Day: February 13, 2018
Few words have consistently buzzed around the digital age like “omnichannel” — in response to increasing customer expectations for a seamless purchase journey, in an effort to deliver better customer experiences. CEOs themselves feel a growing responsibility to represent the best interests of their customers, according to KPMG International’s 2017 CEO Outlook Survey.
While multiple cross-channel interactions are important for customer engagement, they alone are not enough for companies to compete in today’s environment, according to KPMG’s new report, Competing for Growth, with insight from its 2017 CEO survey and KPMG-commissioned Forrester research of more than 1,200 organizations.
Year one of a digital transformation program has its challenges. To get a transformation started, CIOs must get an executive team to formulate a strategy, agree on the program’s leadership, and establish a budget. There needs to be agreement on a roadmap of initiatives that deliver improved customer experiences, empower the data driven organization, transition to more nimble technology platforms, prioritize opportunities to automate, and engage the workforce on driving change. To pull this off, many CIO are maturing agile processes, product management disciplines, data science skills, and other foundational practices that drive innovation, speed to market, and data driven insights.
It’s no secret that the future of nearly every industry will involve innovative applications of data. In the healthcare industry, specifically, large-scale, data-driven decision making has the potential to generate as much as $100 billion of value by improving the efficiency of research and clinical trials and building new tools for physicians, consumers, insurers, and regulators that improve and personalize the patient experience.
The financial services industry is facing down smaller startups with machine learning technology at a faster pace than incumbents in any other field.
But as organizations race to invest more in the technology and adopt new business processes to achieve maximum results, important policies are getting left behind: risk management.
Our new Global CIO Point of View, a survey of 500 CIOs across 11 countries and 25 industries, takes a closer look at 50 CIOs in the financial industry.
Compared to CIOs from other industries, in the financial industry: