Using big data for customer centric marketing

This chapter deliberates on “big data” and provides a short overview of business intelligence and emerging analytics. It underlines the importance of data for customer-centricity in marketing. This contribution contends that businesses ought to engage in marketing automation tools and apply them to create relevant, targeted customer experiences. Today’s business increasingly rely on digital media and mobile technologies as on-demand, real-time marketing has become more personalised than ever. Therefore, companies and brands are striving to nurture fruitful and long lasting relationships with customers. In a nutshell, this chapter explains why companies should recognise the value of data analysis and mobile applications as tools that drive consumer insights and engagement. It suggests that a strategic approach to big data could drive consumer preferences and may also help to improve the organisational performance.peer-reviewe

Identifying industry 5.0 contributions to sustainable development: A strategy roadmap for delivering sustainability values

Scholars believe that the newly introduced Industry 5.0 has the potential to move beyond the profit-centered productivity of Industry 4.0 and to promote sustainable development goals such as human-centricity, socio-environmental sustainability, and resilience. However, little has been done to understand how this ill-defined phenomenon may deliver its indented sustainability values despite these speculative promises. To address this knowledge gap, the present study developed a strategy roadmap that explains the mechanism by which Industry 5.0 delivers its intended sustainable development functions. The study first developed and introduced the Industry 5.0 reference model that describes the technical and functional properties of this phenomenon. The study further conducted a content-centric synthesis of the literature and identified the sustainable development functions of Industry 5.0. Next, the interpretive structural modeling (ISM) technique was employed to identify the sequential relationships among the functions and construct the Industry 5.0-enabled model of sustainable development. The ISM involved collecting the opinions of 11 Industry 5.0 experts through expert panel meetings. Results revealed that Industry 5.0 delivers sustainable development values through 16 functions. Circular intelligent products, employee technical assistance, intelligent automation, open sustainable innovation, renewable integration, and supply chain adaptability are examples of the functions identified. These functions are highly interrelated and should be developed in a specific order so that the synergies and complementarities among them would maximize the sustainable development value gains. The roadmap to Industry 5.0-driven sustainability developed in this study is expected to provide a better understanding of ways Industry 5.0 can contribute to sustainable development, explaining how the development of its functions should be managed to maximize their synergies and contribution to the intended sustainability values. The study also highlights important avenues for future research, emphasizing the potential enablers of Industry 5.0 development, such as Government 5.0 or Corporate Governance 5.0

How does a data strategy enable customer value? The case of FinTechs and traditional banks under the open finance framework

The coupling of data and digital innovation opens the way for new business in the financial services sector, where customers are placed at the centre of decisions and data can help to develop customer knowledge. To carry out our research, we adopted a multi-case study approach to explore how a data strategy is developed in the retail banking industry, together with its relationship with customer value, paying particular attention to the heterogeneity between traditional banks and financial technology companies (FinTechs). Two main points emerged from the study. Firstly, there are three possible approaches to Open Finance, which are mainly defined by their different corporate cultures, organisational configurations, technological architecture and data value. Secondly, it is not enough to be a FinTech to be best placed to exploit the market, as some traditional banks share the FinTechs' approach to Open Finance. Designing new tailored products, customising their prices and offering them over the right channels through targeted communication are all data-driven initiatives that stem from cross- or up-selling potential, core to the retail banking industry for turning a customer into a cash flow, thus enabling value to be created for customers. Our findings additionally revealed that there is a form of external information asymmetry between the customer and the bank, and that there is also an internal asymmetry between bank departments, as their visibility on information about the same customer may differ

Business Models and ecosystems for Patient Support Programs: a comparison of current experiences in Italy

Identifying the correct business model and joining an ecosystem can bring several advantages for both the companies and the society likewise. This research is meant to provide in-depth information and insights on the main challenges that are currently affecting the Italian PSP market, and how an ecosystem approach based on a service platform business model could help in addressing said issues. In this dissertation two case studies, the externalized and internalized business model for patient support programs, have been conducted and confronted with each other from a value creation and value capture point of view by outlining the respective design and development process of a PSP. This enable us to highlight the root causes of the current market inefficiencies represented by the weak intercompany relationships, as well as how said weakness impacted the overall value proposition delivered to patient and healthcare professionals alike. However, the regulatory framework represents another major contributor for the current situation, suggesting that significant changes are required in this field as well.Identifying the correct business model and joining an ecosystem can bring several advantages for both the companies and the society likewise. This research is meant to provide in-depth information and insights on the main challenges that are currently affecting the Italian PSP market, and how an ecosystem approach based on a service platform business model could help in addressing said issues. In this dissertation two case studies, the externalized and internalized business model for patient support programs, have been conducted and confronted with each other from a value creation and value capture point of view by outlining the respective design and development process of a PSP. This enable us to highlight the root causes of the current market inefficiencies represented by the weak intercompany relationships, as well as how said weakness impacted the overall value proposition delivered to patient and healthcare professionals alike. However, the regulatory framework represents another major contributor for the current situation, suggesting that significant changes are required in this field as well

User research in product development in business to business software as a service

