Exploring the Shift to Experience-Based Value in Business

In this episode of the Better Value, Better Business podcast, Alex explores the changing landscape of products and services in the digital age. Drawing inspiration from books, articles, and a Forbes magazine article, Alex discusses how the traditional value chain model is being disrupted by information technology and the internet. She highlights the shift towards customer-centric experiences and the importance of collaboration and integration between businesses and customers. Alex also delves into the concept of confidential computing and its potential to enable secure data sharing and collaboration without compromising privacy or security.

KEY TAKEAWAYS

• The traditional value chain model, where a firm creates value and passes it down to consumers, is being disrupted by information technology and the internet.

• Consumers now have access to more information, transparency, and potential customers, which has led to a shift in their expectations and desires for personalized experiences.

• Businesses need to adapt to this new paradigm by focusing on co-creating value with customers and integrating resources with other businesses to provide convenient and personalised experiences.

• The four dimensions of dialogue, access, risk assessment, and transparency (DART) are crucial building blocks for creating these new experiences and forming trust with customers.

• The emergence of technologies like confidential computing and smart contracts allows businesses to partner and collaborate while maintaining privacy and security, opening up new possibilities for value creation.

BEST MOMENTS

"The traditional thinking of value has been that a firm creates value… The value is passed down step by step through wholesalers, resellers or dealerships or showrooms, eventually to the customer."

"We are going through a customer experience-focused revolution where the customer wants to interact and control their experiences to ultimately personalize them within their own networks."

"A firm no longer owns the value and passes it on to the consumer. The consumer now gets value at an intersecting node between the suppliers sharing their resources."

"The most promising potential for confidential computing is to allow businesses to partner and collaborate using generalized smart contracts."

"The internet has transformed the possibilities of our experiences. Consumers integrate resources with each other, businesses integrate with customers, businesses integrate resources with other businesses."

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