The life centricity playbook | Accenture

The life centricity playbook Proven strategies for growth through relevance From insights to action, the path to extraordinary value starts here. 1

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 When the growing gets tough… Consensus is often hard to reach among C-suite executives, but as we spoke with them for our latest research, there was unanimous agreement on one thing: It has likely never been more challenging to achieve meaningful growth. After years of global volatility, black swan events continue purpose. They seek to balance their needs with the constant to upend the world as we know it, yet leaders are finding pressures of external life forces, while still demanding more, their toolboxes offer limited options to thrive amid the better and faster from the companies with which they interact. upheaval. Attracting and motivating talent has become more Amid these ongoing challenges, we surveyed 1,700 global difficult, while initiatives meant to induce growth often fail C-suite leaders over the course of two survey runs. What we to gain traction. learned underlines the key issue of today: In our most recent At the same time, people are becoming increasingly survey, more than 95% of both B2C and B2B executives told us 1 that they believe their customers are changing faster than they unpredictable—even paradoxical—in their choices. As they face economic, social, environmental and political instability, can change their businesses. That’s up from 88% of executives they are continuously reassessing their values and sense of just a few months prior. The lifThe life centricity plae centricity playbookybook 22

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 Many are turning to technology in hopes that a new digital approach will reshape their operations and keep them a step ahead of their competitors. But while nearly all executives (95% in our recent survey) are accelerating their transformations, 97% an astounding 97% of them acknowledge that, at best, this effort allows them to keep pace but will not on its own help them create new growth. of executives Within our research, however, we discovered an important ray of light: some acknowledge that, companies are beginning to break out. The highest growth companies in our study at best, turning to are widening their strategic aperture, transforming in ways that position them to technology merely drive new growth and relevance. They’re moving beyond basic digital upgrades allows them to keep and instead using technology more creatively to solve emerging customer needs. pace, not gain ground Most important, our analysis found that the companies gaining momentum are not using strategies that are product-centric or customer-centric—they are becoming life-centric. The lifThe life centricity plae centricity playbookybook 33

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 The way forward: A life-centric approach Businesses today need to take a Our research has found that companies which are furthest on to road to life centricity are best positioned to maintain their relevance and thrive.2 broader view that allows them to They are three times more see customers in their full lives likely to outperform their peers on speed-to-market and almost five times more likely and adapt to their ever-changing to outperform on customer lifetime value. needs and priorities. We call this They’re also positioned to jump to the front of the growth race. Our modeling analysis life centricity. predicts that companies who lead in life centricity will outpace the growth rate of their peers by nine percentage points annually. In fact, companies that lag furthest behind in life centricity are likely to shrink year-on-year. For a $10 billion company, this could mean the difference between growing $4 billion in new annual revenues over five years or shrinking by $1 billion in the same period. The life centricity playbook 44

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 Our model predicts that otherwise similar companies—similar-sized peers in the same industry and country—will achieve vastly different growth trajectories depending on the extent of their life-centric capabilities. * $14bn Companies leading in life centricity are: 3.2x 2.8x more likely to outperform more likely to D) Leading in life centricity peers in revenue from outperform peers in S new business profitability growth U ( +$4bn e u n e v e $10bn R Lagging 4.9x 3.1x -$1bn more likely to outperform more likely to peers in customer outperform peers in $9bn lifetime value speed-to-market Year 0 1 2 3 4 5 * Predictive modeling analysis based on Accenture‘s life-centric business executive survey, 2022 The life centricity playbook 5

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 We had previously offered a framework to approach life Simplifying requires two plays as well. The first is through 3 integrating customer-facing functions like marketing, sales, centricity: See, Solve and Simplify. From our latest analysis, we’ve been able to further distill these three steps into the service and product into a single connected “experience plays that leading companies are making to activate them. continuum” that makes customer interactions delightful Seeing requires a profound understanding of people’s and easy. The second is building the internal operational lives and the forces that affect them, through human fluidity that allows that continuum to be supported by and machine intelligence. an agile and dynamic organization. Solving requires moving away from the perceived Each of the five plays uncovered by our analysis constraints of an industry (total addressable market) represents a way that companies on the road to life to embrace the expansive need states of modern life centricity are focusing their investments to capture (total addressable needs). We have seen leading companies new growth amid uncertainty, and every one of them approach this in two ways: “outside-in,” finding new confers a lasting advantage. We believe that any customer needs and creatively rising to the occasion to fill single life-centric play can be used on its own but has them, and “inside-out,” creatively finding new applications compounding effects if combined with the others. for existing capabilities, technology and talent. The life centricity playbook 6

