People will still stroll impromptu into neighborhood stores, heavy industry (with the benefit of technological advances, to be sure) will go on extracting and processing the materials essential to our daily lives, and countless other enterprises beyond the digital space will continue to channel the ingenuity of their founders and employees to serve a world of incredibly varied preferences and needs. Although these companies must of course abide by privacy laws-and even more, meet their users’ expectations of trust-data sets and sources are becoming great unifiers and creating new, cross-sectoral competitive dynamics.ĭo these dynamics portend a sea change for every company? Of course not. Many worried, for instance, that “companies from other industries have clearer insight into my customers than I do.” We’ve also seen conglomerates that until recently had thought of themselves as little more than holding companies taking the first steps to set up enterprise-wide consumer data lakes, integrate databases, and optimize the products, services, and insights they provide to their customers.
Fully one-third of them had cross-sector dynamics at top of mind. One example: We recently interviewed 300 CEOs worldwide, across 37 sectors, about advanced data analytics. Now nondigital natives are starting to think seriously about their cross-sector opportunities and existential threats that may lurk across boundaries. What used to take many weeks and multiple providers can now be done in minutes on one app. Or consider the 130 million customers accessing Ping An Good Doctor, where on a single platform run by the trusted Ping An insurance company they can connect with doctors not only for online bookings but to receive diagnoses and suggested treatments, often by exchanging pictures and videos.
#VIBER DEFINITION TV#
We’ve all experienced businesses that once seemed disconnected fitting together seamlessly and unleashing surprising synergies: look no farther than the phone in your pocket, your music and video in the cloud, the smart watch on your wrist, and the TV in your living room. As Steve Jobs famously observed, “A lot of times, people don’t know what they want until you show it to them.” By creating a customer-centric, unified value proposition that extends beyond what end users could previously obtain (or, at least, could obtain almost instantly from one interface), digital pioneers are bridging the openings along the value chain, reducing customers’ costs, providing them with new experiences, and whetting their appetites for more.
Together, these forces are reshaping customer expectations and creating the potential for virtually every sector with a distribution component to have its borders redrawn or redefined, at a more rapid pace than we have previously experienced.Ĭonsider first how customer expectations are shifting. The ongoing digital revolution, which has been reducing frictional, transactional costs for years, has accelerated recently with tremendous increases in electronic data, the ubiquity of mobile interfaces, and the growing power of artificial intelligence. Yet there does appear to be something new happening here. Before the term was in vogue, one could even say the shifts were “disruptive.” Changes such as these created new competitors, shifted vast amounts of wealth, and reshaped significant parts of the economy. Supermarkets unified previously separate retail subsectors into one big “grocery” category. Banking, for example, was born from the merger of money exchange, merchant banking, savings banking, and safety-deposit services, among others. How applicable to traditional industries is the notion of simultaneously competing in multiple sectors, let alone reimagining sector boundaries? We would be the first to acknowledge that opportunities to attack and to win across sectors vary considerably and that industry definitions have always been fluid: technological developments cause sectors to appear, disappear, and merge. Organizations such as these-digital natives that are not defined or constrained by any one industry-may seem like outliers.
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