iStock
According to a study by Cognizant's Center for the Future of Work and market-research firm Oxford Economics, less than 30% of executives believe they offer "high quality" digital experiences, and about 25% label them as "fair." Plus, only one-third have made business-model adjustments to pursue strategies driven by customers' digital information.
The survey polled US and European senior executives in charge of consumer data and analytics, and the findings are disappointing for anyone expecting widespread digitally driven experiences anytime soon.
Yes, there are success stories: mBank delivering digital services based on real-time banking activity. Burberry embedding chips into clothing that activate short films viewable on smartphones. Disney developing Magic Bands that function as room keys and admission tickets.
But too few companies are taking meaningful steps to collect, analyze, and distill meaning from what we call code halos, the data that swirls around the digital interactions that people, organizations, processes, and things make countless times a day.
The lack of readiness of organizations eager to deliver meaningful digital customer experiences is alarming - especially given the fact that executives are well aware of the possibilities that next-generation technologies can create.
Genuinely "being digital" takes time and a lot of work. So where to begin? What steps should companies take to make sure they can deliver on that digital promise?
Based on analysis of the survey findings and from ongoing worldwide consulting work, Cognizant offers four key recommendations that can form the foundation for creating outstanding digital customer experiences.
1. Take action.
The decisions that will determine your organization's digital prospects are yours to make today. They won't wait until next year, next quarter, next month, or even next week. Today's markets move at unparalleled speeds. Don't wait until it's too late.
2. Go big or go home.
A business-as-usual attitude won't cut it. While many companies are making digitally inclined moves, they tend to be incremental and nondisruptive. To capture the code halo opportunity and create truly excellent digital customer experiences, organizations must take much more aggressive steps.
3. Let leaders lead.
Organizations must break down the historical wall between IT and "the business" and create multidisciplinary teams. All stakeholders need a seat at the decision-making table, and leaders must have the mandate, resources, and accountability to make the digital transformation happen.
4. Win the talent game.
This is the most important factor, as reengineering the company will be impossible without identifying and securing the right "outside the box," leading-edge talent to get the job done.
Find out more about how to deliver a great customer experience.
Adapted from a Cognizant whitepaper "Putting the Experience in Digital Customer Experience" by Ben Pring.
This post is sponsored by Cognizant.
Find out more about Sponsored Content.
Follow BI Studios on Twitter, Facebook, and LinkedIn.