Transparency and Promises, Business and Customers

Transparency in leadership is something that’s important to me as president of TriZetto Provider Solutions. It got me thinking about the topic in larger terms and how it’s so important in business.

I know what you’re thinking: “Yeah, right. Businesses constantly cloud the water with hyperbole and promises all the time.”

I agree. And then again, I don’t. (I’ll get to that a little later.)

Whether it’s B2C or B2B, businesses do just about everything possible to embellish products and services. Everything is New and Improved. Or it has More of this. Less of that.

It frustrates me as a consumer. I think it irritates just about everyone.

An Accenture study of more than 3,000 adults found none are particularly happy when comes to promises from businesses and the consumer experience. Companies break promises all the time:
  • 55 percent said a company broke a promise about the on-time delivery of product or service
  • 51 percent said a company broke a promise about no hidden costs related to the product or service
There are lots of problems with breaking promises, but one of the biggest is the customer you’ve worked so hard win will leave your company and try their luck with another. Thirty-eight percent of consumers switch to another company after a promise is broken.

That brings me back to transparency. At TriZetto Provider Solutions, we believe in it. We live it. It’s what we do. Transparency is another way of saying you keep your promises, but in advance.

Our solutions are a great fit for the more than 300,000 providers (and counting) we work with because we help them improve the revenue cycle.

But our solutions aren’t always the right fit for every customer. If they aren’t, we’re going to tell the provider. We’d rather have them move on earlier in the process than later: before both groups have committed time, money and resources.

My reason, though, isn’t entirely altruistic. (There’s that transparency thing again.) I know when providers get fed up with the unfulfilled promises of our competitors, they’ll come back to TriZetto because we were open from the beginning. As provider practices grow and change, so do our solutions. What didn’t work out then, may work out now.

No matter what business you’re in, being transparent means you can have another conversation.

Do businesses have a responsibility to be transparent with customers?
 
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