By Charles Araujo

Technology-driven innovation is giving customers, employees and partners the ability to assert control and dictate to the organization how they want to buy, work, and engage. To thrive in this new era organizations must grasp the fundamental nature of this shift, and then create experiences that thrill and delight their customers, employees, and partners at every point of engagement.

In 1998, B. Joseph Pine II and James H. Gilmore famously coined the term the experience economy in a Harvard Business Review article.

While the phrase immediately became de rigueur for enterprise executives and amongst the consultants who saw dollar signs in helping them create these new profit-creating experiences, it was many years before the reality of the experience economy began to finally take root.

Even while speakers at every conference were standing up and trotting out the well-trodden tales of Uber or Airbnb (you know, no taxis and no hotel rooms, yada yada), most industry observers were blithely missing the more significant shift that was underway.

While there is no question that those examples were, in fact, indicative of the experience economy becoming a reality, most enterprise leaders focused on the components such as mobile interfaces, social interactions, disintermediation, and the like.

While those elements, and many others, represented the building blocks, technical components, and business model transformations implicit in digital transformation, they were all derivatives of a much more significant shift that was occurring: a shift in power away from the enterprise and to the customer.

All of this technology-driven innovation was giving customers (and eventually employees and partners) the ability to assert control and dictate to the organization how they wanted to buy, work, and engage.

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