Insights

The Richest Man In Babylon

The Richest Man in Babylon is considered as the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth. Revealed inside are the secrets to acquiring money, keeping money, and making money earn more money.

Providing financial wisdom through parables, ‘The Richest Man in Babylon’ was originally a set of pamphlets, written by the author and distributed by banks and insurance companies. These pamphlets were later bundled together, giving birth to a book. In this new rendering by Charles Conrad, the classic tale is retold in clear, simple language for today’s readers. These fascinating and informative stories set you on a sure path to prosperity and its accompanying joys.

Download the book here: https://media.8ch.net/improve/src/1448804761020-0.pdf

IBM’s New „5 in 5“ Predictions Point to a New Era of Innovation

Every year, IBM publishes its list of five innovations that will change the world in five years. There aren’t just predictions, but represent grand challenges that the company intends to take on. As IBM’s Chief Innovation Officer Bernie Meyerson once put it to me, „What we’re really aiming for isn’t to predict the future, but to change the future.“

Last year, for example, the „5 in 5“ included combining crypto-anchors with blockchain to secure the world’s supply chain and it formed a joint venture with Maersk to help bring that about. It also included a new form of encryption, called lattice-based cryptography and more transparent AI algorithms, all things its scientists are actively working on.

This year’s „5 in 5“ is different in several ways. First, rather than a horizontal overview, it focuses on one industrial vertical: the food supply chain. Second, rather than focusing exclusively on information technology, it foresees an intense collaboration between the computer industry and other fields. Third, it marks a break from business as usual to a new era of innovation.

Rising to New Challenges

The shift in emphasis in this year’s „5 in 5“ is no accident, but points to a larger change in the role of information technology itself. Historically, the primary role computers played was to help organizations run administrative functions, such as accounting and payroll. The Internet helped move IT into a more operational role over the past few decades, but Jeff Welser, VP and Lab Director at IBM Research, sees an even greater shift ahead.

„Throughout our history, IBM has been an information company,“ he told me. We helped our customers run their back office. During the Gerstner years, beginning in the late 90s, we began to help firms run their business processes and we made a major effort to develop the expertise to do that.“

„Now,“ he continues „our customers are increasingly asking for our help running things in the real world and we need to rise to that challenge.“ He also noted that the shift will entail more than just developing and deploying technologies, but also how his company works with other organizations.

„One of the things that makes this „5 in 5″ different is that all of these challenges require us to work with partners,“ Welser explains. „So it is a call for action for us, but also for those who we collaborate with that these are problems that we are serious about solving.“

Reimagining the Food Supply Chain

The 2019 „5 in 5“ list imagines how technology will revolutionize the food supply chain from „seed to shelf“. For example, using a technology called twinning, which uses a wide array of sensors along with geospatial and weather data to create simulations so accurate that they effectively become a „digital twin,“ it can help farmers vastly increase yields while reducing environmental costs.

After those crops are harvested, blockchain will help each node in the food ecosystem, from farmers to grocers, to know exactly where each crop goes and where it came from. Walmart, in fact, has already begun this process, using IBM technology to track leafy green vegetables all the way back to the particular farm each piece came from.

Once crops arrive at food processors, food safety inspectors will use next generation sequencing machines combined with massive databases of microbial genomes (IBM has one of the largest), to improve food safety. When food hits the table, improved optics of smartphone cameras will enable AI systems to identify contaminants and to evaluate quality and provenance.

Finally, once the food is eaten, a new catalytic process that IBM has developed, called VolCat, will dissolve plastics down to the basic building blocks of the polymer. This will enable us to recycle many materials that today end up in landfills, improving the environment and societal health.

The company also points out that that by the end of the century the earth’s population will increase by 45 percent, while farmable land will decrease by 20 percent. So making our food supply chain more efficient is something that is critical to achieve.

Overcoming Obstacles

The „5 in 5“ points to possibilities that are exciting and certainly not confined to food. Blockchain, to take just one example, has the potential for significant impact on logistics across many industries. However, none of these developments are assured, which is why IBM wants to highlight the potential in order to spur action.

All of these have significant challenges,“ Welser says. „Some are scientific and we need to work with experts in areas like genomics, microbiology and other things. In other cases, there are scaling challenges. Going from milliliters in the lab to metric tons in the real world is no trivial thing. In others, such as blockchain, there are market challenges and we need to make sure that various market players are properly incentivized.“

„For me as lab director, I need to look at hiring more broadly and bring in the expertise we need to overcome these challenges. We also need to partner more intensely than we ever have before. Throughout our history, commercial and academic partnerships have been a big part of our success. Now we need to scale that effort and partner with researchers at other businesses far more broadly than we ever have before.“

A New Era of Innovation

We appear to be at an inflection point unlike anything we’ve since since the 1950’s, when we first made the shift from mechanical to digital computers. Today, with Moore’s law reaching theoretical limits, the digital age itself is coming to an end. At the same time, new technologies, such as quantum computing, as well as the rapid advancement in fields like genomics and materials science, require a new approach.

„I think the fact that we chose to focus on the „5 in 5″ on a particular industry represents a shift in the role of information technology in the years to come,“ Welser observes. „In the past, we were focused on solving discrete problems that our customers came to us with and we would come up with information based solutions for those.“

„Now, we’re finding we need to approach problems more holistically,“ he continues „looking more broadly at entire systems and, in some cases, entire ecosystems, to come up with solutions that involve multiple partners, multiple stakeholders and the public at large.“

The truth is that the challenges we face as a society today, climate change and food security being two of the most prominent, are far more complex than anything we’ve tackled before. Even a company like IBM, with its century of history and multi-billion dollar research budgets, can’t go it alone. In the new era of innovation, collaboration is increasingly becoming a competitive advantage.

Source: https://www.inc.com/greg-satell/ibms-new-5-in-5-predictions-point-to-a-new-era-of-innovation.html?cid=search

 

How To Gain A Competitive Advantage With Your Research And Development Data

Those monitoring economic megatrends would do well to look at research and development (R&D). We live in an age of unprecedented innovation. Many of the world’s biggest companies and most ubiquitous technologies were unimaginable a decade or two ago. While commodities such as oil – the engine of the economy for the last century – remain important for now, the real driver of modern economies is research and innovation, and the key to successful R&D is the good use of data.

R&D Drives Today’s Most Successful Companies

Of the top ten companies by market capitalization, seven are digital innovators (Alphabet, Apple, Facebook, Amazon, Microsoft, Alibaba and Tencent). Ten years ago only Microsoft made this list, which was then dominated by oil and gas giants. The latest list also includes Johnson & Johnson, a big investor in healthcare R&D, and Berkshire Hathaway, which had built its fortune on long-term investments in innovators.

Most of today’s top global tech companies got where they are very quickly. Their products and services are in a constant cycle of innovation to avoid being outdone by their peers or by disruptive startups. Alphabet, Apple, Facebook, Amazon and Microsoft spent over $58 billion on R&D in 2017 according to PwC. It’s not just their deep pockets that have brought success – these are digital companies built on data – using data to drive their businesses forward is in their DNA.

Data has always been collected in R&D to understand and refine new innovations – the difference now is how much and how diverse this data has become. Everything from chemical pathways to physical properties to user interaction is carefully monitored and captured. Many different sensors, from highly sensitive measurement and analytical devices in labs and testing facilities to identifying tags on products to smartphones in users’ pockets all capture data which feeds back into R&D processes. Within this data lies huge insight into the best route to the optimal outcome. The world’s most successful companies are laser-focused on finding that insight in their R&D data. Others still need to get their house in order before they can start using their R&D data effectively.

