tag:econsultancy.com,2008:/topics/digital-transformation Latest Digital Transformation content from Econsultancy 2017-06-27T15:00:00+01:00 tag:econsultancy.com,2008:BlogPost/69203 2017-06-27T15:00:00+01:00 2017-06-27T15:00:00+01:00 Research: Three lessons from the most successful marketers Stefan Tornquist <p>With disruption a real possibility for slow movers, the report is less focused on where average companies are today than where they are going. It attempts to highlight the factors that differentiate successful, forward-looking companies from their peers.</p> <p>To that end, respondents have been divided into two groups, based on performance. “Leaders” are defined by significantly exceeding their top 2016 business goal and comprise roughly a quarter of the sample. The remainder are designated the “mainstream” for comparison.</p> <h3>Leading marketers are truly data-driven</h3> <p>Most companies say they want to be “data-driven,” but it’s a goal that eludes many. One reason is that not all senior executives have internalized it; only about half (51%) of mainstream company respondents report that being data-driven is a top priority for their chief executives.</p> <p>That’s in contrast to those from the most successful organizations, two-thirds (67%) of whom say that executive leadership is already committed to being data-driven, both within marketing and the larger business. Most of the remainder believes that this priority will apply to their organizations within 12 months.</p> <p>Efforts to master customer data were initially focused almost exclusively on digital advertising opportunities, but a market-wide focus on customer experience has expanded brands’ motivations. Today, data is recognized as the foundation of marketing strategy, customer understanding and accurate decision making.</p> <p>Data isn’t an abstract goal at leading companies; it has become part of their culture. Some of the clearest distinctions between forward-leaning brands and their peers are their everyday uses of data, and applying data strategy principles.</p> <p><em>Figure 1: To what extent does your organization make decisions based on data/analytics insights in the following areas? </em><em>Respondents: 652</em></p> <p><img src="https://assets.econsultancy.com/images/0008/7073/pic1.png" alt="" width="615"></p> <h3>Leading marketers believe in collaboration and open access</h3> <p>Creating a structure for more efficient and innovative interactions within and between business units is central to a more responsive and flexible business. Respondents see the availability of data, and its fluid movement, as a pillar of their reimagined organization; 86% of senior executives (SVP or higher) agree that eliminating organizational silos is critical to expanding the use of data and analytics in decision-making.</p> <p>In fact, they see this level of restructuring as fundamental to success. Eighty-four percent of senior leaders agree that business structures/organizational silos are the biggest barrier to communication and information sharing.</p> <p>Enabling marketers to better communicate with analysts and with each other across sub-disciplines and teams is seen as essential, especially as marketing departments come to rely heavily on data. Across all respondents, 93% agree that collaboration between marketing and analytics teams is essential to driving results.</p> <p>While collaboration is critical, another way to break down silos is to go one step further: enable and encourage access to data and provide the necessary training to use it. The potential payoffs are significant: </p> <ul> <li>Marketers at every level can work with data on their own deadlines.</li> <li>Everyone has a stake in how data is collected, defined and used; employees move toward a culture which assumes that data will be a part of decision making.</li> <li>Analyst time is freed up to guide the expanding pool of data users and ensure alignment with KPI definitions and strategy.</li> <li>Further, analysts and data scientists can focus on higher order questions instead of prosaic performance and segmentation questions.</li> </ul> <p>Leaders have internalized the potential for information flowing freely across the organization; they are 57% more likely than the mainstream to strongly agree that open access to data leads to higher business performance. (58% vs. 37%) Security underpins any successful initiative to share data more widely, and leaders are 31% more likely to include the standards and processes related to data security and privacy in their strategic documents. (68% vs. 52%)</p> <h3>Leading marketers see strategy as a tool for a daily advantage</h3> <p>Strategies can be dry, distant documents, or they can be dynamic tools that focus decision making, speed processes and enhance the business benefits of data and analytics.</p> <p>Leaders are 35% more likely to have a documented data and analytics strategy (66% vs. 49%). More importantly, they are more likely than the mainstream to have strategies that are useful to the largest share of stakeholders in marketing on a day-to-day basis. Figure 2 compares adoption across a range of elements by the two groups.</p> <p><em>Figure 2: Leaders vs. Mainstream - Do the following apply to your organization today? Respondents: 622</em></p> <p><img src="https://assets.econsultancy.com/images/0008/7074/pic2.png" alt="" width="615"></p> <p>What is an organization trying to accomplish with data analytics? Under the surface there might be a hundred answers, but at any given time, the company can only effectively support a handful of priorities. Only 53% of mainstream companies report that their strategy associates current, specific business goals with the data practice, compared to nearly three-quarters (74%) of leaders.</p> <p>Misalignment creates issues of priority and resource allocation; half of all respondents say that lack of alignment in goals/objectives for data and analytics presents a significant or critical negative impact on their organizations.</p> <p>This lack of clarity often extends to how important metrics are defined and measured. In fact, 45% of all respondents say that unclear definitions of KPIs present a significant or critical negative impact on their organizations.