Reading about data being the new oil and the next gold rush being a data gold rush, one thing stood out for me:
It will be interesting to see who becomes the Levi Strauss of this particular mining rush. Strauss became rich not from mining operations but by selling clothing and equipment to miners…I wonder how much that history will repeat itself in this rush to mine data. It remains to be seen who benefits or ultimately profits from all the data mining that will happen.Innovate on Purpose: There’s gold in the data…
Sometimes we are all so busy looking in the same places, flocking for the same opportunities, creating competition and settling for less in the end that we neglect the real opportunites, the underserved ones. Be mindful.
The most common problems with strategy is that (a) it can be extremely poorly based on actual insight and data about market and customers and (b) it tends to become antique the moment, you have dotted the last i and crossed the last t in the grand plan.
When I recently tought a group of students at Aarhus Erhvervsakademi and Dansk Markedsføring about digital strategy and business development one of my main messages was that strategy today is not a plan. It is a set of hypothesis about market, customers and bets, we can make that we set ourselves goals towards trying to achieve. And remain flexible towards revisiting when needed. Not in terms of overall vision and goals but on the road towards that goal.
Strategy today is a fluent thing and with all the unknowns out there and the constant changing landscape, you need to be prepared to have your core hypothesis invalidated at any point in time. You need to be able to adapt, and you need to do so by defining new hypothesis that you can design your evolving strategy and market approach around. Everything else is – at best – wishful thinking.