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We take a look at the three things to overcome the FOMO that occurs when you see the one with the most information wins. Hi Everybody, welcome, my name is Grant. So you're growing your business and you're trying to scale. In fact, you even have the data, but you and your executive team might be missing out on profitable insights. Welcome to insight FOMO right. So hey, there was a book written back in 1997 by Stacy M. Clements. I love the title. It was the one with the most information wins. Interesting, right? And in 2012 Tim O'Reilly was an interview think he was talking about his were conference back then. Anyway, he made this comment. The comment was the guy with the most data wins in at the time I think he had referred to a you referred to back then the NBA, you know, the one with the most superstars wins, right? Well, today, the you know, the one with the most data wins in or is it the one with the most insights when right? You might have a lot of data, but you're not able to harvest the power of information out of it. Tim said something interesting, though, back in that interview, what is that? Almost, almost 10 years ago, he said, data is the source of monopoly power. That's interesting, you know, that sort of viewpoint course it means that it leans into the benefits of large companies, right? those organizations that have been developing massive databases over the years. So what does that mean to an SMB, right to a small to medium business that's trying to compete? Well, certainly others think about this, and there's a movement out there called Open Data movement. In fact, if you check out data.gov, you'll see a whole set of free data sets. I don't remember the latest number, but it's 1000s of free data sets that various groups produce and certainly, you know, you know, give away Well, and while some of them have value, I find lots of times it's difficult to contextualize it. For your specific organization. I think the aspirations are great, though. For for people, if you're able to leverage it, then then more parity, of course, I have found that there are three steps to help turn you around or tour turn your company around, as it comes to making data one of your greatest assets, right, let's say you've got insight FOMO, the FOMO is or the fear of missing out is that others are already leveraging and are competing, and maybe even be winning or beating you at this. So what are three things you can do to get in that game? Number one, it's start organizing your information today, right? Your data today sounds simple. But in a previous episode, I talked about some of the things that go into that, take a look at the episode called control your data, or it will control you and that talks about the things to do for this first step number one, number two, well leverage an analytics and AI platform that and the goal here is it's to use a platform that provides I'm going to get nerdy here, the summation of many AI models, because one of the problems when you don't have such a significant set of data, as you might have, let's say, of course, if you're a Google right or a Facebook or who who have you, then it means that you need to do a lot more analysis on this to find those good predictive behaviors on it. Alright, so it's critical that that you don't get caught up in the world of amusing the most accurate data model, you'll actually you lose money in your analytics if you take that approach. Alright, so number two, again, just reiterate, you got to use an analytics and AI platform that leverages and summarizes multiple AI models that helps your predictive behavior even on smaller data sets. And Firstly, As the SMB business owner, you're gonna want to do that. Alright, number three, so you're gonna want to leverage the experiences of analytics and AI teams that are already down the road. So AI is producing the foundation to leapfrog your competition. And in other episodes, I've talked about why what the level of effort is to take on the skills to become a data scientist, right? Or machine learning expert, right? 30, different skills and so forth. It's a lot of work. So don't do that, right. Okay, as the small to medium business owner, leverage the skill sets of others. So let's talk about what's at stake here. If you don't do those three things, and go after that, here's the FOMO part, Okay, I'm gonna lean into some FOMO. What's at stake here is we're trading off these benefits, we're trading off the ability to reduce operational costs. If you do this analytics and AI stuff, right? You actually will reduce operating costs, you're also going to trade off deeper customer engagement. So the ability to get better, customer segmentation is a critical part of this, you're also going to trade off innovation doesn't mean you can't innovate without analytics, and AI, people been doing it for years. But the rate or the pace of it, and the insightfulness of that innovation in terms of being a better predictability in terms of where you should innovate. That's where you're going to trade off. You'll also trade off some top line growth. McKinsey reported, I think this last year, they reported that 20% of the large organizations are increasing their sales Now, using AI. So top line growth is up for grabs. All right. And then last but not least, certainly least in my list here for right now. Competitive posturing, right. This is a leapfrog approach in technology today. And so yes, you will trade off that meaning you will not get as much competitive posturing, if you In fact, don't do the three things that I'd mentioned a moment ago, all right. But to reiterate, some of the tools and techniques right to do this are very expensive. And as a result, it makes it difficult to get the ROI that you need. So this is not about being customer centric. This is about being customer conscious. And that's a critical part of this. So if you're going to do this, make sure that you go after the three techniques that I've mentioned, otherwise, the costs will become prohibitive, and it'll be hard to get the ROI. And again, this is not, hey, we're going to be more customer centric, you can do that without applying these analytics and AI. But if you're going to be more customer centric, or excuse me more customer conscious, that means you're going to iterate on a more frequent basis, you'll be able to look at ways to pivot more as your customers are pivoting, right? You're the ability to anticipate emerging patterns in customer behavior. And a pivot while they're pivoting is key to this, right. So part of this is mindset got to be thinking that way, if that's an important part of your business. Now, this means that you're not only going to be applying analytics to your business, it means AI is informing those analytics. Now, many analytics, as you know, can be backward looking, right? It's a view of what got you to where you are. And that is a helpful view. But when you apply AI to those data analytics with the right platform, again, you're not only going to get the predictive insights, but you're also going to get the insights that are best for your business operations. It doesn't help as a small business owner, if you get some insights that cost so much or require so much change, that your business operations can't even afford to do that. So it's not about just having the most accurate model. It's about having the right model with the right level of predictive behavior that allows you to make incremental steps to move forward. So FOMO grows, of course, as we discover that the businesses around us are preparing the organizations to leverage these capabilities. And let the FOMO begin because that is happening. Now. At the end of the day, you know, the one with the most insights wins, as long as they act on them and stay continuously curious, that is the critical piece. So he can do insights, even if you do all the things I talked about here, but you don't actually act on it and put it into operations, then it becomes a moot issue. All right, everybody. Thanks for joining in for next time, fix your FOMO and start preparing for predictive insights to grow your business. Thank you for joining Grant on ClickAI Radio. Don't forget to subscribe and leave feedback. And remember to download your FREE eBook visit ClickAIRadio.com now.