Only 20% of FTSE100 companies in 1984 are still on the list in 2016. Is a Digital Customer Engagement Strategy one way to stay in the game?
What helps those companies to survive and what helps the new 80% worthy entrants stand out?
During our webfest events we discussed the impact of the digital revolution on organisations. Experts tell us that the role technology plays within organisations will continue to increase. Digital transformation supports three key areas - growth, efficiency and improvement. You might use these areas to:
- Reinvent your customer’s experience (CX)
- Innovate product features or delivery
- Reveal intelligence hidden in your own data.
But change is slower than expected
It seems that there is a problem. Some organisations are reluctant to embrace digital potential. Capgemini believes there are five reasons behind any delays. We show these in the ‘Digital disruption’ infographic on the right. These include:
- Fear of market cannibalisation, how many of their own customers they will lose to the new offer
- Slow decision cycles from organisation structures, the fear of the unknown
- Unaligned resources, where departments work alone and without common goals.
Why does this matter?
The window for change is short and new agile organisations are claiming market share. 80% of the FTSE 100 companies of 1984 have now lost that spot. How are you able to secure your future?
McKinsey believes that less than 5% of organisations will be successful disrupters, like Spotify. The path to success then for the other 95% is to focus on customer needs. Adobe’s predictions for 2017 show Digital Transformation is a top priority for most brands today. These organisations take customer experience seriously. The biggest wins come from implementing a digital customer engagement strategy.
It is clear that differentiating your organisation with excellent customer service is essential. Businesses need to know when customers need their support. In fact, they need to know even before the customer does.
Why is this so important? A CX focus drives the whole organisation to think differently. Everyone across the company knows your goal to deliver what matters to your customers. Everything else takes second place. Teams will begin to strip unnecessary processes or activities away.
Meet the change head-on
Digital transformation is already working for organisations. Change is always inevitable while your response to it is not. So, get ahead, develop a digital customer engagement strategy and commit to it. You will innovate where it matters most.
Netcall works with many organisations to transform their digital customer engagement. Hear what our CEO and CTO had to say about digital transformation during the keynote at our Webfest events. Contact us to find out more.