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jerryking : frictions   14

The last days of the middle-class world citizen
October 3, 2019 | Financial Times | Janan Ganesh.
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what I think Janan Ganesh is talking about; the divide between the globally mobile elite and the locally restricted peasantry is getting increasingly stark, and the middle class is being hollowed out.
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'10s  Big_Tech  climate_change  decline  deglobalization  disposable_income  downward_mobility  dystopian_futures  frictions  future  globalization  Janan_Ganesh  lifestyles  middle_class  millennials  pessimism  societal_choices  subtractive  The_One_Percent  thought-provoking  travel 
15 days ago by jerryking
Bolts from the blue test our fragile systems
Andrew Hill YESTERDAY

Resilience, a spokesman told me, was “built into the design”, just not enough resilience to soak up that one-off lightning strike, the original metaphor for everything that seems vanishingly unlikely to happen. Until it does.......Resilience used to be a low priority but only after the 9/11 attacks violently woke all Manhattan businesses and residents to the potential shortcomings of their back-up plans. For a time, we had our own family resilience plan, complete with pre-determined emergency meeting points, and supplies of duct tape, bottled water and canned food. Likewise, it took the financial crisis to galvanise many banks, regulators and governments to think about how to respond to, and protect against, previously unimagined threats. All this prepping for uncertainty and change is, of course, positive. But it is also easier than resolving some of the wider pressures that make resilience training essential......our obsession with efficiency.....has made economies more productive, cut poverty and improved living standards. But.....it has also become “the god that we worship unthinkingly”. Efficiency has led to (over)consolidation. Such monocultures are fragile and vulnerable to calamities.....resilient workers are better able to respond to such changes.....but deep down organisations might be hoping that their newly flexible, gritty managers & staff serve in the vanguard of another push for efficiency, without due regard to the system’s safety......Roger Martin’s solutions to such global weaknesses involve adding more friction to the system, from the top down. They include rules to oblige investors to hold stocks for longer, more active antitrust policies, and targeted trade barriers. This would require a degree of intervention and co-ordination that may be beyond most governments.....organisations cannot afford unlimited insurance. ....But in too many places, too many people are running a single, consolidated system, with little or no resilience.
resilience  fragility  9/11  concentration_risk  efficiencies  disasters  disaster_preparedness  financial_crises  frictions  monocultures  Roger_Martin  rule-writing  top-down  uncertainty  unexpected 
june 2018 by jerryking
Facebook and the future of travel | McKinsey & Company
December 2015
Facebook and the future of travel
By Alex Dichter and Nathan Seitzman
Facebook  future  travel  McKinsey  mobile_applications  frictions 
december 2016 by jerryking
Jump to the front of the line with this app - The Globe and Mail
JOSH O'KANE
The Globe and Mail
Published Wednesday, Dec. 16, 2015

“The idea at a really high level is, can we make local commerce better if it were way, way faster, and we removed all the friction of waiting and in-store payment?” asks Mr. Reddy, who co-founded Ritual with Robert Kim.

Ritual was designed as a hyper-local service.

....ask yourself whether you’re in the productivity business or convenience business. Or even better, ask your users. This could change the way you think about your business and its future.
neighbourhoods  restaurants  scaling  Ritual  mobile_applications  wait_times  lineups  hyperlocal  frictions  in-store 
december 2015 by jerryking
Chasing Problems?
the ones who would be “very disappointed” if your solution were no longer available to them (i.e. visceral? you are definitely not "delighting customers")......a startup that chases problem after problem creates a bloated, fragmented solution that isn’t really needed by anyone.

Find the “Must Have” Use Cases – Ignore Most Problems

Ultimately the goal of any startup should be to create a “must have” product experience. The signal that tells you that you have created a “must have” product is your true north to build a successful business. You should understand everything you can about the “must have” experience so you can cultivate and protect it. Who considers it a must have, how are they using it, why do they love it, why did they need it, where do they come from…?.....Problems Worth Solving

So which problems are worth solving? Essentially any problem that stands in the way of delivering the “must have” experience once it has been identified.

Problems worth solving include:

* Usability issues that prevent reaching the must-have experience
* Confusing value proposition about the must-have experience
* Targeting the wrong users (AKA users who don’t need the 'must-have' experience)
* But start by focusing the majority of your energy trying to create at least one must have use case.
case_studies  customer_experience  delighting_customers  disappointment  frictions  growth_hacking  must-have_experience  North_Star  pain_points  problem_solving  problems  start_ups  true_north  usability  use_cases  visceral  worthwhile_problems 
december 2014 by jerryking
Where to Look for Insight
Mohanbir Sawhney Sanjay Khosla
FROM THE NOVEMBER 2014
Innovation isn’t a department. It’s a mindset that should permeate your entire enterprise.

