Now, another report from Schneider Electric called „IoT 2020 Business Report“ delivers some new findings on how large organisations will leverage Internet of Things technologies as a serious business tool by 2020. Their study is based on feedback by 3,000 business leaders from twelve countries.
According to their global survey, 75% of respondents were optimistic about the opportunities IoT presents this year. Almost every second out of three (63%) companies use IoT to improve their customer experience and analyze customer behaviour in 2016. They hope to solve problems faster, achieve better customer service and customer satisfaction ranking.
Furthermore, cost savings in automation seem to be high on the agenda, above all building (63%) and industrial automation (62%). As results showed the improvements in automation technologies almost half of the companies (42%) say they want to implement IoT-enabled building automation systems within the next two years.
The key driver for IoT is mobile for two out of three companies (67%). Thus, they plan to implement IoT via mobile applications this year, and 32% even in the next six months. Again, cost savings of up to 59% is the major driver for IoT implementation.
The confidence is the value of knowledge gathering and sharing already exists inside most companies surveyed. 81% feel that the data and/or information generated by the IoT is being shared effectively throughout the organisation. Fears are lower than expected. Only 41% of respondents connect cybersecurity threats with IoT business challenges.
„We’re past the point of questioning whether IoT will deliver value. Businesses now need to make informed decisions to position themselves to maximise IoT’s value in their organisation.“ Dr. Prith Banerjee, Chief Technology Officer, Schneider Electric
However, Schneider Electric does not only publish numbers of their study but also provides the following predictions that business leaders might take into consideration.
1. The next wave of digital transformation.
IoT will bring operational technology (OT) and IT together while fueling a mobile and digitally enabled workforce: As more companies both expand and deepen their digitisation programmes enterprise-wide, IoT will increasingly take centre stage. This new wave of transformation will be enabled by more affordable “connected” sensors, embedded intelligence and control, faster and more ubiquitous communications networks, cloud infrastructure, and advanced data-analytics capabilities.
2. Insightful data.
IoT will translate previously untapped data into insights that enable enterprises to take the customer experience to the next level: When thinking about the value proposition of IoT, most businesses point to efficiency and cost savings as the key benefits. Yet access to data – including previously untapped data – and the ability to translate it into actionable insights, the hallmark of IoT, will deliver greater customer-service transformation and new opportunities to build brand/service loyalty and satisfaction.
3. Premise-to-cloud confidence.
The IoT will promote an open, interoperable and hybrid computing approach, and it will foster industry and government collaboration on global architecture standards that address cybersecurity concerns: While cloud-based IoT solutions will grow in popularity, no single computing architecture will monopolise their delivery. IoT instead will flourish across systems, both at the edge and on premise, as part of private cloud or public cloud offerings. Making IoT available across heterogeneous computing environments will help end users adopt IoT solutions in the way that best suits their security and mission-critical needs while also offering entities with legacy technology infrastructures a logical and manageable path forward, allowing them to transform over time.
4. Innovations that leapfrog existing infrastructure.
IoT will function as a source of innovation, business model disruption and economic growth for businesses, governments and emerging economies: Just as the Industrial Revolution, birth of the Internet and mobile revolution have driven advancement, innovation and prosperity, so will IoT. Businesses and cities alike will deliver new IoT-enabled services; new business models will emerge; and, in particular emerging economies will have a significant opportunity to quickly leverage IoT without the constraint of legacy infrastructure, essentially leapfrogging old ways. In fact, McKinsey forecasts that 40 percent of the worldwide market for IoT solutions will be generated by developing countries.
5. A better planet.
IoT solutions will be leveraged to address major societal and environmental issues: IoT will help countries and their economies respond to the biggest challenges facing our planet, including global warming, water scarcity and pollution. In fact, survey respondents identified improved resource utilisation as the number one benefit of IoT to society as a whole. In concert with the private sector, local and national governments will embrace IoT to accelerate and optimise current initiatives to curtail greenhouse gas emissions in accord with the breakthrough COP21 climate agreement, whereby 196 countries pledged to keep global warming under the threshold of two degrees celsius.
