Becoming Digital: Strategies for Business and Personal Transformation
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Take the case of a large energy management company that sells electrical components to contractors. Under its old system, contractors and other channel partners would call the company or use its website to get a price quote on components to include in bids for a building installation, said Dinesh Venugopal, a senior executive at Mphasis who oversaw the company’s digital transformation. The company, however, did not know who was using the website and whether they ultimately made a purchase. A key concern was that contractors might glean information from the site but go to a competitor to buy ...more
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Marriott’s “Travel Brilliantly” TV, digital, and mobile advertising campaign is a prime example of a hotel chain that reinvented the way it interacts with its guests to be relevant in the age of social media. The campaign asked guests to be co-creators of the lodging experience, by sending the company their ideas to make their stay better or sharing their travel adventures. When a traveler suggested that Marriott install “healthy” vending machines, the chain partnered with Farmer’s Fridge to dispense salads-in-a-jar. Marriott also lends its guests a GoPro camera so they can record and share ...more
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“There are scientific-based approaches we employ to predict the future. These include things like patent analytics—analyzing where the investments are being made by a lot of companies.”
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The NEXT Labs team starts out by deploying algorithms to scour thousands of patent filings and spot an emerging technology or solution, taking special note of those made by prominent companies. They look for areas that have attracted many high-quality patents—those that have been cited multiple times by other filings. While they may start out looking at filings broadly—in such areas as social media, mobile, the cloud, the Internet of Things, and data analytics—they quickly home in on niche markets.
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Their choice of niche markets is informed by external research from academia, news articles and analysts’ reports, as well as conversations with clients and consultants. In these markets, Ganesh looks for “white spaces,” or “empty spaces where we want to go and occupy,” that are not crowded with other competitors offering the same solution. Once his team identifies a target area, it looks for problems it can solve. The goal is to develop a unique product to deal with those problems—and to turn it into a competitive advantage for the company. “This is where a lot of hard work comes in—the team ...more
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