Deloitte: CXOs Express Doubt In Their Ability To Innovate
A new study by Deloitte Consulting has found that businesses still have constraints when it comes to true innovation in customer experience.
Executives responsible for customer experience prioritize innovation, that’s for sure. But a new study by Deloitte Consulting has found that businesses still have constraints when it comes to true innovation in customer experience.
That was the key finding in Deloitte’s second annual “Business Confidence Report – The Bold Organization: Innovate, Lead, Attract,” which surveyed 600 CXOs (the C-suite member responsible for CX) and “CXOs-in-waiting” (those who are next in line to the C-suite).
“What we found is people think that innovation starts and ends with new products,” said Jonathan Copulsky, CMO of Deloitte Consulting.
Products, he said, would include smart homes, the Internet of Things, and virtual reality, among other emerging media and technologies.
“But there are other places you can find innovation, as well,” he said. “For example, you can certainly innovate around the way that you structure what we would call a ‘profit model,’ so the shorthand of this is the way that Uber has changed the way that people consume transportation. I think there’s innovation on talent models with something like the contingent workforce. There’s innovation around new services, new channels, and channel partners.”
According to the report, 42% of CXOs and 48% of CXOs-in-waiting identified the rapid pace at which technology changes as a top issue that negatively impacts how quickly their companies can grow. To adapt to the change, Copulsky said, CXOs must amp up investments in testing and learning.
The need for new and different skills and the lack of investments in products or processes rounded out the top three issues that negatively impact the pace of growth at organizations, respectively.
“For CXOs, the answer to innovation is going to come down to a combination of things: finding partners, building learning pilots, testing in very specific circumstances, and learning from that, while trying to get faster and faster at doing that. That’s the key to innovation,” Copulsky said.