You’re Not An Insights Driven Business - And It Really Hurts

James McCormick

In Forrester’s new report, The Insights-Driven Business, my colleague’s Ted Schadler, Brian Hopkins  and I have identified a predator: the insights-driven business. These businesses are vigorously applying insights to decisions and customer engagements at every opportunity. Their leaders really have a fundamental and emotional understanding of the value of insights to driving their business today -  and for developing its future. They have corporate strategies and cultures that that mean that leveraging data, analytics and insights is easy and is deeply embedded in everything they do. For these firms prioritizing and coordinating investments in data, technology is not a tortuous process of guest-imating ROIs and long procurement cycles.

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Insights-Driven Business Are Stealing Your Customers

Brian  Hopkins

Is your business digital? Like Domino’s Pizza, do you realize that you are not a product or service business, rather you are a software and data business that provides products or services? Do you exploit all of your customers' data to know them inside-out? Are customers flocking to you because you are driving every engagement with insight about them? If the answer to any of these questions is not a resounding, “Yes!”, then you are losing revenue and shareholder value.

In Forrester’s new report, The Insight Driven Business, my colleagues Ted Schadler, James McCormick and I identify a type of business that ignores the "data driven" hype. Instead, insights-driven businesses focus on implementing insights - that is actionable knowledge in the context of a process or decision - in the software that drives every aspect of their business. This is a big shift from most firms that fret over big data and technology. Instead insights-driven businesses focus on turning insights into action. The big data and technology pieces come along naturally as a consequence.

To gauge the economic impact of insights-driven businesses, Forrester built a revenue model that conservatively forecasts insights-driven businesses will earn about $400 billion in 2016; however, by 2020 they will be making over $1.2 trillion a year due to an astonishing compound annual growth rate between 27% and 40%. Given that global growth is less than 4%, how will they pull this off? Plain and simple, they’ll do this by understanding customers more deeply and using that insight to steal them from their competition. 

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The Data Digest: What Pokémon Go Reveals About Evolving Consumers

Anjali Lai

Within 24 hours of its launch, Pokémon Go broke app download records and user numbers began multiplying by the minute. It wasn’t long before mysterious names like “Jigglypuff” and “Squirtle” peppered daily conversation, stampedes of mobile-obsessed gamers became commonplace, and augmented reality approached a tipping point.

The future arrives faster than we think.

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Microsoft Stream Hopes To Shake Up EVP Market

Nick Barber

Microsoft Stream, the company’s enterprise video platform (EVP) bolted onto Office 365 could shake up the EVP market, but don’t jump in head first just yet.

 
 

Video used to be the domain of media and broadcasters, but now enterprises from healthcare to financial services have reason to be doing video. They can use video to connect internal employees and external prospects with the CEO during a live event. Or maybe HR needs to establish a centralized training channel.  

 

It makes sense for Microsoft to move into this market more robustly. It already has tens of millions of users on its Office 365 email and productivity suite so video is a logical step.

 

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Mobile Search: It's Different

Jennifer Wise

This post is co-authored by Julie A. Ask, VP and principal analyst at Forrester

Mobile search is essential. In fact, according to Forrester’s Mobile Audience Data, Q4 2015, 87% of US smartphone owners rely on browser-based search on mobile devices. And the data reveals that Google’s search engine is the most common path to a mobile site even for well-known brands such as Amazon, Walmart and Kmart.

As a top discovery resource, companies can’t afford to wait any longer to implement a mobile-first search strategies. The biggest seen mistake today? Either lacking a strategy completely, or treating mobile search the same way as desktop search. As Forrester Research’s Dr. James McQuivey says, “When businesses first adopt a technology, they do old things in new ways. When they internalize a technology, they begin to do new things.” Consumers use mobile phones very differently than they use desktop computers. So must Marketers.

Forrester conducted an in-depth analysis of how consumers use Google search on mobile versus desktop devices to parse-out how consumers use the two devices differently. Today, Forrester finds that consumers purchase a range of categories on their smartphones: insurance, travel, financial services products, and even pet food. For this research we focused on the travel category because consumers are so likely to research and book travel on mobile devices – Forrester’s Mobile Audience Online Survey, Q4 2015 reveals that 29% of mobile users have purchased hotel rooms and 22% an airline ticket on their smartphone.

To build on our Forrester insights, we looked at Google’s data and discovered that when it comes to mobile searching:

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Mobile Search: It’s Different

Julie Ask

This post is co-authored by Jennifer Wise, senior analyst at Forrester

Mobile search is essential. In fact, according to Forrester’s Mobile Audience Data, Q4 2015, 87% of US smartphone owners rely on browser-based search on mobile devices. And the data reveals that Google’s search engine is the most common path to a mobile site even for well-known brands such as Amazon, Walmart and Kmart.

As a top discovery resource, companies can’t afford to wait any longer to implement a mobile-first search strategies. The biggest seen mistake today? Either lacking a strategy completely, or treating mobile search the same way as desktop search. As Forrester Research’s Dr. James McQuivey says, “When businesses first adopt a technology, they do old things in new ways. When they internalize a technology, they begin to do new things.” Consumers use mobile phones very differently than they use desktop computers. So must Marketers.

