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Product Relationship Management (PRM): What Every Connected Business Needs
+
Speakers
Ray Wang
Founder & Chairman
@rwang0
Matthew Duffy
Vice President of Marketing
@MattDuff
Guy Courtin
Vice President & Principal Analyst
@gcourtin
2
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
