Nov 16, 2020

Accenture: Reinvent the internet for a safe digital economy

Digital economy
Accenture
Janet Brice
3 min
Digital Economy
Three-step guide for CEOs to build a trustworthy digital economy, prevent cybercrime and stimulate company growth by 2.8%, reports Accenture...

Build a trustworthy digital economy that safeguards our future prosperity, is the message to CEOs from consultants Accenture.

As malicious cybercrimes threaten the security of the digital economy, a new report from Accenture warns, “trust in our digital economy now hangs in the balance, putting significant value at risk.”

The report, Building on Trust: Reinventing the Internet to Secure the Digital Economy, points out the stakes are high -but if CEOs can develop a trusted digital economy it could stimulate 2.8% in additional growth for large organisations over the next five years – translating into $5.2 trillion in value.

A total of 79% of respondents in Accenture’s survey reported their organisation is adopting new and emerging technologies faster than they can address related security issues.

“CEOs have an opportunity to drive meaningful change today and develop a foundation of trust for tomorrow’s digital economy. Unfortunately, just one attack is all it takes to damage an organisation.

“By embracing and developing technologies that can advance their businesses and enhance digital safety, CEO engagement can drive a trust turnaround for the Internet and secure the future of the digital economy,” commented Accenture.

The research from Accenture has resulted in a three-step guide for CEOs to build a safer, more trustworthy Internet, ensuring a more secure digital economy. The survey polled 30 leading technologists, 1,700 C-level executives, 4,700 large organisations and 11,418 transcripts from S&P global were analysed.

Why target CEOs

Accenture’s research shows corporate leaders have the influence needed to collaboratively address these overarching issues. “They are in a unique position to help secure the digital economy by improving the Internet’s global governance. Data shows they have increased spending on cybersecurity and have handled some threats with markedly successful results. 

“But there have also been notable failures, with new threats constantly emerging. What is needed is a new, top-down, proactive approach. The opportunity to rebuild a trustworthy ecosystem exists -CEOs can lay the first stone,” say the report authors Omar Abbosh, Group Chief Executive, Accenture Communications, Media & Technology and Kelly Bissell, Senior Managing Director, Accenture Security.

Accenture’s three step-guide for a secure digital economy

ABOVE GROUND

Governance (Join forces with other companies)
1. Take the lead:

When leaders realise that prioritising a trustworthy digital economy is a win-win situation, everyone will benefit. CEOs should come together to create a code of ethical conduct for each industry and principle-based standards for Internet security.

Business Architecture (Connect and protect with a model run on digital trust)
2. Embed security into your business architecture:
When security is a foundational requirement through the company’s value chain your business partner will not become your greatest vulnerability. With this approach, security is not an “add-on” feature for products and services. That is why CEOs should articulate a vision of “security-by-design” from the earliest development stage.

BELOW GROUND

Technology (Advance business and enhance safety)

3. Address the vulnerabilities of Internet technology:
To some, the technical deficiencies of Internet infrastructure are like the “elephant in the room.” But with the guidance from our research, CEOs can exert their influence to address these issues. Then the tech community can commit to strengthening not just security on devices, but also for networks and the Internet’s basic protocols.

“The actions of CEOs, driving above ground and influencing below ground, matter. By joining forces with other CEOs, public sector leaders and regulators, they can develop much-needed guidelines and oversight mechanisms. By protecting their own organisation and extending protection through its value chain, they will safeguard the business ecosystem,” comment Abbosh and Bissell.

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Jun 12, 2021

Re-defining the economics of CX in the new customer journey

CX
customerjourney
Limitless
gigeconomy
Roger Beadle, Co-founder & CEO...
6 min
Roger Beadle, CEO of Limitless looks at how CX can directly Influence revenue generation in streaming services

There’s no shortage of customer service channels for the enterprise to select from today. Regardless of the many new metrics that have emerged – such as customer success, or empathy – cost reduction is still a primary driver in selection criteria.

There are many articles dedicated to how companies can turn customer service and customer experience (CX) from a cost to a revenue centre. The problem is, if you stop there and don’t look beyond cost reduction, you’re limiting the scope for CX to become an even bigger economic contributor in the enterprise.

There is every opportunity for customer service and CX to significantly influence the front end of business, particularly amongst direct-to-consumer subscription-based products and services, such as popular streaming services like Netflix, Amazon, Disney+, as well as sports subscription services like DAZN.

In these products and services and others, there are new customer journeys that may drive business growth and revenue. They start earlier and may last a lifetime, so getting things right at the start of the journey is key so that customers have the best experience from day one.

Not only will this help in making customers less likely to reach out for issues-based support further down the line, but these customers will be much less likely to churn, and much more likely to take up new services as they are offered throughout the lifetime journey.

So, what does the new customer journey look like for these services?

