Be Different or be dead

September 20, 2021

Why ‘best in class’ is really a one hit wonder

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Why ‘best in class’ is really a one hit wonder.

Organizations are energized over one simple concept: find another organization that is good at something you’re not good at, and copy them (or try to).

The process is called benchmarking and it is characterized by expressions that everyone in business knows such as ’best in class’, and ‘best practices’.

I’ve written many pieces on why I think benchmarking has deadly implications for any organization on the hunt for a best practice.

No value

Benchmarking adds no strategic value to an organization since copying what others do can never result in competitive advantage.
Ultimate competitive advantage comes from being the ONLY one that does what you do.

No innovation

Benchmarking chokes innovation and creativity since copying what others do requires ZERO originality, and in fact robs the organization of any incentive to seek new ways of doing things.

No culture

Benchmarking is culturally dangerous because it creates the illusion that people in the organization are behaving in a way that adds value, when in fact all they are really doing is trying to transplant what has proven (to varying degrees) to work somewhere else.

But, in addition to the above, there is one other fact that copying organizations need to consider when deciding to slide-on-down the slippery slope of benchmarking.

It’s a caution: you may very well be following a ‘one hit wonder’.

Why?

It’s a simple proposition really. If one day you’re best in class in any one thing—process, product—and the crowd jumps on the bandwagon to copy you the next, your best in class status suddenly disappears and you’re another member of the herd who happens to have a solution to something that once was best in class.

And where does that leave you, the organization that decided to copy them in order (you thought) to gain some sort of an advantage in something?

You’re deeper in the herd with less advantage—and more ignominious—than you had when the lead dog was best in class and you may have been a fast follower.

There are two profound lessons here:

Freefall

If you suddenly find yourself in the best in class position, be prepared for the freefall you might experience when the copycats show up and you are (perceived as) nothing more than them and your prestige has disappeared.

Copying frenzy

If you’re a copycat (even a fast one), any advantage you may have had in adopting the best’s practice, process or whatever goes down the tube and you are anonymous.

The bottom line for me is that best in class is a fleeting notion, here today, gone tomorrow adding no long term value to either the possessor of the title or the pursuer of it.

The way out of this dilemma is pretty simple: find your own way and seek your own truth in terms of providing amazing solutions people will consume at profit levels owners are delighted with.

Sure, be curious as to how others have approached the same issue you are currently facing, but use their expertise as fodder to impose your own unique fingerprint on it rather than copy it blindly.

And never stop innovating because the herd is on your tail and they want to not only catch you, they want to destroy you.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

‘Audacious’ is my latest…

• Posted 9.20.21 at 04:22 am by Roy Osing
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September 18, 2021

3 proven ways you can protect your business by using Blockchain technology

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3 proven ways you can protect your business by using Blockchain technology.

These days, cybersecurity is one of the most pressing concerns for any business. Globally, 30,000 websites are hacked daily, making 64% of the world’s businesses victims of a cyber attack.

Online connectivity has become both a blessing and curse for businesses, but blockchain systems just might change all of that.

Blockchain technology is improving business security, creating new and powerful solutions in data protection. And the implications are revolutionizing the way we handle data.

But how is blockchain making this difference? And how are businesses applying blockchain towards a more secure information network?

By exploring these questions, you too can understand blockchain and its role in staying safe and relevant in business.

How Blockchain is revolutionizing cybersecurity

Blockchain systems are the next evolution of cloud data security. This is because blockchain offers new levels of protection, transparency, and privacy across data systems.

But what is blockchain and how is it producing enhanced security results?

Blockchain technology was created for and popularized by cryptocurrencies like Bitcoin. Blockchain systems are necessary for making cryptocurrencies work because they provide immutable data storage on a decentralized database, all linked together through cryptographic hash functions.

What this means is that there is no singular server system that stores information. Instead, the data is locked in a node behind personalized authorization keys that can then be used to access the data from anywhere.
This protects the integrity of information by keeping data separate, even though it’s linked together.

