how it works: smarter commerce

Today’s customers – whether individuals or businesses –

are smarter, better connected, and more empowered than ever before.

They want to do business with companies on their own terms — when, where and how they choose.

Using mobile devices.

Through social networks.

And via new digital venues.

They do not want to have to re-explain a problem to a service representative, provide their shirt size again and again, or re-insert an account number they entered two minutes earlier.

They want companies to anticipate their interests and preferences — even as those needs change from one instant to another.

In today’s “always on” world of social business, they have unlimited access to the information they value — the advice of their peers. And through online research and microblog posts, they are – with a push of a button – sharing their opinions with the world.

Companies of every kind are taking notice.

They’re rethinking what it is their customers really value –

and re-orienting their operations to deliver on that proposition.

They’re engaging in new ways — bringing customers into the development of innovative products and services, personalizing each touch-point with relevant information and offers. And responding in an instant.

Organizations are getting more intelligent, so that vast amounts of customer data (from demographics, to product-purchase histories, to online conversations) can be analyzed and turned into real value in real time.

They are getting more interconnected, so that customer insight can be fed into every point in the process — from design to distribution.

And are extending this network of insight to suppliers and partners, because no business can innovate alone.

They are getting more instrumented, so every item of inventory can be tracked; every interaction with customers can be understood.

This could enable an electronics retailer to use seemingly unrelated purchasing events to get the products its customers want on the shelves when they want them, and make the whole shopping experience seamless across all channels —

from brick-and-mortar,

to the Web,

to the cloud.

This could enable an automaker to continuously improve its products by infusing customer feedback and reviews back into the design process, and pull in the best parts, suppliers, and assembly expertise without disruption as market needs continuously change.

And this could enable a bank lender to take a 360-degree view of its customers using predictive analytics to determine which types of products might interest patrons and even when, where and how to approach them — putting customers at the center of its strategy for what new services are introduced.

Leaders in every industry are turning to dynamic business networks . . .

that span human, digital, social and mobile modes.

To make this possible, there’s now new technology enhancing and automating the way businesses connect — across the wide range of systems and activities flowing between departments, businesses, and into the cloud.

There’s clever analytics that can turn vast streams of data into a narrative that people can understand and put to use —

— generating better market forecasts, modeling and simulating everything from new production modes to marketing programs and helping business leaders make better decisions at every step along the way.

And as commerce becomes more global, connected and social,

there’s a new mindset emerging that is all about trying new approaches,

expanding one’s social media repertoire,

and serving the connected customer’s needs at every turn.

. . . And that’s how it works.

Click on the image for the narrated video: