Tag Archives: Walmart

Blockchain and Innovation

Beyond Cryptocurrency

Blockchain and Innovation - Beyond Cryptocurrency

GUEST POST from Chateau G Pato

Blockchain technology, most commonly associated with cryptocurrencies like Bitcoin, has far-reaching applications that extend beyond the realm of digital currencies. As a human-centered change and innovation thought leader, I will explore how blockchain technology is redefining various industries, driving efficiency, transparency, and trust. In this article, we will examine two case studies that showcase the transformative potential of blockchain: Supply Chain Management and Healthcare.

Case Study 1: Transforming Supply Chain Management

In the intricate world of supply chain management, where product authenticity, tracking, and operational efficiency are paramount, blockchain technology has emerged as a game-changer. By creating an immutable and transparent digital ledger, blockchain provides end-to-end visibility and traceability, revolutionizing how supply chains operate.

Example: Walmart and IBM’s Food Trust Blockchain Platform

Walmart, in collaboration with IBM, has implemented a blockchain-based platform called Food Trust to enhance food safety and traceability. The traditional system of tracking produce and other products through paper-based or siloed digital records was time-consuming and prone to errors. With blockchain, all stakeholders, including farmers, processors, distributors, and retailers, have access to a unified and tamper-proof record of information.

In one notable instance, the time taken to trace the source of mangoes in Walmart’s supply chain was reduced from seven days to merely 2.2 seconds. This significant improvement not only enhances food safety by swiftly identifying contamination sources but also builds consumer trust by providing transparent product information.

Case Study 2: Revolutionizing Healthcare

Healthcare systems worldwide grapple with issues of data security, patient privacy, and interoperability. Blockchain technology addresses these challenges by offering a decentralized platform for securely managing and sharing medical data.

Example: MedRec—Patient-Centric Health Records

MedRec, an MIT-affiliated project, is leveraging blockchain to create a patient-centric electronic health record (EHR) system. Traditional EHR systems are often fragmented and controlled by various entities, leading to inefficiencies and limiting patient access to their own health records. MedRec uses blockchain to aggregate medical data from multiple sources into a single, decentralized ledger that is accessible to patients and authorized healthcare providers.

This approach enhances data interoperability, reduces administrative burdens, and, most importantly, empowers patients by granting them complete control over their own health records. The blockchain ensures that all health data is secure, tamper-proof, and easily transferable among different providers, furthering seamless continuity of care.

Conclusion

Blockchain technology’s potential extends well beyond cryptocurrencies, offering groundbreaking solutions to complex challenges in various industries. The case studies of Walmart’s Food Trust and MedRec demonstrate how blockchain can drive innovation, enhance transparency, and build trust in supply chain management and healthcare. As we continue to explore and harness the power of blockchain, it is evident that this technology will play a crucial role in shaping the future of numerous fields, propelling us towards a more efficient and trustworthy world.

SPECIAL BONUS: The very best change planners use a visual, collaborative approach to create their deliverables. A methodology and tools like those in Change Planning Toolkit™ can empower anyone to become great change planners themselves.

Image credit: Pixabay

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The Future of Retail

E-commerce and Digital Transformation

The Future of Retail: E-commerce and Digital Transformation
GUEST POST from Art Inteligencia

The retail industry stands at a precipice of transformation. E-commerce is no longer just an option; it has become a linchpin in retail strategy, offering new avenues for growth and customer engagement. The rapid adoption of digital technologies is shaping the future of retail, driving innovation in customer experiences, supply chain management, and more. In this article, we will delve into the dynamics of e-commerce and digital transformation, supported by two case studies that exemplify these changes.

The Drivers of Digital Transformation in Retail

Several factors are driving digital transformation within the retail industry:

  • Consumer Expectations: Modern consumers demand seamless, personalized shopping experiences, both online and offline. To meet these expectations, retailers are leveraging data analytics, artificial intelligence, and immersive technologies.
  • Technological Advancements: The advent of new technologies such as the Internet of Things (IoT), augmented reality (AR), and blockchain is changing how retailers operate and engage with customers.
  • Competitive Pressure: With e-commerce giants setting high standards for customer experience and operational efficiency, traditional retailers must digitize to remain competitive.
  • Pandemic Acceleration: The COVID-19 pandemic has acted as a catalyst for digital transformation, pushing retailers to innovate rapidly to survive and meet the heightened demand for online shopping.

