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Data

80% of global organisations expect breaches of customer records

960 640 Stuart O'Brien

Trend Micro and the Ponemon Institute have revealed the findings of a study which discovered that 86% of global organisations expect to suffer a cyber attack in the next 12 months.

The findings come from Trend Micro’s biannual Cyber Risk Index (CRI) report, which measures the gap between respondents’ cybersecurity preparedness versus their likelihood of being attacked. In the first half of 2021 the CRI surveyed more than 3,600 businesses of all sizes and industries across North America, Europe, Asia-Pacific, and Latin America.

The CRI is based on a numerical scale of -10 to 10, with -10 representing the highest level of risk. The current global index stands at -0.42, a slight increase on last year which indicates an “elevated” risk.

Organizations ranked the top three negative consequences of an attack as customer churn, lost IP and critical infrastructure damage/disruption.

Key findings from the report include:

  • 86% said it was somewhat to very likely that they’d suffer serious cyber-attacks in the next 12 months, compared to 83% last time
  • 24% suffered 7+ cyber attacks that infiltrated networks/systems, versus 23% in the previous report.
  • 21% had 7+ breaches of information assets, versus 19% in the previous report.
  • 20% of respondents said they’d suffered 7+ breaches of customer data over the past year, up from 17% in the last report.

“Once again we’ve found plenty to keep CISOs awake at night, from operational and infrastructure risks to data protection, threat activity and human-shaped challenges,” said Jon Clay, vice president of threat intelligence for Trend Micro. “To lower cyber risk, organizations must be better prepared by going back to basics, identifying the critical data most at risk, focusing on the threats that matter most to their business, and delivering multi-layered protection from comprehensive, connected platforms.”

“Trend Micro’s CRI continues to be a helpful tool to help companies better understand their cyber risk,” said Dr. Larry Ponemon, CEO for the Ponemon Institute. “Businesses globally can use this resource to prioritize their security strategy and focus their resources to best manage their cyber risk. This type of resource is increasingly useful as harmful security incidents continue to be a challenge for businesses of all sizes and industries.”

Among the top two infrastructure risks was cloud computing. Global organizations gave it a 6.77, ranking it as an elevated risk on the index’s 10-point scale. Many respondents admitted they spend “considerable resources” managing third party risks like cloud providers.

The top cyber risks highlighted in the report were as follows:

  • Man-in-the-middle attacks
  • Ransomware
  • Phishing and social engineering
  • Fileless attack
  • Botnets

The top security risks to infrastructure remain the same as last year, and include organizational misalignment and complexity, as well as cloud computing infrastructure and providers. In addition, respondents identified customerturnover, lost intellectual property and disruption or damages to critical infrastructure as key operational risks for organizations globally.

The main challenges for cybersecurity preparedness include limitations for security leaders who lack the authority and resources to achieve a strong security posture, as well as organizations struggling to enable security technologies that are sufficient to protect their data assets and IT infrastructure.

Cyber Security: Data ‘re’-assurance in the age of GDPR

960 640 Stuart O'Brien

How do organisations know their data is secure? And how can companies ensure that a network breach won’t result in a loss of sensitive data? The consequences of a data breach are potentially disastrous for any organisation, so companies need to be reassured that their data is secure at all times in line with any internal and external compliance needs – and that they have the tools and visibility to prove this, should a network breach occur.

With 78% of IT security leaders lacking confidence in their company’s cybersecurity posture, now is the time for organisations to focus on applying a ‘Zero Trust’ approach to their cybersecurity strategy. In doing so, security professionals acknowledge that they cannot trust the security of their underlying infrastructure and therefore implement controls from a data assurance perspective, placing emphasis on protecting their sensitive data, irrespective of where this data travels within the network. And for those CISO’s and CSO’s who are solely concerned with their network security, they need to reconsider and focus on their data security.

Security professionals should be taking a proactive approach to their organisation’s cybersecurity and should always be considering how they can better protect their most valuable asset – their data. With this in mind, Paul German, CEO, Certes Networks, outlines how data assurance is a mindset that security professionals need to adopt in order to be confident that their sensitive data is protected at all times…

Increasing Threats

Cyber attacks are increasing dramatically and by its very nature, sensitive data is an incredibly valuable asset and one that is frequently targeted. Last year, 37 billiondata records were leaked at a staggering 140% increase year on year. Surely there are measures that companies can take to prevent this growing breach of data.

