Old school tools made relevant can be magic!
Yesterday Nina blogged about the basic concept of a Fishbone and using it to brainstorm the answer to a specific question. As basic as it sounds the risk of ignoring burning questions is all around us today as Companies like Eastman Kodak file for bankruptcy and the high street is in freefall
Another traditional business tool is the Boston Matrix – used to assess and measure the current success of your products or services and based on how well they are doing make decisions on whether to invest further in them or get rid of them all together. It’s a great tool but it’s no longer enough to make decisions on what you know today. In todays World the pace of change is so rapid that what you believe to be a star today could be a dog by tomorrow and if you don’t react quick enough you not only lose competitive advantage but you get left behind
Cheeky Monkey ask another question when completing the matrix – What does the market need? We make sure our clients look at the forecasted trends of tomorrow and ask themselves will my current stars deliver this? If they can’t is it worth investment? Could they become a cash cow or will they become dogs. Knowing this information upfront will allow you more control in managing your product lifecycle. If none of your current products will deliver against what the market needs then you can plan your market exit and spend money on innovation in identified areas and ensuring you have pipeline for future stars.
Microsoft released a video at the end of last year showing how they believe technology will change the way we live our lives
Make sure you understand what tomorrow looks like in your World, look out to the stars don’t stay ring fenced in a field with cows and dogs!