Data vs. Insight

Data or Information are often mistaken for insight. The reality is that insight can come from data, but much data is either not analyzed at all, mis-analyzed or is simply overhelming. Currently, with the advent of "Big Data" (which must have Volume; Velocity, and Variety, to qualify), we are in danger of being overwhelmed. This is so much so that many people put a lot of effort into eliminating or cutting back most data so that what is left is easy to understand.

This can be dangerous, as in order to identify the exception, you have to deeply undestand the norm. The human visual cortex is still the best tool for doing this. In simply driving down the road, we see, absorb and analyze millions of data points. We need to start using tools that can replicate this in business and science.

Such tools are beginning to exist. An example is Synerscope software which does not eliminate data, but by putting all on one screen allows identification of deviant processes very efectively.

Global Transfer of success is hard

Most attempts on the part of businesses to expand to other countries fail. Probably one of the biggest reason is to underestimate the difficulty and the differences between the two countries. Having done this for over 40 years, I know that it calls for not merely country knowledge, but a sensitivity that allows learning. Of course, beyond this, there are mechanical reasons such as distances, laws, raw material supplies, availability of logistics capabilities and more. Many people who have only worked in one country are not aware of possible differences and do not ask the right questions.

Impact of the Cyprus bailout on people there

The terms of the Cyprus bailout were unprecedented. In exchange for a €10 billion emergency aid package, Cyprus in March agreed to E.U. demands to effectively confiscate up to 60 percent of any depositor’s holdings above €100,000 held in two of the country’s largest banks, Bank of Cyprus and Laiki Bank. Now Germany claimed that this was to penalize the money launderers who had contributed to the crisis (itself questionable). As a result of this, many businesses have been plunged into immediate bankruptcy. They cannot pay suppliers, salaries, rents or running costs. Schools and hospitals are running out of money, farms cannot buy feed for animals and the country is being plunged into misery and a financial situation that will take up to ten years to recover from. Private citizens had wired money in to close on houses, only to see most of it disappear before the sale could close. Lawyers holding money in escrow have seen the money vanish while still being liable to pay their clients.

There has never been a bailout like this, and had the terms been applied to a larger country, it could have led to global chaos. It is as much of a "punish the innocent and uninvolved" plan as one that hits the mark of hurting the guilty.

Travels in Cyprus

I recently returned from Cyprus, where the banking crisis continues. While people have been hurt by having their bank accounts raided, businesses, schools, hospitals have been hurt even more. Driving in Cyprus, around 20-25% of shops are shuttered, many probably permanently. Yet, if the purpose was to eliminate Russian money laundering through Cyprus, I still saw 747s from Russia arriving at Paphos's tiny airport.

I also spent some time in Turkish occupied North Cyprus, which only Turkey recognizes (and subsidizes). Long poorer than the rest of Cyprus, it shows signs of pulling ahead. Cars are newer, commercial and residential development is moving fast. My forecast is that in ten years, the North will be wealthier and more separate from the South. Whereas in the South, virtually everyone speaks excellent English, in the North few and fewer do.

More to come!

Why do people not understand that lead generation is a key part of sales

Not recognizing the need for lead generation comes from a naive view of selling. Sales is not simply a transactional process where a buyer, who has spent the time to understand all the options, investigated each thoroughly, then makes a completely rational decision. Rather, it is a messy process, where many decision makers in a company, each with superficial knowledge of the options, make a subjective decision based on a brief and rarely complete trial, in a situation of having little time available. The final tie-breaker is trust, and sometimes it can be the biggest factor. Lead generation efforts are essential to complete these fully.

Start-ups rely on execution

People often assume that once you have the idea, all is plain sailing. Yet many failed start-ups were based on good ideas (which often succeed in other hands). What made Facebook succeed where Friendster and Tribe did not, or LinkedIn where eCademy or Ryze did not, was the right execution. This does not mean that all went smoothly. A lot of scrambling went into the success, and a lot of quick recovery from mistakes. Yet, all too often, execution is underestimated and the value of the idea is over-estimated.