However, on average only 5% of company files are properly protected – a surprising statistic considering the vast implications of a cyber attack. Furthermore, malicious hackers are now attacking computers, networks and applications at a rate of one attack every 39 seconds.

Clearly, cyber attacks and consequent data breaches are an epidemic and organisations need to put the appropriate measures in place in order to protect their data and their business. Ultimately, companies need to adopt a data assurance strategy aligned to business intent so they have the right tools and security posture in order to be in the best position when it comes to safeguarding their most valuable asset against cyber criminals.

The Consequences

When a cyber attack occurs and an organisation loses the sensitive data they have been trusted with, there are significant consequences. Of course, the obvious economic repercussions are enough to make any business concerned, with the average cost of a data breach being $3.86 million as of 2020.

However, it is not just a data breach, but a breach of trust. Additionally, losing a client’s sensitive data damages a company’s reputation and organisations could even be facing legal action, especially if they breach regulations such as GDPR, HIPAA or CJIS. The fact is that businesses are fined for a loss of data because they are not compliant with specific laws over the use of sensitive information – not for a network breach.

By looking at cybersecurity from a data assurance perspective, security professionals have the capacity to bypass these damages by protecting their data from the outset, rather than waiting for an inevitable breach to happen before implementing data security measures. There is no reason for businesses to put themselves in a vulnerable position when they have the ability to effectively avoid the consequences of a data breach altogether.

Data Assurance

When businesses consider their cybersecurity strategy from a data assurance perspective, they are directly focusing on their data security and ensuring that they have the necessary outputs in place in order to prove at all times that their sensitive data is protected according to their business intent.

Through understanding their business intent, organisations adhere to specific objectives that they have defined in order to protect their data and mitigate associated risks. By adopting a Zero Trust approach to their cybersecurity posture, companies can achieve the separation of duties that cannot be met when security protocols are tied into the network infrastructure. With a secure overlay that is agnostic to the underlying network infrastructure, security teams can have total control of their security posture. This means that should an incident occur, the required controls are in place and functioning and security professionals can easily prove that their main priority, which is their sensitive data, is safe.

Additionally, with regulations over how organisations can handle data continuing to evolve and change, companies need the mechanisms in place to be able to proactively react to any developments in regulatory compliance requirements. By implementing policies that match evolving compliance requirements and by putting data at the forefront of any cybersecurity strategy, organisations can be secure in the knowledge they are observing these rules and regulations and won’t fall victim to their data being compromised.

Companies need to seriously consider implementing the right controls in order to make sure their data is protected and by focusing on their cyber security strategy from a data assurance perspective, they can ensure that they are emphasising the protection of their most valuable asset.

Tell us about your contact centre systems; are they disparate or seamlessly integrated? 

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By Seth Millis, Aspect

By some estimates, 91% of IT staff time is spent on software maintenance. This doesn’t leave very much time for innovation. Over time, systems that (at the time) would never need to communicate, suddenly find themselves reliant upon each other. While originally specialisation and customisation may have driven software architecture, integration is rapidly becoming the primary feature of any system worthwhile.

Systems designed to communicate effectively with each other seamlessly are easy to use, cut training time, and typically lead your company down the scalability path; but they come at a cost. Disparate systems are highly specialised and are created around the needs of the organization, not the other way around. Often proprietary, these innovative databases help you achieve specific goals that no other company can achieve. Regardless of your choice of system, there are a couple of considerations no matter what architecture you prefer.

System Upgrades – All systems require scheduled maintenance, costly upgrades, emergency triage, constant training, and a staff with highly specialised knowledge. 

Third Party Compatibility – Good partnerships require compromise and a little bit of conformity. Connecting with new teams, consultants, and partners efficiently means that eventually, your systems will have to interface with theirs.

Management – Whether managing a plethora of systems of just a few (nobody manages just one!) You need the right people and the right budget. Keeping multiple systems running requires patience, knowledge, logistics, vision, and a little luck.

Ultimately, whether using disparate or integrated systems, what really matters is how your data is handled. Your choice of system doesn’t really matter if you can’t perform data exchanges, automation, workflows, while ensuring access and security.

What systems or services do you have in place to access your data remotely?