Then, the cryptographic hash functions make changing data all but impossible. To alter information on a blockchain, a hacker would have to alter the entire chain since changing one node interferes with the linked cryptography of other nodes. Dominating the chain takes computing power that not many hackers can manage.

The structure of a blockchain naturally gives businesses security advantages when it comes to protecting data. In securing Internet of Things (IoT) devices, for example, blockchain is especially useful because it can link and protect access points while tucking private data away in various locations. This safeguards systems against network crashes as well as expensive data breaches.

In the course of protecting data-driven business practices, blockchain stands to improve security across the board. This has countless practical applications for business owners looking to reduce risks while enhancing efficiency.

Practical applications of Blockchain for business owners

Blockchain equates to an all-new ability to innovate data security and transparency for business owners. The results often come in the form of efficiency and security upgrades that take business data from a place of vulnerability to one of safety. This is all possible through the ways blockchain can be applied to more efficient use of data.

Here are some of the practical ways in which business owners are already applying blockchain for enhanced business security:

1. Tracking changes — One of the key cybersecurity features of blockchain that makes it a revolutionary tool is its ability to immutably store all change information that occurs within a data set.
With blockchain, changes are time stamped and locked in forever. This includes everything from transactions to authorization data.

This is especially useful when it comes to the security of food products. In one instance, Golden State Foods partnered with IBM to implement a blockchain-based tracking system for food transit and IoT sensory data. This meant the path of food and its quality metrics were stored transparently across the chain.

From here, the company can ensure the quality of its products by tracking any updates to the information. This makes implementing a recall simple and more effective should it be necessary and keeps customers safe.

2. Preventing breaches — Blockchain also acts to protect against data breaches. This is especially important as businesses make greater use of IoT sensor networks to monitor and improve their own practices.

And companies are applying blockchain already to help ensure the safe transfer of information across IoT devices. For example, Hdac security technology creates quality records at each process stage on a private blockchain. Then, data is cross-checked and inspected for authorization and behavior, ensuring the quality and accuracy of data use.

In this fashion, companies can protect against IoT network breaches through comparative data solutions on the blockchain.

3. Backing up data — Last but not least, blockchain is instrumental in business security through its ability to back up data safely. Blockchain excels in this regard since it is incredibly difficult to alter blockchain data and the decentralized nature of these systems ensures that all data isn’t stored in a single place.

Many companies, resultingly, have had success adding blockchain to their data backup procedures. Acronis, for example, has applied blockchain file certification to all their storage systems and in doing so has secured millions of data files.

By integrating peer-to-peer computer networks for storing data over blockchain, companies all but guarantee that data will be safely backed up somewhere. This mitigates the threat of data breaches and ransomware attacks.

Securing your business future

These features of blockchain technology offer unprecedented security solutions.

This technology takes what can be an overwhelming job and reduces it to a system of checks and balances that can be simple on a blockchain platform.

Integrating blockchain in data security on the job can then make problem-solving easy for full-stack developers already attempting to juggle dozens of complicated security factors.

From there, your business security solutions can make the strides needed for protection in the modern world. No matter the path of your cybersecurity career or business endeavors, consider applying blockchain to give you the data tracking, safety, and backup options you’ll need.

— Jori Hamilton is an experienced writer residing in the Pacific Northwest U.S. She covers a wide range of topics but takes a particular interest in covering topics related to wellness and mental health. To learn more about Jori, you can follow her on Twitter and LinkedIn.

• Posted 9.18.21 at 06:59 am by Roy Osing
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August 23, 2021

How your competitive advantage can be stated clearly and simply

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How your competitive advantage can be stated clearly and simply.

What’s your competitive advantage in the market?

What distinguishes your organization from your competition?

What sustaining differential advantage do you have?

All of these questions try to get at the answer to the question “Why should I do business with your company and not one of your competitors?”

