Mobiles, smartphones and hand-helds are now mandatory lifestyle essentials for us all amid predictions there will be 50 billion networked devices.
Just to give the big number some perspective – it will equate to seven times more devices than there are people on Planet Earth. Decisions are being made instantly, from a multitude of touch points, delivered from pretty much anywhere and at any time of the day. It’s clear the cultural shift that’s now underway is being largely driven by the expectations of today’s global cohort of well-informed ‘always-on’ digitally-savvy customers.
But the majority of CEOs (66%) we polled in our recent research, acknowledge that 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.
At the same time, three out of four 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 the current commercial climate of rapid innovation, fierce competition from agile and disruptive, new entrants, older more well-established businesses risk being left behind. It means customer acquisition, retention and service are bigger challenges than ever before – making it vital for board rooms to focus on satisfaction, reputation and churn rates, all while ensuring robust fraud safeguards are in place.
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.
Only the very best-performing customer-centric businesses are likely to thrive given the direct link between digital experience, customer service and commercial success.
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