How to Empower Your Company's Internal Innovators

Disruption has turned our modern-day business world on its head. Agile startups continue to leverage digital technologies to bring down legacy brands--and it's putting entire industries on edge. No one wants to be the next Blockbuster or Kodak, but if you're going to remain competitive in the Digital Age, you need to embrace change and innovation.

But where can you find the next big idea or ground-breaking product? How do you know which technology to leverage or where your business might be missing the mark? In many cases, you can find the answers you need within the walls of your own company.

What is an internal innovator?

An internal innovator is an employee who questions the status quo. They see opportunities where others see dead ends. They are both realists and optimists--knowing the glass is half-empty and half-full, and that refills are always an option. These are the employees that need to be empowered. Why? Because all too often companies can get stuck doing things because that's the way it's always been done. But this mindset makes your company vulnerable to disruption.

Coming at problems from a different angle can provide fresh new ways to compete in a hyper-competitive market.

So, if you're looking for the next big idea that might send shockwaves through your industry, it's time to go within. Here are a few ways to empower your internal innovators:

Provide a safe platform to voice feedback or ideas

If you want to encourage internal innovators, then you need to provide a way for them to share their ideas.

And keep in mind that not every forward-thinking employee is also an extrovert. Many companies will create innovation programs where an employee needs to create a presentation and pitch their idea. This option might discourage introverts with great ideas from wanting to share. Instead, seek a balance. Find ways to allow all personality types to feel comfortable voicing ideas.

An alternative idea is to allow employees to meet with senior management privately for "think tank" type sessions once per quarter. This smaller group setting might make employees feel more comfortable expressing their concepts.

Promote an innovative culture

A traditional-based business with siloed departments is not the best environment for new ideas to flourish. Instead, try to ingrain innovative thinking into the DNA of your company culture. Ensure that every level of management is open to creative thoughts and suggestions. Every manager should be championing potential great ideas and diplomatically encouraging and supporting employees' suggestions.

Remove roadblocks

Change is usually met with resistance--especially in more traditional businesses. If an internal innovator has a ground-breaking idea and executive buy-in, then it's important to make sure that any potential roadblocks are removed. These roadblocks could be resistance from other departments, red tape, office politics, or even outdated technology.

An innovator can only create change when these roadblocks are removed--and this needs to happen from the top down.

Leverage digital technologies

The right technology can help your internal innovators move mountains. In a recent interview I conducted with Rodger Goldman, he shared that Delta is leveraging their in-flight team's mobile devices to vastly improve the company's customer service. There are many ways you might be able to use today's digital technologies to power your employee's ideas--don't be afraid to use them.

Maintain balance

When it comes to innovation, balance is necessary. While it would be great to lead a company where employees are constantly thinking up new and creative ideas, innovation should only take up a fraction of your employees' time. The wheels need to stay on--sales still need to be made, and routine work still needs to get done. However, the goal is to create an environment that is open to the possibility of trying something new--but doing so in a way that won't disrupt your company from the inside out.

Final word

As the pace of change continues to speed up, companies need to offer innovative solutions to remain ahead of the competition. But before your company starts looking for big ideas outside the organization, you might be surprised to find the next game-changing idea might be sitting in the cubicle next to you.

Create a culture that promotes innovation and empower your employees to come forward when they have an idea--the right concept could bring your company untold success and disrupt your competitors before they have a chance to disrupt you.

Top tips: Show up and compare digital plans

Show up and make sure that you’re checking out digital strategies at other companies. Those are the top two tips for growth. Jessica Johnson-Cope is the president of Johnson Security Bureau and Jason Albanese is CEO of Centric Digital.

4 Traits that CEOs of Digitally Savvy Companies Need

Cryptocurrency, artificial intelligence, and disruption are common headline topics these days. Our world is becoming increasingly reliant on digital and today's businesses need strong leaders who can navigate the turbulent waters ahead.

Who are these leaders? Well, they run companies like Disney and Lyft, Sephora and Facebook, Nike and Google. They know the value of innovation and transparency and aren't afraid to shake things up in the line of duty. They know we are only in the early days of the Digital Age and they're ready to give any disruptors a run for their money.

These leaders are the CEOs of digitally savvy companies. And if you want your business to compete with them, you might want to take a few notes on the traits these individuals typically possess:

1. An unyielding drive to eliminate the bureaucracy

A prime target for disruption is a company that's rife with red tape, office politics, siloed departments, or a ton of unnecessary bureaucracy. These companies tend to do a poor job at digital transformation and won't last long in the changing market.

For larger corporations, this is often a major hurdle to overcome. These companies have spent years, sometimes decades, setting up siloed departments and systems. If the CEOs of these companies don't work to eliminate bureaucracy, then innovation can die off quickly.

For smaller companies, the opposite is true. Disruptors like Warby Parker or Casper were able to leverage digital technologies to overthrow entire industries from their inception. One of the reasons they were able to do so is because they didn't have any legacy infrastructure or outdated processes to hold them back. They could implement and execute a strategy before the competition ever caught wind. But the trouble for smaller companies occurs when they start to grow. The bigger the company, the easier it is for it to slip into bad habits. In this case, the company's long-term survival depends on a CEO that eliminates office politics and ensures the entire organization is working together.

2. A knack for spotting the right way forward through chaos

L'Oreal is a prime example of a successful digitally savvy legacy brand. This company is over 100 years old, but it continues to push the digital envelope forward. And a major factor in this brand's success is that long-time CEO Jean-Paul Agon was able to see the "digital tsunami" that was coming and navigated L'Oreal through the rocky waters.

Today, the company focuses on ecommerce and leverages Snapchat--they innovate across channels to ensure they're meeting customers where they are. And it's all because Agon saw the impending storm and knew how to move forward.

The simple act of running a business is trying to bring order through chaos. You have a seemingly endless amount of possibilities and options at your fingertips--an excellent CEO can see the forest through the trees and steer the company in the right direction.

3. A willingness to do the work

As a CEO, you need to roll up your sleeves and get the work done. Any business leader who has been asleep behind the wheel of their company is dooming it to disruption. Success requires more than showing up, reading from a PowerPoint deck, and stacking your day with meetings about meetings. You need to research the trends, crunch the numbers, and organize the next plan of attack--typically all at once. This takes a tremendous amount of effort and working hard is the only way to ensure it all gets done.

4. A passion for customer-centric innovation

Innovation for the sake of innovating is not the digitally savvy CEO motto. While these individuals know the power of good ideas, they also know these ideas must first and foremost serve the customer. A virtual reality demo might not work on a 65+ target market, and a digital currency might not be the best solution when most customers don't own a digital wallet.

It's easy to get caught up in the next big tech trend, but a successful CEO will know which innovations their customers will respond to.

Final word

If you want to create or lead a digitally savvy company, then adopting the above traits is an excellent place to start. Whether you're a large company or small, legacy brand or independent startup, these traits will get you far in the Digital Age--especially when you never lose sight of the customer.