Forrester conducted an in-depth analysis of how consumers use Google search on mobile versus desktop devices to parse-out how consumers use the two devices differently. Today, Forrester finds that consumers purchase a range of categories on their smartphones: insurance, travel, financial services products, and even pet food. For this research we focused on the travel category because consumers are so likely to research and book travel on mobile devices – Forrester’s Mobile Audience Online Survey, Q4 2015 reveals that 29% of mobile users have purchased hotel rooms and 22% an airline ticket on their smartphone.

To build on our Forrester insights, we looked at Google’s data and discovered that when it comes to mobile searching:

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Counting Down To Forrester's Next-Generation Financial Services Summit Sydney

Zhi-Ying Ng

Despite being geographically far away from the rest of the world, Australia's financial services sector has found its place on the world stage. Australian banks are some of the most innovative in the world. As our 2016 Global Mobile Banking Functionality Benchmark has shown, some Australian banks have overtaken their global counterparts, with Westpac taking the coveted top spot.

The question that I often get asked from Australian digital banking teams is, "so what's next in financial services?"

And I think that's a great question. As uncertain economic conditions, wavering markets, and tight budgets continue to increase the pressure on Australian digital teams to deliver better experiences and increased sales through digital touchpoints, we believe that digital business executives have to drive digital transformation. And this means far more than simply developing a "digital strategy". 

Digital banking executives must make mobile the hub of customer interactions, and not treat mobile as if it were just another channel. They should develop mobile banking as a platform to engage customers. To continue to win and retain mindshare and increase wallet share, the next step digital banking teams must focus on are ways to create new sources of value for their customers, not just meeting their basic needs.

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Cybersecurity Takes Center Stage In US Presidential Election

Stephanie Balaouras
Last week, WikiLeaks posted a treasure trove of internal emails from the Democratic National Committee (DNC). The leaked emails demonstrated a clear bias within the DNC against Bernie Sanders and for Hillary Clinton, when the organization claimed to be neutral. The incident:
 
  • Confirms two of our 2016 cybersecurity predictions:
    • In 2015, we predicted that cybersecurity would become a major issue in the 2016 US presidential election. Not only have candidates discussed cybersecurity issues such as encryption throughout the debates, with the DNC email leak, cybersecurity itself is taking center stage in the election and influencing events. It is worth noting that hacking during election season is not purely a US-related issue. The entire voter registration database of the Philippines, which included fingerprint data, was hacked this spring.
    • We also predicted that an executive would need to step down due to a cybersecurity breach. As the result of the embarrassing emails, the DNC chairwoman, Debbie Wasserman Schultz, has announced her resignation at the end of the DNC convention.
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Three Use Cases Illustrate the Power of Predictive Analytics In B2B Marketing

Allison Snow

There are a number of predictive analytics firms dedicated to helping B2B revenue leaders examine their own successes and losses to inform everything from account selection to next-step action analysis and recommendation.

Last year, Laura Ramos introduced them to us in her report, New Technologies Emerge To Help Unearth Buyer Insight From Mountains Of B2B Data. Laura concluded this report with a recommendation to prepare to take the predictive analytics plunge.

Well, many of you have "taken the plunge," or are about to. Nearly two thirds of marketing decision makers plan to implement or upgrade predictive analytics solutions during the next 12 months. Since I joined Forrester a few months ago, I've spoken to many of you that wonder what lessons early adopters have learned and how to consider predictive marketing analytics in the context of your specific go-to-market strategies and organizational goals.  

In my first Forrester report, What’s Really Possible With Predictive Marketing Right Now, Laura and I collaborated to look more closely at the trends driving predictive marketing and the common attributes among early successes.   

What we found is that three categories of use cases dominate the current landscape, not only laying the foundation for more complex use of predictive marketing analytics, but also supporting the full scope of the customer lifecycle, from net-new prospect identification to account expansion: 

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Look Who's Running IT Now!

Brian Baker

As CIO Executive Partners at Forrester, we meet technology leaders in almost every industry sector. One theme is clear: The typical career path, leading to CIO has changed.

No patience for CIOs to learn new tricks.
Companies are now looking to leadership from non-traditional CIO career path sources. Over the past few years, we"ve noticed an increase in line-of-business leaders being appointed CIO. Within the past 12 to 18 months we"ve also seen Digital channel / eCommerce experts, being appointed the overall CIO.

Why are Executives turning to new sources for their CIOs?
For a few decades now, tech leaders have been focused on running a stable, secure, predictable and efficient technology platform. Everyone expects you to get the "table stakes" right. That is no longer enough to keep your position in the company secure.

Back in November 2015, Forrester Analysts Nigel Fenwick and Pascal Matzke summarized the perspectives of the CIO research practice in a Predictions 2016 report: "The New Breed of CIO." In the report they claim that in 2016, CEOs will expect CIOs to grow out of being mere custodians of technology and to actively wield tech to drive revenue instead. They go on to state that, "Effective CIOs will spread outside-in thinking, agile delivery and a sense-and-respond culture to deliver digital success."

Not only is this prediction today"s reality, CEOs are making quick assessments as to whether or not they have the right team to achieve results. If they perceive they don"t, they are looking to new sources for their Tech Leadership.

The new CIO career path.

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