Convergence Of Ideas Industry 6
C O N VE RGE NCE O F I D E ASI N D US TRY 6 .0Michael Stankosky, DScOctober 2019
How the convergence of ideas isshaping the new economyPRESENTATIONOUTLINECan you see the competitioncoming?Strategies to prepare for thenext level of competition underIndustry 6.0
Organizational restructuring in lightof Industry 6.0PRESENTATIONOUTLINEWhat the “Torchbearers” in theIndustry 6.0 look likeConcluding remarks
Industry convergence is not a new concept; it may actually beone of the oldest. As markets interact, they naturally exchangeideas, processes, and technologies, which makes them growmore intertwined. Agriculture and trade collided to create banking. More recently, the overlapping potential of healthcare andconsumer electronics created wearables.HOW THECONVERGENCE OFIDEAS IS SHAPINGTHE NEWECONOMY Our globally connected society is only increasing the speed andscale with which convergence opportunities presentthemselves. Convergence at its core is centered around idea sharing. Theconcept of leveraging and learning from other industries toavoid wasting time and effort on creating something thatalready exists is often discussed in the context of productinnovation, but the same can be applied across the board. Multi-industry resource pooling is an obvious benefit ofconvergence. As industries move closer together, theirfunctional needs align more closely. This allows vendors thatserve these industries to increase investment because themarket for that need is now larger.
C AN YOU SEE THECOMPETITIONCOMING? A few years ago, CEOs could see the competition coming. Thebiggest risk was the advent of a new rival with a better orcheaper product or service. And you could fend off the threatby improving or expanding the range of products and servicesyou offered, or getting to market more efficiently andimaginatively. Today, the competition is often invisible until it’stoo late. The ‘Uber syndrome’ – where a competitor with a completelydifferent business model enters your industry and flattens you. “Disruptive innovation” – new entrants target the bottom of amarket and then relentlessly move up market, eventuallyousting established providers.“The boundaries of competitionare becoming more ambiguous”. What was once a relatively rare phenomenon has now become aregular occurrence. Innovations that harness new technologies orbusiness models, or exploit old technologies in new ways, areemerging on an almost daily basis. The most disruptive enterprises don’t gradually displace theincumbents; they reshape entire industries, swiftly obliteratingwhatever stands in their way.
Prepare for digital invaders Technology as the main game-changer with uncertain/ unknown impact Change in the way organizations engage with customers – creating moredigital, individualized experiences Getting to a segment-of-one understanding of the customer baseSTRATEGIES TOPREPARE FOR THENEXT LEVEL OFCOMPETITIONUNDERINDUSTRY 6.0 Exploring the opportunities in adjacent spaces and stripping outbureaucracies so that organizations can move swiftly Put more scouts on the front line – Delegate all but the mostimportant decisions to the people who are closest to yourcustomers. With decentralized decision-making, you’ll have morescouts with greater freedom of action on the front line. Share to shine – Ratchet up your plans to form new partnershipsand be ready to “reciprocate” by sharing key resources with yourallies so you can grow together. Seize the middle space – Disruptors like Alibaba, eBay, Spotifyand WhatsApp have each become the linchpin in a virtual networkother companies use to reach their customers. Building an onlineforum where buyers and sellers can trade, share information andswap insights, and stimulating the development of a healthyecosystem, can be a highly profitable strategy.
Create a panoramic perspective “The more nebulous your enemies and the faster the pace of change, thewider and further you need to look”. “The hardest thing is working out whether what’s happening is hype,trend or tsunami.”STRATEGIES TOPREPARE FOR THENEXT LEVEL OFCOMPETITIONUNDERINDUSTRY 6.0 Cloud computing, mobile solutions and the Internet of Things (IoT) arethe technological elements of today’s “wave” and will continue todominate. Cognitive technologies (systems that understand naturallanguage and are not programmed but learn) are rising on the horizon asthe bridge to new levels of personalization and insights from explodingvolumes of data. Cultivate your organization’s cognitive capabilities – Usingpredictive and cognitive analytics to scrutinize the real-time datayou receive from the marketplace and your partners will help youforecast the future with a greater level of confidence. Form your own futures squad – Set up a specialist forecastingteam, equipped with the right technologies and skills, trained to useprobabilistic reasoning techniques and to recognize and eliminatebias. Take an eco-centric view of the world – Assess the caliber of allthe enterprises in your ecosystem. Are you leveraging all theircontacts, skills and assets? Are there any weak links? Are there anymissing skills? Does your ecosystem have the right expertise toexploit new trends and technologies and boost its power tocompete. If not, where should you look?
Be first, be best or be nowhere “There are no rules or prior case studies on what we’re trying to dowith our business and business model. We feel like we’re operating onthe edge of the market”.STRATEGIES TOPREPARE FOR THENEXT LEVEL OFCOMPETITIONUNDERINDUSTRY 6.0 The trickiest issue is choosing the right new business model; concernsabout investing too much too soon or cannibalizing current revenuestreams crop up regularly among today’s CEOs. It is hard to test newmodels within the existing corporate frameworks; however, in order tosurvive organizations need to be turned into “living laboratories”. “We live in a moment where individual creativity and continuousinnovation are essential.We should be thinking in terms of ‘return oninspiration’.” Investigate unfamiliar territory – Concentrate on buildingbroader networks and look at what companies in unrelatedindustries are doing to get completely different ideas. Go offline to test for the best – Set up an innovation centeroutside your current organizational structure for incubating andpiloting new business models and offerings. Give it the latitude toexperiment properly. Including sufficient time and resources. Create and capture the moment – Once you’ve decided tolaunch a new business model, product or service, move fast and beprepared to bet big. It’s difficult to triumph as a market pioneerwhen technological advances are appearing so rapidly they canrender even recent innovations obsolete.
