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MIT Media Lab developed a very interesting new technology in which a user can interact with a computer application using a levitating ball. Now, can anyone think of a killer app?
http://www.fastcodesign.com/1669799/mit-creates-amazing-ui-from-levitating-orbs
We met with a company a year ago that developed products that were going in the direction of the buggy whip (within a few years the technology that the company was using was going to be obsolete and government regulations would eventually ban the product in the marketplace). The company not only needed to fix their current new product development process, but they were in dire need of expanding their product categories.
The Vice President of New Product Development (NPD) recognized the need for assistance in fixing and developing new product categories. However, he was afraid of the consequences of having a firm improve the current situation. “I’m afraid that if we have a new process and categories, and if they don’t work, I’ll be fired.”
Wow, I was a bit taken back…
My initial thought was, “how about your company? If you don’t expand into other product categories your business will, in essence, close down.” He was being risk averse, and he didn’t want to rock the boat with the President of the company.
Six months later he lost his job.
The lesson here is that being risk averse certainly didn’t help the VP of NPD. Ultimately, he didn’t keep the best interest of the company in mind. Perhaps if he attempted to improve the new product development process and introduce product categories, he would still be an employee today. Now, he is frantically trying to find another position.
I believe these are important steps in assessing risks that may affect your company:
1. Determine what is best for your company. This can be done by doing your homework and strategically assessing important market forces that may affect your organization.
2. Put together a well thought out strategy that you can present to your senior management team and work with them in developing a contingency plan.
3. Take action, and plan appropriately for the future. Draw-up a detailed product and technology roadmap that will ensure that your company products aren’t obsolete in the next five years.
Remember, it is not about you…it is about your company and keeping it financially viable for years to come. Instead of sitting back and doing nothing…Take action and make a difference!
“Getting the Right Things Done” by Pascal Dennis is one of those books which remind us how important it is to have a big picture view of the organization and build focus on project execution. Using lean techniques founded in the Toyota Production System, Dennis walks the reader through the PDCA (Plan, Do, Check, Adjust) process, the use of A3 sheets to communicate, and the focus on what matters in order to get things done.
The reader is presented with a ficticious company that many of us recoginze: losing margins to commodity manufacturing, a product pipeline which consists of incremental product improvements, and frequent complaints of insufficient resources by all groups. As the story unfolds, I found myself asking how could the process and tools presented be used in my company and how much time and money would be saved by being able to focus on the right things rather than everything.
Often management cannot see the realities within the company. The process and required management involvement can help a company get the right things done. Is it easy – No. Can it be done – Absolutely.
A private jet company is experimenting with a business plan analogous to Netflix. For a monthly rate, you could fly as many times as you want with your own private jet. Check out the article here:
The buzzword today is “Big Data,” but as this author explains, bigger is not necessarily better. Variety is often more valuable.
In Defense Of Small Data – Forbes.
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