#DTR8: The New Innovation Paradigm for the Digital Age: Faster, Cheaper and O...Capgemini
In this edition of the Digital Transformation Review, we examine how organizations can create sustainable and successful innovation strategy, drawing on our global panel of industry executives and academics.
We focus on four key themes:
Which digital innovations should be on organizations' radar screens?
How should companies promote innovation and embed it into their culture?
What lessons can we draw from organizations that are stand-out innovators?
What is the role and impact of innovation centers, including the Capgemini Consulting-Altimeter Group report, "The Innovation Game: Why and How Businesses are Investing in Innovation Centers".
Digital Leadership Interview : James Patterson, MVP and Head of Capital One LabsCapgemini
"Creating excellence at small scale is relatively straightforward. Doing so at scale is extremely hard. And that’s where most innovation centers struggle."
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
When Digital Disruption Strikes: How Can Incumbents Respond?Capgemini
Digital innovation is shaking the core of every industry and incumbents are struggling to respond. The emergence of startups such as Uber – which disrupt entire sectors with their agile, innovative business models – is worrying traditional incumbents. Venture funding to startups is at historic highs. In just one startup hotspot, Silicon Valley, venture capital investment in the first three quarters of 2014 was around $17 billion, a figure that is only surpassed by the peak of the dotcom era in 2000. In recent research by GE, two-thirds of respondents agreed that businesses have to encourage creative behaviors and must disrupt their internal processes in order to do so. What does a successful strategy for responding to disruption look like? How fast have companies responded to digital disruptions? To understand more about how traditional incumbents respond to digital disruption, we conducted research spanning 100+ companies.
It is the age of the digital customer. And digital customer experience is something that most companies have on top of their agenda. It is not hard to see why. In a survey, 70% of respondents said that good service had a considerable influence on their loyalty and 69% would recommend the company to others. The reverse is also true. Poor customer experience drives customers away. Research shows that nearly 89% of customers walk away from a company after a single poor customer experience. And this can have a significant impact. Businesses are estimated to lose as much as 20% of revenue from poor customer experiences. And this is precisely the reason we chose to focus the sixth edition of our Digital Transformation Review on Customer Experience. How can organizations create compelling digital customer experiences that work? We posed this very question to a diverse panel from around the world. Our panel for this edition includes industry leaders, academics, startup founders, platform vendors and technology gurus. They come from all over the world, including the home of innovation in the digital age — Silicon Valley
Digital Leadership Interview : Gavin Starks, CEO of the Open Data Institute (...Capgemini
"Large organizations should think about releasing their data and rely on third parties to innovate on their behalf rather than trying to innovate internally."
Digital Leadership Series : Shawn O'Neal Capgemini
Shawn O’Neal is VP of Global Marketing Data and Analytics at Unilever, part of the Consumer & Marketing Insights (CMI) team, and he leads the company’s Global People Data Program.
The ultimate objective of the program is to enable 1 billion relationships through digital data analysis and new ways of
connecting with people.
In his 12 years at Unilever, Shawn has worked across a range of roles in customer development
and consumer & marketing insights, with a particular focus on strategy, analysis, and the optimal use of information for
decision-making.
#DTR8: The New Innovation Paradigm for the Digital Age: Faster, Cheaper and O...Capgemini
In this edition of the Digital Transformation Review, we examine how organizations can create sustainable and successful innovation strategy, drawing on our global panel of industry executives and academics.
We focus on four key themes:
Which digital innovations should be on organizations' radar screens?
How should companies promote innovation and embed it into their culture?
What lessons can we draw from organizations that are stand-out innovators?
What is the role and impact of innovation centers, including the Capgemini Consulting-Altimeter Group report, "The Innovation Game: Why and How Businesses are Investing in Innovation Centers".
Digital Leadership Interview : James Patterson, MVP and Head of Capital One LabsCapgemini
"Creating excellence at small scale is relatively straightforward. Doing so at scale is extremely hard. And that’s where most innovation centers struggle."
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
When Digital Disruption Strikes: How Can Incumbents Respond?Capgemini
Digital innovation is shaking the core of every industry and incumbents are struggling to respond. The emergence of startups such as Uber – which disrupt entire sectors with their agile, innovative business models – is worrying traditional incumbents. Venture funding to startups is at historic highs. In just one startup hotspot, Silicon Valley, venture capital investment in the first three quarters of 2014 was around $17 billion, a figure that is only surpassed by the peak of the dotcom era in 2000. In recent research by GE, two-thirds of respondents agreed that businesses have to encourage creative behaviors and must disrupt their internal processes in order to do so. What does a successful strategy for responding to disruption look like? How fast have companies responded to digital disruptions? To understand more about how traditional incumbents respond to digital disruption, we conducted research spanning 100+ companies.
