Data strategy is increasingly important for organising the vast amounts of data that companies have, as Gayle Sheppard explains in this TV show. Data Strategy for decision making Well, companies have a long way to go in capturing unstructured textual data. Companies have done a pretty good [...]
Data strategy for unstructured data is the next challenge
Data strategy is increasingly important for organising the vast amounts of data that companies have, as Gayle Sheppard explains in this TV show. Data Strategy for decision making Well, companies have a long way to go in capturing unstructured textual data. Companies have done a pretty good [...]
digital engagement analytics measure the ROI of social media
Digital engagement analytics have been of growing interest to businesses as they want to know exactly what impact their social media marketing campaigns are having.
Digital engagement analytics in marketing
Over the last ten years, people have really taken a lot of looking at analytics for their website. People want to know how many page view you're getting, how many unique visitors, how many click-throughs did you get, what was the percentage click-through on a banner ad. Some of those elements we're finding are less useful than the end result about ROI. You know, what was the revenue that you generated from your website? What was that brand perception that was improved by seeing your content on another site through public relations or partners and customers talking about you?
The new elements in social media people are still coming to grasp in terms of what's a successful campaign. What is the good result? How many followers do I need to consider this a success? How many click-throughs do I need to have success? Those same analytics that you've been running on your website can be run on social media. I can know how many clicks every single Tweet received. I can know how many followers I received over a given time period. I can know how many re-Tweets or how many forwards that I received from a specific campaign. I can know how many new people commented and interacted with me on my Facebook fan page. So each of these elements are converging, so you can find out just how many people you directly influenced through a campaign, how much reach that received, and whether that was a good use of your money and your time.
In any corporation, a marketing team needs to prove that it has value. Every single campaign needs to show that it had success, or every single message needs to be continually tweaked to make sure it's hitting the right people at the right time and saying the right things. If you are measuring your success in social media, you can help validate the activity that you're doing. You can help show direct results in terms of engagement with people, in terms of creating new customers, and in terms of helping your brand, both in popularity and in relevance.
Connected Economy TV will continue to follow ideas around digital engagement and analytics.
The digital world and mobile technology means that information is more easily available. This has caused the pace of business to increase as Arthur de Haast explains in this TV show.
Digital world and data interpretation
The digital world just makes things move a lot more quickly, it gives people access to a lot more information. You know, we’ve just launched our own app so that people can, you know, click on that. They can tap on it rather, not click these days, tap on the screen. And it tells them, you know, what opportunities or what investment opportunities there are available in that locality, can direct them to it, can give them basic information and so on. So that makes the market move more quickly, it’s a lot more transparent and actually information in its own right is no longer valuable because everybody has information. What is now much more important and what we concentrate on is how do you then interpret that information and use it to give good advice to people who want to invest and so on. So it means that you’re having to think much harder about the value add and how you’re going to, so on the one hand it’s very positive and it creates, you know, speed to market and that sort of thing. But at the same time it means that we’ve got to think a lot harder about how we can add value and look after our clients, given that what’s happening in that space.
If you found this video interesting and want to hear more about the Digital world and data interpretation, please browse more videos on Connected Economy TV.
Progressive technology enabling human productivity
Progressive technology has allowed people to stay connected wherever they are. Stuff TV's Lucy Hedges discusses the Tablet.
Progressive technology from Apple
Well lets think about 5 or 6 years ago. Smart phones were good but they weren't incredible, which is what you're seeing now. Tablet was almost a foreign term. We had PDAs, we had Netbooks, so miniature laptops, but we didn't necessarily have this rectangle. This little slate that we can fling in our bags its effortless use, its effortless to carry around. That's what we've got now. We've progressed to a level, mainly bolstered by Apple and the iPad. Its completely carved out an entirely new category that's enabling us to get the most out of consumption on the move, be it retail, multimedia, general information or work based stuff. It's allowing us to, with a simple tap and a swipe, have access to online tools, emails and web-browsing. It's great for productivity. There's so much you can do now, and that's partly or mainly down to all of these new gadgets.
Progressive technology and digital connectivity have huge implications for business and Inside Finance TV will continue to follow the effects.
Data strategy at Google is all about search. Nigel Huddleston discusses helping users find relevant information with data.
Data strategy for multimedia content
Search is a really important part of what Google does in travel.
So people typing something in and then getting a response that’s relevant.
But also you know, people are now going onto video a lot more, so YouTube and being able to look and see what a hotel’s like or what a holiday’s like is really key.
And then also we’re developing things like hotel finder and that amalgamates all the bits of data and information that a user would need in order to book a hotel for example.
So it’s got the pictures. It’s got the price point. It’s got reviews. And it’s got maps.
And it’s got all the things that help a user get to that point from, you know, thinking about maybe going somewhere and actually facilitating that actual transaction and booking through a third party.
Connected Economy TV will continue to follow ideas around data strategy and there are more videos from Nigel Huddleston.
Information management strategy has been revolutionized by "Big Data". In this TV show Andrew Sangster discusses turning expensive data into clever data.
Information management strategy is expensive
The problem with data or to get technical its relational database, is that it is so very fixed rigid. You have lines, addresses and the purchases made.
So you will have a relational database for what the guest has done in terms of their booking.
You will have one in terms of what they have done when they have gone to a food & beverage outlet.
You might have another one in terms of how guests have browsed your website.
So it’s all stored in lot of different places, what guests have booked in terms of amenities and you know whether there’s a spa, and it’s all stored in different places and it just doesn’t talk to each other, it’s just sat there, sitting there in this database in a very expensive way actually.
These relational databases are very expensive to maintain, they require lot of hardware in terms of the data itself there, the inputting, setting them up and constructing them.
Well actually, if you can break them all free and actually get all of those databases talking to each other.
I think the evolution now, well revolution actually with big data coming along actually breaking those data bases apart, linking them all together ad actually doing it faster, cheaper on the fly.
So what would take days if you had the time and money to it, the getting the databases to talk to each other by traditional routes you can do instantly on the fly now.
It is possible to produce very compelling offers now for customers using this data.
Connected Economy TV will continue to bring you expert insight and opinion on information management strategy and the uses and challenges of Big Data.
Digital engagement using social technologies can be exceptionally powerful and can be a business risk. The platforms produce a lot of information and data. In this TV show Professor Ian Golding explains that instantaneous online platforms are difficult to digest.
Digital engagement impact
I think we are still grappling with what it means, social technologies again have immense power.
We have seen how they have been used in very very positives ways. In the Arab Spring for example. In many other places where they have become a political force.
Wiki closing it's website effectively for 24 hours on the political processes in the US was quite remarkable, it led to the reversal of legislation, very rapid new forms of political mobilization have resulted.
We have also seen how it has led to the collapse of reputations.
Photographs of the gulf oil fuels for example have led to very very serious loss of value for shareholders and this will continue.
I think the danger with it of course is that there's a lot of herding, a lot of trivia.
Discerning in this data deluge whats is significant, what matters, and what one shouldn't absorb is the biggest challenge.
So it's like drinking from a fire hydrant, very difficult to do effectively, and that power is only going to increase over time.
So working out what we absorb and how we absorb it, how we learn from it, I think is going to be absolutely critical.
If you are interested in discussion around social technologies, digital engagement and information management, bookmark Connected Economy TV and keep an eye out for more shows.
In this digital economy luxury is more about enabling a lifestyle that is easy, accessible and comfortable than lavish. In this TV show Michael Levie discusses the impact of the digital lifestyle on the hospitality industry.
Digital economy: value of technology
I think we are looking for luxury, but luxury in the past, was maybe a crystal chandelier and white gloves service.
Today it is more in a hybrid environment when you flip open your laptop and have an internet connection.
Historically we will be categorised by a gender or by the income or by origin or whatever. Today we travel in jeans, we have on a cheap T-shirt, we have a designer watch, we sip champagne and we take the bus home.
And we do that both for leisure and for business.
What we feel is, is that today people gravitate to lifestyle and you want to belong to a certain lifestyle.
So in a day and age of Apple iPhones and computers we take a strip of sushi, we would like to have fashion and architecture and beautiful objects around and that provides us an environment that we are comfortable in or that we aspire to.
That's what we try to provide at Citizen M.
Connected Economy TV will continue to explore ideas around the digital economy and there will be more TV shows from Michael Levie.
Digital generation of 1989 entering the world of work
Digital generation, digital natives and generation Y are all references to the young people who have grown up with technology. They are now reaching the age where they are entering industry. Graeme Codrington discusses the significance of this.
The digital generation born at the same time as the internet
Technology is obviously a huge driver of change in our world. Recent advances in computing power have really brought computers up to a level where they can now deliver on what our imaginations have been promising for a few decades, and it really just is in the last literally 18 - 24 months that computing power speed size and price have all come together to mean we can really do what we want to do with computers and now we are set up for the next decade of change, but in addition to the raw computing power, it's also the people, we have got a group of people we like to call digital natives who are entering the world of work, these are the young people that were born in that remarkable year of change 1989, the year communism died and the Berlin wall came and Tiananmen Square happened. But also 1989 was the year the internet as we know it was started. Tim Berners-Lee invented HTML and web pages where born, and young people who were born in 1989 were born in the same year that the internet was born and started working for you last year, and they've brought their computers with them, and so it's this combination of computing power and a new generation of digital natives arriving in the workplace at precisely the same time, its going to cause huge disruptive change.
Connected Economy TV will continue to follow the impact of the digital generation entering the world of work.
Digital engagement offers businesses more ways to survive than in previous economic downturns, as Martha Lane Fox explains in this TV Show.
Digital engagement outside and in
There are more ways to be more connected in to the things that are important because of technology than perhaps there was in the last economic down turn.
So I believe very deeply that the opportunity that digital technologies afford you, give you a more robust ability to survive.
So for example how would it have been possible to just get out there and select some customers and talk to them in the past as easily as it can be now through a Facebook group or through a LinkedIn group, or though a Twitter profile, you know.
There are so many ways that you can connect to your customer base and stay close to it.
Also though the opportunity to save money by using digital technologies more smartly whether its Cloud computing, through to how you actually talk to your employees, suppliers whatever the thing might be so both outside of your business and internally I think that technology can help really ride the wave.
If you found this video about digital engagement interesting, why not browse more TV shows and briefings on Connected Economy TV.
Robert Scoble and Shel Israel's book 'Age of Context' discusses ideas around the digital economy. Thomas Power explains more about the book in this TV show.
Digital economy: Thomas Power Reviews 'Age of Context'
So I think it’s kind of like a de-fear guide – that would be the wrong term – but it’s trying to give you some element of hope and companionship around technology, which to the majority of people is totally and utterly terrifying.
Because soon these sensors are going to be inside us. One of the stories he tells in the book is of the pills with sensors in that send messages on Bluetooth to your app on your iPhone or your Android or your Windows phone. So it goes down into your tummy, the pill breaks away.
Sensor, powered by the energy inside your tummy, sends messages out to your phone, so you can sort of see your physical health, so the technology is telling you how fit you are or how unhealthy you might be.
The book is called ‘The Age of Context’ … or ‘Age of Context’ … which is a very interesting word to use because people struggle with the word ‘context’ anyway, it’s a word that everyone struggles with because people say ‘oh, you need to put that in context’ or ‘is that in context?’ or ‘can I help you put that in context?
What he’s done is he’s focused on five things. He’s focused on social media, he’s focused on mobile, he’s focused on location, where we are, he’s focused on big data, analysing all the data that comes out of those first three, and he’s focused on sensors. Five things.
And what he’s effectively done is he’s taken these elements of social mobile location and sensors and the analysis through big data and said they are provisioning the context, this technology is providing the context, ‘cause they say who you are, they say where you are.
You carry you around so everybody knows where you are, the big data analyses all this stuff about who you are, where you are and what you’re looking at. And all the sensors in these phones are chatting away to all the other sensors on the TV and the Wi-Fi and in the gallery and at the airport and saying Facebook, Twitter, Linked In.
And he’s put it all together in a whole series of stories and genuine applications of how people are using them in different industries around the world, because he’s interviewed 4,000 people, he’s interviewed the geeks and the users. So, ‘well, I use this for that, I use this for that’. There’s so many little nuggets and stories in there, I think ‘hmm’.
What he’s actually doing, he’s contextualising technology for all of us so we don’t have to because we can’t understand it because it’s too hard to keep up with technology and it’s accelerating.
And he’s tried to create a little companion guide, I think, to sort of help people go ‘okay, I get it, I get it’. And at the same time he’s identified all the little outliers that might come and attack your business and kill you, nibbling away at you in a thousand different ways, and I think that’s really like it’s like a travel guide for technology and I imagine with ‘Age of Context’ he’ll do ‘Age of Context 2013’, ‘Age of Context 2014’, ‘Age of Context 2015’ and we’ll get a new companion guide every year, with this big smile on his face, with his glasses in the shower.
Names for our current era include the Digital economy, Age of Context, Connected Economy, Age of Data. Explore the site to find out more.
