All of us have experienced the thrill of discovery. It is one of the most exciting and compelling experiences that one can have. The discovery of a new web site, a new person, a foreign destination, an unknown product, a panoramic view - all of these are thrills that we relish and share with others. Discovery is part of the human experience.
For an organization, discovery is equally compelling, exciting and important. New opportunities are what drives growth and the creation of new value. Unfortunately, all too often, organizations ignore the process of how they discover and leave it to the chance, serendipitous moment. All too often, organizations chase opportunities that turn out to be false ones and end up spending time and resources on dead ends. It doesn't have to be this way.
Imagine being able to identify new opportunities outside your current business focus that you know are significant and relevant. Imagine knowing that you have explored all of the nooks and crannies of a new domain and have found the best opportunities. Imagine creating literally hundreds of potential opportunities and having a reliable method for identifying the few that are the most important.
All of these things are possible using a structured process of Opportunity Discovery.
Problems and Issues in Opportunity Discovery
Seeking new opportunities in open spaces presents many pitfalls
- Under coverage, over analysis, missed opportunities, etc.
- Evaluate too soon
- Jump to the conclusion and then look for confirmation
- