Tags: analytics | economics | index | macroeconomics | new models | open innovation | social networks
The fall issue’s cover of MIT Sloan Management Review is meaningfully titled “The Age of Consumer Innovator”, and this is not a case, considering that Social Business is one of the three pillars on which the magazine bases innovation’s processes.
The 3 Innovation Hubs are in fact “Social Business”, “Intelligent Enterprise”, and “Sustainability and Innovation”.
There are many converging factors telling us that there is the need to rethink old models and paradigms, for enterprises and for economy as a whole: the burst of the real estate bubble in 2007 was followed by the financial crisis in 2008, which soon became an economic stagnation, with high and prolonged unemployment’s rates in all western countries, lasting much more than foreseen. Current sovereign debt crisis is only the latest chapter of a long story. Thus, there are dozes of renowned economists and commentators debating on new models, possible solutions, exit strategies, …
Paul Krugman from his blog on New York Times regularly discusses main macroeconomic issues and government possible counteracts; the same do economists like Joseph Stiglitz on the Project Syndicate website, where Nouriel Roubini recently wrote an article wondering about the wealth of capitalism system, and proposing possible reforms to correct its distortions.
A recent Economist’s article enquires the biggest issue, unemployment, from a different point of view, suggesting that this time technological progress could really destroy permanently jobs, especially in the white collar and skilled professions, thanks to artificial intelligence, semantic search engine and high level automation.
Many successful books are proposing new macroeconomic models; among these, Capitalism 4.0 , in which Anatol Kaletsky considers that we are living the end of the third phase in capitalism history and we have to build up a new pragmatic and adaptive model for the fourth one.
In Capitalism at Risk , Joseph Bower focuses his attention on innovation and on the role that business can have in developing a new model.
As seen, the research of new models is widespread, and many analysts agree on the fact that an era has definitely ended, suggesting enterprises to invest in knowledge and innovation, as proposed by Mit Sloan magazine in defining the three hubs.
Excluding sustainability, omitted because of the vastness of the theme, in this blog we have focused our attention on the other two themes, exploring the great potential offered by the diffusion of internet, the flourishing of social networks, and the power of data analysis. Thus, if open innovation can make a business more social and integrated with the community of customers, data analytics tools permit enterprises to collect, store and analyze zettabyte of data coming from both inside and outside the organizations and capable to give precious insights and information, even in developing strategies, value propositions, market positioning, customer relationships, etc.
Dozens of articles have been recently written on these two issues, ranging from the role of consumers to the measurement of the grade of socialization reached by enterprises .
Strategic importance relies on the construction of new mechanisms to measure performances and value, in an era in which even traditional macroeconomic indicators are deeply questioned (see the Stiglitz-Sen-Fitoussi Commission ).
This need is even stronger for companies committed in an open innovation process: the partial lost of control must be counterbalanced by an accurate and reliable measurement of the effectiveness of activities and performances. Tools like Social Business Index , developed by Dachis Group, are based on a system that analyzes millions of data and gives detailed information over quantity, quality, and effectiveness of the social strategy enacted by an organization. Such an index is the ideal logical bridge linking together open innovation and business analytics, whose importance is widely accepted, as showed by a huge literature, here exemplified by this article, recently published by Mit Sloan Management Review and titled Analytics: the New Path to Value .
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