Play #1 Gain a profound 5 life-centric understanding of people Play #2 Broaden your canvas plays to drive for value creation Play #3 Creatively transcend industry norms growth Play #4 Design a delightful experience continuum Play #5 Build a fluid operation across functions The life centricity playbook 7

Gain a profound of people understanding The life centricity playbook 8

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 From: To: Growth potential:* Seeing people Seeing people as multi-dimensional, more likely to achieve as “buyers” with through dynamic data and life force 16% highest levels of static personas monitors profitability growth more likely to achieve 19% highest levels of The combination of human and machine intelligence is allowing us to understand— employee retention more deeply than ever before—people and the forces that affect them. Today, to see people merely as static buyers of products, unaffected by the chaotic life forces that surround them, leaves immense opportunities for value creation on the table. People play multiple roles in their lives: parent, citizen, friend, student, or activist, to name a few. With the right intelligence in place, leading companies can identify and understand these roles, and the needs and desires that stem from them, to find greater opportunities for adding value to people’s lives. * Based on our analysis of survey data from companies in our study that our model determined were focused on this play. The life centricity playbook 9

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 Further, forces such as political, technological, cultural or environmental change affect life to a far greater degree than ever before. Intelligence once again comes to the rescue, allowing leaders to proactively predict the impacts of these changes by monitoring these life forces in an always-on way. Through methods and technologies like artificial intelligence, analytics, ethnography, trend forecasting and deep qualitative and quantitative research, leaders can create more dynamic, expressive customer segments that evolve as their customers do. This dynamic view allows them to spot proactive opportunities for growth, both from a B2B and B2C perspective. It’s worth noting that this culture of deep understanding often extends to employees as well, with companies that demonstrate this trait significantly improving employee retention. The life centricity playbook 10

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 The play in action: Kimberly-Clark personalize Using data to connections BEFORE: AFTER: THE LASTING ADVANTAGE: “In today’s world, people expect us to Kimberly-Clark wanted to connect more emotionally This play unlocks a human insight advantage. be digital … They expect us to use data to with its customers and open a two-way dialogue. Kimberly-Clark is better able to identify users’ better target and give them solutions they To achieve this, its solution involved pulling needs across services and brands, giving need,” says one member of Kimberly-Clark’s first-party data to the fore, and collating brand data its limitless opportunities to play a more C-suite. But companies in the consumer from different sources to build a cohesive picture meaningful role in its customers’ lives, products space often end up at arm’s length of its customers’ needs. The new digital connections now and in the future. from customers, as retail operations stand mean Kimberly-Clark can connect in a personalized between the two. The personal-care products way—for example, by offering new parents manufacturer needed a new way to connect informational tools and loyalty rewards on its 4, 5 Huggies mobile app or by reaching out to people directly with its customers. buying cold medication to help them find Kleenex 6, 7 and other products they might need. The life centricity playbook 11

Broaden your canvas for value creation The life centricity playbook 12

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 From: To: Growth potential:* A focus on financial A focus on sustainable growth through more likely to achieve value while meeting solving unmet needs: providing customer, 26% the highest levels of existing needs social, environmental and employee value market share growth more likely to achieve 24% the highest levels of As people are rethinking their sense of purpose, they expect businesses to align with their customer lifetime value 8 values and address the bigger problems they see in their lives and the world at large. Companies that take a narrow view of their role in society and the marketplace miss the opportunity to provide solutions to unmet needs—and reap the resulting profits. Those that don’t broaden their mission around social, environmental, economic and other values put their relevance at risk. In this new world, how you meet these needs is just as important as meeting them. As people—both in business and in their personal lives—come to grips with the finite amount of resources on earth, the innovators who can turn scarcity into abundance through technology and ingenuity will win the growth battle. * Based on our analysis of survey data from companies in our study that our model determined were focused on this play. The life centricity playbook 13

