverage Talent Management System capabilities to align the behaviour of the franchisee network to deliver consistent brand and product within a plan for improved operating results across the network. Key within this environment is communication to, between and within the Franchisees. Therefore, a team communication tool embedded within extended enterprise software allows the extended enterprise community members to share prudent ideas and resources across the globe. This dramatically decreases information costs and helps franchises roll out information in congruence with each other.
Engaging the Extended Enterprise
In addition to the monetary benefits of implementing LMS software to reach an extended enterprise, companies can take advantage of the marketing insights that are possible with extended enterprise software. An added bonus of Cornerstone's enterprise software is the capability for members to pool resources and ideas. Companies can watch and listen to how their customers and customers of related products interact. These organic insights can help guide companies’ strategies and enable them to create a more robust product to meet their customers’ needs.
Learning Management Coupled with Performance Tracking
Through learning management resources, partners and customers may browse training courses as they are needed. These courses are flexible, and they can be customised to the needs of each partner. Catalogs and configurable workshops are also available. Not only can companies gain insightful takeaways from understanding what lessons are more popular amongst their customers, but they can also see what lessons are most impactful. Once a partner, employee or customer takes the lesson, companies can understand its impact by tracking the performance of that extended enterprise member.
Drive Customer Engagement with Social Learning
The team communication tools allow users to interact with their networks across blogs and a private social media platform. This also makes cooperative learning a possibility. Having a collaborative online platform ensures that trainees can engage with their partners from anywhere in the globe. Social learning is a helpful way to encouraging conversations amongst members and customers. Members also enjoy learning with their peers, so this will increase engagement rates in your extended enterprise.
Track Revenue on Built-In E-Commerce Platform
Another helpful aspect of Cornerstone’s extended Enterprise software is the built in e-commerce platform that allows companies to track the revenue created from selling training classes. The e-commerce platform comes equipped with an online shopping cart and encrypted payment processing. See what customers bought, understand purchasing trends and stay organised with this technology.
Inspire Members with Training Certifications
Certification management can be used to print custom certificates and reports. These certificates serve as proof of training and extended enterprise competency, so partners and consumers have incentives to participate in certified courses. Certification management helps Australian companies encourage consumers to participate in their training courses.
Extended enterprise software can be used by any industry to make sure that all partners are knowledgeable of new regulations. Having extended enterprise software will encourage consistent service and policies across the any network using it. Since customers and partners will rely on your extended enterprise software to keep them informed about certification requirements this will result in increased customer satisfaction and revenue.
Flexible LMS Software Helps Companies Maintain Customers
Since customers often have busy schedules, they prefer to take courses at their own pace. Cornerstone's learning management software allows customers to learn and access resources on their own time. This flexible approach helps reduce support costs. Low costs and flexible scheduling prevents customers from leaving due to monetary and time constraints.
By taking advantage of an extended enterprise, Australian firms can trim costs while increasing revenue. Cornerstone's LMS software can facilitate efficient communication throughout the network. This is important for entrepreneurs who wish to build an economy of scale.
This is an area in which I’m particularly passionate. I’ve been fortunate over the last 20 years to be involved with some amazing enterprise networks in both the US and AUS. I would be happy to explore these with interested professionals in Australia.