Amazon Is Targeting Healthcare--Here's How Existing Companies Can Compete with Impending Disruption

When Jeff Bezos announces he's after your industry--it's a wake-up call. But when Jeff Bezos announces he's after your industry and that he has the financial support of two of the wealthiest companies in the world--it's time to throw a Hail Mary pass.When Amazon, Berkshire Hathaway, and JP Morgan announced that they would be forming an independent healthcare company, it sent a shockwave through the market. This announcement was, no doubt, the beginning of a new era--and one that has been long overdue.The current healthcare system is complicated, inefficient, and costly. As it stands today, companies, employees, and individuals are feeling the pressure of continuously rising costs. In fact, 2017 annual premiums for employer-sponsored health coverage was around $18,700. Employees, on average, paid about $5,700 for coverage.* And the costs seem to keep going up.These conditions made the healthcare industry ripe for disruption in the Digital Age.

Why leveraging digital is healthcare's only option

The healthcare industry, in general, has been slow to embrace digital technology. On even a basic level, imagine how much money is wasted each time an insurance company mails a statement letter to customers. Or imagine what could happen if a doctor's office used data to streamline appointments and office wait times.But healthcare companies are slow to adapt in the Digital Age because they're either too big and lack agility or are riddled with long-standing infrastructural problems. When they try to innovate, they have trouble executing. The issues can range from an IT department that's unable to support new software or siloed teams that cannot effectively implement any new change across the organization.This would not be an issue for Amazon, Berkshire Hathaway, and JP Morgan. They would not be bound by outdated policies or old technology. They could start from scratch and find time-saving, cost-efficient digital solutions--and would have the financial backing to put the right people, processes, and technology in place.

Developing technologies that could transform healthcare

Even though the partnership announcement with Berkshire Hathaway and JP Morgan is only a few weeks old, Amazon is already starting to quietly disrupt the market. According to CNBC, Amazon launched an exclusive line of over-the-counter health products. Combine the cost-saving implications with the power of Amazon's e-commerce abilities, and this line of products is formidable challenge to companies like CVS, Tylenol, or even Walmart. Why would customers go out of their way to go to the drugstore to buy overpriced brand-name pain relievers? It would be easier and cheaper to tell Alexa to place the order and get it delivered straight to their door.But the most interesting thing to note about this latest disruption is that Amazon is targeting certain industries and applying their successful digital formula to them. They've had this formula nailed down for years--when it comes to e-commerce Amazon is not a force to be reckoned with. However, if other healthcare-related industries wish to stand a fighting chance there are several other developing digital technologies to explore.Blockchain Blockchain can be used for more than cryptocurrency. This decentralized platform would make an excellent and secure place for storing highly sensitive patient information and data. In fact, there are several entities that are already leveraging blockchain for healthcare information including Medicalchain and MediBloc.Artificial intelligence (AI)Leveraging AI in the healthcare industry could potentially save not only money, but lives. If all patient information and data is stored on one platform, then AI could be used to find patterns in that data and predict possible outcomes.Wearable technologyAs wearable technology becomes more sophisticated it could change the entire doctor/patient experience. A wearable could continuously track and store a person's vital signs in the cloud and alert the patient's doctor when patterns shift into dangerous territory. This could cut back on constant office visits or checkups.

Final word

The healthcare industry has been slow to change but this area is ripe for disruption. And now that Amazon, Berkshire Hathaway, and JP Morgan have teamed up, it's a matter of when. The best thing for any healthcare company to do is to invest in digital technologies that can be leveraged to make life easier and more affordable for customers.*The Henry J. Kaiser Family Foundation, 2017 Employer Health Benefits Survey

Need to hire a data scientist? 3 things to consider before posting the job

As our businesses become more digital, data plays a vital role in everyday work functions. And this goes beyond measuring sales or web traffic--there are teams throughout the organization that can benefit from tracking and processing data to ensure they're meeting business objectives. Nearly every department--from marketing teams looking for metrics on ad performance to facilities technicians that want to streamline operations--can benefit from data analysis.For digital native companies, you'll typically find that they have an entire data department run by a chief data officer. These companies leverage dashboards and real-time metrics to make key business decisions and improve their bottom lines.But for companies who are still undergoing a digital transformation, even hiring just one data scientist would be a major step in the right direction.However, like many other highly specialized digital roles, finding the right data scientist can be a challenge. Here are a few things to consider before you post the job.

1. Do you know what you're looking for?

One of the issues many companies experience is not knowing what they need. They know they need someone who can pull and analyze data but what does that look like in a role? Will this person report to one specific department or will they manage high-level information across the company?A general overview of this role would be to collect, organize, and analyze large data sets, using software that is designed for the task at hand. The analysis then needs to be presented in a way that's easy to digest and act on.But the role can get more granular depending on the industry or department. This is why it's important to know exactly what you need well before you start interviewing candidates.

2. Is your company ready?

Knowing you need a data scientist doesn't necessarily mean you're ready to hire one. There are several things you'll need to outline first:

• The salaryThe data scientist role is in hot demand these days. Due to the demand and skill set of this role, the salary you pay might be outside what the organization would pay for talent at a similar level. For example, if you're looking to hire a chief data officer, then you might need to offer them nearly double what the CMO or CFO makes. Research the market values thoroughly to make sure your offer will be competitive.
• The roleBecause this role is so in demand, many data scientists (especially the good ones) are looking for opportunities where they can make their mark and grow. If you don't have a solid outline for the job or have the systems and software in place to support the role, then you might find applicants passing on the opportunity.
• The strategyDoes your company have a solid data strategy? Do you know where you want to be in six months, one year, or five years with the company's analytics? Do you know what problems you're trying to solve using data? The more defined your strategy is, the more compelling the opportunity will be to an applicant.

And remember, success in this role is only as good as the data itself. If your company is processing worthless data, then your data scientist will be working with worthless insights. This creates a no-win situation they want to avoid.

3. Can you make an attractive offer?

Like any high demand critical role, the negotiating process for a data scientist can be tough. Make sure you've researched the market value of the role and levels of experience. Another thing to consider is industry-specific experience and how to compensate for it.If you find yourself offering the role to a candidate for $100,000, are you prepared if they counter it with $140,000? In negotiating situations like this, if I really like the candidate, I'll offer to split the difference for the first six months. If, after six months on the job, they've lived up to the role and proved their worth, then we'll bump the salary up to the what they originally asked for. This is a great way to motivate the employee and ensure they're a good fit for the organization.

Final word

The right data scientist can help you streamline operations, find ways to improve sales, and strengthen your company's position in the market. This is not a role to take lightly. As our world becomes more digital, the data companies can leverage will continue to rise. It's vital to have professionals in place who can help you make sense of this information. For small businesses, this may mean hiring a data scientist to manage projects across the organization. For larger businesses, this may mean building an entire data department.Either way, when it comes to hiring a data scientist, you need to be prepared. Otherwise, your job postings will either go unanswered, or you'll end up with the wrong individual in the wrong role. To avoid this, make sure you A) have a solid data strategy in place, B) you understand the ins and outs of the role and that you can show prospects that the company is ready to support it, and C) you have some serious negotiation tactics in your back pocket.

