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Credit Union Magazine just ran a great article on my keynote yesterday in Las Vegas for Drive 17, the annual conference from CU Direct on trends in the automotive lending space for credit unions.

Self-driving cars, drone technology, Apple Watch, and even FaceTime.

It’s technology we see depicted in “The Jetsons,” a cartoon from 1962 that depicted the life of a futuristic family. But we’re already seeing much of the technology today, more than 40 years before the cartoon takes place in 2062.

It’s staggering to think how quickly the world around us is changing,” says innovator and futurist Jim Carroll, who addressed CU Direct’s Drive 17 Conference Wednesday in Las Vegas.

The technology in The Jetsons is just another reminder that credit unions need to innovate and not only develop new products, but also transform to keep up with the speed of change, Carroll says.

Given the fast pace of change, more than 80% of conference attendees believe their current business model will not stay the same in the next 10 years due to the significant disruption.

We need to deal with the innovation killers which hold us back from pursuing the opportunities of the future. The future is coming at us with a greater intensity and great speed,” Carroll says. “We need to think big, start small, and scale fast.

Carroll offers credit unions five strategies for successful innovation:

1. Think big

Innovators need to make big, bold decisions to be transformative. This is the only way credit unions will be able to counter the impacts that disrupters, such as fintech companies, have, Carroll says.

Think of Tesla, Carroll says, which has transformed the auto industry by manufacturing vehicles on demand and have placed their dealerships in retail shopping areas rather than in stand-alone structures. Some 400,000 people have signed up for these vehicles, he adds.

2. Presume that everything will speed up

Credit unions are not the only industry struggling with the speed of technology.

Technology is rapidly changing in vehicles, says Carroll, who believes Siri or Alexa buttons, augmented reality screens, vehicle-to-vehicle communication, and payment technology embedded in the dashboard may be features in vehicles by 2020.

For credit unions, think about how biometric scans can be used at ATMs.

3. Align to Moore’s Law of innovation

This law says the processing power of a computer chip doubles every 18 months. Technology is constantly changing and is becoming embedded in more items, such as garage doors, ceiling fans, and even grills, Carroll says.

Hyperconnectivity is becoming the rule.

Credit unions need to be aware of the expectations members have for personalization, their use of technology, and a desire for real-time support or interaction when needed.

You need to be prepared to innovate quickly,” he says.

4. Align changing business models and consumer behavior

Mobile devices have a huge influence on people’s purchasing and financing decisions. Research shows the average consumer scans 12 feet of shelf space in a second, and 80% would leave a store if they must wait more than five minutes to pay.

Determine ways to grab your members’ attention and provide solutions faster, in addition to providing a way for members to interact online, Carroll says.

5. Realign to the impact of generations

Recognize how younger generations live their lives. Don’t cling to a routine or process just because that’s the way your credit union has always operated.

Millennials, for example, have been weaned on technology, speed, and innovation, and are open to transformations and changes that take this into account, Carroll says.

 

And we’re off! A key client just confirmed that for the start of 2017, they need one of my key messages …. right now, in an era of massive uncertainty, they want to kick off the year by shaking off aggressive indecision, and by aligning themselves to fast paced trends. So I wrote them a keynote description that will help them to navigate this complex new world.

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In the face of new challenges, organizations have three choices: they can panic; they can freeze and do nothing; or they can respond with a relentless focus on innovation. In this keynote, Jim outlines the key strategies that align an organization to opportunity in a new era of volatility and uncertainty.

Keynote: Innovating in The Era of Accelerated Uncertainty: How to Adapt to the New World of Volatility

2017 is being marked by the return of higher levels of economic uncertainty, much of it driven by new political realities. Business hates uncertainty — and many react by turning off their innovation engines, waiting to see what happens next in a world in which volatility is the new normal. Yet in the face of new challenges, organizations have three essential choices: they can panic, making rash decisions on structure, markets, investments; they can freeze and do nothing; or they can respond to rapid change through innovation, particularly with respect to strategies, structure, capabilities, markets, products, and activities.

Jim Carroll, one of the world’s leading futurists, trends & innovation experts, shares his insight on the strategies that leading edge organizations are pursuing to stay ahead in a new world of uncertainty. It’s timely and critical insight! Many CEO’s and senior executives understand that in addition to managing existing challenges, now is the time to focus on trends and the future — they must act quickly to establish an innovative mindset before aggressive indecision settles in. Jim provides his unique insight on staying ahead in volatile times, through his signature keynote addresses, discussions at small intimate management/Board meetings, or by speaking and participating in large scale senior management and leadership meetings.

In this keynote, Jim offers his insight into how to innovate in perilous times. History has taught us, over and over again, that those who are aggressive with innovation, and who align themselves to future trends in times of uncertainty, are those who win in the long run. His keynote is loaded with powerful guidance, research and key lessons from the breakthrough performers of the past. Insight from those who have managed to accomplish great things because of a decision to focus on innovation right in the middle of an economic challenge or an era of uncertainty, rather than waiting for future clarity.

The NEST Learning Thermostat is a great example of the type of typical business model disruption that we are going to witness in every industry through the next decade!

Give it a few years.

You won’t even recognize the industry you are operating in.

That’s because the rate of business model change is accelerating in every single industry. Here’s why:

  1. Right now, there are probably a bunch of really smart people figuring out to disrupt your business model
  2. If you aren’t busy thinking about to disrupt your business model, they most certainly will.
  3. They’ll probably do this sooner than you think they will.
  4. The result is that 10 years out (or less), your business model will look nothing like it does today.
  5. Those that do mess up your business model are quite likely to be younger than you; for many folks, age provides for complacency.
  6. The fundamental change to your business model driven by this younger generation will be the result of digital, smart, intelligent, location-oriented technology.
  7. They’ll use this technology in such a way they’ll come out of left field with a business model idea that you’ve never even thought of before.
  8. Their business model will carry an undeniable ‘coolness factor’ that you can’t simply match.
  9. Most likely, you’ll discount the importance of their innovation, until it is much too late.
  10. The result will be dramatic change :its likely that your current business model will not even survive: and your company might not as well!

Examples of this type of disruption are occurring all around us right now.

