More Than Purse Keepers and Risk Managers, Modern CFOs Are Driving Customer Experience with Data
Fifty-three percent of finance leaders surveyed report being responsible or accountable for customer-focused initiatives
The Customer-Obsessed Finance Leader, a study commissioned by
- Thirty-six percent of company finance executives surveyed were identified as customer-obsessed Leaders, making customer-focused initiatives a top priority this year and reporting increases in customer acquisition, retention, and satisfaction.
- Customer-obsessed finance Leaders reported year-over-year increases in revenue, profitability, and cash-flow at a rate of 10 to 30 percentage points greater than their less advanced peers.
- Data- and insights-driven companies are 39 percent more likely to report year-over-year revenue growth of 15 percent or more.
- Seventy-nine percent of customer-obsessed Leaders indicated that their organization will likely increase spending on technology applications to support customer engagement.
- Implementation of a customer-obsessed strategy requires mastery of seven data competencies that must be aligned across people, processes, and technologies.
CFOs, with their leadership position, cross-organizational perspective, and ability to understand complex sets of data, are uniquely positioned to implement insights-driven behaviors and processes within their organizations. Investing in the right tools and technology, as well as augmenting internal data with third-party data and analytics are some of the key actions leading finance executives are taking.
Challenges to becoming truly customer-obsessed persist; disconnected strategies within the organization, disparate data, inconsistent metrics, and a lack of investment in technology are among respondents' most cited obstacles.
The study further outlines seven critical data competencies to master, qualities and resulting metrics that set customer-obsessed finance leaders and followers apart, and how-to strategies to focus efforts around using data and analytics to become a customer-obsessed organization. Click here to download a copy of the full study.
The survey, fielded within
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