Although the digital giants are masters at data-driven innovation, companies in more established industries realize they cannot rest on their laurels and are taking inspiration from these digital leaders. Automotive companies, partly driven by the threat of disruption from upstarts like Tesla and tech companies like Google, are becoming more innovative. Similarly, renewables and energy storage are challenging fossil fuel’s dominance, driving oil and gas companies to innovate furiously.

Spotting The Next Billion-Dollar Product

The most effective way to harness this data is through digital R&D, a coordinated process of taking any data involved in R&D processes – from experimental data to product images and industry standards – and presenting it in a digital format, allowing for visualization of that data and the building of predictive models. Such models help R&D departments understand the likelihood of success of research routes and inform business decisions on which products to focus resources on developing.

This has game-changing potential. Digital R&D promotes a completely new approach to innovation, allowing companies to start with a model of what they want to achieve and to use this model to accurately describe new products and how they can be produced at scale while ensuring quality. Pharmaceuticals already have sophisticated models to identify what properties drug-like compounds require to meet specific disease efficacy, helping them identify new treatments that make billions and make patient lives better.

Smarter R&D

While it’s exciting to speculate about game-changing tech, clean energy and blockbuster drugs, R&D is iterative and incremental. Seemingly small improvements reduce the cost of business and keep products ahead of the game, such as new techniques for manufacturing faster semiconductors or a new product formulation to make a shampoo’s fragrance suited to a new market or increase its shelf life. Data collected in R&D is already being used by many companies to model changes to existing products.

Data can also make R&D more cost-effective. It reduces research time by guiding research scientists to experiments with the highest chance of success and dismissing unproductive routes. Making R&D data accessible reduces duplication of research and allows new discoveries which may otherwise not have been considered. With companies spending billions on R&D, a 10% efficiency improvement means big savings. Some companies talk about R&D bringing time-to-market down from months and years to weeks.

The R&D Digitalization Dream

While R&D digitalization is a fact of life at the tech giants, many non-digital companies have not yet used R&D data to full effect, but times are changing and companies are starting to recognize that using it well can be the difference between disrupting and being disrupted.

Most are, quite rightly, starting small. It’s a big move. They are collecting data from small parts of their R&D departments and exploring what can be done with it. Then they roll out projects across departments, gradually standardize processes and introduce new technologies to allow data to be captured and shared. Over time, more data sets can be combined and more accurate and sophisticated models developed, building toward true digitalization. Techniques such as machine learning and neural networks can be applied to gradually draw out more and more insight hidden within data.

Ultimately, as companies collect more data and use it more intelligently, they can build towards a fully digital R&D capability. This will cut development times, improve and retarget products and even lead to new breakthroughs. The companies that do this well will be the ones who still make the list of the world’s biggest companies in ten years’ time.

With so much at stake, R&D needs to be done right – and at the heart of digital R&D is data.

 

Source: https://www.forbes.com/sites/forbestechcouncil/2018/04/19/how-to-gain-a-competitive-advantage-with-your-research-and-development-data/#24a76af05549

5 Entrepreneurship Truths Nobody Tells You About

There’s no denying that entrepreneurs are the new rock stars. We are bombarded with exciting tales of overcoming adversity on the road to success and the message is often that you too could quit your day job, launch a successful venture and reap the multi-million-dollar rewards. Here’s a reality check.

The fact is that three out of four venture-backed startups fail. Why? Because founding a company is harder than most of us imagine. Behind the glamorous image of entrepreneurship lies a rollercoaster of epic highs and crushing lows that can produce great rewards, but also negatively impact your relationships, quality of life and even your health.

To give first-time founders an insight into what they can really expect, here are five realities I wish I knew when I began building my own business.

You’re only as good as the people around you

It’s a common belief that the founder of an organisation is its wise chief navigator who single-handedly steers the way to success. I found this to be a gross misconception. If a startup business is to flourish, the founder must set their sights on gathering the right people around them, as you can’t always be the smartest person in the room.

This might sound like an obvious statement to make, but it can be surprisingly difficult for a founder to hand over control. Assembling a strong team requires humility: the founder must accept that their skills have limits and recognise where they need to add the abilities of others. When I launched my company at the age of 25, it quickly became clear that while I had bucket loads of ambition, I needed a great management team and guidance from experts. Not only did I hire a management team of people who are all my professional seniors, I also quickly onboarded advisers with 20+ years worth of advertising technology, telecoms and business experience. The move paid off; my company grew quickly and many of my mentors later became my investors (and some even board members).

Pragmatism over idealism (almost always)

Founders are often idealists by nature. We start our own ventures because we want to solve problems we see in the world and, fuelled by the entrepreneurial fairy-tales that are so prevalent in today’s society, it often seems like creating the ideal company that runs just as planned should be achievable.

But perfection isn’t a realistic goal. Indeed, it’s highly likely that many of our best-laid-out plans will go awry somewhere along the line. A project you’ve always wanted to implement and spent 100 hours per week developing may turn out to be untenable. A friend who stepped in to fill a role might be the wrong fit for your firm. At such times, there’s no room for idealism — particularly when the situation hinders business prosperity.

To build a successful company, founders must be pragmatic: prepared to put emotions aside and change course, halt unfeasible projects after much blood, sweat and tears went into them, and make tough decisions. Although this sometimes means letting go of the original dream, a logical focus will likely propel company growth further than blind stubbornness.

The devil isn’t always in the detail

Quality is crucial to win customers and stand out against your competitors, yet it doesn’t follow that founders should try to preserve standards by acting as the main quality control checkpoint. While at first, you might be able to assess all operational elements — from customer emails to service delivery — an overly detailed-focused approach will become impossible to sustain as the company expands.

I was heavily involved in creative output at the beginning of my startup journey. As a former designer in the ad industry frustrated by restrictive banner formats on mobile, I wanted to design an experience of mobile ads that utilise lock-screens within a non-disruptive experience to the consumer. As our client base increased, so did business areas demanding my attention; be that strategy, shareholder management, or revenue flow. I just didn’t have the capacity to oversee each detail anymore and, consequently, had to hire and trust in a skilled team of experts to keep the quality bar high. If you build the right workforce, it’s important to have faith in them and let them shoulder their areas of responsibility, even if it doesn’t always end up exactly as you imagined.

Everything else comes second

It’s common knowledge that establishing a new business will disrupt your personal life, but I believe the full extent of this disturbance is less widely acknowledged. Firstly, it’s not unlikely that you will work many 16-hour days on zero salary, at least for the initial months, or even years. Secondly, you’ll definitely spend less time with your significant other, family and friends. Thirdly, you might need to eventually move country and leave your home network behind, which can be lonely at times, but helped once more by assembling a great team. Finally, it will rapidly become apparent that no one else is quite as dedicated to accomplishing your vision as you are. So, if you aren’t ready to give up a portion of your private life for the business, you may not be able to really make your entrepreneur dream happen.

It’s not for everyone (and that’s OK!)