Let’s look at some of the more common expressions used by businesses to explain what they believe to be the advantage they have over everyone else:
— we have the best technology.
— we provide the best customer service.
— we deliver amazing customer experiences.
— we will exceed your expectations.
— we have highly trained staff.
— we offer the lowest prices.
— we are the market leader in providing CRM solutions.
— we’ve been in business since 1950.
— we’re here for you, we’ve got your back.
— we offer customized solutions.
— our products are of the best quality.
— we offer fast, reliable same day service.

These types of competitive claims have limited value to separate one organization from another because most organizations claim the same thing. If you’re in the communications business, for example, most of your competitors claim they have the ‘best’ network, provide the ‘most complete’ product and service portfolio or offer the ‘most enjoyable ‘ customer experience.

Why do most organizations waste their breath and make these types of claims?

For one simple reason: they look at the types of things others are saying AND THEY COPY THEM! Can you imagine benchmarking another company when it comes to declaring competitive advantage? Absurd to say the least but it happens all the time.

Uniqueness, innovation and creativity are MIA in leadership fulfilling this incredibly vital role.

There are 3 reactions I have when I hear these types of statements:

1. What are you saying? — the devil’s in the details.

What exactly is meant by ‘exceeding expectations’ and ‘we’ve got your back’?

Unless someone understands the intent of the statement it’s merely stratospheric clap-trap; a helium-filled aspiration with no substance. It’s worthless.

Now, if a claim with this type of intent said something like “We will always try and say YES! to what you ask of us” I would sit up and take notice.

Or if it said “We will always do more for you than what you ask” I would have pretty good clarity on what behaviour to expect from the organization saying it.

And then break your claim down into even more detail for more clarity for your customers and your employees. When you declare that you will ‘say YES!’, give examples so people will get a picture of what is intended. If you’re in the restaurant business you might be willing to give your customers something they want that is not on your regular menu.

The point is, your competitive claim must be granular as opposed to aspirational if it is to have any real meaning at all.

2. So what and who cares? — the question of relevance.

There are tons of competitive claims that promulgate a benefit that few are looking for (but the company thinks is cool), and there’s nothing as abysmal as claiming you’re great at something your target customers don’t care about.

This is the classic factory supply-push approach used by far too many businesses that simply want to flog their products and services to the masses with no specific individual in mind, emphasizing the features they have and the technologies they use.

These organizations hope that enough people will buy what they’re flogging and that the size of the ‘average’ customer group that goes for their claim is large enough to make their moves profitable.

A radio station in Vancouver declared they are ‘the only ones who provide traffic and weather every ten minutes on the ones’ even though their competitor only provides traffic information. ‘On the ones’ may be true, but it’s irrelevant given the option their customers have.

In addition, most claims address the general market — and the ‘average person’ — so it’s likely that it will resonate with some people and miss the mark with others. Why? Because it’s a supply-based claim and not a demand-driven one.

Learning points: make sure your competitive claim is based on what your target customers crave (link) and not what you supply.

3. Prove it! — the challenge of truth.

This is where the proverbial ‘rubber meets the road’ on your competitive advantage claim: it must pass the burden of truth.

Who owns the truth? If you really have a winner, go ask your target customers whether they actually believe it. Do you consistently ‘say YES!’ when someone orders an item not on your menu? They will tell you!

In addition, take a look at your operational processes, measurement systems and accountabilities. Do you have the ops processes in place to deliver on your competitive claim?
Are measurements being done on the various components to ensure the right hand-offs and deliverables are achieved?
And have accountabilities been established with the key owners in the organization to make the delivery systems a priority? If delivering on your competitive claim isn’t in the performance plans of key executives, it’s unlikely it will be treated as a priority and get done.

The ONLY Statement is the way to solve the deficiencies of the current methods used to differentiate one business from another.
I’ve used it for years and have seen the incredible success businesses have had with it.

