Yes, social will change how organizations and their customers work with each other and grow their relationship, however, mobile in conjunction with big data and real time analytics is the bigger game changer
Gartner, a leading IT analyst firm, has been flogging this idea—a Nexus of Forces—for over a year. You can find info about it here and more detailed info here. To Gartner, the Nexus of Forces describes the convergence and mutual reinforcement of social, mobility, cloud and information patterns that enable new business scenarios. Although these forces are innovative and disruptive on their own; together, Gartner believes, they are revolutionizing business and society, disrupting old business models and creating new leaders. Among the four forces, the cloud is the glue that holds this nexus together.
This shouldn’t come as a surprise. At wiredFINANCE, you have been reading about these forces for two years or more. Where Gartner talks about information patterns, others talk about big data. The end result is the same.
According to Gartner, social apparently is key. And it’s true; social will change how organizations and their customers work with each other and grow their relationship. Your blogger, however, sees mobile in conjunction with big data and real time analytics as the real game changer. As we described a few weeks ago in wiredFINANCE worldwide mobile payment transaction values will reach $235.4 billion in 2013, a 44% increase from 2012 values of $163.1 billion. Along with that the number of mobile payment users worldwide will reach 245.2 million in 2013, up from 200.8 million in 2012. And that’s just the start of a mobile commerce surge.
Imagine you can capture in real time data from your website visitors. Metadata collected from their browsers tells you not only what they are doing on your website but where else they have been surfing on the Web. You also can identify physically where they are, maybe near a location selling your product. Now you can offer them an incentive to make the purchase online right now or, if they don’t take that bait, send them a coupon for a discount to use at the nearby location. This combination of mobile and data and real-time analytics opens up completely new ways to sell products. That’s what Gartner’s nexus, the convergence of cloud and mobile and social and data can do for you.
And it is closer to reality that you think. The technology already is here, and there are organizations trying to do such things now. Today it mostly involves sending you a coupon when you are near Starbucks or McDonald’s, but why stop there?
As Gartner points out, leading companies already are taking advantage of nexus dynamics to create innovative products and services, effectively reaching new customers in new contexts. These companies understand the subtle relationships between behavior, sentiment, history, location, and intention and are able to adjust on the fly to the prevailing winds without uprooting proven business models and system architectures.
Traditional companies struggle with this from both a business and IT perspective, Gartner continues. Indeed, IT often is part of the problem, keeping an organization from capitalizing on new opportunities. No matter, all organizations that use IT— that's just about every organization—are affected by this convergence and need to figure out how to respond.
The cloud is here to stay and is only growing bigger and more pervasive by the day. Mobile increasingly is the way people will interact with the organizations they do business with and they’ll do it when and where they want. Social in some form will be the way you will build relationships with the next generation of customers and employees and the generations after that. And real-time analytics, preferably automated, will be the only way you can efficiently handle cloud-scale volumes. It won’t happen overnight, but just look around at the smartphones and tablets you see everywhere; it has already started. This is the time to start a conversation between you, the CMO, CIO, and CEO.