New kids on the blockchain

At Sopra Steria we often talk about a world ‘beyond digital’. This is so that we can help our clients to prepare themselves and their organisations for the challenges they are likely to face looking out three to five years into the future.

I shared some of the topics we have identified for a world beyond digital with an audience of digital and eCommerce professionals at a Thought Leaders of the North West event a couple of weeks ago. Our themes seemed to resonate with those in the room prompting plenty of discussion and debate.

One theme attracting a lot of interest was the ongoing challenge we face in the world of Information Security, where we see protection from attack being built into new products and services from the ground up rather than as an afterthought.

We also see an emerging era of unprecedented corporate responsiveness and agility as industry giants look to iterate their business models ‘on-the-fly’ in response to unforeseen threats and attacks in the way Sony Pictures did recently in immediately releasing ‘The Interview’ to digital channels and abandoning its plans for a full theatrical release.

Disintermediation is another concept having an immediate impact on the way we live, work and do business. Services such as Uber and AirB’n’B are already beginning to transform different aspects of the travel industry through their creative use of the crowd, the cloud and the semantic web.

In financial services we see the ‘blockchain’ threatening to disintermediate the traditional banking industry as Bitcoin continues to gain profile and transacting in such crypto-currencies nudges its way ever closer to the mainstream.

“whilst barriers to entry are very low, barriers to mass acceptance remain incredibly high”

It was in this field, at a second technology event I attended recently that I witnessed a tense debate between an established retail bank and an up-and-coming Bitcoin podcaster.

The bank, when talking about FinTech start-ups looking to establish themselves in the emerging global Bitcoin economy, outside of a traditionally regulated banking industry, suggested that “whilst barriers to entry are very low, barriers to mass acceptance remain incredibly high”, which is the kind of thing they used to say in the music industry in the 1990s.

Nevertheless, the power of the ‘blockchain’, the virtual ledger where the crowd validates transactions without the assistance of traditional banking infrastructure and regulation, may actually be found beyond Bitcoin trading, as new and emerging use cases emerge for this technology bring it further into many people’s lives.

One such service which could be leveraged by the blockchain may be that of personal data broking, where citizens take control of the value of their own personal data and begin to firmly negotiate with local and global organisations alike based on the value of their own data as derived from their own connections, online activity and their extended social graph.

Sopra Steria is working with some of the world’s most exciting start-ups in exploring these concepts, as these ‘new kids on the blockchain’ begin to collaborate with us and our clients as, together, we continue to play a vital role in the transformation of business for a world ‘beyond digital’.

We’d love to hear how you think ‘blockchain’ technology will transform our lives. Leave a reply below, contact me by email, tim.difford@soprasteria.com or on Twitter, @timdifford

Photo: used and modified under Creative Commons license thanks to BTCKeychain

The next digital disruption: buying B2B services using social media channels?

Digital Transformation is changing how businesses interact with customers and each other.

In this environment business-to-business (B2B) service providers face the constant threat of “digital disrupters” – new entrants who don’t fundamentally change the underlying product or service but win (or steal?) market share by leveraging new ways to interact with customers/clients and suppliers.

But couldn’t an existing B2B service provider become the digital disrupter by leveraging social media to create a new, differentiated approach to market engagement to deliver sustainable competitive advantage?

Here are some (radical?) ideas…

Customer led innovation: clients could potentially benefit from best practice about digital transformation being shared rapidly from different sectors (for example, the innovative work in UK central government and retail). A service provider could use its social media channel(s) to enable this sharing in an intuitive, dynamic way tailored to specific client needs. Furthermore, the provider could use gamification to incentivise the sharing of insights, advise directly between companies (such as discounting its services for clients providing such support). This would help position the B2B service provider’s brand as a collaborative thought leader in digital transformation.

Deepening personalisation: a provider could engage directly in all the social media activity of a client (at all levels including organisational, team and individual). Although there is a risk of appearing intrusive, it’s a way of building more intimate relationships with existing clients and sourcing new ones. This would also pro-actively complement and enhance other sales and account management approaches it uses.

Intensifying responsiveness: undoubtedly radical and reputationally risky, clients could post their complaints, issues and other feedback directly on a B2B service provider’s social media channels. The value comes from how the provider deals with these issues openly in this public space; a positive opportunity to explicitly demonstrate its strong commitment to quality service delivery.

Buy buttons: underlying these social media channel approaches would be the tools to enable a client to contact a sales representative immediately to purchase the provider’s services. Depending on the agility of the provider, potentially these services could be bought and stood up on the same day – now that’s digital transformation!

If you would like to find out more about how digital transformation can benefit your business, please leave a reply below, or contact the Sopra Steria Digital Practice.