It’s going to happen to you too. So — what are you going to do about it?

 

The National Watermelon Association recently ran a blog post, with some succinct coverage of my thoughts on the future of agriculture, and the opportunities that come from innovation. It seemed like a good read, so I’ll repost it here!


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“….drone technology, vertical farming practices, and robotics will play a larger role…”

I know that I’m ‘singing to the choir’ when I write that the real innovators of the 21 century are farmers. We just returned from the National Watermelon Convention in New Orleans, where over 500 members of the watermelon industry gathered to hear what is new in the industry. During a morning impact session, our growers were introduced to a variety of new innovations in agriculture, including the use of drones and precision technology, bee pollination services, and revolutionary nematode control.

Jim Carroll, a futurist and trend and innovation expert, points out that the multigenerational nature of agriculture, blending the experience of older farmers with technologically eager younger farmers, creates an opportunity for innovation and success. In his post, ’10 Big Trends in Agriculture,’ Carroll shows us how farmers are poised to meet the demands that are just around the corner. He states that the growth in the world population, an increase of over 45% by 2050, will inevitably create a huge demand for food and potential in the marketplace. Limited arable land will motivate those in agriculture to become more efficient. Perhaps drone technology, vertical farming practices, and robotics will play a larger role.

Carroll notes that new methods to improve crop yield as well as intelligent packaging are the direct result of rapidly developing chemical substances. Emerging methodologies, practices and partnerships will continue to rise as those in agriculture focus on growth, efficiency, and ingestion of new science.

Trends that encourage a focus on health and convenience have created a surge in fresh-cut produce as snack alternatives at home and in schools. Concern over food safety has inspired greater relationships between producer and consumer. Jim Carroll is convinced that, “…an increasing number of partnerships between growers and advisers, suppliers, buyers, retailers and just about everyone else,” will continue to increase in order to , “… deal with the massive complexities that emerge from rapid change and innovation.”

The most impactful trend that Mr. Carroll notices is that of generational transformation – he is convinced that the as the younger generation of farmers take over the family business a “sea-change in the rate by which new ideas in the world of agriculture are accepted,” will take place. No doubt change is already taking place.

The National Watermelon Association is preparing for this tidal wave by embracing its future farm leaders. During the convention, four Future Watermelon Farm Leaders were recognized as rising leaders who will ride the wave of transformational innovation.

Nicole Schrader

Another one of my articles for GE Reports has been published.


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The Future Belongs to Those Who are Fast features the best of the insight from Jim Carroll’s blog, in which he covers issues related to creativity, innovation and future trends.

In this era of hyperconnectivity, transformation is happening faster and impacting every industry. To thrive in this environment, you need to understand these five things.

Someday, we will look back and realize that we live in one of the most fascinating periods in history, with technology having entered a new era of what I call “hyperconnectivity” — where the rate of change is accelerating in nearly every industry.

What are the trends that are driving this faster future, and how are smart businesses adapting to not only survive — but thrive — in a faster world? Here are 5 things to know about the accelerating future and to stay ahead.

1. Speed — Today’s is the slowest day of technology change for the rest of your life

Bill Gates once observed that most people tend to overestimate the rate of change in a two-year basis, but underestimate the rate in a 10-year basis.

Take 3D printing. Just a few years ago, I would speak about 3D printing as if it was science fiction — far away and entirely theoretical. Now it’s becoming a part of day-to-day operations for many businesses.

Consider, for example, what is happening with dental medical implants, where the idea of printing dental bridges or other implants is becoming ever more real. Now, people are talking about 3D printing surgical knee replacements.

2. Hyperconnectivity — and endless possibilities

Every industry is set to be transformed as an era of hyperconnectivity — powered by the Internet of Things (IoT) — becomes the new norm. The result: a reinvention of manufacturing, logistics, retail, healthcare and other industries because of consumers that are empowered, connected and enabled with a new form of lifestyle management that we’ve never witnessed before. The capability of achieving deep analytical insights into emerging trends in industries also presents an opportunity for massive business model disruption.

By the year 2020, there will be more than 50 billion devices connected to the Internet — roughly six devices per person. The IoT is happening everywhere and unfolding at a blistering pace. We’re in the era of connected thermostats that link to an intelligent energy grid; a connected trucking fleet that is self-diagnostic, predictive and built for zero down-time; and scales that record our body mass index, transmit it to a password-protected website and create custom charts on our health.

Imagine a world in which that 3D-printed knee replacement reports that it is malfunctioning by sending a message to your iPhone. Seem far fetched? Hyperconnectivity is a staggering trend, which means the possibilities are endless for growth and innovation.

3. Momentum and the potential for big wins

Add these trends of acceleration and hyperconnectivity together, and you’ve got the opportunity for major industry transformation.

Consider the lighting industry, which is in the era of revolutionary new opportunities for significant efficiency and cost savings through deep analytical insight into usage patterns. In addition, since we can now build energy systems in which each individual light bulb is accessible via the Internet, very sophisticated energy management solutions are emerging.

LED usage is accelerating, with the global market expected to grow from $7 billion in 2010 to $40 billion in 2016, according to industry reports. At the same time, the ability to control those intelligent light bulbs is changing is enabling a reimagination of lighting. People can easily set up a smart home where they control their lighting and other energy systems via an iPad. They can become energy-conscious consumers, responsible for their own personal energy infrastructure management. If we empower millions of people, some fascinating opportunities for energy usage reduction result.

There is so much momentum behind these changes because the potential for big wins are huge.

4. The connected generation

Meanwhile, the next generation of youth are starting to embrace every opportunity for hyperconnectivity and acceleration — whether in their homes or businesses.

Today’s younger generation — those under age 25 — have never known a world without a mobile device that puts incredible amounts of information at their fingertips. They are globally wired, entrepreneurial, collaborative — and they thrive on change. As a result, this generation is starting to drive rapid business model change and industry transformation as they move into executive positions.

About two-thirds of today’s children today will work in a career that has doesn’t yet exist, according to author Cathy Davidson, Think about titles like “water usage audit analysts,” “energy usage audit architects” and “location intelligence professionals.”

We are at the forefront of a remarkable time in history, as the next generation uses connectivity to advance some of the biggest energy successes.

