A CFO's checklist for the digital age
Adapting your business for the modern age is not easy. But CFOs who understand that every part of the value chain must be geared toward delivering the brand promise to customers will find it easier to make the shift.
This checklist of questions is a good place to start:
- Which internal and external market data do you use for tracking current consumer behavior and monitoring changes?
- How does your company stay attuned to future trends, both within and outside your market and sector? How much do you invest in resources to keep up with such trends?
- How do you engage in proactive customer dialogue — both listening and talking — in a style that suits them?
- How do you evaluate consumers’ buying patterns and their preferred communication channels? Which aspects do your consumers value in loyalty programs and in wider relationships?
- How do you link buying patterns to customer profitability and client segmentation?
- How do you define and communicate your brand promise to customers across all your communication channels? How do you measure the fulfillment of your brand promise and the consistency of quality?
- How successful are you in nurturing both the face-to-face consumer experience and the online interface? How do you manage this multi-channel challenge?
- Are your channels consistent in look, feel, quality and pricing? How do you ensure this?
- Do all elements or departments within your value chain work toward the same customer goals, such as service levels, customer satisfaction and product and service availability? How do you ensure that all departments have the same customer data?
- How do you focus on innovation, both internally and externally?
- Do you have regular stress tests in place that address all customer-facing functions and how, on diagnosing pain points, do you create robust road maps for transformation?
- How deeply have you thought about creating an end-to-end customer experience by aligning your whole value chain to the development of collaborative partnerships with customers?