Henry Ford had once famously stated that if he had gone around and asked what the customers wanted they would have said faster horses. But that era is long gone. In the current scenario where more than 40% of the product launches fail, it is imperative for the organisations to exactly know what the customers are looking for, anticipate their needs, and then innovate accordingly. Data, the new soil, is playing a crucial role in helping organisations go beyond gut feeling and exactly know what their customers are looking for.
Data is the new soil – when cultivated the right way, organisations can achieve results like never before. From understanding business process inefficiencies to better understanding customer behaviour, predicting maintenance schedules to optimising inventory, unearthing employee concerns to keeping pace with market changes – analysing the growing volumes of data has brought organisations to the forefront of success.
Intellectual property refers to the creativity of the mind. It can be in several forms like providing innovative ideas, new inventions, or artistic work. Interestingly, the concept of intellectual property was first officially acknowledged in 1883 during the Paris Convention for the Protection of Industrial Property and the Berne Convention in 1886 for the Protection of Literary and Artistic Works.
Data is the new oil. All of us agree that big data is, well, a big business. Worldwide, businesses are struggling to deal with the mountains of data they have at their fingertips and derive actionable insights from that data. Businesses have come to realise that more than just gathering data, it is important to know what to do with that data.
As consumers become the centre of every business product and service, just providing an interface is not enough. Today, it should also add value and build long-lasting relationships with them. In my opinion, the consumer-facing internet would not have been possible without big data and analytics. Big data is enabling businesses to better interact with consumers, improve satisfaction and retention, and bring in more revenue. Here’s how big data and analytics plays a major role in meeting the high expectations of today’s digital customer – both in terms of usability and seamless, multi-channel access.
Being data-driven is a good idea for businesses looking to optimize their assets and growth prospects. In fact, it is fast becoming a widely-accepted system to improve the day-to-day workflow management. Organisations want to be data-driven – they want to be guided by data. While there is a massive amount of data being gathered, simply “having data” does not make one a data-driven organisation. It needs to be much more than that.
The sheer number of engineering colleges and the consequent number of engineering graduates completing their courses each year has made sure that talent becomes one of our most reliable export to the world.
When you look at a successful business what is the first thing you tend to notice – is it the leader or the team? Of course, it has to be the leader who must have worked hard to grow the business. But is it possible to do so single-handedly? Actually not. The leader must also have a reliable team to be able to realise his dreams. So then are great leaders made by great teams or are strong teams the result of a great leader? Here is my take-
Services and Product based companies and their business strategies is a much discussed topic in any management class. However, there is not enough justice done to the topic of pivoting a Service Company to a Product Company and vice versa. This change requires a paradigm shift in how a business is planned & operated and require transformational changes ranging from re-defining business strategy, the organisational right-structure, relevant infrastructure and policies, and most importantly, the required mind-set as how the new business / teams operate throughout the Product Life Cycles, especially the go to market strategies.