It is the age of the digital customer. And digital customer experience is something that most companies have on top of their agenda. It is not hard to see why. In a survey, 70% of respondents said that good service had a considerable influence on their loyalty and 69% would recommend the company to others. The reverse is also true. Poor customer experience drives customers away. Research shows that nearly 89% of customers walk away from a company after a single poor customer experience. And this can have a significant impact. Businesses are estimated to lose as much as 20% of revenue from poor customer experiences. And this is precisely the reason we chose to focus the sixth edition of our Digital Transformation Review on Customer Experience. How can organizations create compelling digital customer experiences that work? We posed this very question to a diverse panel from around the world. Our panel for this edition includes industry leaders, academics, startup founders, platform vendors and technology gurus. They come from all over the world, including the home of innovation in the digital age — Silicon Valley
Digital Leadership Interview : Gavin Starks, CEO of the Open Data Institute (...Capgemini
"Large organizations should think about releasing their data and rely on third parties to innovate on their behalf rather than trying to innovate internally."
Digital Leadership Series : Shawn O'Neal Capgemini
Shawn O’Neal is VP of Global Marketing Data and Analytics at Unilever, part of the Consumer & Marketing Insights (CMI) team, and he leads the company’s Global People Data Program.
The ultimate objective of the program is to enable 1 billion relationships through digital data analysis and new ways of
connecting with people.
In his 12 years at Unilever, Shawn has worked across a range of roles in customer development
and consumer & marketing insights, with a particular focus on strategy, analysis, and the optimal use of information for
decision-making.
How large corporates improve the way they innovateCapgemini
Mick Liubinskas is Entrepreneur in residence at muru-D – a startup accelerator backed
by Telstra, Australia’s leading telecommunications and technology company. Mick
has a successful track record of startup creation. He was the co-Founder & Director
of Pollenizer, Australia’s first digital incubator, and was a co-founder of Startmate. At
muru-D, he is responsible for attracting and selecting high-potential technology startups
and then working with them to drive significant, global, long-term success. After many
years in Australia, Mick recently moved to Silicon Valley.
We spoke to him to understand how large corporates can improve the
way they innovate. Mick explains why entrepreneurs need to lead innovation initiatives at big corporates.
He also highlights the importance of proximity to tech hubs: “Innovation and entrepreneurship are about the 10,000 tiny discussions that are greatly helped
by proximity.”
Digital Disruption in Asset and Wealth ManagementCapgemini
The groundswell that is today impacting massively retail banking is now impacting all banking businesses. Opportunities offered by new digital technology such as Big data & analytics have not been fully explored yet by Asset & Wealth Management actors, and new technologies are mainly confined to improve shared platforms and reporting flexibility. But the turn might come soon now with the aggressive launches of Fintechs investing all parts of the banking business, including its most exclusive territories.
Asset and Wealth Management might be the next targets, facing the up-rise of new Robo-Advisors quickly gaining market
share on their devoted playground until now.
Traditional Asset and Wealth Managers should anticipate and react, building on their knowledge and assets in order to contain this new trend but this will require that they adapt and probably more globally rethink their business model, to avoid the commoditization of their activity.
The aim of this document is to present how Asset and Wealth Managers can take advantage of the digital revolution / emergence of Fintechs to become more competitive and attract more clients.
What industries have been digitally disrupted? What are being disrupted? What types of digital disruption are there? Where should you focus your digital disruption/transformation efforts?
The Innovation Game: Why & How Businesses are Investing in Innovation CentersCapgemini
With tech startups rapidly eating into traditional sectors, large organizations face an increased pressure to innovate. The challenge is that traditional innovation approaches are broken. A recent study revealed that only 5% of R&D staff feel highly motivated to innovate. In certain sectors, more than 85% of new products fail and an overwhelming 90% of companies consider they are too slow in launching new products and services.
The weaknesses of traditional innovation approaches have led some organizations to explore different avenues and seek new inspiration. These organizations have launched innovation centers in major technology hubs with the explicit mandate to accelerate digital innovations. These innovation centers, comprising teams of people and often physical sites, are established in a global tech hub. The goal is to leverage the ecosystem of startups, venture capitalists, accelerators, vendors, and academic institutions that these hubs provide.
Major global technology hubs are the preferred destinations for setting up innovation centers. 60% of companies that have set up these centers have a presence in the Silicon Valley but many more hubs are emerging – the top 10 cities in our analysis represent only 33% of total innovation centers. The US and Europe have the largest share with 29% of total innovation centers closely respectively, followed by Asia at 25%. Penetration varies significantly between sectors; manufacturing is a clear leader at 58%, but despite facing increasing pressures from digital disruptions, Financial Services lags at only 28%.
It is extremely challenging to make a success of innovation centers. Success factors include clarity on the role of the innovation center, governance for innovation implementation, and a strong connection with the rest of the business.
