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Disruptive technologies: Advances that will transform life, business, and the global economy

Citation: McKinsey Global Institute, cuts through the noise and identifies 12 technologies that could drive truly massive economic transformations and disruptions in the coming years. The report also looks at exactly how these technologies could change our world, as well as their benefits and challenges, and offers guidelines to help leaders from businesses and other institutions respond.
. . . 
Business leaders should keep their organizational strategies updated in the face of continually evolving technologies, ensure that their organizations continue to look ahead, and use technologies to improve internal performance. Disruptive technologies can change the game for businesses, creating entirely new products and services, as well as shifting pools of value between producers or from producers to consumers. Organizations will often need to use business-model innovations to capture some of that value. Leaders need to plan for a range of scenarios, abandoning assumptions about where competition and risk could come from, and not be afraid to look beyond long-established models. Organizations will also need to keep their employees’ skills up-to-date and balance the potential benefits of emerging technologies with the risks they sometimes pose.

Source: http://www.mckinsey.com/insights/business_technology/disruptive_technologies

#Executives   #AnticipateChange   #DisruptiveInnovation   #DriveInnovation  

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com
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Making #Innovation a Priority

Citation:  Leaders and organizations are under more stress than ever to do two things simultaneously: deliver on today’s pressing commitments by troubleshooting and refining processes; and find and invest in innovation opportunities that will create tomorrow’s success.

How your organization responds to this stress in allocating scarce resources is a crucial but often unaddressed issue. The natural bias is to respond immediately to what is in front of you. The problem is, this instinct crowds out longer term, innovative thinking.

Kenneth Mikkelsen's insight:
Here, on average, is what leaders estimate they were currently spending their time on:

85% on day-to-day operations
5% on incremental improvements that produced faster, cheaper, better sameness
5% on small sustaining innovations
5% on big, disruptive innovations

Found via +Kenneth Mikkelsen http://sco.lt/8z658j

#Executives   #DriveInnovation   #GrowIncome   #SaveMoney  

Featured in Data Storytelling for Disruptors
http://blog.causeanalytics.com/2014/10/data-storytelling-for-disruptors.html 

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Artificial Intelligence meets the C-suite

In this interview with McKinsey’s Rik Kirkland, Erik Brynjolfsson and Andrew McAfee explain the organizational challenge posed by the Second Machine Age.

#ArtificialIntelligence   #Executives   #DecisionMaking  

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com
Deep Learning, data-driven decisions and the management of firms. There's some really good stuff in this interview. 

"So the role of a senior manager in a deeply data-driven world is going to shift. I think the job is going to be to figure out, “Where do I actually add value and where should I get out of the way and go where the data take me?” That’s going to mean a very deep rethinking of the idea of the managerial “gut,” or intuition."

"The only way to understand data is to look at these data-driven companies like Facebook and Netflix and Amazon and Google and say, “OK, you know, I can see that’s a different way of running an organization.” It is certainly not the case that domain expertise is suddenly redundant. But data expertise is at least as important and will become exponentially more important. So this is the trick. Data will tell you what’s really going on, whereas domain expertise will always bias you toward the status quo, and that makes it very hard to keep up with these disruptions."

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Transparency inside Organisations

Here is another view of #Transparency  that has to do with opening lines of communication within an organisation. I tend to think of this more as "Visibility", but if the communication is also public facing, then it would be closer to what I think is truly Transparent.  In any case, this kind of visibility works well when different departments have access to shared #BusinessIntelligence   #Dashboards . I appreciate these four steps for building transparency (and #Collaboration ) within your organisation:
"
1. Identify what transparency means for your company.

Transparency can mean different things depending on your industry and company. Do you have a legal department that could be more communicative? Maybe there’s one department that drowns out everyone else. See where communication breaks down, and create a plan to fix it.  

2. Get your team on board.

If your team doesn’t understand what transparency is and why it’s important, it’s not going to work. Outline the benefits of transparency and how it can directly affect each department and employee. 

