Future ready with a redefined framework
Moving deeper into a technology-fuelled future, it has become imperative for enterprises to build new and relevant products for the modern world through innovation in software engineering, adopting modern methodologies and indulging in disruptive technologies. However, to make an impact, businesses need more than just a great product at a cost-effective price.
Customer-centricity is essential for innovation
In today’s hyper-connected world, customers have more choices than ever and they decide to do business only after considerable thought and research. Something as simple as going out for a movie has a millennial checking trailers on YouTube, ratings on IMDb and even checking discussion threads on social forums if the movie is best watched on 2D or 3D.
With numerous digital channels now available, the way a customer interacts with a brand has undergone a significant change. Brands need to give their businesses newer ways to connect and better understand their customers. We are in the Age of the Customer, which demands a deep understanding of the customer’s needs which if not met, will leave companies to likely find themselves quickly losing ground to competitors.
It has become essential to build out an entire journey for the customer—starting with customer acquisition to transaction and aftercare. Every part of the business empathises with the customer and focuses on giving the best possible experience for them. While it has always been important to satisfy the customer with a product/service, being customer centric represents a dynamic shift. It shifts the focus from solely delivering a great product, to enriching the customer experience in every possible interaction. And technological advancements have paved the way to obtaining deep insights to understand the customer in greater detail. The rewards for companies investing in the experiential journey of the customer are promising. Companies that excel at customer experience grow their revenues from anywhere between 4%–8%. Because, a superior experience is guaranteed to earn stronger loyalty, and may even help in converting customers to promoters.
Millennials drive focus on sustainability
The fight against climate change has picked up an incredible momentum over the past few years, with Millennials or ‘The Green Generation’ taking cognizance of the climate crisis by being at the forefront of many movements to avert this crisis. They are taking to task businesses that do not have products or solutions that impact the earth. In 2018, a study conducted by Nielsen found that products that are clean and sustainable, attract more millennials and that over 75% of them are willing to alter their purchase patterns keeping the environment in mind.2 As customers become more aware about their increasing degree of influence, it has also helped to drive positive sustainability trends.
Technology companies are increasingly choosing to build sustainability in their products, technologies, processes and business models. Innovation around products now includes factoring the long-term impact that the product or process will have on planet earth. Sustainability is also being used as a competitive advantage. Companies are carefully examining consumer concerns and rethinking the customer value proposition accordingly. Green technology investing is also gaining ground with investors choosing to support sustainable practices through the latest technological advances.
The road ahead…
At Tech Mahindra, our capabilities, experience and investments are aimed at helping engineering organizations build a smart, safe and sustainable future. We help steer organizations to move their engineering towards energy efficiency, carbon neutrality, and responsible material choices. At Integrated Engineering Services (IES), we have redesigned our framework, with customer centricity and sustainability at the core of our offerings. With the new year, we want to ‘Accelerate’ our outcomes from existing engineering initiatives, ’Partner’ with customers to develop new products and have a competitive advantage, and to also ‘Drive’ transformation in enterprise business models. Our capabilities, experience, and investments are aimed at partnering with engineering organizations to build toward a smart, safe and sustainable future.
Our redesigned framework will focus on putting our customers at the very heart of every operation, using sustainable measures, processes and technologies to offer them the best-in-class products.
Let us redefine your engineering journey!
To know more please visit the IES Page here
Deepak Kadambi, Global Marketing Head – IES
Deepak is a marketer with over 19 years of experience in Marketing and growth and is currently the head of global marketing for engineering services. He has spent time working on the various facets of business marketing and has spent time across media, product companies and startups previously.