
The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics
457. Proximity: Redefining Business and Innovation in a Digital Age
Dec 26, 2024
Dr. Rob Wolcott, an adjunct professor focused on innovation strategy, and Kaihan Krippendorff, CEO of OutThinker Networks, discuss their book Proximity and its impact on business in a digital age. They explore how technology allows for value creation closer to consumer demand, transforming industries like healthcare and energy. With practical examples from on-demand pharmaceuticals to generative AI, they highlight the future of legacy brands, emphasizing the importance of responsiveness and efficiency in today's rapidly evolving market.
43:50
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Quick takeaways
- Proximity transforms industries by enabling businesses to create value closer to demand, improving efficiency and responsiveness through digital technologies.
- Innovative applications of proximity, such as on-demand pharmaceuticals and 3D printing, highlight the potential for sustainability and customization in modern business practices.
Deep dives
The Concept of Proximity
Proximity refers to the ability to create value closer to the moment of demand, particularly in the context of digital capabilities. This shift allows diverse industries to respond more swiftly and effectively to consumer needs by compressing capabilities into smaller, more accessible forms. As digital technologies become more integrated into business models, organizations can minimize waste and streamline their operations, working in a way that did not exist in traditional industrial practices. The conversation emphasizes how organizations must adapt and embrace this shift toward more proximate production and service delivery to remain competitive in evolving markets.
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