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Business Change Communication Customers Leadership People Technology

Who will see the most benefits from AI?

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A recent report from PWC titled ‘Will robots steal our jobs’ summarised a number of investigations into the potential impact on jobs as a result of the rapid development and implementation of Artificial Intelligence (AI, which in this context includes robotics and machine learning.) The report indicated that up to 30% of insurance and financial services roles could be impacted although exact numbers remain not surprisingly, elusive. Let me repeat that, up to 1/3rd of all roles in the insurance industry might cease to exist or have to change in a significant way.

That’s a pretty astonishing estimate. With some significant impacts.

Companies are going to undergo major transformations; changing what they do, how they create value, and how they deal with customers. And perhaps, the biggest impact will be on employees; how will they deal with this transformation?

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Business Change Communication Customers Leadership Risk Self Driving Cars Technology trust

The business of trust.

Companies and businesses have a problem – Trust. Put simply there is a decline in how much trust is being placed in business by customers and society in general. And a business that isn’t trusted isn’t going to survive for long. But is trust that important?

I think so. Customers are spending more time researching the companies they buy from, and the fact that so much information is available on line, opens up a business to a lot more scrutiny than previously possible. As customers are subject to exponential levels of change they will look to anchor themselves through relationships based on trust.

Would you go to a Doctor you didn’t trust?

And businesses play a huge role in society, providing income and rewarding places to work, generating wealth and making tax payments to help governments support their chosen areas of investment. The problem is partly guilt by association. As Edelman reported there is a collapse in trust in 4 of the major institutions (Business, Government, NGOs and Media) in many countries around the world.

At the same time however, businesses face some challenges that while not specific to industry will have a large and potentially dramatic impact. The 4th Industrial Revolution (4IR) is beginning to reshape what business is and what it does and how it does it.

And trust is going to be come one of the most important topics businesses will have to deal with.

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Business Communication Customers Leadership Self Driving Cars Technology

Trust me – I’m in business

Trust is something that is extremely important in business. Whether it is between colleagues or between companies and their customers or between companies and their suppliers trust underpins everything that is written down in a contract. Without trust business simply doesn’t work as well as it should.

Of course trust becomes even more important when dealing internationally with people from different backgrounds and cultures.

So let’s get a definition written down

Trust as a noun is the firm belief in the reliability, truth, or ability of someone or something.

The little Google Car pictured above is a prime example of a growing need to trust. In this case trusting a software engineer who has written the code that is helping you navigate your way around town. As I talked about in ‘Can sheep drive?‘ we will all to have a lot of trust in technology going forward.

But what about trust in business. Well there we seem to have a problem.  According to a report by the World Economic Forum – We’re losing trust in business. How can we get it back? people are losing trust in business. And while this is not really a surprise with the focus on fake news currently it does present serious challenges, particularly to businesses that operate outside of their locality ie where the owner or staff are not known by their customers or suppliers.

The article goes on to highlight a number of areas businesses need to think through such as

  1. how to focus on developing a narrative about the business that is not just about shareholder returns explaining how the business contributes to improving society
  2. how to actually communicate this narrative to a broad range of people who might be interested in the business and what it is doing for society and
  3. actually doing something about it

And while I think the irony of the World Economic Forum highlighting a lack of trust in business is interesting in itself the article seems to miss one very major aspect. The almost complete focus on the investor and shareholder above all others. The quarterly reporting cycle focusing as it does on numbers and shareholder returns is probably the biggest contributor to a lack of trust.

Perhaps its time for a quarterly reporting process on what value has been added to society rather that just focusing on the eps?

Anyone have any other ideas?

 

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Business Customers Technology

A chip with your beers?

Yes I have written the headline the right way round. According to a recent article in ZDNet beer marketers have found a new way to help their product stand out from the marketplace. By creating beer mats with inbuilt technology that work with your phone to link you to special offers, information or anything else that might encourage you to drink more of their products.

So now it appears that people who go to the pub together will spend even less time talking to each other and even more time talking with their beer mat. Well it beats staring at your phone.

I love technology.

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Business Change Customers Leadership Service

Jeff Bezos is out to crush Blue Apron — Quartz

I reposted this simply as I have a good friend who works at Blue Apron.

I have a huge amount of respect for Amazon and what it does. From a retailer of on line books that once advertised it had 1m titles to a retailer that seems to cover almost all areas of commerce through to a cloud computing company and now a fresh food store, Amazon does it and seemingly does it well. All with amazing customer service.

Most businesses will admit to prioritising certain aspects of their business based on an argument that it is impossible to do and pay for everything that is needed. While I am sure Amazon prioritises aspects of its business it is fair to say that from a customers perspective you don’t tend to see the impact of this.

And that is a sign of a good business.

