A Changing Market Means Changing Your Business
According to Eric Ries, the unprecedented effects of COVID-19 on regulations, industry, travel and markets - with entire economies being turned upside down, now may be the perfect time to start a new business. And the same reasoning suggests that rethinking your existing organisation should be top priority.
“The best time to be an entrepreneur is when everyone is running for the exits. So yeah, it’s about to be a great time to be an entrepreneur” - Eric Ries
Ries is well known as the author of the best-selling book The Lean Startup which has become the de facto manual for running an effective business or launching a product. His approach centres on constant, rapid feedback and response, testing and measuring outcomes, forever adjusting and nudging the business in the direction that demonstrates the best results. Entrepreneurs like Ries acknowledge that the world around them is volatile and relish the opportunity to pivot and exploit the shifts. Minimum Viable Products (MVP) have been embraced as the default way to develop and deliver value to customers, pushing aside the previous thinking of big, up-front design.
Existing businesses must use the same means to avoid predation from eager startups. When you expect disruption, the realisation soon follows that becoming your own catalyst for change is the only way to control the situation.
As crises hit, tugging at the foundations and challenging the assumptions that shaped your services, you need to be ready to act.
- Know that change is happening
- Know what still works and what will fail
- Pivot to take advantage of the new normal
Not as a knee-jerk reflex to catastrophe, but a permanent state of vigilance and agility, automated and ever-present. Always discovering, always ready.
Robotica, partnered with DataRobot and Microsoft Cognitive Services, is uniquely placed to support you in preparing for the unpredictable. Self-monitoring, automatically evolving systems can amortise ROI much sooner than you may expect.