There’s something very enticing about the thought of leaving the typical 9 to 5 routine and setting up as your own boss. Yet the actuality of entrepreneurship isn’t for everyone. For those who understand and embrace the pressure, sacrifice and strain that come with starting a business, it is usually a rocky road to victory. For a large proportion of people, however, the harsh reality of going it alone can outweigh the benefits. And that’s ok, because what matters most is choosing a career you are comfortable with. If your health and happiness are in jeopardy, it might be time to re-evaluate which path you want to follow.

None of this, however, is to say that entrepreneurship is a bad route to take. There are many benefits to building a company from scratch; not least of which are the freedom to innovate and the ability to structure your time and focus. It’s just that the advantages usually get the most attention, while the less romantic side of entrepreneurship is left out of the spotlight. So, before they are drawn in by the glow, it’s imperative for prospective first-time founders to consider the less glamorous aspects of being an entrepreneur and ask themselves: is this really the right decision for me?

 

Source: https://www.forbes.com/sites/forbesunder30asianetwork/2018/09/19/5-entrepreneurship-truths-nobody-tells-you-about/#34249c63d090

10 Innovative techniques to Bring Innovation in Business

Innovation in Business – We have heard of many major businesses and brands of yesteryear’s now reduced to non-entities. Hindustan Motors (HM) had monopoly in passenger cars till the 1980’s with its classic Ambassador reigning supreme on Indian roads. With the arrival of Maruti car and later on several new generation cars, HM lost out miserably. Likewise, Hindustan Lever dominated the washing powder market with its premium brand but Nirma came along with a more affordable product capturing the mass market and Hindustan Lever had to follow suit with a few lower priced offerings.

Nokia dethroned Motorola and other mobile phone manufacturers to number one position in 1998 but it lost out miserably to iPhone, Samsung, Sony Xperia and Motorola a decade later as it failed to update its Operating System Symbian while the whole world was moving to Apple Os or Google’s Android platform.

In today’s fast changing market where new entrants come with innovative technologies, market dominance is not for eternity for any company and they need to constantly innovate to retain their existing position.

Top 10 techniques Innovation in Business

Whether you are a start-up or an established firm, innovation is the key to success. Here are some techniques to keep the innovative spirit live in your organization and keep your market share intact.

  1. Be curious and gather more information

Market leaders can’t remain market leaders unless have the curiosity to learn, gather more information, identifies market trends, tries to spot new opportunities by looking at the competition. There must be a systematic way to gather information, analyse and apply them to business.

Having a good library, interaction with peers in workshops and conferences, trade meetings, seminars, having interaction with thought leaders will help the company keep abreast of what’s happening in their industry. An air conditioner (A/C) manufacturer Godrej entered the invertor A/c market a bit late compared to its MNC counterparts but innovated with a 5-star rated A/C which was developed in-house. It claims to have an Indian Seasonal Energy Efficiency Ratio (ISEER) of 5.2 which is the highest in the industry. Godrej with a market share of 6% in A/Cs hopes to raise it to 9% with the innovative product.

According to David Dewolf, a contributor to Entrepreneur.com, organisations focus more on developing products, technological expertise and big data but don’t spend energy on getting more information, identifying trends and forming conclusions. Therefore, vast amount of information and data needs to be collected and analysed by the organization and there should be a systematic procedure for this.

  1. Recognise innovation opportunities

Understand the pain points of existing customers with your products or with that of the competitors. If the industry is not satisfied with existing offerings, there is an innovation opportunity lying dormant. Therefore, every problem or crisis a product faces in the market is an opportunity to innovate and succeed. A stapler is a useful product to help hold your papers together but what if you have more than 12 papers to organize. Conventional stapler pins can’t hold more than a dozen papers. That’s when Accentra Inc, the Pennsylvania based office products company developed the PaperPro that helps to pin 60 papers together. The founder of the company, Todd Moses observed that there was no fundamental change in the product for the past 100 years and that prompted them to develop the new product  which is now selling millions of units per in more than 100 countries. PaperPro’s example is proof enough that consumers are looking for function and fashion in products they buy.

Uber is another success story that leveraged on the pain points faced by commuters and travellers in cities. Most often taxi cab users were charged more, service was poor and there was no reliability regarding arrival of the cab and their pricing. Uber revolutionized car rental or hire by hooking several thousand taxi owners to be part of the Uber network and charge only for the kilometres covered and not for the return trip. As they completed one assignment, the taxi cab drivers would soon get another enquiry thanks the GPS app installed in their mobile. It also made tracking of the trip and payments easier for Uber.

  1. Look broader, beyond industry for ideas

Most often the best ideas for innovation need not come from your own industry but from other industries. Henry Ford got the idea of a moving assembly line from the meat processing industry and that changed the whole dynamics of automobile industry not only by way of volumes but also in terms of deployment of labour.

PepsiCo was looking for a way to reduce its sodium content in its snack foods and got the solution from the medical industry. A group of researchers on osteoporosis (a condition that leads to deterioration of the bones) had created a low-sodium substance by breaking calcium into small particles, and enabling its re-growth. This technology gave the idea for Pepsi to implement them in their snack foods.

Likewise Proctor & Gamble found an anti-wrinkle solution from a polymer developed by a computer chip expert based in a European University.

Most often companies have succeeded in innovating with the in-house team and they have a bias against looking outward for solutions known by the term ‘functional fixedness’. The solution is to have an in-house innovation group that constantly scouts for ideas from other industry to be incorporated in their own domain.

  1. Foster an innovation environment

Does your business want to do the business the way it has always done. Or is it open to change. For example, a company that has always done the ‘brick-and-mortar’ business may lose out if the trend is changing to a mix of online business with in-store trading. If the top management is not open to change, it will percolate down the hierarchy. And innovative ideas won’t come up.

The innovation group must meet frequently, gather ideas and suggestions and have brainstorming sessions with it. If possible involve the entire team of workers as limiting it to a few people will limit the company’s ability to get support and new ideas from the entire talent pool as each individual has his own talent, ideas and experiences.

It is very important assign ownership for innovative ideas and their execution. Most often great ideas don’t go beyond brainstorming sessions as there is no proper follow-up or ownership within the organization.

If you don’t encourage innovation, the result could be losing out people who go on to innovate on their own and succeed. Brian Acton who had worked for Apple and Yahoo was denied jobs by Twitter and Facebook. He teamed up with Jan Koum, an engineer who had worked with him in Yahoo. They created Whatsapp that became a huge success that it was bought over by FB for $19 bn. Acton’s stake was just $3 bn at that time.

  1. Innovation need not be about products but workplace also

Most people think of innovation with respect to developing a new product but fail to recognize that better processes and practices within the organization can raise productivity and profits for the firm. A bad workplace atmosphere can lead to lower employee motivational levels and lower output for the firm. Google realized that workplace should not be filled with dull cubicles and walls.

Google offices have play areas, coffee bars, open kitchens, crèches, themed conference rooms, libraries and several other innovations with the objective of providing a happy environment to boost productivity. Pitney Bowes Credit Corporation redesigned their interiors to appear like a village which was calm and serene. This helped them break down barriers between people and hierarchies and fostered open communication. The company grew from strength to strength on the basis of innovative products developed as a result of better communication between employees.

  1. Run a contest, scout for ideas from colleges

The technology and management schools have incubators that help students to come up with project ideas from solar energy, to waste management to new products using robotic technology. Some companies run contests for the public or in professional colleges and offer monetary rewards. The best ideas can become be licensed and commercialized.