Blue Apron has an Amazon problem. Two weeks before the meal-kit company debuted on the New York Stock Exchange, Amazon inked a deal to buy Whole Foods Market for $13.7 billion. One week after the IPO, Amazon Technologies, a subsidiary of Amazon.com, registered a trademark in the US for the phrase, “We do the prep.…

via Jeff Bezos is out to crush Blue Apron — Quartz

 

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Change Communication Customers Risk

I have seen the future – it doesn’t work properly

Last Friday found me sitting in the office with a number of colleagues watching another corporate briefing. I say briefing rather than call as the executive team had decided to try and do the briefing through a live video conference broadcast. Now while I am the first to say that some of my colleagues have the perfect faces for radio, it was good to be able to see the team present some key facts about their business and the challenges they face. While the words were clear and powerful, being able to see the body language really made a difference. I hope they will repeat the process again.

Image courtesy of ddpavumba at FreeDigitalPhotos.net
Image courtesy of ddpavumba at FreeDigitalPhotos.net

And the best bit was that the technology didn’t work very well.

 

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Buildings and Places Change Customers People Service

Back to the Future

In the film Back to the Future Marty McFly is blasted back to 1955 running the risk that whatever he does will affect his future. And of course this being Hollywood all works out in the end. So much so that 2 more films were made in the series. Its one of the most enjoyable trilogies I’ve watched.

In the film you can see linkages between the future and the past but a definite change between the two. The future is definitely ahead of the past. Which to be honest isn’t the way I’ve found coming back to the UK. The country seems to have got stuck.

I should probably provide some support for my conjecture. Well firstly the transport system really hasn’t changed that much at all. The trains are overcrowded and still have no air-conditioning. And people don’t talk to each other (indeed go out of their way not to talk to anyone at all) so the whole process is one of the least enjoyable features of being back in the UK.

Now lets talk about 4G. The mobile phone network of choice for most countries around the world. In the UK the phone network is simply bad. And I have heard many different excuses. Apparently London has too many high buildings which is actually doesn’t. And in any event I give you Hong Kong. A country and a city that has nothing other than tall buildings and a 4G network  that works – works so well in fact that almost everyone is watching video on their phone, continuously. It also has its own Tardis

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So if it isn’t about the size of the buildings the second excuse is that the network is simply too busy. Which implies that the people who build the networks simply have no idea how many people want to use their phones. I can’t quite believe that as the people who run the networks seem perfectly able to produce adverts to sign up new users. Thus presumably slowing down their networks even further.

Well at least the UK now has a number of Polish builders so hiring a builder must have got better. Well I am sure it has got better if your landlord uses a Polish builder. If they don’t well believe me nothing has changed in the 7 years I’ve been out of the UK. Appointment times are randomly adhered to, work is fudged, covered over or simply not done. So nothing changes there.

And despite all the excuses I can only assume that the leaders of businesses big and small simply don’t care to much. And being British we don’t complain or do anything about it.Which is what being British is all about. Don’t take too much care, and don’t complain.

I always knew it would take time to settle in and I am pretty sure there are things that have moved forward. The internet for example, if you don’t want to use your phone too much, is quick and works well. The council services in Greenwich have been excellent, and I mean excellent, which I wouldn’t have thought possible and food is definitely a better proposition here than in the US and Hong Kong.

I’ll get past the angst about the UK at some point. Probably the sooner the better…

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Communication Customers Uncategorized

Told you I don’t understand marketing

Just went into a store to buy my wife a new all electric super whizzy toothbrush. As with most shops in Hong Kong they didn’t actually have what I wanted but they did in the warehouse.

Now in most countries something in the warehouse means it’s in Lithuania and if you order it now it should be with you for the next millennium.

Not In Hong Kong. No warehouse is more than 1 minute from the shop and they always have what you want. Always.

And so one minute later I was paying for the toothbrush and readying myself to face the nightmare of Sunday afternoon food shopping. But this being Hong Kong you get free stuff with your purchase.

A set of sore brushes and some toothpaste. Great. And Dettol. A bleach for cleaning toilets and floors.

Now I really know I don’t understand marketing.

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Buildings and Places Communication Customers People

Come Fly with me…

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You know you have been flying too much when you know your way around airport without knowing which country you’re actually in; unless its Heathrow which is the exception that proves the rule.

You’ve been in the air too much when you begin to recognise aircrew and can actually tell before you take off whether they are going to look after you well. But the real indication is when you get an invite from your favourite airline to a weekend launch of something.

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Change Communication Customers People

I guess we have a way to go…

There are more men on corporate boards named John, Robert, William or James than there are women on boards altogether – The Washington Post

As you will have seen from a previous post – Let’s take a stand –  I am a strong supporter of inclusion. Articles like this one reinforce the need to keep trying to make a difference.

And there are many reasons why it makes sense to do so for any business. Apart from fairness alone (50% of the population are women) results improve for more balanced companies and decision-making becomes more rounded. Groupthink is avoided.

And with more women running businesses its possible they will want to deal with companies who recognize this fact. According to research undertaken across East Asia in 2013 between 38% and 47% of all SME’s businesses are owned by women. With SME’s accounting for the majority of economic output in most countries women will have an ever growing impact.

Probably sensible to be prepared then.

Change will take time but let’s keep going.

 

 

 

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