“In the modern corporate environment, intangible assets can sometimes substantially trump the value of tangible assets and are critical components impacting a companyâ€™s successful future. No longer relegated to the background as an undefined metric that might be incapable of calculation, a companyâ€™s reputation is increasingly recognized as a crucial component of a companyâ€™s overall valuation.”
In a 2013 study, â€œExploring Strategic Risk,â€ Deloitte reported that 300 executives from around the world identified reputation as the #1 strategic risk area.
he top five technology threats to business models are: social media (47%), data mining and analytics (44%), mobile applications (40%), cloud computing (38%) and cyber-attacks (36%).
The Average Revenue per User (â€œARPUâ€) for companies like Facebook, Twitter, LinkedIn, and Pandora, is tied directly to the amount of data these sites acquire from and maintain about their users, such as, location, credit card information, relationships, and personal preferences.
Entities should consider in advance the legal implications of their intended use of Big Data and how that use will be perceived by the public. Even if the intended use of data is compliant with law, companies should consider how customers and the public at large will react to disclosure of the companyâ€™s data practices
Companies also must consider the impact of data-related litigation on their reputation
Since data is the lifeblood â€” the new oil â€” for companies that want to compete and thrive in the global marketplace, deciding in advance how data will be collected, stored, secured, sold and used should be a top business priority
“Many academic studies were published over the last two decades that examined the correlations between improvements in customer satisfaction/advocacy/experience and increase in sales, profits, market share or share value. Below are some examples”
Many academic studies were published over the last two decades that examined the correlations between improvements in customer satisfaction/advocacy/experience and increase in sales, profits, market share or share value. Below are some examples
CXM practitioners are often focused too much on the complexities of methodologies for measuring, and statistics.
CXM practitioners often lack the business domain knowledge required for the translation of market research findings into specific recommendations
When we do amass the knowledge and courage to make the recommendations, our bosses and clients want us to predict their outcomes.
1. Start to think more as an economist than a statistician
2. Stop debating which methodology is better
3. Stop asking your customers the â€œon the scale from A to Zâ€¦â€ questions and pretending that to be the Voice of Customer.
4. Model your recommendations extensively before you present them to your boss or client.
“Faced with such dramatic shifts in their market, many insurers have fallen into the classic trap of trying to figure out how to sell their existing products, rather than creating new sales engagement models that focus on customersâ€™ real needs.”
Understanding the customer. Insurers should be trying a lot harder to discover what customers of today really want. Rather than letting the assumptions attached to their existing products limit how they explore and define customer needs, insurers can gain in-depth insight into what motivates customer decision
Developing customer-oriented offerings. New products should be based on real customer needs and made available at a range of price points through a variety of channels.
Providing a better customer experience. Life insurers need to start thinking less in terms of life insurance as an â€œeventâ€ purchase â€“ bought once and kept in perpetuity â€“ and more as a relationship.
Increasing efficiency. Many life policies are still paper-based, relying on manual processes for administering policies and paying out settlements. By automating workflow and decision support, insurers can cut costs while giving customers the immediate responses, tailored products, and personalized service they want.
All these statistics herald the emergence of new marketing channels for companies, from wearable electronics to connected TV. However, this is not just about companies moving towards greater customisation of products and services. Any business initiative in this field needs to be part of a real desire to focus on the individual and his/her experience as a consumer. The Accenture report stresses moreover that sharing skills and expertise through partnerships between companies is now becoming a key factor.
Experts underline that brands should now be thinking of connected objects essentially as new points of contact with consumers, even if this means relegating the promotion and sale of their products and services to second place on their list of priorities.
these firms must not forget that one of the key issues affecting the Internet of Me is the trust the consumer has in the brand
although 67% of all customers agreed to share their personal data with a company providing goods or services, this figure fell to 27% if the company admitted that it intended to pass the information on to a third party
Fully 85% of the managers polled by Accenture believe that the average consumer has only a vague idea about how firms use their data
it is now becoming absolutely essential for firms to â€Ÿbe extremely clear on just how secure the data they use is â€
1. Declare amnesty for the past. Organization design should start with corporate self-reflection: What is your sense of purpose? How will you make a difference for your clients, employees, and investors? What will set you apart from others, now and in the future? What differentiating capabilities will allow you to deliver your value proposition over the next two to five years?
2. Design with the â€œDNA.â€ Organization design can seem unnecessarily complex; the right framework, however, can help you decode and prioritize the necessary elements. We have identified eight universal building blocks that are relevant to any company, regardless of industry, geography, or business model. These building blocks will be the elements you put together for your design (see Exhibit 1
3. Fix the structure last, not first. Company leaders know that their current org chart doesnâ€™t necessarily capture the way things get doneâ€”itâ€™s at best a vague approximation. Yet they still may fall into a common trap: thinking that changing their organizationâ€™s structure will address their businessâ€™s problems.
4. Make the most of top talent. Talent is a critical but often overlooked factor when it comes to org design. You might assume that the personalities and capabilities of existing executive team members wonâ€™t affect the design much. But in reality, you need to design positions to make the most of the strengths of the people who will occupy them.
5. Focus on what you can control. Make a list of the things that hold your organization back: the scarcities (things you consistently find in short supply) and constraints (things that consistently slow you down). Taking stock of real-world limitations helps ensure that you can execute and sustain the new organization design.
6. Promote accountability. Design your organization so that itâ€™s easy for people to be accountable for their part of the work without being micromanaged. Make sure that decision rights are clear and that information flows rapidly and clearly from the executive committee to business units, functions, and departments.
