and aimed at the research needs of our customers. Project areas include Development of Finite element analysis models to diagnose
growing companies in Finland are Tekes customers. These successes are linked not to higher spending; in relation to
access customers outside local markets (69%)and to access finance (68 %Specific challenges per dimension are shown in Table 4
employees, partners and customers Barclays Open Innovation: 55 The project began with a survey of business units, which
know-how and a network to take the product to customers at a global level. Both parties
of their customers. It is no surprise that innovative SMES are the main driver for growth.
customers may be more demanding in some countries than in others. This can create an important competitive
In your country, how well do companies treat customers? 1=indifferent to customer satisfaction; 7=highly responsive to customers and seek customer retention
2013†14 weighted average SOURCE: World Economic Forum, Executive Opinion Survey. For more details, refer to Chapter 1. 3 of this Report
In your country, how well do companies treat customers 1=indifferent to customer satisfaction; 7=highly responsive
to customers and seek customer retention 2013†14 weighted average Source: World Economic Forum, Executive Opinion Survey
customers Consider, for example, the threats, distractions and benefits of one current element of digitization: big
such as asking customers what they liked or did not like in a commercial transaction, now become part of
gives them privileged access to the customers they care about, or that contributes to the capabilities that make
identity and seek the customers who you can serve well The next few years will see many companies
adding more customers), and innovation (reducing time to market Similarly, research by the Economist Intelligence
individual customers in conjunction with the company†s most recent sales to predict and recommend each
After customers logged in, the bank presented one of several alternative websites based on the relevant
behavioral segmentation, to identify its best customers and provide them with personalized offers. The frequency of those target customers†purchases rose by
information to their customers Help from outside External data providers can offer all types of data to
and their customers would be unable to effectively move cargoes that bring enormous benefits to all parts of the
having an excellent understanding of customers and the circumstances in which they buy. Even more importantly
The brand that knows its customers using this approach is leaps and bounds ahead of the one that lacks these
pertaining to their customers Two decades after the emergence of the consumer Internet, the world is awash in data.
information about their customers, suppliers, and operations. Networked sensors and software embedded in devices and appliances are further energy generators
applications and their use and to help customers feel safe about the protection of their personal data and
both customers and citizens. At the same time, these policies must not stifle the innovation that big data can deliver, or its attendant economic and social benefits
within them to build trust with their customers either by issuing and following codes of conduct
their customers and can face judicial sanctions for noncompliance. Facebook and Google are two recent cases in point. 5
customers via characteristics such as their shopping habits, age, or marital status to spot customers who were pregnant.
They then sent those customers direct marketing material for their baby products ahead of their
competitors, who sent their material only after the child†s birth. 12 However, information on pregnancies is extremely
customers. Internet companies are also matching their customer data and online habits with data from other
consent, or must customers give their prior approval Should that consent be granted before use, or is it
enough to allow customers to opt out The right to be forgotten. The new EU data protection framework proposes introducing a right
customers. Customers†concerns about privacy are often alleviated if they are able to make their own
requesting clear consent declarations from customers also helps create customer trust without sacrificing big data business opportunities.
they can allow customers to adjust their privacy settings and choose whether to opt in or out of services.
As mentioned in the beginning of this chapter, customers are usually willing to share personal data if the value of
the service is attractive enough and the customers feel they get more in return than they give up
however, be the empowerment of customers by clearly communicating their privacy policies to them giving them options for their privacy settings, and
ensure that their customers understand what choice means in terms of service performance and make sure their services are providing more value to the customer
Metro, had only 10 applications serving its customers in 2012 (1 to 121,400 Source: Rojas, 2012
determining whether personalized offers to customers would make sense), are increasingly complex to conduct Step 8:
data to determine which of their customers are less likely to pay their bills, allowing them to focus collection efforts
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