Case Study 1: Amazon – The E-commerce Behemoth

Amazon’s journey from an online bookstore to becoming a global e-commerce platform provides invaluable lessons in digital transformation.

Innovative Technologies

Amazon utilizes a plethora of cutting-edge technologies to maintain its competitive edge:

  • Artificial Intelligence and Machine Learning: Amazon’s recommendation engine is a profound example of how AI can drive sales by providing personalized shopping experiences.
  • Logistics and Automation: Through advanced robotics and automated warehouses, Amazon ensures efficient inventory management and fast delivery.
  • Voice Commerce: With Alexa, Amazon has ventured into voice-enabled shopping, simplifying the buying process for its customers.

Customer-Centric Approach

Amazon’s “customer obsession” principle ensures that their strategies are always aligned with customer needs and preferences.

Case Study 2: Walmart – From Brick-and-Mortar to Omni-channel Retailing

Walmart exemplifies the successful digital transformation of a traditional retailer. Balancing physical stores with a robust online presence, Walmart has effectively embraced omni-channel retailing.

Digital Innovations

Several initiatives highlight Walmart’s digital transformation:

  • Walmart App: The app enhances the customer shopping experience by offering mobile payment options, digital shopping lists, and personalized recommendations.
  • Pick-up and Delivery Services: Walmart’s investment in pick-up and delivery options caters to the evolving shopping habits of customers who prefer convenience and minimal contact.
  • Blockchain for Supply Chain Transparency: Walmart uses blockchain technology to enhance the traceability and reliability of its supply chain.

Focus on Data Analytics

Walmart leverages data analytics to optimize inventory, improve product offerings, and enhance customer service. Insights drawn from data help Walmart stay ahead in a highly competitive market.

The Road Ahead

The future of retail is undoubtedly digital. Retailers need to invest in technology to meet evolving consumer expectations and stand out in a crowded market. Key areas where retailers should focus include:

  • Personalization: Leveraging data to deliver personalized experiences will be crucial in winning customer loyalty.
  • Technology Integration: Seamless integration of online and offline channels will define a consistent customer journey.
  • Sustainability: As consumers become more eco-conscious, sustainable practices enabled by technology will become a competitive advantage.
  • Innovation: Continual innovation in areas like AI, AR, and blockchain will drive the next wave of transformation in retail.

Conclusion

The retail landscape is rapidly evolving, driven by technological advancements and shifting consumer behaviors. Retailers who embrace digital transformation and innovative strategies will thrive in this new era. From Amazon’s strategic use of AI to Walmart’s omni-channel approach, the examples are abundant. As we move forward, the intersection of e-commerce and digital transformation will continue to reshape the future of retail.

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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Harnessing the Power of Emerging Technologies for Innovation

Harnessing the Power of Emerging Technologies for Innovation

GUEST POST from Art Inteligencia

The rapid evolution of technology has always been a catalyst for innovation. From the steam engine to the internet, each technological leap has reshaped societies, economies, and industries. Today, we’re standing at the brink of another transformative epoch, powered by a confluence of emerging technologies such as artificial intelligence (AI), blockchain, the Internet of Things (IoT), and quantum computing. Organizations that effectively harness these tools can propel themselves to new heights of innovation, efficiency, and customer satisfaction.

The question, however, is not simply about access to these technologies – it’s about the strategic integration of them to solve real-world problems and create meaningful value. Here’s how some visionary companies have harnessed the power of emerging technologies for innovation, and what you can learn from them.

Case Study 1: IBM Watson and Healthcare

Leveraging AI for Complex Diagnoses

IBM’s Watson is a sterling example of how AI can revolutionize entire industries. While Watson has multiple applications across various sectors, its contributions to healthcare have been particularly groundbreaking.

The Challenge

Prior to Watson, diagnosing complex medical conditions, particularly those involving rare diseases or difficult-to-diagnose symptoms, often required extensive, time-consuming research and collaboration among specialists. This resulted in delayed treatments and, in some instances, poorer patient outcomes.