In this TV show Thomas Power explains why he thinks the best information management strategy is to be ORS (Open Random Supportive).
Information management strategy for the evolving digital world
A big discovery for me, going back to 2009, was the way the internet or the web behaves and thinks. You, as a human, you have to match it, you can’t make it match you. Primarily, when we’re taught at school, at university, at church, by parents, whoever teaches us teaches us things like don’t talk to strangers, teaches us to behave primarily closed about information – keep it to yourself, be selective about what you read, you notice, you share – and try and be in control of everything in your life – you know, your calendar, your money, your time, your job, your relationships – try and be closed with information, selective with what you use and be in control of everything.
That’s the institutional world that’s trained all of us, at school, at university, at church, wherever. The internet, or the world wide web, is a network, it’s not a hierarchy, it doesn’t have layers, it’s just a lump of glue connected together.
And the environment online is completely open, the web is completely open, it doesn’t have any closed bits. Oh, you can have a VP tunnel through it out of China, fine, you can call that a closed bit, but primarily the infrastructure is an open environment.
There’s no CTO, there’s no Chief Executive Officers, there’s no CFO, there’s no shares on the stock market, it’s the internet. Who runs it? I don’t know, no idea. The data is flowing in it in a random way. People think it’s structured and organised, it isn’t, it’s completely random.
So, it’s very hard to be selective with random data sets and the more you embrace the random the better data sets you get, the more selective you are the more blind you are.
Ironically, being selective makes you blind; accepting the random makes you more aware, ‘cause you’re more engaged in the change, the shift, of the way the data sets flow at you. And then lastly you have to be supportive online, you have to behave like a friend, not like somebody who seeks control or seeks power or seeks to dominate, none of that works online, you have to be very friendly and supportive all the time, to everybody.
Whether you have a relationship with them or not, whether you’re trading with them or not, if somebody asks for help on the internet, you help them. And that shift, from institutional thinking – close, selective, controlling – to network thinking – open, random and supportive – as I say, that took me a long time, ’99 to 2009.
Now, four and a half years of just studying that, teaching, training, coaching, supporting, nudging … and I do think it is more of a nudge than a push.
It’s a long old journey and it’s not like you can sort of get to the end of it and say ‘da da, I’ve nailed ORS, I am ORS, you’re just gradually evolving and evolving and evolving, meanwhile the systems are getting more and more complex around you, the data is getting harder, people are looking at their mobile phones 150 times a day, trying to get context from this phone.
You know, where are my friends, what are they all doing, what location am I in, who am I? You know, we’re being fed from this context machine, trying to understand. And the only way you can deal with the information coming at you from Facebook or Twitter or Linked In or Google Plus or Instagram or whatever you might be using, is to deal with it in an open, random and supportive way.
Information management strategy is just one element of the connected economy. There is more expert discussion to come.
The internet of things is the next step in the revolution of the connected digital economy, as David Moschella explains in this TV show.
What is the internet of things?
Yeah, to us probably the next great wave of what’s going on is the so called internet of things, which is bringing computer technology and sensors to all kinds of physical objects.
You see it now in this whole explosion of healthcare devices that check your blood pressure, your diet, your sleeping patterns, your fitness patterns.
You see it now in doorknobs even, that wherever you are, will show you a picture on your phone of who’s ringing your doorbell.
Virtually every product now can have a connected intelligent item.
And you see it just really reinventing the whole idea of products and manufacturing in the same way that that information has been reinvented in the last 10 or 20 years.
Connected Economy TV is very interested in the internet of things and technology's potential. We have plenty more expert discussion to come.
Using new technology may seem like a business risk but, as Martha Lane Fox discusses in this TV show, it is a risk not to.
Business risk - Getting left behind
It’s not that If you don’t get online or use the technologies immediately then ‘this’ will happen. I don’t think it’s quite like that, I think its a long term systemic problem. You will just be left behind because you will be operating in a world that’s just not as modern as other people. So you won’t be taking advantage, both of new cost space that you can have by using technology better, but also the new markets that you can reach. So I don’t necessarily think that you’ll fall of a cliff today or tomorrow. But over time I just don’t think you’ll be able to be competitive.
Robert Scoble is a major player in the connected economy. He works as hard as any Grand Slam winner, as Thomas Power explains in this TV show.
