Make those minutes count

The Front-Office Transformation of the Modern CIO

Customer ExperienceTraditional thinking often relegates technology employees – even executives like the CIO and CTO – as back-office positions, supporting the day-to-day operations of a company without directly interfacing with customers or impacting the bottom line. However, as customers move their business interactions to an increasingly online and social media-driven world, CIOs find that the customer experience is increasingly within their purview. The savvy CIO will finds ways to focus resources on improving the customer experience, which can make a big difference across the entire sales funnel.

Reputation Economies

Reputation economies are growing fast in today’s digital and interconnected world, with word of mouth having a direct and proven impact on sales. With low online barriers for both complaints and praise, customers are likely to take to Twitter, Facebook, and other social media platforms to call out outstanding customer experiences – and disappointing ones. In fact, poor word-of-mouth alone is estimated to cost US companies $41 billion each year, and that number doesn’t count the cost of customers who have a bad experience and simply turned away, never completed a purchase, or never returned.

More and more of a customer’s experience with a company is filtered through the online and technological presence of the company. Between 2015 and 2016, for the first time in history, consumers became more likely to make purchases onlinethan in a brick-and-mortar store, and everything from fresh groceries to B2B enterprise data solutions are moving onto the internet. This means that a CIO is positioned to control one of the most important front-office fields within a company.

Managing the Customer Experience

Content management systems (CMS) and customer relationship management (CRM) systems are two of the basic platforms for managing the customer experience. The CRM system monitors and analyzes customer response through a variety of points of contact, from website hits to call center interactions, delivering actionable data to CIO teams. Meanwhile, the CMS tailors a customer’s experience to their needs and preferences.

For example, the CRM for a design software company might track statistics on website hits, and discover that marketing and product information pages are overwhelmingly visited by designers with high-resolution, multi-monitor setups – whereas later in the sales funnel, orders are placed by executives on mobile devices such as tablets, or more middle-of-the-road desktops with monitors. Understanding this breakdown allows a CIO to target each visitor persona with a website experience modeled for their unique environment, leading to positive responses from the customer.

Bringing the CIO and technology staff into the front office may require a hard look at the scope of the position, as well as re-training, clarifying business goals, and auditing existing processes. But the results can bring the power of digital transformation to the company’s growth and sales.

Security Budgets Continue to Soar, But Is It Enough?

SecuritySecurity is now a vital concern for businesses across several industries. However, investments in privacy and defense should have been implemented years ago. With cyber crime now an international epidemic, why have so many companies waited so long to invest in cybersecurity measures? The following sheds some light on whether or not it’s too late to invest in cybersecurity.

Cybersecurity Is an Increasing Concern

Cybersecurity is a growing concern for many businesses, and the number of high-profile breaches continues to grow each year. In 2015, there were approximately 781 data breaches across the U.S. – the second highest year on record for security invasions. According to industry monitors, 40% of those breaches happened entirely in the business sector.

With this in mind, industry experts have predicted mass-scale investments in cybersecurity for 2017. Here are a few statistics based on Business Insidermagazine and other industry publications:

  • An estimated $655 billion will be invested in cybersecurity measures between 2015 and 2020.
  • Nearly $2.77 trillion in security investments was estimated for 2016 – far above the $75.4 billion in spending that took place in 2015.
  • These numbers suggest that businesses are just now catching on to the importance of cybersecurity.

Are Recent Security Investments Enough?

Are these recent security investments enough to combat the rising number of intrusions? According to Radware, companies that are only now investing in cybersecurity protocols are way behind. This is due to new threats that are evolving at rapid rates, so much so that even the latest security applications and programs are not able to contest new strains of malware, adware, and other viruses.

Companies cannot afford to sit around and wait for the next best cybersecurity solution. Industry experts recommend the following:

  • Never procrastinate when it comes to protecting enterprise hardware, software, applications, and general infrastructure.
  • Work with leading vendors to develop a sound and proactive security platform that can combat prior and new threats.
  • Strong security platforms are based on solid foundations; core policies and processes for data availability, integrity, access, and confidentiality must be in place.

 

The Rising Costs of Security

IBM recently estimated that the average cost of security breaches in 2016 was $4 million. This was up from $3.8 million in 2015 – and is slated to grow even more in 2017. With this in mind, businesses have to stop scrambling with last minute endeavors to protect corporate data. They simply need to agree on one comprehensive and cohesive security platform that will prevent massive revenue losses.

The longer businesses wait to implement cybersecurity initiatives, the more susceptible they will be to digital intrusions. It will also be harder for them incorporate security measures in the future, especially if infrastructure has already been jeopardized.