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Madam, The Ribbon is Free
A rich American woman visits the most famous hat maker in Paris. She saw the luxurious long ribbon and immediately fell in love. The hat maker takes the ribbon in his hand, rotates some of it, and creates a stunning hat. Wow! Women grab it immediately. “How much does it cost? ” She asked.Five thousand francs“Hat makers answer.”Five thousand francs! ” The woman screamed.But it is just a ribbon.! “”Lok ChumteavThe hat maker says, “Ribbons are free.“
Welcome to ‘the-ribbon-is-free’ economic or in other words, knowledge economy. What matters is intelligence, skills, abilities, knowledge, human resources. Yes, you need financial capital as a vehicle, but you compete on the ability to create value, and this ability is more in the abstract process than in your actual bank account. Yes, you need ribbons too, but everyone has them. Hat makers are unique, ribbons are a commodity. The industry used to compete on quality. Today quality is the minimum entry point entry line. Everything else, such as design or additional services, took over. Knowledge is now a currency. Companies should define themselves by what they know, not by what they do.
It’s a ‘how to do’ world
There is nothing terrifying new in the story of the Paris hat maker. Price is seen as more than a practical product: either in (a) unique knowledge, (b) the ability to make custom ribbons, or (c) how ribbons become an excuse for something else – to sell. More items in the hat manufacturer’s store, perhaps? In 1999, US companies began offering free computers to long-term Internet service providers (Fortune, October 2000). Madam Computer is free. In the UK – and I suspect elsewhere – some mobile phone companies abandon phones as long as there is a signal for their broadcast time service. Madam, cell phones are free.
Amazon.com is a bookstore. At a more serious level, it is a system that knows who you are and what you have purchased in the past, enabling it to send you recommendations and emails that require you when a new book about something you care about. Is written. On another level, it remains a public forum for reviewing books where readers can post their ratings and see what others think. And at different parallel levels, it is an incredible search engine for topics, ideas and cross-references. Madam, all this is free – you just pay for the book.
Well, before people started talking about economics, knowledge, economics, software took over. A good example is American Airlines’ parent company, which makes more money from licensing SABER, a software package used by travel agents and airlines to make bookings rather than direct airline traffic. It is a world of ‘how to do’. The program economy is a ‘how to do’ economy.
It is also an accessible economy. Access to information to customers to the general public, but more importantly to a service. The ‘material’ world has problems in the accessible economy. Microsoft plans to stop selling CDs in colorful boxes instead, providing – for a fee – continuous access to downloadable software from its website with the added benefit of free upgrades. Stop. Of course, everything that can be programmed can follow the same pattern. As someone said (probably in Silicon Valley) “Do not master anything if you can help it. If you can rent your shoes.“It’s hours of rent, time of knowledge, time of access and time of intangible assets. Madam CD is free, you pay for the use of ‘how to do’.
Means to the end
It is also the business world ‘way to be the end’ – a variant of the access world. BAA, which owns Heathrow Airport in London, makes more money from retail activities than any airline traffic. Yes, in case you did not know, Heathrow Airport is a big mall with a landing place for so-called A-B planes. The real business is in shopping. It is becoming increasingly common for passengers to pay more in-store than airfare. Air traffic is an entry point into a passenger’s pocket.
Madam, traffic is free? Not really because of the ridiculously high airfare prices, especially in
Europe. Here the customer pays for everything: air freight, transportation (airport tax) and goods purchased while waiting. On the other hand, pay for there, pay for waiting, pay for purchases while waiting and pay to go.
If someone needs more persuasion, they need to look no further than the tape. A quality.
Daily paper in the UK is worth a penny. News is an excuse or vehicle for advertising. Newspapers do not make money with news. Yes, ladies, newspapers are (almost) free. In fact, the world of free newspapers and magazines is booming. I predict that free quality daily newspapers will become a reality soon. All it takes is Stelios Haji-Ioannou, president of easyJet, Europe’s low-cost carrier, to wake up one day and decide to show the world that it can be done and that money can be made.