No matter the venue, the feedstock for innovation is insight—an imaginative understanding of an internal or external opportunity that can be tapped to improve efficiency, generate revenue, or boost engagement. Insights can be about stakeholder needs, market dynamics, or even how your company works.

Here are Seven Insight Channels
Anomalies

Examine deviations from the norm
Do you see unexpectedly high or low revenue or share in a market or segment? Surprise performance from a business process or a company unit?

Confluence

Find macro trend intersections

What key economic, behavioral, technological, or demographic trends do you see? How are they combining to create opportunities?

Frustrations

Pinpoint deficiencies in the system

Where are customer pain points for your products, services, or solutions? Which organizational processes or practices annoy you and your colleagues?

Orthodoxies

Question conventional beliefs
Are there assumptions or beliefs in your industry that go unexamined? Toxic behaviors or procedures at your company that go unchallenged?

Extremities

Exploit deviance
What can you learn from the behaviors and needs of your leading-edge or laggard customers, employees, or suppliers?

Voyages

Learn from immersion elsewhere
How are your stakeholders’ needs influenced by their sociocultural context?

Analogies

Borrow from other industries or organizations
What successful innovations do you see applied in other disciplines? Can you adapt them for your own?
customer_insights  HBR  analogies  anomalies  toxic_behaviors  trends  pain_points  assumptions  innovation  insights  conventional_wisdom  travel  laggards  copycats  dilemmas  extremes  orthodoxy  immersive  deviance  learning_journeys  leading-edge  unexpected  mindsets  frictions  opportunities  opportunistic  consumer_behavior  feedstock 
november 2014 by jerryking
Lunch with the FT: Vikram Pandit - FT.com
July 11, 2014 | FT | By Tom Braithwaite.

“For a large group of people who grew up over the past two, three, four decades, they’ve been in a very different world – it was a world of predictable growth, it was a world of the ability to finance yourself, it was a world where you could really put one foot in front of the other. You find people grappling with what’s the new sustainable model for growth. And that is true of countries, it’s true of businesses.”
At the same time, Pandit proclaims that, largely thanks to technology, “It’s never been easier to start your own business.”
Our starters arrive. Beetroot and ricotta for Pandit while I get a plate decorated with delicious oily slivers of fish and vegetables offset by the occasional crunch from puffed rice and bite of horseradish.
“Bon appétit,” says Pandit, as he slices into a beetroot and continues to extol the virtues of something he calls the “SMAC stack”. I tell him this sounds awful but, he assures me, “it’s the vernacular for the ease for which you can get into business today,” and it stands for “Social media, Mobility, Applications and Cloud.
“Data is like . . . You’re too young, but there was a movie with the [line about] plastics.” When I assure him I’m familiar with The Graduate, he says: “Data is this generation’s plastics. I don’t see business models being truly successful until you get it.”...Pandit has a fondness for big concepts and management-speak and it can be difficult to bring him down to earth. I press him for examples. “You have large auto companies saying, ‘Where is the growth?’ and, on the other hand, you have a SMAC stack that’s created Uber. What’s interesting is that all those intangible abilities are inside the auto companies to make it happen.”
He has been investing in a steady stream of companies that he thinks embody innovative ideas that might make them the next Uber, the suddenly ubiquitous taxi-ordering app. At the same time, he is chairman of TGG Group, a consulting company set up by Steven Levitt, co-author of pop economics book Freakonomics – which aims to help corporations unlock their inner Ubers....Accordingly, while many of Pandit’s new investments are financial companies – Orchard, a platform for users to trade loans; CommonBond, a student lending platform; Fundbox, which lends money to small businesses against their invoices – only one, in India, has any aspirations to be a traditional bank.
With many of his new interests, Pandit says he is looking to remove “frictions”, which happen to be the way Citi and other banks make their money: for example, the middle men that sit between a big bond manager and retail investors and charge a fee. As he points out, the wealthiest individuals are not saddled with these costs to the same extent.
Vikram_Pandit  Citigroup  Wall_Street  career_paths  start_ups  financiers  financial_services  Sheila_Bair  fin-tech  Steven_Levitt  data  behavioural_economics  Second_Acts  reinvention  platforms  layer_mastery  data_driven  jargon  frictions  pain_points  large_companies  growth  Fortune_500  intangibles  SMAC_stack  automotive_industry 
july 2014 by jerryking
Coase’s theories helped understanding of Internet’s impact on how business is done
Sep. 08 2013 |The Globe and Mail | DON TAPSCOTT.

Mr. Coase wondered why there was no market within the firm. Why is it unprofitable to have each worker, each step in the production process, become an independent buyer and seller? Why doesn’t the draftsperson auction their services to the engineer? Why is it that the engineer does not sell designs to the highest bidder? Mr. Coase argued that preventing this from happening created marketplace friction.

Mr. Coase argued that this friction gave rise to transaction costs – or to put it more broadly, collaboration or relationship costs. There are three types of these relationship costs. First are search costs, such as the hunt for appropriate suppliers. Second are contractual costs, including price and contract negotiations. Third are the co-ordination costs of meshing the different products and processes.

The upshot is that most vertically integrated corporations found it cheaper and simpler to perform most functions in-house, rather than incurring the cost, hassle and risk of constant transactions with outside partners.

It makes sense for a firm to expand until the cost of performing a transaction inside the firm exceeds the cost of performing the transaction outside the firm. This is why large, insular corporations prevailed in the industrial economy.
Don_Tapscott  Ronald_Coase  transaction_costs  frictions  economists  large_companies  Coase's_Law  industrial_economy 
september 2013 by jerryking
Ronald H. Coase, a Law Professor and Leading Economist, Dies at 102 - NYTimes.com
By PATRICK J. LYONS
Published: September 3, 2013

At the University of London, he was on his way to becoming an industrial lawyer when a seminar with Sir Arnold Plant, a well-known economist of the time, changed his focus again, this time for good. After graduating from the London School of Economics, he taught there and at other British universities, and married Marion Ruth Hartung in 1937. The couple immigrated to the United States in 1951, when he joined the faculty of the State University of New York at Buffalo. He left for the University of Virginia in 1958.

While teaching at Virginia, Professor Coase submitted his essay about the F.C.C. to The Journal of Law and Economics, a new periodical at the University of Chicago. The astonished faculty there wondered, according to one of their number, George J. Stigler, “how so fine an economist could make such an obvious mistake.” They invited Professor Coase to dine at the home of Aaron Director, the founder of the journal, and explain his views to a group that included Milton Friedman and several other Nobel laureates-to-be.

“In the course of two hours of argument, the vote went from 20 against and one for Coase, to 21 for Coase,” Professor Stigler later wrote. “What an exhilarating event! I lamented afterward that we had not had the clairvoyance to tape it.” Professor Coase was asked to expand on the ideas in that essay for the journal. The result was “The Problem of Social Cost.”

Professor Coase was soon invited to become editor of the journal, and to join the Chicago faculty, where he stayed the rest of his life, disdaining the equation-heavy approach of what he called “blackboard economics” in favor of insights grounded in real markets and human behavior.

By identifying transaction costs and explaining their effects, the Royal Swedish Academy of Sciences wrote in announcing his prize in 1991, “Coase may be said to have identified a new set of ‘elementary particles’ in the economic system.”
obituaries  economists  lawyers  NPSIA  regulation  property_rights  human_behavior  transaction_costs  FCC  broadcasting  Ronald_Coase  Nobel_Prizes  Coase's_Law  behaviours  frictions  social_costs 
september 2013 by jerryking
Deja Vu - WSJ.com
May 21, 2007 | WSJ | Cynthia Crossen

The toughest part of inventing isn't solving problems. It's figuring out which problems are worth the effort...If you made a list of the 2,100 inventions you thought were needed, you would also be painting a profile of yourself. "Invention is really a systematic form of criticism," Mr. Yates wrote, and people tend to criticize the things that annoy them in their daily lives. Mr. Yates, for example, seems to have found most commonplace devices excessively noisy....While Mr. Yates recorded most of his 2,100 inventions in no particular order, he did make a top-10 list that proves he wasn't a trivial thinker. His top-three needed inventions all concerned energy -- a way to transform energy into power with less waste, a more efficient way to store energy and better light bulbs.

Mr. Yates, a self-taught engineer, inventor and technical writer, tried to nudge other inventors in the right direction with his book, "2100 Needed Inventions." Published by Wilfred Funk Inc., Mr. Yates's book was a list of ways people could alleviate certain nuisances and defects of life and get rich for their trouble. "We often see clever and simple devices for sale which cause us to chastise ourselves with some such remark as, 'Why I could have thought of that years ago and made a lot of money with it!' Certainly you could have -- but you didn't."
inventors  inventions  criticism  problem_solving  critical_thinking  negative_space  worthiness  frictions  pain_points  discernment  unarticulated_desires  worthwhile_problems  personal_enrichment  systematic_approaches 
june 2012 by jerryking
A First Draft of History? - WSJ.com
March 12, 2005 | WSJ | By BRET STEPHENS

The cliché is that journalism is the first draft of history. Yet a historian searching for clues about the origins of many of the great stories of recent decades--the collapse of the Soviet empire; the rise of Osama bin Laden; the declining American crime rate; the economic eclipse of Japan and Germany--would find most contemporary journalism useless. Perhaps a story here or there might, in retrospect, seem illuminating. But chances are it would have been nearly invisible at the time of publication: eight column inches, page A12.

The problem is not that journalists can't get their facts straight: They can and usually do. Nor is it that the facts are obscure: Often, the most essential facts are also the most obvious ones. The problem is that journalists have a difficult time distinguishing significant facts--facts with consequences--from insignificant ones. That, in turn, comes from not thinking very hard about just which stories are most worth telling....As for the media, it shouldn't be too difficult to do better. Look for the countervailing data. Broaden your list of sources. Beware of exoticizing your subject:
Bret_Stephens  journalism  journalists  critical_thinking  history  signals  noise  frictions  pain_points  worthiness  countervailing  storytelling  seminal_moments  wide-framing  discernment  origin_story  historians  consequential  clichés  worthwhile_problems 
may 2012 by jerryking
Ways to deal with the tough customers
Nov. 24, 2011| The Financial Timesp12. | Michael Skapinker

The UK department of health and the Design Council have been looking at why these attacks happen and have discovered that experiences like mine are a common trigger: people think someone is jumping the queue or taking advantage of them.

The Design Council has now presented proposals on how to reduce hospital aggression through better management and design. As I listened to their online seminar I thought how much other organisations and businesses would benefit from similar thinking. It is not just violence that they could head off with better management and design, but irritation or simple customer disenchantment.
....Where had I recently read similar sentiments? On the Financial Times letters page - about immigration control at London's Heathrow airport. Ken Walsh, a US business traveller, was a typical complainant. "The queue for non-European Union citizens stretched around the corner, down the corridor and nearly to France," he wrote. "Meanwhile there was hardly anyone and frequently no one in the EU queue. There were three border control officers in that queue who were often standing around chatting."

When flights are delayed or trains cancelled, you see the same frustrations that you see in casualty departments: people are milling around, no one knows what is happening, the staff are nowhere to be seen or are doing something else.

That these are transport examples is no surprise. Like hospitals, they involve people making transitions when they are tired and stressed.

The hospital design consultants advise giving patients a better idea of what will happen to them at each stage, where they are in the system, and when their turn is likely to come. Smart phone apps could allow people to track progress. They suggest staff take notes about when frustration builds and what the pinch points are.
design  customer_experience  mobile_applications  queuing  hospitals  airports  frictions  stressful  pain_points 
november 2011 by jerryking
Mark Cuban a change genius: Entrepreneur sees it as an opportunity waiting to happen
Nov 10, 2000 | National Post. pg. C.2 | by Ellie Rubin.
Discusses a WORTH magazine profile of entrepreneur Mark Cuban. Rubin is
struck by his approach to creating opportunity--his unique ability to
exploit change. Inefficiencies, opportunities and frailties: the only
thing you can depend on in business is change--embrace it! In doing so,
you will inevitably bump up against an opportunity waiting to happen.
Or, in "Cuban" terms, you will develop "a knack for spotting
inefficiencies, opportunities and frailties." The best way to scope out
inefficiencies within an industry is to create a product or service
that has a certain sense of urgency to it, or "high pain threshold"
opportunities. By focusing on an area of inefficiency that is creating
dramatic financial, human resource or market share pressure, one will
find that the decision makers who are managing this "pain" are eager to
invest in a sound and reliable solution--quickly.
creative_thinking  opportunistic  frictions  opportunities  constant_change  rainmaking  entrepreneur  Mark_Cuban  inspiration  inefficiencies  problem_solving  wealth_creation  urgency  pain_points  overlooked_opportunities  human_frailties 
october 2009 by jerryking

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