2011 will be the year of Business Redesign.
It’s not a sexy concept. It means hard work. But for service companies wishing to differentiate on the customer experience, business redesign is what many companies are focusing on. Here’s where the new business designs will be aiming:
1. Changing Quadrants
In 2011, we’ll see more businesses switch from designs that yield premium price to designs that deliver maximum value. In economist terms that moving from the top right quadrant (high value, high cost) to the bottom right quadrant (high value, low cost).
2. Keeping Promises
Up until now, we’ve witnessed many brands making promises that operations can’t keep—to the detriment of their company. In 2011, we’ll see more emphasis on the keeping promises side of the equation. Everyone now understands that you make more money by keeping promises than by breaking them.
3. Design As a Business Tool
In 2011, we’ll witness more discoveries about the power of design as a business tool. It is, in my opinion, the only discipline that can tie multiple parts of the organization together in a customer-centric way.
4. Everything Else
Social media, personalization, near instant mid-experience feedback, near field technologies, mobile, leadership, metrics, kiosks, digital signage, culture, and collaboration will all play their part, but I believe, among adopters, that Business Redesign will separate the pack leaders from the rest. Companies and brands that focus on Value Creation will win. If you can identify exactly where you create value for customers and measure it (in customer’s terms), you will know where to make investments, adjustments, and your brand will be the more valuable for it.
While 2011 wasn’t called the year of redesign, it definitely was the starting year for major business redesigns became commonplace.
Lyft, snapchat, Uber, and so on. It turns out that companies with fresh perspectives (that weren’t required by shareholders to carry forward traditional corporate baggage) ended up becoming the ones with the biggest market caps and highest growth rates.