Category Archives: Low Tech

GET YOUR OWN ‘BOTS

OR RISK BEING PUT OUT OF BUSINESS BY THEM

by Howard Tullman

Don’t fear the bots. They’ll free your company from unprofitable and tedious work. Yes, some jobs are going to be displaced. But the ones that are left and the new ones the bots will create will be more productive and way more interesting.

I realize that it’s a little frightening for many of us when we hear some of the intimidating statistics about headcount reductions in more and more industries that are being driven by the growing deployment of what we’re generically calling “bots.” But I don’t think bots are so bad for business. I realize that, while the major shifts are just beginning, we’re already talking about the displacement of thousands of analysts and adjusters in the insurance and finance industries as well as hundreds of highly-paid attorneys in sectors of the banking business. The sooner you figure out how to incorporate and deploy these little time- and money-savers, the better off you and your business will be. And that goes for businesses of all sizes.

Excepting some of the folks who will be replaced by these efficient and energetic little wonders, it will be a break for the better. Honest. No one in their right mind will miss any of the boring, repetitive and utterly useless tasks that are a painful part of too many of our jobs. If your tasks can be reduced to a set of instructions and rules that need to be repeatedly and flawlessly executed, we’ll soon enough find a program or a machine to do that work better, quicker and more accurately than you– and to do it 24/7 as well. No one argues with that part of the equation. We’d all love to be freed up from our chores and be doing exciting, creative and constructive work.

The rub comes in the rest of the story – the ratio and the scale of the jobs being eliminated as compared with the new jobs available to replace them. To quote Bruce Springsteen, in My Hometown, “Foreman says these jobs are going boys and they ain’t coming back.” Take a look at the hospitality business as a simple example. Airbnb is closing in on Marriott’s $42.7 billion market cap (it’s already worth about $10 billion more than Hilton), but the employee headcounts of these companies are in different universes. Marriott employs more than 225,000 people, Airbnb about 3,500– yes 3,500 employees. And I’m not just picking on Marriott. Hilton has about 170,000 team members. You can argue that some of those people are doing different and allegedly irreplaceable functions. But in the end, the real question is whether the customer/guest’s needs are being more than met. None of Marriott’s guests really cares about whatever it is that fills the day for those extra 400,000 workers. I’m not even sure that most of their managers know what makes up their day.

When you couple the substantial reductions in the workforce with the readily-demonstrated and clearly impressive gains in productivity and lower operating costs that we’re also seeing, it’s clear that there are major bumps in the road ahead and significant disruptions in the ways business has traditionally been done. This is especially true because the vast majority of these changes are neither complicated in regard to the technologies nor costly in terms of the required capital. Low-hanging fruit abounds. JP Morgan Chase reports eliminating more than 350,000 hours of legal document review time per year by employing bots and smart contracts.

When I use the term “bots,” I’m not talking about anything as challenging as truly intelligent agents or even anything autonomous. I’m talking about simple lines of code– and not that many– that can successfully execute instructions and directives or commands that are well-established and documented by humans. I hate to call any of this stuff artificial intelligence. At best it’s augmented and extended intelligence. The intelligence being extended is ours; the folks being augmented are us. We’re talking about systems and tools that will help us perform routine tasks with minimal supervision or ongoing direction, and essentially automatically, upon request. Every business still has some of these pockets of obvious inefficiency and it’s mainly ignorance of better options and inertia that keeps them from realizing immediate improvements and significant cost savings. Your business does too, and the sooner you do your own audit and analysis, the better off and more competitive you’ll be. (See Use a Mirror to Mind Your Own Business First)

There are opportunities everywhere, but the sweetest spots for almost any business seem to fall into four recurring buckets. Forget about chatbots and retweeters. Focus internally first where you can get the biggest bang for your buck and where you can ride on existing rails. The people providing support and resources in this emerging space are few and far between right now, but they tend to target these critical areas: HR, Finance, Operations and Sales. I know, you’re already saying, “well duh, that’s just about the whole business”, so trim it down to HR and Finance and start there. Eat the elephant one bite at a time.

One of the best providers is an 1871 alumni organization called Catalytic/www.catalytic.com/> whose tagline says it all: “Do more of what you love, and less of what you don’t.” They are smart enough to understand that they are in a “rinse and repeat” business so that each time they build a new process bot they create the ability to provide a version of that same solution to thousands of other businesses more efficiently, more rapidly, and less expensively. They talk about concrete client results delivered in days, not months or years.

