Great chance for anyone in the Boston area to reconnect!
THE PERSONAL ECONOMY: From Custom Sneakers to Personalized Medicine
A strategic framework to turn heterogeneous customer needs from a thread into a huge profit opportunity
2-4pm, Tuesday, April 10, 2012
New MIT Media Lab (E14), 6th floor Lecture Theatre
Location: http://whereis.mit.edu/?go=E14 (street parking is very limited)
What started with customized jeans, personalized sneakers, and engineer-to-order machine tools has become the core element of disruptive industry development: personalization and customization of products and services. Credit card contracts are being customized to a consumer's spending profile, broadcasted radio changes to a media stream fitting just our mood and preferences, blockbuster drugs are being replaced by personalized medicine based on real time data tracking, and instead of a "world car" we just buy mobility when we need it where we need it how we need it.
But what are the fundamental elements of a successful mass customization enterprise? Over the past decade, we have studied mass customization in more than 200 different organizations. Recently, we finalized the MC500, the world's largest benchmarking study of mass customization companies in the consumer goods industries. We found that mass customization is a strategic mechanism that is applicable to most businesses, provided that it is appropriately understood and deployed.
To do so, we have identified three core capabilities that allow companies to profit from mass customization: robust process design, choice navigation and solution space definition. This presentation will use a mix of case studies and empirical data from the ongoing MC500 research initiative to show the relationships between these capabilities and their impact on firm performance. We will comment on implications of our research for entrepreneurs, managers in established companies, investors and VCs, and for future scholarly research.
The seminar talk is a free public event — just stop by!