</p> <p>To address this, 70% of leaders’ strategies include definitions for KPIs in both earned and owned media. These definitions are fundamental tools for marketers. They ensure that internal discussions use the same data in the same ways, and provide a specific frame of reference for external conversations with third parties such as technology vendors, agencies, measurement services and data providers. </p> <p><em><strong>The Customer Experience is Written in Data report </strong></em><strong>also covers</strong><em><strong>:</strong></em> </p> <ul> <li>How leaders are investing in technology</li> <li>The importance of trust in data and how to build it</li> <li>Encouraging data access across the enterprise</li> <li>The real impact of technology integration</li> <li>Deploying strategy as a service</li> </ul> <p>Econsultancy subscribers can access the full report <a href="https://econsultancy.com/reports/the-customer-experience-is-written-in-data/">here</a>.</p> tag:econsultancy.com,2008:Report/4470 2017-06-21T16:00:00+01:00 2017-06-21T16:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in Healthcare and Pharma <p>The <strong>2017 Digital Trends in Healthcare and Pharma </strong>report reveals a sector that has just started to embark on its digital transformation journey, but with a huge potential for disruption through emerging digital technologies.</p> <p>After a slow start due to the complexities of a siloed sector with legacy infrastructure, alongside heavy regulation and risks associated with patient data and care, healthcare and pharma companies are likely to see exponential change over the next few years as digital data storage and sharing becomes the norm.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on a sample of almost 500 respondents working in the healthcare and pharma sector who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>A sector ripe for digital disruption</li> <li>Shifting control results in a focus on the customer</li> <li>The future looks more promising than ever</li> <li>Actionable tips to help future-proof your healthcare/pharma business</li> </ul> <h3>Findings include:</h3> <ul> <li>The healthcare and pharma sector lags behind others in terms of digital maturity. Strict regulations and a lack of universal standards mean that new entrants find it harder to establish themselves, and levels of risk associated with human health are greater, which can limit innovation. Only 6% of companies describe themselves as digital-first, compared to an average of 11% across other sectors.</li> <li>Healthcare and pharma companies are 14% more likely than their peers in other sectors to consider customer journey management as a top-three tactical priority in 2017, with larger organisations even more likely to prioritise multichannel campaigns and journeys, and also to join up online and offline data.</li> <li>The boom in wearables that collect lifestyle and fitness data is of huge benefit to an industry whose wealth of existing data is often locked up by regulation or in non-digitised formats. Two-thirds of healthcare and pharma companies see improving data analysis capabilities as ‘very important’ for the coming year, reflecting the need for skilled staff to collect, distil and analyse this data influx.</li> <li>Virtual reality (VR) and augmented reality (AR) are being incorporated into new healthcare technologies and systems, with uses ranging from training doctors in operating techniques to gamifying patient treatment plans. Over a quarter (26%) of respondents see the potential in VR and AR as the most exciting prospect for 2020.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/69185 2017-06-20T15:24:00+01:00 2017-06-20T15:24:00+01:00 Low cost IoT will redefine the consumer purchase path Karl Havard <p>There's two main factors, which are driving this change:</p> <ul> <li>The cost of Internet of Things (IoT) sensors is dropping faster than predicted.</li> <li>The form factor that IoT sensors can take is now flexible and adaptable.</li> </ul> <h3>The cost</h3> <p>In 2014, Goldman Sachs researched the cost of IoT sensors to predict the level at which even the simplest of things would become connected. i.e. when the internet would tip the existing balance towards the 'Physical Web'.</p> <p>As you can see, three years ago they predicted the cost of a sensor would be around the $0.50 mark today; a modest drop from the actual sensor cost at the time the report was published. It's right to highlight that the cost does depend upon a number of sensor criteria, including battery life, chosen communications protocol, memory size, scale of production and what is being 'sensed' from location through movement, weight, light, sound and even air quality detection. </p> <p> <img src="https://assets.econsultancy.com/images/resized/0008/6869/atlas_bjsmcfal_2x-blog-flyer.png" alt="Goldman Sachs Cost of IoT Sensor Forecast" width="470" height="264"></p> <p>But since this forecast, and like a lot of other forecasts, it has proven not to be as accurate as originally thought. Technology and the ability to produce such sensors has moved forward dramatically and we are now seeing the costs drop a lot quicker than expected.</p> <p>For the simplest of things, sensors can now be produced for &lt;$0.10 and this is dropping further. This is a price point that means even the most basic of 'things' can become connected. However, we must keep in mind that because technology now allows us to create smart products, we must ensure, from a customer experience (CX) perspective, they have to serve a purpose and offer value to the person using them.</p> <h3>Form factor</h3> <p>The other element to compliment the low cost is the physical form a sensor can now take. The restriction of rigid and chunky printed circuit boards has gone, and IoT sensors can now be printed on very thin, flexible and transparent substrate.</p> <p>Yes, printed; batteries, memory, comm's etc. Because of this and the low cost, we can now imagine (or soon, experience) a world where a simple label on a consumer product can become smart.