Three Ways Companies Can Reinvent Themselves Digitally
By Saul Berman, PhD, Partner and Vice President, Strategy & Transformation, IBM Global Business Services
In less than a decade, the systems that defined the 20th Century — mass production, mass consumption, mass marketing — have been swept away by co-creation, co-production, co-distribution.
In an era where anyone can become a brand’s biggest gadfly on Twitter, an activist organizing millions on Facebook, or an ad-hoc taxi service or hotel through Uber and Airbnb, what it means to be in business is being completely overhauled.
Consumers are now the biggest influencers of business strategy, second only to the C-suite itself, according to 55 percent of executives surveyed in our annual C-Suite study. And over the next five years, 63 percent of execs expect consumers to gain even more power and influence over their businesses, according to IBM’s recent Digital Reinvention Study.
The quadruple whammy of social networking, mobility, the cloud, and analytics is creating a new playing field. It used to take years before a new technology would impact a business, but now connectivity and collaboration are turbocharging the pace of change.
For entrepreneurs, quality is the in the eye of the beholder. The only accurate path to getting to a quality outcome is to test your assumptions along the way. You have to give yourself time to have customers react to what you do, so you can fix the quality problems you didn’t even know to be thinking about, and leave well enough alone when that’s what customers want."
Advice for running a business from 10-year-old Caine Monroy (of Caine’s Arcade):
- Be nice to customers.
- Do a business that is fun.
- Do not give up. (This he underlined three times.)
- Start with what you have.
- Use recycled stuff.
Last April, the world went crazy over Caine’s Arcade, a short documentary featuring Caine Monroy, an excitable and inventive 9-year-old who created an entire arcade out of cardboard, running it out of his dad’s auto parts store in Los Angeles. Filmmaker Nirvan Mullick happened to be Caine’s first paying customer, an experience that inspired him to film Caine’s story, and views after views after views later, the rest is history. Watch the documentary here. Warning: You’ll probably cry.
Within days of Nirvan posting the film online, Caine’s Arcade was an Internet phenomenon, and now Caine and Nirvan are TEDx’ers. The pair spoke at TEDxYouth@SantaMonica, sharing what they’ve learned through their recent adventures in film, creativity, collaboration, Internet buzz, and innovation.
In a particularly poignant moment during their talk, Caine, now 10, shared the five things he’s learned from running his arcade — something that’s gained him so much attention that Forbes predicts the young entrepreneur will be a billionaire in 30 years.
* 7 Dangers to Human Virtue.
[ I don’t agree with #6 though ]
* very interesting read. Holy cow FB paid so much for instagram that has been around for what like not even 2 yrs?
* BREAK FREE FROM THE MINDLESS CONSUMPTION.
THINGS MAKE U SATISFY ONLY TEMPORARILY. HOWEVER THE MEMORIES & LOVE WILL LIVE ON… FOREVER.
A little perspective doesn’t hurt
* what the fuck…
* The result of military industrial complex. The war is a huge business for few while everyone else suffers physically, mentally, fiancially.
May let those poor souls rest in peace.