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Ever since Jack Welch popularised the coinage, several organisations have been turning “boundaryless”—erasing the boundaries that traditionally existed between different teams, processes and stages of manufacturing to integrate them for better outcomes. The value of a boundaryless approach is that the collaboration helps in innovation and in enhancing customer experience.
Pushing boundaries and eliminating barriers
Is the customer and her/his experience the end-point of the manufacturing and distribution process? No. With a boundaryless approach, the roles typically played in manufacturing and distribution are changing; the manufacturing value chain is no more a unidirectional process that culminates in delivery. Instead, it is a continuous loop that is fed by customer input and involvement and enriched by proactive contributions through different collaborating entities. A boundaryless experience then is not just about the elimination of boundaries, but also about the shifting of existing boundaries. I see three kinds of boundaries that are undergoing tectonic shifts.
1. Boundless Data:
In the past, customers had no information about the manufacturing process and data was completely bound—it belonged either to the manufacturer or to the customer and rarely got exchanged. But today, with digitalization, the situation is different. Now, products themselves are capable of exchanging data. The limits of data between customers and manufacturers are getting blurred, and data is openly exchanged in a boundaryless manner.
We see several instances of data exchange in telematics. Let us take the example of an insurance company that provides usage-based insurance. They would begin by installing their devices in cars and automobiles. Now, who is the customer here? While the car owner is the customer, there are two other entities as well, the insurance company and the manufacturer, and unless they exchange the data, they do not obtain the user profile they need. In these terms, it is difficult to define a line for the process—it ends with the manufacturer or starts with the insurer and ends at the owner. The very process is boundaryless.
Digital technologies are playing a significant role in enabling data to be gathered, communicated externally and in facilitating quick decisions and actions through the meaningful use of such data. Telematics or connected manufacturing makes it very easy to capture data and exchange it in real time. Digital manufacturing technologies can enable a ‘digital thread’ of seamless data to add value to all stages, including marketing, distribution, sales, use and service.
And all this boundless data is contributing directly to the current trends in manufacturing. First, customers get to know what is happening with their order very early on. Second, and more importantly, today, products are highly customised. Even as there are lesser numbers manufactured, the variants of the product are very high. Every customer wants a tailormade product, not something off-the-shelf. Such customisation cannot take place unless there is a boundaryless exchange of information between customers and manufacturers. With big data and analytics, customer data can be integrated into making a more relevant product. The coming together of digital technologies, such as big data, connected assets, cloud, mobility and predictive modelling can create and enable such a boundaryless exchange.
2. Exchanging experiences and roles:
The second aspect centres on changing responsibilities. Today, manufacturers and service providers are varying their processes so that the role they were performing earlier now gets transferred to the customer. A case in point is Ikea. It has created a manufacturing setup and product design approach that lets customers create their furniture themselves. While being provided with the basic components required to build what they want, customers have the responsibility and the power to assemble their furniture as per their preferences. Similarly, there are several instances of this in the services sector. Earlier, customers would call a call centre, tell them what they wanted, and the call centre would do it for the customer. Now, with mobile applications, users are being enabled to perform tasks and handle a wide range of services themselves, facilitated to a large degree, by digital technologies. We see, therefore, that the boundaries that shaped the roles of customers and manufacturers or providers are shifting—customers are now doing what manufacturers would control earlier and they are loving it.
3. Blurring lines of competition and collaboration:
The third area where boundaries are being exceeded is in the shifting spheres of authority. Conventional domains of competition are morphing into collaborative modes to serve the customer what she or he expects. Frequently in the manufacturing space, a company ends up in competition with suppliers or OEMs it works with because they are doing the same thing. Yet, the dividing lines of competition are difficult to identify, and customer preferences are driving this collaboration. Customers assume that the manufacturer knows what they want and expect manufacturers to collaborate with a third party—which could be a supplier or another customer—to deliver it. This is resulting in the removal of set boundaries of “competitor” and “collaborator” from transactions in the interest of business.Boundaryless customer experience—a win-win loop
I believe that the manufacturing process is turning boundaryless, which is great for customers, as it yields an optimised product that is best-tailored to their requirements.
Boundarylessness also benefits the bottom-line of businesses because it helps create differentiation and helps create a sticky relationship—one in which the customer is involved with the product, the manufacturing process and the manufacturer. Differentiation can be created based on the customer’s preferences for personalisation so, customers “pay” attention and “spend” their time.
In the present landscape, most organisations are already adopting processes and technologies to efface boundaries, and I believe manufacturing organisations are going to continue to see a lot of changes in this regard. Product variants will take centre-stage with companies having fewer setups for mass manufacturing and more custom-made products using automation. Automation will, in fact, make variant management scalable—something that is a challenge to do manually with the current technologies.
Digital technologies will enable value chains to turn more global and become integrated, thereby erasing existing boundaries. However, to really enable a boundaryless manufacturing journey, organisations will need to fundamentally rethink their business models towards eliminating barriers. I believe we need to reconsider the lines that define our processes and bind our roles. Without these lines to limit our thinking and activity, we can reimagine the value we can deliver and the customer experiences we can create.
