During the past 12 months we have seen three common global trends emerging in the digital challenges facing ‘traditional’ large enterprise’ organisations.
First, we’re seeing that organisations still have a disconnected view of the customer. They are struggling to ‘connect the dots’ across online and offline channels, internal systems, business processes and multiple data sources, which is preventing them from getting an end-to-end, 360 degree view of the customer across the life cycle and across traditional and digital channels.
Secondly, organisations are still struggling to break free from their traditional business constraints to serve the digital customer and compete against their more agile, digital-first competitors.
And the third trend we’ve seen is that current approaches to fraud prevention are generally out-dated and too heavy-handed for the digital customer who demands a smooth, friction-free experience.
We wanted to test whether these themes were true of the wider enterprise market, which is why, in August 2016, we commissioned Forrester Consulting to carry out research on our behalf.
The results were revealed in our webinar Winning in the customer era, in which our Strategic Sales Director, Richard Topham, and James McCormick, Principal Analyst with Forrester Consulting, delved into the findings that gauged executives’ top business priorities within the three key strategies identified as key to winning in the digital age:
• Customer management – ‘connecting the unconnected’ to get a 360 degree view of the customer across the life cycle.
• Fraud – taking a ‘balanced’ approach to fight fraud without compromising the customer experience.
• Digital optimisation – breaking traditional business constraints to serve today’s non-traditional customer.
The webinar discussed how, in order to successfully compete in this new age, organisations need to be able to strike a balance between delivering smooth, consistent and optimised digital experiences, and developing trusted interactions and relationships through fraud prevention – in a way that does not impact customer experience.
Forrester calls those firms that get the balance right, ‘insights-driven’. These firms are making smart use of customer data, analytics and automation. So we wanted to know how high up on the agenda customer insight ranked. Within the webinar, a live interactive poll asked the audience to consider how much of a priority gaining better customer insights would be for their organisation over the next year. The results revealed that 73% viewed it as a critical or high priority which correlates with the survey findings where it was 81%.
A second live interactive poll asked the audience to identify which of the three key strategies was causing the greatest concern to their organisation. Customer management came out top at 48%, followed by delivering a positive customer experience on digital channels at 38%, and fraud prevention and management at 14%.
These results are encouraging, because, for organisations to strike a balance between fraud prevention and customer experience within the digital front end, customer management needs to be tackled first in order to scale and become insights driven.