I recently came across a graphic on LinkedIn which focused my attention on the fact that society is moving from the Information Era [driven by the Internet] to the Connection Economy; a shift from data focus to a focus on relationships.
Understanding this mega shift has been top of mind for some time. Seth Godin has been one source of insight as well as Porter and Heppelmann’s article on how smart, connected products are transforming competition another.
Products including tennis rackets, bicycles, tractors, windmills etc. are all incorporating hardware, software and connectivity that is allowing extraordinary levels of monitoring, control, performance management and automation. Connecting all the ‘dots’ and more!
Beyond that, the Connection Economy is driving long-term customer relation management as smart connected products continue to connect the customer with the product for as long as the product life cycle allows.
Another major consideration is the question of relationship and trust between the customer and the product seller. Through ongoing post-sale data sharing, the customer is providing huge amounts of information about themselves to the product seller. The product seller could take advantage of this information to the detriment of the customer….
Staying on top of this change tsunami is critical for long-term business survival.
Technology [hardware, software and the ‘cloud’] is connecting everything and everyone in the most amazing ways. Be sure your organisation is strategising how to be a part of this new Connected Economy.
Ref: Seth Godin on the Connection economy – https://www.youtube.com/watch?v=sKXZgTzEyWY
Ref: Michael E. Porter and James E. Heppelmann – https://hbr.org/2014/11/how-smart-connected-products-are-transforming-competition
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