Ever Increasing Circles21 Aug 2019
Digital remote based stakeholder relationships – a disruptive saving influence.
McKinsey’s research indicates that innovative digital solutions can unlock as much as an incremental 10% in annual cost savings though digital remote based stakeholder assessment and real time feedback.
All sectors are set to adopt and benefit – ripening for that customer-first shake-up. After all, subscription, the preferred model of the service economy, requires that the customer always comes first. Those that don’t do so will ultimately fail.
Businesses that service other businesses
Businesses that service other businesses across all genres sit in the same cross hairs, sights honed on disruptive stakeholder engagement – which is another way of saying customer-first.
Stakeholders are customers. Customers are stakeholders
Stakeholder – a word that means different things to different people. But stakeholders are customers internal or external – they are still customers. So customer first also means stakeholder first. It’s important that we recognise that, as it becomes more and more fundamental to customer experience, business health and ultimately business longevity.
Quite simply, a successful service now depends on stakeholder feedback regularly and at all points – relationship, commercial, service, and sometimes projects; input, assessment, management, reporting, whilst shaping and improving process and output – throughout a revolving lifecycle, not just the start where deals were shaped and contracts won.
So what do we mean by lifecycle?
In the past we’d have referred to a linear looking process with a CRM on the front end funnelling customers in off the back of successful marketing campaigns and an ERP on the other end tracking logistics throughout a left to right process flow (imagining manufacturing helps to picture this left to right flow in production for example).
In today’s evolving (and circular) world of sustainability, where just about everything we come into contact with is increasingly subject to smart ways of being made available as a service, that traditional left to right process flow has turned into a circular model. Subscription services will only work efficiently in a circular fashion – as they don’t really have an end. They just continue to circulate, as service subscriptions renew or cease, or as new functionality or services are introduced etc.
The point is, that it in order to make circular (or subscription) models work (in any industry) we need to engage and collaborate at every stage of lifecycle with our customers – our stakeholders.
Collaboration is vital. We’d go so far as to say that collaboration and stakeholder relationships are in fact the lifeblood of services built on circular engagement models – which ultimately will become everything in time – which just to reiterate includes business to other business services.