If there’s one thing we have learned throughout these years, it’s this: Business is no longer confined to a single territory. Thanks to robust applications and new technology, growing your very own business these days is less costly and a tad simpler. To be a leader in your niche is something that many of us are still trying to figure out and together with the digital revolution comes the pieces of a jigsaw puzzle… and most of us are no closer to solving the pieces that will determine our very own success. What went wrong?
Exploring the Nemesis Within
To quote from this lively discussion in Linkedin, it’s mentioned that ’25% of businesses fail within their first year and an astonishing 70% of businesses fail within ten years…’ Perhaps, if we can explore the truth behind this statement, then, we may be able to come up with realistic solutions that will address which factors will lead to our business success or failure. I would like to start off with these issues as seen from the eyes of a software developer and an entrepreneur:
Three Inconvenient Truths that IT and Business Leaders Need to Face
Truth #1 You’re Not Looking in the Right Place
An idea, no matter how brilliant, is useless unless it is turned into a working model. Problem is, we have always asked ourselves why we haven’t thought of that.. as we read news about this new product that became a huge, overnight success. If you have asked the geniuses behind these wonders, they will tell you that they have never thought of making a profit firsthand.. instead, they wanted to solve this problem they have in their own life. That’s just half of the equation though. The other half is being open to change. Your love for your idea may keep you blinded from better opportunities out there.
Truth #2 Invasion of Privacy
With the convergence of cloud, social and mobile comes a new era where companies are starting to breathe life into their social business. While there are many benefits to be had when you connect with customers in new ways, the price gets higher this time as companies follow closely the online activities of their target market so they can up their chances of selling something, with the hopes that there will be less room to say no to that offer. In a perfect world, IT objectives support business goals. But with this new threat to data security, the risk is simply higher. Improving IT compliance can be a long and windy road to take, and minimizing risk is all but a perception.
Truth #3 Do we really need data scientists?
With all the buzz that big data is creating, most of us are lost on whether we should base our every business decision from data analytics alone. For the reason that you can’t improve what you can’t measure, we swim deeper into the murky pool of tools in our hunt for the next business intelligence which will help us gain our competitive edge. In the process of doing so, creativity-driven decisions are set aside and businesses start to lose sight of the real context of what they see in their enterprise data. As sheer volume of data is collected, you forgot to ask better questions on how to improve your business.
I believe that when we start to address these inconvenient truths, then that’s the time that we can really create the most productive approach in handling business and IT issues altogether.
…and the devil is in the details?