And, to be successful, you need a plan that’s ongoing and iterative and that’s always targeting and attacking the dumbest things you are doing. In many cases, it’s an approach that follows the same basic steps: digitize and dump the paper; speed up the flow and the inter- and intra-departmental handoffs; automate as many steps in the process as possible; measure the results; and do it again. It needs to become a habit and a mantra of your business—always moving to raise the bottom and improve the average.

It’s interesting to watch the adoption cycle as well. It’s both competitive and contagious. The more you do; the more your people will want to do and, interestingly enough, you’ll have them bringing suggestions and ideas to you for next steps–forward integrations into other programs like Word and Excel, for example—instead of sitting on their hands and bitching about the bots.

The dashboards and the flow charts that you now have access to provide levels of actionable information and data that were never available before. Frankly, these are the exact tools that you need to move your business forward. Managing by exception rather than brute force is the only way to spread your scarce and costly resources around.

 

 

Howard Tullman is the father of Chicago’s 1871 incubator.

Read his bio on Wikipedia: https://en.wikipedia.org/wiki/Howard_A._Tullman

Check out his websites at http://tullman.com/  and http://tullman.blogspot.com/

Or just type his name into your favorite search engine.

.

This article previously appeared in Inc.

Image Credits – Getty Images, MS Office

Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. Please perform your own due diligence. It’s not our fault if you lose money.
.Copyright © 2017 John Jonelis – All Rights Reserved
.
.

Advertisements

Leave a comment

Filed under angel, angel investor, Business, Characters, Entrepreneur, Entrepreneurship, High Tech, Low Tech, Startup Companies, Startups, vc, venture capital

TOO MUCH FUN

by John Jonelis

How does a Type A find rest from the daily barrage of demands and decisions? Alternate activity, of course!  Here’s my best pick for a quick weekend retreat.  This is too much fun to keep to myself. Continue reading

Leave a comment

Filed under angel, angel investor, Business, Entrepreneur, Entrepreneurship, Low Tech, Relationships, Startup Companies, Story, venture capital

WILDERNESS

by John Jonelis

.In Chicago, we enjoy something few high-tech centers can boast—easy access to a primal wilderness—a vast paradise, ancient and unspoiled—unique in the world and very special.

Whenever I’m in this place, I love the world just as I find it. Continue reading

Leave a comment

Filed under angel, angel investor, Business, Entrepreneur, Entrepreneurship, High Tech, Low Tech, Startup Companies, Startups, vc, venture capital

STARTUP OF THE YEAR

by John Jonelis

Here’s a Chicago Area startup that brings pleasure, relaxation, and satisfaction to tired business people, gets them out in the open air, away from the pressures of the big city, and teaches them to smile again. Does that sound like a worthy goal?

.

I think so. Continue reading

Leave a comment

Filed under Business, Characters, Games, High Tech, Low Tech, Startup Companies, Startups, vc, venture capital

CHICAGO—THE BEST INCUBATOR IN AMERICA?

by Denny O’Malley

Recently, Inc.com published an article about the best cities for early-stage companies. The premise: Chicago is the surprise winner.

Why would that be? San Francisco and New York are both beautiful, thriving cities that dramatically represent the diversity of American ideas. San Fran—younger, more venture-oriented, with beautiful natural vistas. New York—the classic, bustling private and public equity concrete jungle.

What do they have in common? It costs a kidney to pay rent for a closet. Continue reading

Leave a comment

Filed under angel, angel investor, Characters, Entrepreneur, Entrepreneurship, High Tech, Low Tech, mobile, mobile internet, Startup Companies, Startups, The Economy, vc, venture capital

BILLION DOLLAR UNICORNS

unicorn-from-ms-office-tKenneth M. Freeman

The world seems captivated by the growing number of unicorns – private companies theoretically worth more than $1 billion based on their latest round of funding. There are now more than 100 unicorns, led by Uber with a valuation of $66 billion. Continue reading

Leave a comment

Filed under angel, angel investor, Entrepreneur, Entrepreneurship, High Tech, Low Tech, mobile, mobile internet, Startup Companies, Startups, vc, venture capital