Robert Scoble - Student of the internet
The reason I love Robert Scoble so much. I’m a former serious tennis player and I always think of the players in my time in the ‘70s and ‘80s who were the players of the moment for me – Bjorn Borg and John McEnroe and Jimmy Connors, Roscoe Tanner – and you know the modern day equivalent of those – the Roger Federer, Djokovic, Nadal, Murray.
They’re the sort of modern version of what I remember as a kid, and I try and use those sort of top four guys online and think who are the top four guys online? You know, who is the Roger Federer on the internet?
"A learning, networking, publishing, posting, sharing machine"
And that person is Robert Scoble because he works so incredibly hard, he studies so incredibly hard, he’s interviewed like three or four thousand people around the world, he goes to every conference he can, he networks, he reads, he interviews, it’s just relentless, he’s a learning machine, he’s a learning, networking, publishing, posting, sharing machine, like Roger Federer is at hitting that ball so beautifully at tennis and winning all those grand slams.
He’s the grand slam winner online and when, with something new like Google Glass, which is you know like the Apple IIe in 1977, it’s right at the beginning of its birth, that product, and we don’t know what it’s going to be when we’re all loaded up with these face-mounted computers.
He just plays with it, you know, he puts on this thing and he has a photo. His wife Marion takes a photo of him in the shower wearing a face-mounted computer and then he posts it everywhere, on Facebook, on Twitter, Linked In, Google, just to see what people think.
And that photo went so viral, because you don’t associate wearing a facial computer with being in the shower, with water because, you know, it might be plugged in, even though it isn’t, but the battery and water and so on.
That photo really established him and Google Glass and, more importantly, face-mounted computers, which is new to us, as the king of social media in Business Week and Fortune and Forbes and Wall Street Journal and FT, you know.
This guy is so crazy, he’s the kind of social media. And that desire to be totally open, totally random, totally supportive, on all the social platforms, with any technology, all the time, I really admire and respect because it’s … to me it’s just phenomenal. And to do that for 100 hours a week, relentless, for what must be 20 years, to me that is a unique gift.
"I’d like to see mini Scobles everywhere."
And he probably has every ailment known to man, you know, getting in his way but he overcomes every ailment he has to just consume, learn and share, and I … I think if we had a world of consume, learn and share and teach, we’d be advancing much faster, much faster. I’d like to see mini Scobles everywhere.
If you want to learn more about the internet just like Robert Scoble, Connected Economy TV have more shows on from the industry experts in the midst of the digital revolution.
The digital economy creates a lot of unstructured data. In this TV show Nigel Huddleston discusses the challenge of making it relevant to your business.
Using big data in the digital economy
There’s a real hot topic around big data and it means lots of different things to different people.
But I think the key is, is finding an intelligent way to make this massive confusing information relevant to what you’re looking at.
I think in the hospitality sector again, one of the key things is, is bringing in data from third parties and your own data in a meaningful way
So integrating things like your loyalty programmes with search behaviour, you know, who’s looking for what hotels in which cities and at what times and from what devices, and being able to track that with your own data.
And bring all of these bits of information together so that you can both serve the user but also carry out transactions and push information to the user in a meaningful way.
It’s very confusing. There’s lots of companies out there trying to help with this at the moment.
It’s early stages but it’s very, very important to the industry.
Connected Economy TV is following discussions about the digital economy and we will have more expert insight daily.
Machine Intelligence and its impact on our economy is the focus of Andrew McAfee's new book The Second Machine Age, which he discusses in this video.
Machine Intelligence - Book Preview
So our next book, ‘The Second Machine Age’, is coming out in January 2014, it’s written with Erik Brynjolfsson and what we’re trying to do is lay out the case for why we should be profoundly optimistic, but not utopian about our next chapter of economic history, which is a chapter driven by astonishing progress in digital technologies.
So we’re talking about this world where already we’ve got computers that can be the world’s best quiz show players, cars that drive themselves, printers that print out mechanical parts, these are not the crowning achievements of the digital age, these are the warm up acts and what’s coming is literally going to stagger our imaginations.
So what I mean by optimistic but not utopian is that we’re creating a world of ridiculous bounty of abundance, a world where there is going to be more wealth with less work, this is the dream of humanity, we are creating it now. But not utopian means that we need to be mindful of some challenges that are going to come up in this world that we’re creating.
As we see it the challenges, the most important ones to keep our eyes on, have to do with the ability of people to earn a living in a world where digital technologies and digital labour can do so much. So we need to be mindful of the challenges, but primarily we should be looking forward to the world that technology is helping us create, it’s going to be a different and a better world than what we have now.
