By Jeremy Cox
Traditional business models designed for more predictable environments are now obsolete, as power shifts to the digitally connected customer, revealed Ovum at its Industry Congress in London in middle of May. To avoid extinction, business leaders need to instil a deeper and broader enterprise-wide perspective of the customer, bringing innovation and creativity back in-house.
At the event attended by over 500 CIOs and business leaders, the global analyst firm presents new research* that spells the end for tactical CRM and stresses the need to further develop thinking around customer experience management, which is struggling to offer sufficient differentiation. A customer-adaptive enterprise (CAE) approach, which provides a highly acute peripheral vision, and is driven by a desire and strategic intent to create and deliver value and be persistently relevant to its customers.
Today’s environment presents major opportunities for enterprises that have the vision to raise their sights and their game to become customer-adaptive. What may have seemed fanciful or beyond capabilities just a few years ago can now be enabled by harnessing and working with the “grain” of judiciously applied disruptive and innovative technologies, rather than being their victim.
According to Ovum, the means to achieve this level of cross-organizational collaboration and orchestration lie with a CEO intent on this path. However, this is more than choosing the right technology, there are certain key principles and organizational attributes that need to be in place.
A customer-adaptive enterprise is achieved not only by delivering a superior customer experience, but also through agile decision making and continuous innovation born of deep insight into the customer’s context. These advanced organizations have the ability to actively seek out and sense the changes in the forces impacting customers’ behaviours, wants, and needs, and have the cross-enterprise execution capabilities to act and adapt at speed.
Ovum has created a “Transformational CRM” group on LinkedIn for members who wish to share best practices around CRM/CEM /CAE and find out more on how to transform their current approach to become customer-adaptive. I will be available to answer questions and provide more insight into this research, within this group.
About the author
Jeremy Cox is Ovum principal analyst. Jointly awarded IIAR Global Analyst Firm of the Year 2012, Ovum provides clients with independent and objective analysis that enables them to make better business and technology decisions. Its research draws upon over 400,000 interviews each year with business and technology, telecoms and sourcing decision-makers, giving Ovum and its clients unparalleled insight, not only into business requirements but also the technology that organizations must support. Ovum is an Informa business.