The Internet of Things has been seen as the main revolution from a technology perspective. The hype seems to be at an all-time high. Real business value is not only saving money though. Customer service improvements, better process optimization and smarter work and life opportunities will have big potential to bring IoT business value to enterprises in the future.
What is your experience on the value of IoT for your business?
According to a recent study by Klout, the most popular content topics on Twitter and Facebook seem to be similar. However, they differ significantly beyond the top 10 topics, states the report based on Klout Topics data from more than 580 million people all over the world. The topics were categorized interests, passions, and content areas.
The study shows that music and television are still the main topics to talk about on the main social networks Facebook and Twitter. And obviously, people are still generating and sharing their words and views on celebrities, holidays, software, films, and business, which showed up to be highly popular among the social networks.
In general, engagement and interaction on various content topics occur in 40% of the cases on the same top 10 content on Facebook and Twitter. The pattern of engagement does not really make a massive differentiation obvious on the various social networks. Still, the remaining 60% show some interesting variations on interactions which definitely need some mentioning as tzhey vary from network to network.
However, the remaining 60% of all engagement comes from topics beyond the top 10, and the percentage of interactions with those subjects differs significantly by network
Twitter 95 vs. Facebook 23
Twitter 104 vs. Facebook 52
Twitter 89 vs. Facebook 197
Twitter 98 vs. Facebook 196
Twitter 66 vs. Facebook 21
Twitter 50 vs. Facebook 22
Probably you have been one of those social media complainers in your career of tweets and status updates yourself already. If not, maybe you have heard of some of these types from your customer service unit or your sales team. Be aware: Complainers are everywhere, not only on your website or social hubs!
Some studies show that most big companies still do not take social media complains from the social web serious. Comments on brand’s blogs, Facebook or Twitter profiles stay uncommented, or are just a given option to calm the user down and then make them forget about their issue if it is not too complex. Most customers take this personal and just turn to competitors. The revenue of these customers gets lost.
But how can you differentiate between the types of complainers? How can you know who to take serious, and who not? Which typer of complainers should you respond, and how? The guys at ExactTarget have created a nice infographic that helps you structure complainers from
In an interesting report by Zendesk across the globe, it becomes obvious that telephone is still the preferred way to the customer service of companies. The report shows insights based on actual customer service and support interactions from over 16,000 companies across 125 countries.
According to the Zendesk report, customer all over the world were most satisfied with customer support they received on the telephone. The insights done in Q3 2013 show that 91% of customers liked the way they got help on the phone. In the second place of the satisfaction ranking came Chat (85%), followed by Help Centers/Web Forums (83%). On the social networks side Twitter (81%) came in before Facebook (74%).
Not surprisingly, the report also made clear that during normal business hours the support got the slowest first reply times (FRT) plus the lowest satisfaction scores. In the time period between 5-6pm local time -often when the service teams change or leave business for the day- companies have got the longest FRTs.
Interesting to see that Brasil and Canada received the highest customer satisfaction scores although there was no real indications on what the reasons could be. United Kingdom finished in position 6, US in 11 and Germany only in 14. From an industry perspective, the IT services and consultancy business, government and education achieved the highest customer satisfaction rankings.
Companies would be clever to combine these findings with their customer churn and growth rates to see the impact of customer servcie on the development of their customer base. Although many companies do custoemr servcie via Twitter and Facebook, which is steadily growing and improving since 2012 according to the report, we have experienced that social media in customer service if often just used to calm people down and get them engaged in a phone call to solve their issues. A trend that has shown the best customer service satisfaction results.
When I started my blog some years ago, people in my industry were shaking their heads and wondered what the benefit was to be a „social media professional“. Some asked why I was wasting time on social networks like Twitter, Facebook & Co., and what the ROI is in writing blog posts and then sharing them. Some wondered how I managed to stay on top of the main trends and developments in the „social web“ world. Well, time is passing by and people start to be getting answers.
