BearingPoint’s recent study, Digital Leaders 2022, identifies the most successful digital organizations and the common characteristics which lead to their success. The management and technology consultancy found that digital-leading companies focus on the following key themes:
- Customer centricity
- Personalization
- Data centricity
- Innovation
- Ethics and sustainability
BearingPoint assessed 679 companies from 21 sectors in 11 countries, against criteria related to digital product experience, e-commerce, e-CRM, and digital marketing.
The study shows that while much attention is paid to what digital can deliver, digital leadership is hard won, with a massive dependency on getting the execution details right.
Frederic Gigant, Global Leader Customer & Growth at BearingPoint, says: “As new technologies evolve, so does the prescription for being a digital leader. There is no doubt that digitalization has transformed all industries, but there are some – and companies within – who do it better than others. Our Digital Leaders Study 2022 outlines what it takes to be a digital leader, and ultimately, to win in what is a very competitive environment.”
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From the industries assessed as part of this study, it is no surprise that Retail scores highest, followed by the Telco, Insurance and Banking industries. Business-to-consumer (B2C) organizations demonstrate some of the highest scores across the dimensions, with overall results showcasing the following findings:
- Digital Marketing – Instagram has now become the most popular platform for advertising across the companies studied, with a score of 94%
- Digital Product Experience – 2 thirds of companies target their audience and display more than 2 different product-related contents accordingly
- E-Commerce – 21% of customer-focused companies (excluding B2B) offer click-and-collect services on the same day, with a total of 42% of companies who offer click-and-collect services
- E-CRM – 87% of companies studied provide customers with access to an online profile where they can input their information, allowing customers to use their data … and companies as well
Frederic Gigant concludes: “There’s no doubt that mastering digital is essential if organizations want to develop long-lasting client relationships and boost revenue. What makes a digital leader naturally changes over time, but our study has highlighted the key themes which are prevalent today; customer centricity, personalization, data centricity, innovation, and ethics and sustainability. These actions – in combination – are what contributes to organizational success.”
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The study showed that organizations take these five critical steps to digital leadership:
1. They place customers at the center of their value proposition
For digital leaders, everything starts with customers. They understand them, personalize offering for them, and make them feel special.
2. They generate a positive emotional response through all interactions with their customers and networks
Digital-leading companies focus on the psychological and behavioral, as emotions engendered by a product last longer than the product’s features, however excellent.
3. They deliver value with a suite of advanced technology that synchronizes activities and leverages data centricity
Digital leaders focus on getting ever-better data sets and exploiting them with advanced analytics to provide enhanced experiences and build a more trusted brand.
4. They innovate in all aspects of their ecosystem
Innovation is a constant, ongoing focus for digital-leading companies. It permeates their organization and interactions with their customers, and their broader ecosystem.
5. They integrate ethics, sustainability, and a broad world view in their day-to-day activities
Digital leaders take a stance and use their scale and influence to drive change, while exemplifying sustainable, ethical practice.