Digital is a ubiquitous term in the consumer space that is used to describe everything from products, experiences, channels to the strategic transformation of organisations. Looking beyond the marketplace, the European Commission announced in April 2014 its aspiration for a ‘digital society’ as part of its Europe 2020 strategy, embedding digital as the primary axis around which citizens will interact with each other and their government.1 In the B2B space, however, the drive for greater digitisation has only just begun to ripple with the consumerization of the B2B buyer. This article will outline the evolution of buying preferences as well as provide some best practice responses from B2B organisations around the world.
Industry leaders are ditching the monotony of email in favour of collaboration platforms and enterprise social networks to encourage idea generation and unlock products and services innovation.
In our report “Digital Disruption: Short Fuse, Big Bang?” Deloitte identified 65% of the Australian economy as facing significant disruption by 2017. Whilst disruption is nothing new, the introduction of cloud platforms, social media, smartphones and other digital business enablers have undermined traditional barriers to entry and accelerated the pace and ease of disruption – disruption cycles are getting shorter and their implications, greater.
Large corporations looking to innovate in the headwinds of disruption have sought out more focused and faster approaches to the creation of viable new offerings. For these organisations the world has changed. The cost of developing new businesses has reduced dramatically – free tools, cloud enablement, agile methods, entrepreneurial passion, commoditised bandwidth, super networks of information are becoming the norm. The large capex budgets that once required months of analysis distilled in a business case to justify spend and innovation are looking to ‘learning by doing (cheaply)’ as it is just more economical. In addition, as company-wide innovation programs have not yielded expected returns the concept of an ‘accelerator’ has been put forward as an alternative to generating, developing and testing new innovations – be they incremental or disruptive.
This article looks to dispel some of the myths surrounding the enterprise accelerator ‘buzz’ and highlights the specific benefits of this approach to innovation as well as some of the pitfalls.
Enterprise accelerators allow organisations to ‘learn by doing (cheaply)’ but choosing whether to use one or not should be assessed alongside of existing innovation programs or more systematic approaches.
When the word ‘policy’ is mentioned it often conjures up images of reams of paper with fine print which customers, employees and ultimately document storage facilities are expected to deal with. Policies, when used effectively however, play a fundamental role in aligning the operational, technological, physical and human capabilities to the strategies and aspiration of the organisation. Without policies, achieving a consistent interpretation and execution of aspiration and purpose is near impossible, especially at scale.
This article examines what effective policy creation and implementation is, why this is important, how best to manage this policy process and what we believe are three major challenges for leaders to consider.
Policies, when used effectively, play a fundamental role in aligning the operational, technological, physical and human capabilities to the strategies and aspiration of the organisation.
The art of problem solving is continually evolving.
Today, organisations are embedding the interests of the customer right at the heart of their most critical business decisions and choices – whether corporate, channel or even market entry strategy. The shift to greater customer centricity is being driven by an overwhelming supply of customer data as well as innovative capabilities to both mine, process and make sense of this data. Rising customer demands and market saturation, is forcing organisations to transform the way that they operate internally and how they engage with their customer base.
The role of customer-centred design as a driver of decision making across the realms of strategy, activity and execution is developing into a core capability in the market that demands focus and attention
We are living in a globally competitive world. Any lever that looks to improve economic and social wellbeing has to first match and then better what the world currently offers. This is the essence of competitiveness. And to be successful, we will have to make choices as a nation – choices to be made by both government and business.
There are fundamentally three ways that living standards can be improved.
Together, we have to create a culture of innovation. A culture of considered risk taking. A workforce equipped with the resilience that innovation (and at times failure) requires, and an environment that is renewing itself all the time.
How does your organisation think about pricing?
There are two simple approaches to pricing – “price leading” and “price following”. Since price is a sub-component of many functions (e.g. marketing & branding, sales, product design, finance, growth strategy, risk management) and rarely a dedicated function, organisations tend to price follow themselves, or competitors.
‘This year’s price is 4% higher than last year’s, because it “feels right”. Increased competition in our market means we need to discount more than normal.’
This year’s price is 4% higher than last year’s, because it “feels right”…
It is that time of year again – strategic planning. But, what does this actually involve nowadays? Do we believe that ‘strategy’ and ‘planning’ can be intertwined harmlessly? Or is it time to recognise that strategic thinking needs to be separated from planning?
Or, you may be wondering, where the ‘strategy’ was in all of this?
Using the Internet is likely to eclipse watching TV as the preferred source of entertainment for Australians in the coming year. Based on our recent Media Consumer Survey, while TV is still number one, with 64% of survey respondents ranking it in their top three entertainment preferences, using the Internet for social or personal reasons is a close second to TV (63%). Using the internet has been climbing the ranks for the past three years with 10% year on year growth….and if this rate of growth is maintained, the Internet will overtake TV as the preferred source of entertainment this year.
Using the Internet is likely to eclipse watching TV as the preferred source of entertainment for Australians in the coming year
Selling is becoming increasingly difficult. Today’s consumers are often cautious consumers – empowered by information and disloyal by nature. Moreover shifts in technology and shrinking margins have forced organisations to fundamentally transform their go-to-market approach to attract customers and maintain market share. Organisations now must create an integrated, differentiated sales experience; personalised to each and every customer. If they don’t, it’s likely a competitor will.
…traditional ‘cause-effect’ methods or ‘one-size-fits-all’ sales models, such as reward and recognition, can no longer drive a sustainable step-change in sales performance.
Australian Business Trends 2014: examining how Australian business can capitalise on the latest global trends
The past two decades has seen the global economy undergo immense change. Technological innovation has caused a marked increase in the flow of information and an ‘explosion’ in the movement of goods, services, capital, people, ideas, cultures and values.
Rapid advances in technology, the rise of developing economies and greater urbanisation has once again redefined the global economic landscape. A billion people are expected to enter the ‘middle class’ over the next two decades, and this spread of prosperity will offer a raft of opportunities for businesses who are agile enough to respond effectively, and will present threats for those who lag behind.