1. Unleashing the power of the platform economy
Companies can join forces to offer a new and differentiated product or service to their customers. This involves bringing the power of social graphs, or social network models, to the business world. A prime example is the auto insurance industry, where drivers can obtain personalized car insurance tailored to how, when, and where they drive. Companies should collaborate with partners and other industry players within their own and related markets. This way, they can introduce new products or services that leverage a platform-based business model and offer differentiated value to customers.
2. Implement next-generation intelligence
Once companies master data management, they can aspire to next-generation intelligence. It will be real-time, multimodal, and multifunctional, drawing conclusions from internal and external sources. Chinese company Shein has become the world's largest fashion retailer by using next-generation intelligence to reinvent product design based on demand. Product teams rapidly adjust their designs based on clicks and sales. An algorithm determines the production plan, automatically orders additional materials, and recommends items to multiple users with similar profiles. This type of model could be applied to other industries to avoid wasting large quantities of inventory and minimize warehousing costs.
3. Exploit advances in computing and algorithms
We are entering an era of supercomputing and advanced AI that has made innovation cheaper and more accessible, less risky, and with greater choice. But advanced computing systems like quantum computing are still a long way off. In the meantime, a hybrid approach will be needed, combining traditional computing systems with next-generation elements. This will allow for improvements in the performance and efficiency of advanced computing by leveraging the scalability and reliability of traditional computing systems. These mixed solutions could offer recognized value in the next 12 to 24 months.