https://cyber.harvard.edu/projectvrm/history/How_big_is_market_for_4th_Party_Services?feed=atom&How big is market for 4th Party Services - Revision history2024-03-29T05:47:35ZRevision history for this page on the wikiMediaWiki 1.39.5https://cyber.harvard.edu/projectvrm/?title=How_big_is_market_for_4th_Party_Services&diff=3517&oldid=prevJudi: added Judi's notes2009-05-16T19:35:25Z<p>added Judi's notes</p>
<p><b>New page</b></p><div>Market for 4th Party Services<br />
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Alan and Keith<br />
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Definition: 4th party: if you're thinking from 1st party point of view, basis is organization. For individual, same question: How to make and implement decisions better. (MAIDB)<br />
* Better decisions <br />
* Process of decisions made better<br />
* Implement my decision to get better outcome. <br />
* Better implementation process<br />
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Costs of making decisions is huge. In UK 16K mortgages on market; at 6 min each, <br />
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Average consumer is faced with 10B products and services. What happens is that most people make shortcuts (brands, confusion marketing, etc.)<br />
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Biggest role of 4th party services is about process of making decisions. If 4th Party svcs do this, how to measure? Return on investment: assets, can do work, emotions, use of time, information/knowledge/expertise, spending money and attention. Trying to optimize a series of different metrics: OPTIMAL metrics: Operations, Passions, Time, Info, Money, Attention, Lifetime.<br />
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Decision making process: Introspection : circumstances : research : advice (graph w arrows pointing to each other)<br />
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Seller side: sales channel from indiv level: acorn shape starting w need for info/research, narrowing down options to top of acorn buy point.<br />
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Going to market: first acorn w decision making (scoping what I want to achieve) + second acorn (making decision & how to achieve it) + third acorn (implementing)...<br />
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Info generated by this process: scoping, choosing, acting, managing relationship (amazing chart)<br />
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UK Market for Personally Volunteered Info: elicited and gathered via in-house operations, purchased from 3rd party brokers/PI mgmt services<br />
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The market for PVI: Projections (graph)<br />
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What's impact? Communications and sales : impacts MAIDB processes directly. May need to reconfigure products & services OPTIMAL.<br />
Bill: This is an enriched marketplace.<br />
Dean: It's a mutual benefit to all parties in the transaction, not a power issue. Everyone has input.<br />
William: a lean manufacturing process.<br />
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What is its effects on economy as a whole? Going historical: making and matching connections. 1900: 75% costs into making stuff, 25% into matching and connecting. Today: more 50:50%. Where's it going? Back to 25% in matching and connecting, and<br />
Bo: 75% gets more efficient, more effective, higher GDP, etc.<br />
Alan: having right product at right time for right people.<br />
Keith: not talking about simple processes, and easy to take specific manufacturing models but markets mostly service based. Changes driven by market-maker kinds of orgs. When looking at one manufacturer, may not see the changes but on whole econ level, will be profound.<br />
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Alan: massive eco-system for multi-acorn chart, every point has 4th party services. <br />
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Stuart: re feedback, we're better off giving it broadly so others learn too. how to open up dialog so info isn't just 1:1 but is 1:many?<br />
Alan: few of these processes are 1:many<br />
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Dean: asking Don how to keep 2nd/3rd party services from co-opting? Don: service providers will mitigate, also diff processes.<br />
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William: how is this going to be paid for?<br />
Bo: I would pay for it. If you're going to save me a bunch of time<br />
William: could come out of value of VPI, but what's relationship? (looking at graph: market for PVI: increasing value:<br />
* search <br />
** (what I don't know)<br />
* other queries & questions<br />
* Who I am (verification, authentication, et al)<br />
* (what I want)<br />
* Expressions of demand<br />
* What I know<br />
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Stuart: what's the mode of communications? How do I get from today to this new world?<br />
Alan: development of highly specialized, category-focused services. BT launched a car buying spec system (not launched). Discovered lots of people didn't know what they wanted. Process became a service to the customer, then customer's response was to narrow down choices.<br />
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Alan: restating mission: how big is this market, <br />
Phil W: we already have transaction places, on the buyer's side we'll have help facilitating indiv side. <br />
Bo: cars.com<br />
Phil: is more a market maker side<br />
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If Funding, where are priorities: expressions of interest, future plans and specs<br />
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William: first fund Social enterprise w admin details: creates environment and context for the rest to flow.<br />
Keith: hunch.com<br />
Alan & Keith: best decision trees win<br />
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Keith: when we start having PDStores and Logging, people will find new uses for this info. unintended consequences.<br />
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Need to identify all modules that go into making up these services. Technology & process can be incorporated into 4th P services.<br />
Would be interesting to make a list of all elements in 4th P modules.<br />
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Example: average grocery stores have 40,000 SKUs. Average shopper buys 400 items, results in 99% waste. Much of the 400 items are core, apply 80:20 rule, results in about 5000 items in store, w addl distribution mechanisms (store size, transport, etc.)<br />
Justin: what about enabling process on local level? <br />
Alan: exactly. <br />
Don: future proofing, stocking components will change by knowing; reduces friction throughout process<br />
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Keith: very disruptive, might find new entrants or market makers to help stores transition<br />
Don: added efficiencies<br />
Stuart: if highly complex, etc. What if I'm an iPhone app developer, does mobile processing, ...<br />
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(hoping to add slides to this)</div>Judi