According to the study Me, My Life, My Walletconducted by KPMG International in 2021, 41% of consumers look to their vendors to take the friction out of the buying process, and 52% always expect to receive offers that are personalized to their needs.
For organizations to be able to deliver extraordinary experiences, it is essential to focus their strategy on the customer. To achieve this, it is imperative to integrate the back, middle and front office of the business.
What is a connected company?
It is a company focused on digital transformation, which means that every critical process, function and relationship is digitally aligned to meet customer expectations, create business value and drive sustainable growth.
The creation of such a company is not about transforming only the front officebut the entire value chain. While we know the above is a priority, some organizations may not yet have established or executed their strategies to bring the entire business closer together.
Becoming a connected company is a continuous journey, not an end state; something that the business needs to continually work on and maintain, rather than a goal that can be crossed after particular efforts.
Why create a connected company?
Because it can result in benefits such as increased revenue, efficiency, retention, and increased customer lifetime value. Consumer focus drives growth, and outstanding experiences drive significant financial wins. An analysis carried out by KPMG International shows that the leading companies that have generated the most notable results are those that focus their strategy on connecting their company, managing to remove the existing friction in the customer experience.