The No.1 Lesson Cryptocurrency Investors Can Learn from the Dot-com Bubble

Life as we once knew it drastically changed in the mid-90s. The Internet's popularity was on the rise, and many savvy businesses and companies saw the potential of a hyper-connected, digital world. This lead to the dot-com bubble--a sharp rise, and fall, in stock prices that was fueled by investments in Internet-based companies.

With experts predicting we are now in a cryptocurrency bubble, it seems as if history is at risk of repeating itself.

While we've moved far past the early stages of Internet start-ups and e-commerce companies, digital is continuing to change our everyday lives--from how we work, live, and play to the future of money itself. Interest in cryptocurrency, similar to the frenzy we saw in the early days of the dot-com bubble, is reaching a crescendo--yet many experts are already predicting its demise.

Warren Buffet has gone on the record saying that crypto will come to a bad ending. Jamie Dimon, J.P. Morgan's CEO, called Bitcoin a fraud before later admitting that he regretted making that statement.

Meanwhile, other big-name investors and companies are going out of their way to invest in crypto--from Richard Branson to Microsoft .

But are the naysayers right? Are we headed toward a catastrophic implosion of dot-com level proportions?

Yes, the crypto market is volatile. There are too many unknowns to be certain, but if we look at the histories of companies like Amazon, eBay, Priceline, and Shutterfly, then maybe we can gain some clarity.

These e-commerce companies were born during the dot-com era, and they weathered the storm and emerged as some of the most successful and stable companies in history. The dot-com crash didn't destroy the concept of e-commerce or the fact that consumers want to buy airline tickets, antiques, or pet food online--there was simply a gold rush in the early development stages. Once the dust settled, however, the strong survived.

Don't call it a comeback

In the end, the dot-com bubble was a movement. Smart investors saw the future of digital-based commerce and, as they invested, the movement snowballed into madness. Many of the companies that popped up during that time were run by people who were in over their heads, or they didn't have the technology to keep up with the demand. When the crash happened, it thinned the herd.

Mona El Isa, the chief executive and co-founder of Melonport, summed this notion up at a recent TechCrunch conference when she said, "The dot-com bubble was messy, but if we look at some of the largest companies that exist today they are a result of the dot-com bubble and they are part of our everyday lives."

Which leads us back to what we're seeing with cryptocurrency today. Even if this bubble bursts, the concept of digital currency will not go away. It may wipe out 90% of today's existing startup currencies, but the strong will survive. Companies, like Kodak, who try to create a currency without providing real customer value may see efforts go to waste. And this will pave the way for the Amazon of cryptocurrency to make its mark on the world.

To further the power of this movement, it's important to remember that cryptocurrency isn't a company. It doesn't have shareholders. It isn't VC-backed. Which means this movement extends beyond any other economic bubble we've seen--it's happening in an arena that's removed from the stock markets. So, when, and if, the bubble bursts, it won't go quietly into that good night. The parameters may change drastically from what we are seeing today, but digital currency--in one form or another--is the future.

How to invest in a movement

So, if cryptocurrency is the future--how do you invest? From a business standpoint, it's important to look at crypto through a risk-management lens. Business leaders and board members should be learning everything they can about this new trend so they can determine how, where, and why it might affect or fit into the business. Is there a way to offer customers value through cryptocurrency? Is the time right to execute? Is there a long-term strategy in place that will take advantage of the crypto movement when the stormy waters calm down?

These are the types of questions you need to consider. Do what's best for your business and what's best for your customer. As with any digital movement, you need to be aware of the trends and aware of how it could change your business. This is the only way to defend your company from possible disruption.

Final word

For anyone who is considering investing in cryptocurrency, it's important to remember that this is a long-term movement. Our world is becoming increasingly smaller and more reliant on digital means--currency transformation is inevitable.

It's the smart investors who understand that this isn't a fragile economic trend. Digital currency will continue to adapt and change over the next few years--and the companies and entrepreneurs who pay close attention now will have the best chance at deftly navigating the troubled waters.

Will Digital Currency Bring this Legacy Brand Back from the Dead?

Last week, Eastman Kodak announced it was creating its own digital currency. That's right--the company that initially refused to go digital is now diving headfirst into the deep end of the digital world. And, as it turns out, shareholders are loving it.

Shortly after Kodak made the announcement, stock prices doubled. This new interest in the company comes nearly six years after Kodak filed for chapter 11 bankruptcy in 2012. And while the brand eventually made it out of bankruptcy in 2013, it has yet to experience the same pre-digital level of success it once did.

So, while creating a digital currency might seem like a good idea for the struggling brand, will this leap into the digital space be enough to bring Kodak back from the dead?

The digital currency bandwagon

If you've been monitoring digital or cryptocurrencies over the past few months, then you know this market is a volatile one. The headlines seem to fluctuate between rising and falling prices daily--if not hourly.

But, regardless of the frenzied market, it's clear that--one way or another--we're already on the digital currency train. We are currently living in an age where Hilton points can be used to buy products on Amazon and where Millennials are using Venmo to pay rent. Digital currency is already here--the exact way forward might be murky right now, but this is the direction we are headed in.

And because we're already on the digital currency train, companies and brands need to start thinking about the implications and potential uses.

However, as with any new trend, problems arise when companies:

• Jump on the bandwagon for the sake of being on the wagon.
• Don't put the customer at the center of their strategy.
• Put the cart well before the horse (looking at you Pets.com).

KodakCoin might be an example of all the above. According to David Gerard, author of Attack of the 50ft Blockchain, the digital currency Kodak is creating is shaky at best. Gerard stated that Kodak's offering, "Doesn't do anything that signing up for Shutterstock or Getty Images wouldn't."

The company appears to be trying to solve a problem that existing stock sites have already solved. The only difference is they are doing so with a currency that the market might not be ready to invest in yet. Plus, this is an extremely sophisticated and complicated capability to offer for even the most digitally savvy company.

However, this doesn't mean that leveraging digital currency is a bad idea. There is real power in cryptocurrency right now--even the mere mention of it was enough to put Kodak back in the limelight. But to truly harness the power of where digital is going, companies need to do more than what essentially boils down to a PR or marketing move.

Take KFC Canada for example. They recently released 'Bitcoin Bucket'--a bucket of regular chicken that you can have delivered to your door in exchange for the cryptocurrency. It sold out in an hour, and their parent brand's stock prices spiked the day of the Bitcoin Bucket announcement.

But aside from a clever marketing gimmick, this doesn't do much for KFC's digital strategy. Will they really be ready to accept cryptocurrency in stores around the world? Will every single one of these transactions be seamless and painless for the customer?

The same goes for Kodak. Sure, it sounds like this legacy brand is going much deeper into digital currency than KFC, but the real question remains: Will KodakCoin truly solve the wants and needs of the customer?