5. The future belongs to those who are fast

So how should you deal with fast-paced technological change? As new technology and connected infrastructure emerge, keep in mind a phrase I often use when I’m on stage: “Think Big, Start Small and Scale Fast.” Take on a small-scale, experimental project in you municipality, industrial location or retail store. Test out a new technology with a target group of customers.

By starting small and learning to scale fast, you can adopt an innovation mantra and build a business plan that leads to success.

 

GE Lighting

Jim Carroll speaking at a GE Lighting event in New York City: “When it comes to lighting, we’re in the era of revolutionary new opportunities. The potential for significant efficiency and cost savings through deep analytical insight into usage patterns, and detailed, specific-spot addressability and management is real.”

Back in May, I participated in a key customer event for GE Lighting in New York City. Here’s a quick little article summary, and video, which captured my thoughts on the future of intelligent lighting and connected infrasucture.

5 Things to Know About the Connected Future
By Jim Carroll

When it comes to acceleration, we live in one of the most fascinating periods in history where the rate of technology change is absolutely staggering.

So what trends are driving this acceleration, and how are smart businesses adapting to not only survive but thrive in an ever-connected world? Read on to learn 5 things to know about the connected future—and how you can stay ahead.

Acceleration: Today’s is the slowest day of technology change for the rest of your life.

Bill Gates once observed that most people tend to overestimate the rate of change that’s going to occur in a two-year basis, but underestimate the rate of change that will occur in a 10-year basis. A few years ago I used to speak about 3D printing as if it were science fiction. Now it’s part of many businesses day-to-day operations.

In the not-so-distant future, we will likely have connectivity in cars that researches 3-bedroom, 2-bath homes for sale in your neighborhood, and then drives you directly to each house for a tour. We already have augmented reality displays built into ski visors and goggles that tell you, in real-time, how fast and far you’ve skied -this same technology will be integrated into automobiles in the not-too-distant future.

It’s important to be ready for this acceleration. Your opportunity in dealing with this is continuing to ingest new ideas, new technologies and new methodologies to solve problems.

Hyper-Connectivity….and endless possibilities.

Every industry is set to be transformed as an era of hyper-connectivity becomes the new norm. The result? Massive business model disruption; industries in which customers empowered with mobile devices control a wide variety of devices that are a part of their daily lives; unique opportunities for deep analytical insight into trends and opportunities emerging in industries; and a reinvention of manufacturing, logistics, retail, healthcare and other industries because of consumers that are empowered, connected and enabled with a new form of lifestyle management that we’ve never witnessed before.

Every device that is part of our daily life is becoming plugged into the Internet. We are becoming aware of its location and its status. And while this has been a trend for awhile, it is today’s businesses that are primed to turn this momentum into big wins.

By the year 2020, there will be more than 50 billion devices connected to the Internet. That’s roughly six devices per person.

The Internet of Things is happening everywhere, it is real, and it is unfolding at a blistering pace. We’re in the era of connected thermostats that link to an intelligent energy grid; autonomous vehicle technology that is self-aware and networked into sophisticated, intelligent highway flow control systems; a connected trucking fleet that is self-diagnostic, predictive and built for zero down-time.

We have scales that record our body mass index, transmit it to a password-protected website and create custom charts on our health. We have ceiling fans that will slow down when owners go to sleep. We have barbeques that send us text messages when the meat needs to be flipped.

These are staggering trends, and what is means is the possibilities are endless for growth and innovation.

Momentum & the potential for big wins.

When it comes to lighting, we’re in the era of revolutionary new opportunities. The potential for significant efficiency and cost savings through deep analytical insight into usage patterns, and detailed, specific-spot addressability and management is real.

New LED technologies change our very concept of lighting and individual addressability at the level of the light bulb leads us to an era that is unlike anything we’ve ever known. Consider these statistics:

Right now, lighting accounts for 12-15% of annual global power consumption, creating 1.7 billion tons of CO2 emissions per year.
According to the International Energy Agency, improving lighting efficiency by 20% can reduce total power consumption by 3.8% and cut total CO2 emissions by 0.8 percent.
According to industry reports, the global LED lighting marketing is expected to grow from $7 billion in 2010 to $40 billion in 2016.

There is so much momentum behind these changes because the potential for big wins are huge.

The next generation

Today’s younger generation—those under age 25—have never known a world without a mobile device that lets them access incredible amounts of information at their fingertips. They are globally wired, entrepreneurial, collaborative…and they thrive on change.

Gone are the days of MS Dos copy and computer courses like Cobalt. This generational trend is crucial to businesses that need to communicate with customers and employees that are used to receiving information in vastly different ways. Additionally, this generation is starting to drive rapid business model change and industry transformation as they move into executive positions.

According to author Cathy Davidson, 65% of children today will work in a career that has doesn’t yet exist. Think about titles like “water usage audit analysts,” energy usage audit architects,” and “location intelligence professionals.” We are at the forefront of a remarkable time in history as the next generation uses connectivity to advance some of the biggest energy successes.

The Future Belongs to Those Who Are Fast

As new technology, intelligent lighting and infrastructure emerge, the key phrase businesses need to remember is to Think Big, Start Small and Scale Fast. Take on a small-scale, experimental project in you municipality, industrial location or retail store. Test out a new technology with a target group of customers.

By starting small and learning to scale fast, you can adopt an innovation mantra and build a business plan that leads to success.

Last autumn, I was the luncheon keynote speaker for the Electronics Representatives Association in Chicago. This is a group of folks who act as middlemen between a vast number of large and small electronic/equipment manufacturers and their eventual sales targets — other manufacturing companies.

The truth, according to Carroll, is that businesses tend to underestimate the rate of change that will occur. Many companies sit around discussing what their competitors may be doing 10 years from now. Instead, they need to think in terms of what doesn’t even yet exist.

On stage in Chicago. “The truth, according to Carroll, is that businesses tend to underestimate the rate of change that will occur. Many companies sit around discussing what their competitors may be doing 10 years from now. Instead, they need to think in terms of what doesn’t even yet exist.”

My focus : how a world of fast change in manufacturing, product design, innovation, and other issues will come to challenge their role — and what they must do to “step up to the plate.”