Ctrl-alt-del: Rebooting the Business Model for the Digital AgeCapgemini
Our research with the MIT Sloan Management Review reveals that only 16% of organizations are leveraging digital technologies to develop new business models. Most organizations follow traditional approaches to innovation that focus on new products and services, rather than on business models. However, research suggests that the returns from traditional approaches have been diminishing with time. As Serguei Netessine, Professor at INSEAD Singapore says, “Pharmaceutical companies spend as much as 30% of their revenues on R&D, trying to develop new products or technologies. But the return from this enormous expenditure has been very elusive and it is a common problem across industries.” Business model reinvention can be as good a route as technology, product or service innovations. This research highlight five different approaches that organizations can adopt to reinvent their business model with digital technologies.
This is First Round's effort to provide an in-depth snapshot of what it's like to run a technology startup in 2018. We surveyed over 520 venture-backed founders who volunteered their experience and opinions.
Simpler, Clearer, Faster Government ServicesThoughtworks
Paul Shetler is the CEO of the Digital Transformation Office within the Australian Government, and was previously an executive at the UK's highly regarded Government Digital Service.
At ThoughtWorks Live Australia 2016, he shared how he is leading the transformation to simpler, clearer, and faster government services using a user-centred design approach.
Going Digital: General Electric and its Digital TransformationCapgemini
How can a company that is over a century old transform itself to thrive in a digital economy?
For GE, responding to change is part of its modus operandi. This is a company that has famously made change a core capability and a constant in its history. For over 120 years, GE has ploughed forward under a banner of “Building, powering, moving and curing the world. Not just imagining. Doing.” This constant focus on innovation and transformation has made the company the only one to still remain in the Dow Jones Industrial Index since the original index was established in 1896.
GE is betting big on software and analytics to bring about its transformation, with Jeff Immelt stating: “I took over an industrial company, now it will be known as an analytics company”. GE’s focus on data analytics was clear back in 2012 when it set aside up to $1.5 billion for small take-overs to boost its presence in analytics. GE currently monitors and analyzes 50 million data elements from 10 million sensors on $1 trillion of managed assets daily to move customers toward zero unplanned downtime.
GE’s digital transformation is not the result of being in the right place at the right time. Instead, it is the result of a structured approach that involved a strong top-down digital vision, capability development, achieving all-round buy-in and a constant focus on innovation.
While many digital natives, from FaceBook to Uber, continue to take much of the limelight, this 120-year-old giant of the corporate world shows that digital agility is not just confined to the new Millennial corporates.
Using digital technology to your advantage. Should you focus on improving customer experience or new products and services or your core business operations?
Developing and managing a multi-channel approach has been
a key issue in retail banking.
But what about Corporate & Investment Banks (CIBs)? Where do they stand in terms of multichannel for corporate clients?
Especially, what are the trends and opportunities in digital channels for them and what are the implications?
How To Ensure That All Students Are Learning
Introduction to the problem – who’s to blame
Key education culture and teaching issues
Teachers Advancement Program (TAP) and other known key predictors of teaching success
No Child Left Behind Education Reform and growth in Charter Schools (where Arizona is #1)
Lessons Learned, Lean Techniques, Project and Experience-based Approaches, Baldridge Award
And, using Systems Theory for inspiration
How large corporates improve the way they innovateCapgemini
Mick Liubinskas is Entrepreneur in residence at muru-D – a startup accelerator backed
by Telstra, Australia’s leading telecommunications and technology company. Mick
has a successful track record of startup creation. He was the co-Founder & Director
of Pollenizer, Australia’s first digital incubator, and was a co-founder of Startmate. At
muru-D, he is responsible for attracting and selecting high-potential technology startups
and then working with them to drive significant, global, long-term success. After many
years in Australia, Mick recently moved to Silicon Valley.
We spoke to him to understand how large corporates can improve the
way they innovate. Mick explains why entrepreneurs need to lead innovation initiatives at big corporates.
He also highlights the importance of proximity to tech hubs: “Innovation and entrepreneurship are about the 10,000 tiny discussions that are greatly helped
by proximity.”
Digital Disruption in Asset and Wealth ManagementCapgemini
The groundswell that is today impacting massively retail banking is now impacting all banking businesses. Opportunities offered by new digital technology such as Big data & analytics have not been fully explored yet by Asset & Wealth Management actors, and new technologies are mainly confined to improve shared platforms and reporting flexibility. But the turn might come soon now with the aggressive launches of Fintechs investing all parts of the banking business, including its most exclusive territories.
Asset and Wealth Management might be the next targets, facing the up-rise of new Robo-Advisors quickly gaining market
share on their devoted playground until now.
Traditional Asset and Wealth Managers should anticipate and react, building on their knowledge and assets in order to contain this new trend but this will require that they adapt and probably more globally rethink their business model, to avoid the commoditization of their activity.