3. Put it into practice.

Don’t just give lip service. Once you “go transparent,” you need to develop strategies for keeping each department informed and connected. / #Executives  

4. Show results consistently.

When sharing information such as financial projects or results, don’t just broadcast the information once. You have to make a consistent effort to make information available to reap the benefits of an open culture. 
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Some of the basic benefits of #BusinessIntelligence

Citation Mix:
With today’s BI tools, business folks can jump in and start analyzing data themselves, rather than wait for IT to run complex reports. This democratization of information access helps users back up—with hard numbers—business decisions that would otherwise be based only on gut feelings and anecdotes. / #DecisionMaking   #SelfService   #InformationTechnology  
. . . 
Sharing is vital to the success of BI projects, because everyone involved in the process must have full access to information to be able to change the ways that they work. BI projects should start with top executives, but the next group of users should be salespeople. Because their job is to increase sales and because they’re often compensated on their ability to do so, they’ll be more likely to embrace any tool that will help them do just that—provided, of course, the tool is easy to use and they trust the information. / #Collaboration   #Executives   #Sales  
. . . 
A broad range of applications for BI has helped companies rack up impressive ROI figures. Business intelligence has been used to identify cost-cutting ideas, uncover business opportunities, roll ERP data into accessible reports, react quickly to retail demand and optimize prices. / #SaveMoney #GrowIncome

Besides making data accessible, BI software can give companies more leverage during negotiations by making it easier to quantify the value of relationships with suppliers and customers. / #SupplyChain   #Purchasing  

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com

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Think Like an Entrepreneur

Citation: Most self-made millionaires in America are entrepreneurs, business executives or self-employed professionals. By becoming knowledgeable, proficient and skilled in the operations of a successful business, you dramatically increase the probability that you'll earn a lot of money, achieve financial independence and become a millionaire yourself in the years ahead. As it happens, all business skills and behaviors are learnable through study and practice, and the most successful businesspeople in every area practice important habits. Your job is to adopt these habits and then apply them in all your business activities.
. . . 
Purpose : Develop an intense customer focus
What's the purpose of a business? Some people say it's to make a profit. But according to Peter Drucker, "The purpose of a business is to create and keep a customer." All profits are a result of creating and keeping a sufficient number of customers and serving them in a profitable manner.
. . . 
Vision : Achieve clarity
What's your vision for your ideal business future? Just as you need an uplifting and inspiring vision for yourself and your life, you need a vision for your business. Make it a habit to continually define and clarify this picture. Practice "idealization" in the creation of this vision. Imagine that you have no limitations and that you can create your business any way you want.
. . . 
Words : Create the perfect business description
What words would you want your customers to use in describing your business to other potential customers? If you could select the ideal words and put them into the mouths of your customers, what words would you choose?
. . . 
Mission : Determine what you intend to accomplish
A mission is always defined in terms of what you want to accomplish with your business for your customers. A mission always contains a measure of some kind that you can use to determine whether or not you've completed your mission.

For example, for many years, the mission at AT&T was to "bring telephone service within the reach of every American." It took almost 100 years for AT&T to complete this mission, but the mission never changed until it was achieved.

#Entrepreneurs    #Executives   #GrowIncome   #USA  

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com

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Return on #Analytics: It's about behaviour change

Citation: There’s a reason why big data analytics are so successful at some companies, yet fall flat at others. As MIT’s Michael Shrage put it in a recent Harvard Business Review article, it all depends on how deeply the data and tools are employed in the business. “Companies with mediocre to moderate outcomes use big data and analytics for decision support,” he says. “Successful ROA—Return on Analytics—firms use them to effect and support behavior change.” / #DecisionMaking   #HumanResources   
. . .
As he puts it, “better data-driven analyses aren’t simply ‘plugged-in’ to existing processes and reviews, they’re used to invent and encourage different kinds of conversations and interactions.” / #DriveInnovation  
. . . 
Shrage’s observations come from interviews and discussions with hundreds of organizations in recent years. His conclusions point to the need to develop an “analytical culture” – in which the behaviors, practices, rituals and shared vision of the organization are based on data versus guesswork. This is not to say gut feel and passion don’t have a place in successful ventures – because they do. But having the data to back up passionate leadership is a powerful combination in today’s business climate. / #Executives  
. . . 
Shrage cites one company that recognized that a great deal of education and training was required before it could re-orient its analytics capabilities around “most profitable customers” and “most profitable products.”  Even clients and partners required some level of training. The bottom line: “The company realized that these analytics shouldn’t simply be used to support existing sales and services practices but treated as an opportunity to facilitate a new kind of facilitative and consultative sales and support organization.” / #GrowIncome   #Sales  

