(Expansion) – We find ourselves in the age of the client, characterized by consumers who are better informed, more connected and much more demanding than ever; able to compare and share opinions in real time. Users expect outstanding experiences, which means that this factor is positioned as the main differentiator of a brand, even above attributes such as price, product or service.
Customers expect more from the companies they interact with. They require, for example, immediate access to options and information on their mobile devices, as well as ease and speed in the delivery of products and services. They also seek innovation, constant updates and digital channels capable of providing personalized interactions.
According to the Me, My Life, My Wallet study, conducted by KPMG International in 2021, 41% of consumers look for their suppliers to eliminate friction from the purchase process, and 52% always expect to receive offers that are personalized to their needs .
For organizations to be able to deliver extraordinary experiences, it is essential to focus their strategy on the customer. To achieve this, it is imperative to integrate the back, middle and front offices of the business.
What is a connected company?
It is a company focused on digital transformation, which means that every critical process, function and relationship is digitally aligned to meet customer expectations, create business value and drive sustainable growth.
Creating such a company is not about transforming just the front office , but the entire value chain. While we know the above is a priority, some organizations may not yet have established or executed their strategies to bring the entire business closer together.
Becoming a connected company is a continuous journey, not an end state; something that the business needs to continually work on and maintain, rather than a goal that can be crossed after particular efforts.
Why create a connected company?
Because it can result in benefits such as increased revenue, efficiency, retention, and increased customer lifetime value. Consumer focus drives growth, and outstanding experiences drive significant financial wins. An analysis carried out by KPMG International shows that the leading companies that have generated the most notable results are those that focus their strategy on connecting their company, managing to remove the existing friction in the customer experience.
How to achieve it?
Building a connected organization requires an approach based on three key steps:
1. Think “from the outside in”, analyze the actions of the business from the perspective of its customers and understand the various economic implications, which means connecting what is happening externally with the changes that must be driven internally.
2. Use these insights to create customer experiences that engage and hold their interest. This also means aligning these experiences throughout the entire value chain (suppliers and business partners), so that users can interact with them simply and seamlessly.
3. Align and connect the entire organization ( front, middle and back office ) to put it on track to deliver on the brand value promise and consumer expectations, which means breaking down silos to become a customer-centric business, digitally enabled and designed for profitable and sustainable growth.
Following these three components can help organizations become connected businesses with their customers, their suppliers and investors, as well as their internal teams and functions. The end result of achieving connected thinking is shared interest, where the entire company benefits from a virtuous cycle of value creation, with each investment calibrated to deliver an outstanding customer experience profitably.
Editor’s note: He is an Advisory Partner in Customer Solutions, CRM and Finance Transformation and Shared Services of KPMG in Mexico, and is a Salesforce Implementation Advisory Director of KPMG in Mexico. The opinions published in this column belong exclusively to the authors.
