Building your business back better
Emerging from among the many pandemic-related disruptions to our lives is a persistent, if cautious, optimism. Accompanying that optimism is uncertainty about the pandemic's lasting impacts on businesses and their customers.
No matter what the next normal involves, a leader's central task is to develop and deliver what customers perceive as value.
This article outlines a metaphor (created by Berkley Baker, a teacher, entrepreneur, and health care technology consultant) that is a useful framework to maintain a focus on the fundamentals that underpin value creation. It uses the five fingers of the hand to explain the different ways value is evaluated by decision-makers across an organisation.
Much like the hand accomplishes complex tasks through fingers working in coordination, leaders deliver an offering's full value when its different sources are recognised. These five sources are labelled core, financial, operational, strategic, and social. The leaders who understand how to organize the activities that create value through each source will grow their business in the next normal.
How cocreation can bolster innovation
This analysis discusses how external collaboration can foster innovation initiatives. The most successful innovators are leveraging an ecosystem strategy to align their product portfolio with technology shifts, market trends, and evolving customer needs.
Cocreation is a process by which organisations collaborate with external entities to deliver new offerings, and can offer unique advantages in terms of control, cost and speed. To cocreate effectively, establishing the following parameters are critical:
- Structure of the entity and allocation of IP ownership
- Go-to-market and rights to monetise
- Culture and organisation
- Enabling infrastructure.
Customer experience (CX): the future of predictive analytics
McKinsey & Company
Surveys remain an important tool in research, but they do not provide a complete picture when measuring customer experience (CX), nor do they provide leaders with actionable insights to improve performance within this area.
This article outlines the gaps that exist in traditional survey methods and suggests the steps that need to be taken to implement truly predictive analytics, including:
- Working on changing mindsets
- Breaking down silos and building cross-functional teams
- Starting with a core data set and building incrementally to improve accuracy
- Focusing on the uses of data that can drive quick value.