If you asked any Business Leader ‘is discovering new ways of increasing customer and business value a good idea?’ and you’d get a resounding “yes!” every time. So why don’t we do it frequently enough?
Common barriers to generating new ideas include:
- we don’t know what a business experiment is, or how to conduct one
- we have no time to experiment
- we have no, or a low customer relationship which makes generating ideas difficult
- ideas are generated individually which leaves them subject to personal bias
- we’re stuck in functional silo, and cannot think of any big ideas
Generating ideas can be hard enough, but how about having the time, or ability to validate them?
It’s no wonder that in a lot of organisations ideation and experimentation is forgone, in favour of the much faster ‘professional opinion.’
Professional opinion can save time in the short term, but if it turns out to be incorrect, the negative impact will most definitely be experienced for much longer. In addition, with modern technology and data science techniques the ability to capture, analyse and react to customer-data is a competitive advantage that you cannot afford to lose.
- Help us validate ideas and assumptions quickly
- Save the business money (from wasted initiatives / projects)
- Provide meaningful data for us to learn from
Critical Success Factors
- Balanced time for delivery/support/experimentation hours (utilisation) – to allow time for experimentation
- Reduced reliance upon intuition, or opinions – replaced with data where possible