</p> <p><img src="https://assets.econsultancy.com/images/0008/6901/printed_circuit_boards.jpg" alt="printed sensor" width="470" height="417"></p> <p><em>A printed sensor</em></p> <p>By the way, this is not some futurist talk and PowerPoint slide from a conference. This is based upon practical prototyping across a number of active projects from coffee cups, bottles, nappies, packaging....even bras! The <a href="https://econsultancy.com/blog/64723-10-implications-of-amazonfresh-and-amazon-dash/">Amazon Dash button</a> has become obsolete already (but Amazon knows this). However, as exciting (or not) as a connected thing sounds, the impact of this is far reaching, and will potentially catch many businesses on the back foot. This is not just about the 'physical'.</p> <h3>Key Considerations</h3> <p>The physical smart product or package is just the enabler. It records and transmits data, which, of course, needs storing and securing somewhere. Such data (and it's real-time) needs to serve a purpose to both the consumer and the business. It has to offer tangible benefit, easy to visualise, interact with and be integrated with other systems that support the connected consumer eco-system.</p> <p><strong>For the consumer</strong>, however, the value should offer one or more from the list below:</p> <ul> <li>Give people time back - remove unnecessary mundane tasks. why should I have to write lists or pick my favourites?</li> <li>Offer true convenience - make life easier. I no longer want to queue, I'd rather brands queue up to serve me.</li> <li>Ensure the control lies with the consumer - the ability to opt in and opt out. My data must be protected and I give the brand permission to use it to benefit me.</li> <li>Offer real personalisation - that is unique to each consumer. I'll give the brand the 15 minute delivery slot, and want my products tailored to my needs, on my terms.</li> </ul> <p>And this is where the <a title="ZMOT" href="https://www.thinkwithgoogle.com/marketing-resources/2012-zmot-handbook/">Zero Moment of Truth</a>, <a title="McKinsey Loyalty Loop" href="http://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-consumer-decision-journey">The Loyalty Loop</a> and the path to purchase will change. M2M (machine-to-machine) communications, will make it a seamless customer experience to repurchase. It <em>could</em> happen automatically. It is technically feasibly for IoT sensors to communicate with Amazon Alexa or Google Home, for automated 'add to shopping basket'.</p> <p><strong>For the consumer goods company and retailer</strong>, the implications are significant:</p> <ul> <li>Product sales to subscription services - is the business geared up to be able to serve the consumer in this way? I'll subscribe to beer, and it's the job of my chosen brand to keep my fridge stocked up.</li> <li>Supply chain and fulfilment - the data is now there to 'light up' the supply chain in real-time. The ability to manage this based upon consumer demand.</li> <li>Systems &amp; infrastructure - does the business have the necessary systems in place to manage the personal data effectively? Is this the time to migrate to the Cloud and dump those legacy, on premise systems?</li> <li>Cyber security &amp; GDPR - is the business ready for the legislation that kicks in in less than 12 months time? Is it geared up to cater for a cyber attack?</li> <li>Business design - existing operating models will need to change.</li> <li>People, culture &amp; expertise - does the business have the mindset, skills and environment to adapt and adopt to this change?</li> <li>Consumer research and product trials - this just got a whole lot easier and more accurate. Real-time, action based data on adoption and usage can inform development decisions and provide significant cost savings.</li> </ul> <p>The Law of Disruption shows that technology is the outright leader in driving change, which is then followed by social and business change. Not all technology has the subsequent knock on affect, however, in this instance, I think we will see its impact...and not too far into the future either.</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/6889/law_of_disruption-blog-flyer.jpg" alt="The Law of Disruption" width="470" height="353"></p> <p><em><strong>For more on IoT, read:</strong></em></p> <ul> <li><a href="https://econsultancy.com/reports/a-marketer-s-guide-to-the-internet-of-things/">A marketer's guide to the internet of things</a></li> <li><a href="https://econsultancy.com/blog/68878-10-examples-of-the-internet-of-things-in-healthcare/">10 examples of the internet of things in heathcare</a></li> <li><a href="https://econsultancy.com/blog/68612-how-the-internet-of-things-will-fundamentally-change-marketing/">How the internet of things will fundamentally change marketing</a></li> </ul> <p><em><strong>And if you're interested in talking all things customer experience, check out this year's <a href="https://goo.gl/nJMlTI">Festival of Marketing</a> in London.</strong></em></p> tag:econsultancy.com,2008:WebinarEvent/883 2017-06-15T11:23:29+01:00 2017-06-15T11:23:29+01:00 Digital Transformation - The Future of HR <p>This webinar will highlight results from Econsultancy's brand new research, <a href="https://econsultancy.com/reports/the-future-of-hr-in-the-digital-age" target="_blank">The Future of HR in the Digital Age</a>.</p> <p>The live session will be hosted by by <strong>Jeff Rajeck, Research Analyst, APAC at Econsultancy</strong> and <strong>Damien Cummings, CEO at Peoplewave</strong>.</p> <p><strong>FAQ:</strong></p> <p><strong>I'm not an Econsultancy subscriber, can I join?</strong></p> <p>Ans: You sure can. The sessions are complimentary for existing customers and new friends.</p> <p><strong>Will the session be recorded?</strong></p> <p>Ans: Yes! We record all of our webinars, and we'll send out a link to the recording the following week.</p> <p><strong>What if I register but can't make it?</strong></p> <p>Ans: It's all good. We'll send a follow-up with key takeaways and a link to the recording.</p> <p><strong>Can I ask questions?</strong></p> <p>Ans: Absolutely! This session is for you. Bring your questions and participate during Q&amp;A.</p> tag:econsultancy.com,2008:BlogPost/69159 2017-06-13T10:15:00+01:00 2017-06-13T10:15:00+01:00 How apprenticeships are fuelling Rentokil's digital transformation Ben Davis <p>I caught up with Richard Gregory, Global Director of HR Operations and Organisational Effectiveness at Rentokil Initial, to ask how they have started to do just that.</p> <h3>The skills shortage</h3> <p>Before we look at Rentokil, it's worthwhile looking at some figures.