Even before 2020 centres were making the transition from on-premise software to cloud communication systems. The immediate advantages of remote access right now are obvious. But what systems do you have in place to access your data remotely? What services and features are helping your company function as efficiently as possible?

Cloud Subscription – It’s never been clearer that a system should facilitate a company’s data needs in real time. Unplanned or emergency updates are disruptive and potentially disastrous. But a well-designed system provides your business with greater flexibility and agility, meaning deployments can be completed in a much shorter timeframe, at non-peak hours, and with less staff.

Streamlined User Experience – Customisation is what makes your agents, team leads, and administrators stand out.  Remote solutions should tailor access experience to display the information employees need at the right time through custom widgets and dashboards, and by focusing on the needs of the business and moving unnecessary features to the background.

High Availability A highly dependable remote platform is the most important of your business needs. When you need the ability to access data quickly to changing demand, that makes your business tremendously agile and competitive. You simply cannot compromise when it comes to ensuring uptime and functionality.

Omnichannel Integration – One of the greatest benefits of the cloud is that it facilitates omnichannel service integration. More than ever, channels and data need to be available according to customer preferences. You’ve got to be able to meet your customers where they want. A system must deliver cohesive self-service and agent-assisted data across all channels, including voice, text, social and mobile Web apps. Organisations that provide a consistent and seamless cross-channel experience when customers engage, inquire and request service are poised and prepared to cover all their bases.

How do you approach disaster and business continuity planning, and how do you ensure that contact centre staff can access the technology they need to maintain critical operations in the event of a disaster or outage?

Contact centres around the world are on the front-line of servicing their customers and addressing their concerns at this unprecedented time. Organisations are faced with unforeseen challenges and interacting with customers has never been more important. When designing disaster recovery and business continuity plans, it’s also important to consider the impact of lesser events such as power or internet outages.

The first step of preparing the contact centre for a disaster or outage is to ensure that its technology can be accessed in these circumstances.

Holding regular training sessions with agents to prepare for an outage helps organizations transition to working remotely more easily. Agents need to be familiar with how to access and download software, connect to an environment or VPNs, and what changes in procedures to expect. Staff should also be aware of any resources to help assist them transition, such as how-to guides and training videos.

In the event of an outage or disaster, adjustments to escalation rules may be necessary. If there is a surge in demand for front-level supervisors and managers that cannot be accommodated, it may make sense to create a dedicated escalation queue. This will allow management to continue to focus on their core responsibilities when they are needed most.

The best advice when thinking about an emergency preparedness strategy is to Be Proactive. One of the most effective ways to reduce surge, volume, anxiety, and to minimise mistakes is to anticipate the needs of customers and proactively communicate with them by sending guidance, notifications, or instructions on how to use self-service through their channels of choice.

It’s also important to remember purpose. During an outage remaining proactive also means that companies should strive to preserve critical contact centre functionality in order to:

  • Maintain customer satisfaction and loyalty
  • Retain at-risk customers and prevent negative customer experiences
  • Support customers when they need it most
  • Maintain revenue sources, which may be even more critical during a disaster
  • Continue accounts receivables / cash collections flow

Having an end-to-end disaster triage, recovery, and continuity strategy to communicate and implement is critically essential for companies as we continue to navigate collections in 2020 and beyond.

How important is security to your organisation?

A solid foundation for a secure, private, and scalable cloud environment is always good systems architecture. This enables shared services to support multiple customers simultaneously across regions and around the world. Your security solution must also centralise control, enabling you to simply and easily manage on-site staff you have, as well as off-site agents at the highest level of security.

As we’ve seen, the shift to remote work requires additional considerations and planning. In the event of emergencies, temporarily establishing additional security protocols and creating rules about what information can be printed are necessary to keep sensitive information safe. This helps organisations keep sensitive information including customer Personally Identifiable Information (PII) data secure at a time of heightened sensitivity and scrutiny. Organisational security means safeguarding your business, your data, your customers’ data, and your employees.

Do your policies and procedures reflect this distinction? Blanket policies may offer a general guideline, but as we’ve seen in 2020, very specific and unforeseen circumstances can and will arise. Are your policies and security rules designed accordingly? Do your written policies and procedures match your systems and security rules?