What kind of capital is moving around in this new economy where intangible assets and access to assets are more relevant than solid bricks or ownership of the assets themselves? The types of capital seem endless. You can find information on ideas, references, essays, and business models as a whole, based not only on human capital, society, or intelligence, but lesser-known forms, including digital user structure, processes, and creative capital. The main challenge for companies is how to measure them.
The new economic organization emphasizes them to varying degrees. Skandia, a Swedish insurance company, has long publicly reported those forms of capital and its flows in its annual report (Skandia Navigator). Another Swedish company, Celemi Consulting, which is well known for its Tango business simulation game, includes ‘Intangible Assets Monitor’ on a line similar to Skandia. It will not be long before it becomes the norm for companies to try to provide detailed measurements of intangible assets.
But let’s get back to the ribbon-free economy where one thing determines the present time: the victory of the brain at hand. Henry Ford used to complain, “Why every time I ask for a pair of hands, the brain comes with it?” He definitely does not like attachments. Today he will have the occasional idea in a pair of hands.
In this new world of business, one thing for me is to stand out in the crowd of new ideas, old ideas, new fakes, dictionaries and new business discussions. It is what is called ‘investor comparison’.
In the beginning, employees were a cost: in fact, it is still an expense in many current business models. In the 1980s, employees became an asset. In fact, executives and executives (HR) around the world tell us that employees are the most important assets of a company.
The re-engineering / declining movement of the Western world and, to a lesser extent, of other economies adds little to the credibility of this statement. As one of my friends used to say, they forgot the word used. Employees are our most important (disposable) asset. However, ‘assets’ is an improvement over ‘costs’; After all, one prefers to feel more like an asset than a dollar in operating expense reports.
The third shift in perceptions of employees after expenses and assets is one that is being promoted by Terilyn Davenport and others: Employees as Investors. On the other hand, investors of (their) human resources. And what do you do when you have the capital to invest? You make it grow by dividing it into a growing environment. You take care of it, you manage it, you remove it if it does not grow, and at the end of each year you look at the return on investment.
If an individual considers his human resources (talents, abilities, skills, knowledge, wisdom) as
Real capital, things are starting to look very different in the human resources sector. The workplace should be open to personal capital growth – no one will invest in a growth or negative environment.
The HR department then becomes the venture capitalist or venture capitalist, overseeing those investments. The key role of leadership is to create the conditions for that capital to grow. Investor metaphor applies to employee relations, putting ‘brain value’ first. The share price is the result. And those in charge are the ones who have the capital to invest, not the recipients.
There is a big difference in this new model beyond the metaphor. It is a revolution, not a simple one. Silicon Valley, for better or worse, followed the investor metaphor more than anywhere else.
Humans are like brains in a valley. Actually Valley = Nuts + (Resources x Power x Glory) According to Michael Lewis, author of Liar Poker And recently New story.. Considering how Silicon Boys jump from company to company and how the bidding for the brain dominates the market, we might be talking about ‘mercenary comparisons’. But this is a topic for another day.
In this Brains-R-Us economy, the individual is responsible. The only problem is that the message has not yet reached a few million people. When that happens, things will look different. Compensation and Benefits (C&B), for example, is still a one-size-fits-all model. Agree on both part-time and full-time benefits, plus / minus benefits. The time is fast approaching for ‘individual agreement’ and ‘individual brain’.
At some point, the company will have to provide a portfolio of C&B: number / allotment of hours (in accordance with local labor laws, but personal and personalized), training packages, higher education, personal bonuses, family benefits, and so on. It will be a ‘self-selected’ package with people trading between the benefits offered: a week, ten hours, four days, sponsored education instead of bonuses, no car, but a holiday cradle, extra holiday access. Without wages and holidays.
By 2003, 60% of C&B packages in the Western world could be highly customized, according to consultant Towers Perrin. In other words, people will make their own agreements. Fordian ‘You can have any C&B package you want as long as it is the package we offer here for all’ will be lost. Changes in performance in the West have yet to see anything.
Madam, all I do is free. You pay me for what I know. The last monthly salary on my list
C&B reward for investing in my intellectual capital. I expect the following annual ROI …
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