Press Release: Advanced Companies That Commit to Co‑Innovation Experience Double‑Digit Growth at Nearly Twice the Rate of Less Mature Peers
Study across 415 global decision-makers reveals keys to success for high growth, digitally advanced companies
CHICAGO — December 5, 2022 — Bounteous, the digital innovation partner of the world's most ambitious brands, today released the results of a commissioned study conducted by Forrester Consulting research to evaluate the state of digital transformation maturity and the benefits companies at varying levels of maturity have realized. The results emphasize higher financial growth, customer satisfaction and employee experience for advanced companies driving digital innovation.
The study, titled Co-Innovation Partnerships Drive Digital Transformation Success, surveyed 415 global decision-makers who are responsible for their company's customer engagement and digital transformation strategies and conducted six interviews with customer engagement and digital transformation leaders in September 2022, revealed that the most digitally advanced companies experience double-digit growth at nearly twice the rate of their less mature peers. The findings indicate that companies who continually invest in a strong data and technology foundation, as well as the right ecosystem of partners, are enabled to operate at the velocity customers demand while improving their ways of working.
Key findings include:
- Maturity requires co-innovation partnerships. Digitally advanced companies focus on their core strengths and engage partners that align around common goals and bring innovative ideas and best practices to the table.
- Moving at the speed of the customer requires continuously turning the right insights into the right actions. Digitally mature companies invest in a solid data and technology foundation and the right partners to help them do this well.
- High velocity leads to high growth for digitally advanced companies. The most digitally advanced companies in this study operate with agility and speed. In return, they have significantly happier customers and employees and are twice as likely to experience double-digit year-over-year growth, compared with their less mature peers.
“It has never been more critical, or more complex, to meet and exceed rising customer expectations and employee experiences,” said Keith Schwartz, Founder and CEO of Bounteous. “Today’s organizations cannot afford to ignore the importance of choosing the right partner to lead their digital innovation initiatives. Those leaders who are committed to implementing the right data foundation and selecting the right Co-Innovation partner will be set up for success to compete and win in their categories.”
Additionally the study found:
- Advanced companies didn't just grow financially, they also reported higher customer satisfaction and employee experience. Becoming a digital leader is about more than just growing revenue.
- 42% of advanced companies experienced double-digit growth this past year compared to only 22% of beginner companies.
- Advanced companies report already seeing benefits in the form of higher customer satisfaction (72% vs 56%) and improved employee experience (56% vs 41%).
- Advanced companies drive digital innovation by changing how they contract with partners:
- 62% percent of advanced companies used outcomes or performance as part of their pricing models.
- Advanced companies outpace beginners in customer experience technology investments:
- AI / Machine Learning: +23%
- MarTech: +24%
- Personalization: +19%
- Commerce Platforms: +16%
- Customer Data Platforms: +14%
To download a copy of the study, visit https://bounteous.com/insights/forrester/.
Founded in 2003 in Chicago, Bounteous is a leading digital experience consultancy that co-innovates with the world's most ambitious brands to create transformative digital experiences. With services in Strategy, Experience Design, Technology, Analytics and Insight, and Marketing, Bounteous elevates brand experiences and drives superior client outcomes. For more information, please visit www.bounteous.com. For more information about Co-Innovation, download the Co-Innovation Manifesto at co-innovation.com.
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