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 The play in action: Johnson Controls sustainable value Creating for customers BEFORE: AFTER: THE LASTING ADVANTAGE: Johnson Controls, Inc. (JCI) was an industrial JCI took a big leap, giving up reliable income streams such as its Making this play helps create an enduring company that revolved around building lead battery business, that were profitable but had limited growth sustainability advantage. By building 10, 11 management solutions and products such or future appeal. Through intelligently monitoring life forces, new core competencies and transforming as electronics, batteries and HVAC it found that concern for the environment was growing globally, its business model around the sustainable equipment. It saw a growing need in the and that remote work was putting renewed pressure on buildings’ and regenerative growth that is being market for bigger-picture solutions: 12 demanded by customers in a resource- value proposition. As such, the company reoriented itself as “We recognized that CEOs and companies a sustainability partner for the world’s biggest companies, and constrained world, JCI was able to help were investing in highly productive work 8, 13 future-proof its business and ensure moved towards an AI- and software-focused approach. environments, not controls on an HVAC To help reduce the 40% of carbon emissions that come from relevance for decades to come. chiller or sensors,” says the company’s buildings globally, JCI developed an ecosystem of AI-led solutions 9 global marketing executive. that improve safety, customer experience and environmental 14 sustainability. Its digital and AI efforts have already contributed 15 to revenue growth in 2021 and 2022. The life centricity playbook 14

Creatively transcend industry norms The life centricity playbook 15

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 From: To: Growth potential:* Extracting incremental Driving exponential growth by finding more likely to achieve the growth from existing creative new applications for technology 32% highest levels of revenue technology and talent and talent outside of industry norms growth from new ventures more likely to achieve 29% the highest levels of speed-to-market Companies often define themselves by their industry, drawing themselves as competition not just for taxis, but for any point-to-point comparisons with peers pursuing similar goals or taking pride movement of people and goods. in being labeled an “industry leader.” As intelligence broadens the By connecting their deeper understanding of customers’ lives to potential value brands can deliver, and as customers increasingly potential new uses for talent and technology, companies can expand permit brands to play different roles in their lives, it has never been beyond the boundaries of their traditional industry and into a broader a better time to shed the boundaries of industry and find new, ecosystem of meeting people’s needs. It’s not just a technology creative ways to apply technology and talent to solve new problems. update; it’s an entire mindset makeover, one that brings creativity into Consider the case of ride-sharing apps that expanded from the boardroom to seize opportunities for value creation, growth and connecting people with cars to offering scooters, motorbikes, relevance in the process. bicycles, food deliveries, product orders and more. They saw * Based on our analysis of survey data from companies in our study that our model determined were focused on this play. The life centricity playbook 16

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 The play in action: Qualcomm beyond Thinking industry borders BEFORE: AFTER: THE LASTING ADVANTAGE: Cellular technology giant Qualcomm hit “The question moved on from how can we sell more This play unlocks a lasting creative it big in the smartphone era, but it needed smartphones? to where else can we apply the same advantage. By expanding its view and 16, 17 taking a more creative approach to growth, to find avenues for the future. “We technology and skills?” The answer: helping people connect. capitalized on the smartphone boom, and Instead of sticking strictly to telecommunications, it looked Qualcomm found a host of new ways it took us from being a small start-up into to the auto industry, as car companies sought to integrate to leverage its engineering capabilities, 16, 18 product networks and R&D investments to the billions. But there’s that next difficult smart features and automation. Today, nearly every car transition of growth, which is: how do you 19 break into entirely new industries, achieving on the road includes some of Qualcomm technologies. not be a one-trick pony?” says one of the Its history with connectivity devices made for a natural greater growth and relevance—all while 16 establishing a creative and entrepreneurial company’s product executives. transition into the world of smart home products, smart city 16, 20 culture that will likely endure. initiatives, smart factory development and more. Now, its platforms allow towns, schools, ports, hospitals and others 21 to deploy digital tools without hefty up-front costs. The life centricity playbook 17