</p> <p>TechCity UK's third annual Tech Nation report released in early 2017 revealed that talent supply is the number one growth challenge for more than 50% of digital tech businesses in the UK.</p> <p>A third of digital employers say candidates are asking for too much money, with the average salary for digital tech roles rising 13% from 2012 to 2015. The disparity between the average salary for digital and non-digital roles is now at 44%.</p> <p>Fairly obviously, though digital tech businesses require more of these types of skills, there are digital roles to be filled across all sectors and this competition for talent is a big problem for HR departments everywhere.</p> <p><img src="https://assets.econsultancy.com/images/0008/4943/salary_growth_in_tech.jpg" alt="wages" width="615"></p> <p>Other studies paint a similar picture. A BIMA study reported that each digital agency had an average of 3.5 unfilled vacancies, and <a href="https://econsultancy.com/reports/effective-leadership-in-the-digital-age/">2015 Econsultancy research</a> found 40% of clientside respondents view recruitment of digital skills as a significant barrier to progress.</p> <p><img src="https://assets.econsultancy.com/images/0006/9535/Screen_Shot_2015-11-27_at_13.36.42.png" alt="econ skills study" width="615"></p> <p>This skills shortage brings with it a need for better training, for more effective employer branding and for personal development that will prevent staff from jumping ship.</p> <p>We've looked before at some of these issues <a href="https://econsultancy.com/blog/68707-how-does-the-biggest-company-you-ve-never-heard-of-recruit-digital-talent/">as tackled by RS Components'</a> HR and digital marketing departments. But what about apprenticeships?</p> <h3>How has Rentokil Initial used apprenticeships?</h3> <p>Coming at the issue from a learning and development perspective, Richard Gregory at Rentokil Initial first wanted to work with apprentices to improve the digital skills within the HR team.</p> <p>He says "What we noticed was the way that people learn is dramatically changing. They're moving to more bitesize, on-demand content, such as three minute videos on YouTube. There’s a lack of skills [to enable this] in the wider HR and learning industry.</p> <p>Gregory points out the lag in training techniques used by large organisations, which for "the past years have talked about classroom learning and e-learning when actually people’s time for learning becomes less and less."</p> <p>Training needs to be approached in a way that makes it easily consumable for employees, with Gregory highlighting the example of Lynda.com, now part of LinkedIn learning after a $1.5bn acquisition in 2015, and its library of videos that work across devices.</p> <p>Rentokil Initial was struggling to recruit people with the right skillset to develop this type of training content, so Gregory and Rentokil created a number of creative &amp; media apprenticeships, working with Arch Apprentices. These apprentices began by creating video content for internal training, everything, as Gregory describes it, "from ‘what is a rat?’ to ‘how do you control a rat infestation?’, all the way up to our new internet-of-things connected rodent traps."</p> <p>This training content proved so successful that the team then began to productise it, delivering innovative training to Rentokil customers. For example, major hotel brands could provide their housekeepers with digital training about bedbugs - What are they? Why are they bad? How to spot an infestation etc.</p> <h3>Rolling out apprenticeships across the organisation</h3> <p>Rentokil has employed fully 10 apprentices in organisational effectiveness roles, working on the creative and media side, or with the digital business teams. "We’ve gradually expanded the apprenticeship scheme out into our digital marketing functions, into our IT functions," says Richard Gregory, Global Director of HR Operations and Organisational Effectiveness.</p> <p>He continues, "The apprenticeship levy combined with the success that we’ve had with the small pilot of apprentices in head office, has meant we’ve started to become an employer provider. We’re looking to embed apprentices throughout the organisation, everything from sales, all the way through to the technician in a van doing pest control. So the levy is opening our eyes to what the possibility is to transform skill development within our business."</p> <h3>What do apprentices bring to the team?</h3> <p>Gregory was enlivened when discussing exactly what the Rentokil Initial apprentices bring to the team. "They are very enthusiastic," he said, "they have chosen not to go to university but are so much more enthusiastic. They are hungry, which means they are able to develop far quicker."</p> <p>And the skills these apprentices bring enable them to pick up digital and creative tasks easily. "They are digital natives," Gregory says. He expands on this, telling me that "One of the apprentices said it’s fantastic to be able to come into work to be able to do something that I would do in my own time. These people have grown up with computers. Developing videos on YouTube, creating 3D games etc. – to provide them with an outlet where they’re developing wider business skills and also getting paid, it’s fantastic."</p> <p>Backing up some of the research mentioned above about salary, Gregory says "We couldn’t find that skillset in the market – if we could, it would’ve been cost prohibitive." He also emphasised the character of some of the Rentokil apprentices as people who "don’t expect things handed to them on a plate, realise it’s an apprenticeship and go out of their way to experience new things."</p> <h3>Branding Rentokil as a digital employer of choice</h3> <p>I questioned Richard Gregory from Rentokil Initial HR about the branding of the company as an employer - it doesn't take a genius to understand that making people want to work for a business synonymous with pest control might be a tough ask.