(US & Canada) VIDEO | Change Management Is an Ongoing Mission — JPMorgan Chase & Co. Marketing D&A Head

(US & Canada) Tiffany Perkins Munn, Managing Director and Head of Marketing Data and Analytics at JPMorgan Chase and Co., speaks with Jonathan Shiery, Partner at Guidehouse, in a video interview about the challenges around customer satisfaction, the role of pricing and other factors, leveraging predictive analytics, the importance of change management, and combining newer AI tools like Chat GPT and generative AI with existing techniques for strategic decision making.

As a part of her role, Munn looks at pricing and ways a company can figure out the best prices for their product compared to competitors. Usually, this results in a race to the bottom in terms of pricing. By analyzing the dynamics of the market, customer behavior, and competitor pricing with machine learning algorithms, marketers can find optimal price points for different customer segments, says Munn. Further, marketers can use this data to maximize revenue and respond to market changes in real time.

Further, Munn reveals that according to customer satisfaction studies, regardless of product, brand, or service, price consistently carries the lowest scores in terms of satisfaction. On the flip side, predictive analysis reveals that while price may receive the lowest scores, it is never the primary factor influencing people's behavior to buy, not buy, or look for another product. In reality, customers base their decisions on their experiences and relationships with the brand and the perceived value the brand brings.

Elaborating further, Munn suggests that advanced analysis helps organizations go beyond simply looking at a poor score and immediately making changes, such as reducing the price. Further, she urges organizations to leverage predictive analytics to understand what is driving customers' decisions and focus on the factors that drive customers to engage with the product, brand, or service. Munn states that after thorough analysis, a price change may not be necessary at all.

Moving forward, she speaks about the role of change management. Munn states that everyone must go through a change management exercise. Senior leaders and data scientists especially are accustomed to seeing and presenting information in certain ways.

Consequently, to ensure successful communication and usage of information throughout the organization, it must implement a change management exercise that covers how information is shared, the recommendations accompanying the information, and the conversations associated with how the information is to be used.

Furthermore, Munn urges thinking strategically about the importance of a piece of information and what it means to the broader organization while finding a way to integrate that into decisions regarding consumers or clients.

Delving further, she asserts that it is the analytics partner's responsibility to assist business partners and CEOs in understanding the implications, how to use data, what the limitations are, and what are the crucial considerations.

Additionally, Munn affirms that salespeople have been covering clients for a long time, but with the advent of data science in 2012, they were required to manage the change. She asserts that this change management process is still ongoing, as new technologies are being introduced.

Highlighting new technologies, Munn suggests that conversations about combining AI tools like ChatGPT and generative AI with already existing techniques and tools to make strategic decisions are continuously evolving. In addition, she states that a change management exercise is required to put these conversations into effect. According to Munn, people often approach change management as a linear process where they implement the new thing, set up the process, and move on.

However, Munn concludes that change management is an ongoing mission and a critical part of planning that must be integrated into the organizational structure for better decision-making.

CDO Magazine appreciates Tiffany Perkins Munn for sharing invaluable insights with our global community.