Opening up to customer influence Businesses are becoming not just customer-centric but customeractivated. Establishing Customer Advisory Boards to get direct input onstrategic issues – Customer influence should not be confined toactivities in which customers have traditionally participated, such asdeveloping new products or services. Instead, CEOs stand ready torelinquish absolute power of what is typically considered theirdomain – developing business strategy.OR G ANI Z ATIONALR E ST RUCTURI NG I NL I G HT OFI NDUST RY 6 . 0 Pioneering digital-physical innovation Digitization of front offices to sync with customers more effectively Reconfiguration of businesses’ offerings to capitalize on socialnetworks and mobile connectivity Reshaping of operating models to inject customer input into everyaspect of the buying and selling chain Crafting engaging customer experiences A shift to social and digital interaction Understanding and engaging the customer as an individual ratherthan as a category or market segmentIn an era of abundant connectivityand information, and ubiquitousdigitization, the new economicequation favors transparency. Insearch of innovation, businessleaders open up their enterprisesbringing down barriers to extendcollaboration inside and outside.
Chief Financial Officers step up to help create new businessmodels Chief Human Resources Officers take up social and analytics torework work Chief Information Officers look outward to generate newvalue Chief Marketing Officers have big aspirations about enablingtransformational change and face big hurdles. Chief Supply Chain Officers embed customer analytics toadvance operations.OR G ANI Z ATIONALR E ST RUCTURI NG I NL I G HT OFI NDUST RY 6 . 0
Scope Forward-looking and boulder about exploring opportunities in relatedindustries Clear understanding that they compete as part of a bigger ecosystem ofinterdependent entities, which greatly enhances their potential impact onthe market Strong ability to define where they want to play, while keeping their optionsas open as possible in an era of discontinuous change Scale Brave about investing in emerging technologies with high risks and returns Very aware of the need to preserve their competitive advantage and scaletheir expertise. Supportive of their ideas to the hilt because they know the biggest slice ofthe economic pie will go to just a handful of enterprises Speed Agility, strong will to experiment and confidence about taking the lead Recognition of the pace at which the economy and technology are evolvingand the importance of dominating the market before the competitors do.W H AT DO T H E“TOR CH B E ARER S” OFI NDUST RY 6 . 0L OOK L I K E?
CONCLUDING REMARKS The convergence of ideas represents the mostfu n damental growth op p or tu nity for organ izations an dwill redefine industr y boundaries by shifting the focusfrom individual products to cross -industr y valueexperiences, based on digital business principles. On the other hand, the convergence is also a threatsince other companies can absorb the organization'score business to fulfill their own industr y convergenceobjectives. The success of cross -industr y value experiencesd e p e n d s o n a t h o r o u g h e c o s y s t e m s t r a t e g y, s e l e c t i n g t h eright par tners within it and executing an industr ye x p a n s i o n s t r a t e g y.
QUESTIONS
The convergence of ideas represents the most fundamental growth opportunity for organizations and will redefine industry boundaries by shifting the focus from individual products to cross-industry value experiences, based on digital business principles. On the other hand, the convergence is also a threat
Some Applications of the Bounded Convergence Theorem for an Introductory Course in Analysis JONATHAN W. LEWIN Kennesaw College, Marietta, GA 30061 The Arzela bounded convergence theorem is the special case of the Lebesgue dominated convergence theorem in which the functions are assumed to be Riemann integrable. THE BOUNDED CONVERGENCE THEOREM.
In Unconditional Convergence (2011), Dani Rodrik documented that manufacturing industries exhibit unconditional convergence in labor productivity. We provide a novel semi-parametric specification for convergence equations and show that the pace of convergence varies systematically with country-specific characteristics.
Of the three closely associated convergences—technological convergence, media convergence, and network convergence—consumers most often directly engage with technological convergence. Technological convergent devices share three key characteristics. First, converged devices can execute multiple functions to serve blended purpose.
Drive or e driven Understanding the third wave of industry convergence 5 A fast-growing cross-industry world While digital disruption has manifested itself in various ways over the past decade, industry convergence is perhaps the most dominant of all its effects. We increasingly see examples of retailers acquiring technology
The results show that in the country-year-level, the convergence between the media industry and information industry has a steadily upward trend during 1995 to 2011. . convergence and industry performance. A growing literature tries to find a proper approach to realize this. There are three possible methods which are Correlation .
for problem solving in complex systems . single-domain methods. Further defining S&T convergence “Convergence of Knowledge, Technology and Society”, 2013 et al (Refs 6- 10) Convergence approach includes: -Deep integration of knowledge, tools and modes of thinking driven by unifying concepts & a common goal-To form a new framework, paradigm or ecosystem-From where emerge novel pathways .
Convergence of sequence and series-tests for convergence: Integral Test, Comparison test, D’Alembert’s Ratio test, Cauchy root test, Raabe’s Test, Leibnitz test for alternate series. Power series: Radius of convergence and Interval of convergence, Taylor's series, series for exponent
awards will be separately funded from outside the 0.3 allocation per eligible Trust consultant using the same criteria as set out in 2.9. 4. Eligible Consultants under Investigation 4.1 If a consultant who is the subject of a formal investigation, including a professional advisory panel, chooses to submit an application for CEAs, his/her application will be considered in the usual way by the .