Design a delightful experience continuum The life centricity playbook 18

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 From: To: Growth potential:* Overcomplicated, under- Thoughtful connectivity across more likely to achieve performing experiences that all customer-facing functions for 26% the highest levels of fail to satisfy customers a simpler, engaging experience customer satisfaction more likely to achieve 26% the highest levels of speed-to-market Technology is often touted as a way to make things easier but as A life-centric approach aims to eliminate complexity tax by designing new tools, platforms and functionalities proliferate, and the lines for simple but significant interactions across a unified experience between physical and digital worlds blur, it’s actually making customer continuum. To achieve it, all customer-facing functions (including experiences more challenging. Companies are adding tech that serves product, marketing, commerce, sales and service) should be a specific silo, such as marketing or sales, but are failing to account connected across a single data and experience platform. The full scope for connections between those functions. This over complicates of the customer experience needs to be thoughtfully considered the experience for the user, without achieving the utility that the in a way that understands and responds to their needs in real time technology promises. We call this a “complexity tax.” and draws actionable insights from those engagements. * Based on our analysis of survey data from companies in our study that our model determined were focused on this play. The life centricity playbook 19

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 The play in action: Minna Bank adaptable future Setting up for an BEFORE: AFTER: THE LASTING ADVANTAGE: Fukuoka Financial Group (FFG) found Japan’s FFG created Minna Bank, a unique digital entity and This play sets companies up to maintain 22 digital-native consumers were increasingly the first ever with a full cloud banking system. To meet a continuing experience advantage. averse to a brick-and-mortar banking digital-native customers’ needs, it takes a mobile-first By unifying a person’s entire banking experience.22 approach and breaks typical financial services silos activity into a single, delightful platform “I realized there were few services that met customers’ needs in reality ... there was through user-friendly twists, such as the ability to with synchronicity across media, Minna no process of developing services and products see aggregated account activity from multiple banks. Bank was able to provide tremendous [that address] what the customer really wants Useful tools, such as QR codes for deposits and value to customers while simplifying and the potential needs that the customers transfers, aim to make customers’ lives easier.24 More their financial lives. themselves were not aware of,” says one member critically, Minna Bank’s cloud-based system allows of the bank’s C-suite.23 Rather than just adding Banking as a Service (BaaS) and a flexible API a basic app or website on top of its traditional structure. This way, non-financial institutions can banking structure, the company wanted an integrate banking services seamlessly into their entirely new model that put technology—and offerings for a simplified customer experience the role it plays in customers’ lives—front and greater integration into the multifaceted lives 22, 23 of their customers.23, 25 and center. The lifThe life centricity plae centricity playbookybook 2020

Build a fluid operation across functions The life centricity playbook 21

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 From: To: Growth potential:* Misaligned teams that De-siloed teams that more likely to achieve operate in silos and develop operate fluidly and fuel 28% the highest levels of organizational inertia organizational energy revenue growth more likely to achieve 23% the highest levels of profitability growth An incredible experience continuum is often most effective when paired with the fluid and agile operating practices that enable it. Solving the latter, however, can be challenging. Some executives may wonder which plagued their business first: intractable processes or overly rigid culture? Either way, the resulting inflexibility permeates everything the company does—and is notoriously hard to dislodge. In fact, it’s becoming more intractable: 88% of executives told us that their organizations became more risk averse because of the pandemic. Though adhering to routine can seem like the safer, more comfortable option, it opens companies to tremendous risk. In today’s world, the pressure of life forces demands constant pivoting, which makes that lack of adaptability a dangerous liability. * Based on our analysis of survey data from companies in our study that our model determined were focused on this play. The life centricity playbook 22

