Knowledge Economy: business as PART OF (not apart from) community


I you are at all “read” in the broad subject of complexity you may already be aware of the established links between: information – learning – intelligence – complexity – innovation. If not, this recent article from Wall Street Journal, about  a report, The Atlas of Economic Complexity may be of interest.

But elements of this blog item (apart from a useful infographic) really struck home and I wanted to share it. We have had the usual ham-fisted attempt by Politicians to promote the “Big Society” as if, by sticking a label on it, they could lay claim to a successful strategy…or blame citizens and society if/when it doesn’t work as hoped! In truth, whilst the “spirit” is sound, when delivered by Government against a backdrop of Austerity, it sounded and smelt like more “top down” BS!

I’ve been looking at ways to explain why social learning is so important for business today. It comes down to the fact that what we know and do inside our organizations is insufficient to address external complexity or to be innovative

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Savvy Buyers won’t be bullied or buy the BS!


In 2009, when I wrote this piece, the Financial Services industry (as I know it) was still intent upon ignoring or, more accurately, failing to embrace the necessary lessons. Not much has changed!

This WILL prove to be a very costly mistake for some.

To execute a successful change of direction, from PUSH to PULL, is not as simple as it sounds. The environment in which “pull” can be created is very different to that of “push” and it is built by deed and action WITH customers NOT constructed like a “corporate facade”!

For FS, it requires change…

of focus: from REVENUE to CUSTOMER

of culture: from SALES to SERVICE

of approach: from PRESCRIPTIVE to PARTICIPATORY

Savvy customers expect (perhaps demand) TRANSPARENCY! “Social business” requires a brand to live its marketing, be accessible and engage in two-way communication: to build TRUST. Read more of this post

Innovation: listen to Confucius…and look within


“To put the world right in order, we must first put the nation in order; to put the nation in order, we must first put the family in order; to put the family in order, we must first cultivate our personal life; we must first set our hearts right.”Confucius

Failed approachesI thought it worth sharing this extract from a recent email exchange. Because, it is true to say that, grasping the nature of what we (Ontonix) do can be difficult PARTICULARLY when it is perceived as a “challenge” to long (and dearly-held) belief systems. Even though the knowledge and technology upon which they are based have been discredited or superseded!:


 

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Innovation: Just what is a “Blue Ocean Strategy?”


I used to be confused when people talked about innovation in Financial Services. They said it went on but there was very little evidence.

Gradually, over the years, I realised that the nature of FS innovations was such that they were merely presented in marketing campaigns as being of benefit to the customer when, in truth, they were more about improving the company’s bottom-line.

Insurers and banks are now in deep, dark, holes of their own making because, whilst the NEED to innovate and to rebuild customer TRUST is apparent, any successful product or service innovation MUST respond to what their existing and prospective customer demands:

Transparency

Value

Sustainability

These require more than a “creative spark” they require a cultural shift before the process can even begin…

Just what is a "Blue Ocean Strategy?" I thought that this was a far better summary, of what "Blue Ocean" is about, than I could manage. Well worth a read as it may spark THE idea that provides you and/or your business with a "new path" through these tough trading conditions:  Renee Mauborgne, Co-Author of Blue Ocean Strategy Summary: The primary concept is simple: Blue Oceans represent unknown, uncreated market space. They become wide open opportunities once disco … Read More

via Get "fit for randomness" [with Ontonix UK]

Insurance: Feed the beast but ignore the elephant


Insurers are so desperate to maintain GWP that they will forego underwriting profit in its pursuit!

Every time the premium bar rises it benefits them but hurts individuals, households and businesses…in short the whole economy! This is how skewed the “logic” of the prevailing culture in financial services has become. And, believe me, they are comforted by the fact that Politicians, FSA and the general public concern themselves with “effect” rather than dealing with “cause”:

A morally corrupt corporate culture.   

The secondary industries that have sprung up around insurance claims – in particular motor accidents – bear testimony to this culture. Massive costs come back around to policyholders in the form of increased premiums. No surprise there then but did you know that much the costs come about as a result of insurers’ desire to secure income from lawyers who are happy to pay for details of claimants. Still not too shocking!?

How about if the insurer who may end up making payments is the same one that  is selling the details of a third party intent upon pursuing a claim, (for damages, personal injury) against them??? That’s right. Read it again if you need to but that is how it is!

An interesting article in a recent issue of Scotland on Sunday: Scottish drivers pay price for English law, touched upon the wider issues but contained this “alarming” quote from one company spokesman:

“someone is going to make money out of this referral. If there is going to be a claim anyway, it might as well be us.”

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