The value of providing real value

When it comes to delivering value with digital currency, American Express is a strong contender. This company is taking aggressive steps to delivering real value to its customers through its membership points program--essentially turning Amex points into a digital currency.

In the past, accumulating Amex points might be used to book the occasional free hotel room or upgrade to first class. But today, Amex has made a major push to integrate the buying power of its rewards system across many different e-commerce environments. From GrubHub orders to Amazon checkout--consumers are now commonly offered the option to "pay with points."

This approach is Amex's attempt to migrate the rewards system into your daily life as an ordinary form of currency. The downside is, in this case, this currency is not even remotely neutral--as opposed to the design of cryptocurrencies like Bitcoin or Ethereum--and is quite literally controlled by a corporation. This then means that Amex can devalue its currency whenever it deems appropriate.

But what makes this example really stand out is that Amex is offering value to consumers through this pseudo digital currency that it's already had "in circulation" for years. Customers are already using points, they already see the value in it, so Amex is now taking that value and doubling down on it.

Final word

No matter which digital offering your company is considering--whether it's augmented or virtual reality, voice assistants, an omni channel shopping experience, etc.--there needs to be real value. If it's not making your customers' lives easier or better, then it won't work. And if you don't have the right people, processes, and technology in place, then you're headed toward a disaster.

So, is it possible that KodakCoin will save Kodak from their original missteps in digital? While the strategy behind the offering seems unstable, Kodak is certainly better off embracing digital then quietly falling into obscurity as we move deeper into the Digital Age. What will make this currency a raging success is ensuring that they're not just jumping on a bandwagon, but are creating a digital solution their customers truly want and need.

Bank of America Receives JD Power Mobile App Certification Powered by Centric Digital

"Bank of America Corp. (NYSE: BAC) is the first to achieve J.D. Power and Associates Mobile App Certification, which recognizes “brands that provide an exceptional mobile app experience.” The certification was announced Thursday.J.D. Power, a market research company, awards certification based on a vetting process. A company must rank high in a customer satisfaction benchmark, and it must pass an extensive evaluation of 250 mobile app practices. Some of those practices include navigation, messaging and notifications, channel management, quality in the app store, user interface and digital process and governance, a press release states. J.D. Power conducted this process in collaboration with Centric Digital."

JD Power & Centric Digital Collaborate On Recognizing Best In Class Mobile App Experiences

Bank of America Becomes First Company to Achieve Certification

COSTA MESA, Calif., Jan. 4, 2018 /PRNewswire/ -- Building on the trust consumers and brands have put in J.D. Power studies for decades, the marketing data and analytics company today announced the J.D. Power Mobile App Certification ProgramSM to recognize brands that provide an exceptional mobile app experience.This exclusive program reflects the commitment and dedication of select brands to provide their customers with a mobile app experience that meets today's consumer expectations."The Mobile App Certification Program will assist consumers who are looking for an exceptional mobile app experience," said Bob Neuhaus, Senior Director of Banking and Credit Card at J.D. Power. "Certified brands also will benefit by leveraging the J.D. Power brand and promoting their organization's commitment to an outstanding mobile app customer experience."Bank of America is the first organization to achieve J.D. Power Mobile App Certification powered by Centric Digital."With 24 million mobile customers and growing, we remain committed to delivering solutions that make it easier for our clients to manage their financial lives as an extension of their daily digital activities," said Michelle Moore, head of digital banking at Bank of America. "Receiving the J.D. Power Certification is a testament to this commitment and we're pleased that with more than two million apps on the market, we're the very first app to accomplish certification on behalf of our customers."As the first qualification criterion, brands must rank among top performers in the most recent J.D. Power North American Mobile App Satisfaction IndexSM. Benchmark rankings are based on overall customer satisfaction with the mobile app experience for 259 brands across 11 industries.In addition, qualifying brands must pass a rigorous evaluation of 250 mobile app experience and operational best practices conducted by J.D. Power in collaboration with Centric Digital. The 250 are a subset of Centric Digital's DIMENSIONS, a classification system comprised of more than 3,000 digital best practices called "classifiers" and used by industry leaders to benchmark digital performance. These mobile best practices include, but are not limited to, navigation design; messaging & notifications; mobile channel management; app store performance; user interface design; and digital process and governance.Once certified, a brand is permitted to market its achievement for 12 months with such marketing tools as a J.D. Power Mobile App Certification trophy, online marketing collateral and in-store merchandise displays. Certified brands also will be listed on jdpower.com for consumers to search while shopping.For additional program information visit www.jdpower.com/mobileappcertification.J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.Centric Digital provides the industry leading solution to measure and navigate digital transformation. The firm's digital experts design multi-year digital transformation strategies, roadmaps, and investment plans powered by insights from its proprietary platform. The platform is comprised of a classification system that tracks digital best practices and benchmarks companies across multiple dimensions of digital, including experiences, channels, products, platforms, processes, and people. Centric Digital is headquartered in New York City, with offices in San Francisco, Chicago and Mendoza. To learn more, visit www.centricdigital.com.Media Relations ContactGeno Effler; J.D. Power; Costa Mesa, Calif.; 714-621-6224; media.relations@jdpa.com

Retailers Making Major Changes In The Digital Age

Going cashless is just one of the ways commerce is evolving in the 21st century. Brian Manning, co-founder and president of Centric Digital stopped by to talk more about these digital trends.

Are You Making These Costly Data Analysis Mistakes?

Collecting and analyzing data is essential to ensuring your company is growing in the right direction. But, as the old "garbage in, garbage out" saying goes, your data is only as good as how and why you track it.

There's a common misconception out there that data analysis is a stone-cold science. But it's not that cut and dry. In fact, data analysis might, in some respects, be more of an art than a science.

It helps when you think of your company's data in terms of storytelling. If you're not paying attention to how you read and interpret the metrics, then you just might miss the moral of the story. That's why making mistakes when it comes to data analysis can cost you valuable insight into the health and performance of your company.

So, to ensure you're analyzing your company's data in a meaningful way, you'll want to avoid the following:

Mistake #1: Observing metrics at face value

Context is crucial when it comes to data analysis, but many companies make the mistake of accepting some metrics at face value.

A great example of this would be with website traffic metrics. Let's say your company's overall page views experienced a sudden spike in March. Without any further analysis, a company could easily assume more traffic is a good thing--who wouldn't want more potential customers visiting the site?

But if you were to analyze the context of this spike--like determining where the traffic is coming from or how long they are staying on each page--you might discover it's the result of a hacking attempt or an email campaign that was sent out with an embarrassing mistake.

Bottom line is to never take any metric at face value. Make sure your team is finding out why something happened, regardless of whether it seems like a good thing.

Mistake #2: Not using segmentation

When it comes to analyzing your data you cannot use a one-size-fits-all approach. There are a ton of unique visitors checking out your website, opening an email, or downloading your app--do you know who they are? Yes, it's impossible to identify and cater to every potential customer, but you should be able to break down large audiences into smaller segments.