Customers are more empowered to make purchasing decisions than ever before, and customer experience has become a critical decision factor. Business to business (B2B) software as a service (SaaS) companies are changing their strategies and ways of working to become more customer-centric and stay competitive. To understand users, their needs, motivations and the problems that they are facing, companies do user research and involve users in product development. This thesis explores how B2B SaaS organizations utilize user research when developing products. It aims to answer some of the most fundamental questions: which user research methods companies use, how they involve internal stakeholders in user research and how they select the users and motivate them to take part in product development. A qualitative multiple case study approach was used in this thesis to answer the research questions. The literature review aims to provide a broad overview of the topic. Six B2B SaaS companies and two service design companies were interviewed to learn about user research in B2B SaaS field. The results of the thesis show that less customer-centric organizations do ad-hoc user research. More customer-centric companies incorporate user research into the development process. Both approaches are valuable for developing a product that fits customer needs but incorporated user involvement is necessary for achieving a better outcome. Customer-centric organizations include various stakeholders in user research to increase the transparency of findings and create empathy towards users. Furthermore, qualitative user research is essential for customer-centric product development. Regarding the users, while they are motivated to take part in product development, it was discovered that in the B2B field the process of approaching users can be challenging. This thesis compares how different B2B SaaS companies do user research. It reveals the best practices, challenges and opportunities of user involvement. This information can be useful for organizations that aim to become customer-centric. The findings contribute to the literature by providing insights into successful examples and the challenges of user involvement in product development in B2B SaaS organizations

Managing Customer Data in Data-driven Service Innovation: A Framework of Data Principles

While customer data has been collected in enterprise systems since decades, the emerging consumer technologies create new sources of data. Although the need to co-create services with customers has been recognized, a systematic approach of how to include this sensitive source of innovation in the service innovation process is still lacking. This research explores the potential of data governance practices for data-driven service innovation. Data principles for the governance of customer data are collected and assessed by practioners in order to provide conceptual support for organizations and to facilitate the service innovation process. The results of this research integrate data principles of different research streams and offer a framework of data principles that can be applied in the design and management of data-driven services

Behind the definition of Industry 5.0: A systematic review of technologies, principles, components, and values

This study addresses the emerging concept of Industry 5.0, which aims to tackle societal concerns associated with the ongoing digital industrial transformation. However, there is still a lack of consensus on the definition and scope of Industry 5.0, as well as limited understanding of its technological components, design principles, and intended values. To bridge these knowledge gaps, the study conducts a content-centric review of relevant literature and synthesizes evidence to develop an architectural design for Industry 5.0. The findings reveal that Industry 5.0 represents the future of industrial transformation, offering potential solutions to socio-economic and environmental issues that were inadequately addressed or exacerbated by Industry 4.0. The study provides managers, industrialists, and policymakers with a comprehensive overview of Industry 5.0, including its technological constituents, design principles, and smart components, emphasizing the importance of stakeholder involvement and integration for effective governance of digital industrial transformation within this framework

Artificial Intelligence for the Management of Servitization 5.0

Purpose-The sale of physical products has been manufacturing companies' main revenue source. A trend is known as servitization for earning revenue comes from services. With the convergence of servitization and digitization, many manufacturing organizations are undergoing digital servitization. In parallel, the digitization of industry is pushing new technological solutions to the top of the business agenda. Artificial intelligence can play a substantial role in this digital business transformation. This evolution is referred to in this paper as Servitization 5.0 and requires substantial changes. Aim-This paper explores the applications of artificial intelligence to Servitization 5.0 strategies and its role, particularly in changing organizations to EverythiA.I.ng as a Service. The paper underlines the contribution that A.I. can provide in moving to a human-centric, sustainable, and resilient servitization. Method used-The basis of the work is a literature review supported by information collected from business case studies by the authors. A follow-up study defined the models. The validity of the model was tested by collecting ten experts' opinions who currently work within servitization contracts sessions. Findings-For manufacturing companies, selling services requires completely different business models. In this situation, it is essential to consider advanced solutions to support these new business models. Artificial Intelligence can make it possible. On the inter-organizational side, empirical evidence also points to the support of A.I. in collaborating with ecosystems to support sustainability and resilience, as requested by Industry 5.0. Original value-Regarding theoretical implications, this paper contributes to interdisciplinary research in corporate marketing and operational servitization. It is part of the growing literature that deals with the applications of artificial intelligence-based solutions in different areas of organizational management. The approach is interesting because it highlights that digital solutions require an integrated business model approach. It is necessary to implement the technological platform with appropriate processes, people, and partners (the four Ps). The outcome of this study can be generalized for industries in high-value manufacturing. Implications-As implications for management, this paper defines how to organize the structure and support for Servitization 5.0 and how to work with the external business environment to support sustainability

Towards Supply Chain 5.0: Redesigning Supply Chains as Resilient, Sustainable, and Human-Centric Systems in a Post-pandemic World

From Springer Nature via Jisc Publications RouterHistory: received 2023-03-19, registration 2023-06-08, accepted 2023-06-08, epub 2023-07-29, online 2023-07-29, collection 2023-09Publication status: PublishedStefania Paladini - ORCID: 0000-0002-1526-3589 https://orcid.org/0000-0002-1526-3589The purpose was to investigate the impact of the Industry 5.0 paradigm on the supply chain research field. Our study contributes to the conceptualization of supply chain 5.0, a term that has been receiving increased attention as supply chains adapt to the fifth industrial revolution. We conducted a systematic literature network analysis (SLNA) to examine the research landscape of Industry 5.0 supply chains. We used VOSViewer software and Bibliometrix R-package for multiple bibliometric analyses using 682 documents published between 2016 and 2022. We present a comprehensive framework of supply chain 5.0, including its key concepts, technologies, and trends. Additionally, this research offers a future research agenda to inspire and support further development in this field. We utilized three academic databases for bibliometric analyses: Dimension, Scopus and Lens. Additional databases could provide a wider research landscape and better field representation. We demonstrate how Industry 5.0 enables supply chain evaluation and optimization to assist companies in navigating disruptions without compromising competitiveness and profitability and provide a unique contribution to the field of supply chain 5.0 by exploring promising research areas and guiding the transition to this new paradigm for practitioners and scholars.pubpu