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com

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The role of network-informed intuition in decision-making

This one connects well with our recent blog on bias: http://goo.gl/q9uGK3

Citation: It was Patrick Maloney of the Lemelson Foundation who suggested to me that vetting high-risk, early-stage efforts is really about pattern recognition. He explained that you get really good at recognizing one "pattern" that works—one type of team or approach that is likely to succeed. But recognizing one pattern doesn’t mean that you’re good at catching all of the good ideas. You end up missing a lot of things that might succeed, because you’re really good at seeing the single type of pattern you know. 
. . . 
And this is where the power of networks comes into the picture. By using a network of knowledgeable experts, each of whom is good at recognizing a certain type of pattern that works, you can ultimately catch many more of the types of things that will succeed. Call it “network intuition” if you will—building on the cumulative pattern recognition of multiple expert perspectives to create a more systematic way of using intuition.

A networked approach to intuition also allows you to eliminate some of the error and bias that can creep into intuitive judgments. It’s possible to see the flaws when you’re using logical reasoning, but it’s almost impossible to catch mistakes and biases in your intuition. By compiling the perspectives of a network of advisors, you can begin to filter out some of the specific biases that might taint a single individual’s intuition.

#DecisionMaking   #Collaboration   #Finance #Executives

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com

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What is an Entrepreneur in Residence (EIR) and does your company need one?

Citation: “EIRs are the new ambassadors for investors and large organizations,” says Ellie Cachette, a seasoned entrepreneur, product designer and consultant for enterprise brands.

The value proposition makes sense. Entrepreneurs who – by definition – pursue the road less traveled, can introduce organization to new business models, technologies, and and strategic partnership opportunities. EIRs build bridges into the startup community.
. . . .
At Green Visor Capital, a San Francisco based financial tech fund, the EIR’s role is to help advance the firm’s core mission and vision – to support entrepreneurs in (a) solving substantive problems in financial services, (b) to promote social responsibility, and (c) shareholder value.

Green Visor Capital recently hired Sam Wen, Square’s founding engineer, to become an advisor to the firm’s portfolio companies and to help assess the technology stack of potential investments.

“We weren’t looking to bring someone in, but we found this person to be so incredibly talented and humble,” says Simon Yoo, founder and managing partner at Green Visor Capital. “We saw how much he wants to help the world and realized that we needed him involved with our work. There was a strong overlap with the philosophy, ideology and background of what we do.”

Yoo emphasizes, “we weren’t looking to tick a box.” Rather, he views Wen as an investment in the firm’s future.

“We want to empower [Wen] to come up with his next idea,” says Yoo.

#Executives  . #Entrepreneurs   #DriveInnovation  

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com

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25 Questions You Didn’t Know Business Intelligence Could Answer for Your Business

The 25 questions are helpful for #Executives   #HumanResources   #SupplyChain   #Marketing  &  #Sales . It also references some interesting stuff about BI adoption from the 2014 annual Business Intelligence Gleansight Benchmark report.  For example, the executive level demand for data-driven decisions (92%), is said to be the top reason that the highest performing organisations had for implementing #BusinessIntelligence .

Posted by +Dan Durrant 

Cause Analytics is here to help you navigate through Business Intelligence, understand today's challenges and tomorrow's technologies.

www.CauseAnalytics.com
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