Posted on: Thursday 26th of June 2014
The Respect Network launched in London this week and our CEO Liz Brandt was invited to explain the latest market development and opportunities of the personal information economy. At the celebratory event in London’s City Hall overlooking London Bridge, the Thames and the City of London, Liz shared the findings of our latest research. In our report, ‘Personal Information Management Services: An analysis of an emerging market’ we estimate the value of the market for PIMS to be £16.5bn.
Liz Brandt speaking at the Respect Network London launch in City Hall
Here is a transcript of Liz’s speech, in which she explains opportunities for businesses and why it is crucial to act now.
“This is about customers taking back control of their customer relationships, but what does that mean for us as businesses?
For the past 100 years organisations have been the owners of and the users of data. With the huge drop in the cost of computing, that is now changing. It is shifting the center of gravity of computing power increasingly into the hands of individuals.
With this shift comes a whole new emerging market of services. We call these services Personal Information Management Services (PIMS). Services that empower individuals to take back control of their relationships with their suppliers, be those suppliers their energy provider, their transport provider, a local authority or a health service.
But what does that shift mean for business, if customers ‘take back control of their relationships’ with organisations? There are massive opportunities for every business. Opportunities to create efficiencies across marketing, sales and customer services and even product development and design. There are also huge opportunities for new value added services and new shareholder value.
The Ctrl-Shift research into the emerging market of PIMS, published last week, estimates the value opportunity with the customer, in a fully mature market, at £16.5bn for the UK alone.
This market and this shift will inevitably create downward pressure on prices and upward pressure on the experience you offer your customers. Organisations will need to re-examine their price and mix, volume vs. value, their measures for growth, look for where they can generate operating profit, create economies of scale and cost efficiencies.
Respect Network is an enabler for this market. We categorise them under Information Logistics. Respect Network specifically focuses on personal information, its use and management within a trusted environment.
If Respect Network’s ambitious plans succeed it will create disruption on multiple fronts, right across business models and value, consumer opinion, legal and technical, becoming a kick-starter to rival all kick-starters. And Information Logistics are a potential kicker for growth in the PIMS market.
The next 10 years will be a defining era for many brands. It will transform how we as individuals gain and create value. PIMS and Information Logistics platforms such as Respect Network will make that happen.”