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Speed + Quality = A Crucial Balance for Success

|Feb 24|magazine5 min read

The second instalment of the Service 2020 Megatrends for the decade ahead report has been released by BDO.

Titled Companies must maintain service standards in the face of ‘the need for speed’, the ‘megatrend’ outlines the need for Australian businesses to increase their delivery speed while maintaining product quality – a challenging yet crucial balance in the competitive marketplace.

“Today’s need-it-now online society has sharply changed perceptions of customer service,” said Eric Passaris, BDO National Retail Sector Leader, in a media release today. “Increasingly, customers don’t want it tomorrow – they want it now, with the same level of quality.”

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The report revealed that 87 per cent of Asia Pacific-based companies’ clientele expect faster service than five years ago. In order for companies to achieve this standard with the same level of quality, Mr Passaris recommends incorporating more technology – such as mobiles and social media efforts – into the ‘traditional’ communication channels.

“The companies that will prosper will find the right balance between maintaining the elements that made them successful while introducing new technologies to increase the speed of service delivery for the future,” said Mr Passaris.

The full report, written by the Economist Intelligence Unit, is based on a survey of 479 global business leaders. Each of the report’s eight megatrends will be released in separate instalments over the coming months.