Behind all the buzz around "internet of things" there is an emerging business strategy among manufacturers occupying nearly every industry. Simply put, installing internet connected sensors into your widgets will provide you with realtime product data, not just for forecasting but for R&D, product life-cycle planning, and deep insights into how effective your business is at owning the customer relationship.
This mindset is why brands like Unilever lose ownership of their customers. Their marketing focuses on big television commercial budgets to raise brand awareness. They give higher margins (at additional cost to the customer) to retailers for better placement and visibility on the store shelf.
Unilever's traditional marketing tactics are only becoming more costly and less effective. Not to mention less engaging. Dollar Shave Club took a different approach.
Whether it's the FinTech, LegalTech, Edutech, there is a promise of untold freedoms via digital automation are everywhere. As an innovation management consultant I see these freedoms as opportunities waiting for someone to unlock. However, there is another side to this coin.
Understanding the state of your processes in a company is a powerful thing. It allows you to look at your business from multiple perspectives. It can give you insights and open opportunities to experiment.
It's not just about strategy. Executing changes and managing your processes effectively unleashes the potential for your people to empower the business.