I’m lucky to be born with a curious mind and to have plenty of opportunity to exercise that curiosity as part and parcel of the consultancy work I do. And because of that curiosity, I tend to notice more of the new stuff and because of my experience over 25 years in sectors ranging from retail, the arts, construction, public transport, media, advertising and mobile, I can put some of this into context for my clients when it comes to working with them on their mobile strategies and planning.
Last week, I was thinking about insurance and financial services and mobile. This week, I’m back at one of my regular stomping grounds of news media and mobile.
Both sectors are rooted in their ways of doing things. Neither has adapted that well to the digital world. Both sectors are aware that change is happening, but neither seem to be aware as to how fast that actually is (hint – it’s faster than any of us can imagine). Neither sector are clued up about technology beyond what they already know and use – in insurance and backing there are legacy systems from the early days of computing and in newspapers, it’s about print production and the technologies around that. And neither sector consider technology to be core of what they do. Maybe they’re right, but my hunch is that that may be holding them back as they’re not able to attract the right people to their organisations.
Interestingly, both sectors now seem to be embracing some developer culture in organising hackathons, opening up APIs for those hackathons and wanting to engage more with the start-up and tech community. It’s tricky though. When you’re not used to sharing, when you’re not used to open dialogue with external parties and telling them what’s actually going on rather than what you want them to know, it’s difficult to start doing that now. And there are so many hackathons going on in London right now, it may well be too late to join that bandwagon and a new format or approach may be required. Nevertheless, I’m pleased to be seeing collaboration activities happening.
I’ll be honest. I was disappointed last week at the FinTech event I attended last week. Nothing wrong with the event per se, but I didn’t see anything new or exciting or noteworthy. The discussions were sensible in many respects and the Aviva CIO was very interesting to listen to. But there was no leadership or real vision for what the future holds in how our daily lives are changing, especially in relation to the internet of things, big data, privacy and therefore what that might mean for the future of insurance or banking for those people.
The global media industry fares a little better although there are glimpses of hope from the UK. Yesterday, I heard some very interesting case studies from Hearst and how it’s tackling new digital properties and how The Times is moving from having readers to having members. And today, the FT.com’s story, as ever, is a strong one when it comes to digital leadership and actually trying new things (car interfaces, smart TV apps) and having its eye on what’s coming next. The majority of media owners I talk to outside the UK are still very wary of making these leaps of faith as they’re not sure what the next thing might be. Most media owners think their competition is other media owners. I imagine it’s not – look at the rise of The Young Turks, Bleacher Report and Jamal Edwards’ SB:TV empire. Bedroom media moguls all of them. No-one saw them coming (except maybe Google, Twitter and Facebook).
Well, I’d love to be able to tell you what that is. I don’t know what it is. I think it would be fair to say that no-one really does. Not even FT.com, The Times, Hearst et al. None of us are fortune-tellers. All those companies are openly experimenting, investing in systems, people and processes that are adaptable to change. Another thing they all have in common is really understanding their customers – bringing the experience back to humans – what we want, how we use our devices, when we use them, the content we want to read, the content we enjoy and share the most – that data driven insight then drives the thinking behind new products, services and revenue streams.
Ultimately, what needs to happen is culture change. Getting the right technology system or platform in won’t save your business. Rethinking your business in relation to the digital age just might. Will we still need car insurance with driverless cars? And what does the future of news look like? It certainly doesn’t look like a printed newspaper.
I’m going to leave you with some quotes that have kept popping up on my radar in the last few days:
Jack Welch — 'If the rate of change on the outside exceeds the rate of change on the inside, the end is near.'
John Kotter – ‘The rate of change is not going to slow down anytime soon’
Karen Lamb – ‘A year from now, you may wish you’d started today’
I don’t need to give you more stats on how mobile is eating the world or the exponential growth of mobile media and advertising. You can use a familiar search engine to find that out. Hey they even have a whole section dedicated to telling about that with Our Mobile Planet. What I would urge you to do is to do *something*.It may not be the right thing and it won’t be the last thing you do either. Don’t be afraid to experiment, to fail, to learn and to start again. Don’t be left behind though. Create a future you, your family, your friends and your customers will want to be part of.