Digital disruption is disrupting every sector we can possibly think of and resulting in changes previously unimagined. In this spectrum it would be impossible for the fashion industry to remain unaffected. On the contrary, not only has it been affected and is rapidly advancing towards the changes brought by digitization but also it is embracing those changes.
When I first started working in advertising it was all about Post-it notes, big banners and flashy words. Something like Mad Men in a more European sort of way.
Every week we are flooded with articles about how Artificial Intelligence (AI) will change our future and the way we carry out our daily tasks. Yet does it really belong to the future? Have you ever stopped to think that maybe it’s already here?
This year little Annie will not tell you “Mummy don’t forget my favorite bedtime stories” but “Mummy don’t forget your charger and the power bank!” Digital disruption has not only affected the way we book our holidays, travel and enjoy the sun but also our children’s- and our own- holiday reading.
We live in an age when Data or more precisely Big Data is everywhere. Internet users leave a constant stream of Data not only on social media websites but anywhere they go in the form of digital footprints. Even when we walk into a store with a smartphone or iPhone by accepting free WiFi access we become a source of Data for retailers. Our modern devices constantly transmit Data about us and our preferences.
Until recently most hotel bookings, transactions and administrative tasks were conducted manually. In this context revenue managers had to collect, review and analyze numerous data sets each time a room rate needed to be updated and then calculate the ideal rate based on those variables. This presented a time consuming task that meant that rates could not be updated as often as they should. Meanwhile, the creation of Online Travel Agencies otherwise known as OTAs meant that large quantities of data became available and the task of manually executing pricing decisions became impossible.
Transformative innovations in technology combined with the advent of multi-party platforms have enabled completely new models to disrupt the fine casual dining industry. Digital technology is the key driver for the transition to a participatory culture where the traditional barriers between sectors of the hospitality business such as chefs and guests drop and the customer is offered much more personalized experiences. What is otherwise known as sharing economy is in fact not so much about sharing products or services but about breaking down the wall between buyer and seller.
Digital technologies such as analytics, social networks, cloud computing and IoT are forcing companies to reevaluate and ultimately transform the way they work. While certain remain suspicious of the powerful new data collection and analytics tools available by continuously evolving new software, they have realized that when used correctly they can reap enormous awards. To quote Brian Solis from the Altimeter Group digital transformation is “The realignment of, or new investment in, technology and business models to more effectively engage digital consumers at every touchpoint of the customer experience lifecycle.”
Don’t take it wrong, but I always remember this as one of the great quotes of innovation. “Getting Capone” means doubling your bets when everything seems to swing the other way. And it’s perfect for innovation, because when innovating, things never go your way. “Getting Capone” is also fine shipping. For shipping is a highly regulated industry that is steeped in tradition and extremely cautious to change; but it’s also the industry that moves, profits by moving and survives by moving, flag by flag, port by port, company after company, carrying product, moving trade, not “untouchable” but often seemingly untraceable. More than often, to do good in shipping you’ve got to double your bets and make tradition move.
As Artificial Intelligence enters every aspect of our lives and the consumer becomes more digitally educated she also becomes increasingly demanding and less trusting.