</p> <p>He makes a passionate pitch for some of the interesting work the company is doing - "The professionalism and the digitisation of pest control is actually something that Rentokil is clearly leading on in the UK and across the globe. As we start to see in emerging markets the widening of the middle class, people are becoming more and more demanding of pest control services. And particularly with some of the legislation we’re starting to see coming out of Europe and other markets in terms of pesticides you can use, actually we need to be innovative as a business and as an industry."</p> <p>"Digital innovation is part of that," Gregory continues, "thinking of the internet of things and our Pest Connect system - we're connecting up all our rodent traps across the globe so not only do we know when they’ve been triggered but also so we can monitor them proactively for clients."</p> <p><img src="https://assets.econsultancy.com/images/0008/6657/iot_trap.jpg" alt="iot trap" width="615"></p> <p><em>IoT trap</em></p> <p>This Pest Connect scheme is indeed impressive. Rentokil has rolled out <a href="http://www.rentokil-initial.com/media/news-releases/news-2016/ri-google-pa.aspx">more than 20,000 IoT rat traps</a> in 12 countries throughout 2016. These traps can remotely identify an emerging rodent problem and inform its customer, through a digital interface, of exactly where the infestation is concentrated.</p> <p>Other digital innovations include mobile apps for speed reporting during site surveys, service apps that allow technicians to optimise their routes and increase productivity, and service tracker apps for customers.</p> <p>Clearly it's a fascinating time for an industry that stands to make big efficiency gains through connected and mobile technology, allowing for more intelligent service.</p> <p>There's also a role for big data at Rentokil Initial - assesing pest levels, <a href="http://www.rentokil.com/blog/how-the-iot-and-big-data-can-improve-food-safety/#.WTa1eonyuCQ">looking at food safety</a>, and much more. The internet of things and mobile apps necessarily bring with them more reliable data collection and on a grander scale. Making sense of this data is an exciting challenge.</p> <p>Getting these messages across to potential employees is what Rentokil is working on right now.</p> <h3>Digital in everything Rentokil does</h3> <p>Richard Gregory, Global Director of HR Operations and Organisational Effectiveness, argues that apprenticeships will play a big role in digital education. Digital is already part of everything the company does, due to its dispersed workforce and client measurement. So, he asks, "How do we train employees in the latest techniques, or allow them to ask their experts throughout the business?"</p> <p>Gregory argues that "Unless you can build the network, skillset, the workforce in a cost effective manner, you’d never be able to get those efficiencies. Apprenticeships are starting to play a key role as we expand out into our position as an employer-led apprenticeship provider."</p> <p>Essentially, the message is clear - hungry and digitall savvy apprentices can make a big difference.</p> <h3>What is the UK apprenticeship levy?</h3> <p>By way of quick summary, it's worth touching on exactly what the apprenticeship levy is.</p> <p>If you’re an employer in the UK with a pay bill over £3 million each year, you must pay the apprenticeship levy. Those companies that pay the levy can use the apprenticeship service to receive funds to spend on apprenticeships, as well as source and pay for training providers.</p> <p>Every month, the Government provides a 10% top-up to apprenticeship funding these companies can use, and anything they spend above their allowance will be a co-investment with the Government, who will pay for the lion's share of extra training (90%).</p> <p>Non-levy paying employers will also be able to use this so-called 'co-investment', with government paying for 90% of apprenticeship training.</p> <p>The question is - will the levy be a long term factor in tackling the digital skills shortage or will it be written off as a tax or see training fall short? Certainly, Rentokil Initial is a beacon with Gregory telling me that apprentice-led teams in learning and development have won a number of external awards. He says, "That gives an overview of the calibre that we’ve managed to attract."</p> <p>More power to them for doing so.</p> tag:econsultancy.com,2008:BlogPost/69142 2017-06-09T10:46:04+01:00 2017-06-09T10:46:04+01:00 Digital transformation in the FSI sector: A customer experience battleground Lynette Saunders <p>As customer banking data is opened up to third parties, new propositions will continue to emerge as the sector faces exciting times ahead.</p> <p>Our new report, <a href="https://econsultancy.com/reports/digital-transformation-in-the-fsi-sector-gearing-up-for-success-in-a-changing-market/">Digital Transformation in the FSI Sector: Gearing up for success in a changing market</a>, looks at the the challenges that companies within the sector are experiencing as they face up to the need for digital transformation, increasing customer expectations and an ever-growing number of niche technology-enabled startups, and how they are responding to these challenges.</p> <p>The research is based on interviews with senior executives across a range of companies, including the AA, Atom Bank, Aviva, AXA PPP Healthcare, Bought By Many, HSBC Singapore, Lloyds Banking Group, Monzo, National Australia Bank, OCBC Bank, Salesforce and UBS Wealth Management, APAC.</p> <p>It was also supplemented with data provided by the 850 respondents who took part in our <a href="https://www.econsultancy.com/reports/2017-digital-trends-in-financial-services-and-insurance">2017 Digital Trends in FSI survey</a>.</p> <p>For more insight, Econsultancy subscribers can <a href="https://econsultancy.com/reports/digital-transformation-in-the-fsi-sector-gearing-up-for-success-in-a-changing-market/">download the full report</a>, but here are several key trends and recommendations emerging from the study.</p> <h3>The customer experience battleground</h3> <p>The need to deliver exceptional customer experience continues to be more important than ever and a priority for the companies interviewed. If companies are to succeed, they need to evolve and adapt their value proposition to meet the ever-evolving expectations of their customers.