In the last years, many companies have thought about hiring a social media specialist, or have even given it a proper job description. Still last year, we went into companies and found some young interim or part-time freelancer being responsible for the feedback on the 3R’s (ratings, reviews and recommendations!) of their own social customer. Often these people earned nothing but a smile from their colleagues.
These days seem to change. Can it be that companies understand the value of engaging with their customers on the social web – the place where they not only spend a lot of their spare time? They actually do marketing, sales, customer service, employer branding and much more for companies and brands. Some companies still have not understood though…
Now, the social marketing platform Offerpop has created a nice infographic based on data from LinkedIn that shows a staggering 1,357% increase in social media jobs posted on LinkedIn in the last three years.
The value of such a quote is for some managers marginal and for others massive when using it to explain the transformation of the business into a digital community-centric company or brand. Take it for what it is, and for what it’s worth for you, or let’s discuss it.
For this year the quote will be about social business strategy…
Just before you start asking… By „business freestlye“, I address all departments in your company (like marketing, sales, customer service, HR, or other) that are responsible for planning, using, handling, and organizing the business tactics and strategy around the brand, product line or service offering of business relevance.
PS: If you do it right, your workforce will freak out like the guy in this post. Believe me…!
Most professors might answer in a diplomatic manner: „There is always two sides of the coin!“ Smart bloggers love to look into the future and prefer outlooks to reviews. However, those always rely on findings and insights which bring them to life in the end.
So, I have dared to head for an outlook in 2015, into the future of web strategy. As many managers are not quite familiar with the term „web strategy“, let me define it our way. In 2012, we have often realized that there is quite some misunderstanding what web strategy really means:
„Web Strategy translates the organisational targets and values in roadmaps for the top management and their teams in terms of all generated and doable business processes via the Web. Web Strategy creates a picture of the future of client communication which connects the networking trends of the Internet and the tools of modern web development with the individual business tactics of a cooperation in order to develop a superior company vision. ©The Strategy Web GmbH 2012“
Bearing this in mind, I have written a blog post that defines a futuristic view on some new job titles. It shall illustrate which old job roles might become critical as well as which new challenges arise in companies when changing or restructuring organisational frameworks in companies. So, let me define some new job roles that clever managers should be thinking about. Each top management should be thinking carefully whether or not they will need one of these job roles in their company. I am quite sure that these job roles will become important in the future on web strategy.
And don’t be surprised when I give those job roles kind of a hierarchy. The formula behind it is quite simple…Knowledge x Data x Content x Culture x Clients = Company Success
a.) Corporate Knowledge Officer
The main challenge for any HR department is to tie the pearls of the corporate value chain long-term. These employees are the knowledge of the company, the pillars of productivity. If one of those pillars leaves the company behind, the person takes the knowledge with them, and often all of their knowledge gets lost. But what if employees understand that the feeding hand of a company offers less pension protection by 2025? What if by 2020, Millennials, the generation that will make up almost 50% of the global workforce, will deny the traditional workplace mentality and start making their knowldge available more on a project basis? What if knowledge workers stop working for one company but prefer to share their knowldge in a „buy-my-brain“ mode?
Leaders who believe in Social Business, those who want to secure knowledge and make it „always-on“ available shall consider the position of a Corporate Knowledge Officer. They are game changers for analysts, market researchers and leading consulting corporations.
b.) Corporate Data Scientist
The world speaks Big Data. Buzzword or biz value? There were not many words you could hear in 2012 at web events, where „web stategy“ still often is a foreign word. Why Big Data rules? Well, just look at how much data is being generated in 60-Minuten on the web, or how fast reactions and conversations evolve. That’s why data is becoming a challenge for the whole value chain of the company. However, which business is able to accomplish a job role which is said to become one of the sexiest in the future according to Harvard Business Review? Where is this person located in the excel sheets of businesses that unites the capabilities of a logician, explorer and mathematician in one person? There are not many avalaible yet. Corporate Data Scientists are those brains who know how to turn the process of 0 and 1 upside down in order to draw some conclusions for new content and values.