For example, not everyone who is coming to your website is ready to make a purchase. These potential customers may land on a page urging them to buy when they're not ready, and it might be damaging your conversion rates. You'll want to find out who these people are, where they are coming from, and what you want them to do. You can then make important business decisions that will cater to this particular target's preferences based on the segmented data you collected and analyzed.

Mistake #3: Not setting a baseline

Runners and professional athletes know the importance of setting a baseline. At any given time they can compare their current performance to their baseline to get an accurate assessment of where they are.

This practice is vital for businesses as well. You need to have a baseline and know what the numbers represent so you that can see where you stand at any given time. Overall, a good baseline will allow you to see the impact of how your company is performing.

Wrapping Up

If you suspect that your company is guilty of making these mistakes, then it's time to reassess your people, processes, and platforms. Chances are one--if not all three--of these things will not be the right fit for your company.

You'll need to find out what's preventing your company from gaining a more nuanced, enlightened view of performance. The insights that you can gain from meaningful, in-depth data analysis can help you make critical business decisions that could improve revenue and allow you to easily outpace the competition.

Bloomberg Markets: Bitcoin Impacts Visa, Digital Retail

Bloomberg Markets with Carol Massar and Cory Johnson.GUESTS: Tom Plumb President/Portfolio Manager Wisconsin Capital Management LLC Discussing opportunities in the digitalization of transactions and stocks like Visa.Ben Steverman Personal Finance Editor Bloomberg News Discussing Six Ways to Make the New Tax Bill Work For You, If You Act Fast.David Wilson Stocks Editor Bloomberg News Discussing his Chart of the Day "U.S. stocks’ 1950s-era momentum seen as positive." Email Dave at DWilson@bloomberg.net to sign up for the Chart.Douglas G Ciocca CEO/Partner Kavar Capital Partners LLC Discussing markets and economy.Brian Manning President Centric Digital Discussing how digital is transforming the retail industry.David Wilson Stocks Editor Bloomberg News Discussing his "Stock of the Day" Covanta Holding (CVA). Covanta Holding Corp.’s shares are headed for their biggest gain since 2012 on the prospect of overseas expansion. The developer of waste-to-energy plants agreed to form a joint venture with Macquarie to construct and own generators in Ireland and the U.K. Terms of the deal call for Macquarie’s Green Investment Group to pay $160 million for a 50 percent stake in a Dublin plant.This is a Bloomberg podcast. To download, watch or listen to this report now, click on the thumbnail/player on the sidebar.

Are These Cutting-Edge Tech Gifts Worth the Investment this Holiday Season?

Google Glass, 3D TV, Dreamcast, Palm Pilot--what do these cutting-edge tech products all have in common? They failed and failed hard. And to make matters worse, each of these gadgets started out with a lot of potential. They were going to revolutionize how we live, work, or play. But when they hit the market, they floundered and fizzled out.That's the gamble with being an early adopter of the latest and greatest technology--sometimes the product you just dropped hundreds or thousands of dollars on turns out to be much cooler in theory.So, before you break the bank this holiday season on something that might turn out to be a dud, let's take a moment to jump into which high-tech products are worth the investment.

Smart home gadgets

Letting the Internet of Things help you take control of your home--anytime, anywhere--is a great way to save money. Smart home products can provide you with remote, digital access to your lights, thermostat, security cameras, and alarm systems and these high-tech products are often worth the investment. Not only can these products save you money--seriously, try switching out all of your incandescent bulbs with LED lights and then pay close attention to your next electric bill--but they can also prevent catastrophes like break-ins or fires.Some products to consider:

• Netgear Arlo Pro - This wireless, weatherproof security camera has two-way audio.
• August Smart Lock - This lock system allows you to lock and unlock your door as well as control and monitor it from your smartphone.
• Nest Learning Thermostat - This adaptive tech learns the temperatures you prefer, can control hot water, and turns on the lights when you enter the room.
• Philips Hue Smart Bridge - Take complete wireless control over the color and hue of lighting in your home.

Worth the investment?My money's on yes.

Robotics

In the fall of 2000, Tekno the Robotic Puppy was one of the most popular Christmas gifts. These mechanical dogs were supposed to offer a peek into the future of technology. But I'm going to go out on a limb here and guess that most of those Tekno dogs were collecting dust by January 30.In fact, even 17 years later, robotics still has a long way to go--these gadgets are often pricey and more gimmicky than practical. So, unless you're buying a gift for a kid who is really into robots, you might want to pass on buying a Cozmo this year.Worth the investment?No, robotic technology still needs some more time to bake before investment as a consumer will make sense and truly impact your lifestyle.

Wireless earbuds

When Apple removed the headset jack on the iPhone 7, the goal was to coerce wireless tech adoption. Customers needed to ditch the wired headsets and make the switch to Bluetooth technology.While there was some initial pushback on this, the good news is that it resulted in Apple--and other companies--creating wireless headsets that are truly remarkable. This latest wave of wireless earbuds will make a great gift for nearly everyone on your holiday shopping list.Some of the more popular options include:

• Apple AirPods
• Beats BeatsX
• Bose QuietControl 30
• Google Pixel Buds

While all of these models have their subtle pros and cons, they've been well received by consumers and reviewers. With that being said, I do recommend researching the features and fit details before making a purchase. But no matter which option you decide on, you'll find it much easier to use your phone with a pair of these than without.Worth the investment?Yes, definitely. The latest wave of wireless headsets provides a great hands-free, high-quality way to listen to music, make phone calls, and interact with your phone via voice assistant (Siri, Google, Bixby, etc.).

Virtual and augmented reality gear

We have an Oculus Rift headset here at Centric Digital because we need to keep on top of the latest technology trends and developments. But unless you have money to spare or it makes sense for your business, you might want to wait a few years for the VR and AR technology to become more affordable. I'm not saying this technology is a waste of your money--if you ever get the chance to test drive a VR headset, it will blow your mind--but it will set you back at least $1k to get up and running between the headset hardware and a PC powerful enough to run the package.Worth the investment?Depends on the situation. If you have a business need for VR/AR or can use this tech to truly stand apart from your competition, by all means, invest. Or, if you have the cash to spare for a pricey gaming console and love being entertained this way, then go for it. For everyone else, you might want to wait a few years for better integration and lower prices.

Wrapping up

If you don't want to end up with an expensive but cool-looking paperweight, make sure you're investing in a high-tech gadget that will prove useful. In addition to the list above, a good general rule of thumb is to avoid investing in anything that's first-generation. Technology becomes more sophisticated over time so it's often a good idea to wait.

