The Three “M” method to Recognize and Leverage New Technologies
Chevy Chase was in a movie called Fletch where he said “it’s all ball bearings these days”.
But these days it seems the phrase often heard and marketed is “Game Changer”. I searched the phrase “Game Changer” on the internet and filtered it to news stories. There were over 9,000 news stories that contained “Game Changer” (in quotes mind you). Really? Were there that many game changers this year? I must be living under a rock because I don’t recall my world or game be changed by that magnitude.
Could it be that the phrase might be overused?
What happens when a technology truly is a game changer? How would you recognize it? Below are the three M’s to help you recognize and leverage new technologies. I realize that most of these ideas are business 101 basics but they seem to still be worth a review.
- Meaning – Does it have meaning to you or your business? If you sell snow shovels, a game changer in beach towels might not affect you. Take time to drill into what is supposed to make the new technology a game changer and see how that would have an effect. For example, if businesses are all supposed to “go mobile” with their technology offerings because all things mobile is the latest game changer, how does that effect you and your business by either embracing or avoiding? Are you able to tie a specific business process to this new game changing technology? If so, what impact and meaning would that have. Focus on specific meaning to you and your business to recognize valuable game changing technology.
- Magnitude – Although a new technology may have meaning and will make a relevant change, what is the magnitude of the change? A technology that has meaning and a high level of change and impact to you and your business is a true game changer.
- Monetary – Does the game changing technology increase revenue? Does it reduce costs? When evaluating a game changer, it may have meaning and magnitude, but does it make you more money? The greater your ROI (return on investment), the greater the technology game changer.
I too am guilty of using the phrase “game changer”. I wrote a post called, Your Next AMS Might Not Be an AMS – Why an increasing number of associations are viewing Microsoft Dynamics CRM as an industry game changer. Feel free to read it as an example and see if you can recognize the 3 M’s.
When a new technology has relevant meaning to you and your business, high magnitude of impact, and solid monetary value, THAT would be your game changer.