</p> <p>This is backed up by Econsultancy’s 2017 Digital Trends in FSI survey which shows that one third of company respondents said that customer experience represents the single best opportunity for their organisation to deliver on their priorities for 2017. The significance companies in this sector are placing on customer experience is further reinforced when compared to just under a quarter across all sectors highlighting this as their top opportunity.</p> <p><em>Which one area is the single most exciting opportunity for your organisation in 2017?</em></p> <p> <img src="https://assets.econsultancy.com/images/0008/6519/FSI_Most_exciting_Op_2017.JPG" alt="" width="888" height="579"></p> <h3>Timing is ripe to offer services built exclusively for mobile</h3> <p>Lisa Wood, Chief Marketing Office at Atom Bank, tell us the company saw "the timing was ripe for doing something that is more attuned to mobile and delivering something that is absolutely customer-centric."</p> <p>She continues, describing it as "A chance to start from fresh and to look at designing a bank for today, reflecting what it’s like to be a customer in today’s digitally enabled world. We wanted to do for banking what has happened in other industries in terms of disruption and saw no-one was really doing this in banking”.</p> <p>Indeed, new entrants are seizing the opportunity to focus on mobile technologies for the generation of people who rely on their smartphones for products and services. They aim to make life easier for customers and are focusing on removing friction from existing processes and delivering something that is absolutely customer-centric.</p> <p>Tristan Thomas, Head of Marketing &amp; Community at Monzo, also talks of ease of use through mobile, saying "Our end goal is a current account that offers you an overdraft on your mobile which connects into many other services as possible to make your financial life super easy. This is how we are going to make ourselves different to other players in this space."</p> <h3>Customer centric and digital throughout</h3> <p>A common theme among interviewees was a move from being product focused to customer focused and putting the customer first, providing value and services more aligned to customers’ needs and delivering greater personalisation.</p> <p>Another key theme among interviewees was the need for strong leadership with an open, collaborative and focused culture where digital has to be integral to your strategy, not a bolt-on.</p> <h3>Agile working to be supported at the top</h3> <p>An agile way of working is helping to transform the customer experience, with new entrants promote core values of pioneering spirit and agility.</p> <p>Companies interviewed highlighted this test-and-learn approach requires a dramatic change in mindset, which must be supported at the top. A key element of this is recognising some projects will fail.</p> <h3>Innovation has to start with the customer</h3> <p>A number of interviewees highlighted that innovation needs to start with the customer. Bought By Many sees technology playing a dramatic role in enabling the business to be more customer-centric, making the customer journey engaging, as well as trying to make it educational and straightforward.</p> <p>Technology is enabling Bought By Many to provide a human feel as customers interact with their services. This approach, though, is about starting with the customer pain point not the technology per se.</p> <p><a href="https://theodi.org/open-banking-standard">Open Banking</a> offers compelling ways to re-shape people’s and businesses’ experience of financial services, to provide excellent customer benefits and new seamless experiences. </p> <p>In conclusion, as highlighted by Stephanie Myers, HSBC Singapore, "Done properly, a digital transformation is never completed. Even the most advanced brands should be constantly evolving and refining."</p> <p><em><strong>For more insight, download our new <a href="https://econsultancy.com/reports/digital-transformation-in-the-fsi-sector-gearing-up-for-success-in-a-changing-market/">Digital Transformation in the FSI Sector: Gearing up for success in a changing market</a> report.</strong></em></p> tag:econsultancy.com,2008:Report/4502 2017-06-08T11:00:00+01:00 2017-06-08T11:00:00+01:00 Digital Transformation in the Financial Services and Insurance Sector <p>The<strong> Digital Transformation in the FSI Sector: Gearing up for success in a changing market</strong> report builds on our <a href="https://www.econsultancy.com/reports/digital-transformation-in-the-financial-services-sector-2016">previous report</a> looking at digital transformation in the sector. The report aims to explore the approaches new entrants are taking and their focus on the customer experience and marketers' responses to challenges, as well as providing recommendations on approaches to and opportunities related to digital transformation.</p> <h2>Methodology</h2> <p>We carried out a series of in-depth interviews with senior executives from across the financial services and insurance industries to understand how a range of organisations were responding to different opportunities and challenges.</p> <p>Companies interviewed included: The AA, Atom Bank, Aviva, AXA PPP Healthcare, Bought By Many, Lloyds Banking Group, Monzo, National Australia Bank, OCBC Bank, HSBC Singapore, Salesforce and UBS Wealth Management, APAC.</p> <p>We also looked at sector-specific data from our <a href="https://www.econsultancy.com/reports/2017-digital-trends-in-financial-services-and-insurance">2017 Digital Trends in Financial Services and Insurance sector</a>.</p> <h2>What you'll learn</h2> <p>The financial services industry has seen more disruption in the last few years and continues to face significant challenges as new players are seizing the opportunity to enter these markets and new models emerge.</p> <ul> <li>Customer experience continues to be a major focus for marketers and new entrants are focusing on differentiating the customer experience and making the financial lives of customers easy.</li> <li>Having the right strategy and culture to deliver digital transformation is seen as essential with strong leadership from the top.</li> <li>Data is perceived as being a huge part of the digital transformation journey.</li> </ul> <h2>You'll discover findings around:</h2> <ul> <li>How companies are looking to differentiate the customer experience and deliver value to their customers.