How does a potential shift to cloud change your expectations regarding your access to your data? How does this impact your future plans regarding management of your data?

In the last 6 months digitisation and cloud-based access has taken centre stage. The volume of data and immediate need for remote access forced even the most traditional collections call centres to rethink and revamp their strategies.

While the unexpected and inevitable downtime and latency many businesses experienced forced a temporary reliance on inbound marketing and proactive customer channels; it also forced the rapid deployment of cloud-based data transactions —such as robocalls, SMS, messaging apps, email, social media, and portals. These cloud-managed channels were designed to be minimally invasive and cohesive in messaging—ideal for the unforeseen time/work/life shift that is currently underway.

Because these strategies require minimal administrative overhead and can be managed in the cloud, data disruptions went largely unnoticed for the businesses who were already tracking the shift. For the companies unprepared or ill equipped to handle this major shift in dynamic, however, the results were catastrophic. Collections call centres and companies that were able to retrieve and maintain data quickly have recently reported major reductions in the number of accounts that require escalation or attention.

Proactive cloud data management can also be a gateway to improve customer experience. This deeper, more customised experience in turn, can lead to better call centre collection rates by maintaining a consistent message and driving interaction for customers.  Ensuring seamless consistency in messaging and support for high-value customers is the lynchpin of a successful growth strategy.

When your operations require shifting to the cloud, nothing should be compromised. Aspect has proactive solutions powerful enough to remain versatile and deliver your data when you need it.

Ready to learn more? Contact us to schedule a demo and talk about your needs.

Fast call centre analytics ‘vital’ in the new WFH normal

960 640 Stuart O'Brien

The immediate provision of accurate speech analytics is becoming increasingly vital as contact centres increasingly look to maintain work from home (WFH) operational models.

That’s the view of leading call centre solution provider Avoira, which is anticipating heightened interest in the technology from delegates attending the virtual Contact Centre & Customer Service Summit.

The company reports managers are finding that the interactive nature of a sophisticated real-time analytics solution not only enables more effective call outcomes, but enhances employee engagement.

Speaking ahead of the Summit, Steve Watts, Avoira’s head of sales, said: “With team leaders and managers having lost the Captain’s Chair view of what’s happening minute-to-minute,  real-time analytics are even more important and compelling.

“As a result contact centre directors and heads of innovation are now taking a closer look at the sophisticated tools they might deploy to ensure productivity and service standards are maintained as the novelty of homeworking wears off.”

He adds that capturing real-time traffic not just within a centralised centre but across a remote working network, remains a challenge for all but the most potent speech analytic solutions.

As such Watts is expecting heightened interest at the Summit in the AI powered voice analytics solution which Avoira is set to showcase.

The cloud-based Xdroid solution is a rarity – arguably unique – in delivering real-time analytics of both voice and text communications. It automatically records and analyses all calls and monitors customer experience, compliance and the performance of individual agents, wherever they are working.

The powerful solution can detect and range of emotions, reporting on whether customers are displaying displeasure, uncertainty, disappointment or happiness. Based on analysis of dialogue, it provides on-screen prompts which can steer an agent to engage in specific actions – such as up-selling or making a compensatory gesture – at the time most likely to yield a positive response.

A formidable customer service tool, the technology claims to deliver an increased client retention rate of 30% and an inbound sales uplift of 14%.

It can also increase agent retention and reduce breaches which can result in legal or regulatory actions.

“It’s not just regulatory and legal compliance with which our solution can assist, but in ensuring employees, wherever they are, continue to subscribe to and share the organisation’s ethos,” says Watts. “By providing tools with which to help an agents job be performed more easily and effectively, it also helps them feel valued.”

Banking on security: Keeping customer data secure in financial services

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Simon Hill, Legal & Compliance, Certes Networks

The protection of sensitive data in line with regulations, both for banks and other financial services organisations, is currently a big challenge.

The way these organisations operate has changed dramatically in recent years, due mostly to the fact that financial institutions are not only heavily regulated by data privacy requirements, but they are also under mounting pressure to be open to consumers and businesses about how they are protecting their data from potential breaches.

The increasing expectations of consumers means that banks and financial institutions are trying to achieve a balancing act: how can they protect data privacy, while at the same time remaining transparent about how data is being protected?