Leaders that don’t want to stop at data mining or business intelligence processes should figure out the value of the Corporate Data Scientist. They are challengers for PR and marketing decision makers who need to prove their credibility by showing facts to their CEOs.
c.) Corporate Content Officer
Content forms data. The problem? Content is the weakest production department of companies. In most cases PR experts or publishing houses have taken over the content production. Although most media companies are struggling themselves with unique content generation. But who is meant to do the content research? Who is able to write and schedule stories? Who can prioritize, aggregate and curate content? And where will companies find the publishing expertise to become a media company? If content marketing is the future, who will pioneer on the path from PR and marketing to the journalistic hybrid of corporate publishing and community management in the company?
Leaders who see conversations as an opportunity and understand the sense of integrated communities in websites will evaluate the position of Corporate Content Officers. They are the media coaches and editors-in-chief of businesses who bring all company departments to produce content for their special business area.
d.) Chief Culture Officer
The modern development in content and data generation as well as a new understatement for knowledge management is walking on the stage of change management. A stage that Grant McCracken featured in his book. Employees need to find the deeper sense in the evolution of new platforms in business processes. Employees need to understand the complete benefit of tools and tactics before they will be forced to make use of them. Especially, for those employees who do not like email communication but shall start working with communication streams and updates all of a sudden. Stream-Working is a culture of openness and transparency which is not everybody’s friend. And sometimes the best lighthouses might not embrace those changes.
Leaders who know about the challenges of working with multiple project platforms will appreciate the additional benefit of a Chief Culture Officer. This job role will be the prolonged arm of the management team, the „personified culture geek“ and at the same time working very close with the HR team.
e.) Chief Customer Officer
Customer change the rules of the game via open communication, praise and critic. What was top-down is now bottom-up. Customers are kings. A sentence that made people cry some years ago. Today, the 3R’s of the social customer -Rating, Review, Recommendation- make managers and leaders start crying. They let whole revenue streams start shaking at times. Those managers who get their experience from digital conversations with customers, who appreciate when data becomes content, and who create a culture of cooperation and collaboration, then you live and breathe the values of empathy that customers are longing for. Then companies create the right fascination for brands, products and their own company.
Leaders who accept the community of customers as the ecosystem of perception, and who believe in brand advocates, critics and moaners as equal process partners will think about integrating a Chief Customer Officer as an institution that is meant to drive business growth. They will be game changers for sales people and customer service employees.
Never before have I spoken about and discussed so much about new job definitions and job roles in my life like in 2012. On congresses as a moderator, on B2B events as speaker, or as a rebellious start-up panelist.
Will one or some of these job roles become reality? You decide…
Social Business still far away for companies? B2B Execs see Social Media reputation as a corporate blind spot
Is Social Media really so far behind in the mindset of executives, especially in B2B? Well, according to the Zeno’s Digital Readiness Survey conducted by Harris Interactive it is. The poll asked 300 U.S. corporate executives of various industries and titles of VP or higher, including C-suite executives (primarily B2B) with annual revenues of at least $1 billion. The study comes to a conclusion that surprises us: Many executives fail to consider Social Media reputation when making business decisions. Over one-third of executives (36%) stated that the CEO of their company does not care or cares little about the company’s reputation in Social Media.
Although many companies out there like us advice the leading management how to work with Social Media and how to turn the company into a Social Business, the findings show that still 10% of organizations do not take any action at all to engage with audiences online to address a damaging article or Social Media post. And when it claims that managers would at least take some action to respond to an online crisis, it tells me that Social Media is still not a hotspot for companies and brands.
The main findings of the survey…
– B2B executives (43%) say their CEO largely ignores their company’s online reputation (B2C only 30%) when making business-decisions.
– B2B executives are slower in response. Only 45% of business executives see their company can respond to a negative online post within 24 hours (B2C 63%)
– B2B executives are twice as likely (13%) to say that their firm would not engage an audience online at all to defend their reputation (B2C 6%)
– Executives in larger firms (10,000 employees+) are more likely to say their CEO always or sometimes considers their company’s Social Media reputation versus those in smaller companies (71% versus 55%).