The Connected Economy channel has more expert insight from Andrew McAfee and will continue to delve into discussions about machine intelligence.
Innovative technology has overcome the limits of our muscles and now it is overcoming the limits of our minds. In this TV show Andrew McAfee graphs the revolutions through human history.
Innovative technology is a "huge deal for humanity"
Well if you take a geek approach to human history you start to graph it, because geeks love numbers, they love quantifying things.
So a geeky approach to human history would be one where you start graphing over a time things like how many people there are, total population, or some metric about how advanced our civilisations are. Now it turns out people have come up with those, so you can graph those numbers as well.
Those two curves look exactly the same, either the population curve or the social development curve, what’s really weird about them is that they are totally flat throughout almost all of human history and then at one point in time they bend almost 90 degrees and they go from basically horizontal to basically vertical and that point in time was the industrial revolution.
So in other words all the other revolutions that we’ve had, revolutions and philosophy in religion and how we approach the world, the opening up of the world via trade, lots of things have happened over the course of history.
If you take this kind of geeky approach to graphing the course of humanity you come to the conclusion none of those things have mattered very much and what did matter was overcoming the limitations of our muscles, of muscle power, via the industrial revolution.
What we’re doing now with the computer revolution is overcoming the limitations of our individual minds or our brains, to at least the same extent as we overcame the limitations of our muscles with the industrial revolution.
So the simple question is, how could this not be a huge, huge deal for humanity?
Connected Economy TV has further expert discussion about innovative technology - Look out for more from Andrew McAfee
Technological advancements and racing with the machines
Technological advancements happen faster than we might expect. Andrew McAfee discusses how we can work with artificial intelligence:
Technological advancements in the game of chess
The progression that we’re seeing is that initially computers, robots, artificial intelligence, are laughably bad in head to head competitions against people.
But they improve so quickly that they get as good, and then they get much, much better very, very quickly. So for example early in the career of Gary Kasparov as the world chess champion, he played 32 simultaneous matches against the world’s best chess computers of that time, I believe it was in the mid or late 1980’s. He won 32-0, he was just annihilating the digital competition. In 1997 Kasparov played a match against Deep Blue, which was a super computer built by IBM solely for the purpose of playing chess against him and he lost narrowly that match against Deep Blue in 1997.
Nowadays though computer versus human chess is completely uninteresting because the computers are so much better. There was a computer chess programme available for small phones, that entered a tournament in Argentina where the entry requirements were so strict that only about 1,000 players around the world, human players, even qualified, the smart phone entered, out of ten matches it won nine of them, so it’s just totally uninteresting to play chess head to head against a computer.
It’s so bad that they asked a grand master a couple of years ago how he would prepare for a match against a computer and he said ‘I’d bring a hammer’.
So this head to head war we see over and over, but the digital competitor goes from laughably bad to unarguably superior much more quickly than we’d expect. What I find really interesting though is that that head to head competition is not the end of the story, because once you start allowing human and digital labour to come together and work as a team, you get an even additional bump in performance, over what you get from digital alone. So we now have freestyle chess tournaments where any combination of human and digital chess player can come together and what we learn is that fine, computer beats grand master, smart team easily beats computer and that smart team is not composed of grand masters, it doesn’t contain super computers, it consists of people who are pretty good chess players and pretty good with computers, with moderately powerful computers but what the people have understood is how to divide up the task between what people are good at, what machines are good at.
When you get that task division right, again you can annihilate the competition. So the shift in our thinking needs to move from racing against machines, which is becoming a fools errand in more and more circumstances and needs to shift to racing with machines, which is where some really huge opportunities lie.
We are adding more TV shows everyday. Look out for more about technological advancements on Connected Economy TV.
Disruptive technology can change business in an amazing way, as Dean Van Leeuwen explains in this TV Show:
Disruptive technology and business development
Well, when we… when we look at technology we look at the innovations that are happening and… and the disruptive renovation around technology. There are so many new exciting innovations at the moment that it’s difficult to know which one do we place our bet on. So, you know, just off the top of my head, you know, the innovations that are really catching the headlines are things like 3D printers and Google Glass, you know, self-driving cars. You’ve got microchips that we can implant in our brain to help us, you know, think we’ve got D… the ability to now sequence our DNA.
