Joe Barkai, Author of the book “Outcome Economy and the Internet of Things” participates in Risk Roundup with Jayshree Pandya to discuss “The Outcome Economy and the Internet of Things”. Introduction We all look for an “outcome” in our daily lives, daily activities and actions in what we do, what we produce, how we produce, when we produce as well as how we sell, purchase, and desire. However, until recently neither individuals nor the entities across nations: its government, industries, organizations and academia (NGIOA) had any direct control over most of the activities happening around them in their ecosystem. Each one of us was forced to settle with what was available versus what was desirable. Having said that, it now seems that across many nations, there is a growing trend that, when individuals, consumers, clients and citizens buy or subscribe to any product now, they have begun to look at all available products from a very different perspective—based on an outcome they desire. * So what has changed the thought process and approach? * What is creating the trend? * Why is the desire for certain outcome gradually taking a center stage across nations? * What has made this “desire” possible? The answer to all of the questions is “technology”. It is the advances in “technology” that has made this desire for an “outcome” a reality. To be specific, it is the “internet of things (IoTs), big data analytics and cloud computing solutions” that are allowing nations a potential to create, frame, desire, acquire, sell and buy or subscribe to “outcomes”. While the potential to look for desired outcomes or to produce, sell, purchase or acquire “desired outcomes” brings a fundamental change to the current technology, products, services, processes, business, management and governance models across nations, the most important change is perhaps to the power that has come to individuals, each one of us– common citizens and to the human potential across nations. It is we the individuals-common citizens that are in the driver seat now and driving the move towards the “Outcome Economy” that is shaping up across nations. Outcome Economy There is a growing optimism that the “Internet of Things” will fundamentally allow everyone: each individual and entity across nations: its government, industries, organizations and academia (NGIOA) to get more value for their money by giving them more direct access to the outcomes they desire. This is happening all around us already. From Fitness trackers, to the Mood trackers, from credit trackers to income and expense trackers, there is a growing number of smart data-powered gadgets that are available all across nations. Technology can now do everything from reminding individuals and entities of their goals, actions and any desired activity. It is now possible for entities across NGIOA to be reminded that they are running out of inventory, or they are running out of groceries and so much more. As the technology develops further, it’s likely that we’ll see more entities across NGIOA embrace a results or outcome based business, management and governance model where users, consumers, clients and individuals might pay a small fee for each outcome they are desiring or looking for. This is the beginning of a whole new era! So what is leading us there? What technology is allowing that potential? The technology advances of the digital global age seems to be leading nations towards the “outcome economy”, where the desired “outcome” is the result or the consequence of an action that is enabled through technology. Moreover, we are now able to quantify the results of our efforts. Since these outcomes are now quantifiable—it is making pretty much everything quantifiable.
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