Predictive Analytics

Entrepreneurship. TV Interview. Nov 30th

Entrepreneurs need Untitled design(2)to  learn new traditional management skills to improve their ability to both attract funding and succeed. That is the message I delivered in a local TV interview discussing #entrepreneurship in Northern Virginia. The region is now called “Silicon Valley East” based on the surge of entrepreneurial ventures in the area.  Check out

TV Interview Entrepreneurship Nov 30, 2015

To help entrepreneurs succeed given that 50 percent of all new ventures fail within five years, I will be reinforcing the same message in other forums in coming months

Paul B. Silverman is Managing Partner of The Gemini Business Group, LLC, a new venture development firm dedicated to helping global entrepreneurs succeed (www.geminibusinessgroup.com) . He writes and speaks about entrepreneurship, healthcare, analytics, and strategy management and is the author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” Sign up for Entrepreneurship Today! email updates to track latest new venture developments. – See more at: Paul B. Silverman Blog

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Forbes-Roundup Analytics,Big Data,BI, IOT

IOTExcellent article in Forbes on big data, analytics, and business intelligence. You can see my comments (top comments section)  and the Forbes article at http://www.forbes.com/sites/louiscolumbus/2015/05/25/roundup-of-analytics-big-data-business-intelligence-forecasts-and-market-estimates-2015/

One of the best roundup articles showing forecasts and outlook in these explosive growth markets. All businesses and providers must recognize the challenges that must be met and how all must adapt to secure real value from these trends.

Summary:

Summary of my recommendations in posted comments here – view big data/analytics/IOT as ‘technology enablers’, enabling you to improve and streamline business processes. The winning strategy- get past what I call the ‘gee-whiz’ factor, recognize IOT, analytics, and other technologies are a “means to the end,” driving new business processes to reduce costs, increase revenue, and improve strategic position.

Forbes article is highly recommended reading for all interested in big data, analytics, and IOT.

 

Paul B. Silverman is Managing Partner of The Gemini Business Group, LLC, a new venture development firm dedicated to helping global entrepreneurs succeed (www.geminibusinessgroup.com) . He is the former CEO of a predictive analytics company and writes and speaks about entrepreneurship, healthcare, analytics, and strategy management and is the author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” See more at Paul B. Silverman Blog.

 

 

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More Mobile Devices Than People-IOT?

Interesting article in AssetDNA.com “Is Business Ready for the ‘Internet of Assets’?”

Here is a link to the AssetDNA.com article

Article quotes Digital analyst GSMA Intelligence that “… there are now more than 7.28 billion active mobile connections globally compared to 7.20 billion humans as per the US Census Bureau’s world population clock. What is more, these gadgets are multiplying 5 times faster than we are.”

Implications:

factory floorWhile mobile phone and data services in developing economies are growing exponentially, IOT applications and millions of IOT devices are a major driver fueling mobile services global growth.

IOT captures millions of information elements in many businesses, but today’s firms face three challenges to use this data:

1. How do you use this information to reduce costs, increase revenue, and improve strategic position ?

Today, most IOT is not effectively used. One example I like to use is McKinsey’s perspective looking at the oil drilling sector:

“… most data generated by existing IoT sensors are ignored. In the oil-drilling industry, an early adopter, we found that only 1 percent of the data from the 30,000 sensors on a typical oil rig are used, and even this small fraction of data is not used for optimization, prediction, and data-driven decision making, which can drive large amounts of incremental value.”

I see a similar situation in other sectors

2. Who is assigned responsibility to maximize the benefit of  IOT?

Maybe the CIO, or Operations Manager, Production Manager, Customer Service Manager, or other functional group? For the oil drilling sector, safety and muster drill compliance are critical factors and safety executives may be the decision makers. But to maximize IOT benefit, the starting point I always emphasize is understanding the value chain – that means quantifying value chain metrics, defining peer group benchmarks, identifying operational information ‘gaps’, and other management metrics to drive an optimum IOT solution. This is done before the first IOT device is installed with strong participation and management oversight at the “C” level.

