Traditionally, banks have owned end-to-end service delivery by tightly integrating experience, processes and products. However, this approach is under attack from all sides. Consumer-centric, born-digital fintech firms are competing directly for customers by providing superior user experiences, enabled by accessing application services and data across financial services providers.
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs. Why? Open APIs enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
The increasing adoption of the Internet of Things (IoT) is presenting manufacturers with tremendous business opportunities. By using readily available computations of vast amounts of data, a manufacturer can leverage analytics to generate real-time insights to understand the needs of end consumers and product performance under a myriad of operating conditions.
The 163-year-old blue jeans pioneer is turbo-charging business processes by applying new management structures and digital technologies to match the pace of selling directly to consumers.
During the past five years, industrial use of artificial intelligence (AI) has risen exponentially across industries. Companies such as IBM, Apple, Toyota, and Fidelity have demonstrated an interest and appetite for deep research and innovation by introducing AI platforms and solutions for customers, partners, and employees. For instance, Toyota’s websites use AI to perform sophisticated, real-time reasoning to ensure feasibility or availability of the exact combination of options chosen by a consumer to design a specific vehicle.
The behaviors and expectations of today’s consumers are rapidly evolving under the influence of digital and mobile technologies; as a result, retail growth and profits are quickly shifting to digital commerce. These changes require retail industry decision makers to acquire real-time situational awareness, new digital strategies and a digital mindset around business transformation.
If you want to be part of the smart product economy, you need to take a completely new approach to product development; every single node in your value chain needs to be re-thought. We call this “informed manufacturing”. It begins with a human-centered approach to product and experience design, widely known as design thinking, and includes 3 main challenges you must address.
Will a robot take your job away? What will your company look like in ten years? Will it be Ubered? How do you get ahead in a world of AI, algorithms, bots and Big Data? Learn the tricks in the guidebook from the award-winning authors of Code Halos: What To Do When Machines Do Everything.
To increase the odds that IoT analytics will succeed, it's a good idea for manufacturers to start with a self-assessment using the following steps:
Money in some form or another has existed for as long as people have had something to exchange – livestock, sacks of wheat, gold and other precious metals. Money has been used as an object of value that could be used for payment for goods and services, or repayment for debts.
