During COVID-19, our reliance on digital solutions has never been greater, and I can’t see this diminishing when the outbreak ends. In serving several of my clients, it is clear that they intend to harness digital channels to supplement and further strengthen their relationships with their customers.
Interestingly enough, in our Customer Experience Excellence study that spanned across 27 countries, regions, and jurisdictions, our findings reinforce the need for digitally-enabled commercial interactions. Those that got it right actually outperformed those that didn’t.
As customers and employees, we’ve rapidly become accustomed to using virtual and digital services in nearly every facet of our lives. Now, with restrictions easing in some parts of the world, attention is shifting to the next phase of recovery. Organizations should seek to ensure they are in the best possible position to succeed in the new reality, and they should build in digital resiliency should we face a second wave or a new and different global threat down the line.
For many businesses, digital transformation efforts have, until now, been approached piecemeal or in a fragmented and uncoordinated manner, with different functions failing to work together to build a cohesive plan for the whole organization. In order to create an efficient, effective, and sustainable business that can weather future storms, digital plans should unite the front, middle and back offices, and align around the customer.
A new mindset
Dealing with specific problems or projects at a functional level—human resources or marketing, for example—can deliver improvements. However, functional transformation is often done in a disconnected manner without thinking about linkages across the enterprise. Our research demonstrates1 that this lack of coordination results in redundant expenditures, data fragmentation, and leaves the anticipated value of digital investments under realized.
It takes time, energy, and vision to look at ecosystems across the enterprise, but it is that broader perspective that offers large, lasting improvements.
We believe businesses adopting an end-to-end ‘connected enterprise’ mindset that centers around the customer value proposition will be the ones that outperform and thrive as we head towards the new reality. In essence, every change in technology and process should be customer-centric in spirit and impact so that data and insights flow freely, driving informed decision-making and fostering new levels of collaboration.
Growth begins and ends with the customer
The constraints of legacy IT and the lack of collaboration across organizational silos combine to make it increasingly difficult for organizations to be nimble and responsive to changes in their environment. KPMG Connected Enterprise is a proven framework to address this challenge.
Research shows that companies that make moderate investments in eight identified capabilities are 2.1 times as likely to deliver a customer experience that exceeds expectations, to successfully execute on customer-centric objectives, and to achieve return on their investment.2
Using KPMG Connected Enterprise framework and our diagnostic tools to look across the entire enterprise provides a strong foundation for digitally-enabled, actionable and sustainable recovery plans.
The road to new reality will have many twists and turns, and perhaps even a few potholes. But I’m confident that organizations which accelerate their digital transformation, will continue to win over their customers.
1 Tomorrow's experience, today, KPMG International
2 Base: 1,299 professionals involved with customer-centric strategy decisions
Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, September 2018
Throughout this blog, “we”, “KPMG”, “us” and “our” refer to the network of independent member firms operating under the KPMG name and affiliated with KPMG International or to one or more of these firms or to 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.