</li> <li>Ways in which companies are re-orientating their focus around customers and moving away from being product-focused to putting the customer first and delivering products and services more aligned to their needs.</li> <li>The importance of earning trust in the sector and delivering more transparent services to customers.</li> <li>Practices companies are adopting to work in a more agile way. </li> <li>Encouraging a digital culture where digital is not a bolt on. </li> <li>Unlocking the value of data to understand customer journeys and behaviour to deliver more personalised and relevant communications.</li> <li>Importance of innovation starting with the customer and how companies are collaborating and partnering to drive change. </li> </ul> <p>Download a copy of the report to learn more.</p> <p>A <strong>free sample</strong> is available for those who want more detail about what is in the report.</p> <h2>How we can help you</h2> <h2 style="font-weight: normal; color: #3c3c3c;"><a style="color: #2976b2; text-decoration: none;" href="https://econsultancy.com/training/digital-transformation" target="_self"><img style="font-style: italic; height: auto; float: right;" src="https://assets.econsultancy.com/images/resized/0004/8296/rgb_dt_logo-blog-third.png" alt="Digital Transformation" width="200" height="66"></a></h2> <p><a title="Digital transformation - Econsultancy" href="https://econsultancy.com/training/digital-transformation/">Digital transformation</a> is a journey that's different for every organisation. To enable delivery of your digital vision (or help you shape that vision) we’ve designed a comprehensive approach to tackle your transformation.</p> <p>Covering everything from strategic operational issues, down to specific marketing functions, we will work with you to achieve digital excellence.</p> <p>Talk to us about an initial, no-cost consultation.</p> <p>Contact our Digital Transformation Team on <a href="mailto:transformation@econsultancy.com">transformation@econsultancy.com</a> or call</p> <ul> <li>EMEA: +44 (0)20 7269 1450</li> <li>APAC: +65 6653 1911</li> <li>Americas: +1 212 971-0630</li> </ul> <p><iframe src="https://www.youtube.com/embed/2q_lWLm5qtg?wmode=transparent" width="560" height="315"></iframe></p> tag:econsultancy.com,2008:BlogPost/69132 2017-06-01T10:42:52+01:00 2017-06-01T10:42:52+01:00 How Cancer Research is using smart technology to drive fundraising Nikki Gilliland <p>So, what exactly is its aim? Here’s a bit more on Cancer Research’s scheme and why it could be a smart tactic for charities of all kinds.</p> <h3>Turning footfall into fundraising</h3> <p>In February, Cancer Research installed 10 smart benches in the boroughs of Islington and Lewisham to tie-in with World Cancer Day. However, it’s not a time-sensitive scheme, instead forming part of the charity’s fundraising campaign for 2017 – with more benches set to roll out as the year goes on.</p> <p>The locations have been specifically chosen for being high-footfall areas, meaning that the benches are highly visible to passers-by. </p> <p>Each one has integrated contactless technology so that people can donate £2 to the charity simply by tapping their debit card onto the bench.</p> <p><img src="https://assets.econsultancy.com/images/0008/6456/IMG_0376.JPG" alt="" width="500" height="666"></p> <p>This type of fundraising has proven to be hugely effective in the past, and in fact, Cancer Research has already used the same technology in store windows.</p> <p>For people who don’t carry any change – or deliberately avoid charity fundraisers (also known as ‘chuggers’ due to their occasionally pushy tactics) – the technology provides a quick and easy way to impulsively make a one-off donation.</p> <h3>Tapping into technology</h3> <p>The main difference with Cancer Research’s smart benches in comparison to the windows is that, this time, the scheme also taps into a consumer need.</p> <p>Each bench provides free WiFi as well as a mobile phone charging point – features that could prompt people to stop and sit down even if they do not realise there is a charitable link. That way, despite the benches being solar powered (and therefore free), consumers might naturally want to pay for the trade-off, with donations largely being prompted by the convenience or service they receive. </p> <p>The benches do more than just charge technology, also allowing people to discover current environmental conditions, such as noise level and air quality in the wider area.</p> <p><img src="https://assets.econsultancy.com/images/0008/6460/Smart_Benches_2.JPG" alt="" width="760" height="363"></p> <h3>Changing public perceptions</h3> <p>Another big benefit of the smart benches is that they are designed to be mutually beneficial. Not only do they help the charity raise money, but they also offer something of value to consumers, as well as enhance public spaces in London. While describing them as a 'place to rest and socialise' might be a bit of a stretch, everyone likes a nice sit-down don't they?</p> <p>As a result, the benches immediately serve as a point of difference, helping to change common perceptions about the role charities play in local communities. Instead of giving spare cash or conversely, raising money from huge fundraising events, it shows consumers that there are more accessible and innovative ways that they can donate. </p> <p>Like <a href="https://econsultancy.com/blog/68091-how-five-charities-are-innovating-with-contactless-payment-technology/" target="_blank">other examples of contactless fundraising</a>, the value for charities is just as much in the increased visibility (and different contexts), as it is in the monetary gain. Of course, the latter is a huge bonus, but like most marketing campaigns – it’s not the core aim.</p> <h3>Will other charities take heed?</h3> <p>While many charities have already adopted contactless fundraising, there are still barriers to mass adoption.</p> <p>Interestingly, Barclaycard recently led a trial of contactless donation boxes, partnering with a number of charities including the NSPCC and Barnardos to see whether it would lead to an uplift. While results suggest that it proved successful – with the average donation increasing from £1 to £3 – it’s unlikely that most of the charities involved will be able to afford to replace all their regular boxes with contactless ones in future.