7. Benchmark sparingly, if at all. One common misstep is looking for â€œbest practices.â€ In theory, it can be helpful to track what competitors are doing, if only to help you optimize your own design or uncover issues requiring attention.
8. Let the â€œlines and boxesâ€ fit your companyâ€™s purpose. For every company, there is an optimal pattern of â€œlines and boxesâ€â€”a golden mean. It isnâ€™t the same for every company; it should reflect the strategy you have chosen, and it should support the most critical capabilities that distinguish your company.
9. Accentuate the informal. Formal elements like structure and information flow are attractive to companies because theyâ€™re tangible. They can be easily defined and measured. But theyâ€™re only half the story. Many companies reassign decision rights, rework the org chart, or set up knowledge-sharing systemsâ€”yet donâ€™t see the results they expect.
Thatâ€™s because theyâ€™ve ignored the more informal, intangible building blocks. Norms, commitments, mind-sets, and networks are essential in getting things done. They represent (and influence) the ways people think, feel, communicate, and behave.
10. Build on your strengths. Overhauling your organization is one of the hardest things for a chief executive or division leader to do, especially if he or she is charged with turning around a poorly performing company. But there are always strengths to build on in existing practices and in the culture.
“What made you to choose that particular restaurant? What was your first impression as you walked in? Were you asked to wait till you were ushered to an available seat? How was the menu arranged? Did food come quickly enough? How did it taste? How was the customer service? Did your squaring up go smoothly? Would you go back again?
Your answers to these questions, including all the emotional highs and lows, encompass the restaurantâ€™s user experience (UX).”
When the point of contact between the product and the people becomes a point of friction, then the industrial designer has failed.
Taylor and his supporters shaped the early vision of what interactions between laborers and their tools should be like.
While Toyota, like Ford, valued efficiency in engineering and production, it also sought its employees input
The roaring success that Toyota experienced as a result brought new attention to the role of human interaction with technology.
His imaginative use of technology to bring people joy continues to inspire user experience designers.
PARC, gave form and function to the design of computers for human use.
Don Norman joined Apple to help with the research and design of its upcoming line of human-centered products. He asked to be called “User Experience Architect,” marking the first use of the term in a job title.
The genius of the original iPhone, arguably, lay in its fusion of superior hardware and software to provide connectivity through a revolutionary capacitive touchscreen, making the physical keyboards of other phones obsolete
This will bring to light the need for more specialized skills in the multidisciplinary practice, including user research, graphic design, customer advocacy, software development, and more.
I am usually a satisfied user of services like AirBnb and Uber, even if I donâ€™t 100% agree with all of their corporate policies and practices. But I cringe every time I hear these companies, and others like it, described as part of the â€œSharing Economy.â€
WeWashing is when corporations, brands, and other groups use the language of â€œsharingâ€ and â€œcommunityâ€ to describe what are essentially capitalist commercial transactions.
Words like â€œwe,â€ â€œsharingâ€ and â€œcommunityâ€ may be common, but they are also meaningful.
As such, so-called â€œsharing economyâ€ companies are free to use these words as they like, but we are also free to use them in ways that work for us
By calling out incidents of WeWashing, we can preserve the meaning of altruistic sharing and the bonds of community beyond narrowly-defined economic transactions.
At best, the â€œsharing economyâ€ label is a brand marketing strategy that attempts to take advantage of the â€œfeel goodâ€ halo associated with words like â€œcommunityâ€ and â€œsharing.
However, we need to recognize that there are different kinds of sharing and different kinds of community, j
The issue is not with corporations co-opting these terms, but more so for us to reclaim how we abide to our â€œidealâ€ notion of solidarity, sharing and community.
“Digital transformation is the new big consulting opportunity for firms like Accenture, IBM and Capgemini. What should be the new organisational structure in a digital era, what are the right tools to embrace, what should be the digital vision – these are some questions that companies are asking and hiring consultants for.”
While some organisations started with social media engagement in digital, others changed their internal structures.
In several companies the marketing department is where the initiative first began. Only later did it seep in that the whole organisation needed to be rewired.
If there was one ideal entry point to get into digital transformation, it would be through analytics, feels Mellor. “Analytics is like turning the lights on in a dark room. It helps you see the path ahead.”
A consensus is that digital has to seep into the DNA of every single employee and percolate from leadership down.
the next step is to create and share a digital transformation vision.
“Technology for its own sake is a common trap,
The other pitfall in digital transformation is creating too long a roadmap.
“The concept of the â€œdigital workplaceâ€ is still emerging and we need to collectively build a clear, shared understanding. This article explains the most common definitions of â€œdigital workplaceâ€ to date and offers a fresh one.”
The technologies of the past had massive new job creation effects that swamped displacement effects.
To date the Internet has been much more effective at eliminating jobs than creating new ones
The indirect effects are the disappearing need for retail space, along with workers who build the stores and maintain them, as well as companies that supply retail establishments with furnishings.
The Internet has made shopping more efficient and created more competition that has driven down consumer prices. But it has had little or no effect on per capita sales
The Internet is so efficient that it can create large income companies with few employees.
Given that the Internet isnâ€™t turning out to be the job creation engine of the future we all hoped for, we had better get to work on searching for and implementing policies that will offset the Internetâ€™s displacement effects.
Raising the minimum wage will just drive employers to use machines to replace people.
Investing in infrastructure is an excellent way to create jobs but such infrastructure should be compatible with an increasingly virtual world
Actions like these will chip away at the problem. The challenge will be to find enough to them to offset the effects of the most powerful efficiency engine the world has ever known.
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