However, it doesn’t have to be a play-off between meeting these customer expectations and meeting cyber security and compliance requirements: banks and financial services organisations can utilise technology to the fullest extent while still protecting data. 

The balancing act 

To achieve this balance, banks and financial services organisations need to take control of their security posture and assume the entire network is vulnerable to the possibility of a cyber-attack. Robust encryption and controlled security policies should be a central part of an organisation’s cyber security strategy.

Through generating and defining policies, network policy enforcement allows organisations to ensure that only authorised applications and users are communicating with one another, while enabling them to meet their own governance, security and compliance requirements. 

Rather than waiting for a cyber-attack to happen, new technology tools are now available to gain a deeper understanding of policy deployment and analyse every application that tries to communicate across the network, all the while monitoring all traffic and limiting the pathways potential threats can travel. 

Conclusion 

Banks and financial services organisations should not have to worry about keeping data secure and protected. Adopting new ways of thinking about how these organisations can strengthen the protection of data requires well-defined policies, strict key assignments and authorisation of who sends and receives data.

But, most importantly, the ability to enforce policies to better monitor and observe applications and suspicious activity on the network will require sophisticated technology and tools that are currently available today. 

AI key to customer service, but performance overrated

960 640 Stuart O'Brien

Sixty-three per cent of contact centre leaders agree that chatbots and virtual assistants make it easier for consumers to get their issues resolved.

That’s according to findings of the second annual NICE inContact CX Transformation Benchmark, a global research study that gauges the changing attitudes of both industry professionals and consumers.

NICE inContact polled contact centre leaders in the United States, United Kingdom, and Australia. The report compares global findings to the 2018 consumer wave of the study, and includes year-over-year findings for the US.

NICE inContact says results reveal that businesses are confident in artificial intelligence’s (AI’s) role in delivering exceptional customer service experiences, but they overrate their own CX performance.

Compared to consumers, businesses overreach when estimating their own net promoter scores (NPS), overrate their own CX success, and underperform when it comes to delivering seamless omnichannel experiences.    

Key findings:

·       Businesses express confidence in AI. The CX Transformation Benchmark found that 63 percent of contact center leaders agree that chatbots and virtual assistants make it easier for consumers to get their issues resolved, and 68 percent of those surveyed agree that consumers want to use virtual assistants to interact with them. Findings show that significantly more US businesses now offer automated assistants / chatbots online, at 54 percent compared to 44 percent the prior year.

·       Business overreach in self-assigned Net Promoter Score (NPS). Compared to consumers, businesses give themselves higher net promoter scores for every method of communication tested. Businesses overestimate most channel-specific NPS by broad margins. For example:

o   Automated Assistant / Chatbot: While consumers award automated assistants an NPS of -8, businesses estimate they earn an NPS of 25, for a gap of 33 points.

o   Email: The consumer NPS for email is -9 while the business NPS is 19, for a gap of 28 points.

o   Text: Consumers give text a -2 NPS while businesses estimate 25, for a gap of 27 points.

·       Businesses overrate their CX success. Businesses are 15 percent more likely than consumers to agree that they make it easier for consumers to get their issues resolved in their preferred channels, and that they provide a consistent customer service experience across the purchase journey.

·       Businesses understand the value of omnichannel experiences, but underperform. While 93 percent of businesses agree that consumers expect companies to provide a seamless experience when moving between channels, only 24% of businesses globally give themselves an excellent rating on allowing consumers to switch seamlessly between methods of communication.

Paul Jarman, CEO at NICE inContact, said: “We are at an inflection point for AI in the contact center. AI innovations are at their best when paired with the human touch and deployed to address targeted customer and agent experience opportunities. AI in the contact center has the potential to add significant value to customer experience outcomes and operational performance.

“The CX Transformation Benchmark shows contact center leader confidence in AI, and we join them in delivering end-to-end AI capabilities that span the entire customer and agent experience, to empower organizations of all sizes to stay one step ahead of customer expectations.”

NICE inContact surveyed more than 900 contact center decision makers in the US, UK, and Australia. The report presents global findings from the business wave of the research and provides comparative results to the consumer study published in 2018.

For more information and to download the full research report, please click here.

UK customers now contact brands nearly half a billion times every month

960 640 Stuart O'Brien

Research has highlighted the growing volume of consumer queries that UK brands now need to handle, and the increasing cost this imposes on companies – estimated at £1.227 billion.