</p> <p><img src="https://assets.econsultancy.com/images/0008/6459/Barclaycard.JPG" alt="" width="760" height="328"></p> <p>Meanwhile, many charities still believe in the persuasion power of real people, which is lessened with standalone contactless technology. </p> <p>Having said that, it is clear that convenience is also a massive drive for consumers, and as examples like Cancer Research show – this means it’s a strategy that could be worth investing in.</p> <p><strong><em>Related reading:</em></strong></p> <ul> <li><em><a href="https://econsultancy.com/blog/67451-the-smartest-experiential-charity-marketing-campaign-you-ll-see-this-year/" target="_blank">The smartest experiential &amp; charity marketing campaign you'll see this year</a></em></li> <li><em><a href="https://econsultancy.com/blog/68781-five-ways-charities-can-encourage-more-online-donations/" target="_blank">Five ways charities can encourage more online donations</a></em></li> <li><em><a href="https://econsultancy.com/blog/66592-why-charities-need-true-digital-transformation/" target="_blank">Why charities need true digital transformation</a></em></li> </ul> tag:econsultancy.com,2008:Report/4471 2017-05-31T11:00:00+01:00 2017-05-31T11:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in Media and Entertainment <p>The <strong>2017 Digital Trends in Media and Entertainment </strong>report is a barometer of the extent to which companies in this sector are embracing digital technology, focusing their strategies and prioritising resources for the year ahead and beyond.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on a sample of more than 550 media and entertainment industry respondents who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>The four traits of successful digital media and entertainment companies</li> <li>Content + data = personalised experiences</li> <li>Gearing up for the future</li> <li>Actionable tips to help future-proof your media/entertainment business</li> </ul> <h3>Findings include:</h3> <ul> <li>The proportion of media and entertainment companies describing themselves as digital-first (22%) is more than double the average percentage for all other sectors (10%), and second only to the gaming &amp; gambling sector (25%). At the other end of the scale, only 15% of media respondents say that digital marketing is ‘very much separate’.</li> <li>‘Creating compelling content for digital experiences’ stands out as the single most exciting opportunity in 2017, selected by 22% of media organisations. Great content in isolation is not always enough. There is a growing need for media companies to create compelling experiences around their content, and to present it in the right context.</li> <li>Digital-first organisations are 17% more likely to invest in design to help differentiate their brand than laggards. Furthermore, digital leaders are 19% more likely to have the ‘processes and collaborative workflows they need to achieve a design advantage’ (75% vs. 63%). Digital leaders are also 23% more likely than laggards to say they have ‘well-designed user journeys that facilitate clear communication and a seamless transaction’.</li> <li>The relentless use of data is a feature of progressive media companies seeking to provide experiences that are as personalised and relevant as possible. Data-driven marketing is a key strategic priority for three in five (62%) media organisations, second only to customer experience (84%) in importance.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:Report/4482 2017-05-30T12:00:00+01:00 2017-05-30T12:00:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in South Africa <p>The <strong>2017 Digital Trends in South Africa</strong> report highlights the key digital trends, challenges and opportunities which South African marketers need to be aware of during 2017, covering topics ranging from customer experience and social media marketing to mobile and artificial intelligence.</p> <p>The research, conducted by Econsultancy in partnership with <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, is based on data from almost 250 South Africa-based respondents who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>Striving for digital maturity as nation catches smartphone bug</li> <li>Social media and brand building are top priorities</li> <li>Future of the customer experience</li> <li>Fit for the future: three key areas South African marketers should focus on</li> </ul> <h3>Findings include:</h3> <ul> <li> <strong>Companies strive for integrated approach to digital marketing activities. </strong>Around a third of in-company respondents say their businesses are either digital-first (17%), or that digital permeates all their marketing activities (15%). Asked about their clients, agency respondents are significantly more likely than their client-side counterparts to say that digital marketing is very much separate (30%), and correspondingly less likely to say their clients are digital-first (only 1%).</li> <li> <strong>Agencies are more focused than their client-side peers on how mobile is changing the business landscape</strong> as South Africa transitions from being a feature phone nation to a smartphone nation. More than three-quarters (77%) of supply-side respondents report that understanding how mobile users research/buy products is ‘very important’, 17 percentage points higher than for company respondents (60%).</li> <li> <strong>Customer experience and cross-channel marketing are major areas of strategic focus.</strong> Almost nine in ten (89%) South African companies say that CX is one of their top-three strategic areas of priority for 2017, including 58% who make it their first choice. They are 54% more likely than their international counterparts to rank cross-channel marketing as their first choice (20% versus 13% for the rest of the world).</li> <li> <strong>Companies are embracing the burgeoning marketing opportunity afforded by social platforms</strong>, with social media engagement and brand building / viral marketing sharing first place in terms of tactical priorities for businesses in South Africa. More than a third of respondents (37%) say these tactics are among their top three priorities.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p>