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Articles Variation 1
The Customer is King: The commercial perspective on digital transformation
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 * The Customer is King: The commercial perspective on digital transformation


THE CUSTOMER IS KING: THE COMMERCIAL PERSPECTIVE ON DIGITAL TRANSFORMATION




COMMERCIAL AND SALES TEAMS HAVE A CLEAR VISION FOR DIGITAL TRANSFORMATION, BUT
RESEARCH SUGGESTS THAT THEY ARE ALSO DISAPPOINTED BY WHAT THEIR BUSINESSES HAVE
ACHIEVED SO FAR. WHAT DO THEY NEED TO DO AND WHO DO THEY NEED TO PARTNER WITH TO
HIT THOSE RIGHT NOTES?



Please use valid input
Please provide your details to continue reading.
Job Title* Assistant Director Of Finance Assistant Treasurer Business Finance
Manager Business Strategy Manager Chief Accounting Officer Chief Digital Officer
Chief Executive Officer Chief Financial Officer Chief Information Officer Chief
Procurement Officer Chief Strategy Officer Chief Supply Chain Officer Director
Corporate Finance Director Of Treasury Director Strategy Business Development
Division Chief Financial Officer Executive Director Finance Finance Manager
Finance Specialist Finance Treasury Manager Global Finance Director Head Of
Finance Head Of Strategy Regional Chief Financial Officer Regional Finance
Director Regional Finance Manager Senior Finance Manager Senior Manager
Corporate Strategy Senior Manager, Procurement Senior Manager, Supply Chain
Management Senior Vice President Strategy Treasurer Treasury Manager Treasury
Specialist Vice President Finance Vice President Strategy Business Development
Vice President Strategy Corporate Development Vice President Treasury Vice
President, Procurement Vice President, Supply Chain Management Others

Industry* Automotive Commodities Consumer Product & Services Energy, Chemical &
Infrastructure Financial Institutions Food & Beverages Government Linked
Corporation Healthcare Insurance Media New Economy/ Ecommerce Real Estate
Shipping, Aviation & Transport Technology Telecommunications Others

Job/Dept Function* CFO Finance Operations Procurement Sales Shared Services Tech
Treasury Others



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Continue reading


While commercial and sales teams have a clear vision for digital transformation,
many are not achieving the improvements in the customer experience they had
hoped for, and they are also falling behind on other key goals, including
efficiency and speed of decision making.

Compared with other functions in the business, commercial teams are
significantly more likely to be focusing their digital activity on improving the
customer experience. Despite this clarity of purpose, there is a long way for
the commercial and sales teams to go to meet their objectives. All too often,
they are hitting the wrong notes. 

According to new research by DBS, less than one in three commercial respondents
(31%) has managed to exceed their customers’ expectations around digital
engagement. Around half (48%) admit that they are just catching up.

There is frustration elsewhere too. Scarcely one in two commercial respondents
is satisfied with how digital transformation is improving customer acquisition.
About the same amount (51%) are pleased with their results on brand awareness.
Moreover, only 53% think that transformation is helping them retain customers.


THE KEY THAT IS TREASURY AND FINANCE

How do commercial teams secure more of the transformation benefits they had
expected? The DBS findings suggest that building stronger links with their
business’s treasury and finance functions will make the difference. 

The research indicates that organisations achieving the greatest all-round
success from transformation are far more likely to have championed collaboration
between commercial functions and treasury and finance – right from the earliest
stages of innovation and new product development.

Jean Noel Lau Keng Lun, Senior Vice President Product Management at the French
hospitality business Accor, subscribes to this approach. He runs Accor’s
‘Digital Factory’ initiative, which is responsible for driving transformational
products across the business with the collaboration and support of multiple
business functions. 

“Our organisational culture has shifted,” he says. “In the past, we had some
tense negotiations between functions, but most of that is gone now. Instead,
there is a spirit of partnership, of co-construction, and even of co-conception
of the initial idea.”

Many commercial teams have started to recognise this imperative. The top
priority of the commercial function as it strives for better transformation
outcomes is to improve data-sharing across the business. Asked about the key
elements of a more productive collaboration with treasury and finance, 46% say
that the teams need to share timely, high-quality data.

For now, 57% of commercial teams worry that a lack of collaboration between
their function and treasury and finance is making digital transformation more
challenging than it needs to be. What is stopping that collaboration from
happening?


THE OBSTACLES IN THE WAY OF CLOSER WORKING

First, there is a resourcing issue. Almost half of commercial teams (45%) in the
DBS research are concerned that their colleagues in treasury and finance do not
have the bandwidth to support transformation with the commitment that their
organisations now require, which will be exacerbated by the demands that the
inflationary environment is putting on the function.

Another concern is that finance and treasury appear to have different views
about when they should become involved in digital transformation work. Almost a
third of commercial teams (31%) want collaboration to begin much earlier.
Finance and treasury teams are less likely to feel this way.

Then there is the issue of mismatched priorities. Commercial managers may be
focused on the customer-facing benefits of transformation, but finance teams are
more likely to see increased efficiency as their most important objective. With
different goals, the two teams may struggle to work together effectively.

Leading on from this, commercial teams will naturally measure success in a
different way to their peers in treasury and finance. More than a third of the
commercial teams in the research (35%) see this as an issue standing in the way
of closer collaboration.


STEPPING OUT OF SILOED COMFORT ZONES

To address these problems, different parts of the business will need to learn
each other’s language. 

“You need to be really clear about the strategy around what you are trying to
build, and you need to help finance understand that strategy,” says Mike Hughes,
Head of End-to-End Digital Commercial Excellence at energy company Schneider
Electric. “Finance naturally wants to feel comfortable that there is a strategic
plan underpinning investment and that this plan will drive measurable returns,
so you need to help them get that comfort.”

The bottom line for commercial teams is that collaboration requires a different
type of mindset. In DBS’s research, the most successful transformers are the
businesses that are empowering their commercial, finance and treasury leaders to
step out of their comfort zones and take greater responsibility for driving
change. 

Commercial teams that can embrace that opportunity will, alongside finance and
treasury, finally secure the benefits promised by transformation.


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