The average UK consumer now contacts organisations nine times per month, according to research undertaken as part of the 2018 Eptica Customer Experience Automation Study.

Across the adult population this means brands need to respond to 463.5 million contacts every month, and the figure is rising.

88% of those surveyed said they now contact companies more or the same number of times as five years ago – with 16% getting in touch more than twice as often.

Increasingly, consumers are happy to embrace self-service channels where they can find their own answers, without needing to contact brands through email, the telephone, chat or social media.

83% already use or are willing to use web self-service systems, which analyse queries and deliver automatic instant answers on a company website, while over half (54%) would use intelligent voice assistants, such as Amazon’s Alexa, Google Home and Siri from Apple to gain information. 64% also want to use automated, artificial intelligence-powered chatbots.

Using industry average figures from analysts Contact Babel[1], answering these queries costs the UK economy £1.227 billion across the telephone, web, email, social media and chat channels. This is made up of £440.44m (email), £236.98m (social media), £211.99m (chat) and £338.31m (telephone).

In contrast automated channels such as self-service, chatbots and voice assistants have a negligible cost per interaction once they are in place.

“Delivering an excellent customer experience is crucial to every organisation today. However, our research shows the scale of the challenge brands face, with consumers getting in contact nearly half a billion times every month in the UK,” said Olivier Njamfa, CEO and Co-Founder, Eptica. “Clearly many of these conversations are complex and require the human touch, but others could be automated, speeding up the process for consumers and increasing efficiency for brands.”

Demonstrating the multichannel nature of today’s customer experience, on average each UK consumer used email for 27% of their interactions by brands, followed by web self-service, telephone and social media (17%) each, with 11% of contacts through chat and chatbots respectively.

“Reducing the number of contacts by 10% would save over £122 million – enabling companies to focus resources where they are needed most. Our research shows that consumers are open to embracing new AI-powered technologies such as voice assistants and chatbots, providing an opportunity to improve the experience and reduce costs at the same time,” added Olivier Njamfa.

For the research 1,000 UK consumers were surveyed online in Q3 2018.

The full report, including the study results, graphics and best practice recommendations for brands is available here.

An infographic on the results is available here.

Web chat high on UK financial services agenda

960 640 Stuart O'Brien

UK financial services companies expect to make massive investments in AI-enabled web chat, automated customer identification and interaction analytics technology within the next two years.

A survey of over 200 UK contact centres by analyst ContactBabel shows that financial services operations expect their use of web chat to grow from 24% today to 89% by the beginning of 2020.

The use of interaction analytics is expected to rise from 33% to 77%, and automated speech recognition from 17% to 52% in the same timescale, with much of the latter being used to reduce fraud and the time required to take phone customers through security.

Due in part to increased automation, the sector will see a drop in contact centre employment of around 7,500 jobs by 2020.

Steve Morrell, Principal Analyst at ContactBabel, said: “With average call lengths in UK financial services contact centres having risen by over 50% since 2010, the industry is looking for ways to manage their costs while maintaining the quality of customer service, and making each customer more profitable.

“AI-enabled web chat can handle a large proportion of straightforward customer requests, while automating the customer identity process will shorten call times and reduces fraud. Analytics gives businesses an insight into how and why customers are contacting them, and provides opportunities to grow the business through providing contact centre agents or the automated channel with timely and relevant cross-selling and up-selling offers.”

The full report is downloadable from www.contactbabel.com/reports.cfm.

6 ‘major pain points’ identified in ContactBabel’s annual report…

800 450 Jack Wynn

The 14th edition of ContactBabels annual ‘UK Contact Centre Decision-Makers’ Guide’ has been released by the industry analyst firm, which focuses on the operations, performance, technology and HR aspects of UK contact centre operations.

Based on a random sample of the industry, a detailed questionnaire was presented to 216 contact centre directors and managers to complete between June and August 2016, and analysis of all collected responses was conducted in September.

Six ‘major pain points’ were identified throughout the report: strategic decisions; increasing profitability; improving quality and performance; HR management; maximising efficiency and agent optimisation; and new media and the customer of the future. Each ‘pain point’ is allocated its own section, and solutions to solving each issue – with analysis of the primary research data – are provided.   

 

Access the full report here 

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