3. How do you realign organizational structures given the reach and capabilities of IOT?

Think about production and operations management whereby decision making is often done by highly experienced line management with decades of experience. Or customer service and support groups using well-established, ‘proven’ techniques that have worked well for decades. Now imagine replacing that  with ‘algorithm decision making’ whereby integrated IOT and analytic models provide optimized decisions in the key value chain elements from supply side management and production through sales and customer service. How do you align the organization to meet these changing needs, what new skills are needed; what should be outsourced; how do you transition the organization to support the new business models- these are representative challenges that must be met for an organization to capitalize on the IOT and big data ‘tsunami’ we are now seeing.

My recommendation is view IOT and big data as ‘technology enablers’, enabling you to improve and streamline business processes.The winning strategy- get past what I call the ‘gee-whiz’ factor, recognize that IOT, analytics, and other technologies are a “means to the end” driving new business processes to reduce costs, increase revenue, and improve strategic position.

Paul B. Silverman

Paul B. Silverman is Managing Partner of The Gemini Business Group, LLC, a new venture development firm dedicated to helping global entrepreneurs succeed (www.geminibusinessgroup.com) . He writes about entrepreneurship, healthcare, analytics, and strategy management and is the author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

 

 

 

 

 

 

 

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Global Logistics Report:IOT /Analytics Impact

cargo shipsExcellent global logistics report by Colliers – check out last several sections on “Last Mile Innovations” in U.S., Europe, EMEA, and Asia Pacific

Further reinforces the outlook I and many others share – significant opportunity ahead for innovative integrated analytics and IOT applications that change business processes to lower costs, increase revenue, and improve strategic position. Look at the case studies here for Amazon, PeaPod, others and you see some examples of best practices in using technology to re-engineer and streamline processes, and create new business models. We are only at the beginning here based on the entrepreneurial opportunities I see emerging addressing these applications.

You can get a copy of the report at the Colliers website at  http://www.colliers.com/-/media/files/marketresearch/global/global-logistics-2015.pdf?la=en-us

 

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Half of All New Ventures Fail Within 5 Years- What Is Driving This Sobering SBA Statistic?

A new press release was issued today announcing the publication of “8 Building Blocks to Launch, Manager and Grow a Successful Business”  and availability on Amazon (Print and Kindle).

8b3_copy(4)Here is a copy of the press release…

‘8 Building Blocks To Launch, Manage, And Grow A Successful Business’ Now Available On Amazon

Half of all new businesses fail within five years. SBA statistics show what drives all business failures: Management Competence (46%), Lack of Managerial Experience (30%), and Lack of Market Sector Experience (11%)-new book offers success solutions

July 15, 2015RESTON, Va.8 Building Blocks to Launch, Manage, and Grow a Successful Business” is now available on Amazon (US and global markets)- print and Kindle editions. Targeted to entrepreneurs, the book walks readers through the many steps needed to not only launch a business, but stay in business and succeed. The new book received positive pre-publication reviews from invited senior level reviewers

“SBA and other statistics confirm what I’ve seen so many times,” said author Paul B. Silverman. “You can have a great idea, market need, solid team, funding and maybe a customer or two, and then five years later you’re out of business. “Understanding the challenges, and helping you develop winning strategies and succeed in today’s explosive and exciting entrepreneurial arena is why this book is written,” said Silverman.