‘We are the ONLY business that …’ is the way to communicate specific value to your target customer group in a way that can be measured.

It’s hard work creating The ONLY Statement for your organization but it’s worth it if you really want to separate yourself from the boring herd.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

‘Audacious’ is my latest…

• Posted 8.23.21 at 04:01 am by Roy Osing
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August 9, 2021

Why the most important reason for success is staying relevant

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Why the most important reason for success is staying relevant.

Why is relevance a key strategic concept; why does it matter?

Relevance drives the motivation of people and organizations; to be relevant is to be successful.

Irrelevance, on the other hand, is the state to be avoided because to be irrelevant is to be ignored by those you wish to be visible to and admired by. And being ignored is to not have a voice listened to or a place admired in the world.

Relevance in business

Successful businesses remain relevant to their customers and we can see vividly what happens when they’re not. They go out of business; they die.

Relevance is a dynamic state; it is a function of what’s going on in the the environment around you.

Irrelevance is not keeping pace with the changes impacting you; relevance is embracing them.

To maintain relevance in your business you need to skillfully manoeuvre your organization through the following set of dynamics:

— Customers’ needs change.
— New competition emerges.
— New technologies appear.
— Unexpected cataclysmic events happen.
— Regulations restrictions are imposed.

In the face of this variability, organizations must find their way if they are to remain relevant and survive.

I can’t offer any organization a prescription for survival under such circumstances; but what I can tell you for certain is that what worked for you yesterday is unlikely to work for you tomorrow.

But I can offer you my process that has been stress tested in the real world and will help you arrive at your own solution if you put in the work.

The process is pretty simple but if you do the work and trust it, you will figure out what you need to do.

The relevance question

Ask yourself ‘The Relevance Question’:

”Now that I find myself in this new reality, what do I have to do differently to stay relevant?”

Possible outcomes from asking the question:

1. Failure to ask the question and assume you can carry on in a business as usual way will most certainly doom you to failure; your organization will die.

2. Asking the question but choosing a solution that doesn’t work - maintaining an irrelevant condition - means it will take longer to recover and survive, but only if you keep asking the question and seeking more workable solutions.

3. Asking the question and landing on a workable solution right away is nirvana; relevance is immediately maintained and death avoided (until the next unexpected discontinuity hits you at which time you have to ask the question again).

The critical thing here is the mindset of understanding an organization must constantly test their relevance in the markets they serve and to have a process to do it.

Look at the business failures that have occurred and you will see irrelevance in action. Leaders either assumed what made them successful prior to their difficulty would continue to serve them well in new environments and didn’t ask the relevance question, or they asked the question and didn’t come up with a workable answer.

Regardless of the reason they failed.

Role of leadership

Leaders must take a more proactive role in assessing relevance without having to wait for a crisis to do it.

▪️ In formal business planning sessions, rather than just ask about product life cycles and where products fit, ask about where the organization is on the relevance cycle and discuss the strategy options they should adopt to maintain or increase their relevance;

▪️ Ensure the appropriate data gathering tools are in place to feed the discussion around this question. If you’re not continually probing where your organization is on the relevance scale — 10 = highly relevant; 0 = totally irrelevant — you can’t answer the question and hence won’t be able to take any meaningful action;

▪️ Ask the frontline about their opinion. They will be able to tell leaders where the major customer ‘pinch points’ that signal relevance issues are and how severe they are.
Leaders need signals that foreshadow irrelevance and the frontline are excellent sources for them. And they won’t sugar coat the truth like some managers might;

▪️ Conduct a relevance appraisal on each of your top competitors to see where they might be vulnerable. Integrate the results into your business planning process; take action to exploit any opportunities exposed by the analysis.

Maintaining relevance should be a success and survival competency of every organization and it should be an essential element of culture.

If you’re not relevant, you’re dead (or soon will be).

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

‘Audacious’ is my latest…

• Posted 8.9.21 at 02:35 am by Roy Osing
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