"Companies that want to make better use of the data they gather should focus on two things: training workers to increase their data literacy and more efficiently incorporate information into decision making, and giving those workers the right tools.” – Harvard Business Review
This statement is easier said than done! In the current Internet of Things (IOT) how do organisations break new ground? Connectivity and mobility are more affordable, people have the opportunity to ask questions and provide feedback, and through this connected society organisations are left vulnerable. These complexities demand a new business model that requires innovation to stay ahead of the pack by creating the right image and providing consumers with a level of service that ingrains loyalty. The very technologies created to help make life more fun and manageable, now threatens to overwhelm business. Organisations are asking themselves “how do they cope with this level of complexity and take advantage of this connected society?”
Companies that forge deep connections with their markets and consumers can outpace both change and competition. The rapidly escalating data created by connected consumers should help generate valuable insights. But sorting it for market and consumer trends is a daunting challenge.
In the world which is “always on” connected consumers are using the power of information to drive prices down and service up and their expectations for an outstanding experience only increases along with their choices. To keep up with this connected world, organisations must transform unprecedented data complexity into operational simplicity, whilst generating rich insights.
General Electric CEO Jack Welch once said “If change is happening on the outside faster than on the inside, the end is in sight”.
Few corporate executives believe their organisations are equal to this race. Most organisations are structured for stability not change. This new connected society is giving way to a new consumer centred world in which companies will prosper by developing relationships with their consumers by listening to them, while adapting and responding to their wants and needs. Knowing what your consumers want can create meaningful experiences. Standing out in what some call the ‘sea of sameness’ becomes more critical as local expands to global.
To stand out executives are recognising that their organisations must become as connected as their consumers. Most admit their organisations are not equal to the challenge and trying to understand how they can adapt to doing business in this age of experience by connecting people, ideas and data; these will become an organisation's three pillars for growth and prosperity in this connected world.