These Hiring Processes Will Help Prevent Bad Apples from Spoiling the Bunch

Hiring excellent talent is a well-known pain point for many companies. There are volumes and volumes of textbooks, courses, and lectures dedicated to hiring practices, but as a business leader, how do you cut through the noise and get incredible employees in your company?Just keep in mind, it’s a numbers game. Even if you’re running a highly attractive company like Google, you’re still going to make mistakes and end up with the wrong people in the wrong position. But it helps to think of the hiring process in batting-average terms-;even the best ballplayers will only have an at-bat average of .300, which means out of 10 pitches, they only hit three.When you’re dealing with people, you need to allow for a wide margin of error. There are too many variables in the equation for there to be a perfect formula for everyone to follow.With that said, however, there are a few best practices to make the hiring process go a bit smoother.

Listen to your team

When it comes to first impressions, the odds are not in anyone’s favor. According to a study by Princeton psychologist Alexander Todorov, first impressions are often faulty. This is problematic in situations like an interview where first impressions, instinctively, carry a ton of weight.While we can’t rewire our predisposition to judge first impressions, we can objectively listen to the feedback from our team.A few years ago, a friend of mine-;we’ll call her Jane-;was one of the many interviewers for a new position at her job. There was one candidate that had a polarizing effect in the interview. Jane saw something in this candidate that no one else saw-;even though the candidate lacked certain required experience. While the other interviewers were ready to dismiss the candidate, Jane rallied hard on the woman’s behalf. They ended up hiring the candidate-;and she went on to be one of the best employees at the company.Again, what we’re dealing with here is an imperfect system with too many variables. But you need to trust your team and their instincts. If they have a reason as to why they believe strongly in a person, hear them out.

Leverage your network-;and your employee’s networks as well

Recent research from Wharton shows that external hiring practices might actually be damaging to a company. Through his research, Wharton management professor Matthew Bidwell noticed that external hires tend to get lower performance evaluations than internal employees who do similar jobs, they get paid more, and they are 18-20% more likely to exit the company.This doesn’t mean we need to shut down external recruiting entirely. There is another way to recruit talent that might warm up our hiring leads and potentially lead to better results.All too often we can take our networks and connections for granted, which in the hyper-connected age of LinkedIn, this should never happen. So, instead of opening up a job position to the world at large and hoping for the best, leverage your network to see if you can find talent that’s not so external.This is why employee referral programs tend to work so well. If you’ve hired a star employee, then chances are they might know another star that they worked with them in a previous position.

Encourage transparency

There is nothing worse than hiring someone who turns out to be a completely different person than who they were in the interview. But, as hiring personnel, we rarely consider how it must also feel to that candidate when the tables are reversed. I’ve heard several stories from colleagues who were hired for what they thought was a dream role, but they quickly realized they were seduced into a toxic working environment.In general, it pays to make sure everyone is as transparent as possible during the interview process. In some cases, you may even want to stress the value transparency to your candidates. Show them it’s a two-way street by being upfront about areas where your company is facing challenges. The right candidate will want to take on a challenge and do so on their own terms. And the emphasis you place on transparency in the interview will set the tone for that employee’s career with your company.

Think outside standard hiring practices

Doing things a certain way because “that’s how it’s always been done,” is an exercise in insanity. Just like with any digital campaign, it’s important to test out new methods from time to time. Why? Because times are changing, people are changing, and what worked last week, might not work tomorrow.So, I encourage you to research and try new hiring practices. One thing you could try is changing up how you handle salary negotiations. When you’ve offered $100,000 for a position, and the candidate counters it by asking for $110,000 don’t just meet somewhere in the middle. If you have the budget, hold firm at the initial offer but present the candidate with the option to earn a $115,000 salary after a six-month trial period. This will give the candidate time to actually prove their worth while providing them with an incentive to stay with the team.

Wrapping up

The above methods aren’t a sure-fire win for all businesses. What works for one company may not yield the best results for another. The key is to never be afraid to fail your way to success. In the words of the great Bambino, “Never let the fear of striking out keep you from playing the game.”Continue experimenting with new tactics and making mistakes-;it’ll help to hone your hiring practices. Eventually, you’ll find exactly what works for you, your company, and your employees.

The Death of a Toy Retailer: How a Lack of Digital Transformation Helped Destroy Toys "R" Us

On September 18, Toys "R" Us filed for Chapter 11 Bankruptcy and shook up the holiday shopping season well before it began. It seems as if the bankruptcy was due to a combination of the company's crippling $5 billion debt, its inability to keep pace with online retailers, and the company's failure to offer prices competitive with big box stores.

But what was the final nail in the coffin for this giant toy retailer?It might stem from the company's failure to invest in its own digital transformation. An earlier investment in e-commerce offerings and omni channel experiences might have saved Toys "R" Us from an early grave.But in order to truly understand what went wrong, let's take a look at a few crucial events in the Toys "R" Us timeline:

• 1978: Toys "R" Us goes public.
• Mid 80s - Mid 90s: Toys "R" Us is a category killer in its sector.
• 1998: Wal-Mart beats Toys "R" Us for the title of top U.S. toy seller.
• 2005: Toys "R" Us makes a pivotal decision to go from public to private again in a $6.6 billion leveraged buyout deal. The plan for this buyout was to boost sales and increase stock offerings so investors could cash out.
• 2010: The company attempts to go public again, but later withdraws due to declining sales.
• 2015: Toys "R" Us takes on its fourth new CEO in 16 years to try to help the struggling company.
• 2017: The company announces filing for bankruptcy.

From this timeline, it looks like the initial threat came from the big box stores, but, interestingly enough, Amazon Prime launched the same year Toys "R" Us went private again. A lack of development in e-commerce seems to have then finished what Walmart started in 1998 (and now even Walmart is struggling to compete in the e-commerce space).Could the toy store have prevented bankruptcy by investing in digital in 2005? Of course, we won't know the answer for sure, but based on my experience working at Centric Digital, there are numerous methods the company could have focused on to put them in a better position from both a competitive and financial angle. Here are just a few avenues they could have gone down:

Investing in e-commerce strategy

This is a no-brainer and should have been taken more seriously prior to 2017. Even the Toys "R" Us CEO, David Brandon, admitted the company was late to the e-commerce game with a recent statement, "Some organizations recognize faster than others there are shifts in the ways customers want to be communicated with and the way customers want to purchase products. It probably took us a while."While Toys "R" Us updated and streamlined the user experience for their website earlier this year, the damage was done. Ensuring that your customers have a seamless e-commerce experience is vital. For any companies that are not currently investing in their online shopping experiences, the best time to invest in this was 15 years ago. The second best time is now.

Providing an omni channel experience

If customers want to get the best prices, they're going to go to Amazon, Target, or Walmart for their toys. But if a customer is looking for something special or needs personalized guidance, they'll head to a local toy store and will be willing to pay more than the lowest price for great service.Toys "R" Us, unfortunately, didn't provide either of these solutions to customers. Their prices weren't competitive, yet they offered the same in-store experience as a big box store. What they should have done was use digital to bridge the gap between these two options.The company could have provided an in-store personalized digital experience for shoppers via a mobile app that would have customized the shopping trip. Mobile capabilities could have been used to guide parents or kids through the store, offer a map to recommended toys based on past behavior, or provide coupons through RFID. This would have been unlike anything that either Amazon or Walmart were providing, and it could have kept Toys "R" Us ahead of the game.