  1. Good ideas can come from the customers

By having an open communication with the customers, you can understand their pain points or dissatisfaction’s which could help you develop a better service or process. To begin with, there should be an understanding whether they really want a change in the product or service. Don’t innovate for the sake of innovation. Customer surveys, social media and market research would help reveal what changes are required by the customer.

  1. Be futuristic and have visionary attitude

Innovation thrives only in organisations that have a futuristic view and leaders should have a vision. In late 1970’s, Ken Olsen of Digital Equipment Corporation (DEC) was doubtful if household’s would buy personal computers. Now it is common place, and DEC is no more. It was acquired by Compaq and subsequently Compaq was acquired by HP. DEC promoter found home PC an impossibility. Sometimes, it requires courage to pursue ideas that look impossible or risky.

  1. Know how to deal with innovator’s dilemma

Many organisations face the prospect of launching a new product that is radically different from its existing offering but can’t abandon it. IBM’s mainstay was mainframe computers and even when it launched personal computers, it retained its strength in mainframes. Hindustan Lever that witnessed emergence of popular economy brand washing powders had to sustain its premium brand Surf even as it came up with lower priced offerings such as Wheel and Rin washing powders. Netflix changed its model of business from sending DVDs by post to streaming video to its subscribers without exiting from the business.

  1. Disruptive technologies and changing trends

When Google and other search engines implemented algorithm changes and took the focus away from key words that led to destruction of several websites which thrived on copying or rewriting content based on popular keywords. New technologies or process can be disruptive but ultimately it helps the mass consumer. Google’s effort was to ensure the best search results for the internet users while some disruptive technologies led to better convenience for consumers. Skype enabled long distance calls easier, iTunes gave a better choice over record stores and Craigslist offered a better alternative to classified ads.

Conclusion

There is a belief that innovation is for the start-ups and not for market leaders. However, it is far from true. Innovation can happen in any organization where there the cultural mindset is tuned to finding solutions to problems in a creative way. One way to learn how to innovate is by learning the lessons from leaders in the field. The Forbes list of innovative companies are drawn from technology, ecommerce, pharmaceuticals, automobile, food and beverages, consumer products, credit cards, IT industry and so on. They include small and big brands worldwide.

If the leadership and work culture is unsupportive, that is a barrier to innovation, according to IBM Global CEO study. Disruptive innovators have the qualities of associating, experimenting, questioning and networking on their new ideas. When there is an atmosphere of ‘fear’ in the company, innovation cannot take place as no leader will be willing to take any risks.

It has been proven that best performers in S&P 500 list have been consistently innovating since 2000 and they have not been much harmed by the technological disruptions and financial crisis that spelled doom for the average performers. When the top leadership shows passion and the courage to implement new ideas, they percolate down the organization.

There is no substitute for hard work and there’s no magic in innovation- it comes through sustained efforts, thinking and conceptualization. Organizations that are focused on the short term and pressure to show topline growth, more bothered about quarterly results may lose sight of the long term.

When managers are rewarded for their ability to innovate rather than running the show status quo and creativity is celebrated, results would be much better. Innovation is win-win for both the consumer and the industry.

Recommended Articles

Here are some articles that will help you to get more detail about the Innovation so just go through the link

  1. Why Innovation is The Most Critical Aspect of Big Data?
  2. Big Data: Confluence of Technology & Business analytics
  3. How to Conquer Fear Level & Get Ahead in Business?
  4. 8 Effective Ways How to Be More Innovative Every Day
  5. 7 Innovative  Techniques to Be a Successful Market Leader

Source: https://www.educba.com/innovation-in-business/

How To Gain A Competitive Advantage With Your Research And Development Data

Those monitoring economic megatrends would do well to look at research and development (R&D). We live in an age of unprecedented innovation. Many of the world’s biggest companies and most ubiquitous technologies were unimaginable a decade or two ago. While commodities such as oil – the engine of the economy for the last century – remain important for now, the real driver of modern economies is research and innovation, and the key to successful R&D is the good use of data.

R&D Drives Today’s Most Successful Companies

Of the top ten companies by market capitalization, seven are digital innovators (Alphabet, Apple, Facebook, Amazon, Microsoft, Alibaba and Tencent). Ten years ago only Microsoft made this list, which was then dominated by oil and gas giants. The latest list also includes Johnson & Johnson, a big investor in healthcare R&D, and Berkshire Hathaway, which had built its fortune on long-term investments in innovators.

Most of today’s top global tech companies got where they are very quickly. Their products and services are in a constant cycle of innovation to avoid being outdone by their peers or by disruptive startups. Alphabet, Apple, Facebook, Amazon and Microsoft spent over $58 billion on R&D in 2017 according to PwC. It’s not just their deep pockets that have brought success – these are digital companies built on data – using data to drive their businesses forward is in their DNA.

Data has always been collected in R&D to understand and refine new innovations – the difference now is how much and how diverse this data has become. Everything from chemical pathways to physical properties to user interaction is carefully monitored and captured. Many different sensors, from highly sensitive measurement and analytical devices in labs and testing facilities to identifying tags on products to smartphones in users’ pockets all capture data which feeds back into R&D processes. Within this data lies huge insight into the best route to the optimal outcome. The world’s most successful companies are laser-focused on finding that insight in their R&D data. Others still need to get their house in order before they can start using their R&D data effectively.

Although the digital giants are masters at data-driven innovation, companies in more established industries realize they cannot rest on their laurels and are taking inspiration from these digital leaders. Automotive companies, partly driven by the threat of disruption from upstarts like Tesla and tech companies like Google, are becoming more innovative. Similarly, renewables and energy storage are challenging fossil fuel’s dominance, driving oil and gas companies to innovate furiously.

Spotting The Next Billion-Dollar Product

The most effective way to harness this data is through digital R&D, a coordinated process of taking any data involved in R&D processes – from experimental data to product images and industry standards – and presenting it in a digital format, allowing for visualization of that data and the building of predictive models. Such models help R&D departments understand the likelihood of success of research routes and inform business decisions on which products to focus resources on developing.

This has game-changing potential. Digital R&D promotes a completely new approach to innovation, allowing companies to start with a model of what they want to achieve and to use this model to accurately describe new products and how they can be produced at scale while ensuring quality. Pharmaceuticals already have sophisticated models to identify what properties drug-like compounds require to meet specific disease efficacy, helping them identify new treatments that make billions and make patient lives better.

Smarter R&D

While it’s exciting to speculate about game-changing tech, clean energy and blockbuster drugs, R&D is iterative and incremental. Seemingly small improvements reduce the cost of business and keep products ahead of the game, such as new techniques for manufacturing faster semiconductors or a new product formulation to make a shampoo’s fragrance suited to a new market or increase its shelf life. Data collected in R&D is already being used by many companies to model changes to existing products.

Data can also make R&D more cost-effective. It reduces research time by guiding research scientists to experiments with the highest chance of success and dismissing unproductive routes. Making R&D data accessible reduces duplication of research and allows new discoveries which may otherwise not have been considered. With companies spending billions on R&D, a 10% efficiency improvement means big savings. Some companies talk about R&D bringing time-to-market down from months and years to weeks.

The R&D Digitalization Dream

While R&D digitalization is a fact of life at the tech giants, many non-digital companies have not yet used R&D data to full effect, but times are changing and companies are starting to recognize that using it well can be the difference between disrupting and being disrupted.

