According to corporate leaders, the long-standing processes of managing internal affairs are no longer acceptable. They need to be customer-focused. To provide exceptional customer experiences, firms must have greater cross-business unit coordination. This is evident in the increasing number of titles like chief customer officer, chief information officer and chief digital officers. Companies must rethink how they approach their business processes in light of increasing customer and employee demands, shorter decision-making cycles and faster technology change and innovation.
For speed and innovation, establish new practices
Many techno execs have become comfortable with agile practices, as has their team. The adoption of agile practices is strong and teams are becoming more adept at identifying when and where to use it. Tech execs face many challenges when trying to expand agile practices to the enterprise. One tech exec shared with us that they see the benefits of agile in driving better customer experiences. However, many of our business partners continue to drive internal efficiency which can be detrimental to our efforts for external client benefits.
Tech executives will need to go beyond agile to create new practices that allow cross-functional teams to achieve speed and innovation at scale to overcome internal roadblocks. These practices will:
- Accept interactions, ecosystems, and individuals over linear processes.Future leaders will be “servant leaders” in their organizations. They will embrace an openness culture, diversity and speed human-machine interactions.
- Instead of focusing on internal efficiency, measure customer value.Future tech leaders will collaborate with their peers to agree on success metrics that cross business functions and deliver value for customers.
- Instead of rigid control, leverage common principles for product and program management.Future leaders who are fit will develop new practices that go beyond agile software delivery. They will integrate customer journey mapping, lean portfolio and integrated value stream management.
- Respond to changes continuously, rather than working on the plan.Future leaders are able to collaborate and continuously plan, using value streams to determine which platforms, products and services to prioritize.
It is not easy to shift from continuous improvement to continuous innovations. This requires executive buy-in and strong executive commitment. To learn more about how tech executives can drive innovation and sustain growth, read our recent report future fit practices.
B2B Sphere: Trust, Rewards, and Risk
Trust is often viewed in the context of the consumer — trust in brands, institutions, and the government. It is also crucial in the B2B space, where purchases can have major consequences. This week, Isabel Montesdeoca, Group Director and VP, and Ian Bruce (Principal Analyst) explain how trust works in B2B and what companies can do to improve it.
B2B buying relationships are different from consumer transactions in that trust is a key component. B2B buying relationships are based on a risk-reward calculation. The greater the reward or risk associated with a purchase decision, the more trust you have in that factor.
Montesdeoca states that the risk you are taking is not only for yourself but could also be mission-critical. This is a significant weight that must be considered. If you find a solution that increases your efficiency and competitiveness, that’s a huge reward for making the right decision.
B2B companies do not all build trust the same way. Certain aspects of trust are more crucial in certain industries or situations — for example, accountability might be important while empathy and transparency may be vital in others. It is possible to increase the trust level of your buyer by knowing which dimensions are most important.
These analysts will explain how to find these dimensions and use that insight to build trust. The analysts also discuss the many benefits of trust investing, such as higher buyer status and greater ability to rebound from mistakes. Listen to the episode for more information.
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