In this always-on, tech-savvy world, customers come armed with an internet full of information about the product they want and the price they think they should pay for it. In addition, organizations are collecting vast quantities of data about how customers shop and buy – no longer are consumers following a traditional “path to purchase”. Organizations who can identify and recognize opportunities to engage customers in different ways and utilize their purchase triggers will win the game. Analytics is a powerful tool that can help organizations find those new eye-opening opportunities.
Today’s global business environment requires consumer-focused organizations to accurately anticipate the changing needs and wants of its customers. But this is not new; successful organizations have always had to do this. What’s new is the speed and frequency with which needs and wants change due to the consumer’s increased access to information. Organizations must be prepared to respond rapidly (sometimes in “real-time”) with products and services that fulfil consumer demands, while facing challenges of improved operational efficiency, greater profit margins, and competitive pricing. An increased connection with consumers and collaboration with other participants in their business eco-system is also imperative.
Gauging consumer demand and responding to it rapidly and effectively requires organizations to change their approach to information management and business intelligence. Consumer-focused businesses need advanced analytics applications throughout their operations - from front offices and supply chain systems, to financial planning and accounting functions.
Deloitte Analytics has extensive experience in customer relationship management and behavior analysis, coupled with a deep knowledge of analytics principles and practices. Deloitte member firms can help your organization apply analytics within the business value chain to help you achieve your business growth imperative and better understand and serve your customers so that they remain your customers.
Analytics must be used to be useful. Abstract theory might be interesting, but it won’t solve your business problems – unless you put theory into practice.
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