My keynote ended with an interactive workshop based on live text message polling — I built the polls live in real time, on stage, with direct audience interation. You can read about it here. If you want something different with your keynote, I’m the guy to talk to! (We have video…..)


The ‘fast future’ is here!
How innovators are driving emerging markets
by  Suzi Wirtz, CAE, on assignment for ERA.

Change is no longer an option. It’s not only happening at lightning speed, but it has become a necessary part of the world in which everyone lives today. The secret to success lies in how a company responds to this rapid change and plans to meet its inherent challenges. In a word, it’s about innovation. Will your company be ahead of change and create ways to survive and succeed? Or will it be left behind?

To help reps, manufacturers and distributors answer these questions, ERA called on Jim Carroll, an international futurist and authority on global trends, to deliver the keynote presentations at the association’s 46th Management and Marketing Conference this past October. Carroll spoke about what it takes to recognize emerging markets and to become part of what he calls the “fast future.”

Benchmarking Rep Firm Income and Expenses
He urged conference attendees to rethink the role of “electronics” in a world that is hyperconnected, always on and always interactive. He quoted Rupert Murdoch, saying, “It’s no longer the biggest organizations that will win and own and control the future. It’s the fastest.” And, Carroll explained to the ERA audience, this “truth” couldn’t be any more appropriate for them.

“You [in the electronics industry] are in the whirlwind of the change that is occurring today,” he said. “Change is occurring faster than ever before. It’s the same for NASA as it is for the Electronics Representatives Association.”

He provided three rather mind-boggling statistics to put into perspective the rate of change:

  1. Sixty-five percent of the children who are now in preschool will work in jobs that do not exist today.
  2. For any scientific degree today (e.g., agriculture, architecture, medical), it is estimated that half of what students learn in their freshman year is obsolete by the time they graduate.
  3. In the technology industry, companies have three to six months to sell their product before it becomes obsolete.

With these facts in mind, Carroll stated emphatically that companies need to talk about the trends that are happening now so they make it a habit to think about their next set of opportunities and to challenge themselves to do things differently. The big question, he stressed, is, “What do world-class innovators do that others don’t do?” Furthermore, how can ERA members learn from these innovators in order to be well-positioned for success and to ensure they are maximizing the opportunities for the future?

Six things world-class innovators do

1. They are relentless in the face of uncertainty.

As far back as 2002, according to Carroll, this phenomenon was happening with respect to the dot-com bust. People were driven by indecision, and they simply didn’t want to explore or invest in new ideas because the economy was uncertain. He referred to this as “aggressive indecision.”

Interestingly, Carroll has been asking audiences for the past seven years when they feel the economy will recover. Consistently, they have responded that it’s between six months and two years. However, one industry felt it was happening “right now,” and that was the American manufacturing industry.

The lesson is that optimism can go a long way, and it’s a necessary function for not only survival, but success. In fact, as Carroll related, the Head of Innovation at General Electric (yes, that is an actual title!) decided it would be interesting to examine trends in economic recovery over the years. He found that 60 percent of companies performed typical things in the same situation. That is, they cut back on costs and didn’t make any bold moves. The result? Thirty percent didn’t survive while 60 percent just barely made it. However, 10 percent actually became break-through performers because they decided that, despite lingering economic uncertainty, they would make big moves.

2. They realign with the longer term.

World-class innovators think big picture and devise big ideas, Carroll described. They challenge their industries to do things in new and different ways.

He referenced Star Trek and The Jetsons, saying, “Some of what they envisioned is now being challenged to become reality today. The period of time in which we talk about science fiction and when it actually happens is compressing. That is part of the accelerating change today.”

The truth, according to Carroll, is that businesses tend to underestimate the rate of change that will occur. Many companies sit around discussing what their competitors may be doing 10 years from now. Instead, they need to think in terms of what doesn’t even yet exist.

As an example, he cited the auto industry and the notion of Google Maps back in 2003. Google Maps was just beginning, but Carroll suggested that cars would soon provide a way, within the car itself, for the driver to locate directions, destinations and so on. In fact, he predicted Google could also be responsible for delivering cars via FedEx.
The downfall, he suggested, was the response, “That’s the dumbest thing I’ve ever heard.” Fast forward to 2013 and Tesla Motors. Tesla has transformed the auto industry with its distribution of cars.

Another emerging idea Carroll discussed was that cellphones will actually become credit cards in the near future. And he challenged the ERA audience with, “Will you be one of the representatives out there pounding the pavement discovering all the opportunity that lies in these emerging marketplaces?”

3. They watch the innovation at the edges.

Carroll urged the conference attendees to constantly monitor research and development and assess what is happening there. He recently talked with a home automation group about Ninja Blocks, which began as a crowdfunding initiative. Immediately, $100,000 was invested and, within a matter of weeks, a million dollars was raised via angel funding. Ninja Blocks are “cool,” Carroll noted, and “coolness” is very important with products going forward.

Consider the Ninja Blocks’ website address itself: ANinjaIsBorn.com. It’s not just cool, Carroll commented, but people then talk about how cool it is and spread the word to everyone they know. That kind of viral marketing serves to expand that market. Think about robotics and 3D printing, cloud computing and the ability to build something entirely unique. He believes, as do others, that these advances will bring in a new phase of luxuriant and wired home living that is highly personal and customized.

4. They align to Silicon Valley innovation velocity.

One of the most fascinating trends unfolding today, Carroll related, is pervasive connectivity. In other words, it’s the Internet and the fact that everything that is a part of everyone’s daily lives is about to become plugged into the Internet. Entire industries are being built around this soon-to-be reality.

He referenced a scale now being sold by Apple, whereby a person’s body mass is measured, charted and shared with other devices for an overall picture of the individual’s health and well-being. Chips and electronic sensors will plug into everything, and this is “massive” for the electronics industry’s future opportunity.

Think about healthcare and genetic-based medicine, Carroll encouraged. “It’s gone from a system that can fix you after you are sick into a system that can predict what you are going to become sick with, based on DNA and so forth, and then design solutions based upon that.”

Consider the notion of velocity in these terms: It took $3 billion to sequence the first genome. In 2009, the cost dropped to $100,000. It is now under $10,000, and Carroll feels it will likely go down to even $1,000.