The aim of this document is to present how Asset and Wealth Managers can take advantage of the digital revolution / emergence of Fintechs to become more competitive and attract more clients.
What industries have been digitally disrupted? What are being disrupted? What types of digital disruption are there? Where should you focus your digital disruption/transformation efforts?
The Innovation Game: Why & How Businesses are Investing in Innovation CentersCapgemini
With tech startups rapidly eating into traditional sectors, large organizations face an increased pressure to innovate. The challenge is that traditional innovation approaches are broken. A recent study revealed that only 5% of R&D staff feel highly motivated to innovate. In certain sectors, more than 85% of new products fail and an overwhelming 90% of companies consider they are too slow in launching new products and services.
The weaknesses of traditional innovation approaches have led some organizations to explore different avenues and seek new inspiration. These organizations have launched innovation centers in major technology hubs with the explicit mandate to accelerate digital innovations. These innovation centers, comprising teams of people and often physical sites, are established in a global tech hub. The goal is to leverage the ecosystem of startups, venture capitalists, accelerators, vendors, and academic institutions that these hubs provide.
Major global technology hubs are the preferred destinations for setting up innovation centers. 60% of companies that have set up these centers have a presence in the Silicon Valley but many more hubs are emerging – the top 10 cities in our analysis represent only 33% of total innovation centers. The US and Europe have the largest share with 29% of total innovation centers closely respectively, followed by Asia at 25%. Penetration varies significantly between sectors; manufacturing is a clear leader at 58%, but despite facing increasing pressures from digital disruptions, Financial Services lags at only 28%.
It is extremely challenging to make a success of innovation centers. Success factors include clarity on the role of the innovation center, governance for innovation implementation, and a strong connection with the rest of the business.
Ctrl-alt-del: Rebooting the Business Model for the Digital AgeCapgemini
Our research with the MIT Sloan Management Review reveals that only 16% of organizations are leveraging digital technologies to develop new business models. Most organizations follow traditional approaches to innovation that focus on new products and services, rather than on business models. However, research suggests that the returns from traditional approaches have been diminishing with time. As Serguei Netessine, Professor at INSEAD Singapore says, “Pharmaceutical companies spend as much as 30% of their revenues on R&D, trying to develop new products or technologies. But the return from this enormous expenditure has been very elusive and it is a common problem across industries.” Business model reinvention can be as good a route as technology, product or service innovations. This research highlight five different approaches that organizations can adopt to reinvent their business model with digital technologies.
This is First Round's effort to provide an in-depth snapshot of what it's like to run a technology startup in 2018. We surveyed over 520 venture-backed founders who volunteered their experience and opinions.
Simpler, Clearer, Faster Government ServicesThoughtworks
Paul Shetler is the CEO of the Digital Transformation Office within the Australian Government, and was previously an executive at the UK's highly regarded Government Digital Service.
At ThoughtWorks Live Australia 2016, he shared how he is leading the transformation to simpler, clearer, and faster government services using a user-centred design approach.
Going Digital: General Electric and its Digital TransformationCapgemini
How can a company that is over a century old transform itself to thrive in a digital economy?
For GE, responding to change is part of its modus operandi. This is a company that has famously made change a core capability and a constant in its history. For over 120 years, GE has ploughed forward under a banner of “Building, powering, moving and curing the world. Not just imagining. Doing.” This constant focus on innovation and transformation has made the company the only one to still remain in the Dow Jones Industrial Index since the original index was established in 1896.
GE is betting big on software and analytics to bring about its transformation, with Jeff Immelt stating: “I took over an industrial company, now it will be known as an analytics company”. GE’s focus on data analytics was clear back in 2012 when it set aside up to $1.5 billion for small take-overs to boost its presence in analytics. GE currently monitors and analyzes 50 million data elements from 10 million sensors on $1 trillion of managed assets daily to move customers toward zero unplanned downtime.
GE’s digital transformation is not the result of being in the right place at the right time. Instead, it is the result of a structured approach that involved a strong top-down digital vision, capability development, achieving all-round buy-in and a constant focus on innovation.
While many digital natives, from FaceBook to Uber, continue to take much of the limelight, this 120-year-old giant of the corporate world shows that digital agility is not just confined to the new Millennial corporates.
Using digital technology to your advantage. Should you focus on improving customer experience or new products and services or your core business operations?
Developing and managing a multi-channel approach has been
a key issue in retail banking.
But what about Corporate & Investment Banks (CIBs)? Where do they stand in terms of multichannel for corporate clients?
Especially, what are the trends and opportunities in digital channels for them and what are the implications?
