Not all workdays begin with a convoy of cyclists hailing from India, Saudi Arabia, Europe, and America. And fewer still wind up with creations made of LEGOs, spaghetti, string, and marshmallows.
Yet every workday — no matter how challenging — should have the same spirit of diversity, adventure, and assumption-busting repartee that I experienced at THNK — The Amsterdam School of Creative Leadership.
Once our Cisco Consulting Services colleagues finished winding through the streets of central Amsterdam each morning, we got down to the serious business of “hacking” some key global issues, together with our friends at THNK.
One of those issues has evolved into a Cisco/THNK partnership challenge, inwhich we will share Cisco’s expertise on the Internet of Everything (IoE) to solve some global problems around food safety and food distribution. I will speak more about the Internet of Food initiative in a subsequent blog.
Another key challenge was to foster digital disruption in the Internet of Everything (IoE) age — a time when our enterprise customers, and especially their end users, are demanding rapid transformation.
That level of change stems from the kind of open innovation and inclusive creative processes promoted by THNK in Amsterdam. Those processes are also being embraced by Cisco at our innovation hubs in such places as Rio de Janeiro, Toronto, and Songdo, South Korea. At these centers, IoE cornerstones such as cloud, mobility, Big Data analytics, and social media are already enabling digital disruption — and will continue to accelerate it.
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Tags: Big Data, Cisco, Cisco Consulting Services, cloud, connected supply chain, customer experience, design thinking, food distribution, Internet of Everything, IoE, Problem solving
We recently attended Retail Banking 2014 in Orlando, FL, where a wealth of information and best practices were shared, with much of the focus on how the banking industry is moving forward with the evolution of the customer experience. This year’s conference focused on the issues that bankers must deal with now and in the future: revenue growth, branch optimization, digital banking, analytics, the evolution of social media, and of course, Omnichannel.
I have highlighted below a few of the key concepts and quotes from the speakers at the conference that you might find interesting. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, omnichannel, remote expert, retail banking, video, video banking
©Michael Tompert 2012 / from The Human Face of Big Data
Moving to one-to-one relationships: It’s incredible to think about the impact and influence. Cisco predicts $14.4 trillion of value will be “at stake” over the next decade, driven by “connecting the unconnected” through the Internet of Everything (IoE). IoE triggers a 19 trillion dollar global opportunity based upon the growth statistics of more than a 7.2 billion population, with an average of 3.47 devices per person, yielding more than 25 billion IP connected devices all by 2015, growing to 50 billion by 2020. TED Talks keynote speaker, Rick Smolan, author of The Human Face of Big Data, comments, “It’s like the earth is growing a nervous system.”
How does this impact the insurance industry? On a one-to-one level, customer’s cars, houses and human anatomy (e.g. Fit Bit) can all be connected; providing critical information about risk and rewards in real-time. In the distribution channels, it can change the way carriers, agents and brokers conduct business, both virtually and face to face. Read More »
Tags: Cisco, customer experience, Financial Services, insurance, Internet of Everything, IoE, remote expert, video, virtual expert
In my previous blog I introduced the series with the idea that financial services firms are now being expected to operate and be “Open 24 Hours.” Underlying this is the transition from the physical business model to the digital business model. This principle can be built upon by exploring the factors that are driving this change and some of the challenges that need to be addressed.
The explosion of digital devices, mobile apps, Wi-Fi everywhere, cloud computing and broadband internet together, provides consumers with increasing ways to explore and shop online. With increased use, shopping and buying online is quickly becoming the normal approach, especially with younger consumers. In fact, a recent study found that 64 percent of generation Y pays half or more of their bills electronically.
Increasingly, consumers start their purchasing journey in the digital space – primarily on the internet. This initial step is usually preceded by a referral from a friend, colleague or family member based on a superior experience. Regardless, the trend for consumers especially in the retail industry is to shop online and purchase offline.
How is this manifesting for retail banks? Just look at the forecasts of usage patterns and changing transaction mix across banking channels. Recent industry surveys all confirm that the volume and mix of transactions is forecasted to change over the next five years. Specifically, the internet, through mobile channels, is increasing in usage. The branch channel is expected to flatten and in developed markets, expected to decrease. In addition, the nature and type of transactions traditionally conducted in the branch is shifting to digital channels, as more technology-enabled solutions are deployed. Read More »
Tags: banking, customer experience, digital, Financial Services, transformation
Hi, readers! You haven’t heard from me recently, as I’ve been travelling and talking to Cisco customers. My colleague Jason Bettinger and I recently had a wonderful time at CDM’s Customer Experience Summit in Chicago, IL. CDM Media Summits bring together leading C-level executives, analysts, and solution providers to network and attend interactive agenda sessions on the latest business topics and trends.
At the event, we gave the opening keynote presentation to address how enterprises can strive to meet the ever increasing demands of the customer. The summit brought together some of the leading executives from a variety of industries to explore ways of confronting and overcoming current industry issues. This year’s conference focused on topics that enterprises must deal with now, not in the future:
- Leveraging Big Data
- Social Media Marketing
- Predictive Analytics
- Digital Interactive Marketing
- Monetization of the Customer Experience
- Customer Engagement Management Platforms
Increasingly, institutions are focusing on customer experience as their primary competitive advantage. Those with the highest customer experience ratings typically enjoy some of the best financial performances when compared to their competitors and research has demonstrated a high correlation between experience to loyalty and loyalty to profitability. Companies are asking themselves: How do we design and deliver differentiated customer experiences that truly matter? What expectations do today’s consumers have for customer care?
In our keynote, we showcased how new technologies that generate more positive outcomes in the customer experience era align with future business models across industries. We discussed how consistency and personalization are critical to achieving new levels of customer experience and the factors that need to be considered when trying to achieve both.
Delivering a Next Generation Customer Experience Keynote
“Consistency may be one of the least inspirational topics for most managers. But it’s exceptionally powerful, especially at a time when retail channels are proliferating and consumer choice and empowerment are increasing.” – McKinsey & Company
Today, institutions are being challenged to meet the ever-increasing demands of the customer, something that is becoming more complex. Many have found that addressing those demands requires more coordination than ever – it’s about moving to true customer collaboration throughout the customer journey and proactively engaging the customer by combining traditional tools with the power of the future.
Customers are driving how and when they interact and demanding an engaging experience. Therefore, organizations across all industries must evolve their customer care to align with new business models – addressing customer experience imperatives with new capabilities. The keynote can be viewed here.
We received some great feedback from those who attended our keynote. Below are a few key themes we heard from attendees:
- The importance of the customer is at the center of the ecosystem
- Consistency and personalization are not mutually exclusive
- Examples show that every industry is being impacted by the trends in the market today
As you can see, we had a great time at the Customer Experience Summit and we are already looking forward to next year’s conference. Did you attend? Let us know your feedback from the event in the comments section below.
Tags: Cisco, collaboration, customer experience, omnichannel, remote expert, Rose Depoe, video