For organizations looking to take advantage of the wave of digital disruption that’s sweeping industries on a global scale, getting into the heads of their customers is probably the best place to start.
With tech trends like social, mobile, cloud and Big Data converging, organizations who want to remain competitive are in a race to adapt to the new realities of digital disruption. A March, 2015 Forrester Research Inc. report, “Digital Predator or Digital Prey?” has shed new light on what these trends can mean for business vitality, serving as a wake-up call for organizations.
According to the in-depth report, by 2020, every business will become either a digital predator, able to achieve digital mastery and create new value sources for customers or digital prey, industry “dinosaurs” who’ve adapted too late or not all – eventually becoming extinct. And though many industries have gotten ahead of the trend, others are woefully behind, remaining static in an Internet of Everything-connected world that simply flows around them.
Interestingly, research conducted through the Global Center for Digital Business Transformation, an IMD and Cisco initiative, revealed that 45 percent of companies don’t see digital disruption as a subject worthy of board-level attention. And another third of respondents have adopted a “wait-and-see” approach to decide whether or not they will re-examine their end-to-end customer approach in regards to digital.
Forrester’s Nigel Fenwick, co-author of the Digital Predator or Prey report, joined me as a guest of our Future of IT Podcast series to discuss this and more.
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Tags: Cisco, Internet of Everything, internet of things, IoE, IoT, Mike Riegel
Not your typical Cisco office: openBerlin is ready to innovate with the best startups and accelerators.
At yesterday’s inauguration of Cisco’s ninth Innovation Center in the world, Berlin’s smartest new facility was abuzz with startup-like excitement for the possibilities of what the new digital world can deliver. I mingled with Cisco colleagues, customers, partners, app developers, entrepreneurs, thought leaders and the media in our latest showcase working lab, embedded with more than 10,000 sensors and all the networking hardware and software needed to co-innovate industrial solutions around the Internet of Things (IoT).
Indeed, the world is increasingly more connected. Some 13 billion devices are now connected through the Internet. And now, openBerlin, a Cisco® Innovation Center will link with an inter-connected network of eight other Innovation Centers in major cities around the world, sharing local expertise to support development of the latest outcome-based solutions that can be scaled and replicated globally. Read More »
Tags: Alex Goryachev, Digital transformation, Innovation Centers, Internet of Everything, internet of things, IoE, IoT, startups
High stakes can ride on the telling of a story. In One Thousand and One Nights, the legendary Persian queen Scheherazade tells 1,000 stories on successive nights to save her life from the vengeful sultan. She ensnares his imagination. Her words took him to places and times he’d never witnessed, constructing wondrous realities from distant visions. A captive to the power of narrative, the sultan transforms his rule to reflect the shadow world of myth. Legend fades backwards into reality.
To many, the Internet of Everything (IoE) and Digital Transformation are no more than legend, at best a whisper of a distant future. They sound good in theory, skeptics say, but they do not really exist. More of a marketing pitch than a measurable reality. Maybe in 15 or 20 years. As for the $19 trillion value-at-stake? Somewhere between wishful thinking and a mirage in the macroeconomic desert.
At Cisco, we have hung our hat on the reality of Digital Transformation and the Internet of Everything as a pressing business reality – THE pressing business reality. As Vice President of Internet of Everything, I see this every day as I work with our partners and customers to build the future. But it’s not some vague mirage or distant vision. It is a tangible reality, and the transformation is already underway. We want you to see that, too. And so, like Scheherazade, we look to the power of narrative to show you that the castles in our minds are built with stone and mortar. I am incredibly excited to unveil Digital Transformation with the Internet of Everything – a collection of 100 real customer stories of digital transformation in action. Our team worked tirelessly to bring together this anthology of stories cutting across industries and regions. To show how real these accounts are, we made a book. A real page-turning volume you can download today. Read More »
Tags: Digital transformation, digitization, Internet of Everything, IoE, IoE 100, Mike Riegel
Five years ago, the taxi industry seemed about as immune to digital disruption as any industry could be. Taxis, after all, were purely analog contraptions, far removed from digital innovation, software, apps, and the like. What’s more, their business model seemed as foolproof as the day it was created in the early 1900s: drivers prowled the streets until they spotted customers hailing a ride, drove them to their destination, and collected the fare.
Right? Well, wrong, actually. Enter Uber, and the taxi industry will never be the same.
Uber is a great example of what our recent Digital Vortex thought leadership called combinatorial disruption. In today’s climate of constant digital disruption, technologies and business models collide, combine, and recombine in startling ways. As the Digital Vortex sweeps everything of value to the center, non-digital processes fall away, to be replaced by more efficient value drivers.
In this model, the creation of new value is everything; the old value chain, meanwhile, is redefined to the point of being unrecognizable or obsolete with unnerving (for an industry incumbent) speed. Read More »
Tags: Cisco, DBTCenter, digital business, digital disruption, Digital transformation, digital vortex, IMD, Internet of Everything, IoE, Joseph Bradley, thought leadership
So This Guy Walks into a Branch…
I like to think of myself as a tech-savvy consumer, and that includes my banking habits. That means that I rarely step across the threshold of my bank’s branch, since most of what I need can be accessed online, or via my bank’s mobile app.
However, when it comes to complex interactions and larger spending decisions, I still prefer my local branch. What’s more, I have repeatedly gone back to the same bank as we have added new investments, even when they didn’t offer the best rate. Why? Because I value their expert advice, their understanding of my history, and, most importantly, their ability to see the whole picture — rather than just an isolated transaction.
Bank Customers Want It All
In this sense, I am not alone. The digitalization of banking has transformed customer expectations and behavior. Advances in technology have allowed customers like me to manage our own accounts remotely, from any place at any time. Yet for the more complex transactions, we still prefer personal interactions at our local branches.
An annual survey of 1,000 U.S. adults for American Bankers Association (ABA) by Ipsos Public Affairs, in August, 2014 found that consumers are embracing mobile banking in ever-increasing numbers. However, in-person branch visits are still popular with many customers. Preference for branch banking had increased year over year from 2013, from 18 percent to 21 percent, and 89 percent of customers who come to the branch required advice for complex financial products.
Today’s customers expect the best of both worlds: the convenience and easy access to online banking, along with the expert advice and personal guidance from their local branch. In short, they expect a blending of the physical and virtual, a value proposition that online-only banks cannot match. Read More »
Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, customer experience, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, IoE