In our forthcoming book, “Navigating the Data Minefields: Management’s Guide to Better Decision-Making” we coined the term, Valid, Reliable and Timely (VRT). “This term identifies all data dimensions including its temporal component.”
Check Up
When we go to the doctor we expect that the information conferred by this professional is Correct, Consistent with the current medical knowledge base and Relevant to our present. If it is not, the confidence in the diagnosis degrades and can even lead to malpractice driven legal issues.
One of the issues a patient faces is the significant difference in the knowledge base between the medical professional and the layperson sitting across of him/her. Many accept the statements of the professional as gospel. Sometimes to their regret.
Enter the Knowledgeable Buyer
We live in a technological era even though many of us are technologist. Often the technology itself is user friendly and reduces our core knowledge.
How many of us rely on a calculator or spreadsheet to the extent our math skills have suffered?
This Baby Boomer spent much of his career on the bleeding edge of the computer era. Today I am not conversant in the details of Acritical Intelligence (AI), Machine Learning, Big Data etc. However, I know how to ask the right questions!
One of the Right Questions is embodied in our Economic Value Proposition Matrix (EVPM). Does this technological investment add value to the organization and if so, how and how much? In other words, the economic value of the expenditures. Keep in mind that technology expenditures include not just the cost of the product, its support infrastructure, switching costs and training among other change management processes.
One does not need to be a medical professional to query the doctor about the recommended action plan. Common sense and knowledge of our body in the case (or our business) as the saying goes, “is not so common.” Don’t just jump on the technology bandwagon, do your homework and ask “does this add value to our culture as well?”
VRT
Does the proposed project make sense does it sound like it is a Valid or accurate process? Is it consistent or Reliable and finally is it the right time for our ‘culture’ and organizational maturity to make the change?
You might be surprised at these common sense answers.
Does your organization have a plan/process in place to cut through the technology clutter?
For More Information
Please note, RRI does not endorse or advocate the links to any third-party materials herein. They are provided for education and entertainment only.
See our Economic Value Proposition Matrix® (EVPM) for additional information and a free version to build your own EVPM.
The author’s credentials in this field are available on his LinkedIn page. Moreover, Dr. Shemwell is a coauthor of the just published book, “Smart Manufacturing: Integrating Transformational Technologies for Competitiveness and Sustainability.” His focus is on Operational Technologies.
“People fail to get along because they fear each other; they fear each other because they don’t know each other; they don’t know each other because they have not communicated with each other.” (Martin Luther King speech at Cornell College, 1962). For more information on Cross Cultural Engagement, check out our Cross Cultural Serious Game. You can contact this author as well.
For more details regarding climate change models, check out Bjorn Lomborg ands his latest book, False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet.
Regarding the economics of Climate Change, check out our recent blog, Crippling Green.
For those start-up firms addressing energy (including renewables) challenges, the author can put you in touch with Global Energy Mentors which provide no-cost mentoring services from energy experts. If interested, check it out and give me a shout.