Most are, quite rightly, starting small. It’s a big move. They are collecting data from small parts of their R&D departments and exploring what can be done with it. Then they roll out projects across departments, gradually standardize processes and introduce new technologies to allow data to be captured and shared. Over time, more data sets can be combined and more accurate and sophisticated models developed, building toward true digitalization. Techniques such as machine learning and neural networks can be applied to gradually draw out more and more insight hidden within data.

Ultimately, as companies collect more data and use it more intelligently, they can build towards a fully digital R&D capability. This will cut development times, improve and retarget products and even lead to new breakthroughs. The companies that do this well will be the ones who still make the list of the world’s biggest companies in ten years’ time.

With so much at stake, R&D needs to be done right – and at the heart of digital R&D is data.

Source: https://www.forbes.com/sites/forbestechcouncil/2018/04/19/how-to-gain-a-competitive-advantage-with-your-research-and-development-data/#8c8368554992

Great Motivation Secrets of Great Leaders

How the world’s most successful leaders inspire their people to get things done

Great Motivation Secrets of Great Leaders explores the leadership styles of many of the world’s most influential leaders in business, the military, sports, and politics and extracts powerful lessons that managers can put to work in their organizations. Drawing upon his years of experience as a leadership consultant, visionary, and coach, John Baldoni, author of the highly successful Great Communication Secrets of Great Leaders:

  • Reveals the motivational techniques of Sam Walton, Mary Kay Ash, Ronald Reagan, Colleen Barrett, Col. David Hackworth, Earvin “Magic” Johnson, and other influential leaders
  • Distills the proven motivational techniques of great leaders into core strategies and step-by-step solutions
  • Explains ways for managers to use these techniques in everyday situations

Download the book here: Great Motivation Secrets of Great Leaders

The Edge: R&BD established cooperation with Chinese counterparts in the area of science parks and business incubators

As an innovative company that strives to always be at the forefront of current technological developments, The Edge: R&BD established cooperation with Chinese counterparts during a workshop on planning, construction and administration of science parks and business incubators that took place in Shanghai on December 9th – 23rd, 2018.

The event was sponsored by the Ministry of Science and Technology of the People’s Republic of China and organized by Shanghai Co-Way International Technology Transfer Centre – a state-owned company, providing consultancy in tech-transfer and enterprises internationalization.

Its main objective was to share the Chinese experience in the field and strengthen mutual understanding of the policies supporting the development of hi-tech industries with partner countries along the „Belt and Road“ – a development strategy proposed by the Chinese President – Xi Jinping, focused on strengthening cooperation between China and the rest of Eurasia.

Attended by Malvina Ilieva – COO and Co-founder, the workshop gathered a number of key stakeholders that shared best practices regarding the country’s model of promoting innovations and turning it into one of the most technologically advanced nations in the world.

31 Tech Predictions for 2019 – Things will be different this year.

Predicting the future is hardly an exact science, but when you watch an industry closely it is possible to identify trends and chart a course for where things are likely headed. Here are predictions made by 31 successful executives who believe they can see what will be different in 2019.

1. Amazon’s next move will be in hospitality.

„In the past year, Amazon has entered new spaces like grocery and health care, has hinted at venturing into banking, and is even selling live Christmas trees–so what’s next? If you look at consumer share-of-wallet as an indicator, one other area that’s ripe for Amazon expansion is hospitality. They’ve just started dipping their toes into local services like house cleaning and handymen. I see great potential value for Amazon to venture into travel and restaurants and leverage its enormous customer base to capture a share of the hospitality spend in 2019.“

–Amit Sharma, founder and CEO of Narvar, a customer-engagement platform used by more than 500 retailers, including Sephora, Patagonia, Home Depot, and Gap

2. Cyber attacks will move into the real world.

„[Next year] will be the year of cyber-physical hacking. We’ve seen the damage a ransomware attack can cause on a company’s digital assets, but what happens when we move beyond cyberspace and into the real world? From attacks on manufacturing equipment to surveillance cameras to data centers, we’re talking about extremely costly and damaging events that have the power to shut down business operations entirely. Unfortunately, this could be the year of the cyber wake-up call the industry has warned about for years.“

–Amit Yoran, first-ever director of the Department of Homeland Security’s U.S. Computer Emergency Readiness Team and current CEO of Tenable, which just had one of the biggest cybersecurity IPOs in five years

3. Security will move upstream.

„Everybody is waking up to the fact that data security is a critical problem that needs to be addressed earlier in the development process. This is true not only for customers whose data is on the line, but also for business leaders and software developers who are charged with protecting it. Today, these parties are trying to understand how they can incorporate security into their DevOps process. In 2019, businesses will implement what they have learned. Tech leaders will educate developers on how to avoid errors like coding security holes into their apps. Additionally, developers will increasingly add security detection features at the code level. Not only will code be better protected against intruders; it will watch out for anomalous activity as well.“

–Derek Choy, CIO of Rainforest QA, an on-demand quality-assurance testing company that was recently named one of Inc.’s 2018 „Best Places to Work“ and services hundreds of companies, including Adobe, Oracle, and SolarWinds

4. Customer success will be the new growth for startups.

„As the foundation for growth within a B2B organization, customer success will play a more critical role within companies in 2019. Traditionally, enterprise sales were focused on new logos, which missed opportunities to nurture existing customers. Growth would then suffer as a result. Without a stable base of customers, companies can’t grow as fast because they are constantly filling a leaky bucket. In 2019, we will see a new lens on customer economics, from churn to retention and cohort growth.“

–Dale Chang, operating partner at Scale Venture Partners, a venture capital firm that invests in early-in-revenue enterprise software companies such as DocuSign, Box, and HubSpot, and raised $400 million to close its sixth fund earlier this year

5. The workspace will evolve.

„The rise of A.I. and automation software means humans are moving away from repetitive tasks and are increasingly focused on tasks only humans can do: think creatively and interact with other humans. For workspaces, this means people spend less time sitting at their desks and more time in a diversity of settings. The most innovative companies are no longer thinking about workspace as a single location, but rather a network of spaces that employees can access based on what they are trying to achieve–brainstorm a new product, train a new sales team, impress a client, or work quietly on their own. Uber and Spotify have revolutionized access to music and mobility, by giving everyone a private driver or a personalized playlist for a specific occasion. Employees will increasingly expect the same level of choice and diversity from their workspace.“

–Dror Poleg, real estate and strategy adviser at Breather, a provider of space-as-a-service across 10 cities, serving more than 500,000 people and used by companies such as Spotify, Away, and Tesla

6. People will stop talking about containers.

„Containers are the hottest topic in enterprise IT since the cloud itself. For a while, everyone was obsessed with what technology leaders like Google were doing with the technology, and the top three topics of conversation at any DevOps meetup were containers, containers, and containers. But as the rubber hits the road, enterprises are increasingly driven by what containers allow them to achieve–multi-cloud operations, highly-available global scale applications–rather than the technology itself. So as container adoption radically accelerates, people counterintuitively talk less about containers, and more about the apps and services that containers enable.“

–Murli Thirumale, co-founder and CEO of Portworx, a cloud-native data-storage company used by enterprises including 92 of the Fortune Global 1000

