Need to build [or restore] customer trust?:: Corporations must join the Collaborative Economy


JO has nicely summarised what I have (unknowingly, in the beginning) been mapping-out in my mind as a viable alternative to the unsustainable model(s) adopted by the insurance industry and wider Financial Services industry. All I need now is to identify the ‘risk leaders’ of tomorrow. If that sounds like you, please get in touch.Adopt the Collaborative Economy Value Chain

Right now, customers are sharing media and ideas on social technologies, in the near future, they’ll use similar technologies to share products and services, which will cause a ripple of impacts far more disruptive than what we’ve seen before.

[The Collaborative Economy is an economic model where ownership and access are shared between people, startups, and corporations]

Report: Corporations must join the Collaborative Economy | Web Strategy by Jeremiah Owyang | Social Media, Web Marketing.

Adaptive Process versus The Sourcerer’s Apprentice


“Adaptive processes are therefore not about being chaotic, creative, un-structured or non-compliant but about using the real-world dynamics of work to create a process that fulfills all goals, follows all compliance rules and can change at the drop of a hat to be better NEXT TIME.”

Complexity:: Strategy and the ‘threatened’ business model


It would be wrong to say that I am in total agreement with the content of this article but that is simply because, courtesy of Ontonix, I hold an ‘informational advantage’! That is because, of course, it is a great deal easier to identify which products, services or aspects of the operation are dragging the model down when you can, objectively, identify sources of internal [endogenous] risk and measure their impact upon the stability [or resilience] of a complex system.

But there is a lot of good stuff that I would highly recommend. Particularly for those readers who have already determined (subjectively) that any downward trend is temporary, a result of ‘bad’ luck/timing, financial volatility or unforeseeable uncertainty. Of course, you may be right but you COULD be wrong and your inaction might only be exacerbating the problem…or accelerating the rate of decline.

I dread to think how much valuable resource is wasted by organisations treating symptoms that are self-generated. John Seddon, a leading ‘Systems Thinker’, talks (with some humour) about the need to address the right problem instead of, inadvertently, creating more "failure demand". It would be fair to say that with an understanding of the complexity of business systems – aided of course by a means to identify and address sources of risk and uncertainty – even the business owners, without whom the organisation may not have come into being, can learn a great deal about a business they feel they know intimately.

But this ‘mistress’ has secrets that will remain hidden unless they are coaxed out…

Business ecosystem

The Gravity of Risk Can Slowly Crush Business Models

Executives must proactively assess their business model, and do so on a regular basis. What was once a great business engine can grow less viable years later because it has become outdated or ineffective due to market shifts or new developments in industry’s business environmental conditions. It is the course all businesses must run, facing the need to change along the way in order to survive.

Risks are about events that, when triggered, cause problems. Hence, risk identification can start with the source of problems, or with the problem itself. It is important to remember that risks emanate from threats, but the manifestations are much broader and may be internal or external to the organization.

Strategy and the Threatened Business Model | Corporate Strategic Planning | Strategic Planning Articles and Resources | Management Consulting Services Firm | Business Strategy Consulting.

[Ontonix] Coping With Turbulence: More Theories and Math?


…math is often used to model things that cannot be modeled (in the sense that the results such models produce are mathematically correct but totally irrelevant). Risk, and especially the consequences of risk, are something that math is unable to embrace. This is because risk lacks a definition, a metric (standard deviation is NOT a measure of risk) and, most importantly, because it is a reflection of subjective human sentiments as to the potential level of regret after some hazardous circumstance has actually materialized. Now how do you measure that?

See on Scoop.itComplexity & Resilience
Author : Ontonix
See on www.interfima.org

How much work does Financial Services still have to do?


Directions

It is a serious question! It genuinely bothers me that FS is rated as less trusted than banking [Edelman Trust Barometer] for the third straight year.

Equally I am incredulous that the UK insurance industry has the audacity to, still, be talking about increasing “professionalism” when the Aldermanbury Declaration is nothing more than yet another attempt at (well-practised) misdirection…or, if you like, ‘turd-polishing’.

Don’t try to see into the future using the past as your lens!

You are looking in the wrong direction. By all means know about and learn from the past but don’t use the wrong lens to try to look too far ahead. As a concerned mother of my parents’ generation would say “you’ll just strain your eyes”! Look within: not necessarily in some mystical or philosophical sense – although there are numerous historical references that still hold good – but in a practical manner as far as the structure, culture and operation of the business is concerned. And in a metaphorical sense in respect of your own biological system. Read more of this post