How To Ensure That All Students Are Learning
Introduction to the problem – who’s to blame
Key education culture and teaching issues
Teachers Advancement Program (TAP) and other known key predictors of teaching success
No Child Left Behind Education Reform and growth in Charter Schools (where Arizona is #1)
Lessons Learned, Lean Techniques, Project and Experience-based Approaches, Baldridge Award
And, using Systems Theory for inspiration
Desde los tiempos apostólicos, ciertos hombres han querido inyectar sus propias ideas en la sana doctrina que el Señor trajo al mundo. A veces, tales personas saben que están corrompiendo lo autorizado por Dios, pero evidentemente no les importa.
Looking for:
A passionate leader with experience in building / growing institutional business, both public and private sectors and building a services ecosystem; exposure to irrigation / agricultural equipment industry could be useful, definitely not a constraint for any tech savvy marketer and quick learner.
Ability to bring innovative marketing and selling approaches to a tech startup poised for exponential growth.
A professional with an awareness of the challenges of startups in early growth stage.
The values we live by got us to this point. And we are naturally, completely, and utterly Bundl.
Find out more about our purpose, method, culture, and habits in our ‘This is Bundl’ book.
FasterCapital is always looking for expanding its network in the startup ecosystem. We partner with other incubators, accelerators, VCs, and service providers to bring the best benefits to startups in our portfolio and to reach out and support startups in our partners' portfolios. Our partnership model is based on non-obligatory and mutually-beneficial collaborative activities to help both FasterCaptial and the partner in reaching out to more entrepreneurs, investors, mentors, and startups enthusiasts. You can join our partners here www.fastercapital.com/partner/joinus.html
GE: How an Industrial Leviathan became a Digital GiantCapgemini
An Interview with Beth Comstock – Vice Chairman of General Electric exploring the companies key milestones in their Digital Transformation Journey. Areas explored include their trajectory towards a digital industrial company, GE’s Predix Platform, a cornerstone in GE’s digital strategy, how they operationalized their digital strategy through investment, greenfield and acquisitions, how they adapted a digital culture in a century old company and the rationale behind GE Digital, a shift to centralise their digital capabilities.
DIGITAL EVOLUTION: A SUSTAINABLE APPROACH TO DIGITAL BUSINESS GROWTHEndava
From Digital Transformation to sustainable digital business growth through Digital Evolution, in a whitepaper by Endava’s Chief Digital Officer, Justin Marcucci.
The full slide deck from a 60 min key note in Stockholm in November 2017 for CIO/CTOs from the largest Swedish Corporates including: H&M, IKEA, Vattenfall, Volvo, SAAB, Postnord, SAS, Nordea, Ericsson etc.
Flatnut Ventures is a technology company providing Startups and Corporates with an Execution Task Force (ETF) helping them reach their Software Engineering and Performance Marketing objectives.
6 Guidelines on Crafting a Charter for your Business TransformationSirius
Are you overwhelmed with the demand of business transformation? Review this SlideShare to learn more about these 6 guidelines on crafting a charter for your business transformation, and get ready to steer a steady course into the future.
• Define what transformation means to your enterprise and your customer.
• Align IT and business.
• Laser-focus on one thing you do really well.
• Lead with a Tiger Team—and make it a brilliant one.
• Innovation is the key driver of transformation and, to innovate, you must allow for iteration and failure.
• Build in security and privacy.
The New Innovation Paradigm for the Digital Age: Faster, Cheaper and OpenJon Nordmark
How Iterate Studio helps multinationals embrace Open Innovation is featured in Capgemini Consulting's 8th Digital Transformation Review (Oct 2015), pages 44-50. Other topics include Machine Learning and AI (University of Oxford), Innovating through Open Data, Robotics, Intrapreneurship (by Telefonica), Innovation Centers (by Capital One), Frugal Innovation (University of Cambridge), and more. -- Digital Transformation Review 8th Edition, Capgemini Consulting ( https://www.capgemini-consulting.com/digital-transformation-review-8 )
COVID-19 heightened chronic challenges within the global healthcare industry. It became a catalyst amid fierce competition and tight regulations for health providers and payers to focus on digital health, cybersecurity, patient data transparency, and a variety of customer-centric and operational enhancements. As a result, we found the 2022 trendline pointing to improvements in access and quality of care.
Healthcare challenges such as optimizing the cost of care while simultaneously enabling personalized interventions and consumer-friendly shoppable services are long-standing − but, historically, the industry has been slow to react.
Read our Top Trends 2022 report to examine the lingering ramifications of the pandemic, responses from medical and insurance organizations, and the worldwide impact of ever-changing regulatory standards and mandates.
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
This analysis provides an overview of the top trends in the commercial banking sector as they shift to technology high gear to boost client efficiency and battle a volatile, uncertain, competitive, and evolving landscape.
