051 - A failure to communicate: how the absence of common language risks your digital future with Michael Mueller

In this episode, we are joined by Michael Mueller, partner and co-founder of Acrea, an innovative management consultancy which focuses on helping companies thrive in the digital age. Michael started his career at McKinsey after which he went on to hold a number of senior IT management roles within the banking industry.  More recently he has developed his entrepreneurial career by founding a startup B2B travel company. What Was Covered The three most typical ways businesses are being impacted by digitization – through the creation of entirely new business models, by establishing new customer experiences, and via transforming the delivery of whole parts the operations of a business via technology The challenge established businesses face in dealing with their technology ‘debt’ in contrast to startups who can build their infrastructures from scratch at a fraction of the cost How a “failure to communicate” still exists between the IT and management groups of businesses – even as the importance of technology to operations continues to grow The reality of customer acquisition costs for startups compared to the established client bases of existing businesses Key Takeaways and Learnings The need for organizations to think long term when it comes to managing their technology costs The importance for startups to understand their intended customer base and to face the reality of customer acquisition costs The need for IT and management to adopt a common language to gain better understanding of how technology impacts their business, what it can do, how much it costs