About the Episode

We are here at Medallia Experience 2024 at the Wynn in Las Vegas and there’s a lot of exciting announcements we’ve been seeing, plus a chance to hear from leaders at Medallia as well as their customers about where the world of customer experience is heading.

One brand that is presenting here, and who I’m excited to introduce in a second here, is from CVS, a brand that serves over 120 million customers, including over 55 million digital customers, and to illustrate their reach, 85% of the US population lives within 10 miles of a CVS Health location.

Today we’re going to talk about igniting customer-centricity by personalizing, simplifying the customer experience, and empowering employees to do amazing work.

To help me discuss this topic, I’d like to welcome Sri Narasimhan, Vice President, Head of Enterprise Customer Experience at CVS Health.

About Sri Narasimhan

Srikant Narasimhan is a Head Vice President, Enterprise Customer Experience at CVS Health based in Woonsocket, Rhode Island. Previously, Srikant was a Head Vice President, Enterprise Customer Experience at Benzinga and also held positions at Wells Fargo, Medallia, LivingLens, GE Capital, Guidehouse Insights, Navigant, FTI Consulting. Srikant received a Bachelor of Arts degree from University of Chicago and a Master of Business Administration from University of Michigan - Stephen M. Ross School of Business.

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Synopsis

Sri Narasimhan, Vice President and Head of Enterprise Customer Experience at CVS Health, stresses the importance of igniting a culture of customer centricity by engaging in a dialogue with consumers. He notes that consumers, particularly in the healthcare industry, seek a partner in their healthcare journey who can offer guidance and navigate the complexities of the healthcare system. By prioritizing consumers in decision-making, organizations like CVS Health can cultivate loyalty and trust among their customer base.

Sri also discusses CVS Health's ambition to become an institution in healthcare, a brand that is indispensable to its customers. This objective transcends mere financial success and superficial customer experience metrics. It involves establishing meaningful connections with customers, addressing their needs, and fostering a strong relationship built on trust and reliability. By striving to be an institution in healthcare, CVS Health is dedicated to making a lasting impact on the lives of its customers and becoming an integral part of their healthcare journey.

Overall, fostering a culture of customer centricity entails not only listening to customers but also taking decisive action based on their feedback, placing their needs at the forefront of decision-making, and aspiring to become a trusted institution in the industry. This approach nurtures a deep bond with customers, encourages loyalty, and lays the groundwork for long-term success in delivering exceptional customer experiences.

• Delivering real-time insights is a crucial aspect of enhancing the consumer experience within businesses. In the episode, Sri Narasimhan, Vice President and Head of Enterprise Customer Experience at CVS Health, underscores the importance of promptly receiving and acting on feedback. By leveraging real-time insights, organizations can effectively address consumer needs and concerns in a timely manner, leading to improved customer satisfaction and loyalty.

• Sri Narasimhan highlights the significance of integrating feedback within the organization. By fostering a dialogue between consumers and employees, businesses can gain valuable insights into consumer preferences, pain points, and expectations. This feedback loop enables organizations to align their products, services, and processes with consumer needs, ultimately enhancing the overall customer experience.

• Making data-driven decisions based on real-time insights is a key strategy for enhancing consumer satisfaction. Sri Narasimhan discusses how CVS Health utilizes data analytics and feedback to identify prevalent issues, surprise and delight consumers, and foster loyalty. By analyzing feedback and implementing data-driven solutions, organizations can continuously enhance their offerings and tailor their services to effectively meet consumer demands.

• Acting on real-time insights not only benefits the consumer experience but also empowers employees to deliver exceptional service. By providing employees with access to timely feedback and actionable data, businesses can enable their staff to efficiently and effectively address consumer needs. This approach cultivates a culture of customer centricity within the organization, where employees are equipped to deliver personalized and high-quality service to consumers.

• Overall, delivering real-time insights plays a critical role in driving business success and enhancing the consumer experience. By leveraging feedback, embedding it within the organization, and making data-driven decisions, businesses can remain agile, responsive, and customer-focused in today's competitive market landscape.

Closing the loop enterprise-wide involves a comprehensive approach that encompasses following up with consumers, engaging employees to translate customer feedback, and utilizing operational data to address systemic challenges. Sri Narasimhan, the Vice President and Head of Enterprise Customer Experience at CVS Health, sheds light on the importance of this process during his discussion on igniting customer centricity.