Creating value in the digital age to maintain customer loyalty
The number one concern facing CEOs is customer loyalty, as detailed in KPMG’s 2016 UK CEO Outlook Survey.
Adrian Clamp (contact)
Many know that making good decisions regarding digital technology is one of the most important tasks they face over the next few years in order to compete in the age of the customer. Digital has transformed business processes, and CEOs must ensure their people are sufficiently agile to capitalise on this new way of influencing customer engagement.
In KPMG's recent post-referendum survey of UK CEOs, 80 per cent said they were worried about their organisation keeping up with new technologies. This is particularly important in a world where it is easier for customers to compare products and services, or indeed, to switch from one supplier to another, using a mobile phone or tablet device.
Only five years ago, the idea of digital seemed to require companies to act like a start-up, or go out of business. But things have changed rapidly, and CEOs now see digital technologies and the digitisation of their organisations as key to customer experience best practice.
This stops digital being seen as a mere promising project incubated in one part of the company. Instead, it informs a stronger dialogue between a business and its customers. It should be used to engage consumers and create value for them in new ways, and it will ultimately require a wholesale transformation of the organisation.
Although some CEOs are more comfortable with technology than others, all senior executives should understand the four mainstream technologies that are impacting businesses right now. These include mobile technology, cloud computing, social media and data analytics.
This report discusses the roles of these technologies and highlights how digital drives a better conversation with customers. CEOs must ensure the whole organisation – people, processes and infrastructure – is sufficiently agile to take advantage. Customers expect a seamless, consistent digital experience, and a company that is able to provide this will likely secure a more contented and loyal base of consumers.
Learn more about how to make your business stand out through digital transformation.