Welcome to the May 2016 edition of Illuminar. We’re excited to showcase a new avatar of Illuminar to heighten your experience and engage with the brand in more interactive ways. We’re continuously re-defining, in order make ourselves relevant for you at all times. In order to enable this, we’re going to offer you an ongoing content refresh. This means that you can experience continuous updates in the form of interviews, views and opinions from subject matter experts and business leaders on an ongoing basis. We hope you enjoy this experience and look forward to your feedback.
The topic for this month’s edition is “Creating new digital revenue streams”. Digital is redefining industries in unprecedented ways. Over the last 50 years, the average lifespan of S&P companies is down today to 18 years from 60 years. There are no guarantees that an enterprise is going to continue to lead the market for the foreseeable future, even if it has been in existence for several decades and enjoys a dominant market share. Start- up Davids with innovative business models are challenging, attacking and disrupting business models of market Goliaths even before they realize. The Kodak story and success stories of relative newbies such as AirBnB, Uber, Snapchat etc. have so often been cited, that there is no doubt anymore of the importance of continuously reinventing new business models irrespective of company size.
What then is really causing this wide scale disruption? The shift in the balance of power from the producer to the consumer is fundamental, leading several other shifts such as retailer to the manufacturer. Manufacturers are increasingly finding ways to get intimate with the customer like never before, enabled by technologies such as embedding sensors into products. This kind of intelligence is increasingly driving new business models and innovation in enterprises. The rise of this data driven economy resulting in an increasing battle for “consumer loyalty” is likely to bring a new era of competition. It will be interesting to see which entities emerge as winners and what strategies they adopt to collaborate with other stakeholders to emerge on top.
Even not for profit organizations have effectively leveraged digital to create new business models. This edition carries an interview from Jay Keller who is the VP, PMO and CIO for Our Daily Bread Ministries, a non-profit organization, founded in 1938 and based in Michigan, with staff and volunteers in over 35 offices working together to distribute more than 60 million resources in 150 countries.
We hope you enjoy this edition. We look forward to your comments and feedback as always.
Have a lovely day ahead!