Category Archives: Papers

Identifying and measuring the value of customer-centricity

Customer-centricityWhat makes a customer loyal? This high-stakes question resonates from the boardroom to the call center. Finding the right answer is more difficult—and important—than ever. Keeping customers satisfied, without unnecessarily driving up sales or services costs, is a direct path to profitable growth, especially in the face of a challenging economic environment.

“In 2009, (Forrester expects) enterprises to turn their attention from an emphasis on customer acquisition to customer retention. In a recent CustomerThink survey of more than 350 CRM professionals, ‘improving customer loyalty’ was rated as a ‘top five’ business priority by 57 percent of respondents. This was second only to ‘improving the customer experience,’ picked by 62 percent. During an economic recession, sustaining revenue growth—or forestalling revenue erosion—becomes even more critical. Customer management improvement initiatives, supported by advanced business technologies, will continue to be critical to achieving this goal.”1

Industry-leading organizations make customers’ priorities their priorities. When managing performance, they continually measure, monitor and improve what matters most to customers. As companies align their value proposition to meet customer needs, they must periodically evaluate their strategies and processes to present customers with a consistently exceptional experience.

An enterprise that embraces customer-centricity defines its processes around its customer requirements at key interaction points. In essence, the company views itself as a portfolio of customers, rather than as discrete groups of products, services, territories and/or functions. This change in orientation allows companies to effect change necessary for their business processes, organizational structures and corporate cultures so that they can achieve the benefits of customer-centricity.

So, is your company customer-centric? Tell us what makes your customer loyal. If you would like to learn more about customer loyalty, read BearingPoint’s customer loyalty white paper.

1 Forrester, Trends 2009: Customer Relationship Management, Dec. 11, 2008

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How the wealth management industry is in position to benefit from today’s economic climate

There is no shortage of issues confronting the wealth management industry in 2009 as clients react to the historic economic events of the past year. These events have removed any lingering doubts that what began as a subprime mortgage crisis has become a global financial crisis. This is leading to a fundamental restructuring of the global banking industry, with a significant effect on wealth management products, services and distribution. As it has done in the past, the industry will move forward, with an immediate focus on regaining the confidence of clients, shareholders, regulators and governments.

As the restructuring unfolds, the wealth management industry will emerge as an obvious beneficiary of a new economic order. The evidence is clear. Wealth management divisions of many global financial services companies have already been the recipients of reinvestment budgets and funding even as their parent companies face overall profitability challenges in the short term.

Wealth managers cannot ignore the immediate effect of what has occurred. As the dust continues to settle from the events of 2008 and 2009, some key consequences have emerged and firms’ strategic direction must now take them into account. First, both existing clients and prospects have suffered wealth erosion like they have never experienced before.

Second, skepticism of complex financial products has greatly reduced investor appetite for risk in their portfolios. Taken together, these two factors have created an atmosphere in which investors are much more reluctant to invest. However, this still is an area of growth.

Do you think the wealth management industry is poised to benefit from the economic crisis? To learn more about wealth management in 2009, download BearingPoint’s white paper.

Drug safety with a comprehensive risk management strategy

Managing drug safety is core to enterprise risk management. Life sciences companies must manage risks with providing needed drugs to patients and decrease safety risks and regulatory non-compliance. Designing and operating a drug safety risk management program poses challenges that can threaten patient safety and regulatory compliance. A tested drug safety risk management program lets patients access needed drugs and makes sure manufacturers are in compliance.

Drugs with normal risks are generally addressed with labeling alone, but drugs with unusual risks need a Risk Evaluation and Mitigation Strategy (REMS) management program to monitor effective drugs that have serious risks. For drugs that have high potential for serious side effects or abuse, the Food and Drug Administration (FDA) requires a Risk Minimization Action Plan (RiskMAP) to minimize drug risks while preserving benefits.

BearingPoint provides life sciences companies with risk planning, which can monitor drug safety. We have extensive knowledge of risk management program delivery and operational design and can help manufacturers integrate data needed to accurately and easily report to FDA and monitor compliance. Our services for development and operation of drug safety risk management programs include:

  • Design, development, and operation of FDA-mandated REMSes and RiskMAPs
  • Program and vendor management of risk management programs
  • Assessment of vendors’ abilities to deliver risk management services
  • Drug safety and regulatory design

Integrated data warehousing, data collection and reporting for risk management programs
Overall, we have experience supporting large, complex risk management programs and developing drug safety surveillance tools to decrease risks.