He also cited the thermostat and how it now has programmable capabilities. In the not-too-distant future, there will likely be a facial recognition component built in so that the device can remember who you are when you enter a room and adjust to your preferences.

And as a final reference in this category of what world-class innovators do, Carroll discussed wearable technology, as in clothing with sensors in it. This should be another near-future opportunity for electronics industry companies.

5. They check their speed.

Carroll explained that Apple is in a position in which 60 percent of its revenue comes from sources that didn’t exist four years ago. It’s called “chameleon revenue,” and he urged every company to think about this fact because this is the type of future for which companies should be positioning themselves.

“Change your market, change your capability, change your products so that you are continually generating new sources of revenue,” he advocated.

Using the manufacturing industry as an example again, Carroll noted that it is focused on continually changing the manufacturing process. The business model has been one in which companies build to inventory. Here, Carroll referenced the auto industry and Henry Ford’s once-novel idea of the assembly line. Honda, on the other hand, is building to demand. The company watches the trends, sees what is selling one week and then changes to meet that demand. In today’s world, this type of almost-instant response is not only possible – thanks to rapid concept generation and rapid prototyping – but it is becoming necessary.

6. They know everything changes with the next generation.

To reinforce this fact, Carroll pointed out that about 90 percent of the ERA conference attendees (and those in their similar generations) are the only ones to have ever met the computer punch card, and no one else since even knows what Cobol and Fortan are. They are that obsolete.

Children who are now 18 to 20 years old have never known a world without the Internet. The older generation often feels battered and bruised by the rapid change and may likely just wish all the progress would just stop.

Carroll quoted Ogden Nash, “Progress is great, but it’s gone on far too long.” However, Carroll said, “It’s not going to go away, and one reason it will continue to accelerate is because of the next generation.”

Think about all the times older generations have had to look to their children to help with installing software or working on a computer. Then consider these statistics:
Half of the global population is under the age of 25.

Younger generations are globally wired, entrepreneurial, collaborative and change oriented.

Younger generations are also now driving rapid business model change and industry transformation as they move into managerial and executive positions.

To wrap up his presentation, Carroll delivered some succinct advice: Watch the emerging markets. Stop clinging to that which is familiar. Begin to thrive on innovation. Think big in terms of the scope of opportunities. Start small and get familiar with the technology today. Then, finally, scale fast.

The closing segment of the conference keynote program consisted of round table workshop discussions by attendees. For the first time at an ERA event, interactive polling was used so the entire audience could rank the various responses that were reported by table leaders from their discussions. (Carroll had employed the text message polling several times during his presentation, so attendees were famiiar with the method.). The attendees discussed and then ranked the responses to three questions. A summary of the feedback follows.

Workshop questions and discussions

Mark Motsinger, CPMR, of Wallace Electronic Sales, the conference workshop coordinator, and Carroll first asked the attendees, What is the most significant challenge facing your industry today?

There were many varied responses, and once those were all posted on the ballroom screens, Carroll asked the full audience to rank them. He felt there were four dominant answers (shown below with the percentage of the audience that gave a number one ranking to each answer). The top challenges cited were:

  • Relationship development (26 percent);
  • Attracting the next generation (17 percent);
  • Ability to innovate (16 percent);
  • Alignment of resources and picking a winner (15 percent).

The second question for attendees was, How will you respond to that challenge?

  • After using the same process of reporting as many responses as possible and then polling all attendees to determine their number one choices, the top vote-getters were:
  • Get young (17 percent);
  • Social media (14 percent); (Carroll noted this goes hand-in-hand with “get young.”)
  • Deeper CRM usage and analysis (13 percent); (Carroll commented that one of his leading agricultural clients knows which 87 customers, out of 12,000 farmers, generate 93 percent of the company’s profit.)
  • More flexible relationships (13 percent); (Carroll added that this could be at the core for ERA members. “You’ve built your relationships,” he said, “but are you challenging and changing your relationships?”)
  • Customer centricity/collaboration (9 percent). (“The opportunity here is great,” according to Carroll.)

The third and last question conference attendees answered was, When it comes to a “fast future,” how well positioned are you? The responses were perhaps more reassuring than some might expect. The majority of attendees felt that they are at least somewhat positioned or extremely well positioned for success. Here’s the percentage breakdown:

  • Extremely well positioned for success (19 percent)
  • Somewhat positioned for success (59 percent);
  • Behind in our ability to keep up (20 percent);
  • “We’re toast! It’s way too fast!” (2 percent).

On a final note, Carroll highlighted the fact that 297 out of 300 customers in the next generation are using smartphones, and “they are seeking your support on a mobile device!” He urged everyone to use interactive polling on smartphones with their own customers.

This article was written by Suzi Wirtz, CAE, on assignment for ERA.

I spend a lot of time speaking to global financial organizations —some of the world’s largest institutions — helping them understand what they need to do from an innovation perspective to stay ahead of fast paced change.

These talks are often aimed at the idea of “how do we need to transition our advisory services — as financial planners, investment advisors, wealth managers — to keep up with fast paced change?”

No where is that question more important than when thinking about the impact of technology and social networks on investing. Think about the change that the investment industry faces. We are witnessing the early stages of a massive transition of wealth from one generation to another. The numbers are staggering: we’ll see $12 to $18 trillion in intergenerational wealth transfer In the next12 years (US GDP is $12 trillion) in North America; and by 2053, some $130 trillion will have moved from one generation to another.

When it comes to financial services, adopt change as a mantra and prepare yourself to reach, support and interact with Gen-Connect in new and different ways.

That’s a lot of money sloshing around — and much of it is going to a new, tech-savvy financial consumer.

This next generation — I call them Gen-Connect — continue to aggressively integrate technology into their lives; they’re busy researching health care, insurance, retirement planning and investment advice online, on Facebook and through other social channels.

So what do you do? Adopt change as a mantra and prepare yourself to reach, support and interact with Gen-Connect in new and different ways.

Here’s a list of innovation strategies I provided in a recent keynote for a major global financial institution

1. Focus on growth

With so much volatility in the financial sector, it’s all too easy to take your eye off of the “opportunity ball.”

