Tech Chats: EY’s Michael Von der Geest on making money from digital innovation

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we spoke with Michael Vaughn degrees from Eli about how companies can benefit from digital innovation Michael thank you so much for joining us the digital innovation is something that we hear about a lot but I want to know specifically how do small and medium-sized businesses make money from digital innovation I think there's a lot of opportunity it's such a vast topic at the moment but I really section this up into three areas the first one is business to consumer retail like propositions frankly I find that that area is flooded the second area is areas like internet things those machines and machine relationships I think that has an opportunity for the time horizons for monetizing feel a bit distance for me yes what we're working a lot in what we're seeing significant opportunities is the business-to-business space to create a consumer like proposition in those markets so within that business-to-business space what opportunities are you specifically seeing companies come across if I give you an example of that one thing I would think about is a work that we did with one of our clients in former there were business and events business that we're looking to use digital to transform their customer proposition around sales marketing and their product and what we did is we worked with them we brought together an ecosystem of real specialists in and around digital delivery consumption models marketing we will call out together model Simmons ecosystem working with brands ID wives that enable us to deliver truly customer centric digital transmission at peace unable to modify that for clients and for what is stopping businesses from engaging with digital innovation when there are so many advantages what are the barriers of entry there again I'd kind of almost said that this two sides of this and I think what we're seeing is small agile started like innovators who are real digital natives struggle to enter visited enterprise space in other relationships and they'll understand quite how the mechanics and politic of selling work I think you've then got large organization very well used to helping and supporting their clients in transformations who maybe don't really bring that lead innovation digital ethos debate I think that the real opportunity is you've got to know what you are and bring the other partners in so it sounds like you have two different mindsets there and if you marry them together and add some digital innovation into the mix you can actually end up with a real business opportunity there absolutely Michael thank you so much [Music]

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