To learn more about the drug safety risk management challenges life sciences companies face today, download our white paper on creating a comprehensive drug safety risk management strategy.

Information Management: Tom O’Toole interview

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Tom O’Toole,
Former CMO and CIO,
Global Hyatt Corporation

BearingPoint took some time to sit down with executives in a series of discussions to get their insights into information management. This conversation is with Tom O’Toole, Former Chief Marketing Officer and Chief Information Officer, Global Hyatt Corporation.

Global Hyatt Corporation is one of the world’s premier hotel companies. With more than 365 hotels and resorts in over 45 countries, Hyatt’s brands include Park Hyatt™, Andaz™, Grand Hyatt™, Hyatt Regency™, Hyatt Resorts™, Hyatt Place™ and Hyatt Summerfield Suites™.

Hyatt is engaged in a wide range of IT development initiatives for all its major enterprise systems, including electronic commerce, customer data systems and other applications. To ensure that Hyatt’s IT system investments best enable its business success, O’Toole and his team worked very closely with the company’s business unit heads, other C-level executives, senior operating executives, corporate function heads and hotel general managers.

In this Q and A, Tom talks about his leadership as both a CMO and CIO.

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Information Management: Mark Coughlan interview

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Mark Coughlan
Director
ING Groep N.V.

BearingPoint took some time to sit down with executives in a series of discussions to get their insights into information management. This conversation is with Mark Coughlan, Director, ING Groep N.V. (Amsterdam).

ING Groep is a global financial institution of Dutch origin offering banking, investment, life insurance and retirement services to more than 85 million private, corporate and institutional clients in over 50 countries. Mark Coughlan, an ING director, is recognized as an energetic, passionate leader who believes success comes from building professional teams with high levels of motivation and empowerment. Mark Coughlan, has responsibilities for operations and information technology (IT) across ING functions—covering finance, risk, human resources and other corporate areas—and part of ING Wholesale Banking.

In this Q and A, Mark talks about topics including the increasing need for better IM strategy and how to build one to eliminate siloed information. He also discusses data governance and data replication and how they are effecting industries.

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Information Management: An interview with Tom Conophy

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Tom Conophy
Chief Information Officer
InterContinental Hotels

BearingPoint took some time to sit down with executives in a series of discussions to get their insights into information management. This conversation is with Tom Conophy, Chief Information Officer, InterContinental Hotels.

For the past 25 years, Tom has tackled some of the most challenging issues in technology-supported business strategies across a variety of industries. So when he took over as chief information officer (CIO) of InterContinental Hotels Group PLC in 2006, his mandate was clear: explore and apply the technologies that are most likely to advance the mission of his organization and look for opportunities to innovate in ways that will set InterContinental Hotels apart in a highly competitive market.

With the active support of his company’s senior leadership, Tom has seen InterContinental Hotels leverage its Advantage Technology Platform to establish a competitive advantage in the hospitality sector. He points to the company’s advances in business intelligence and Web-based marketing as central to its recent growth. The company, which is now building the world’s largest hotel in China, is the third largest hotel chain, with brands such as InterContinental, Crowne Plaza, Holiday Inn, Holiday Inn Express and Candlewood Suites.

Tom spoke with BearingPoint about his organization’s information management initiative, read the full conversation

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Information Management: An interview with Dr. Sai Lai Lo

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Dr. Sai Lai Lo
CIO
Ping An Insurance

BearingPoint took some time to sit down with executives in a series of discussions to get their insights into information management. This conversation is with Dr. Sai Lai Lo, CIO of Ping An Insurance.

Over the last 18 years, Ping An Insurance (Group) Company of China has become one of China’s best-known financial services brands both domestically and internationally. The group has an extensive domestic customer base and is one of the few Chinese financial institutions providing integrated insurance, banking, trust and brokerage services.

Ping An’s chief information officer, Dr. Sai Lai Lo, who joined the company in 2002, is spearheading the organization’s information management efforts during a period of rapid expansion—but without the need to tackle legacy systems or other problems commonly found in more established organizations.

Through his leadership, the company is fixing problems as they happen, taking into account how to implement information management properly one business unit at a time—without even calling it information management. While Lo envisions a more pragmatic approach in the future, today his focus is on data consistency. Lo offers insights into information management within the context of an emerging market.

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