Monthly Archives: November 2019

Exploring the Benefits of Group Foresight

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Exploring the Benefits of Group Foresight

GUEST POST from Art Inteligencia

Foresight is the process of predicting the future, whether it is on an individual, organizational, or industry level. Group foresight allows multiple voices and points of view to be stimulating discussions and debates, offering valuable insights for accurate future predictions. Group foresight offers multiple benefits, which has been evident in a range of case studies.

Collaboration and Critical Thinking

The first benefit of group foresight is that it encourages collaboration and critical thinking. This is important to breaking into new areas of analysis, as different perspectives and ideas can open a new dialogue on a particular topic. In a case study conducted by the University of Dayton, faculty leaders explored possible scenarios for their university’s future. The group was asked to explore the various diverse University contexts, such as the changing student demographics and the regulatory environment, among other things. Through a facilitated discussion among the participants, a collective vision for the University’s future was created, which was later implemented in the University’s strategic plan.

Understanding the External Environment

The second benefit of group foresight is that it creates an understanding of the external environment. This is especially important in industries like finance, which are under constant market fluctuation and change. Group foresight can provide a platform for discerning underlying trends in the market and seeing their potential impact on the organization’s future. In a case study conducted by the Foresight Team of the Bank of Australia, the team organized a series of workshops, where different stakeholders were invited to explore future scenarios and analyze their potential impacts. These workshops allowed the participants to gain an insight into the future of the market and the industry, thus enabling the Bank to better position itself in this constantly changing environment.

Conclusion

Group foresight is a valuable tool for organizations and businesses looking to take a deeper dive into the future. By encouraging collaboration and critical thinking, as well as understanding the external environment, group foresight provides insights on how to create and implement successful plans. These benefits are evident from a range of case studies, making it a valuable tool for any organization looking towards the future.

Bottom line: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Pixabay

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The Benefits of Human-Centered Design in Business

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The Benefits of Human-Centered Design in Business

GUEST POST from Chateau G Pato

Human-Centered Design (HCD) is a customer-centric approach to product design, marketing, business development and customer service that is quickly becoming an important business strategy. HCD focuses on understanding the needs and desires of customers, enabling companies to better understand the desires of their customers, develop more competitive products and services, and create more effective long-term customer relationships.

There are many benefits to the application of HCD in business, such as enhancing innovation, improving customer loyalty, and reducing development costs. HCD is also an effective tool for gaining insights into customer needs and wants, enabling companies to create better products and services that meet those needs and wants. Let’s take a look at the key advantages of applying Human-Centered Design in business, through two case studies.

Case study 1 – L.L. Bean

The US-based retail apparel brand, L.L. Bean, wanted to create an omnichannel retail experience for their customers. To achieve this, they employed human-centered design, allowing them to understand how customers shop, how they expect their shopping experience to be, and what they value from the experience. The HCD approach enabled them to develop a personalized experience that satisfied their customers’ needs and wants, and resulted in a 50% increase in their online sales within the first three months of the implementation.

Case study 2 – House of Fraser

The UK-based lifestyle retailer, House of Fraser, was facing increasing competition from online retailers such as Amazon and needed to make a competitive shift in their business. To do so, they incorporated a human-centered design process into their digital transformation plan. Through user research, interviews, and market analysis, they identified key customer needs and demands, enabling them to develop innovative products and customer service offerings that met their customers’ requirements. This resulted in increased customer loyalty and an improvement in market share.

Conclusion

Clearly, there are numerous benefits to using human-centered design in business. By allowing companies to gain insights into their customers’ needs and wants, and to create better products and services that meet those needs and wants, HCD can help businesses stand out in their competitive environment. Furthermore, by enabling companies to focus on customer satisfaction, HCD can promote consumer loyalty and increase market share. If you are a business looking to remain competitive in today’s market, then implementing Human-Centered Design could be a great strategy for you.

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The Future of Automation and Artificial Intelligence

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The Future of Automation and Artificial Intelligence

GUEST POST from Art Inteligencia

The future of automation and artificial intelligence is highly debated in today’s world. As technology continues to advance, so does the potential for automation and AI to radically transform how we live our lives. From automated robots in factories to smart assistants in our homes, automation and AI are becoming a reality in more and more areas of everyday life. This article will examine the potential of automation and AI, their impact on society, and provide two case study examples of where automation and AI are being applied today.