Exploring recent digital trends

When Pokémon Go took the world by storm, where was Toys "R" Us? That would have been the perfect opportunity for the retailer to partner with the Pokémon franchise and create interactive AR experiences for their customers while in store. It's only now, a year later, that Toys "R" Us is rolling out an AR capability, Play Chaser™--a gaming app that will turn the stores into an interactive playground. This effort appears to be too little, too late.

Final word

Companies that are not investing in the digital transformation of their organization are more likely to be susceptible to disruption in the market. Toys "R" Us should have developed a digital strategy that would have catered to their customers and attracted prospects before Amazon took off. The lack of focus in this area made the overwhelming debt and inability to compete with giants like Amazon, Walmart, and Target insurmountable. Investing in digital capabilities would have made this company more agile and provided their customers with the types of experiences they were looking for.

These Three Types of Relationships are Your Secret Weapon to Success in Business

Relationship building is essential in any business, but this concept extends beyond customer and vendor relations. While those relationships are vital, it's the direct connections that, in many cases, can make or break your success in the business world.

These relationships are your secret weapon. The people you surround yourself with can help you do the impossible, change your perspective for the better, or inspire you to keep fighting against the odds. Without them, you'd have a long, uphill battle ahead.

So, what are these relationships? I believe it boils down into these three categories:

Personal

The overall benefits of having strong, positive personal relationships in your life are invaluable. According to a study conducted by Gallup, "Individuals who say they have family and friends they can count on to help them in times of trouble are consistently more likely to be satisfied with their personal health." From this same study, Lisa Berkman, Ph.D., of Harvard University also noted that "People who are socially isolated tend to have more physiological stress, poorer immune function, and a host of biological risk factors."

How are you supposed to a run a company or get that startup off the ground if you're feeling stressed and sick? This is why it is so important to build strong personal relationships as they can directly impact your working life (and vice versa, but that's another topic for a different day). It could be the connections you form with your spouse, significant other, friends, children, classmates, or other close family members. Who they are doesn't matter--what matters is the quality of the relationship.

For me, I was fortunate enough to grow up in a very entrepreneurial and supportive family. My grandfather (on my mother's side) started his own business, which my father eventually ended up taking over. My uncle also started his own tech company back in the 80s, which was acquired by McGraw Hill. At family get-togethers, my grandfather would take me aside and explain how to invest in stocks or say things like, "Why would you ever work for someone else when you can create your company?"

This is not the case for everyone--and that's fine--but take a look at the personal relationships in your life. Are the people you're closest with challenging you? Inspiring you? Offering sincere encouragement? Because when we're happy in our personal relationships, we can focus our energy and passion into our businesses. But when these relationships are not going well, then it's all too easy to let that frustration and anxiety affect our work.

Professional

The professional relationships you make throughout your career can directly impact your likelihood of success.

My co-founder, for example, continuously helps me to divide and conquer the Herculean feats we are sometimes tasked with. During the infancy stages of Centric Digital, we had about a week to source, recruit, and train talent for a $4 million contract. We split the to-do list and sourced an incredible team in a very short period of time that allowed us to fulfill the contract and scale our company. This anecdote speaks volumes about the importance of a trusting partnership based on confidence in each other's skills and expertise. Centric Digital would not have grown so quickly if I did not have these types of professional relationships.

This concept should be applied across your entire organization--do you have the same types of professional relationships with everyone on your team? Can you trust your key players to do what needs to be done to the best of their skills and ability? If not, it might be time to start building new relationships and changing out people on your team.

Advisory

Advisors, mentors, coaches--having someone (or a team of someones) to guide your progress is essential, especially for those in leadership roles.

When you're on the top of an organization, you must surround yourself with people who are more experienced and knowledgeable to offer advice on your ideas, plans, and strategies. It helps if these people are outside of your organization and are excellent, high-quality superstars--otherwise you'll never grow, you'll never learn, and you'll always make mistakes. It also helps to build relationships with advisors who are outside of your industry as they can offer a unique perspective to your current challenges.

Wrapping up

There's a famous quote by motivational speaker and entrepreneur Jim Rohn that states, "You are the average of the five people you spend the most time with." If this is the case, and I strongly believe it is, then take a moment to look at the personal, professional, and advisory relationships in your life. Are these relationships encouraging you to grow and be your best self? Do they make you feel empowered? Are you connecting with the type of people you have a deep mutual respect for? If the answer isn't a resounding, "Yes!" then it's a no. Which brings us to the real secret behind this secret weapon: networking.If you want to surround yourself with amazing, talented, and progressive people you have to force yourself to get out there and network like crazy--and you need to do it with an open mind. Because you never know where or when you might make a crucial connection that will push you to advance your progress on the path to success.

Bloomberg: Brian Manning on Retail Physical / Digital Disruption

Centric Digital Chief Digital Officer Brian Manning talk on Bloomberg Markets with Carol Massar and Cory Johnson about how retailers should consider digital experiences in the physical digital space.

8 Seriously Cool Digital Gifts and Gadgets to Give this Holiday Season

Imagine it's 1929. The biggest technology advancements include the car radio, the first appearance of public phone booths, and the steady growth of the airplane industry. The must-have holiday gift that year? The yo-yo.Fast-forward about nine decades later and cars are becoming increasingly connected, air-travel is expanding into space, and phone booths went the way of the dinosaur. And the must-have holiday gift this year? Some experts are predicting an AI robot will be on the top of many lists (more on that below).The pace at which technology has evolved in such a relatively short amount of time is remarkable--and every year it only seems to increase, especially around the holidays. This is the time of year when we find out the latest gift-giving trends and which products will start to fly off the shelves. My personal prediction is that some of the coolest gifts to give this year will bridge the gap between our digital and physical worlds.So, whether you're shopping for the kids, parents, grandparents, or work colleagues, one of these digital gift ideas will be sure to add a wow-factor to the holiday season.

Ledger Nano S

Cryptocurrency is exploding by leaps and bounds these days. But if you're thinking about jumping on the trend and investing in digital currency, you need to be safe about it. Most investors store their cryptocurrency in an online wallet or cloud service, which, unfortunately, makes it susceptible to hackers. This is where the Ledger Nano S comes into play. I was given this as a gift and it's one of the coolest things I've ever received. It allows you to safely store your digital coins in an offline "wallet" that looks and feels like a flash drive. This handy device can store Bitcoin and Ethereum, but it can store other types of digital currencies as well. While this device might not make the best gift for everyone on your list, any tech-savvy person is sure to be excited to receive this.

Wireless earbuds

When they first released the iPhone 7, Apple garnered some initial backlash about their wireless earbuds. However, this no longer seems to be the case. I've heard many positive reviews about wireless earbuds from colleagues--and it's not just the Apple AirPod they've been raving about. Bose makes noise-canceling wireless earbuds, while Google's Pixel Buds offer real-time translation for over 100 languages. No matter which option you choose, these tangle-free headphones are a great gift to give.

