“May you live in interesting times,” the old saying goes. With its explosion in intelligent connections, the Internet of Everything makes this one of the most exciting times to be alive — ever.
But you already knew that.
The real fun begins when we consider that as dynamic as technology change appears to be in 2015, this is only the beginning. Mobility, video, analytics, and other technologies have already transformed our jobs, our home lives, the ways we socialize, access entertainment, you name it. But now IoE is accelerating change at an even faster rate as people, culture, innovation, technology, get added to the mix.
With that in mind, let’s explore some key predictions to see where I believe IoE will take us in the next ten years or so.
The way I see it, IoE will drive an unparalleled level of social and business consciousness, as the Internet evolves far beyond its current state and limitations. This transformation will center on three core capabilities to be Hyperaware, Predictive, and Agile.
Hyperaware Read More »
Tags: analytics, Contextual awareness, Dark asset, Digital transformation, diversity, future, inclusion, Internet of Everything, internet of things, IoE, IoT, Joseph Bradley, mobility, Technology predictions, video, Wearables. Mobile. Big Data
In the 1989 movie Back to the Future II, Michael J. Fox’s character Marty McFly travels to the year 2015. He sees a future with hover boards, holograms, flat-screen TVs, and video calls. Not bad for predictions made over 25 years ago!
But the movie didn’t give us a glimpse of what a contact center might look like in 2015. Based on the trends over the last year, let’s consider what Marty may have seen had he traveled to a contact center in 2015 instead of Hill Valley.
Moving from Multichannel to Omnichannel
And 2015 will be the year that the “omni” will be cemented into omnichannel. Multichannel customer care has been around for some time now.
Customers can reach out to contact centers via the channel they choose: voice, video, web chat, email, or social. But what if a customer uses more than one channel to complete a single transaction over a period of time?
Each time the customer makes contact, all the information and context from previous contacts, regardless of channel, will be available. Each subsequent agent or resource can get right to the issue at hand to complete that customer’s journey and fulfill their request.
Speaking of customer journeys, omnichannel allows you to Read More »
Tags: Back to the Future, cloud, contact center, customer satisfaction, multichannel, omnichannel, video
By Kevin Bloch, Cisco Chief Technology Officer, Australia and New Zealand
One of the best parts about my job is that I get to spend a lot of time listening to some very smart people, both internally within Cisco and externally. As we touch so many parts of the global technology industry and market, it puts me in a fantastic position to see what’s coming down the track. So, each year around this time, I take the opportunity to offer some predictions for the year ahead (which, incidentally, is Cisco’s 30th birthday).
It will probably come as no surprise that the biggest theme you’ll hear about this year is digital transformation, which is essentially underpinned by the Internet of Everything (IoE). In the next twelve months, enterprises will spend more than $40 billion globally, designing, implementing and operating the Internet of Things (IoT). Already thirty-eight percent of technology spend is outside of IT.
Read the full Top 10 ICT Trends in 2015 blog and feel free to provide any feedback.
Tags: cloud, Hybrid Cloud, IoE, IoT, mobile, NFV, SDN, security, software, video, wifi
This is not goodbye!
Video Collaboration is a big deal at Cisco, as you can probably tell from some of our recent announcements about the Cisco TelePresence IX5000 and the first non-transcoded video call between a WebRTC application and an existing video endpoint. We’re constantly working to make video easier for you to use and as collaborative as possible. In our quest to put users first, video at Cisco has become integrated with, and synonymous to Collaboration at Cisco. We want you to have a seamless collaboration experience, regardless of device or location.
So what am I getting at with all this? We’re archiving the Video blog as part of this effort for a holistic, seamless collaboration experience. Join us over on the Collaboration blog, where you can continue to get updates on what is going on with Video Collaboration in the industry and at Cisco.
Tags: archive, Cisco, collaboration, conferencing, video
Wealth Management firms are spending billions on IT to differentiate in the market place. Yet the question remains, can “Big Data” have a material impact on the business? Can it deliver business outcomes by reducing risk, increasing assets under management, driving profitability, client satisfaction, products per client, client and financial advisor retention, all while improving the cost/income ratio and return on equity?
These are questions that are being discussed in board rooms across the financial industry and topics that I will cover in this blog series.
In order to answer these questions we need to put the wealth client at the center and understand changing client needs and expectations around how the client wants to be served by the firm. We need to examine external factors such as the impact of game changing consumer technology and unprecedented client access to information, as well as understand how new market entrants are challenging the traditional financial advisor value proposition and business model as a new round of Robo-Advisors hit the market.
Up until recent years, banks enjoyed an account centric transactional business model. What is changing is the onset of unstructured social interaction data as smart mobile devices and mobile broadband Internet usage reach high penetration levels. Device proliferation is leading to the availability of “data exhaust” from mobile phones, tablets, automobiles, video cameras, and from sensors in buildings, streets, consumer wearables and footfall traffic counters. Correlation of such data to better attract, retain, and serve clients can create market advantage.
The “Big” in Big Data comes from the fact that worldwide data volume is doubling every two years with unprecedented volume, variety, and velocity. Ninety percent of the all data in the history of the world was created in the last two years (SINTEF)! The concept of Big Data is about the correlation and analysis of transaction data, social interaction data, and machine/sensor data in a way that can turn data into knowledge, knowledge into insights, and insights into actions in real-time.
So what does this all mean for wealth managers?
As a wealth manager, what impact would it have on your business if you were able to increase the understanding of your client exponentially? Actions derived from data are informed by highly personalized needs predictions that can arm wealth managers with deep insights about their clients, increase their relevance in every interaction, and directly contribute to business outcomes. Big Data can help wealth managers transform the client value proposition and re-imagine the client experience.
The new vision for financial services is that a firm must be present in the financial lives of its clients, any time, any place, on any device, and across any channel.
The firm can no longer wait for the client to come to it. It must be proactive in delivering highly relevant value-added services in real-time and anticipate client needs. The firm needs to aspire to creating a “market of one” experience for each wealth client, understand the needs of and the hierarchy within the household, and move to a client centric versus account centric go-to-market approach.
When it comes to Big Data in Wealth Management start with the foundation, put the client at the center, and define business outcomes. Focus on building capabilities around what is possible while re-imagining the client experience.
Wealth management firms can take concrete steps in the form of measurable business outcome based projects to significantly enhance the client experience. These include:
- Define a roadmap for wealth client data analytics maturity. This will identify gaps that can be addressed resulting in more relevant advisor-client interactions.
- Establish a wealth client listening system across all channels. Early detection of client behaviors can lead to the identification of issues and sales opportunities.
- Create a real-time single view of wealth client data with data virtualization. Substantial savings can be had by leaving disparate data in place while providing managers with a single view.
- Establish an analytics driven financial advisor collaboration platform. This helps create market differentiation by maximizing advisor productivity, sharing best practices daily.
- Deploy mobile virtual advisor video capability and establish branch analytics. This improves client experience and gives advisors more minutes per day with clients increasing cross-selling opportunities.
- Empower advisors with real-time client insights to drive business outcomes. This helps the advisor manage to client life events with much greater granularity and speed.
The choices that wealth management firms make around data analytics in the next two years will determine their position in the marketplace. Can Big Data help wealth managers? With a client centric and business outcomes solutions approach, the answer is an astounding YES!
I will discuss each of the above steps in more detail in my next blog. As always I welcome your suggestions, stories, and feedback!
Tags: analytics, Big Data, financial advisor, Financial Services, video, wealth management