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 Companies can combat this inertia and renew organizational energy by looking inward and reconfiguring operations for flexibility and fluidity. Many organizations look inward to drive new efficiencies, A life-centric approach is about but the companies best set up for the future are rethinking their better understanding the needs operations with an eye towards unlocking new growth opportunities. A life-centric approach is about better understanding the needs of people—not just customers, of people—not just customers, but a company’s own internal talent but a company’s own internal as well. Automation can streamline routine tasks to free up talented teams for more complex, human-centered work, and leading-edge talent as well. human and machine teams can significantly augment and accelerate desired outcomes. Unifying workflow systems and platforms, as well as incorporating agile organizational design, can create the efficiencies needed to boost productivity and profitability. Breaking down silos can unleash the communication and creativity that drives innovation. The life centricity playbook 23

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 The play in action: Shiseido culture Revolutionizing internal BEFORE: AFTER: THE LASTING ADVANTAGE: Shiseido was one of Japan’s leading In the interest of better reaching its customers, Shiseido This play delivers a lasting operational cosmetics brands, but its local shares revamped its internal culture and its internal technology advantage—one that continually opens had been slowly decreasing year after in Japan. It underwent a digital cloud transformation that opportunities to evolve at the speed of 27, 28 life. Shiseido’s improved internal culture year. The company wanted to shift allowed better data usage and operational capabilities. from mass marketing to an experiential This facilitated broader access to its skin analysis tool on set it up to make faster decisions closer marketing strategy but faced resistance websites and in-store tablets, which grew its websites’ to “the front line,” i.e. at the sites where from long-time partners and internal 27 the company interacts with customers’ reach users to 230 million in just a year. In an effort to processes.26, 27 “No matter how wonderful focus on customer lifetime value, the company moved away lives. Shiseido’s digital upgrades started the strategic thinking and the technical from over planning and risk aversion in favor of continuous to bring basic capabilities up to speed planning is, at the end of the day, people experimentation. It instituted training programs around but grew into a greater transformation have to operate and execute. And if design thinking and project management so employees could of both the customer experience and 27, 29 the company’s overall cultural mindset. their culture and mindset does not meaningfully contribute to a more agile environment. To change, they will always revert to the upend the idea of “chain of command,” Shiseido empowered old way of doing things,” says one its 8,000 beauty consultants with more responsibilities, 26 C-suite executive. emphasizing that not every good idea needed to come from 27 the C-suite. The life centricity playbook 24

Introduction Play #1 Play #2 Play #3 Play #4 Play #5 Putting the plays into In an increasingly complex and rapidly changing world, life centricity offers an opportunity for businesses to action unlock lasting advantages that deliver new growth and relevance—even in the face of today’s unpredictable business environment. There is no single path to life centricity but focusing investments and leadership attention toward these plays can start companies on their way. Each one helps strengthen connections with customers and provides a new step toward meaningful, sustainable growth. The life centricity playbook 2525

Authors Baiju Shah Nevine El-Warraky Marvin Miranda Joshua Bellin Senior Managing Director Managing Director Senior Manager Senior Principal Chief Strategy Officer, Global Consumer Goods Lead, Global Executive Strategy Director, Thought Leadership Research Lead, Global Growth & Product Accenture Song Accenture Song Accenture Song Innovation Lead, Accenture Song Baiju is the Chief Strategy Officer Nevine is the Accenture Song Marvin is the Global Executive Josh oversees Accenture Song’s for Accenture Song, responsible Global Consumer Goods Lead and Strategy Director for Accenture thought leadership research for the global growth strategy. specializes in Growth Strategies, Song, responsible for pioneering initiatives and is a Senior Principal Throughout his career, Baiju has Digital Transformation, Commerce new strategic innovation. Marvin in Accenture Research. Over his traversed technology, strategy, Evolution & Marketing Operating thrives at the intersection of 16 years at Accenture, Josh has design and marketing. His specialty Models. Nevine has over 30 years business transformation, technology, worked to position Accenture on is combining these crafts to create marketing and consultancy experience, and marketing, using the power the leading edge of business insight new growth and relevance for having spent the first 10 years of her of brand thinking to transform and has helped clients understand people and for business. Baiju career as an operational marketer at businesses from the inside out. what it takes to win growth and also serves as a professor of Unilever working across categories and Marvin is based in New York. relevance in the next era of growth innovation at Northwestern geographies followed by a period at RB competition. Josh is based in Boston. University and is based in Chicago. running their Home portfolio in the UK. Nevine is based in London. The life centricity playbook 26