The potential of automation and AI is vast. Automation can take on mundane tasks, freeing up more time to focus on important and fulfilling work. AI can augment our knowledge, helping us to make better decisions for our businesses, families, and communities. As technology progresses, machines will more and more be used for tasks that have traditionally been done by humans. Automation and AI could soon lead to highly efficient, reliable, and even completely autonomous systems.

However, automation and AI come with their own set of risks. There is a lot of fear that automation and AI will lead to job losses, inequality, and ethical dilemmas, especially as AI becomes increasingly capable of replicating complex decisions and tasks. Though the advancement of these technologies could bring great benefits, it is important to consider potential risks and explore ways to ensure that any automation or AI systems are beneficial for everyone.

To better understand how automation and AI are impacting the world, let us look at two case study examples.

Case Study 1 – Manufacturing

The first example is the story of Foxconn, an electronics manufacturing company based in Taiwan. To increase efficiency, the company started to incorporate robots into their workflow. Recently, they announced that they will be reducing the number of employees by over 50,000 and replacing them with robotic automation. Though this might seem like a benefit to Foxconn, it has had negative impacts on their workers who are losing their jobs.

Case Study 2 – Healthcare

The second example is the application of AI in healthcare. AI is being used in a number of ways in healthcare, from automating simple tasks like medical record keeping to aiding in diagnosis and decisions. For example, a recent study found that AI systems can accurately predict heart attack risks by analyzing CT scans, which could potentially lead to earlier and more effective treatments.

Conclusion

Overall, the future of automation and AI is extremely promising, and their potential could bring tremendous benefits. It is important, however, to consider the risks and ethical implications of these technologies, and to explore ways to ensure that their application is beneficial for everyone.

Bottom line: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Pixabay

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How to Use Analytics to Drive Digital Transformation

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How to Use Analytics to Drive Digital Transformation

GUEST POST from Chateau G Pato

In the age of digital transformation, the role of analytics is well documented as one of the most important tools available for business owners. Analytics has become an integral part of the decision-making process, informing strategies and helping to improve overall efficiency. With its ability to measure business performance, provide actionable insights, and identify new opportunities, analytics has become an indispensable tool for leading companies.

Today, the use of analytics to drive digital transformation is becoming more common, as business owners look to harness the power of data to be competitive in the changing digital landscape. Here, we provide a guide on how you can effectively use analytics to drive your digital transformation initiatives.

1. Understand Your Goals and Objectives

Before you start to implement analytics, it’s important to spend time properly defining your digital transformation goals and objectives. By doing this, you’ll be better able to utilize the right analytics tools to achieve your specific goals. You should also think about any gaps in the data you’re collecting and create a plan to fill those gaps. This will help ensure you’re getting the most value out of your analytics.

2. Develop a Comprehensive Data Strategy

Having clear, concise data strategies in place is essential for driving digital transformation. With data strategy, you can align your business goals with your analytics objectives to ensure that you’re focusing the right resources in the right areas. A comprehensive data strategy should also include an analysis of any technical systems that need to be upgraded to support the goals of digital transformation.

3. Take Advantage of Automation

Automating analytics processes can help you save time and resources in the long run. Automation can also help to accurately forecast trends and make informed decisions quickly and efficiently. When automating your analytics processes, it’s important to consider the quality of your data, the scalability of your systems, and the method of data delivery.

4. Invest in Skilled Analysts

As you’re preparing to drive digital transformation through analytics, it’s important to ensure that you’re investing in skilled analysts. These professionals should be experienced in leveraging analytics tools and be familiar with the strategies needed to guide your organization through digital transformation.

5. Use Case Studies to Guide Your Efforts

As you’re strategizing on how to use analytics to drive digital transformation, you should look for case studies from other organizations. By leveraging case studies, you’ll be better prepared to develop robust strategies that address the challenges of digital transformation.

To illustrate this concept of using analytics to drive digital transformation, here are two case studies to consider:

Case Study #1

A well-known international food chain used analytics to transform its online ordering process. By analyzing customer feedback and buying habits, the chain was able to identify areas of customer dissatisfaction and create a more intuitive ordering system that increased consumer satisfaction and boosted online sales.

Case Study #2

A major retail chain used analytics to optimize the customer experience in its physical stores. By analyzing customer feedback and traffic flows, the chain was able to identify areas for improvement and develop strategies to create a more personalized shopping experience. As a result, the chain saw an increase in customer engagement and overall sales.

