Product Relationship Management (PRM): What Every Connected Business Needs

Product Relationship Management (PRM): What Every Connected Business Needs

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Speakers

Ray Wang

Founder & Chairman

@rwang0

Matthew Duffy

Vice President of Marketing

@MattDuff

Guy Courtin

Vice President & Principal Analyst

@gcourtin

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52% of the Fortune 500

firms since 2000 are

gone

Digital creates winner takes all marketsOverall Market Share Percentage of Profits

“A digital divide exists between

the organizations who have

built digital business models

and everyone else.” (2013)

Tech convergence powers digital disruption

Mobile Social Cloud Big Data IOT3D

Printing

Design Thinking Inspired User Experience

Within the next four years, there will be more connected “things” than PCs, Smartphones, Tablets, and connected TVs combined.

Personal Computers

(Desktop and Notebook)

Smartphones

Tablets

Internet of Things

Smart TVs

Wearables

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E 2015E 2016E 2017E 2018E

Exponential Growth of the IoT

Perfect Storm for IoT

The perfect storm for

IoT emerges

Computational power

Connectivity

Cloud technologies

The battle for experiences and outcomes

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“We move from selling

products and services to

keeping brand promises in an

attention economy.”

• Product companies give away

product for service revenues.

• Service based businesses sell

experiences at varying price points

and service levels.

• Experience based businesses selling

business models

• Business model companies sell

peace of mind.

10

IOT and digital accelerates business model transformation

Disrupt or be Disrupted

The future is big data business models built on insight

Information based differentiation

Drive demand

Create new service offerings

Improve c-sat

Drive lower cost models

Information brokering

Raw information

Analysis and insights

Benchmarking

Information based business platforms

Marketplaces

Deal making

Advertising

© 2011 - 2013 R Wang & Insider Associates, LLC. All rights reserved.

13

GE Power knows when a transmission line will go down 8

to 10 days before it does

Companies are making it real

12%

39%

29%

20%

No Interest

Loger term interest/still learning

Planning to deploy IoT within 2years

Actively Using IoT

Source: Xively/Machina Research

Cars are more than transportation

Virgin’s New Connected Boeing 787

“Literally every piece of that plane has an

internet connection, from the engines, to

the flaps, to the landing gear.”-David Bulman, Virgin Atlantic IT Director

But it’s not easy to manage

"The challenge is what do you do with that

amount of data when you are getting

terabytes of data a day off your various

airplanes? We are getting to the stage right

now where we cannot deal with that much.”

“If you are talking that level of data you

can't just chuck ten disks into your data

centre anymore, you have to look at cloud

based solutions and how you can store

data.”

-David Bulman, Virgin Atlantic IT DIrector

So How Will Companies Create These Connections & Manage the Inflows of Data?

PRODUCTCOMPANY

Connection

Data

CRM Systems Are Mostly Built to Handle Small Quantities of Heavy Data

CUSTOMERS COMPANY

Introducing PRM

Five steps to getting started with PRM

Design new experiences and outcomes

Smart enable things with the 9C’s of engagement

Apply new business models and technologies to existing infrastructure

Move from gut to data driven decisions

Co-create and co-innovate with new partners

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© 2011 - 2014 R Wang & Insider Associates, LLC. All rights reserved.

Besides security, the FTC's reports identify

three additional areas that companies

should focus on: data minimization, notice,

and choice.

Data minimization means that companies

should protect their users' privacy by not

collecting any more data about its customers

than is necessary. Limiting data collections

helps reduce the chance that unauthorized

parties will access private information about

customers.

The FTC wants all your internet connected things to be secure

“Every industrial company

will become a software

company.” (2014)

Jeffrey Immelt

Chairman/CEO of GE

Thank you!

Q&A