DRIVING VALUE WHEN FUNDING RUNS LOW

funding-tDavid Johnson

Overview

The funding environment for early stage startups has been shifting for some time, but as shifts accelerate, founders, executives, and investors should look to reassess their strategies to ensure that they remain optimal in a capital constrained environment. Q2 2016 saw the lowest rolling 12-month average deal flow for early stage investments since Q2 2013, this in spite of actual early stage dollars invested having increased by 127% over that period. Increasingly, early stage investors are looking to place fewer but more sizable bets on startups that are perceived as having the most promise. This can, and likely will, lead to a widening gulf between early stage startups that have a clear path to additional funding and those that may struggle to generate investor interest. Continue reading

Leave a comment

Filed under angel, angel investor, Business, Entrepreneur, Entrepreneurship, High Tech, Low Tech, Startup Companies, Startups, The Economy, vc, venture capital

ALIEN ABDUCTS FISH, THROWS FISHERMAN BACK

20161004-_jajdscn0159tby Jim Kren

Avid fisherman John Jonelis was enjoying some late night fly-fishing on the Pere Marquette River in Michigan when he had a close encounter with something not swimming upstream.

“I’m casting a fly called a Crystal Bullet with a number 4 hook on a sink tip,” said Jonelis. “This beautiful Chinook Salmon practically bends my number 10 Recon in half but after about an hour, I land it. Al snaps a picture, then all this happens.  Me and my salmon get lifted by a glowing ray into some giant saucer-like ship that smells of fish inside.” Continue reading

Comments Off on ALIEN ABDUCTS FISH, THROWS FISHERMAN BACK

Filed under Biography, Characters, Education, Games, Low Tech, Mystery, Story

5 STARTUPS WE LOVED FROM TECHWEEK

Chicago’s Launch Competition

techweek-logo T

 

by Jeff Segal

Why does a B2B digital marketing agency that works with some of the biggest and best-known companies in America send a team to a startup competition?

Because marketing and startups actually have a lot in common.

  • Marketing is about problem solving, and startups are founded to solve problems.
  • Marketing is about storytelling, and every startup has a story.
  • Finally, a great marketing campaign and a successful startup both make people say, Wow, I wish I’d thought of that!

Continue reading

Comments Off on 5 STARTUPS WE LOVED FROM TECHWEEK

Filed under angel, angel investor, app, Business, Education, Entrepreneur, Entrepreneurship, High Tech, Low Tech, mobile, mobile internet, Relationships, Startup Companies, Startups, vc, venture capital

THIS AIN’T NO LEMONADE STAND

20160402_143634-JAJ TLoop Lonagan—Verbatim

What if y’could combat starvation by producin’ yer own meat ‘n potatoes—and do it right at da local food bank? Hey, I’m lookin’ at a real working prototype here.  What about a solution to student debt?  Or, maybe fer yer next birthday party, ever’body plays laser tag with drones?  Or learns music real fast?  Or gets a little help rememberin’ stuff.  I can use summa that. Continue reading

Leave a comment

Filed under angel, angel investor, Business, Characters, Education, Entrepreneur, Entrepreneurship, High Tech, loop lonagan, Low Tech, mobile, mobile internet, Poverty, Startup Companies, Startups, vc, venture capital

ORDINARY EXTRAORDINARY

Bator TInnovation in Offering the Ordinary in an Extraordinary Way

By Kenneth C. Bator, MBA

Let’s talk about a product that nobody wants to need.  Can you transform the customer experience and make shopping for it enjoyable?  Now that would be an innovation!   Continue reading

Leave a comment

Filed under angel, angel investor, Business, Entrepreneur, Entrepreneurship, Low Tech, Startup Companies, Startups, vc, venture capital

MAY THE FOREST BE WITH YOU

Neil Kane TUsing Whole Trees in Building Construction

Neil Kane

If there was ever a way to combine high tech and high touch as John Naisbitt stated in High Tech, High Touch, his 1999 follow-up to his 1982 bestseller Megatrends, “embracing technology that preserves our humanness”, WholeTrees Architecture & Structures of Madison, Wisconsin epitomizes it. WholeTrees is an innovative company that has hit it out of the park in terms of innovating on technology while providing a substantial impact return, all while having one of the most gorgeous and aesthetically pleasing product lines you’ll ever see. Continue reading

Leave a comment

Filed under Business, Education, Low Tech, Politics, vc, venture capital