These days, businesses need to search through thousands of bytes of data in order to formulate trends and build new business models based on these trends. However this analysis is moving away from disruptive innovation and more into a balanced approach.
Every 60 seconds, the world creates an average of 98 000 tweets, 695 000 Facebook updates, 11 million instant messages, 168 million emails and over 1,820 terabytes of data. The modern day business has to search through all of this to find trends to build products and services to respond to, so more and more, business analysis is moving away from the “disruptive innovation” fad and more into a balanced approach where business uses data and information to decide on whether to optimise the systems and models they already have, or to totally disrupt markets.
“We often view innovation from a funnelled perspective, where we perceive disrupting markets with new propositions as the only form of innovation. This is not true. Innovation should not simply always entail disruption, sometimes optimisation is the ultimate form of innovation simply because it looks to solve the core problem by fixing what is broken with it rather than replacing it all together,” says Dr Yudhvir Seetharam, Head of Analytics at FNB.
Seetharam believes businesses need to first have a deeper understand of how optimisation differs from disruption.
Disruptive innovations are defined as technologically straightforward innovations that are often not appealing to the mainstream market at that time. The first automobile was not mainstream as people back then were used to horse-drawn carriages. The telephone replaced the telegraph, the PC replaced the typewriter and Wikipedia replaced encyclopaedias, all these fit the definition.
“Businesses that survive and thrive need to understand what actually drives their business – demand and supply factors; and also be able to create customisable sales conversations to enhance customer experience. These all talk to optimisation. Disruption would then come in the form of extracting insights from data, combined with research to build new business models and enable experimentation of new ideas,” explains Seetharam.
Successful implementation of disruptive ideas often comes with viewing data as a flow of information as opposed to at a point in time – do not view each customer event as an isolated incident, but rather consider the entire lifecycle of that customer to enhance your next interaction with them.
Essentially, there needs to be a paradigm shift in the approach to the use of data in informing decisions. Disruption may not be the most ideal or cost effective approach, even though it is the current talk of the town. What businesses may have to consider going forward is that the successful use of data and analytics relies on data not being considered an IT function, but rather a business function that requires IT input and support.
Once data is viewed as a function that can inform all decision making in a business rather than reserved to a single business function, a business will achieve a more practical approach to making business decisions.
“At the core of it all though is that business thinking needs to start moving away from using data simply to innovate through disruption. In most cases, the most effective way to innovate is to use data to understand what is currently not working and simply optimise that, ” concludes Seetharam.
Win a Poster Heater with Gadget and Takealot.com
This winter Gadget and Takealot.com are giving away three Poster Heaters, which look like posters but become heaters when you plug them in.
Three Gadget readers will each win a unit, valued at R550 each. To enter, follow @GadgetZA and @Takealot on Twitter and tell us on the @GadgetZA account how many Watts the heater consumes.
What’s the big deal about these heaters? Many of us are struggling to keep the balance between soaring electricity costs and the need to keep warm this winter.
However, the recently launched Poster Heater by EasyHeat and distributed in South Africa by Takealot.com is not only one of the most cost effective electric heaters currently on the market, it is also easy to setup and use.
As the name indicates, it is a poster similar to one you would hang on a wall. But, plug it in and it turns into a 300 Watt heater. The Poster Heater isn’t designed to heat hallways or large rooms, but rather smaller ones like a bedroom or a baby’s nursery or a dressing room.
It uses radiant heating, which means that it heats up in a couple of minutes and the heat is directed at the objects or people around it, quickly taking the chill out of the air and providing a comfortable ambient temperature.
The other advantage of radiant heating is that it doesn’t dry out the air like infrared or gas heaters. Users also don’t have to worry about their children or pets getting too close to it because, even though it gets hot, it can be touched.
To enter the competition follow the steps below:
Competition entry details:
3. The competition closes on 31 July 2018.
4. Winners will be notified via Twitter on 1 August and Takealot.com will be in touch to organise delivery.
5. The competition is only open to South African residents.
Happy Emoji Day! Here’s 10 reasons to be cheerful
First created by Shigetaka Kurita in 1999, the emoji has become a huge part of everyday communication. Whether you love them or hate them, flying dollar bills, applauding hands and rolling eyes are here to stay.
Scientist suggest that the use of emojis will help us gain the same satisfaction from digital interactions as we enjoy from personal contact.
Almost two decades later, and we have over 2600 unique emojis to perfectly express what we feel, thank you Mr Kurita! Join HMD, the home of Nokia phones as we celebrate World Emoji Day on the 17th of July with these interesting emoji facts:
The most popular emoji used is “Person Shrugging”
1. The Nokia 3310 was chosen as one of the first 3 “National” emojis for Finland… it represents unbreakable!
2. South Africa’s favourite emoji is the “Kiss and wink”… how sweet SA!
3. French is the only language where a ‘smiley’ does not top the list for its use
4. On average, over 60 billion emojis are sent on Facebook every day
5. For the first time ever, the Oxford Dictionaries Word of the Year was a pictograph! The “Face with Tears of Joy” was crowned word of the year in 2015
6. According to Emojipedia, some of the most requested emoji’s include afro, a bagel and hands making a heart
7. To include all races, a diversity pack was released in 2017
8. It has become so trendy that the Museum of Modern Art displays the original emoji collection on canvas
9. In 2009, Herman Melville’s classic Moby Dick was completely translated into emoji’s