Annette Taber
CompTIA
Vice President of Channel Strategies
Three panelists at a recent Executives’ Club of Chicago event (executives from the Chicago Cubs, Northwestern Medicine and NaviStar) clarified the message that business outcomes are what truly keeps company leaders up at night. Examples of these disruptive business outcomes included a top notch wireless experience for fans, not just at the park, but in the entertainment plaza, the hotel, and the parking lot too! They discussed predictive analysis, comparing vehicle performance and failures to environmental factors in order to increase the warranty experience. The panelists shared methods casinos use to pinpoint habits and behaviors, to encourage patrons with messages such as “stay another hour and we’ll discount the buffet.”
Implementing these technologies (and related techniques) has an element of risk, and can be harmful to an organization if implementation, security, and training are lacking. A word to the wise from the panelists; don’t rush things, take your time and ensure proper controls are in place. Gain early adopters, and use pilot programs to link these technologies to business success. You may even want to align incentives with key decision makers and tie compensation of key leaders to successful implementation. Above all, outsource to experts when needed!
Once in place, these technologies can help reduce costs, reach new customers, and improve operational efficiency and staff productivity. They allow you to innovate more effectively, manage competitive threats, and help business customers use data analytics to make better decisions.
Mobile payments, currency and bitcoins are fast becoming major areas of interest. When dealing with large masses of customers, it’s best to make things easy. Mobile ordering and digital ticketing will significantly help increase revenue opportunities. In the healthcare industry, wearables can remind patients to take their medications and allow the elderly to live more independently. While the autonomous vehicle may still be 10-15 years away, wearables and human telematics are already keeping check on the vital statistics of truck drivers and ensuring greater operator productivity.
When asked about a dream budget, the panelists’ responses crossed the spectrum. For the Cubs executive, he would propose a virtual reality encounter for fans that allows them to experience a 90 mph fast ball, or a virtual pitching lesson where the individual can be evaluated and coached. The Navistar representative suggested personalized auto apps (Google/Apple) that would provide guidance on where to park, restaurant waiting times, closest gas stations and more. Northwestern Health would enjoy the ability to map the entire human genome and, through genetic testing, be able to know how its patients would respond to certain drugs.
Finally, the panel recommended that with organizations at different levels of maturity, it remains vitally important to ensure that your company has a firm foundation in place. Are the company’s backend systems working smoothly and efficiently? The journey starts with strong processes and people. Begin simple and build credibility by integrating platforms. Then connect the resulting infrastructure to your customers to help resolve industry problems.
Ensure that your house is in order and don’t make it too complex. Focus on growth and efficiency as your best use of capital. In the end, you need to think of how you will disrupt, or expect to be disrupted yourself.