7. Health care will become a B2C industry.

„Thanks in large part to digital technology, rising health care costs, and increased competition, patients have become empowered consumers. As a result, they will be expecting more from health care. Much like the retail industry, patients want easy, seamless, and transparent consumer-like experiences. We will see more and more patients become discerning shoppers, comparing prices for physicians and health plans and expecting accurate upfront costs for services, just as they would with other products. They will increasingly look for ways to receive care outside of traditional doctor’s office visits by exploring digital health care options such as telemedicine and chatbot technology. Health care organizations are going to feel the pressure, and put even more emphasis on patient engagement, transparency into health care costs, quality, and value-based care. Consumers won’t stand for anything less.“

–Matt Hawkins, CEO and board member at Waystar, a technology platform that simplifies and unifies the health care revenue cycle to improve the financial health of more than 440,000 health care providers

8. Soft skills will become the differentiating factor.

„Technical skills have been the holy grail of hiring in years past, but these skills have rapidly declining shelf lives. The rise of A.I. and automation means employees are increasingly tasked with jobs that only humans can do: thinking creatively, using judgment, employing empathy, etc. Adaptability will be the most durable skill in the years to come, as the ability to learn and adjust becomes more important than any one skill. Companies, as well as education systems, will need to shift how they assess and train people accordingly.“

–Jeremy Auger, co-founder and chief strategy officer at D2L, a LMS platform serving millions of students across North America, Europe, the Middle East, Africa, and Australia in K-12, higher ed, and corporate institutions

9. Traditional IT and operations will vanish.

„The best-performing companies of 2019 will be developer-driven. Developers will need to be in the driver’s seat at all times and in the room when decisions are made. Traditional IT and operations will disappear and instead, they will support the needs of development and engineering teams. They will be measured on driving developer velocity versus server availability.“

–Steve Burton, DevOps evangelist at Harness, a continuous delivery startup with Fortune 500 customers and 300 percent headcount growth in its first year

10. Agile development will play a bigger role across the organization.

„In 2019, the role of agile will take on a broader role in product development–one in which developers and designers will use agile processes to enable experimentation, not just development. Just as agile comes from collaboration and cross functionality, so should experimentation–the more data, the more collaboration, the better. They’ll test ideas early on, measure the results of their campaigns and make logical improvements, all based on data. As consumers continue to demand more personalized experiences, we’ll see more organizations lean on this experiment-driven approach, which will help them to quickly pivot when things aren’t working out and focus their time and resources on developing products that matter most to their core audience.“

–Bill Press, SVP of engineering at Optimizely, which powers thousands of digital experiments every month, serves a billion impressions per day, and is used by more than 26 Fortune 100 companies

11. Technology will play a bigger role in improving workplace wellness.

„The changes rocking the workplace–driven by new technologies, a tight labor market, and the exponential growth of employee data and tools to make sense of it–are showing no signs of letting up. At the same time, employees are under more pressure than ever before, with a recent Gallup poll finding 44 percent report feelings of burnout at work. In 2019, technologies designed with empathy in mind–that augment the human touch, rather than overpower or direct it–will come to the forefront as employers increasingly prioritize the holistic wellness of their people as the foundational way to improve their organization. Specifically, we will see businesses go beyond basic wellness programs, and increasingly turn to transformative technologies that improve workplace wellness through a true understanding of the employee experience. Maturing technologies like A.I. and natural language processing will help companies instantly understand their employee’s day to day lives, including critical qualitative insights like how they feel and why. As you can’t fix what you can’t measure, this will directly lead to actionable insights that actually improve organizations, not just drown them in more data.“

–Armen Berjikly, senior director of growth strategy at Ultimate Software, an HR tech software company with 4,400 customers and employees in 160 countries

12. For blockchains and B2B, real transaction volumes will start to flow.

„Blockchain in the B2B world has been all hype with no significant transaction volume, but there are signs that this will change in 2019. To deal with cash flow, financing, settlements, and other ways of sharing value at scale, you need to get past the current hour-by-hour volatility and ensure a stable medium of exchange. The emergence of mature stablecoin players such as TrueUSD (backed by IBM and others), USD coin (backed by Goldman Sachs and IDG) and DAI stablecoin (an algorithmic stablecoin) signals the start of a transition from a floating bubble crypto-economy to an internet of value tethered to the established economy. In addition, after years of talk and discussions, it seems that Ethereum and Bitcoin are implementing architectural changes to address the scalability challenges that have been considered a barrier to widespread adoption. For B2B blockchain use, 2019 could be a significant year.“

–Gert Sylvest, co-founder and SVP of global network strategy at Tradeshift, a supply chain payments platform that connects 1.5 million companies across 190 countries and processes $500 billion in transaction value

13. Companies will hire more candidates from nontraditional educational backgrounds.

„The workplace is constantly shifting and the market for talent in the tech industry is evolving even faster than most others. With skills and talent coming at a premium, managers are looking at non-traditional education programs such as coding bootcamps to fill developer positions, especially as debates around the value of a four-year degree rage on. Bootcamp students learn more immediately applicable skills for the workplace, and hiring managers are taking notice of the value. Some notable tech companies have even eliminated college degree requirements all together, opening the door for an influx of hires from non-traditional backgrounds.“

–Loren Boyce, director of talent acquisition at DigitalOcean, a cloud platform for building modern applications, with a community that is more than 3.5 million developers strong and a $200 million run rate

14. Voice tech will not kill the keyboard or the display.

„Consumers use more devices than ever when interacting with brands, and with the launch of smart panels like Facebook’s Portal, yet another device is being added to the brand journey. Smart panels won’t replace keyboards, smart speakers, or mobile voice search, but supplement any and all of them. People don’t think twice about using different devices, they just want flexibility and ease of use, and they expect brands that they have a relationship with to keep track of their info no matter how they are making contact. What brands really need to keep top of mind is that smart panels will offer new opportunities to make human connections with customers and provide the emotional support people need when making difficult purchases.“

–Ian Dailey, senior director of product marketing of Invoca, a marketing software company that uses A.I.-powered call tracking and analytics to power 100 million calls to brands per year

15. Industry consolidation will continue in cybersecurity.

„Following the recent IBM and Red Hat deal that just took place and what it meant for open source, the trend of industry consolidation will continue in cybersecurity. Next year, smaller security players will be snapped up for a variety of reasons–for talent, for a company’s underlying technology, to boost sagging toplines of legacy security or networking vendors trying to modernize themselves, etc. In addition, some traditional large public security vendors have stagnated due to their legacy on-premise box-oriented architectures and are ripe for private equity firms gobbling them up, being split up (especially those with consumer and enterprise businesses), or a combination of both.“

–Sanjay Beri, founder and CEO of Netskope, a cloud security startup with a total of $400 million in raised funding that also grew its subscription numbers by triple digits in 2017

16. Brands will shift to using innately intelligent marketing technology.

„As customers become more discerning and data-savvy, their expectations around how and when retail brands communicate with them will continue to rise. This will push more brands to take a more sophisticated approach to marketing tech, adding extra layers of innate intelligence through machine learning and A.I. into their marketing stack and freeing up human marketers to do what they do best–create. We will see a broader shift from rule-based marketing–where the marketer defines all the logic–to innately intelligent marketing, where the marketer only sets the framework, and the A.I. takes it from there.“

–Pini Yakuel, CEO of Optimove, an A.I.-powered customer-relationship management software that helps over 300 brands like 1-800-flowers, Adore Me, and Freshly send emotionally intelligent and personalized communications to its customers

