Cannibalize your business, because even if you’re ahead you’ll get passed by smarter competition

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08-05-2014 12:46 PM
SimonThompson
New Contributor III
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I’ve had a chance to review many of the post Business Summit interview and was struck by the comments of Jon Voorhees from Bank of America; one of our biggest and brightest financial services clients. He said

“While we may be ahead of most of our competitors, we are so far behind where the technology can provide for us today. And we've got to catch up, because someone's going to pass us in their ability to think better; have better insight; and therefore make better, faster decisions.”

Two things stand out for me about technology, location analytics and business:

  1. Any organization is only as good as its ability to apply the business value it gets from technology and
  2. You need to continually evaluate how you make decisions and challenge the status quo. 

We’re all accustomed to new feature and changes in software and companies invest in training to learn those features but it strikes me that not enough companies realize that they need to evolve their business thinking too.  As @PhilSimon points out 

“In the Age of the Platform, complacency is just about the worst mistake you can make. If you don't cannibalize your own business, your competition will.”

And that’s the crux, technology will only take you so far. It’s people that matter and how they think. How you empower them to take the company in new directions, to apply novel ideas and use technology in more intelligent smarter ways – that’s what keeps your business fresh and competitive. Esri continues to make our software easier to produce powerful, insightful visualizations and analytics and that’s arming people with new skills and opportunities to apply location analytics to get ahead and keep ahead.

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About the Author
I soldered my first computer and learnt assembler so I could make full use of what I'd built. 35 years later it feels like we are doing the same with data in business. If geo is the answer then we need more People and Process focus than just technology when we discuss KPIs.