Monday, July 20, 2015

Data Driven Innovation

Few ever live in the present, we are forever anticipating what has gone........Emmanuel Sodipo

Executives should take broader approach to finding the best markets for their business.

They need to combine available data and forecasts with a thorough qualitative analysis that looks at the live operation of their products and the operating environment of each market.

As the conventional products become increasingly smart and connected, relationships with customers are becoming ever more service-based and open ended.

Thus, digital leaders must effectively change the interaction model with customers from the infrequent and random encounters in the analog world to targeted digital business "moment exploitation"  For instance; A store customer meets a sales rep with no knowledge of prior purchases or the information collection process to an online customer who receives personal and updated offers or service that take online interactions, previous purchases and digital product usage into considerations

Companies today are on a journey of improved digitisation; this means advancing from simply overlaying digital functionality on existing offerings to learning the customer context via connected products and services and adapting them to meet customer needs.

As companies begins to transition from just collecting data on their products for future modification to "in context" data exchange. It is time to drive Innovation across different industry verticals.

Here are Great Examples:

Cars in the Cloud- Having access to data from cars on the road can begin to initiate repairs, software updates and self driving functionalities. check out Ford(Sync), GM(Onstar), Ford(OpenXC), Android(Auto), Apple(CarPlay) 

Digital Homes- Smart gadgets can begin to learn home dweller's living habits for optimum home convenience thermostat can adjust heating and air-conditioning, when it sense smoke in a room it can switch on the camera for insurance purposes and send a message to the fire service.
Check out Nest(Brillo), Apple(HomeKit) and Amazon(Echo)  

See You at the Top