“Business moments” are specific transient opportunities that triangle people, businesses and the Internet of Things. They represent moments of opportunity and competition that can rapidly change the dynamics across industries.
A business moment is very short in duration (even seconds) and can influence positively or negatively the outcome of situations, depending on how it is managed. Exploitation of business moments requires agility and rapid reconfiguration. Technology allows enterprises to intercept or even create business moments. They are important, because they will force Insurers to rethink the role they play in a value stream and envision, design new models that integrate people, businesses and things to do things not possible five years ago.
For example, before, Jogging was a purely human moment. Now, because of technology, because of wearables it is a business moment, where sensors, smart phone and the Insurer interact, in which things are doing lots of the work now so humans don’t have to, fully exploiting the business moment. Moreover, the services and help are provided more quickly, with higher quality and a lower cost.
Technology must be ready to capture and exploit the “Business moments” and in our Insurance Industry, generate added-value for the customer.
Just think of how some of these elements are ready to detect the business moment:
- Customer communications management software
- Consumer wearables
- Direct-to-consumer portal
- Mobile applications and technologies
- Claims management module
- Geographic information system
- Event-driven architectures and real-time operational intelligence
- Integration with third parties (e.g., weather data, etc.)
Of course the key element of success will be of having a model that is ready to manage the very volatile business moments and have tools that are ready to manage adaptive processes.
To compete in a digital world, enterprises must digitalize their models, in which products, services, markets, channels and processes are transformed through digital technologies. Digital business is the essence of digitalization as it disrupts existing business models – even those that were born of the Internet and e-business eras. Why? As the presence of the Internet of Things (such as connected devices, sensors and smart machines) grows, the things’ ability to generate new types of real-time information and to actively participate in an industry’s value stream will also grow (“Forecast: The Internet of Things, Worldwide, 2013”). Things provide information streams that, along with big data, can be analyzed to identify business moments.
The hallmark of a digital business will be the ability to capture the “business moment” and react in real-time, generating intelligent decision-making and creating therefore new profitable business models.