Conclusion

Using analytics to drive digital transformation is essential for organizations looking to stay competitive in the digital age. By understanding your goals and objectives, developing a comprehensive data strategy, taking advantage of automation, investing in skilled analysts, and leveraging case studies, you can effectively use analytics to inform your digital transformation initiatives.

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Exploring the Potential of Automated Business Processes

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Exploring the Potential of Automated Business Processes

GUEST POST from Art Inteligencia

Business automation is increasingly becoming an important part of enterprise operations and is being used for a wide range of activities from payroll to customer service. Automating business processes is essentially a way for organizations to make their procedures faster, more efficient and reduce cost of operations. With so much potential for cost savings and efficiency, it is understandable why businesses are exploring automated business processes more and more.

By replacing labor-intensive processes with automated systems, businesses are finding cost savings and improved service levels that would have been difficult to achieve before. Additionally, these solutions can offer additional benefits such as better accuracy and optimization of business processes. With these potential benefits in mind, let’s explore some of the potential uses and case study examples of automated business processes.

Case Study 1 – Automated Payroll

One of the most common uses for automated processes is in the areas of employee administration and payroll. Automated systems can handle everything from on-boarding and benefits administration to payroll and taxes. This type of automation can reduce the amount of time and cost spent on administrative tasks while also ensuring that all processes are in compliance with applicable regulations.

For example, Canadian fashion retailer Reitmans recently implemented an automated payroll process that streamlined their processes and introduced cost savings of $50,000. The company was able to achieve this cost saving while still ensuring compliance with the government’s labor standards.

Case Study 1 – Order Processing

Another area where automated processes can be beneficial is order processing. Automated solutions can help manage order processing from taking an order to delivering it, furthering cost savings and faster turnover. Automation can reduce the manual effort to process orders which can lead to more orders being processed without the need to increase staffing.

One such example is from digital retailer Mabel’s Labels. The company is using an automated order processing system to automatically generate orders, check them, and ship them out within 24 hours. This automation has enabled the company to reduce order processing time from seven days to 24 hours.

Conclusion

With so much potential to automate business processes, it appears organizations are just starting to explore the potential of automation. As more organizations become comfortable with automation solutions, it’s likely we’ll see an increasing number of companies taking advantage of these solutions in the near future. Companies interested in taking advantage of automated processes should be sure to fully research the options available before implementing a solution.

SPECIAL BONUS: Braden Kelley’s Problem Finding Canvas can be a super useful starting point for doing design thinking or human-centered design.

“The Problem Finding Canvas should help you investigate a handful of areas to explore, choose the one most important to you, extract all of the potential challenges and opportunities and choose one to prioritize.”

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Change Leadership in the Digital Age

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Change Leadership in the Digital Age

GUEST POST from Chateau G Pato

In the digital age, it is no longer feasible for organizations to rely solely on traditional leadership styles and practices to effectively drive change. With digital advancements exponentially increasing in recent years, the way in which organizations approach change leadership must evolve along with it. In order to remain competitive in the modern and ever-changing world, leaders must be willing to employ innovative approaches that utilize digital tools and incorporate ideas from across the organization.

Organizations that successfully lead change in the digital age need to fundamentally shift their organizational culture to one that is driven by digitalization. This requires them to empower their workforce, proactively anticipating change and utilizing data and digital technologies to drive more agile and effective change management.

Case Study 1: 21st Century Fox

21st Century Fox is a great example of a business that has embraced change leadership in the digital age. They have invested heavily in digital technologies to streamline their internal processes, while also introducing a range of innovative initiatives aimed at driving cultural and operational change. This includes the regular use of virtual reality based training, as well as the implementation of agile working practices. Leadership is responsible for facilitating the changes required to enable this modern way of working. They ensure that employees understand and embrace the change, engaging with them and introducing flexible working practices to support this.

Case Study 2: IBM

IBM is another organization that has embraced digital leadership to drive change. As part of their transformation strategy, IBM set up a dedicated digital innovation team to drive the organization’s digital evolution and pioneer new areas of growth. This team is responsible for looking at new technologies and ensure they are implemented in an efficient and effective way. They also provide guidance for employees who need support in understanding the impact of new technologies. Through this team, IBM has developed an agile working culture which encourages its workforce to think innovatively and use digital tools to better serve customers.

Conclusion

These are just two examples of businesses leading successful change in the digital age, but the principles they have used to achieve this remain the same. To successfully and efficiently drive change in the digital era, organizations must invest in digitalization, engage all levels of staff, embrace an agile mindset and utilize data and digital technologies.

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