According to Moore’s law, the number of transistors that can be embedded on a single chip doubles every two years. The world of innovation and entrepreneurship needs to work in tandem with Moore’s law. This world should also experience constant paradigm shifts for the advancement of civilization. One of the innovative strategies employed by Entrepreneurs is to deliver what is “value” to customers. However, Entrepreneurs need to think about providing offerings beyond value before value-driven strategies become a norm. Therefore, there is a need for Entrepreneurs to establish Vantage points to provide offerings beyond value. Vantage points could be a way of thinking, a strategic position, an idea or numerous other variables that enable Entrepreneurs to perceive the world with lucidity and without any distortion.
Are you waiting for Artificial Intelligence to mature so that you can sprint your way to leadership in AI as ‘Fast Followers’?
This is a strategy adopted by many Information Technology users.
This may not be a good approach when it comes to AI.
AI requires much more customization than most IT applications. If your AI application is very generic, it may add little value to your business. It could be reduced to some basic automation system.
India has 42 cities with a population of a million plus, 46 cities with a population of half a million to 1 million and 88 cities with a population between a quarter and a half a million. At the turn of the century these numbers were less than half of now.
The urban population is going to expand to 38% up from 31% in 2010.
The six states of Tamil Nadu, Gujarat, Maharashtra, Kerala, Punjab, Goa and two union territories of Delhi and Chandigarh will have 55% urban population by 2025.
Everyone knows that functions such as Finance, Operations and Marketing have adapted well to the new data driven environment.
Most people believe that HR has the potential to be data driven as well.
But it is not quite there.
About a decade ago HR functions started dabbling with analytics. It was mostly reporting on productivity, level of employee engagement, motivation, compensation and performance.
Perhaps the greatest of all economists, John Maynard Keynes asserted that “the ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else”.
How right he was!
What is Neuromarketing?
Neuromarketing is a new field to understand consumer psychological response to marketing stimuli. It aims to understand the consumer decision process to buy based on marketing stimuli by measuring consumer psychological and neural responses.
A client loyalty metric created by Frederick R. Reichheld of Bain and Company and Satmetrix is known as Net Promoter Score (NPS). Reichheld has written about NPS in his article “One Number You Need to Grow” published by Harvard Business Review in 2003. Brand Loyalty and Customer Satisfaction can be assessed using NPS. Clients are surveyed and asked to rate on an eleven-point scale how likely they are to recommend the organization or brand to a another user. NPS is an administration apparatus that can be utilized to check the loyalty of a company’s clients.
“Necessity is the mother of Invention” is an old proverb that needs a structural change. Various factors can be taken into consideration to contemplate the forces that foster imagination and innovative ideas. For companies to experience exponential growth, each employee needs to delve into creative imagination. However, first, we need to understand the factors that shackle imagination and limit innovative ideas in an organization. Therefore, it is imperative to identify the Specters of Innovation.
Should companies restrict their innovation initiatives to their in-house design teams or should innovation initiatives utilise collaborative networks?
The answer is obvious. Collaborative networks are likely to produce superior results. Collaborative Networks can be built and operated in several ways. Let us call it the collaboration architecture. The collaboration architecture is built on two dimensions.
Open vs Closed and Hierarchical vs Flat
In the realm of Artificial Intelligence, there is an inextricable interaction between sentient beings and non-sentient beings. This phenomenon is termed as “automagical” by the scientific community. The Innovators expect consumers to embrace the magic associated with autonomous and intelligent machines. This is because we are rapidly moving away from the whole gamut of manual controls to the science fiction world populated by intelligent and adaptive robots. Therefore, there is a high probability that we are drifting into the world of technological singularity.