There are amazing technological innovations that are happening at the moment.
When you think about the technologies that are… that are out there and… and available, there are really only two things that business leaders need to be analysing and keeping their… their eye on and think about the implications. And… and the first one is, is this. What’s new technology? Well, all it means is it’s really our ability to gather massive amounts of information, process that information in real time and use the output for valuable and immediate effect.
So let me give you an example of what I’m talking about here. Sebastian Thrun, he’s a… he’s one of the lead scientists on the Google self-driving car project.
And when he was 18 years old he lost his best friend in a car accident. And Sebastian set himself the goal of saving 1.2 million lives every single year.
Now 1.2 million lives are the number of people that die in car accidents every year. And as the lead scientist on the… the Google self-driving car Sebastian has been doing some amazing things. And what… if you think about the self-drive… the self-driving car, Google car, what really is doing it, it has thousands of these magical sensors on… around the car. And he created a 3D real time map of world environments around it.
So it’s capturing massive amounts of information. It’s processing that information in real time. If it wasn’t processing it in real time it wouldn’t be how these cars they can drive around unassisted without anyone behind the steering wheel. And it’s using it to… that information to real and immediate valuable effect.
So what we’re seeing is that because of our ability to do all of this, and… and we all know, you know, because of Moore’s law computers have been doubling in speed every 18 months. But in the last few years if you combine our ability for massive amounts of storage space, you know, broadband and… and Wi-Fi, that doubling in speed has really started to mean something to the point now where many of the things that we thought were impossible. So self-driving cars we thought were impossible we can now do. 3D printers it’s the same thing, you know, gathering masses amount of information, scanning the object using a CAD file. Printing that object out right in front of you immediately, you know, rapid prototyping. It’s the same concept. Our ability to gather masses amount of information, process it in real time and use it to valuable only immediate effect. And that’s the key… the first key thing that’s happening at the moment.
So business leaders need to be asking two questions. What’s your Google car? And what can you do that you once believed was impossible because you probably can now do it because of the power behind these… these technologies.
The second thing is generational. You need an understanding how the different generations look at this, these technologies. Many of these new technologies, these new innovations, for the younger, the gen Y there’s digital natives. It’s not weird; it’s not something that’s different.
It’s… it’s very normal for them. Douglas Adams, the author said that… that anything that happens when… when you’re born is… is totally normal. Anything that happens when you’re in your 30s, your 20s and your 30s is revolutionary. Anything that happens after your… you’ve… you’ve turned 40 is just weird and wrong. Okay.
So for most business leaders over the age of 40 most of what’s happening around us is totally weird and… and wrong. For the young digital natives all of these new technologies are totally normal. They’re… they’re not even impressed by them, you know, it’s just… And we need to understand that…
I don’t think we’ve even started to understand the disruptive force that the digital natives’ generation is going to bring to the workplace. So to understand the impact or the disruptive impact of technology there are two things to understand. Impact of digital natives on your business as customers and as in employees. And then how do you gather massive amounts of information, process that information in real time and use it to immediate and valuable effect.
We have more exciting expert discussion about disruptive technology to come on Connected Economy TV.
Disruptive technologies that can completely change the way an industry works may be developed by another industry all together. Keith Coats Discusses:
Disruptive technologies could originate from any industry
Disruption in business is probably not going to come from within your own industry, and the danger of benchmarking is that we mark ourselves and our progress against those who are running the same race.
So you would have expected Yellow Pages to be at the forefront of search engines – Google didn’t come from Yellow Pages.
There’s a large bank in Africa who rolled out an entire African strategy who, by benchmarking themselves against fellow competitors, that’s all they looked at.
They went into Africa to discover that the biggest competitor to banking came from cell phone technology, or mobile technology, people transacting through their mobile devices, that changes the rules of the game.
So, the principle is this, is if we’re only looking within our industry, at people running in the same race as us, the chances are we’re not going to see the disruption.
And smart organisations today are looking far enough and wide enough outside of their windows to … and asking the right questions to see the disruption that will change the rules of the game.
And our message to big companies who are leaders in their own particular sphere is don’t wait to be disrupted, be the disruption in your own industry, change the rules of the game.
And if you don’t and you become complacent and you focus on business efficiencies, there will come a time when somebody will disrupt your industry and it’s going to come from outside.
Disruptive technologies are huge factor in our connected economy. Connected Economy TV will continue to bring you expert TV shows about this new industrial revolution.