As we usher in industry 4.0 with its dynamism and complexity, the leadership of many businesses is leveraging technology to stay ahead of competition. However, the big question is – Is that enough? Are they future-ready?
Not if they are applying the technology to a business that is built on product-centricity, old-fashioned thinking and fixed mindsets. It doesn’t generate the agility required to thrive in the future of business. There is a need for a 360-degree transformation of the business.
Understanding Customer 360 Transformation
Based on in-depth research and discussion with industry stalwarts and top leaders over 2 decades, Salesforce created a playbook on Customer 360 Transformation. Customer 360 Transformation is an approach that helps businesses to make themselves customer-centric in all aspects of their functioning from innovation to feedback.
Why is Customer 360 Transformation Important?
Simply because customers are calling the shots today in most aspects. For businesses that want to build customer trust, brand loyalty and a solid brand image, customer experience is critical. Tailored, cohesive and seamless customer experience comes only with all-pervasive customer-centricity.
How to Bring About Customer 360 Transformation?
Mindset change of everyone in the organization, starting from the leadership.
Mindsets in organizations are essentially the collective opinions and worldviews of the people. Mindset impacts how the people in the organization think, behave and act. So, the mindset can pull businesses back or propel them forward.
Typically, businesses adopt two types of mindsets:
The Renovate mindset is a defensive strategy that focuses on how the existing business can be optimized. Here, the leadership tries to leverage the latest technologies to keep pace with innovation. The effort is to drive productivity and efficiency in the old business processes. However, this approach doesn’t enable businesses to reimage or future-proof themselves. It is a very product-centric approach.
The Transcend mindset is the disruptor strategy that dwells on finding new ways of doing, being and adding value to the customer. Here, the leaders look to experiment with bold and ambitious ideas to go above and beyond the standards of competitors.
Given the budgetary constraints of trying to build everything ground up, shifting to a transcend mindset completely is not possible for most businesses. So, leaders tend to invest major proportions in the renovate mindset and the remaining minor portion in transcend programs. The end-result – the product-centricity stays intact.
The way out of this tricky situation is to develop an evolve mindset. With the Evolve mindset, leaders are cognizant of the realities existing culture, capabilities and practices that are built into the muscle memory of the people. They understand the underlying tech stack. They look at ways to bring customer-centricity given these constraints.
The renovate mindset will remain. But a focused approach and commitment to develop an evolve mindset will lead to the successful transformation of the business into a future-ready one. Such a business will be able to face the challenges of industry 4.0 with greater ease.
To thrive in industry 4.0, there is a need for businesses to start asking questions and identify actionable ways to transition from the renovate mindset to the evolve mindset now. If you are unsure how to do so, get in touch with Manras, a Salesforce Gold Consulting Partner, now.