First, it was retail banking. Now, advanced technology is shifting to – and disrupting − the commercial banking space. Many commercial banks, known for paperwork, red tape, and branch dependency, were unprepared to support clients during their post-COVID-19 ramp-up. But now, the digital pivot to new mindsets, partnerships, and processes is in overdrive.
As commercial banks grapple with competition from FinTechs, BigTechs, and alternative lenders, their inability
to fulfill SME demands and pandemic after-shocks necessitates transformative process changes and a move
to experiential, sustainable, and inclusive banking models. We expect banks to strive to meet the demands
of corporate clients and SMEs by digitally transforming critical workflows and improving client experience.
Additionally, incremental process improvements in the middle and back-office that leverage intelligent
automation will keep the competition at bay because engaged clients are loyal.
Adopting newer methods to mine data and moving to as-a-Service models will prepare commercial banks
to flexibly respond to newcomers and find ways to co-exist through effective collaboration. The time has come for commercial banks to put transformation on the fast track as lending losses in wallet and market share could spill over to other functions!
How incumbents react and respond to 2022 trends could determine their relevancy and resiliency in the years ahead.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
As we slowly move out of the pandemic, financial services firms have learned the criticality of virtual engagement to business resilience. Wealth management firms will need capabilities to cater to new-age clients and deliver new-age services. This report aims to understand and analyze the top trends in the Wealth Management industry this year and beyond.
A year ago, our Top Trends in Wealth Management report emphasized how the pandemic sparked disruption and digital transformation and changing investor attitudes around Environmental, Social, and Corporate Governance (ESG) products. As we begin 2022, many of those trends continue to hold as COVID-19’s wide-reaching effects continue to influence the wealth management industry.
As wealth management (WM) firms supercharge their digital transformation journeys, investments in cybersecurity and human-centered design are becoming critical to building superior digital client experience (CX). Another holdover trend − sustainable investing – is gaining mainstream attention and generating increasingly sophisticated client demands. Data and analytics capabilities will become ever more essential for ESG scoring and personalized customer engagement. As large financial services firms refocus on their wealth management business while new digital players make industry strides, competition is becoming historically intense. Not surprisingly, client experience is the new battleground.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal.
Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem.
Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.
The uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry. So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value ‒ quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance.
With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through collaboration with ecosystem players.
Read our Top Trends in Commercial Banking 2021 report to explore the strategies banks are adapting to transform their businesses from a product-led, siloed model to an experiential and agile plan.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
A combination of factors, including demographic changes, evolving consumer preferences, and regulatory and compliance mandates, were already spurring change in the health insurance industry. Enter 2020 and the COVID-19 pandemic, which is having sweeping implications for the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry adapts to the new normal.
Furthermore, some changes are here to stay, and it will be prudent for the industry players to be resilient to the market shifts by being agile, improving member centricity, making processes intelligent, and embracing the open ecosystem.
Read our Health Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the external pressures.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.
The health insurance industry is evolving and undergoing significant changes. As the risk landscape shifts, insurers are working to improve operational efficiencies, meet evolving customer preferences, and align better with the changing business environment. Accordingly, payers must adapt and align business models and offerings. An incisive tactical approach is required to accommodate members’ needs and related emerging risks — medical, health, and environmental. Advanced technologies such as artificial intelligence, analytics, automation, and connected devices are enabling insurers to manage these changes proactively, partner with members, and help to prevent risks, all the while continuing to fulfill payer responsibilities.
Read Top Trends in Health Insurance: 2020 to learn which strategies insurers are adopting to navigate and align with today’s challenges.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
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Digital Leadership Interview : Jon Nordmark, co-founder of Iterate Studio
1. An interview with
Transform to the power of digital
Jon Nordmark
Co-founder of Iterate Studio
Kick-starting Innovation
Through Startups
2. Jon Nordmark
Jon Nordmark
Co-founderofIterateStudio
How did you come up with the
idea of Iterate Studio?
A few years ago, I was working in Eastern
Europe with Brian Sathianathan – one of
Iterate Studio’s other co-founders – at
a startup accelerator. We would review
about 300 business ideas every six
months and accept approximately 10
countries into the program.
After seeing all these really interesting
companies, we thought there needed to
be a service that helps large companies
discover and validate new digital
technologies from all over the world.
At the same time, intriguing startups
coming out of accelerators would get
a quick validation within large-scale
environments. After proof-of-concept
tests have been run by a third party,
individual startups are valued a lot more
than when they were just an interesting
idea or theory.
What is your unique proposition
compared with startup
accelerators and incubators?