– Executives in smaller firms ignore Social Media reputation when considered business decision-making more than larger firms (45% versus 29%)
„Given the explosive growth of today’s digital platforms, the Zeno Digital Readiness Survey shows a much larger percentage of companies than one would expect turning a blind eye to valuable customer views and insights. (…) These businesses, regardless of sector, risk serious reputational damage, as well as miss out on important stakeholder feedback, when they ignore social media conversations about their companies and their industries.“ Mark Shadle, Managing Director, Zeno Corporate Practise
The study claims that Social Media is a „corporate reputation blind spot,“ especially for B2B companies. From our work in 2012 we can only agree with these findings. Although this is surprising when considering that Social Media accounts for almost 25% of people’s time spent online, and that consumers allow companies and brands a response time of 60 minutes for customer service. Companies that don’t want to ignore their online reputation, meaning their business community from clients to partners to employees, should think about the 5Cs of Social Business and how to turn their companies around in order not to put their business reputation at risk.
Some weeks ago, we have written about the importance to be fast on response time on Social Media platforms. We made clear, based on some research by Convince & Convert, that companies need to react in not more than 60 seconds on complaints, customer enquiries and questions that appear on company’s and brands‘ social platforms.
Now, a recent study of some of the biggest brands in the U.S., like Coca-Cola, McDonalds, Visa or Starbucks shows that providing a top standard of customer support on Twitter is not really as fantastic as it seems. Although some readings of all those good posts about these brands and their Social Media efforts might assume the companies do whatever they can in Social Business terms.
In the study, four Software Advice employees used their personal Twitter accounts to address customer service tweets to 14 consumer brands in seven industries – McDonalds, Starbucks (Fast Food), Coca Cola, Pepsi (Soft Drinks), Visa, Mastercard (Credit Cards), Wells Fargo, Bank Of America (Banking), Walmart, Home Depot (Retail), Apple*, HP (Consumer Tech), Gillette and Colgate (Personal Care).
They sent each brand’s Twitter account one tweet per weekday for four consecutive weeks, from „Urgent, to Positive/Negative, or questions about FAQ or technical issue. Then, brands were evaluated on their average response time and rate. See the results in the following infographic…
Many companies and brands are asking themselves (and us): „How fast do we have to give some feedback or answer when somebody is pinging us on Facebook, Twitter and the likes?“ Or: Do we have to give some feedback on the weekends? And the answers we have heard were quite astonishing. Many managers in companies still think they have got a day or two to reply to their customers – whether they are speaking with them on email or on one of their realtime streams. Many test we have done so far, have shown us that most companies don’t react at all, some not on weekends, and some after one or two days. Be sure, if you offer your clients a realtime channel, they will use it – and they don’t care if the problem comes up on a weekend or not.
In a recent research by Convince and Convert we can find some clean answer now: 42% of the respondents expect an answer in the first 60 minutes! What comes even worse for companies: 57% want the some reaction time no matter what time of day it is or whether it is a Saturday or Sunday. In total, 67% expect some response by companies in the someday.
Still, many companies don’t have the right resources to satisfy their customers Social Media expectations. And there are many reasons for it: not enough resources, lack in modern process management or lack in technical establishment. Some companies started mentioning their opening hours in the info or biography fields which kind of makes sense and becomes a state-of-the-art workaround for the interim period until companies understand what a full-fledged social business with proper community management means. And this definitely goes away from the „9-to-5“ workplace we know from our fathers.
The main challenge for companies and brands is to find out what the deeper demand of the status update, the comment, the review or a rating is. Remember the 3R’s? In the end, what we have learned years ago, is that people want to have the feeling someone is taking care of them immediately. This does not essentially say that companies or brands have to supply the best possible answer or solution. Many managers have still not understood the fine difference between these topics.
What we would like to know is: Do 60 minutes feedback time make sense? Should we try to be more patient as users? Is a quick feedback really that important if our lives are not depending on it? You give the answer…