What is a Company’s Greatest Asset?

Sanjeev Chaddha – Technical Architect

Companies around the world dedicate an enormous amount of time, effort and cold hard cash to protecting and growing their assets. But what is the key asset of a company? Is it the employees who deliver a service or the customers who make the purchase? Is it the company’s product? Or what about the brand reputation that drives customers to trade with the business in the first place? The answer, unsurprisingly, is all of the above. Should a company fail in one aspect, all others would suffer.

It makes sense that balancing all these things is difficult, especially when different departments within a company will have competing priorities. For any company that takes payment card data the Payment Card Industry Data Security Standards (PCI DSS) provide an essential set of guidelines to help solve this challenge and ensure each area of the business is running as efficiently as possible.

So, what does PCI DSS mean for:

Staff
Companies that take card payments over the phone have to train their staff to manually and securely enter callers’ sensitive information into their systems. This can often be a laborious, repetitive, and slow task. In fact, the “boredom factor” is often responsible for poor contact centre staff retention. Semafone’s PCI DSS compliant solution, which allows customers to enter their card details themselves, helps reduce the average handling time (AHT) of contact centre calls. This increases staff efficiency, which can, in turn, increase staff retention.

Customers
For customers, reading out card details to an agent over the phone is a slow and, more importantly, an insecure, process. Semafone’s patented payment method allows customers to directly enter their card details into their telephone keypad, which reduces the risk of inputting errors and increases card holder security. This is incredibly important for companies, as ensuring high quality customer service is key to maintaining a happy customer base.

Reputation

While PCI DSS is designed to regulate companies that take payment card data, the knock on effect is that it also helps to protect brand reputation. By enforcing requirements around information security, the standards help protect against data breaches. Yes, the cost of PCI compliance can seem high. But when compared against the average cost of a data breach – a staggering £2.37 million as quoted by the Ponemon Institute – ensuring you’re in line with the regulations is a small price to pay. After all, you can’t put a price on your reputation.

What is a Company’s Greatest Asset?
Semafone