Iterate is not a startup accelerator. We
are not interested in helping anyone
draft a business plan or giving advice
regarding how a company should
work. Unlike accelerators, we focus
on proof-of-concept tests. We find
the startups with the most potential
through a discovery process – often
they will have 10 customers already,
maybe even 100. Once we’ve found a
startup with intriguing claims or success
stories, we try to get them tested rapidly
in an environment we trust – often in a
small enterprise where we can be sure
experiments are properly operated. Our
hands-on oversight helps us determine
if the business claims made by the
startup are valid or not. We are unbiased
and agnostic as far as how we endorse
technologies, whereas an accelerator –
like a VC – is always going to be biased
to the companies that come through
their program. We don’t care where a
startup is from, how much money it has
raised, who funded it, who its founder is;
we only care if the technology provides
a positive business impact.
Sometimes startup solutions can
be too niche compared to the
scale of large enterprises. How do
you work around this challenge?
Often, startups produce what we call
“point solutions,” because each strong
startup tends to be really good at one
little thing. However, if you can combine
a few of these, you can create a simple,
powerful enterprise-level solution that is
very difficult to do as a single startup or
enterprise. We create “digital recipes”.
Can you explain the testing
process in more detail?
When a large organization subscribes to
Iterate’s services, the first thing we do
is put an innovative legal agreement in
place. That legal agreement provides
the large organization with the right to
test any startup that Iterate Studio has
decided to endorse. On the startup
side, if we decide to endorse a startup
for our large company subscribers,
we sign an agreement with the
startup that gives Iterate an umbrella
experimentation license. We can pass
that “experimentation license” on to any
large enterprise that we are formally
working with. The beauty of these
agreements is that the large company
removes that time-consuming process
of writing and signing an individual
contract with every single startup
they work with. On the other side, for
startups, it helps them scale their
solution faster than the old way. So, we
are trying to remove all the paperwork
and make it seamless to get a quick
pilot test in place.
We thought there needed
to be a service that
helps large companies
discover and validate
new digital technologies
from all over the world.
We create ‘digital
recipes’ [by combining
point solutions from
different startups.]
3. Jon Nordmark
Once the administrative stuff is out of the
way, we get ready to test run the startup’s
solution. If it is a digital test for the Web
or mobile, we turn on an A/B split test
platform. Within a day to two weeks,
we usually know whether the business
impact is positive, neutral, or negative.
If the test worked, we’ve found a great
match for the enterprise. It also gives
us great confidence in recommending
the startup technology to other clients.
If we see the test works for one website,
we know that there is a high likelihood
that it will work in sites that are similar.
We really believe that the best thing
to do is to test and try things rather
than talk too much about technology.
The methodology is a bit different for
tests in physical environments, but the
philosophy is the same.
What is the percentage of
innovations that make it from
proof-of-concept?
Our success rate is above 80% for
testing online technologies. We also
have a high success rate on finding
technologies that will satisfy challenges
presented by enterprises – from
stopping suicides to removing standard
POS systems from retail checkouts to
creating mashups of video technologies.
We have a broad reach across the
emerging technology ecosystem, plus
spend a lot of time trying to find the right
startup technology that could solve a
company’s problem – hence the high
success rate.
Startups in the Digital
Age
Do you think innovation in today’s
age is very different from 10 or
15 years ago? Is the nature of
innovation changing?
Yes, it is vastly different. Research has
shown that the cost of developing a digital
startup has fallen from approximately $5
million in 2000 to approximately $5,000
as of 2013. There are a number of factors
behind this. When I started eBags in
the 90s, we had to buy, provision, and
supervise tons of hardware. And then, we
had to write all our software from ground
up, in fairly difficult languages. We had to
hire people with the specialized skills to
configure those servers and write that
code. We built our own fulfillment systems,
ourownA/Btestplatform,ourownContent
Management System, our own product
review system. So, 10 years ago, it was
heavy commitment to labor and hardware
expenses.Muchofthathasjustevaporated
with the advent of the cloud. Now those
systems are readily available through SaaS
services, off the shelf. Access to speed has
increased. Automation has also removed
a lot of technical work. All these things in
combination have significantly brought
the cost down in the last ten years. Lower
costs combined with explosion of angel
and crowdfunding networks has also
helped create a global baby boom of digital
startups and a potpourri of opportunity for
agile enterprise executives.
How Startup
Communities can
Help Large Enterprises
Innovate
Often we see innovation
departments that are quite
isolated in big organizations.
How do you foster a culture
of innovation throughout the
organization?
Innovation can’t be done in an isolated way,
on an island. The only way innovation can
takeupfirmgroundiswhenithasCEO-level
support. There needs to be a requirement
coming from the CEO that business units
must work together seamlessly. Take the
case of Jeff Bezos. He is a big supporter of
innovation and he talks about innovation all
the time. But, he does not just talk about it
– Amazon committed $15.4 billion to R&D
in 2014, ran 1976 website tests in 2013, and
they tend to acquire 2 to 6 startups each
year. It is outspoken and loud.
How can companies compete
with giant companies who spend
billions of dollars in R&D?