Yet there are huge opportunities that surround us ; probably the biggest is that we are going to witness a massive intergenerational transfer of wealth from the baby boomer generation to their uber-wiredGen-Connect children. In every area of the world this is going to involve a requirement for a lot of financial advice. As I noted in my remarks for a recent keynote to a group of senior bankers: “Never before has the need for financial advice for Australians been greater; only 20% of Australians are currently getting professional advice.”The same holds true for North America.

That means there are tremendous opportunities for growth! For many, access to financial advice is still too hard and complicated – that’s why it’s a great time to innovate, in order to build market share!!!!

2. Structure for fast paced change

There are several certainties in the financial sector as a result of the impact of technology.

We will see more business model change as companies leverage technology to change relationships in the world of wealth management; we will see more sophisticated competition as a result, and continuous business model disruption with new, young upstarts that really know how to leverage technology and social network relationships. Combine this with continual shifts in consumer behaviour as we manage more of our money and investments using online tools — and speed things up with even faster technology-driven fast change, such as with the impact of mobile technologies.

What happens when ‘there’s an App for everything’ in wealth management? That’s what you need to keep up with!

3. Reshape brand messages faster

Clearly there’s a lot of fast-paced change in financial services , and it’s critical that financial institutions continue to reshape their brand at the pace of rapidly changing consumer perception.

Part of this has to do with how quickly volatility comes and goes. Noted Jim Buchanan, Senior VP of Consumer Marketing at the Bank of America in an article in Advertising Age, October 2009: “Six months ago, we were trying to re-assure the market and consumers that we are safe and secure….now consumers are telling us they’re not worried about those things anymore…..What they are interested in is ‘How can you help me manage my finances?‘”

Innovative organizations ensure that the brand message evolves at the pace of a world in which volatility is the new normal. As a financial manager, you must make sure that your brand and image are seen to be modern, up to date, and in tune with the brand expectations of Gen-Connect. You can’t be “your grandfathers’ wealth manager” anymore.

4. Adapt to momentum of financial consumer change

Quite simply, the new financial client is online in a big way, and smart financial organizations will evolve their service and support message to these platforms.

The numbers are staggering; in the case one recent keynote I provided for a major financial institution, I emphasized that:

    • 147 million people interact globally on social networks via their mobile phones – we can expect 1 billion within five years!
    • usage of Twitter continues to grow at a staggering pace — and people spend more time on Facebook each week than they do on watching television.
    • they spend far less time reading newspapers and magazines in paper fashion — and in fact, some don’t look at such products at all!

The result of this i that they are increasingly influenced by advertising, marketing and branding messages that they see online. If you are still trying to reach out to them through traditional media, you might be missing them altogether.

It’s not just about marketing — it’s also about customer support. The entire world of customer support has gone online, and you need to be able to support them in the world to which they are accustomed.

The bottom line for financial and investment advisors is that social networks are an extremely effective tool to keep core clients in the loop; as an outreach tool, they’re fast, effective, unique, quirky, and certainly the story of the day. Financial advisors have to go where the client is going, and should be thinking about how to become socially-networked oriented advisers. Given regulatory issues, that can be a big challenge!

5. Adjust platforms to this changing behaviour

I continue to emphasize with my global financial clients that the impact of mobile technologies on financial services is absolutely massive. Think about Wizzit, a South African service that is essentially a text message based banking system.The reality is that the new financial consumer expects to be served on new platforms: as noted by Thomas Kunz, Senior VP at PNC Financial: “Gen-Y does not reconcile chequebooks  and they don’t believe in float. For them, their balance is their balance.”

That’s why PNC has released a “virtual wallet app” available for iPhones. They’re reaching out to this new financial consumer in a big way. That’s why every organization is scrambling to keep up with “Appworld” particularly considering that Apple sold 3 million iPad 3′ within the first 3 days of release.

Aggressive change with business platforms provides big opportunity for business model disruption. A key factor here has to do with new client acquisition: what’s happening is the point of origination of the relationship might change as people transition their banking to mobile devices. Opportunity can come from continuing to build the advisor and distribution channel into these new platforms.

And that’s not a threat – that’s a huge opportunity!

6. Leverage off of new peer-to-peer behaviour trends

The new financial consumer relies more than ever before for advice from their social networks. Peer-to-peer social driven advice through sites such as TradeKing is coming to the forefront: it’s a service that allows people to share stock tips and research through extended social networks.

Does this diminish the role of advisory services — not at all, if you drive in and become a part of the peer-to-peer conversation!

7. Re-orient distribution channels

Here’s another key point: I’ve emphasized to my insurance and other financial clients that the next-generation advisor/broker/agent expects ever more sophisticated technology platforms to help support their role.You’ve got to make sure you are keeping up with their needs.

In one survey in the insurance sector, 80% of brokers indicated that the sophistication of the technology platform of the provider would influence who they would choose to do business with.

According to Kevin Murray, EVP and CIO at New York-based AXA Equitable: “The younger generation of financial professional will almost demand online self-service….they will want to text any questions they have into the service centre or self-service from their mobile device. We’re going to have to be able to provide that capability. It’s how they will operate.”

8. Build your own peer-to-peer collaborative knowledge networks

The new financial advisor is also thinking socially, and is actively looking for peer-to-peer collaborative knowledge. Imagine building a financial advisory team that is collaborative for ideas, share insight on market wins, constantly leverages insight from new branding campaigns that work in unique ways, and constantly shares great idea son new methods of converting leads into clients — that’s how this next generation works!

Back to Kevin Murray: “They will also want an online collaboration tool to …find answers concerning product or questions from their customers. The X and Ygenerations are going to demand a different way of selling and servicing their customers.”

What’s it really all about? Freeing up their time to build opportunity, make sales, close deals.

9. Reduce churn through electronic relationships

Here’s something else to think about according to Chief Marketer (October 2009), “The average brand saw one third of highly loyal consumers in 2007completely defect to another brand in 2008“.

