Outlook Journal, October 2003
This issue of Outlook marks the next stage in an intellectual journey at Accenture. The lead article, written by Accenture Chief Strategy Officer Tim Breene, is part of a $25 million research and thought leadership project that will, over the next 12 to 18 months, explore and document the characteristics of high-performance business. The effort will complement what we have already learned and put into practice working with our clients to help them achieve high performance. As our knowledge of the subject deepens, we will continue to share the results of our research in Outlook and other Accenture publications.
Our initial research has suggested some of the key traits that distinguish high-performance companies. One of the most important is what we call the insight-to-action loop—a superior ability to gather, manage and analyze information about the business and competitive environments, which, in turn, allows these companies to act more quickly and more decisively. A case in point is how consumer research is put to use, a subject that is explored from two different perspectives in this issue of Outlook.
Customer data has always been critical to business success, of course. But in today’s tough environment, the enhanced ability to access a richer trove of consumer information through online research and other technologies not only imparts competitive advantage; it can also help companies create entirely new business models.
One example is described in an article about bundling combinations of products and services into what Accenture calls “lifestyle solutions.” Dramatic advances in consumer research enable manufacturers and service companies to determine far more rapidly and more accurately what bundles their consumers want most. It’s a classic win-win: Lifestyle solutions serve the customer from the customer’s perspective while they provide companies with new opportunities for growth.
But the revolution in data gathering also creates an important new challenge for businesses as they seek to know more and more about their customers: How do they reconcile their need for the kind of information that helps them provide better products and services with their customers’ right to privacy?
As our article on privacy suggests, this dilemma is one of the defining aspects of 21st century commercial life. Thought leaders at Accenture Technology Labs—who are at the epicenter of this revolution and have contributed a number of articles to Outlook on these enabling technologies—argue persuasively that a company’s commitment to respect its customers’ privacy can be a competitive advantage as well. The key is to recognize the economic value of your customers’ trust. Trust doesn’t simply happen, the authors note. It must be established proactively, made part of a company’s business plan and maintained vigilantly.
The process of earning and preserving your customer’s trust is an important milestone on the journey to high performance. And it can pay significant dividends. The trusted company is the company of choice, which means greater profitability, differentiation from competitors and added value for shareholders.
David Cudaback
Editor-in-Chief, Outlook
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