17. Financial companies will use artificial intelligence, but not for financial advice.

„As we enter 2019, more financial services firms will test and implement artificial intelligence as a fundamental part of their businesses, but it won’t actually impact the advice they give to consumers. Instead, A.I. will be used for very niche, back-office applications that clients won’t see. That’s because in its current state, A.I. is effective at solving a very narrow, well-defined set of problems. It is not good at solving open-ended, situations with lots of roads to take. However, that won’t stop many companies from emphasizing their implementation of A.I. in hopes of impressing consumers.“

–Dan Egan, director of behavioral finance and investments at Betterment, an online financial advising platform with more than 150 employees, 300,000 customers, and $15 billion in assets under management

18. More companies will turn to synthetic biology for innovation.

„Biology is already changing the way we live, eat, manufacture, and treat human health. In the next few years, synthetic biology–a $40 billion industry–will be the premier technology of the 21st century that will be used to solve real-world problems facing millions. We will see more collaboration between science, technology, and engineering communities, along with more involvement by the next generation of local leaders solving local problems all around the world, in a safe, ethical, and responsible manner.“

–Meagan Lizarazo, EVP at iGEM, a nonprofit foundation advancing synthetic biology innovation within its global network of 35,000 people through education, competition, and industry collaboration

19. The CIO will strike back.

„The days of forgetting that the ‘I’ in CIO stands for ‘information’ are over. The CIO role will become more identified with leading a company’s data and information strategy than with infrastructure and security. Much like digitization and data have transformed the CMO role, the CIO role will be unrecognizable from its current form in a few years. We can expect this process to pick up steam in 2019.“

20. Tech companies will stay private longer, which means more pressure to ensure liquidity.

„Capital markets data show that the median age at which companies go public has increased from 6.3 years in the 1980s to 10.2 years in this decade. In 2019, CEOs and their boards will continue to balance the needs of a wide range of stakeholders as they evaluate whether and when to go public. We will likely see the two largest IPOs in history if Uber and Airbnb both go public as expected more than 10 years after they were founded. But in a world where staying private remains an attractive path for many companies, ensuring liquidity for both investors and employees prior to major exit events will be a critical tool in helping these companies sustain their momentum.“

–Kelly Rodriques, CEO at Equidate, a stock market for private tech companies that has completed over $1 billion in transactions

21. Your customers will be as powerful as your board.

„Today we live in a subscription economy. And like it or not, your customers are at the epicenter of your business model. Jeff Bezos coined the term ‘the divinely discontent customer.’ Think about it–we have all become this customer. And we expect that your business consistently delights and delivers your service conveniently–in the way we want it, and with the outcomes we expect. We have become your second board of directors and we will have increasing power in the future, so you’d better build a healthy ongoing relationship with us if you want to succeed.“

–Mark Heller, VP of global brand and communications at Zuora, which provides a cloud-based subscription-management platform that functions as a system of record for more than 1,000 subscription businesses around the world across all industries

22. More companies will create sustainable ethics codes for the use of data.

„Privacy experts, regulators, and the public will push companies to establish sustainable ethics codes that better address the challenges of a digital world–forcing new standards for the complex uses of collected, inferred, and derived data sources. Ethics policies will be incorporated into the governance of data analytics–and particularly A.I. and machine learning–so that companies can defend their commitments to the ethical use of data, fend off public pressure, and avoid backlash. But companies will have to bring great minds together to figure out how they can measure and track transparency, accountability and ethics for themselves and their clients and partners.“

–Barbara Lawler, chief privacy and data ethics officer of data analytics company Looker, which has received $180 million in funding from Google Capital G, Redpoint, First Round Capital, and Kleiner

23. The next wave of A.I. startups will generate new data with each use.

„Some of our A.I. emperors have no clothes. Expect to see a wave of once-hot A.I. startups shut down or get acquired as their technology stacks are exposed as commoditized algorithms at best or smoke and mirrors at worst. At the same time, a new wave is on the horizon: A.I. startups that create proprietary data by providing products that generate new data each time they’re used. We call these coaching networks and believe they represent the future of enterprise software.“

–Jake Saper, partner at Emergence, a venture capital firm focused on early-stage enterprise companies that recently unveiled ECP V, a $435 million fund over 35 percent larger than its last raise, in 2015

24. Visual data and A.I. will dramatically expand the value of communications services.

„In 2019, visual data and artificial intelligence will provide a more valuable and personalized experience in communications. Imagine a meeting where each participant can see each other’s LinkedIn and other social media information; where meeting notes and action items are automatically synthesized and distributed to stakeholders; where the next meeting is automatically scheduled based on in-meeting discussions and based on participants’ calendars; where digital signage is customized based on who walks by it or where the last few documents the participants worked on are automatically pulled up on the screen. Deals will close faster, the administrative work around meetings will shrink, compliance will have complete meeting records, and virtual meetings will become even more productive and valuable than in-person meetings. With the audio conferencing industry shrinking and the video communications industry growing, and with the ability to store massive amounts of data in the cloud and the computing power to analyze it, we believe visual data and A.I. will disrupt the communications space in 2019.“

–Oded Gal, head of product management for Zoom, provider of enterprise video communications, which is ranked third on the Forbes 2018 Cloud 100

25. Multi-cloud will reduce costly downtime.

„Just as multi-data center deployments became the new normal years ago for companies that have been successful at digitally competing in their chosen market, multi-cloud deployments will begin to usurp their place. The Uptime Institute’s latest report shows that, while single cloud designs can benefit enterprises, they’ve become the second-leading cause of application downtime, much like single data center deployments were in the past. Those moving their data-driven apps to the cloud will need to architect them in a way so they are hybrid and multi-cloud in design to ensure zero downtime and uniform performance for their global customer base.“

–Robin Schumacher, SVP and chief product officer of data-management company DataStax, which supports more than 400 of the world’s leading enterprises, including Comcast, Macy’s, and Macquarie

26. The online marketplace will become the new traditional business model.

„Marketplaces will continue to be the new department store. [This year]–2018–saw the death of the beloved Toys R Us. Sears and JCPenney are having their fair share of struggles as well, despite once being successful forces in retail. Marketplaces are continuing to thrive. In 2019 and beyond, we will continue to see marketplaces take over as top revenue drivers in retail versus the traditional department store. Even though some retailers like Walmart or Target are working to innovate beyond their traditional business models, this won’t be enough to save most department stores from slight (or in some cases, rapid) decline.“

–Greg Chapman, SVP of business development at Avalara, a maker of tax compliance software that offers more than 500 hundred prebuilt connectors into leading accounting, ERP, ecommerce, and other business applications

27. 5G will go full throttle.

