Business events – not the conference or networking variety, but the routine activities such as purchase order completion – are gaining prominence as the first link in a core value chain for the digital business.
In this context, the magic happens as even the most seemingly pedestrian ‘events’ combine to create business moments – those pivotal windows of opportunity that arise when a business must act on a customer’s need. Here, the chance to fix, improve, deliver and add value by building on the proposition is something the smart operator will both recognize and address to improve the quality of the customer experience, secure their repeat business and ultimately drive a competitive advantage.
In common with the pervading pace of digital business, business moments are fast and transient and, perhaps most crucially, omnipresent. In fact, they can happen even before the customer is aware that they want a product or service. Think of those interventions on social media that hope to engage an individual who ‘likes’ a certain location on Instagram with an app that provides all the cost options for getting there, shifting a daydream to something nearer to a practical consideration.
Then there’s the flurry of adverts algorithmically-triggered and aligned to products thrown up by an individual’s recent web search. While the scattergun approach may not always hit the mark, the digital enterprise now has an increasingly diverse array of tools and technologies, including artificial intelligence and IoT to underpin a more complex and sophisticated response.
It’s a process heavily underpinned by relationships and interconnections, as a specific need or fluctuation to the usual business status quo triggers a set of responses from multiple players in an ever more elaborate digital ecosystem.
We see this traction play out in the travel sector, where various parties combine to find more inventive ways to capitalize on customer opportunities by upselling or directing their business to complimentary channels. Taking the cue from the agile disruption of global travel start-ups which have heightened expectations by reaching customer touchpoints in a faster and more focused way, it’s now become common place for airlines to embrace API platforms. Used to integrate the passenger data from their systems with the back-end systems of other operators’ services, customers are led to theatre ticket portals or itinerary recommendations options via Yelp and Facebook, ready for when they reach their destination.
Increasingly, the ability to maintain a competitive edge against this backdrop, demands a mindset that is fully focused on identifying and acting on the business moments, while being sufficiently innovative and agile enough to create ones. This demands the right technical infrastructure, with fast data analysis at its heart, for informed, detailed and sharper decision-making. Only with this, and delivered in a framework which is accessible and intuitive to open up the task to more people for optimal efficiencies and productivity, are we equipped to respond to fleeting opportunities in a tailored and meaningful way.
Infused with artificial intelligence, we see data subsets transformed into easy to read and interpret visualisations, which become the bedrock of making the situational awareness a reality as business-critical information is published in real time and made available on dashboards.
Equally important is addressing the quality of data integration, which remains one of the core obstacles to the success of the very IoT technologies relied upon to enhance and broaden out the core service with complimentary and synergetic offerings. Bringing a simplicity to the process to enable the seamless connection to new IoT devices and endpoints, dev ops and microservices, while successfully transcending different environments be it on premise or the cloud, is vital to avoid any of the delays or bottlenecks that compromise even the most innovative efforts.
Furthermore, shifting integration applications directly onto IoT devices at the very edge of the network becomes the critical factor in creating the scalability and flexibility needed to support growth and dynamic interventions. It’s an approach that embodies the connected intelligence that successfully exploits business moments. Don’t waste another moment.