Nearly three out of four board rooms admit their online customer experiences are simply inadequate, new research has revealed.
It comes as business leaders across the globe accept we’ve now reached a digital tipping point, given it’s widely acknowledged traditional business models will disappear within the next five years. The majority of CEOs (66%) also acknowledge many of their current commercial approaches are ineffective, they’re now operating within a digital divide and need to quickly increase budgets to catch up and improve customer experience and customer management.
But at the same time, nearly three out of four (71%) businesses admit they lack the ability to accurately transform data into rich insight and now regard investment in both areas as a top-five business priority for the year ahead.
In today’s commercial climate, rapid innovation, fierce competition from agile disruptive, new entrants pose critical challenges to well-established rivals. It’s also clear the cultural shift to a full reliance to the online world is being largely driven by the expectations of today’s global cohort of well-informed ‘always-on’ digitally-savvy customers.
Our analysts have been polling opinion among nearly 400 CEOs and senior business leaders from right across Europe, the Middle East, and Africa – and the vast majority are all saying the same thing and are facing many of the same challenges.
The digital experience is the key battleground for many businesses. But to retain any competitive advantage, all businesses must now adopt a new mind-set and optimise their customer experiences to consistently provide seamless multi-channel offerings every time, while ensuring top-performing fraud safeguards are in place.
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