Is IoT a ‘wanna-have’ or a must-have? More and more devices are connected to the Internet. Within a household often several devices have a connection: smartphone, tablet, TV, computers and thermostats for instance. This technology phenomenon is called the Internet of Things (IoT). Every day processing becomes more intelligent and every day communication becomes more informative than ever. On the one hand there are devices that can detect better, communicate better and be used for useful applications. On the other hand, small sensors can be added to virtually any object. These developments combined provide real time data that can be turned into useful information in ways we have never imagined before. Is your organisation ready?
Digital Transformation, what is it about? As supposed to what most people think, digital transformation is not a technology issue. It’s not about cleaning up IT legacy; this transformation is necessary to reshape every aspect of a business so it can deal with the volatile digital developments. Digital is deeply rooted; in culture, governance, operations, workforce skills, product usage, distribution and so on. Most of all, the customer experience is at the heart of digital transformation. How do you keep up with changing business environments brought about by the changing customer demand and the accelerating technology developments?
Many businesses put a lot of effort into writing extended long term plans, short term plans and yearly targets. Unfortunately, nine out of ten times it lacks the answer to that one question that matters the most. What if everything changes with suddenness? What if you are completely disrupted? These things come up like a tornado and leave your organisation in a situation it – in this case- wouldn’t be prepared for. How can you make sure your business is prepared for almost anything and, at the same time, is able to drive innovation?
Many companies accept the status quo when it comes to operating models. They have done stuff in a certain way for a long time. It works, so why change? Because you want a flourishing future, I guess? If you don’t disrupt yourself, a competitor or new start-up will. The impact of both options is the difference between a chameleon or a dinosaur. Therefore always challenge your status quo. Don’t be caught by surprise, surprise yourself. How? Start by improving the usage of business intelligence. Create competitive advantage and start to operate smarter.
The technology driven changes in work environment and social translucence will implicate contractual relations, causing a upheaval in the concept of doing business and maintaining partnerships. Co-creation is key. The advantages of co-creation will only evolve out of perceived loyalty, because this will lead to engagement and an increase of productivity. More and more effective leadership will be defined by the degree of compassion, trust, respect, fairness, empathy and objectivity that organisations radiate. Whether it involves employees, partnerships or suppliers, the psychological contract is an important building block within any ecosystem.
We’re all familiar with ecosystems in the natural world: organisms interacting with each other and their particular environment consisting out of air, water, mineral soil, and/or other relevant elements. This doesn’t differ so much from the atmosphere of businesses in current society. Businesses need to join or create ecosystems. In the early phase of this new digital age it seemed to be about business ecosystems, but now it becomes clearer every day that a successful business doesn’t evolve around the business but around the story behind the business. In other words, about the brand. Recently I shared my vision on contract management as a strategy and why brand ecosystems are best build on the foundation of the forces of nature: the psychological contract.