The goal of providing the best possible experience for customers forms the foundation of business transformation at successful companies, according to a recent Forrester survey.
The goal of the survey, conducted in March 2016 by Forrester on behalf of SugarCRM. It was to determine how organizations with a mature digital strategy define and manage their “digital business transformation,” and how these firms are tackling the organizational and cultural challenges presented by business transformation.
For mature businesses, the top digital transformation drivers focus on improving the customer’s experience, increasing the speed of innovation, and improving time to market. In contrast, the drivers for less mature businesses focus mainly on profitability improvements and cost reduction. More than three-quarters (77%) of mature digital firms have clearly defined the experience they intend to create for their customers, demonstrating the benefits of having a strong customer focus.
More Key Findings
- Just 11% of companies surveyed assessed their digital strategy as “excellent.”
- The CEO is the executive who sets the overall digital vision and strategy for 41% of organizations with a mature digital strategy.
- 43% of firms with a mature digital strategy see competing departments wanting to own digital as the most significant barrier to effective transformation in their organization.
- 94% of mature businesses plan to address the threat of digital disruption through transforming systems and processes to be more agile in the digital world.
What Do These Results Mean
Only a comprehensive digital business transformation can create an organization that flexes to address customers’ heightened expectations. The study found that businesses with mature digital strategies tend to look at digital holistically and start their digital transformation journey with a clearly defined digital vision.
To win in the age of the customer, digital businesses understand that they need to be customer-obsessed. According to Forrester, success means investing in constantly evolving customer experiences and understanding that digital technologies have become fundamental to deliver delightful experiences to the customer. The days of treating customers as segments and cohorts are coming to an end. Companies need to think in terms of individualized experiences that organize and prioritize functionality and content around customers’ individual needs and behaviors.
As customers now use digital technologies and experiences as a part of their daily lives for nearly every purchasing decision, their expectations of what constitutes a high quality customer experience are much higher. A modern CRM platform will drive successful business transformation because it is a central hub for information about customers that enables personalized interactions and brand loyalty throughout the entire customer journey.
In this study, Forrester conducted an online survey of 410 IT and business decision-makers involved with digital strategy and initiatives. Respondents were from enterprise organizations in Australia, China, France, Germany, India, Singapore, the UK, and the US and from financial services and insurance, government, higher education, media and publishing, and retail industries
You can access the full Forrester report here.