Catching The Wave - March 2023

Hi there

Welcome to our third?newsletter of 2023. Some interesting things are on the way in the coming weeks and months. However, let's start with a collection of articles to keep you informed and entertained!

Supply Chain Management With Digital Technologies: A Smarter, Greener Approach

Organisations must stay ahead with smarter, greener practices in today's ever-evolving business environment. Supply chain management with digital technologies is the perfect solution to remain competitive and ensure sustainability in all operations. By incorporating cutting-edge technologies into the supply chain, businesses can optimise costs, accelerate time to market, provide visibility into trends, and reduce their environmental footprint. With this smarter, greener approach, companies are empowered to find success in a sustainable future.

According to Digital Catapult’s Manufacturing Leaders Poll 2022, manufacturers’ top priorities this year are directed at technological solutions to overcome the volatility in the supply chain. There is evidence that supply chain volatility is subsiding. Still, despite this, nearly three-quarters of all manufacturers are concerned about higher raw materials, with two-thirds indicating continued concerns over energy, indicating that the environment remains super challenging. The value chain is also under increased pressure to demonstrate the sustainability of its purchasing approach.?

So, what can we do? We can act with purposeful intent and set about engaging in supply chain management in a way that allows us to use the approach to demonstrate a competitive advantage. Ignoring the ethical aspects of supply chains is no longer an option – you may have a supplier at a price that works but building a scalable business on just one line is about vulnerability and risk. We need to reimagine the supply chain and invest in technologies that provide provenance. Social procurement is now the language of good business – if you are not socially and sustainably managing your supply chain, you risk reputational damage and loss of trust.?

As with all things in today’s volatile, uncertain, complex and ambiguous (VUCA) world, we have to be agile, and our supply chains are no different, they require this kind of approach. To help you consider how to do this – the following approach may support your thinking:

1. Stay abreast of uncertainties – always keep your radar attuned to the causes of volatility.
2. Evaluate alternatives – plan B needs to be actionable and even operational so you can easily switch.?
3. Optimise the business for efficiencies – always have the technology to drive efficiency into your operations.
4. Could you define your social and sustainable objectives and seek suppliers that follow your values? This way, we avoid concerns over unexpected breaches of supply chain etiquette to validate whom we work with and establish rapport and trust.
5. Evaluate the business’ value chain – ask, ‘how can we enhance the margins through value enhancement, not necessarily price reductions??
6. Product design is all about constant improvement; never stop improving the product regarding benefits, not necessarily features.?
7. Build new capabilities in the business by embedding a learning cycle into everything we do.

Social Trends

Tik-Tok searches indicate that we are all becoming more romantic in our reading and seeking ways to engage with romanticism. Why? Because of the rise of intelligent AI. We are searching for and reaching out for human connections. This observation prompted me to wonder how business and romanticism are aligned. The question I posed was – could the work of Lord Byron inform 21st-century business design? AI cannot be romantic; humans have that capacity, and business is still essentially a human framework for solving problems and creating experiences.?

My research led me to the work of Tim Leberecht , the Co-Founder and Co-CEO of House of Beautiful Business. He is also the author of 'The Business Romantic' and 'The End of Winning. The advice he offers for those of us thinking about human-centred design is to do the unnecessary, that is, go beyond the expected. The second piece of advice resonated with me as he suggests that we create moments of intimacy – I see that as personalisation of the customer experience and allow for reflection and silence in the journey as we bring people into our world. The final piece is to show up regardless of how that might make us feel. There are times when we might feel abandoned, that our hard work feels unappreciated, despite that we need to be there.

Technologies That Bring Us Closer to Our Customers

Engagement with customers isn't a buzzword; it's fundamental to survival. It is essential for businesses because it creates a connection that is key to its ability to continue their mission. Engaged customers feel like they are an important part of the business, increasing loyalty, satisfaction, and trust. Through customer engagement, businesses can communicate directly with their target audience, receive feedback, build relationships, and better understand their customers' needs. Additionally, companies can use customer engagement to gain insights into customer behaviour and preferences by collecting data and analysing trends. Here are a couple of ways in which this relationship is changing.

Live Chat

Live chat tools have revolutionised customer service by making it easier for customers to reach businesses and get their questions answered quickly. With the click of a button, customers can connect with an agent and begin a conversation, allowing for real-time interactions and instant feedback. Customers no longer have to wait days or weeks for a response, allowing them to resolve issues more quickly and effectively. Live chat also makes it easier for businesses to collect customer feedback, as they are able to interact with customers directly and in real-time. We have all had experience with these systems. That its hard to imagine what customer service was like without it. Data shows that having some form of live chat greatly increases user satisfaction as they don't have to search for a contact form or email address. Now with the advent of AI, in the very near future, your customers could be asking complex and detailed questions which a human operator never answers.

Online communities

Online communities are a great way to bridge the gap between businesses and customers. We are all familiar with rudimentary communities created on social media, but the future of business interactions may be through genuine communities created online. The Weave is working hard to realise this hybrid of online support with real-world impact. We are building a community of learning and support tightly connected with the support and human contact available to entrepreneurs but which is often hidden. Customers are too savvy to respond positively to a Facebook page with post after post of advertising and polished PR copy. What fosters engagement and loyalty is a genuine and honest affection for the people in your community.

If you want to be a part of that supportive community that we are building then keeping an eye on this Newsletter is a great start, or you could become a member over on our website. You will be a foundational member of an all-new entrepreneurial support system.

We can't wait to share it with you ... once we've built it

- Adam

Projects and Direction

The Weave sits at the heart of the regional entrepreneurial ecosystem, connected to the University, the enterprise agency, and the investment landscape. At the heart of the ecosystem, traditional sectors no longer have barriers. Instead, we have porous borders that facilitate regional advancement and enhance customer value through collaborations. 'The Ecosystem Economy' is a vision shared and discussed by Venkat Atluri and Miklos Dietz’s book. It matters because an ecosystem economy could be worth as much as 70 trillion USD over the coming decades. Business rules are changing, and we need to be attuned to them.?That is why we continue to look for partnerships. These people understand how collaboration works and who want to go beyond the traditional networking hierarchy and instead seek out new opportunities. Our mission is to help connect the system, join the dots between resources and needs, and support aspirational entrepreneurs on their journey towards a bolder and better future.

How We Want to Be Seen

The Weave has started the process of registering to become a B-Corp. A long-term strategy that is a lofty goal but one that resonates with us. The process is relatively simple though it does require that we engage in a reflective process that challenges existing practices and asks meaningful questions about who we are and whom we desire to be. We will report on the journey here in our newsletter and encourage others to consider this approach towards better business as a strategy.?

One area we are working on is a regional school project. We have been supporting the young entrepreneurs of Stanway School, witnessing their budding ideas, and now thinking about ways that we can enhance this practice. We start impacting the long-term culture by stimulating the pot early on and educating them on entrepreneurial opportunities. It works in other regions, and there is no reason for it not to work for ours.

We hope you enjoyed our second newsletter and that it gave you some things to consider. We also hope you are excited about what's to come. This is a fast-paced couple of months, so keep an eye on your inbox for more news and developments.

We are excited to hear from you.

Regards

James & Adam