In fact, Marketing departments are often organized around specific channels, like web, mobile, social, and email, resulting in a silo’d customer experience strategy.
TABLEFLIP INFORMATUON TECHNOLOGY DRIVER
While digital customer experience is a clear driver of growth, many organizations are held back by legacy technology platforms and a “channel-centric” view of the customer. Companies who emphasize customer experience outperformed the broader market, generating a total return that was 26 points higher than the S&P 500 Index while laggards trailed far behind, actually posting a negative return during a period when the broader market rose sharply. And these both have a huge impact on stock price.
How are we investing in improving the digital customer experience?Īccording to a study from Watermark Consulting, delivering a great customer experience has a enormous impact on revenue growth and customer acquisition cost. IT simplification to make space for and enable digital business is a good start, but simplification needs to extend to the entire business stack: business processes, business models and the business ecosystem.ĬFOs should ensure that technology budgets are aligned with the needs of becoming a digital business, and to that point, here are 5 important questions CFOs should be asking CMOs and CIOs in 2015.
“Even IT planning horizons do not reflect the new era, with its potentially massive disruptions. However, existing business processes, business models, information, technology and talent suffer from legacy inertia and “bad complexity,” the Gartner report declare. Seizing the digital opportunity requires agility, adaptability and speed. The primary piece of advice from Gartner is to flip information and technology leadership from “legacy first” to “digital first”. CIOs have a unique opportunity, but they must “flip” their information, technology, value and people leadership practices to deliver on the digital promise. Their primary finding? That “Digitalization” is no longer a sideshow - it has moved to center stage and is changing the whole game. Research firm Gartner just released its 2015 CIO agenda, a survey of over 2800 global CIOs who represent nearly $400 billion in IT spending. Digital excellence is no longer simply a way to outperform competitors, it is table-stakes for the long term existence of businesses. 2014 was the year of digital transformation.
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