Technologies Disruptive Forces
We live in a time of faster increased change, change that is often thrust upon us out of necessity to defend what we had. We are seeing a disrupted market across industry sectors, with newly created businesses driving more value and disruption in shorter times than we have ever seen before!
At the recent #Oracleimpact event this was re-enforced by a plethora of expert speakers encompassing business founders, thought leaders and technologists all of whom from varying points of reference delivered validation that unless you take note and take action, your own personal value and that of your business is at risk.
We are seeing businesses using data (yes Big Data) approaches to identify new market opportunities in their customer needs that turn them into disruptors. For example Karma discovered that the biggest problem for online shopping was payment and fixed this by allowing a customer to checkout without paying, giving them an invoice (yep old world rules in new world approach_, thus delivering a seamless experience and seeing fast growth results. Other examples given were Opendoor who challenged the process of buying a home, sort of a ‘webuyanyhouse’ approach and Oaknorth Bank who have change how lending to SME business is structured.
The theme of all 3 was putting customers at the centre of their thoughts, using data from actual clients to identify how they needed to change and then taking action, despite the challenges, to achieve these changes. The key message was make sure you have the RIGHT data. Real data insights that mean something to your decisions and not simply market or analyst data on theoreticals!
Rapid learning and constant re-invention needs to be part of the DNA of your business to thrive in today’s economy. It was cited only around 15% of businesses exhibit the traits needed to pull away from the pack, these being firms who take action to bringing ideas, technologies and innovations to life. These leading firms do not do as most do and wait for 60-70% of the data to be in before they start the journey, they are behaving with agility and start the journey in the general direction sooner, course correcting along the way as data informs them.
There was much talk of AI (Artificial Intelligence) and how this technological approach is going to change a wide range of aspects of how we engage. However, there was warning that AI and chatbot type approaches are not simple switch it on outcomes. Successful businesses need to be open to and quickly assimilate the use of new technologies and where applicable move at a rapid pace to adoption. Where they can be applied they are capable of changing customer experience, delivering new USP’s and service level qualities to customers and to reducing the costs to serve a customer. The big fear of staff cuts being replaced with business growth, enhanced skills and new approaches creating opportunity where reduction was applied.
In today’s world of ‘data breach’ and ‘privacy’ sensitivity it is going to be critical to give value to the customer to allow us to collect, store and use their data to allow AI servicing, personalisation and fuller efficiencies to be gained. We need today’s and tomorrow’s customer to balance the weight of consent (us using their data) to be heavier than the balance of ‘the right to be forgotten’. Without this much of the new technology quickly loses its edge. Big Data is not BIG without the data and AI is not as smart if it does not have data to learn from and predict actions.
We live in a time when technology has more impact on all of our lives be us old or an infant, than ever before in history and in a pervasive way. Technology is built into devices all around us and they are becoming ‘all connected’ quickly. Companies that embrace the ‘can and will do’ will find a way to overcome all barriers of human concern and doubt and become the leading brands of tomorrow.