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Customer Obsession In Modern Finance

The key to competitive survival in the age of the customer is data- and insights-driven customer obsession. As the strategic stewards of business outcomes, it’s critical for finance leaders to take an active role in leading their organizations from customer focus to customer obsession.

Build better relationships with customers by understanding their preferences, anticipating their needs and provide value by exceeding expectations. The customer insights that are needed to deliver this level of service is sitting with your Finance team. The Finance team can observes customers buying products, getting up sold, and leaving the company. Finance leaders should be able to disseminate this valuable, customer focused information across the company.

Dun & Bradstreet provides these insights, and provides a hub for this customer obsessed approach. Learn more with this SlideShare deck.

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Customer Obsession In Modern Finance

  1. 1. 1© 2017 FORRESTER. REPRODUCTION PROHIBITED. v The Customer- Obsessed Finance Leader In The Age Of Data
  2. 2. 2© 2017 FORRESTER. REPRODUCTION PROHIBITED. The key to competitive survival in the age of the customer is data- and insights-driven customer obsession. As the strategic stewards of business outcomes, it’s critical for finance leaders to take an active role in leading their organizations from customer focus to customer obsession. To explore this topic, Dun & Bradstreet commissioned Forrester Consulting to evaluate how enterprises are leveraging data and analytics to drive decisions and strategy in pursuit of customer obsession and the role finance leaders play in achieving that goal. The study revealed: › Finance leaders are taking an active role in shaping their organizations’ customer-focused initiatives, leveraging their data and strategy expertise to cultivate data-driven cultures. › To succeed, finance leaders need a new data-driven operating model to overcome disparate data, organizational silos, and inconsistent metric challenges. › Customer-obsessed leaders ensure that their organizations’ data strategies are aligned across people, processes, and technology through their mastery of seven key data maturity and competency factors. › Leaders are continuously investing in both systems of engagement and insight to gain fast, actionable insights from their data. Executive summary
  3. 3. 3© 2017 FORRESTER. REPRODUCTION PROHIBITED. Nearly all organizations are focused on improving customer experience or addressing rising customer expectations 89% Prioritizing improving customer experience this year or next year 89% Prioritizing addressing rising customer expectations this year or next year Prioritizing this year Prioritizing next year Source: A commissioned study conducted by Forrester Consulting on behalf of Dun & Bradstreet, April 2017 Base: 250 CFOs and EVPs of finance familiar with their organization’s use of data/analytics to inform decisions and strategy
  4. 4. 4© 2017 FORRESTER. REPRODUCTION PROHIBITED. But organizations must go beyond good customer experience intentions to customer obsession A customer-obsessed enterprise relentlessly focuses its strategy, operations, and budget to enhance its knowledge of and engagement with customers.
  5. 5. 5© 2017 FORRESTER. REPRODUCTION PROHIBITED. Finance leaders have an important role to play in customer obsession As the cash flow, revenue, and profitability stewards, finance leaders have a substantial stake in customer obsession. With their data expertise and strategic vision, they can play a lead role by linking customer strategy to financial performance. 53% OF FINANCE LEADERS ARE RESPONSIBLE OR ACCOUNTABLE FOR CUSTOMER-FOCUSED INITIATIVES
  6. 6. 6© 2017 FORRESTER. REPRODUCTION PROHIBITED. 60% 76% 63% Cash Flow Revenue Profitability Followers Leaders 90% 86% 84% Customer-obsessed leaders are defined as those organizations that are prioritizing customer- focused initiatives and that have realized increases across customer acquisition, retention, and satisfaction. Customer obsession enables leaders to reap superior ROI Source: A commissioned study conducted by Forrester Consulting on behalf of Dun & Bradstreet, April 2017 Base: 250 CFOs and EVPs of finance familiar with their organization’s use of data/analytics to inform decisions and strategy; 91 customer-obsession leaders and 159 followers Percent reporting an increase between the most recent fiscal year and the previous fiscal year:
  7. 7. 7© 2017 FORRESTER. REPRODUCTION PROHIBITED. But data challenges impede customer obsession “What are the biggest obstacles to leveraging data and analytics to drive decisions and strategy?” Source: A commissioned study conducted by Forrester Consulting on behalf of Dun & Bradstreet, April 2017 Base: 250 CFOs and EVPs of finance familiar with their organization’s use of data/analytics to inform decisions and strategy 37% Departmental silos make it difficult to get insight from business stakeholders 35% Lack of data integration/data is siloed 32% Difficulty aggregating data from different sources 22% Disparate ways of calculating and looking at KPIs across the organization +