Opportunity waiting for the likes of Netflix & Disney

While consumers may have previously regarded customer service as a way to mitigate the inconveniences in their lives, the customer journey is expanding in scope every day. Today there are many more touchpoints available that put CX in a position to drive revenue.

For one-off purchases, traditional CX deployments have not changed significantly in the past few years. However, if you look at the change in the CX relationships we’re seeing with subscription-based products and services, particularly media-based streaming services, it’s clear that these companies lead what quickly become very multifaceted relationships with their customers. These have serious potential to evolve over time for increased economic benefit.

For any sort of subscription-based business, customer lifetime value is paramount, and the requirement to actively manage a continued positive customer experience is critical.

Every interaction is an opportunity, and every data point is a chance to offer more value. Introductory offers can convert to longtime customers. Longtime customers may take up opportunities to upgrade to more premium products or services. They may also appreciate incentives to invite family and friends to become customers. Consumers who like a particular service, for example, may appreciate a recommendation for another similar or complimentary service.

It all starts with customer interaction, and the customer experience journey becomes an opportunity to strategically affect the user base and resulting revenue - which is a far cry from the limitations of call center cost reduction or churn metrics.

How do companies support the new customer journey?

More and more, customers look at the new customer journey as engaging with brands as part of their lifestyles. Many companies are making brand ambassadors available before the traditional customer journey even starts, which is a marked change from a purely transactional relationship associated with a one-off purchase.

These ambassadors, who are often independent users of products or services, are providing trusted pre-sales advice, and that same trusted advice can also function to nurture the customer journey in a subscription-based relationship. Call it ‘GigCX’ or ‘crowdsourced customer service’ or even ‘peer-to-peer customer service’ - it doesn’t matter.

The key is in providing impartial, trusted advice from real users. Think about it: who would you rather get advice from? Someone who has used a product or service extensively, or someone who has been trained to provide customer service surrounding that product or service?

For services such as streaming media, advice from trusted experts with real product know-how could be invaluable. This may not be limited to technical issues, such as what to do when you can’t access your favourite show, or how to access services across various devices. It could be parents helping other parents who are concerned about how to restrict adult content from child viewers, or simply customers who have similar taste in programming who can comment on the benefits of upgraded or premium products. The point is, these experts are easily available at any touchpoint in the customer lifetime journey, creating more chances to add value.

It’s also about tipping customers from ‘passive’ to ‘promoter’ in the NPS scale. It’s an opportunity to turn neutral customers who may be vulnerable to competitive offerings into loyal enthusiasts who will keep buying and referring others, fuelling growth. It may ultimately help drive even further revenue by creating customers that are helping to sell the brand itself.

And, while chatbots and automation may play a key role, they are often not able to handle the more complex support needed in the new customer journey. Conversational AI is rarely as conversational as it claims to be, and in the new customer journey, most companies are finding that a mix of automation and people-centric service is an ideal way to nurture the many new touchpoints created.

It’s no longer about trying to replace human capital with automation: it’s about orchestrating a uniquely personalised CX, and proactively engaging during the customer lifecycle to enhance the experience, and to create more long-term value.

At the moment, we’re only seeing the tip of the iceberg in terms of the power to affect the economics introduced by the new customer journey. We’ll no doubt see this evolve rapidly particularly amongst streaming companies as they use human-centric connections in CX to support the full potential of customer lifetime value.

About Roger Beadle
Roger Beadle is an entrepreneur and business leader who is reinventing how customer service is delivered via the gig economy. After establishing several businesses in the contact centre industry, Roger co-founded Limitless with Megan Neale in 2016. Limitless is a gig-economy platform that addresses some of the biggest challenges faced by the contact center industry: low pay, high attrition and access to new talent. Previously, Roger and Megan helped to build one of the largest privately-owned outsourced contact center business in Europe, before selling the business to the global conglomerate Hinduja Group. Roger is an outspoken proponent of digital ethics, worker’s rights and the ‘good-gig:’ which encapsulates gig work for incremental pay versus full time work, skilled gig work, no unpaid time/downtime and zero expenses.

About Limitless
Named a Rising Star at Deloitte’s Technology Fast 50 program, Limitless is a gig customer service platform, combining crowdsourcing and AI to help global businesses address their biggest customer service challenges – rising costs, increasing attrition, variability in demand and the need for diversity. Brands like Microsoft, Unilever, Daily Mail Group and Postmates are using Limitless’ SmartCrowdTM technology to connect with their most engaged customers, and reward them for providing on-demand customer service that can flex in line with demand. Limitless is one of the world’s first global tech platforms to introduce localised platform terms to protect the rights of its gigging workers. Backed by AlbionVC, Downing Ventures and Unilever Ventures, Limitless is empowering people worldwide to earn money for providing brilliant customer service for the brands they love.

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