People are far less loyal, and far more likely to jump ship at the drop of a hat. That’s why continuous innovation in terms of the relationship is critical — and that’s maybe why continually transitioning to new technology platforms such as an iPhone app might reduce that churn

10. Better, more focused niche marketing

We’re in the new era  of analytics and analysis, which provides new opportunities for advisors to reach out to markets previously unattainable. As noted by Money Management Executive in October 2009: “Financial advisers generally prefer to manage a small number of high-net-worth clients rather than a large number of small accounts, but recent advances in automation technology could change this dynamic.”

11. Evolve the approach

Insurance and financial advisory services are products that are always sold based on fear — they aren’t bought.

This reality doesn’t go away because of new technologies. What does change is that technology is a powerful enabler that frees advisors forum having to focus on the mundane, routine, time wasting stuff, in order to focus on providing the advice & guidance that advisors can provide. Focus on the core role!

12. Enact change

Many advisors will be in comfortable, established routines. Change is not easy. That’s why organizations in the financial sector that are trying to be innovative need to help existing advisors focus on the opportunity and the benefits that come with rapid change, rather than being fearful of the change that technology is bringing to the industry.

Bottom line? As I sum up in many of my keynotes — “Innovative organizations make bold leaps, in order to keep up — and stay ahead —of a faster future.

Rethinking Human Capital
March 7th, 2012

I was in New Orleans two weeks ago, where I was a keynote speaker for Talent Strategies 2012.

We live in an era of unprecedented, relentless change — a time of hyper-innovation, rapid skills obsolescence and the rapid emergence of new knowledge, constant career upheaval and evolution of existing careers and emergence of new careers - Jim Carroll

The working title of my keynote was “Talent Management 2020: What Comes Next?“, with this description being provided to program attendees.

We live in an era of unprecedented, relentless change — a time of hyper-innovation, rapid skills obsolescence and the rapid emergence of new knowledge, constant career upheaval and evolution of existing careers and emergence of new careers. In an era such as this, every organization is faced with a need for a new type of talent management flexibility. That’s why some leaders are focused on “human capital agility”: the ability to deploy the right skills at the right time for the right purpose — just in time skills deployment. Whether it is dealing with the impact of faster rates of business model change, the rapid emergence of new markets and products, or more challenging organizational complexities, they are orienting themselves toward skills management as a key organizations success factor.

Join futurist, trends and innovation expert Jim Carroll as he shares his insight into the methods by which organizations are preparing for the changing economy of the 21st century through skills management strategies that focus on agility, insight and execution.”

I do an extensive number of talks about the future of the workforce and human capital issues; indeed, I’m thrilled to announce that I’ve been selected to open the 2012 HR Southwest Conference in October in Fort Worth, Texas – it is the largest regional human resources Conference in the United States – and will focus on a similar theme.

The folks over at Talent Strategies 2012 ran a conference blog, and had this to say about my keynote:

In keeping with the topic of change, futurist and trends and innovation expert Jim Carroll began the day’s second keynote session with this conundrum for human capital leaders to ruminate on: Seven out of 10 preschoolers will work in jobs or careers that don’t even exist today, so how can talent leaders plan for this?

The way Carroll described the velocity of change that’s occurring in our society and our organizations today can be likened to this analogy: Digital camera makers have barely three to six months to sell their gadget before it becomes obsolete. “This is a defining trend that’ll challenge our assumptions and show that we need to keep up in [the] human capital [space],” he said.

His speech was rife with forward-thinking — almost eerily futuristic — technological innovations that are or will become reality in the not-so-distant future. A connected thermostat that can be controlled from any location; a smartphone that’s also a credit card; and a therapeutic robotic animal were just a handful of examples he cited.

“We have to completely rethink what we’re doing with human capital because the same rules will not apply in the future,” he said. Yet, many or most HR leaders default to the mode of deferring decisions about future because of the uncertainty that exists in today’s economic environment. It’s what Carroll calls “aggressive indecision” when it comes to implementing talent strategies – “I’m not going to make decisions [regarding HR] because I don’t know when the economic recovery will occur. In the meantime, our competitors are making decisions that are going to position them for the future,” he said. Keeping up with the rapid pace of change, then, is good business sense because it helps organizations maintain a competitive advantage.

And with that mostly optimistic outlook, it’s in the hands of human capital leaders to become more proactive in creating the conditions for which the workforce of the future can thrive.

Read the summary of "10 Unique Characteristics of 21st century skills" to get a concise issue of the HR issues that are now critical.

In my keynote, I focused on the theme of 10 Unique Characteristics of 21st CenturySkills – which provides a concise overview of just how differently we have to treat the issue of human capital and talent going forward. There’s a nice PDF summary that you can grab through the image.

What are the key issues? In essence, there are a variety of human capital issues that you should be thinking about:

  • Experiential Capital. In a world in which Apple generates 60% of its revenue from products that didn’t exist four years ago, it’s critically important that an organization constantly enhance the skill, capabilities and insight of their people. They do this by constantly working on projects that might have an uncertain return and payback – but which will provide in-depth experience and insight into change. It’s by understanding change that opportunity is defined, and that’s what experiential capital happens to be. In the future, it will be one of the most important assets you can possess.
  • Skills Accessibility Capital. Talent, not money, will be the new corporate battlefront. Simply put, there is so much happening that no one person or organization can know everything there is to know. With ongoing rapid knowledge growth, instant market change, fast-paced scientific discovery and constant skills evolution, getting the right people at the right time for the right purpose will be the key to successful change.
  • Creativity Capital. It is the ability to see the world differently, and the skill to imagine how to do things differently, that will be more important than any other skill. This will bring the needed forward oriented depth that organizations require. When product lifecycles are disappearing, and market longevity is measured in weeks and months, the ability to think, adapt, and imagine will be the foundation to provide for necessary change.
  • Generational Capital. We are set to see the emergence of the most unique workforce in history, with the widest age-span ever. Boomers won’t retire, and kids won’t want to get hired. The result will be a workforce that is transient, temporary, shifting and flexible. It will be those organizations who can match up the experience and wisdom of the aging baby boomers with the insight, enthusiasm and change-adept younger generation who will find the most powerful force to be found in business – an organization that is fuelled by the pure energy of change-oxygen.
  • Collaborative Capital. Forget the idea of having a strategic planning department, and think collaborative culture instead. Take a look around you, and ask yourself, who is succeeding today? It is those organizations who are plugged into the infinite idea loop that surrounds us. They’ve dropped any pretense that they can create the future, and instead realize that the future is being devel-oped by everyone all around them. They have come to learn that their role isn’t to plan for that future, but simply to listen to it, plug into it, and plug their growth-engine into it.
  • Complexity Partnership Capital. In the 20th century, organizations focused on hiring the skills that they needed to get the job done. You simply can’t do that today – skills are too fragmented and too specialized. That’s why successful organizations have mastered the art of complexity supply and demand. They provide their own unique complex skills to those of their partners who need such skills. And when they are short on other skills, they tap into the skills bank of their partners. By selling and buying skills with a broad partnership base, they’ve managed to become complexity partners – organizations that spend most of their time focusing on their core mission, and spend less time worrying about how they are going to do what they need to do.
  • Innovation Capital. Companies that understand that all future innovation comes from the ability to tap into the global innovation loop will thrive; those that follow traditional innovation models, self-centered and insular, will find that their creativity and uniqueness has been smothered.

