The individual-centered economy is already here. The newest digital technologies – among them social media, mobility, analytics and cloud – keep changing how people, businesses and governments interact. The transformation that is already underway will soon intensify, resulting in a paradigm shift from customer-centricity toward an everyone-to-everyone (E2E) economy. The implication for value creation and allocation will be profound.
New research shows that many organizations are still not ready to navigate the E2E environment. The Digital Reinvention Exec report can be read HERE
Here are some highlights from the report and infographic to share:
55 percent of 4,183 C-suite executives report that consumers have the most influence on business strategy <ClickToTweet>
58 percent of 1,100 executives surveyed in the Digital Reinvention Study expect new technologies to reduce barriers to entry <ClickToTweet>
There is a paradigm shift from customer-centricity toward an everyone-to-everyone (E2E) economy. Are you prepared? <ClickToTweet>
Digitization is rapidly changing the nature of how individuals and organizations interact <ClickToTweet>
“Social” has become revenue-generating, evolving from a dot-com trend to a sharing platform and business model <ClickToTweet>
The Digital Reinvention Exec Report can be found on SlideShare and can also be seen below
I recently attended the SmartCamp Finals in London where I met some great entrepreneurs and had great pleasure to listen to their ideas to achieve a more sustainable life.
The event was sponsored by IBM, who help nurture early stage start-ups as they look to progress their business model in line with IBM Smarter Planet vision. Event partners included – entrepreneurcountry – L39 – sevenhills – Tech London Advocates and supported by TechCity and UK Trade & Investment.
Here are are the final five and a closer look:
– Representing Ireland, it was Actus Mobile Solutions, a company established to research and develop disruptive technologies that exploit the potential opportunities in the rapidly expanding secure mobile/wireless transaction and secure m-commerce markets.
– High-growth start-up Carbon Culture is a purpose-built digital platform that empowers communities to deliver evidence-based energy and carbon savings. It is currently deployed at both national and local government level in the UK, as well as being in use in higher education and corporate environments.
– EnergyDeck is a community-based platform that helps organisations and individuals save costs related to the consumption of energy and other natural resources. It leverage’s collective intelligence to facilitate effective building management and identifying energy saving opportunities on an accessible, open-source web platform.
– Social shopping network Shopa allows members to discover products from a growing database of over 100 million and earn cash when they buy or share them with friends.
– Zerobin is a virtual, reverse logistics services company that helps power the efficient domestic collection of wide variety of materials including waste, charity, repairs and more. It allows a domestic user to register via an app and materials to be collected using back haul or empty van capacity of national postal companies and other third party logistics operators.
The winner of the London final is in the infographic below, the next stage will be held in Vienna in November. Also take a look at the videos (links below the graphic)
If you’re a start-up, and interested in partnering with IBM, contact us at firstname.lastname@example.org
On October 7 IBM launched the latest in their C-suite Study series. This is the first study where all offices within the C-suite were surveyed at the same time with the same questions. The title of this study is “The Customer-activated Enterprise”
Technology is once again, as it was in 2012, the CEOs’ number one driving force impacting enterprises today. In this study, three areas emerged as critical to future success. Organisations should:
- Open up to customer influence
- Pioneer digital-physical integration
- Craft engaging customer experiences
Here are some statistics from the below infographic, ready for you to Tweet:
55 percent of CEO’s cited customers as the most influential on strategic vision and business strategy – Tweet This
Nearly seven in ten CxOs recognize the new imperative – a shift to social and digital interaction. Tweet This
Organisations that have a united C-Suite are 28% more likely to be out performers. Tweet This
35% of CxO’s recognise that they don’t understand their customers well today. Tweet This
Two thirds of organisations have a weak digital strategy or none at all. Tweet This
What did you take away from the above? Is there something you would like to know more about? Drop by and leave your comments below.
IBM collect some amazing data, delivered in a series of C-Suite studies, from over 4,000 C-suite executives. Watch this space to be notified of releases as they happen.
In the mean time here are some early discovery snippits along with an Infographic.
How C-suite executives see the landscape changing:
55% of CHRO’s forsee increasing organisational openness “TweetThis”
77% of CFO’s support the development of new products and services “TweetThis”
19% of CSCO’s anticipate a reduction of their partner base “TweetThis”
71% of CIO’s see communication moving toward more social/digital collaboration. “TweetThis”
63% of CEO’s want to increase partnering for higher business value “TweetThis”
64% of CMO’s want to approach customers as individuals “TweetThis”
69% of C-suite executives report that creating a consistent experience across all customer touch points is one of their top initiatives. “TweetThis”
40% of C-suite executives are integrating internal and external data for insights “TweetThis”
Infographic courtesy of IBM Institute for Business Value
How does the above information resonate with your strategies? Would you like a copy of the full report when published? Pop your comments below, it would be great to meet you.
Inside sales and web are the mainstay of the purchase process for many buyers of hardware, software and services. The use of the web in every step of the buyers journey is increasing, even down to executing the purchase. Clients are now demanding and expect their suppliers to provide web experiences that provide them immediate access to information. Encompassing the initial search phase, such as guidance and help on address challenges being faced, all the way through to pricing information and even transactional history.
The data and trends below where identified in a marketplace study, led by Market Development and Insights, conducted in November 2012 through to January 2013 to understand client usage of inside sales and online commerce throughout the decision making process.
Guest Post: Larry Bowden,
Portals and Web Experience Software
In June during a Commerce Conference in Monaco, I had the pleasure of introducing our Exceptional Digital Experience software along with Amadori, a leading Italian Food Company, who showcased the exceptional digital experiences they are creating to delight their customers.
