Creating a vision
1. Creating a vision
Opportunity discovery is aimed at the opportunities we have today and short-term wins. The business expects long-term initiatives, too. No matter what level of maturity the business is at today, there are opportunities on the horizon. We must be pragmatic and consider delivering value quarterly while setting up for sustainable growth in 2-5 years.2. Building a pipeline
The competition isn’t standing still, and businesses must have an opportunity pipeline. This can be a significant challenge. If the business has a wildly successful product today, it’s hard to imagine a time when it doesn’t drive the business’s growth. However, part of every cycle is the end, so the business needs something waiting to take over when that time comes.3. Finding opportunities
Opportunity discovery must look downstream. We should be forward-looking and prescriptive with some of the opportunities we select to deliver long-term big wins. How do we find those opportunities without a crystal ball? These opportunities are often new parts of the business or operating model that will be built for the first time with data, analytics, and advanced machine learning models. How do we skate to the opportunity? Not to where it is today or where it was a year ago, but where it will be in 1-3 three years.4. Navigating the future
Let's look at NVIDIA. Of course, I was going to discuss NVIDIA. It’s one of the biggest success stories of the Generative AI cycle, but I won't focus on what you expect me to. This case study isn't about the current GPU line. I want you to see what NVIDIA is preparing for with a forward-looking opportunity discovery process.5. The first wave
NVIDIA sees this first wave of AI chips, but they also see what comes next: a wave of devices called the Internet of Things. Why is that relevant to us? You're probably not a chip manufacturer. It circles back to following the data-generating processes. That's not just true to align opportunities with what the business is great at today but also to deliver the paradigm for where data will come from in the future. Those new data-generating processes are where your largest future opportunities could come from.6. Connected
The exciting concept from the Internet of Things and where NVIDIA is going is they're positioning themselves for an opportunity that has yet to hit. This is a technology wave that hasn't entirely crashed. What will devices and sensors give us access to? More sources of data. Let’s quickly revisit the car example. It's tough to get the type of data off a car that we would like to. If we're a car manufacturer, we want data that helps the business understand how customers use our product. Sensors and new connectivity with 5G enable access to streaming real-time data from various platforms, like automobiles.7. New paradigm
Sensors will be in place to gather data. 5G is a high-speed mobile connectivity technology that will enable massive data to come to us from platforms that haven’t been data sources in the past. Soon, we will have new data sources, and this is one paradigm for forward-looking opportunity discovery. Where will the business’s new data-generating processes and systems be in one, two, and three years? With this simple insight, we can look into our crystal ball and extrapolate what types of data the business could be generating with this new paradigm of 5G and IoT devices.8. Let's practice!
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