-The author is the co-founder and CTO at KPIT Technologies Source http://www.forbesindia.com/blog/business-strategy/erasing-boundaries-for-a-unique-customer-experience/
For parents, one of the biggest decisions in their lives is choosing their child’s name. But choosing a name is a complicated process. If parents keep a common name then their child would find himself lost in the crowd. To get their child noticed, if they try to come up with a unique name, then it should be easy to pronounce and should have some base for justification. If they choose an old-fashioned name, then there's a chance that the kid could be bullied in school and later in life.
A startup is no less than a child for the founder(s). And that's why, choosing a name for a brand is complicated. A brand name can be regarded as one of the most important assets that businesses need to survive, launch products, pull talent, attract customers and differentiate themselves from their competitors. It's important to come up with a name that is sticky enough to recall.
Every entrepreneur wants a magic wand that could create names that are memorable, pronounceable, unique, creative, interesting and relevant. Unfortunately, such a magic wand doesn't exist.
There is no one right or perfect way to come up with a good brand name, but based on learnings from a few successful brands, entrepreneurs can plan their approach. A few of the components that could be helpful in creating a brand name are as follows:
1. Family name:
One of the most natural ways to come up with a brand name is to use the name or surname of the founder. A few of the successful brands based on this strategy are Disney, Ford Motor Company, Estée Lauder Companies Inc., and others.
Though this approach sounds straight forward, there is a catch. The name should be uncommon and should connect well with customers. As shown in the movie ‘The Founder’, Ray Kroc felt that the name McDonald is glorious, limitless, beautiful and better sounding than the name Kroc, so he preferred to acquire McDonald’s instead of launching a new brand.
2. Associations:
Associations are helpful in relating something unfamiliar with something familiar. Familiar things may not directly relate with business, but evoke a feeling or mental image. Associations can be done with people, animals, flowers, rivers, mythological names, and so on.
For example, the brand name Amazon.com is based on the Amazon River, which is considered as the biggest river in the world. One of the most popular mythological brand names is Nike. In Greek mythology, Nike was a goddess who personified victory. Similarly, Puma is based on the name of a Puma cat, which embodies the characteristics of speed, strength, suppleness, endurance and agility.
3. Words with powerful meaning:
Uber means an outstanding or supreme example of a particular kind of person or thing. In Korean language, the word Samsung means three stars. As a caveat, the meaning of the word should be checked in different languages as sometimes a word could have positive meaning in one language, but negative in other language, leading to perception challenges during international expansion.
4. Blended words:
Blended brand name can be formed by combining parts from different words. For example, the brand name Microsoft is formed from blending of initial part of two words: Microcomputer and Software.
5. Fascinating stories:
People listen and remember stories; they are very powerful tools to connect with others. A popular story with universal appeal can amplify significance of a name. For example, the brand name Alibaba is based on the Arabic story “Alibaba and the Forty Thieves”.
6. Place of origin:
Place of origin acts as a strong component of brand identity. Initially, the place of origin can help a brand become popular, but when a brand becomes global, it can help its place of origin to become popular. One of the interesting examples of a brand name containing place of origin is Kentucky Fried Chicken (KFC), which was started as a roadside restaurant in Kentucky, US, and became one of largest global fast food chains.
7. Coined words:
Coining a new word can help a brand stand out. For example, the brand name Google is a play on the word “googol,” the mathematical term for a 1 followed by 100 zeroes. Another interesting example of a coined brand name is Xerox that became a synonym for photocopy.
8. Ingredients:
In this approach, an ingredient of a product or service is brought into the spotlight as the image of ingredient could have a positive influence on the consumer. For example, in the name Coca-Cola, the first half in the name refers to the extracts of coca leaf and the other half represents another ingredient - the kola nut.
9. Movie or book characters:
Movies and books can open up a new world of names. The characters in a movie entertain us and sometimes left a lasting impression through their role or their names sound very catchy. One of the popular brand names – Starbucks is inspired by the name of a character – Starbuck in a whaling novel and movie - Moby-Dick.
10. Descriptive words:
A descriptive name is self-explanatory. A few of the examples of self-explanatory names are Shaadi.com and Naukri.com. Along with creativity, coming up with these kind of names require luck and focus. Luck for availability of domain name and trademark, and focus as self-explanatory names can be applicable for specific niches.
11. Link of generic words:
Interestingly, meaningful and memorable names can be created by linking common words in the right order. For example, the brand name Facebook links two common words face and book. Similarly, the brand name MakeMyTrip links three common words: Make, My and Trip.
12. Business attributes:
In some cases, brand names are also based on the attributes i.e. characteristics of a business. For example, 7-Eleven, the world’s largest convenience store brand was named after its store timings as the stores were originally open from 7 a.m. to 11 p.m.
Picking the right brand name can be tough. Sometimes, it could be created using one of the above mentioned components and sometimes using multiple components in combination. Sometimes it can be created quickly and sometimes it could take months.
In short-term, entrepreneurs may think that rather than spending time and efforts on naming a brand, they can focus on other areas. But from long term perspective, it’s worth spending time on naming a brand as the name captures the essence of a business. When products of competitors become similar, when price doesn’t remain a differentiator, when customers get confused in making a choice, the thing that safe guards a company is its brand name.
Views expressed are author's personal and don't necessarily represent any company's opinions. Source http://www.forbesindia.com/blog/business-strategy/how-to-come-up-with-an-effective-brand-name/