A New Innovation for the Connected Economy: Delivering on the Elevated Expectations of Today’s Consumers and Citizens
Enterprises in all industries are at historic crossroads where ubiquitous technology and disruptive business models have lowered the barrier to entry for new rivals. Incumbents face challenges at every corner. This is putting enterprises under intense pressure to retain customers and differentiate from competitors.
Cities face similar hurdles. Rising urban populations are putting enormous strain on services and utilities. Cities need to make more effective use of their scarce resources. And to grow local economies, cities must become more business friendly and meet the higher expectations of their citizens.
From mobile and cloud, and the Internet of Things (IoT), the technology of the connected economy keeps raising the bar. No enterprise or city is exempt from the higher expectations of connected consumers and citizens. Yet without understanding the underlying context of a consumer’s unique situation at any given point in time, engaging with them is hit or miss (probably the latter).
To retain customers, satisfy their high expectations in this connected world, and stand apart from rivals, businesses must think beyond their own products and services. They must partner with other entities to create new forms of value by connecting the dots between people, machines and organizations. That could involve a retailer partnering with another retailer, a consumer products company or even a city, since buying decisions are heavily influenced by the context of where consumers live, work and shop.
