Although organizations have long talked about customer-centricity, now they need to do it. Yet, according to the most recent EY Future Consumer Index, many organizations have lagged behind in achieving this. Some of it relates to consumer reluctance to share their data. However, organizations have also lacked the capabilities to make proper use of the data they do have.
With 62% of respondents saying they will share data in exchange for healthier product recommendations, companies need to quickly ramp up their ability to respectfully and ethically harness this data using artificial intelligence (AI) and analytics. In doing so, they can do a better job of listening to what their customers want and redesign their business models to meet customers on their terms — how they’re living, and where and when they’re buying.
2. Double-down on empathy, flexibility and trust
In a time of increasing uncertainty, trust has also become a significant factor for employees, particularly around data privacy, as well as their health and well-being. Some organizations have done a better job than others in recognizing the pandemic’s impact on their employees and providing the right levels of empathy, support and flexibility.
Going forward, organizations looking to thrive will need to double-down on providing employee-centric policies that prioritize their physical and mental health. This includes listening to how people are feeling about returning to the physical workplace and designing the workplace of the future to meet the needs of their employees.
It’s important to recognize that there will be no one-size-fits-all approach to the future of work. In the EY Work Reimagined Survey 2021, 9 out of 10 employees want flexibility in where and when they work, with more than half willing to quit if they aren’t offered the flexibility they want.
Those who do return to the physical workspace will likely have to provide personal health data. Employers will need to demonstrate their trustworthiness by capturing and using this data only for the purposes in which it was intended, and securely storing it.