The Innovation

Watson leveraged AI and natural language processing to sift through vast amounts of medical literature, patient records, clinical trials, and more. It can cross-reference a patient’s symptoms and history with this immense knowledge base to suggest potential diagnoses and treatment options.

The Outcome

One striking example of Watson’s utility is its role in oncology. In partnership with renowned institutions like Memorial Sloan Kettering Cancer Center, Watson helps oncologists identify treatment options tailored to the genetic profile of individual patients. These insights are gleaned from Watson’s analysis of millions of pages of medical literature and clinical trial data—something a human could never replicate in such a short time frame.

The ability to bring data-driven insights to the bedside has not only sped up the diagnosis process but has also unlocked personalized treatment plans that improve patient outcomes. IBM Watson’s proficiency in assimilating and interpreting vast amounts of data has turned it into an invaluable asset in the fight against cancer.

Case Study 2: Walmart and Blockchain in Supply Chain Management

Blockchain for Transparency and Efficiency

Blockchain is often synonymous with cryptocurrencies, but its real-world applications extend far beyond digital currency. Walmart’s use of blockchain technology to enhance its supply chain management is a prime example of how it can be harnessed for innovation.

The Challenge

Supply chains, especially for food products, are notoriously complex and opaque. Tracking the origin of products can be difficult, impacting product recalls, quality assurance, and even compliance with regulations. The traditional methods of tracing produce back to its source were not only time-consuming but also error-prone.

The Innovation

To address these challenges, Walmart teamed up with IBM to develop a blockchain-based supply chain solution. By recording each transaction in the supply chain on a decentralized, immutable ledger, the technology provides unparalleled transparency and traceability.

The Outcome

The most impactful result came in the form of improved food safety. For instance, tracing the source of a mango, which traditionally took about a week, now takes mere seconds with blockchain. This rapid traceability enables faster responses to contamination incidents, thereby protecting consumers and reducing economic losses.

Blockchain also fosters accountability and trust among all stakeholders in the supply chain, from farmers to consumers. Additionally, by minimizing the need for intermediaries and manual record-keeping, blockchain streamlines operations, reduces costs, and increases efficiency.

Lessons for Your Innovation Journey

1. Align Technology with Strategic Goals

It’s not enough to adopt new technologies for their own sake. Aim to align emerging technologies with your organization’s strategic objectives. Whether it’s improving healthcare outcomes, ensuring food safety, or any other goal, the right technology should serve as a tool to achieve a broader vision.

2. Collaborate for Impact

IBM Watson’s collaboration with leading cancer centers and Walmart’s partnership with IBM showcase the power of strategic collaborations. By leveraging external expertise and resources, companies can achieve far greater impact than going it alone.

3. Focus on Data

Across both case studies, the importance of data is evident. AI and blockchain, among other technologies, thrive on data. Organizations that prioritize data collection, analytics, and integrity will find themselves better positioned to exploit these technologies’ full potential.

4. Plan for Scalability and Flexibility

Emerging technologies should be scalable and adaptable to future needs. Whether it’s AI models that can be updated with new data or blockchain solutions that can extend beyond initial use cases, planning for scalability ensures sustained innovation.

5. Human-Centered Approach

Never lose sight of the human element. Both Watson and Walmart’s blockchain solutions ultimately aim to improve human lives – whether by providing better healthcare or safer food. Any technological innovation should be tested against this benchmark.

Conclusion

In this ever-evolving landscape, the most successful organizations will be those that grasp the transformative potential of emerging technologies and harness them to drive meaningful change. From healthcare to retail, the opportunities are limitless for those willing to innovate thoughtfully and strategically.

Harness the power of these technologies not as a mere strategy, but as a fundamental aspect of your organizational ethos. Only then will you truly unlock the boundless possibilities that lie ahead.

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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Who is the Innovator? Amazon or Kroger?

Kroger ClickList

Now, first of all, Kroger is a Cincinnati-based company not a Seattle-based company, so it is only natural that I should hear more about the things Amazon is experimenting with than those of Kroger, owners of a portfolio of grocery brands, including: Ralphs, Fred Meyer, QFC, Kroger, fry’s, Food4Less, King Soopers, Harris Teeter, and more.