  8. 8. 8© 2017 FORRESTER. REPRODUCTION PROHIBITED. Role-constrained finance leaders cannot lead customer obsession. They need an operating model that allows them to capture, analyze, act, and learn from customer insights. The new data- driven finance leader operating model Executive engagement Collaborate with executive peers on customer strategy. Strategic contribution Data strategy Data sourcing Data capabilities Update financial analysis to include insights that drive customer-obsession results. Invest in technology that drives topline customer- obsession results. Harvest data from trusted external sources to augment fact-based decisioning. Prioritize insights that identify customer strategy opportunities, threats, and weaknesses.
  9. 9. 9© 2017 FORRESTER. REPRODUCTION PROHIBITED. 70% 85% xx% 58% 74% 50% 46% 69% 70% Finance leaders at leading organizations are instrumental in guiding data-driven initiatives Changing our management culture to rely more on data-driven decisions “What is — or will be — your involvement with these data-driven initiatives?” (Percent responsible or accountable) Engaging external service providers or strategic business consultants for data/analytics/insights services Investing in more business-friendly self- service visualization and analytics Source: A commissioned study conducted by Forrester Consulting on behalf of Dun & Bradstreet, April 2017 Base: Variable; CFOs and EVPs of finance familiar with their organization’s use of data/analytics to inform decisions and strategy Leaders Followers
  10. 10. 10© 2017 FORRESTER. REPRODUCTION PROHIBITED. Leaders in customer obsession exhibit mastery across seven key data maturity and competency factors Source: A commissioned study conducted by Forrester Consulting on behalf of Dun & Bradstreet, April 2017 Business alignment Data governance Data management leadership Data management process Maturity and competency factors Data management technology Data insight and delivery Measurement and metrics
  11. 11. 11© 2017 FORRESTER. REPRODUCTION PROHIBITED. Leaders invest in data for the right outcomes Source: A commissioned study conducted by Forrester Consulting on behalf of Dun & Bradstreet, April 2017 25% 21% 79% 55% 18% 17% 86% 65% IT CAPITAL BUDGET ALLOCATION (Mean percentages) SYSTEMS OF ENGAGEMENT (SoEs support the acquisition, servicing, and retention of customers.) Base: 250 CFOs and EVPs of finance familiar with their organization’s use of data/analytics to inform decisions and strategy; 91 customer-obsession leaders and 159 followers SYSTEMS OF INSIGHT (SoIs support the ability to harness and consistently turn data into insight.) Leaders Followers INCREASE IN SPENDING 2018 OVER 2017 (Percent reporting an increase)
  12. 12. 12© 2017 FORRESTER. REPRODUCTION PROHIBITED. Key recommendations Lean into the customer-obsessed conversation. Finance leaders must interact more directly and frequently with peers on financial strategies, plans, and results in the context of customer objectives. Extend financial insights to include the wider customer experience. Finance leaders need to not only lead financial impact reports, but also macro insights that support strategic customer planning. Invest in data to meet the demands of customer obsession. Finance leaders should orient investment evaluations toward reducing mounting technical debt from data while concurrently increasing spend on data systems to enable deeper insight. Avoid internal bias and customer blind spots. Finance leaders must support and audit investments needed to acquire and ingest partner, third-party, and public data to remove bias from internal system data and qualitative experience. Source: A commissioned study conducted by Forrester Consulting on behalf of Dun & Bradstreet, April 2017 Transform the finance leader dashboard to lead customer obsession. Finance leaders need to expand financial reporting with economic models and predictive analytics that link customer strategies with forecasts and that identify opportunities and threats in the market.
  13. 13. 13© 2017 FORRESTER. REPRODUCTION PROHIBITED. Methodology ABOUT FORRESTER CONSULTING Forrester Consulting provides independent and objective research-based consulting to help leaders succeed in their organizations. Ranging in scope from a short strategy session to custom projects, Forrester’s Consulting services connect you directly with research analysts who apply expert insight to your specific business challenges. For more information, visit forrester.com/consulting. © 2017, Forrester. All rights reserved. Unauthorized reproduction is strictly prohibited. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. Forrester®, Technographics®, Forrester Wave, RoleView, TechRadar, and Total Economic Impact are trademarks of Forrester Research, Inc. All other trademarks are the property of their respective companies. For additional information, go to forrester.com. [1-13SCVZ6] Project Director: Heather Vallis, Senior Market Impact Consultant Contributing Research: Forrester’s Enterprise Architecture research group In this study, Forrester conducted an online survey of 250 organizations in North America, Europe, and Asia Pacific to evaluate how enterprises are leveraging data and analytics to drive decisions and strategy in pursuit of customer obsession and the role finance leaders play in achieving that goal. Survey participants included CFOs and executive VPs of finance familiar with their organization’s use of data/analytics to form decisions and strategy at enterprises with $150 million or more in revenue. Questions provided to the participants asked about business and data and analytics priorities, strategies, and practices. Respondents were offered a small incentive as a thank you for time spent on the survey. The study began in March 2017 and was completed in April 2017.

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