Innovation in Compliance with Tom Fox The Economic Value of Convenience with Greg Dickinson
CEO of Omedym, Greg Dickinson joins Tom Fox in this week’s show to discuss his book, The Convenience Economy: B2B: Adapt Now or Pay the Price. They discuss an interesting equation about the value of convenience, and why giving convenience equals gaining control.
The Cost of Inconvenience
Tom asks Greg to explain his equation, Friction = Frustration = Cost. Greg responds that if your process impedes your customer’s buyer journey, then that friction will cause them to feel frustration, which will ultimately cost you. He gives examples of B2B processes that, while developed to help a company flow, actually frustrate the customer. Times have changed, and customers are now independent. If your process is friction-rich, Greg says, customers will go someplace else. “If you have developed all your processes to deal with them in a way that is built on what you want - and it has no consideration for them, for their journey, for their experience - then you have really harmed your ecosystem... If we can give convenience, we gain control.”
People Want to Watch
Greg points out that COVID-19 has accelerated some of the areas discussed in his book. Companies now must rethink how to onboard suppliers: he recommends smart watchable assets. “When people want to learn, understand, discover and comprehend something that they have to use, they want to watch,” Greg remarks. “You can onboard and get your third parties embracing your policy if you can communicate with a watchable asset.” He explains why supplier enablement should now include “cost plus convenience plus enablement, plus being able to sustain when something happens.”
Push vs Consume
Tom asks Greg about the push vs consume models. Greg explains the difference between the two approaches and why people want to consume information nowadays, not have it pushed at them.
Resources
Greg Dickinson on LinkedIn