In my previous blog post I spoke about an Accenture research survey of 3,000 large, global-listed companies. The study found that one of the factors that differentiate the fastest-growing organizations from others in this sample is their use of advanced technology to gain insight into changes in consumer behavior.
So what should your organization do to join the ranks of these growth leaders?
The first step, if you haven’t already taken it, is to collect all relevant data from all parts of the enterprise, as well as external sources. Then you need to implement sophisticated analytical tools to interpret and act on the data, which may entail new strategic approaches and changes in how your organization operates.
To make the vital jump from data to action requires special talent. Most of the growth leaders in our study hire, train and retain analytical capabilities in-house, because the new set of disparate skills that are needed—a combination of “hard” analytics understanding and “soft” marketing, advertising and distribution expertise—has become indispensable to the success of their customer-facing functions.
Finding and securing these people can be difficult, but once it becomes known you have established a center of excellence and offer attractive career prospects, the talent you seek will gravitate toward you.
Once you have the data and the people who can make sense of it, the next step is to overhaul the customer experience. While it is easy to be overwhelmed by big data, maintaining a focus on the end goal, by providing an exceptional, personalized customer experience, will enable you to generate practical insights and put them into action.
Finally, you need to close the loop by measuring the impact of your actions so that you can learn from your successes and failures alike, continuously improving your effectiveness.
In my next post I’ll discuss the second essential attribute of insurers that take advantage of consumer change: an adaptive mindset. In the meantime, to read my earlier posts on this topic, click here.