The most effective way is through the
startup community and I’m saying this from
my experience. Companies should take
their own route when it comes to innovation
including the startup community. Tap into
it. On Iterate.ai, a new innovation service
our company just launched in alpha, we
have indexed more than 130,000 digital
startups around the world. The investment
going into those startups – money, time,
effort, and knowledge – is in the billions
of dollars. Equaling or exceeding the $10
Our success rate is
above 80% for testing
online technologies.
Our new website –
Iterate.ai – has indexed
more than 130,000
startups.
The cost of developing
a digital startup
has fallen from
approximately $5
million in 2000 to
approximately $5000 as
of 2013.
4. Kick-starting Innovation through Startups
A startup identified by
Iterate helped companies
speed up their website
performance by up to
35%.
The cost of developing
a digital startup has fallen from
approximately to$5 million in 2000
approximately $5,000 as of 2013.
100,000 and
400,000 digital startups
There are somewhere between
around the world.
• Discover
• Validate
new digital technologies from
business claims made by the startups
in an unbiased and technology-agnostic way.
all over the world
Iterate’s new
website — Iterate.ai
— has indexed
more than
130,000 startups.
Google, Apple, Facebook and
Amazon together spend over
on R&D annually,
$35
79% from 2013
billion up
Large organizations can compete
with such heavy investments by
tapping into the distributed startup
community.
“We are trying to organize this
disorganized
startup
community,
so they can
be engaged
and embraced
a lot easier by large
enterprises.”
“We create
‘digital
recipes’
[by combining
point solutions from different
startups].”
Bringing Startups and Enterprises Together
How Companies can Compete with Tech Giants – by Leveraging the Combined Potential of Startups
Digital Startups are Blossoming
Iterate works closely
with 45 startups,
semi-closely with 100
and is aware of
hundreds more.
Companies need startup curators, to help them…
5. One of our Boston-based startups, which
has raised nearly $50 million, increases the
speed of websites and mobile sites by 35%
on average. This translates to about a 16%
revenue per visit increase. In May 2015, our
tests helped the startup replace its primary
competitor – a $10 billion incumbent – in
three large enterprises. Now, many more
tests are lined up based on those results.
Another bootstrapped Indian startup
that we endorse created a malware-
removing software. The startup blocks
e-poaching, where malware secretly takes
over a shopper’s browser, trying to move
shoppers to competitive websites. We are
finding that 6% to 11% of shoppers seem
to have malware infections, causing almost
4% to 8% of their total websites revenues
to be lost. Last month, we determined this
malware blocker would deliver a $6 million
revenue lift for one of our enterprise clients.
This startup had a solution to that problem
and a technology that could be plugged-in
in minutes, and many of our clients want to
test this new brand-protection technology.
billion R&D budgets operated by each of
the GAFA companies (Google, Amazon,
Facebook, Apple). It is just that the global
community of startups needs to be
organized, tested, and deployed quickly,
as if they are initially created within an in-
house lab. If you embrace this distributed
startup community, you are embracing
an R&D effort on the level of GAFA. The
startup community can be your digital lab
or greatly enhance it. What we are trying
to do is organize this disorganized startup
community, so they can be engaged and
embraced a lot easier by large enterprises.
Finding Right Startup
Partners for Large
Enterprises
Can you give us some examples
of great startup solutions you’ve
found for large companies?
We are working on everything from IoT
initiativestoPOSandsupplychainprojects.
But some online experiments we’ve done
quickly demonstrate successes.
Take the case of a Silicon Valley based
startup that we work with – which has $3
million in funding. It is a big-data-based
dynamic couponing company that helps
retailers and travel sites deliver offers in
real-time on websites. We have a 100%
success rate with them. Across the 14
tests we’ve run for them, their solution has
delivered an impressive 19% increase in
conversionrateonit’saddressedaudience.
If you embrace this
distributed startup
community, you are
embracing an R&D
effort on the level of
GAFA.
One of our Boston-
based startups, which
has raised nearly $50
million, increases the
speed of websites and
mobile sites by 35% on
average.
Iterate Studio
works closely with
approximately 45
startups, semi-closely
with another 100,
and we are aware of
hundreds more.
Jon Nordmark
How many entrepreneurs and
startups do you work with?
Over the years, we have been exposed to
thousands of startups, but Iterate Studio
now works closely with approximately
45 startups. We work semi-closely with
another100,andweareawareofhundreds
more. Our new website – Iterate.ai – has
indexed more than 130,000 startups, and
we can dive into that database in search of
digital solutions. We are also beginning to
useIterate.aitoautomaticallypairenterprise
challenges with startup solutions. For any
executive trying to work on the cutting
edge or even remain relevant in today’s fast
moving digital ecosystem, it is critical to be
aware of the startup landscape, to be able
to connect dots on the fly, and to do it in a
scalable way. Those are services we are
trying to provide for all the companies we
work with.