Serving customers is a 24/7, around-the-clock job. Constant connectivity is here, and with the interconnected, global community, there is truly no second of down time for those serving consumers. Furthermore, customers not only expect immediate service, but they expect it to be a seamless, straightforward transaction personalized for their unique needs.
Nearly 100% of Consumer Products and Services businesses are integrating this trend of constant connectivity into their marketing strategies and business decisions. Digitalization is key to the survival and success of every company in the Consumer sector.
However, despite this recognition of the fundamental importance of digitalization in business survival, only half of top executives feel their companies are investing sufficiently in technological advancements. Where is the disconnect? Why is there so much inconsistency with what executives say they need versus the actions they are taking with investment?
According to our 2019 Stanton Chase Consumer Products and Services survey of executives around the globe, a majority believe it is a lack of knowledge and understanding at the highest levels of leadership. It is imperative, therefore, to build a diverse and tech savvy management team to begin solving the dilemma of inadequate investments in technology. Our survey results indicate that Private Equity firms are currently leading the pack with aggressive tactics to spur innovation through financial investment.