Amadori was on a quest to find ways they could communicate more effectively with their growing numbers of young consumers. They decided to harness the potential of online marketing to create a series of mini-sites for a line of similar products using “digital” communication. “We wanted to create fun, innovative sites with interactive features which would engage a group of consumers who are more likely to surf the Net,” Marco Magnaghi, Business Innovation Manager at Amadori explains.
Having passed through two eras — content is king and social/analytics — digital experience is now entering its ubiquitous stage. Putting customers first has long been the elixir to a business’ success. A few years back, providing an exceptional customer experience meant having a website strategy, but in today’s reality, to successfully deliver a tailored and consistent experience online that meets and exceeds audience expectations requires a broader approach — you must consider the entire customer journey. In other words, a somewhat straight-forward web strategy of years past has evolved into the need for a more comprehensive digital strategy.
A digital experience strategy takes into account the emerging trends around the use of web and social analytics, more advanced rich media management and delivery, deeper social engagement and robust responsive design for mobile delivery. In this age of digital, a business’ success relies heavily on their ability to create and deliver exceptional digital experiences for their customers, engaging them on their terms and on their time. In fact, a Forrester survey found that more than 90% of respondents said that customer experience is a top strategic priority for their firm*.
Do you want to make an exceptional customer experience a strategic priority? Join Larry on July 17 at 11 am EDT to hear how you can transform the way you reach, understand and relate to customers through a rich and robust digital experience across multiple channels and devices. Click here to register for the webcast: Reinvent Relationships with Exceptional Digital Experiences.
Advertising for innovative products and services are everywhere, but it’s rare to find any that will actually help you out in that very moment. IBM does just that with its new outdoor advertising campaign from Ogilvy & Mather France, Adweek reports.
A simple curve in three different outdoor ads help them turn into structures that are actually useful to passersby: benches, shelters, and a smooth runway along a stairwell for bikes or luggage. The simple bit of innovation showcases the way IBM approaches the world while also hoping to inspire others to share their ideas on making cities more efficient and effective for its residents.
Each ad encourages consumers to visit People4smartcities.com. “If cities were smarter, then life in cities would be better,” IBM points out in its video of the ads while also noting that the hope is that the ads will “spark positive change” and “unite city leaders and forward-thinking citizens.”
Social business is just getting started. But its value is clearly emerging for innovation, operations, leadership and marketing. So what are companies really doing?
In 2012 MIT Sloane Management conducted a survey to really investigate that question. Below you will find my highlights and takeaways from this study.
Even though social technologies have been around for some years now. The sentiment from the report is that many companies are still holding back on the adoption of social tools. Of those surveyed, 52% said that it was important or somewhat important to them today. Whilst 86% believe that it will be important or somewhat important in three years.
Social business is primarily viewed as a tool for external facing activities with marketing departments, sales and customer services being the main driving force with customer relationship management being at the forefront.
The second important use of social software was to drive innovation and competitive differentiation. So whilst the majority see the importance over the coming years most are viewing social tools as external activity, with a smaller group understanding its potential for internal innovation and collaboration.
The report highlights the biggest barrier is leadership vision. However it is noted that CEOs are twice as likely to drive strategic adoption of social tools than the CIO and CFO.
Lack of understanding on how to measure the effectiveness of social tools is also cited as an inhibitor of adoption with many not measuring at all. Social business depends on leadership, metrics may not be critical when experimenting with social software, but as it becomes more important to organisations, having metrics in place can help managers assess, encourage and reward related behaviours. Helping shift their cultures to be more compatible with social business. CEOs recognise that leadership can be improved with social business, may be more than other members of the C-Suite.
Gartner estimates that the failure rate for social business projects is 70%. That is astonishingly high. Factors that could be responsible include:
– Not using the software deployed to solve a true business problem
– Integration into daily work flow
– Lack of senior management support
– Thinking email is a collaborative tool
– The use of “Social” with the word “Business” vs “Social Media”
– Not realising we are Human. (The three basic psychological factors : The need to connect, feel competent and the need to be autonomous in one’s actions)
The report asked “Why do you use social business at work?” The top three answers being : To network, effectiveness and to voice opinions.
Motivations to participate in social business activities are thus far from superficial and even go beyond just our social nature. They can help fulfil basic psychological needs.
The report also noted that larger organisations and smaller organisations appreciate the value of social business more than that of mid size organisations. With the smaller companies saying they could increase their voice and connect with customers to really make themselves seem bigger than they really are.
A clear vision of how social media supports the business strategy was top facilitator in the report. So the first step in your social business journey is to create and communicate the broader social strategy for your organisation. What business challenges are to be solved with social business activities? What is the Strategy to make this happen? What technology best supports these objectives? What kinds of social networks will support this strategy? Most important is to realise that your social business journey will take time, require and drive changes to your business processes. Defining organisational structure an how you interact with customers and employees.
Take the time to access where you are today, identify problems that are currently being addressed with social tools. Consider if the correct resources are being directed towards the right problems. If you are heavily regulated make sure you have governance process in place to address these. Identify the people or roles that will focus on social business and how these individuals will coordinate with each other. Use listening tools to collect information about your brand, customer service and competition. This area hols tremendous potential for organisations.
Ensuring that your business has enough resources is fundamental. Have you chosen to assign the tasks to an individual or will it be on top of someone’s day job. Will you have incentives in place, targeting and rewarding the correct people. Have you resources in place for communication, content creation, community management and training.
Whilst the report makes it clear that many companies are not measuring and whilst in experimentation mode this may not be so important. Measurement will however need to be conducted especially when redefining practices and processes, measuring adoption thought will be misleading so not advised. For people, often what matters most is whether the tools helps them to do their jobs more effectively.
Given that social business is just getting started you may be tempted to wait. But that approach may delay achieving its potential in your organisation, to the detriment of your innovation, leadership, operations and marketing.