I think my talk was effective, with one Tweet noting: “Talent Strategies: @jimcarroll is killing it. Great discussion on change, innovation, the future of work, & the evolution of jobs. #strat12”.

 

Back in January 2000, I wrote an article for my weekly Globe & Mail column, that put in perspective the battles brewing between Hollywood and the computer industry.

The opening statement was particularly spot on, in light of the SOPA battles of today: “Decades from now, people will characterize the early years of the 21st century as a period dominated by a battle between the corporate entertainment world and the computer geeks.”

In January 2000, Jim wrote into a newspaper column that the early years of the 21st century would be characterized by a 'battle between Hollywood and computer geeks." The battle continues to this day.

The article was pretty prescient; yet at the time, one could have almost predicted that the SOPA / PIPA of battle today would continue.

The article is worth a read. Enjoy.

You can view the original PDF on the right.

For what its’ worth, my money is still on the geeks (you’ll see a comment below.) I think part of what is clearly happening here is a transitioning of the corporate entertainment world from baby-boomers who have never really understood the technology opportunity, to a younger generation who truly gets it.

On the one hand, we’ve got the head of the MPAA, former Senator Chris Dodd. I don’t he could explain what the DNS is, what it does, and why it’s important. ‘

On the other hand, we have the young  Rep. Darrell Issa in the House of Representatives. He’s a computer gamer, young computer geek who gets it. He took to a gaming bulletin board to announce his opposition to the bills.

In the longer term, old guys like Dodds won’t be around to push around the future much anymore. Young guys like Issa will be the politicians of tomorrow.

There’s hope yet.

(And I suppose I am old guy. I’m 52. But I’ve been online since 1982. I’m a geek. I get it.)


Business battles the mighty geek
JIM CARROLL
31 January 2000
The Globe and Mail
Decades from now, people will characterize the early years of the 21st century as a period dominated by a battle between the corporate entertainment world and the computer geeks.

With all the recent merger frenzy, it’s become obvious that the corporate types have finally clued in to the Internet, e-biz and e-commerce. Yet to their horror, they realize that while fabulous opportunities exist on-line, a Pandora’s box of challenges has also emerged. In particular, it seems that they can no longer control the distribution of their products.

I’d hazard a guess that given the flurry of recent lawsuits, some media moguls have decided that the only way to deal with the Internet is to sue anyone and everyone who is challenging their business models.

The music industry has been busy suing various groups involved with MP3, the music format that makes it easy to distribute digital forms of music. The movie, television and entertainment industries are busy suing Toronto-based on-line broadcaster iCraveTV.com, charging it with “brazen theft.”

There are new lawsuits against computer geeks who have managed to figure out how to get around the copy protection scheme found on DVD-ROMs, which is arguably the hottest new entertainment technology on the planet.

Things are getting nasty: Just the other day, a 16-year-old Norwegian kid who figured out the mathematical equations behind the DVD code found the police banging at his door.

A battle royal is under way, and it’s fascinating entertainment. On one side, we have the entertainment companies, finally ready to take advantage of the opportunities of the wired world, and ready to use lawyers to defend their turf.

On the other side, there’s a ragtag army of computer geeks, bound by the global reach of the Internet, and impassioned by their collective distaste for anything that puts constraints on how they might use their computers.

I don’t know about you, but my money is on the geeks.

Regardless of the deep, troubling and complex issues at work here, the reality is that the folks who control the computer code will be the ones who will control the future. Any attempts to prevent the distribution of information by legal means in this digital world — whether it be music, movies or television signals — will ultimately be doomed to failure.

To understand why, you need to immerse yourself in the mindset of the technical community, instead of simply pondering the press releases from the other side.

One of the best starting points is to visit Slashdot (http://slashdot.org) — it uses the tag line “News For Nerds. Stuff that Matters.” It’s a geek perspective on the issues of the day, including the many legal battles. (Investors take note: It is probably also the best place to understand new technologies before they come out. The entire Slashdot community knew what Transmeta was up to before any public announcement was made.)

Often weird, slightly adolescent, extremely irreverent and often not understandable, it is still a goldmine of information as to how the Internet of the future will shape up.

There are countless other sites similar to SlashDot. Techdirt (http://techdirt.com) is but another example of these on-line communities.

You come to realize that all these lawsuits are viewed as nothing more than an amusing challenge to the geek community. The on-line mindset, when confronted by a legal letter or restrictive computer code, is to play a version of a popular quiz TV show. “I can crack that secret code in three steps, Alex,” goes the response to the challenge.

Instant communities, such as OpenDVD (http://www.opendvd.org/), are emerging in which the geeks passionately defend their right to open up technology or share information — and where they counter the PR spin from the corporate or entertainment world. This community often acts in bad taste, poking fun at the futility of lawsuits in the digital age.

I just visited a Web site and bought a T-shirt that contains the entire secret DVD code printed on the back.

What chance does Hollywood have in this battle, when its crown jewels are protected by a mathematical equations that can be printed on the back of a T-shirt once the geek community has figured it out?

Jim Carroll is co-author of Light Bulbs to Yottabits: How to Profit by Understanding the Internet of the Future, and can be reached by E-mail at jcarroll@jimcarroll.com

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