Today's competition could actually come from across industry barriers.
It could happen just because, it could come out of the blue in some sense.
MobilePay could actually compete with Banks, when taken some sense could disrupt
the state banking sector, well regulated banking sector as well.
Which brings up the question, are there any silver bullets?
If you were Sony or Cannon in 2003, and the digital photography
revolution was just taking off, how would you know what was in store?
How would you know just how bad the impact would be?
What could you have done, in some sense, to forestall it?
Take a minute, think about it.
Are there any silver bullets?
If you were some other company in some other sector, is there a way,
an approach, a method for me to know that I'm going to be disrupted tomorrow?
To me, there is only one, in some sense, and ones that are a little bit out there.
And that is to focus on customer need.
It doesn't have to be,
the customer need could be satisfied by an offering from another industry.
It doesn't have to be within my own industry.
So if that is changing, that is basically what, in some sense, I want to look at.
And then with these problems arise opportunities, latent needs are one such.
Now, latent basically means something that has been at the surface,
that is not actually visible.
And latent needs are those needs of customers
that customers don't know they have.
And offering a product could appeal to a latent need, and
the market could switch overnight.
In some sense, latent means present a problem and an opportunity.
You, as a firm, could actually discover a latent need, and
perhaps capitalize on that, based on firm capabilities as of now.
Conversely, someone else could discover your existing customer basis latent need
and try to, in some sense, attack that.
All of this would call for a reliable data analytics operation,
predictive analytics, curative analytics, too, for that matter.
Would require a very nice data problem formulation,
data collection, data analytics operation backing it up.
With that, we are completed with the first session of this course.
In the other three sessions,
we will explore data collection plus analytics in a lot more detail.
And digital media of course, also playing a role in data collection.
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