Amazon has been making a lot of noise with some of their experiments lately, including a convenience store concept where eventually you will be able to pick up what you want to buy and then automatically be charged for your acquisitions on the way out the door. It is called Amazon go and is currently being tested in an employees-only store. Here is what it looks like:

And then of course Amazon has been experimenting with the last mile experience in grocery retailing for a while now with Amazon Fresh grocery delivery business in a few U.S. states along with London, Berlin, and Tokyo. Now they are also experimenting with a grocery pickup service. You can pickup your groceries in as little as 15 minutes after ordering. It’s available exclusively for Prime members in a testing phase beginning in Seattle.

Now, the past couple of weeks I’ve been noticing at one of my local Fred Meyer’s and one of the neighborhood QFC’s some workers doing some construction projects and I wasn’t sure exactly what they were up to, but today it became clear that they’ve been busy prepping for to enable Kroger ClickList at those locations, which is basically the same thing as AmazonFresh Pickup, EXCEPT that Kroger started doing this TWO YEARS AGO and scaled it to 500 locations in less than 17 months. If you’re curious, here is what Kroger CLickList looks like:

And yes, Walmart, not to be outdone, also has a grocery pickup service as well (which they started a little over a year ago).

For what it’s worth, if these companies were to combine this service with improved ready-to-eat meal offerings like we used to regularly utilize from Waitrose and Tesco so that people can pickup their groceries and a dinner they can eat right when they get home and this will really catch on. Now for those of you who haven’t experienced ready meals in the UK, then check out the following links to get a tastier idea:

Waitrose Ready Meals
Tesco Ready Meals

Waitrose Lasagne

So, Amazon is getting a lot of buzz around their Amazon Go and AmazonFresh Pickup experiments, but they are just that at this point. Meanwhile, Kroger and Walmart have already scaled some of these experiments, so who is the innovator here?

Just another reminder that anyone can innovate, that it is customer insight not technology that drives innovation, and that every company is a technology company whether they like it or not.

Keep innovating!

Innovation Audit from Braden Kelley

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Think Like a Tech Company or Go Out of Business

Think Like a Tech Company or Go Out of Business

by Braden Kelley and Linda Bernardi

Even in 2014, there are business sectors who feel they are not ‘tech companies’. News flash: Whether you are a consumer products company, an insurance company, a hotel, or a pharmaceutical company, your business is a technology business. Why?

Technology is the link between any business and its customers. To say technology is not core to your business strategy, means you think customers are not the key to your business success. So, your business is a technology business whether you want it to be or not.

Today technology is how you market and sell your products, make your business more efficient, and most importantly, how you stay connected to your customers. Some companies mistake the importance of technology to mean that they need to open a twitter account and monitor social media, put in an ERP and CRM system, and revamp their web site. But the importance of technology in today’s business environment is more than that.

ERP and CRM are common tools, a requirement to remain competitive, and while social media and the internet are important to sales and marketing success, they are becoming yesterday’s news as customers develop deeper connections to their mobile devices. If you aren’t on their devices and interacting in a meaningful way with them there in real-time, you won’t stay connected to them in the long run.

Let’s look at the impact on a few different industries whose members tend not to see themselves as technology companies:

1. Fortune 100 consumer product goods (CPG) companies
2. Hotel Chains
3. Big Box Retailers

1. Fortune 100 CPG companies typically manufacture large quantities of consistent products and have visually pleasing (static) web pages for consumers. But they don’t use technology well enough to detect what the market wants before it knows it, often fail to personalize or customize products to customer needs, and usually lack the online networks that could help connect other customer product needs together into new potential product ideas that the company could co-create with their customers. Often connection means post mortem analytics on data collected in the past, or, analyzing previous customer interactions with static web pages. Creating authentic customer connections requires online and mobile technology these companies usually don’t possess. I don’t mean apps (which often are pretty much the same as a website), but new physical/online/mobile engagement models that inspire customers to stay connected to the company (and each other) in a dynamic, evolving community. Rethinking is needed here. The customer is not just a buyer but an influencer. If CPG companies want to sell that next bottle of $300 facial cream, they better consider delighting, and not just marketing to, their customer base.