Acknowledgements Contributors Research Bill Theofilou Ravi Rajkumar Advani Dan Hornbarger Agneta Bjornsjo Pat Connolly Gaurav Khetan Nick Law Carrie Kliener Olof Schybergson Ivy Lee Brooke Karathanos Michael Malinoski Mark Curtis Regina Maruca Taurai Nyaruwata Linda Ringnalda Konrad Suchecki The life centricity playbook 2727

About the research To study how companies are responding to the evolving (and often paradoxical) demands of customers in today’s rapidly changing world, Accenture Research conducted executive surveys as well as a series of executive interviews. The surveys were conducted in two waves (in February–March and June–August of 2022), each drawing feedback from 850 CXOs across 14 countries and 19 industries. This was used as the basis for predictive modeling of company performance, as well as a clustering analysis that revealed the five distinct plays. The interviews included 30 executives from companies based in 11 different countries and 12 industries. The life centricity playbook 28

References 1 Accenture, “The human paradox,” July 26, 2022 16 Accenture Research expert interview (conducted by research vendor) 2 The companies who scored in the top 20%, based on our life centricity capability assessment ZDNET, “Qualcomm diversifies into IoT, auto and soon data center and edge 17 computing,” November 5, 2020 3 David Droga and Baiju Shah, Harvard Business Review, “Keeping up with customers’ increasingly dynamic needs,” September 27, 2022 18 Silicon Angle, “Qualcomm’s diversification strategy pays off as it crushes expectations on earnings,” April 27, 2022 4 Accenture Research expert interview (conducted by research vendor). 19 Forbes, “Qualcomm wins yet another major automaker with its digital chassis,” 5 Adweek, “Kimberly-Clark Doubles Down on Consumer-Centric Experiences,” April 14, 2022 accessed October 10, 2022 20 Creative Strategies, “Qualcomm’s Diversification Strategy Takes Shape at MWC22,” 6 Accenture Song Case Study, “Reimagining a global icon for a digital-first future,” accessed October 10, 2022 accessed October 10, 2022 21 ZDNET, “Qualcomm rolls out IoT as a Service for 30 different verticals,” 7 Harvard Business Review Analytic Services White Paper, “Consumer-Goods Firms Dig Deeper September 28, 2021 into Data for Superior Customer Experience,” April 2021 22 Accenture Case Study, “Minna Bank: Japan’s first digital bank,” 8 Accenture, “The human paradox,” July 26, 2022 accessed October 11, 2022 9 Accenture Case Study, “Johnson Controls and Accenture,” accessed October 11, 2022 Accenture Research expert interview (conducted by research vendor) 23 10 Accenture Research expert interview (conducted by research vendor) 24 Retail Banker International, “Minna Bank – the new Japanese bank with digital natives 11 Design News, “Johnson Controls Leaving Batteries Behind,” November 21, 2018 at its core gets off to a flier,” January 10, 2022 Business Wire, “Minna Bank to Commence Operations in May 2021 as Japan’s First 12 Accenture Newsroom, “Johnson Controls and Accenture Join Forces on New AI-enabled 25 Digital Bank,” March 25, 2021 OpenBlue Innovation Centers,” June 23, 2022 26 Accenture Research expert interview (conducted by research vendor) 13 Fierce Electronics, “Johnson Controls teams with Accenture on smart building and sustainability, buys Tempered for security,” June 23, 2022 27 WWD, “Weak demand in Japan weighs on Shiseido’s earnings,” August 10, 2022 14 Yahoo News, “Johnson Controls Executives Analyze Critical Importance of Decarbonization 28 Accenture Case Study, “Change that’s more than skin deep,” and Indoor Air Quality at 2022 AHR Expo,” February 9, 2022 accessed October 11, 2022 29 15 Johnson Controls, “Fiscal Q3 2022 Earnings Conference Call,” August 4, 2022 Cosmetics design-asia, “Human touch: How Shiseido is using tech to make 2021 ‘the year of the empowered beauty consultant’,” March 30, 2021 The life centricity playbook 29

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