It is easy to get lost in business. Shiny object here, shiny object there. Cold emails, LinkedIn pitches, utilizing the newest unicorn tech… It gets tricky. Businesses owners do their best to stay relevant in the unending ocean that is the internet, so how to decide which direction to take?
Find here a few pointers to help you navigate the space:
Identify what data you have
It could be process data or market data. It could be product data or consumer data. If there is a data base, or if you use any sort of software in your business that can export csv files, there is potential.
Identify what information could take your project to the next level
If you knew x, you could do y. This sort of framing makes for a great strategy workshop with your leadership and could very well mean the beginning of a new product, service or automation opportunity.
Identify the digital disruptor in your category
Many times, especially these days, the ones disrupting your category come from outside your category. Think Uber eats.
Identify talent in your organization that likes working smartly
Not that most people don’t like working smartly, but there are certain people that excel at making the complex simple and the difficult easier. Set some time apart to be creative with them, see where it takes you.
Map your supply chain. Where are the pain points?
Many times the biggest data driven solutions occur downstream instead of upstream.
It is worthwhile for almost every business owner to take the time to think about how to leverage information to grow their business or to make it more efficient. The only recommendation is to treat such endeavor as an independent project or with a specific team. Business owners are ALWAYS looking to scale and optimize. This creates an unconscious bias that many times tramples innovation.
JD Rico is the founder of Holistics and Partner and Editor of the Digitalist Hub. He is a researcher and entrepreneur in the topics of Business Intelligence, Digital Media and Venture Capital. He holds degrees in Anthropology (BA), Economics (BSc), Project Management- Innovation (MSc), Cultural Studies (Min) and Artificial Intelligence Product and Service Design (Cert.). He serves at the board of companies in Emerging Tech, Wellness, Food Tech and Cultural Impact. He writes Cap∙Hackers, a newsletter for 33,000 business owners and investors.