“You press the button, we do the rest."
"These are the touching words of Kodak’s first advertising slogan. Coined by George Eastman, Kodak’s iconic founder in 1892, this tagline almost seems relevant 120 years later. Almost.
There was a time in history where uttering those words evoked an emotional sense of nostalgia. Now, unfortunately, the Kodak moment represents that moment when executives fail to realize how consumers are changing and how markets will ultimately evolve in new directions without them. The Kodak moment is something that executives at Blockbuster, Borders, RIM, et al., know all too well."
Brian Sollis Digital Turf @briansollis
Enterprises and organisations everywhere that ignore innovation within the enterprise or without (in fintech, insurtech and other fields) risk suffering a Kodak moment. Insurance, banking, construction and engineering- no matter which industry- the lesson is there to be learnt and applied.
Maybe you're held back by seemingly contradictory needs e.g. How do we:
- Deliver an Airbnb class digital experience to customers from inflexible, complex legacy core systems?
- Plan better customer journeys with incomplete data as it is in multiple silos, mostly unstructured and inaccessible restricting analytics and BI?
- Improve customer satisfaction which implies more costs and strip out operating costs at the same time?
- Compete with agile single product companies when we have complex product & geographical portfolios to manage?
Companies from small insurance brokers to global insurance carriers have found fast, practical, user friendly and pay-as-you-go solutions from digital platform companies like 360Globalnet.
In 1989 Sasson and Robert Hills made the first DSLR camera, which wasn’t a jury-rigged prototype, but one similar to the ones on the market today. It used memory cards and compressed the image. Kodak’s marketing department, however, resisted it, according to the Times. Sasson was told they “could” sell the camera, but that they wouldn’t, for fear it would cannibalize film sales. At the time, Kodak made money off of every step of the photography business. Why give that up? Kodak did make money off of the digital camera patent — billions in fact — until it ran out in 2007. But by the time the company embraced digital, it was too late. Kodak filed for bankruptcy in 2012.