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Global Competition Means Global Cooperation A growing type of collaboration, in a sense, is enterprise feedback management (EFM), according to IT research firm Gartner Group. These are programs that are sometimes commercially packaged and sometimes custom-developed that not only let a company accept comments and views from customers, employees, stockholders, vendors or any other group, but distill what the company can learn and then integrate this information into corporate decisionmaking. The feedback may be answers to surveys, comments to customer service personnel or solicited views. Aon Reed Stenhouse is a Toronto-based insurance brokerage firm that begins a series of surveys and conversations with customers three to four months before they are due to renew policies. The discussions might be about customer needs, but could just as easily address perceived shortcomings about the company. "We can start to use this information to not only direct our service policies, but we also get to start thinking about product development," says marketing director David Cliche. A clear analysis of customer behavior can provide key insights. Dreyfus Service of New York, for example, has been "able to predict that the customer is going to exit three to six months before it actually happens and with accuracy of 80 to 85 percent," says executive vice president Prasanna Dhore. In short, getting feedback and acting on it closes the gap between executive decisions and needs in the marketplace. - in Chief Executive, December 2005
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