“8 Building Blocks to Launch, Manager and Grow a Successful Business” provides a step-by-step guide to all the key elements an entrepreneur needs to tackle to meet today’s challenges, understand and use Fortune 500 new venture ‘best practices’, profitably stay in business, and create value for shareholders. The book delves into the reasons why most businesses fail, how to prevent common pitfalls, and create winning strategies.“8 Building Blocks to Launch, Manage, and Grow a Successful Business” .…. READ PR AT PRESS RELEASE- 8 BUILDING BLOCKS

Here are some related links:

Reviews – I appreciated the support and comments of the pre-publication reviewers- reviews at What Readers are Saying

Link to new book page-  Book Page: * Building Blocks To Launch, Manage, And Grow A Successful Business

 Read Book Excerpts at http://paulbsilverman.com/books/excerpts/

Link to Amazon to order the book  Amazon Link; 8 Building Blocks to Launch, Manage, and Grow A Successful Business

Link to blog    paulbsilverman.com/blog/

Media Kit for Press at  Media Kit -8 Building Blocks-071515

Sign up for new Entrepreneurship Today! email updates on areas I am tracking such as crowdfunding, Reg A+, cybersecurity, healthcare, IOT, and analytics . The email updates will cover new venture developments, blog posts highlights, upcoming interviews with leading entrepreneurs, guest posts by investors and entrepreneurs, and new Entrepreneurial Management 2.0 techniques. More info and sign-up page at http://paulbsilverman.com/contact/ 

I am ramping up speaking engagements and plan on doing several interviews related to new venture development and entrepreneurship and glad to address any group where I can contribute and schedules work

If you have any questions or comments, please contact me anytime and I will be glad to help.

All the best,

Paul B. Silverman

Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the R.H. Smith School of Business at the University of Maryland. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments. – See more at: http://paulbsilverman.com/blog/#sthash.FEhMHL25.dpuf

 

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$9 M Google Ventures Funding… And Shows Future of Digital Publishing

Book Pile   BlogRecommend reading the Fast Company article “The Picture Book That Parents Worldwide—And Google Ventures—Can’t Put Down” http://www.fastcocreate.com/3048158/the-picture-book-that-parents-worldwide-and-google-ventures-cant-put-down

Take a good look here and you see where digital publishing is heading as print-on- demand, analytics, creative software, graphics design, and content creation merge to create what looks like a new market sector.

When we here about personalized children’s books we think about a child’s name inserted into the same story and replicated for others. Here we have a new paradigm using algorithms to create customized stories printed with high quality illustrations.

Here is what #Google Ventures says: “We don’t look at them as a book publishing company,” says Avid Larizadeh Duggan, a London-based general partner at Google Ventures. “It’s a platform for the best personalized content for children’s entertainment on multiple platforms. They’re redefining a category.”

When you read this article, I suggest keep the following points in mind:

  • Automated content creation using algorithms and software is a new frontier- as noted “… there are tens of thousands lines of code for each book delivered”
  • This is a technology not a book publishing startup –when you review the article that is clear
  • The team identified a market opportunity, organized a talented team, and then pursued the business. Market opportunity defined first, then technology solution- that is the way it is done to avoid having a creative technology looking for a market, a problem we often see with early stage companies

So where is this heading? Here are may perspectives:

  • The content creation analytics and software will advance quickly- we can envision more powerful and multi-threaded content creation options emerging- I expect these will be driven by start-up firms
  • We will move beyond the children’s book market- what I call ‘adaptive’ content creation will also address other traditional book publishing markets
  • Adaptive, personalized content creation has other applications in education and training. Customizing content to adapt to readers’ learning styles and disabilities, personalizing training content based on readers’ skill level; developing personalized healthcare education materials which adapts based on staff background, experience, their optimum learning approach are some of the many possibilities here.

Bottom line – like 3D printing, this is another disruptive breakthrough that I believe will open many exciting opportunities to create value. Recommend all stay tuned as this develops.

Paul B. Silverman

Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the R.H. Smith School of Business at the University of Maryland. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

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Comments on Forbes Article – “Don’t Rube Goldberg Your IOT”

12Commented on Forbes Article – “Don’t Rube Goldberg Your IoT”

To successfully develop IOT solutions, we need to recognize IoT is a technology and learn from lessons from past revolutions such as e-commerce, EDI, and others. We need to also understand the role analytics will play in the IoT revolution which I also emphasized in my comments.

