It was also found that “building consumer confidence that online channels are secure” emerged as the number one priority for building a successful digital customer experience.
To build trust in how they manage data, organizations will need a clear code of ethical conduct around data. They also need to see regulatory obligations not as a compliance exercise, but a means to take a positive attitude. Companies that are trusted in how they manage data will generate significant value, and organizations should proactively incorporate data and trust into their corporate reporting.
3. Instilling a strong sense of purpose
The rules of business are changing. For example, as new generations such as Millennials enter the workforce, new attitudes prevail. This generation sees a world in flux from new technologies, such as artificial intelligence. As a result, they see employment flexibility as not only desirable, but something that is key to their skills remaining relevant in a disrupted world. To secure their long-term loyalty and trust, companies will need to offer more than just money and the pursuit of profit.
As a result, companies are reinventing themselves, looking to connect with their full range of stakeholders in new ways, including employees, suppliers, the environment as well as the local and wider community. Engaging with these stakeholders, and winning their trust, means defining and establishing a sense of purpose beyond the balance sheet: one that contributes a positive impact in the wider world.
The research shows that there is clear consensus among alumni about what constitutes having “purpose.” Close to two-thirds (63%) see having purpose as “creating value for a broad set of stakeholders, including society and the environment.” This broader definition embodies what EY professionals call capital P “Purpose,” differentiating it from narrower definitions.