NAS (Network Attached Storage) devices

For anyone who is tired of either paying monthly for cloud storage services or wants an easily accessible location for all of their digital files--movies, photos, documents, etc.--then a NAS device is a necessity. This device allows you to set up your own networking system and makes a great gift for small business owners, entrepreneurs, or families. The companyMy Cloud offers products for both home and business.

Rocketbook Wave Smart Notebook

This gift is fantastic for anyone who wants to go paperless for good. Using a FriXion gel pen, you can write on the pages of this notebook and easily upload what you write to the cloud storage service of their choice. You can then erase every page of the notebook by putting the whole thing in the microwave. Co-workers, employees, or students could really benefit from this gift.

Digital kitchen gadgets

The internet of things is taking over the kitchen. Two particularly cool digital kitchen gadgets that you might want to give someone this holiday season include:

• MellowRemotely poach an egg, steam salmon, or cook a steak with this smart sous vide slow cooker.
• Crock-Pot - Smart Slow Cooker with WeMoThis slow cooker can be controlled via an app so users can adjust and change cooking temperatures and times from their phone.

Cozmo

This robot is a mini supercomputer and AI assistant that loves to play games. The more you interact with Cozmo, the more it evolves and gets to know you. You can also program new interactions for this robot, which makes it a great learning opportunity as well as a toy.

Navdy

Go hands-free with this navigation system that can project maps, calls, texts, and even music through your windshield. This is a great gift for anyone with a long commute.

Final word

The gifts that will make a big impression this holiday season are the ones that will make life easier for us to navigate between our physical and digital worlds.Use the above list as a starting point for holiday shopping, but if you want to fall down the rabbit hole of potential ground-breaking digital gifts and gadgets, then I recommend checking out Amazon's Launchpad. This incubator is filled with interesting startups and crowdfunded products that could revolutionize life as we now know it. And who knows--maybe one of these products will make life in 2029 as radically different as 1929 seems to us today.

Mindfulness in Business: How to Live in the Present While Predicting the Future

Over the past few years, the practice of mindfulness has been on the rise in the business world. As the benefits of this Eastern mindset started to emerge, companies like Google, General Mills, Target, and Aetna have all been taking advantage. These companies have implemented mindfulness institutes, courses, and programs; encouraged and promoted meditation in the workplace; and offered employees access to retreats.

Sounds great, but what exactly is mindfulness? Is it meditating? Is it just being aware of your current surroundings? There are a variety of different answers to these questions, but I find all of them to be a bit conflicting.

Overall, there is something innately paradoxical about the practice of mindfulness. It's about fully living in the present and taking control of thoughts, feelings, and emotions, but it's also about emptying your mind. I find that the Japanese term and practice "mushin," which translates to "no mind" in English, sums this paradox up nicely.

The mind without mind

Mushin is the supposed mental state that trained martial artists enter into during combat. During this state, the mind is not occupied by thought or emotion, and it enables the fighter to be open to every possibility both in the present and future.

How does this translate into our everyday lives? Well, the overall practice of mindfully emptying your thoughts allows your subconscious the chance to incubate new ideas. This is why we often experience breakthrough or "aha!" moments while washing the dishes or taking a shower. These activities are almost meditative--they put our conscious brain on auto-pilot and allow the subconscious to bubble up innovative thoughts.

And I believe this paradoxical nature of mindfulness or "mushin" is what can help business leaders live in the present while preparing for the future. In fact, this is the way in which I balance my professional life as a CEO--I think long-term, but I also react daily. With that said, I can't afford to get too caught up in long-term thinking because it's a distraction. If I'm too busy mapping out every possible outcome, then I'm giving my competitor the opportunity to strike now.

Fortunately for business leaders today, there are several ways for us to balance both living in the present while predicting the future.

Take advantage of data and predictive modeling

Our seemingly infinite access to data is what can help business leaders live in the moment while exploring potential outcomes. For smaller companies, this means tracking, storing, and contextualizing data both externally and internally. For larger corporations, this means implementing dashboards that contextualize the data you have into digestible information. These dashboards should enable you to gauge the current trends happening in your company in real time.

From there you should also take advantage of predictive modeling. This is a process that uses data mining to forecast or "predict" potential outcomes. The larger the dataset, the stronger your predictions will be so it's imperative to make sure your company is capturing as much information as possible.

However, even if your predictive analytics are indicating that sales are about to drop, don't panic. This is where we circle back to the concept of mindfulness. It's important to be aware of the current state of business and the future possibilities, but you need to prevent the tendency to make reactive fear-based decisions. Which leads me to my next point...

Check your gut

Carefully monitoring data and current trends is important for your business, but as the owner, CEO, president, or founder, you need to check your gut.

There's an interesting anecdote in Martin Lindstrom's Small DATA: The Tiny Clues that Uncover Huge Trends that emphasizes the need for these check-ins. In 2002, Lego was struggling with declining sales. As they were trying to figure out what the problem was, they collected data from a customer study and it revealed that, along with sales, customer attention spans were on the decline.

Lego reacted to the data by creating larger blocks in order to appease the instant-gratification demographic. But sales continued to drop. Finally, Lego conducted a one-on-one study with a loyal customer and realized that despite declining attention spans, kids would spend a ridiculous amount of time on their passions when they felt like they were in control. So, the company decided to eliminate the larger blocks and made tweaks to their strategy that put the customer in the driver's seat.

But my question here is: what would have happened if Lego had taken the time to consider if creating larger blocks was really the right move for their business? Would it have been possible to sidestep the product shift and save the company money? Is this something a simple gut check could have solved? While there is no clear answer, it's important to ensure you're doing this in your business to prevent potentially jumping on a bandwagon trend or changing the entire mission of your company based on unpleasant data.

So, before reacting to any data, prediction, or trend, take a moment to ask yourself:

• Is this the right move for the business?
• Does this change resonate with our mission, goals, and values?
• Are we only making this decision out of fear or to jump on bandwagon?

Conducting these periodic gut-checks could save you time, money, and effort.

Final word

Here in the Digital Age, change happens in the blink of an eye. Trying to keep up with the latest technology and trends is exhausting. But, amidst so much chaos, how can you justify jumping out of the race and practicing mindfulness? Well, there's a famous Ghandi quote that goes something along the lines of: "I have so much to accomplish today that I must meditate for two hours instead of one."

While I'm not literally encouraging you to go and meditate for two hours a day, the point here is that when we're at our most frenzied, it's important to take a step back. Use data to be aware of what's currently going on in your business, monitor predictive analytics to see where things are headed, but perform mindfulness checks to ensure potential options align with your company's goal or vision. This is how business leaders can both live in the present while trying to predict the future.

How to Save Money on Online Shopping

Brian Manning from Centric Digital shares tips for saving money when shopping online.