2. AirBnB has proven to be a major disruptive force in the hotel and hospitality business, grabbing a massive foothold in a market that the Homeaway.com member companies created and should have dominated. Resistance to AirBnB is massive and lawsuits are abundant, but for a moment let’s go beyond the hype and explore the angst of traditional hotels. AirBnB created a highly connected, effective community of property owners and property renters. This bi-directional ecosystem can only thrive if they are both happy and satisfied. To experience what they’ve created, first go to a traditional hotel website (pictures of room, building, lobby) and then go to AirBnB and browse the hundreds of customer experiences their property owners offer. On the hotel site you’ll see they’ve created the mechanics of paying to rent a hotel room, while on AirBnB you’ll see that they’ve created both an ecosystem and an experience.

3. Big box retailers have done a poor job of seeing themselves as technology companies capable of fending off challenges from online-only retailers. Target made the mistake of seeing themselves as a retailer, not a technology business, and so they outsourced their ecommerce to Amazon in the beginning, only to regret doing so because Amazon was able to learn which 20% of their inventory drove 80% of their profits, and when.

Meanwhile, Costco and Walmart, despite being two of the most successful retailers in the world, have struggled to find success online because they can’t get beyond their brick and mortar heritage to see themselves as a technology business with an integrated online/offline ecosystem. Seriously, it is 2014, do we still need to get our Costco circulars in the mail? Nothing has changed about Costco’s interaction with its customers. Walmart exacerbated the disconnection between the two sides of their business by creating a separate online division and exiling it to Silicon Valley. Costco sells different products online than offline. The results of both of these approaches have been far from stellar.

Build a Common Language of Innovation on your team

Technology Lowers Barriers to Entry

In the history of the world, it has never been easier to start and scale a business to a global footprint, not in a matter of decades or years, but in months. And it is not just the other companies in your industry and technology-driven startups that you have to worry about if you choose not to view yourself as a technology company and move as fast as they do. You have to worry about competition from established technology players like Google and Amazon too, because one day they (or people that used to work for them) might decide that your market is attractive enough to enter and come disrupt your industry. For example, Amazon has become a book publisher and a financial services company.

Technology Enables Experiences

Technology enables the creation of customer experiences. I am going to choose my insurance company based on my experience. At the end of the day if all prices are comparable, then how the businesses you interact with make you feel, and the connections you’ve built with them will matter more. Without an emphasis on using technology to make your business a social business, you will find your company displaced by others that do. You must lead your industry in identifying opportunities to use technology to get closer to your customers. The future of business will be all about delighting customers and making their experience more personal.

Technology is not just a tool, but central to everything you do in today’s always on, always connected digital age.

Here are ten ways that technology can help you become a more social business:

  1. Building Connections
  2. Developing Networks
  3. Global Sensing and Prediction
  4. Sharing Recommendations
  5. Creating Experiences
  6. Personalization
  7. Customization
  8. Co-Creation
  9. Crowdsourcing
  10. Open Innovation

To give you an example of what things will look like in the future, the forward thinking health insurance company will leverage the mobile device for virtual ID cards, drug interaction warnings, personal triage, mobile care, wellness, cost sharing calculations, FSA/HSA administration, diagnostics, and more.

Conclusion

In conclusion, no matter what business you are in, it is very dangerous not to see technology as a competitive differentiator and a core driver of your business. Instead, you must constantly look at how you can become more of a technology company in order to enable deeper customer connections and more meaningful experiences. Today if you don’t connect with, understand, delight and start predicting your customer’s needs/wants, you may not thrive in your industry and your competition and new entrants who do embrace technology will replace you.

This article is brought to you by Linda Bernardi and Braden Kelley. Collectively, we have over 30 years of experience working with large, global multi-disciplinary enterprises. We write this with care and passion as we want your enterprises to succeed. We would love to hear your thoughts.


Guest Collaborator:

Linda BernardiLinda Bernardi is a Technology Strategist, Investor, and Founder & CEO at StraTerra Partners, The Bernardi Leadership Institute and a Strategic Advisor at Cloudant Inc. She is also the Author of Provoke, Why the Global Culture of Disruption is the Only Hope for Innovation. Learn more here about Linda’s work on disrupting large enterprise analytics.

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