Here is a copy of my comments:

Thanks for the insightful IOT article and how you can avoid a ‘Rube Goldberg’ technology solution.

I have concerns about today’s IOT revolution based on my experience, working through other ‘revolutions’ such as e-commerce, EDI, cloud computing, analytics, and others. We are making progress on technology, security, interworking and similar challenges but I see lessons learned from other revolutions we must address.

Here are the 3 top critical success factors needed to create a mass market IOT:

1. Standards must move from ‘corporate’ internetworking to ‘market’ internetworking
We learned in the e-commerce/EDI revolution that spending the time and effort to develop standards for internetworking between suppliers, distributors, and customers provided the measurable benefits needed to ensure success. My experience addressing this challenge in the pharmaceutical/global distributor sectors confirmed this point. We need IOT standards for key sectors to provide the framework for growth.

2. Business strategy and process optimization must drive IOT, not technology

IOT is a technology – developing optimum, sustainable IOT solutions demand an experienced, multi-dimensional staff with strategy, financial, analytics, process analysis, and technology skills. The CIO will play a key role but … READ MORE AT Forbes Article- Dont Rube Goldberg Your IoT July 6

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Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the R.H. Smith School of Business at the University of Maryland. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

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Comments On Richard Branson Post TED Talk

Commented on excellent Richard Branson TED talk How To Hack Into Happiness good messages here.

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NEW FACEBOOK PAGE

New Facebook Page – will focus on #entrepreneurship, #predictive analytics, #new ventures, #healthcare

More to follow. Check out http://tinyurl.com/m8t5z4g
Paul B. Silverman writes about entrepreneurship, healthcare, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and Adjunct Professor in the R.H. Smith School of Business at the University of Maryland.

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Music Streaming and Analytics-How Spotify is Impacting the Music Business

Excellent New Yorker article about Spotify and how music sector business models are changing- very clear here that the online music market business models are morphing quickly- check out http://tinyurl.com/lw88lkc

The article reinforces my view that analytics, not content, packaging, or other features will be the primary success driver in most of today’s markets, including the music sector. I am looking at analytics-centric healthcare, financial, and business management ventures and clear to me these ventures will reshape current sectors and create new large scale opportunities just as Spotify is doing in online music

To fully understand the possibilities here, consider the following 3 points noted in the article:

  • Note migration from early stage “collaborative filtering” analytics-using what you did before to define what you want in the future – first generation analytics here which provided a competitive edge.
  • Spotify bought Echo Nest-an analytics company and created “Truffle Pig” – result is an artificial music intelligence platform that helps Spotify dissect in detail the music elements (they now look at 50 parameters for all music products) and further tighten ability to meet users’ needs
  • Most significant, Spotify’s analytics are what I call second generation, seeking to use other external personal/ environmental data to improve their ability to meet users’ needs/improve user satisfaction (and of course not switch to iTunes or Pandora). To get a glimpse into what is meant here, check out the following from the article:

Now that the Echo Nest is part of Spotify, its team has access to the enormous amount of data generated by Spotify users which show how they consume music. Spotify knows what time of day users listen to certain songs, and in many cases their location, so programmers can infer what they are probably doing—studying, exercising, driving to work. Brian Whitman, an Echo Nest co-founder, told me that programmers also hope to learn more about listeners by factoring in data such as “what the weather is like, what your relationship status is now on Facebook.”

When I look at how analytics is shaping all market sectors, we see explosive growth of what I call second generation analytics- this will spawn many exciting new ventures, and some of these will be in new market sectors that don’t even exist today. Exciting times lie ahead here
Paul B. Silverman writes about entrepreneurship, healthcare, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and Adjunct Professor in the R.H. Smith School of Business at the University of Maryland.

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