OCTOBER 2019CIOAPPLICATIONS.COM8In My VIEWver the last decade, we've seen digital technology disrupt business as usual, drive remarkable returns for some companies, and utterly change the way we all live--from how we order a taxi to planning our next meal. But we are living in dynamic times. Customers expect even more from business than digital disruption, they are insisting on both value creation and business values. Putting Values into Value Creation Living your values does more than contribute to a positive culture and create a possible halo effect. When it is done well, it can serve as a lens to see new business opportunities, customers, products, and ways of working. The key here is that your values can and should help you see opportunities for your business to profit and thrive while also advancing a greater goodlike tackling hunger, increasing graduation rates, or improving health outcomes. Some refer to this as "doing well and doing good" or "the triple bottom line" (people, planet, profits). Others call it "corporate citizenship", "corporate responsibility", or "shared value". Still others call it "building trust" or "sustainability". I think of it as just good business, and I believe over the next decade digital technology will continue to be the catalyst for businesses to improve how they integrate values into value creation.The Traditional Commercial Model We sought to apply this same integrated approach to how we modernized our commercial model at my company, GSK--a global healthcare company that discovers and develops medicines, vaccines, and consumer health products. As we reconsidered our industry's traditional commercial model, we knew we could do better. The industry's old marketing and sales practices include: · Paying sales representatives based on the number of prescriptions written without necessarily regarding what's best for the patients. · Paying doctors to speak on behalf of the very same products the industry wants them to prescribe. These practices were developed decades ago and have certainly done their fair share in contributing to a widespread perception that the industry values profits over patients. Changing the Way We Do BusinessActing on our value of being patient-focused, we made first-in-the-industry changes to these old practices: · GSK sales representatives are not compensated based on individual sales targets. Instead, they are motivated and rewarded on their scientific knowledge of our products, customer service, and broader business success. · External doctors are not paid to speak about GSK pharmaceuticals or vaccines. DOING MORE WITH DIGITAL: IT'S JUST GOOD BUSINESSMATT LASMANIS, US CIO, GSK [LSE:GSK] [NYSE:GSK]O
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