CFO need-to-know in a digital world:
At this time of year, many CFOs are putting the finishing touches to the budget for the next financial year. This often involves a lot of work. And it is even more difficult if they don't have the right tools, nor are able to provide the business with the right tools for planning, control and follow-up.
No, I am not primarily thinking of financial systems here. Instead, I am thinking about all the data that is not normally captured by financial systems, but which is becoming increasingly important for all businesses: Customer Experience (CE) data.
Some of this information does of course exist in systems of various kinds. A while ago we carried out a large study, where we looked at how consumers all over the world, including Denmark and Sweden, perceive their interaction and relationship with the stores they use. It is striking how much relevant data about the customers and their behaviour can actually be extracted from the data generated by the shops’ own systems. For instance:
You can play around with all these variables in order to simulate different scenarios, which can be very useful for budget management. However, the question is whether the business has the tools required to do this.
Another question is whether there is any relevant data not found in either the financial or operational systems. As our consumer survey found, there is of course quite a lot of this type of data. Here are some interesting facts about how Danish consumers interact with the stores they use:
Interesting, do you agree? In view of the fact that Danish retail sales are expected to grow twice as fast as the European average over the next few years, stores and chains which implement a good customer experience via all channels online and offline can expect a really smooth ride. But this requires you to use many more quantities than just units of currency in your planning.
Hans Hasselgren, responsible for Cognizant’s Business Process Services in the Nordic region