We spend just as much time storyboarding as we do crunching numbers.
We are moving from marketing existing stocks to manufacturing on demand; shifting from top-down allocation to pulling resources for projects; moving from fixed structures to varying constellations, and understanding and responding to emergent patterns of user behavior.
We are shifting to a more participatory experience, in which the customer is actively involved, co-creating the product or experience. We are becoming prosumers who bring content to platforms such as YouTube and Facebook.
People are using their cognitive surplus to create communal projects such as Wikipedia and open-source software. This is not limited to the digital realm. In education, it means shifting from memorizing facts to knowing where to find information.
The new skill is searching for and evaluating information. In media, we see a shift from an emphasis on authoring to an emphasis on curating.
In scientific research, the difficulty has shifted from being able to find data to navigating and mining massive databases.
In the health-care field, it is shown by the emergence of individualized medicine tailored to the genetic make-up of the user, and by the rise of individual quantified self-data. In terms of consumer empowerment, it is the possibility to design your own clothes, shoes, consumer products, and to 3D-print your own version of consumer goods.
Paradigm shifts lead to opportunities for innovation leadership There are amazing opportunities for innovation leadership to experiment with new approaches and new business models.
Take the paradigm of the sharing economy. The problem that is solved is excess inventory with a lot of downtime. One solution is to create secondary usage for that resource through sharing it, for example by renting out empty bedrooms through Airbnb or through car sharing.
As an investor, Chang sees trends as focal points that influence their surroundings. For example, Airbnb is constantly being sued because the legal framework is not yet in place.
Innovation leadership should ask: What are the banking systems and legal systems surrounding the sharing economy? A paradigm shift in one area will cause shifts in adjacent fields, and also be dependent on them.
Innovation leadership should investigate how banking is disrupted; what are innovative payment systems or alternative currencies? The legal framework is also outdated; a paradigm shift in the way we form contracts is needed.
If a new value system is about to mature, Chang would rather bet on the supporting elements shifting, because everyone else is already betting on car-sharing. A paradigm shift is a change in the way we understand and approach our world. Innovation leadership sees opportunities from a single paradigm shift across multiple fields.Our solution has signalled a paradigm shift in the Retail Sector to effectively manage both risk and change.
In the following article Charles answers somequestions about retail and the shift in how retailing works in today’s world. The topic (the paradigm shift in retailing) was recently presented at the Orgill Show in February, and a link to the presentation is available here.
RETAIL MARKETING – A PARADIGM SHIFT Retailing is one of the largest sectors in the global economy and going through a transition phase not only in India but the world over. Bill McBeath speaks at XChain 2: Blockchain for Supply Chain and Logistics Forum.
Future of automotive retail 6 For automakers and dealers to continue to be relevant, it will be critical to create value propositions that help customers tailor their mobility packages.
The in-store retail experience is not going away any time soon but digital’s effect on the customer journey is only growing; and those companies that embrace using the Omnichannel stand to realize huge benefits in both sales and customer loyalty.
References. Lee, G. (, September 14).