Blue Ocean Strategy gets your business moving in new directions as you shift from competing to creating a new market space.
"From Siri to Alexa to Watson, we're living in an AI world," says Peter George, CEO of empow, a global cybersecurity firm. I couldn't agree more. From carrying on conversations with humans to propelling self-driving cars, Artificial Intelligence (AI) is fast becoming an integral part of everyday life. And its influence in the world of business is no exception.
The vast capabilities of AI and how they are being used in business is the focus of a recent American Express OPEN Forum article which features the viewpoints and predictions of eleven business leaders, of which I was one. (Peter George was another.)
Though we come from different industries, the eleven of us all recognize the enormous value of AI and how it can be used in business to complement, but not completely replace, humans. This is a big subject, and only getting bigger, which is why I'd like to share with you a sample of these leaders' statements, along with my own. Enjoy, learn and share. (You can access the article here.)
When it comes to adopting new technologies, most people assume that the accounting industry is far behind, stubbornly resisting change. Yet in reality, the opposite is true. Today, the entire accountancy industry is rapidly being transformed, primarily due to productivity optimization brought about by the ever-growing tech revolution. Even at SAMC, we're taking advantage of new technological advances, such as Inbound Marketing.
Gone are the days of accountants being burdened with repetitive, time-sucking tasks. With the dawn of innovative technological solutions like intelligent automation, better predictions and efficient data analysis, today's accountants can now spend more time focusing on helping their clients grow their companies through better business strategies.
And it's not just the accounting industry that's being transformed by highly useful data analytics. Almost every industry these days is affected. Here are just a few of the influences that are revolutionizing the way companies do business today:
Photo courtesy of The Roanoke Star
Whether you know all there is to know about blockchain technology, or whether you know nothing about it, this worldwide phenomenon is changing how we do business, conduct commerce, keep our currency secure, even book a hotel. Its influence is growing by leaps and bounds, so if you're not familiar with how it works, you need to get up to speed, fast.
That's the essence of a recent article I wrote for The Roanoke Star, in which I said that people typically think of blockchain only in connection to cryptocurrencies such as Bitcoin, Ethereum and DigiByte. But the blockchain technology is really what people should be paying attention to. (Read the article here.)
Originally created to keep cryptocurrency transactions secure, blockchain now has seemingly limitless applications
As I state in the article, blockchain's value lies in the fact that once data is recorded, it can’t be changed without the approval of a majority of network participants. This creates a (supposedly) fraud-proof system and authenticates the information that’s exchanged.
As examples, here are just a few of the ways blockchain is being used today:
Whether you’ve been in business a long time or are an aspiring business owner, you’ll discover how powerful and empowering it is to be supported by your fellow female entrepreneurs as you navigate your way through the complexities of entrepreneurship as a woman in today’s world.
We’ve put together a list of incredible websites with the mission to empower women entrepreneurs on their journey to success. You may be ready to grow an innovative business to reach your pinnacle of success.
The list below shows you the wide range of missions for these leaders. From the stories you will see on She Owns It to the EveryGirl that might just be you looking for the inspiration to live that great life. Take it from two life-long entrepreneurs. It is a great journey. One we love to share.
Blue Ocean Strategy®: It works when you work it but not when you don’t
I was speaking with someone recently who works for a ski resort that had wanted to find a Blue Ocean Strategy several years ago. Skiing and snowboarding were not growing, and mountains—whether they were destinations or weekend retreats—needed to find more nonusers to enjoy the experience.
Unfortunately, their Blue Ocean Strategy had not taken them very far so they abandoned it. While disappointing, this was not unfamiliar.
At SAMC, we often work with companies that need or want to change and that think, perhaps, they too can be a Blue Ocean success story. What we find is that they can, but it requires a combination of a crisis, a willingness to make the unfamiliar familiar and a Blue-Ocean style toolkit that can provide process and comfort to the unknown.
Microsoft vs. Apple: A leak ended a promising new product that might have dominated the market
The fact that this ski area had not succeeded was disheartening. What might they have done differently to find and implement a Blue Ocean Strategy?
Recently, we gave a workshop to several dozen CEOs who had less than stellar years. They had their strategic plans in place and tactical actions laid out. Now they were ready to see how their strategies were working for them — or not.
While they could each explain why results were not as strong as expected, what began to dawn on them during our workshop was that part of the problem was their strategy. In each case, it needed to be reviewed and reworked in order for their businesses to get going again.
Need business growth?
You might need a Blue Ocean Strategy.
At Simon Associates Management Consultants (SAMC), we specialize in Blue Ocean Strategy® thinking and in working with companies to redesign their business strategies. Blue Ocean Strategies help companies find unmet needs and add value in innovative ways so that they are not just "another business solution" but the "only solution.” (At least for awhile until others catch up.)
As trained Blue Ocean practitioners with over 350 workshops and dozens of client engagements under our belts, we help companies see how a new approach — Blue Ocean style — can lead them to find new untapped markets awaiting their solutions. Exploiting these untapped markets then leads to business growth, the ultimate goal.
- Blue Ocean Strategy®: A Brief Introduction
- Time to Make the Competition Irrelevant, Blue Ocean Style
- To Capture Men, Healthcare Systems Need a Blue Ocean Strategy®
So, what is Blue Ocean Strategy?
Blue Ocean Strategy is a theory, method and toolkit developed by W. Chan Kim and Reneé Mauborgne and outlined in their breakthrough book, Blue Ocean Strategy. First published in 2005 then republished in 2015 with new information, it has become the core approach we use with our clients, many of whom are literally "on the brink" before getting unstuck and moving ahead in new directions. (You can read more in my book, "On the Brink: A Fresh Lens to Take Your Business to New Heights.")