Three of the events I have attended in the last month have reminded me of the potential that our digital world gives enterprises to develop new offerings and continuously improve both existing products and services and overall enterprise management.
An Alumni evening at Accenture provided an interesting overview of actions enterprises are taking to capture new sources of value as digital technology permeates our world, more and more. The discussion reminded me of Pete Blackshaw’s “Digital Transformation at Nestle”point that Digital is as much an operating principle as a communications channel. (http://sloanreview.mit.edu/article/testing-123/ and http://www.youtube.com/watch?v=Ib7az5UWF44 )
Last week however my excitement for digital was tempered somewhat at a Henley Business School “Driving Growth in Digital Britain” event. The speaker, Baroness Dido Harding (CEO TalkTalk Group) provided 2 statistics that provided me with a reality check:
- 4 Million adults in the UK have not used the Internet
- Only 50% of SMEs have a website (and only 15% have a transactional website)
These statistics provide a stark contrast with the enterprises that are, for example, collecting social media data and transforming it into actionable insights at both strategic and day-to-day levels. A recent Hootsuite White Paper highlighted the volume of data available “Every day, social media users produce an additional 500 million tweets on Twitter, create 4.5 billion more “Likes” on Facebook and share 55 million new photos on Instragram”, not to mention the data from other social media and sensors across your own enterprise. Just think about how much more comprehensive data would exist if a material tranche of the 6.4 million adults currently excluded from the Internet gained access and were motivated to use it!
With an eye to the future, a Long Finance webinar provided a great overview of how blockchain technology works (as used by Bitcoin) and discussed some of the implications of applying this technology to personal insurance. The potential of the technology to securely store terms of interactions between clients and insurance companies, transactions through time, risk information, identity and personal history creates a new foundation for re-engineering the business models and processes of insurance companies and indeed other industries.
Finally, to quote David Mathison (@BeTheMedia), 3 reasons to take digital seriously:
- Encyclopedia Britannica
How can Efficienarta work with you to explore digital opportunities in your enterprise?