Imagine the Future – Trend Advantage Part 2

Introducing DataKey’s Trend Advantage article series – learn how to recognize and capitalize on marketplace trends to accelerate your business!  [Part 1] | [Part 2] | [Part 3]

Understanding mega trends and their potential for strategic change in your company is critical to long term survival and profits. Companies that act now to analyze future mega trends are able build competitive advantage. Trend Advantage is a process to assess mega trends that are just starting to build today, and to design actions so that your company can profit over the long term. The entire process is based on three steps as shown below. This is the second in a series of articles that explains the steps in greater detail.

Turning Marketplace Trends Into Competitive Innovation

Once you have identified the mega trend impacts, validated your assessment of those impacts, and positioned yourself to take advantage of the oncoming wave of change, it is time to inspire others around you to see the future the same way. While it’s tempting to look at market share, CAGR, ROI and other business case metrics, the unfortunate fact is that the numbers are all SWAGs about the future that cannot be gathered or confirmed. In some cases, the market is so new that a business case would not provide sufficient investment justification.

So what can you do to get your company on board? You are not promising immediate payback; instead, you are asking the company leaders to position the company for a longer term survival and profits.  To be successful, you’ll need to create a vision of the future that’s compelling – it must be believable, rational and, most importantly, inspiring. Keep in mind that the vision needs to satisfy the needs of the audience at almost every decision level, from the Board of Directors and top management to the leaders that manage the resources working on the new projects – perhaps in R&D, the CTO office, Product Innovation Labs or New Product Development.

To successfully reach all these groups, the idea needs to be visual and conceptual while still appealing to the power of data-driven decision making. You may need to create a vision in multiple areas depending on the scope of your business. Mock-up diagrams, use cases, and supporting data about the trend are all essential tools for making an effective and cohesive case for your vision.

Below is one example of the future of automobile connectivity and infotainment. It is easy to imagine that all of these elements that exist in a different form today could be put together and integrated into the environment of the car for safety, driver information, multi-purpose analytics and entertainment. With the vision clarified, it’s easy for top management to sign-off on the project. Your creative R&D engineers, marketing and new product development teams can begin the process of ideation, find the gaps from where your company is today, and put the plans in place to create the vision you describe.

Example of How Mega Trends Spark Innovation

DataKey Difference: Strategy is directly connected to tactical planning throughout the organization to ensure successful implementation. Generate inspiration towards a profitable and sustainable future for your company.  DataKey has the tools and experience your company needs to create effective strategies to interpret and evaluate mega trends, specifically tailored to your company’s industry, products and services. With DataKey as part of your team, take your long-term strategy off the back-burner and start building towards your potential today.

Ready to learn more?  Read the rest of the series [Part 1] | [Part 2] | [Part 3] or contact DataKey today!

Advertisements

About datakeyconsulting
You may have experienced consultants who made high-priced recommendations followed by implementations that didn't "stick." DataKey’s founder vowed to form a different kind of company. DataKey has successfully completed hundreds of projects across more than 30 different industries for companies from mid-market to Fortune 500. As a measure of client satisfaction, over 90% of our clients engage in more than one project with our team. DataKey is one of the fastest growing management consulting firms in Westchester County, New York. Founded by Ted Miller in 2004, DataKey now has offices in New York and California. DataKey builds better companies; Accelerate Your Business Objectives!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: