The momentum and complexity of global business change are challenging us to move faster, work smarter, and think further ahead than the competition.
To be successful, the business must develop a winning corporate culture that excels at understanding, predicting and responding to its customers, competitors and market dynamics.
The corporate culture is the invisible driver of business performance.
The tool to measure and manage market-driven behaviours is the Market Responsiveness Index (MRI). This correlates with the firm’s performance as measured by profitability, profit growth, sales revenue growth, innovation, new product success, and customer satisfaction.
WHAT ARE THE MRI MEASURES?
There are many elements to any corporate culture. However, the MRI measures only those cultural factors that are most directly linked to creating competitive advantage. It provides a simple, yet profound benchmark to measure and improve the firm’s competitiveness versus other businesses based on seven critical characteristics that define Customer Culture:
1. Customer Insight: Measures behaviors related to understanding and acting on current customer needs and satisfaction
2. Customer Foresight: Measures behaviors related to understanding future customer needs and attracting potential customers
3. Competitor Insight: Measures behaviors related to monitoring, understanding and responding to current competitors’ strengths and weaknesses
4. Competitor Foresight: Measures behaviors related to monitoring, understanding and responding to new market entrants and potential competitors
5. Peripheral Vision*: Measures behaviors related to monitoring, understanding and responding to trends in the larger business environment
6. Cross-Functional Collaboration: Measures behaviors related to interacting, information sharing and working cooperatively with colleagues from different work functions
7. Strategic Alignment: Measures behaviors related to aligning work with the firm’s vision, mission, values, objectives and strategies.
Customer Centric Culture provides :
A- A Critical road map for improvement and better business results
B- Supports the company’s strategy
C- Delivers superior customer experiences
Basically measuring where the firm stands today is the first step in revitalising and transforming the firm’s customer culture for greater business success.
The next step is to evaluate the results which are then reported to all desired levels and functions with comparison between various groups to better pinpoint both areas of strength and weakness. This should eventually be related to the firm’s strategy.
About the Author:
Ramy Sayed has been in Management Consulting for 8 years with over 25 years of experience in management and senior level positions in the financial industry. He has worked with both finance and operations department for companies like Banque Nationale de Paris – Sydney, Australia, ING Bank – Manila, Philippines, Banque Indosuez – Manila, Philippines and Bank of Singapore Limited – Manila, Philippines.
His expertise as a consultant includes Change Management/Transformation, Process Improvement, Operations Risk Management, Strategic Operations Management and Customer Centric Culture.