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+ Your greatest innovations may be undetectable (that’s a good thing… No Really)
The Biggest Innovation Surprise?
Copyright Client X Client www.clientxclient.com [email protected] 908.350.3012
Prepare tobe Underwhelmed?
• FinTech• Analytics• IoT• Bots & Peeps• Virtual
Warning: Innovation
Rant
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1. FinTechBiggest Innovation Surprise?
Money and monetized assets will continue to move faster. Simpler (Venmo) Payments = faster Reconciliation (Blockchain) = faster Allocations and Refactoring = faster (Robo Trades, Smart Contracts)
Faster will yield to straight through processing (STP) which will make everything seem instantaneous (until something goes wrong)
So What?
Copyright Client X Client www.clientxclient.com [email protected] 908.350.3012
How will financial institutions charge for “automatic”? Based on… Performance? Stakeholder-centric payments may be absorbed into “products” (iot? Amazon buttons? Rocket Mortgage 3.0 (see house, like house, hit yes to buy?)Where do all the people go? What about micro flash crashes? 2010 Flash Crash https://en.wikipedia.org/wiki/2010_Flash_Crash
Will banks become accounting firms? Insurance firms (hedge the network effect)? Information firms (AWS, FB, Azure add on ecommerce layers?) Telecoms?
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2. Analytics – “Super Fast”Analytics will be embedded everywhere, in
everything – BUT users won’t see it, they won’t even know it exist. Recommendation engines and curation engines will create a false sense of choice for highly optimized solutions and ‘fake’ decisions
Who Cares?
Biggest Innovation Surprise?
Copyright Client X Client www.clientxclient.com [email protected] 908.350.3012
Over-curated news and illusions of choice (how do you think web pages are built? Offers are sent to your phone? Prices are different for the third, 5th, 7th person in line? Fairness? Consumer Advocate? CFPB or UN (How much should milk, vaccines, appendectomy really cost?Should there be walls for cognitive-based solutions? Should there be disclosures about where articles, text, filters, scenarios…your perception of reality is manufactured? AI, Machine Learning, Predictive Modeling embedded in every system to address every human sense is here..ask Facebook, Google, Amazon
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3. Internet of ThingsIoT, Internet of everything connects every object electronically, visually, contextually, personally, functionally, virtually making every environment programmable.
Smart cars on smart cars performing smart chores and smart shopping & delivery… but who determines what’s smart? As objects become interoperable and aware, who is responsible for programming behavior? On, Off, Pause? Share? Private? Fast? Slow? Keep, dispose, refresh, replace, modify…move.Government?Comfort as a service? Intelligence as a service from 3-5 @ $$As digitization and automation moves deeper into lives, who is @controls
“Awesome…Everything is Smart” (did you build a pause button?)
Biggest Innovation Surprise?
Copyright Client X Client www.clientxclient.com [email protected] 908.350.3012
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4. It’s not Tech or People It’s Technology and People
Macy’s created a *mobile app that helped sales associates help customers in store, securely on their own mobile phone? Add PC’s throughout store for customers to price check, use product locators, recommendation engines, share client tokens… now get creative and Think Like a Customer… shoulder to shoulder… and let shoppers shop (i.e. customer app with “Help Me Now” Button? Now get creative.Have you really thought out BYOD?
What If?
Biggest Innovation Surprise?
Copyright Client X Client www.clientxclient.com [email protected] 908.350.3012
https://en.wikipedia.org/wiki/Mobile_app http://whatis.techtarget.com/definition/BYOD-bring-your-own-device
Nearly 44,000 retail workers have been laid off in 2016 - Aug. 11, 20161.money.cnn.com/2016/08/11/investing/retail-sector-job-cuts-macys-amazon/Aug 11, 2016 - Macy's is about to close nearly 15% of its stores. ... Gray & Christmas, more than 43,600 layoffs have been announced in the retail sector so far ...
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5. Virtual Reality, Enhanced Reality…All Joe Pine’s Reality Dimensions
Biggest Innovation Surprise?
Copyright Client X Client www.clientxclient.com [email protected] 908.350.3012
Put the VR glasses on… Really, it’s time. Get Google cardboard ($10) or Samsung Gear or the new stuff – You need to experience the immersion of virtual, enhanced, altered… reality. Projected holograms, Leap & Kinect inspired interactive images and sensory manipulation… I mean enhancement are arriving for early adopters, innovators, dreamers, escapists and formerly disadvantaged and disabled… Just do it
What the….?
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100 Steps, 2 Clicks Too Slow… Done Already
Why the Innovation rant? Executive Management, investors, customers think innovation deliverables are big, loud, earth shaking deliverables (think Mars Project, Hyperloop) But the current wave of innovation is nearly invisible. Faster, simpler, predictive means optimal outcomes just happen. When I work with management and sales describing the latest greatest innovations we’re building, I caution them to be prepared to be underwhelmed… because “perfection” will just happen. No training, no installation – poof, better. Sorry… and your welcome.
BONUSInnovation Adventures
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OR
Internet of Things & Digitization Monetized
Michael R Hoffman revenue growth and innovation consultant for technology aggressive companies from start-ups to Fortune 100.
Hoffman’s Client x Client delivers leadership advisory for analytics strategy and culture transformation, customer strategy and customer analytics.
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