Re-designing systems can increase efficiency, effectiveness, productivity, customer loyalty, referral rates and profit margins.. and enables you to fuel company growth.
Here are a few interesting examples.
- Banking traditionally was a 9 AM -3 PM business. Then banks tapped technology and re-designed basic processes to save money and be more customer-friendly. Today, ATMs, online banking, longer weekday hours and even7 day a week services are transforming the retail banking industry.
- Traditionally, corporate offices needed to expand to meet the needs of expanding workforces. By re-designing the approach to equipping its workforce, i.e., recognizing its partially virtual nature (people working at home and executives moving from office-to-office) companies save on office-related rent, supplies, furniture and other expenses, and better meet the needs of some of its workers.
- For centuries, we used printed books and purchased them through retail stores. Then e-commerce simplified the buying process. In 2010, Amazon reported that it sold more e-books than printed books.
- Technology has totally changed (and continues to change) the distribution of home movies. E-commerce lets people buy disks or downloads directly, rather than going to retails outlets.
- R&D used to be an internal process. Over the past few years, companies like Pfizer, Dell, Threadless, Netflix, etc. have re-designed their systems to partner with other people – professionals, customers, and potential customer – and get their input. For instance, the Netflix prize of $1million was given to an outside group that increased the effectiveness of its preference-matching algorithm.