„Businesses will need to start preparing for how they will leverage 5G to gain a competitive edge. Across almost every vertical, increasing network bandwidth and speed while lowering latency can improve efficiencies at nearly every department level. But while businesses can be near certain about how they can effectively apply 5G to improve operations, predicting what security threats will come is going to present a significant challenge for IT. With IoT growth posing huge unknown risks to enterprises with the introduction of 5G, businesses will increasingly need to invest in both technology and employee training to prepare for the next generation threat landscape. What’s more is that 5G will not only give rise to new threats, but it will also provide cyber criminals with new opportunities to carry out attacks that we have seen grow in popularity over the years with greater force and impact. With this in mind, even an organization that does everything right to combat threats posed by 5G could still be impacted just as easily as those that are less security savvy.“

–James Willett, VP of technology at Neustar, a neutral provider of real-time information services with more than 11,000 clients worldwide

28. The demand for enterprise risk management will increase.

„Risk management is going to become an extremely critical topic for both the public and private sector next year. As a nation, we are facing complex geopolitical issues and state-sponsored attacks targeting our businesses and government on an enormous scale. Large financial institutions and Silicon Valley companies have already experienced billions of dollars in losses due to decisions being made without effective enterprise risk management. Data is both an asset and a liability and next year we are going to see the regulatory environment become even more complex around data governance, which will see enterprise risk management become a huge priority for the C-suite and board.“

–David Pigott, chief compliance officer at Neustar, a neutral provider of real-time information services that provides more than 11,000 clients worldwide with the power to make the most well-informed decisions to grow and guard their business

29. Cybersecurity becomes more than just an IT problem.

„Year-end cyber predictions often focus on specific threat categories and whether or not to expect an increase or decrease in their activity. [Next year], however, promises a more fundamental shift in the cyberthreat landscape, for example the impact of social media as an exploding vector for malicious activities and the implications for businesses protecting their assets. Cybersecurity is not an IT problem–it is far wider than just computers and the threats ahead in 2019 will make this painfully obvious.“

–Raj Samani, chief scientist at device-to-cloud cybersecurity company, McAfee, which has more than 92,650 corporate customers worldwide and monitors 400 million consumer endpoints

30. A tsunami of SMBs will abandon their attempts to maintain their own IT.

„Small and medium-size businesses face ever-greater complexity around supporting a rapidly expanding remote workforce and taking advantage of new technologies, such as artificial intelligence, multi-cloud storage, and big data. As a result, in 2019, we will see a tsunami of SMBs abandoning their attempts to maintain their own IT infrastructure in favor of a service approach that relies on a single, expert provider that can pull together the resources and solutions necessary to deliver a simple, integrated, and fully managed IT environment.“

–Dennis Curry, deputy CTO of global technology company Konica Minolta, which has over two million customers in 150 countries

31. Gig workers will be younger and more selective in their career choices.

„The rise in today’s gig economy obviously means more options. However, Millennial and Gen Zers are proving to be more selective job seekers than older generations, so companies will need to rethink their recruiting strategies in how to attract top talent from a pickier crowd to begin with.“

Source: https://www.inc.com/christina-desmarais/31-tech-predictions-for-2019.html

5 Entrepreneurship Truths Nobody Tells You About

There’s no denying that entrepreneurs are the new rock stars. We are bombarded with exciting tales of overcoming adversity on the road to success and the message is often that you too could quit your day job, launch a successful venture and reap the multi-million-dollar rewards. Here’s a reality check.

The fact is that three out of four venture-backed startups fail. Why? Because founding a company is harder than most of us imagine. Behind the glamorous image of entrepreneurship lies a rollercoaster of epic highs and crushing lows that can produce great rewards, but also negatively impact your relationships, quality of life and even your health.

To give first-time founders an insight into what they can really expect, here are five realities I wish I knew when I began building my own business.

It’s a common belief that the founder of an organization is its wise chief navigator who single-handedly steers the way to success. I found this to be a gross misconception. If a startup business is to flourish, the founder must set their sights on gathering the right people around them, as you can’t always be the smartest person in the room.

This might sound like an obvious statement to make, but it can be surprisingly difficult for a founder to hand over control. Assembling a strong team requires humility: the founder must accept that their skills have limits and recognise where they need to add the abilities of others. When I launched my company at the age of 25, it quickly became clear that while I had bucket loads of ambition, I needed a great management team and guidance from experts. Not only did I hire a management team of people who are all my professional seniors, I also quickly onboarded advisers with 20+ years worth of advertising technology, telecoms and business experience. The move paid off; my company grew quickly and many of my mentors later became my investors (and some even board members).

Pragmatism over idealism (almost always)

Founders are often idealists by nature. We start our own ventures because we want to solve problems we see in the world and, fuelled by the entrepreneurial fairy-tales that are so prevalent in today’s society, it often seems like creating the ideal company that runs just as planned should be achievable.

But perfection isn’t a realistic goal. Indeed, it’s highly likely that many of our best-laid-out plans will go awry somewhere along the line. A project you’ve always wanted to implement and spent 100 hours per week developing may turn out to be untenable. A friend who stepped in to fill a role might be the wrong fit for your firm. At such times, there’s no room for idealism — particularly when the situation hinders business prosperity.

To build a successful company, founders must be pragmatic: prepared to put emotions aside and change course, halt unfeasible projects after much blood, sweat and tears went into them, and make tough decisions. Although this sometimes means letting go of the original dream, a logical focus will likely propel company growth further than blind stubbornness.

The devil isn’t always in the detail

Quality is crucial to win customers and stand out against your competitors, yet it doesn’t follow that founders should try to preserve standards by acting as the main quality control checkpoint. While at first, you might be able to assess all operational elements — from customer emails to service delivery — an overly detailed-focused approach will become impossible to sustain as the company expands.

I was heavily involved in creative output at the beginning of my startup journey. As a former designer in the ad industry frustrated by restrictive banner formats on mobile, I wanted to design an experience of mobile ads that utilise lock-screens within a non-disruptive experience to the consumer. As our client base increased, so did business areas demanding my attention; be that strategy, shareholder management, or revenue flow. I just didn’t have the capacity to oversee each detail anymore and, consequently, had to hire and trust in a skilled team of experts to keep the quality bar high. If you build the right workforce, it’s important to have faith in them and let them shoulder their areas of responsibility, even if it doesn’t always end up exactly as you imagined.

Everything else comes second

It’s common knowledge that establishing a new business will disrupt your personal life, but I believe the full extent of this disturbance is less widely acknowledged. Firstly, it’s not unlikely that you will work many 16-hour days on zero salary, at least for the initial months, or even years. Secondly, you’ll definitely spend less time with your significant other, family and friends. Thirdly, you might need to eventually move country and leave your home network behind, which can be lonely at times, but helped once more by assembling a great team. Finally, it will rapidly become apparent that no one else is quite as dedicated to accomplishing your vision as you are. So, if you aren’t ready to give up a portion of your private life for the business, you may not be able to really make your entrepreneur dream happen.

It’s not for everyone (and that’s OK!)

There’s something very enticing about the thought of leaving the typical 9 to 5 routine and setting up as your own boss. Yet the actuality of entrepreneurship isn’t for everyone. For those who understand and embrace the pressure, sacrifice and strain that come with starting a business, it is usually a rocky road to victory. For a large proportion of people, however, the harsh reality of going it alone can outweigh the benefits. And that’s ok, because what matters most is choosing a career you are comfortable with. If your health and happiness are in jeopardy, it might be time to re-evaluate which path you want to follow.

None of this, however, is to say that entrepreneurship is a bad route to take. There are many benefits to building a company from scratch; not least of which are the freedom to innovate and the ability to structure your time and focus. It’s just that the advantages usually get the most attention, while the less romantic side of entrepreneurship is left out of the spotlight. So, before they are drawn in by the glow, it’s imperative for prospective first-time founders to consider the less glamorous aspects of being an entrepreneur and ask themselves: is this really the right decision for me?

Source: https://www.forbes.com/sites/forbesunder30asianetwork/2018/09/19/5-entrepreneurship-truths-nobody-tells-you-about/#5d7eb7dd3d09