KPMG: Customer-centricity critical to business plan
Everything about the customer has changed – motivations, expectations, time and purchasing power – and organizations that don’t detect these shifts and fail to build strategies based on the new realities and lives of the customers they serve will struggle to remain relevant in today’s marketplace.
According to Alvin Gan, Head of Technology Consulting from KPMG Malaysia, customer centricity has become more critical to every organization’s business plan, but the challenge is amplified today in an era of eroding customer trust - in part due to high-profile misuses of data - and new privacy regulations.
According to a global survey by KPMG International involving 18,000 consumers across 16 countries, 22% of consumers are not willing to trade their data for any benefit from the organizations and institutions they interact with. This requires companies to rethink how they capture, use and monetize customer data and insights to power an ever evolving customer engagement approach.
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KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.