Last week we responded to a great Economist article about how Moore’s law– that overall processing power for computers doubles every two years– is slowing. Now SW algorithms and deep learning, the connected cloud and specialized chips embedded in the cloud are what are increasing computational power.
A new “Law of Hyperconnection” states that overall network performance doubles every 2 years. According to Digital Universe that’s how often the world’s data is doubling, so that seems to work. This law gets really exciting when we start seeing the financial value of all those doubling connections.
McKinsey recently calculated that interoperability will drive 40-60 percent of value created by IoT– that’s $1.5 to 6.7 trillion by 2025.
That’s a lot of value flowing to those who figure out hyperconnection.
So, what does hyperconnection mean exactly and how do we hyperconnect things?
Hyperconnection means breaking down the silos and barriers between data sets, both inside and outside your organization, so that value can be generated with them. Functionally, this means APIs, good old fashioned ETL, streaming data, etc. This also means taking latency out of the process wherever speed and greater data integration drive value.
The problem is that this takes lots of smart, hard work and it takes enterprise-grade data and analytics platforms that allow you to bring everything together in one fast analytical space.
First, how do we figure out what value can be generated by new connections? Each set of new connections can be thought of as a project and each project can be justified by a business case.
Start by talking to your Line of Business leaders who own the customer relationships and data sets. Start using design thinking to look at various combinations of what customer value (or customer pain points) is driven by bringing those data sets together with less latency and more precise integration and business logic.
Some connections to consider:
Customer profile and sales order data
Customer website behavior and sales order data
Customer marketing promotions history and sales order data
Customer profile and returns and refund data
Perfect order operations and returns and refund data
Perfect order operations and voice of customer data
Questions to begin uncovering value in hyperconnection:
Who should I connect from IT and the business to create a 7-9 member team who understands the important aspects of data, customers, and operations?
How can we begin experimenting with a design thinking process using this team?
How can I support the team in connecting existing and potential new sources of data with customer pain points and value drivers?
How can we increase the connectivity within our organizations and stimulate more connections with the increasingly lucrative and interoperable Internet of Things?
Learn more about driving new connections and digital business innovation on our site: www.digitalbridgepartners.com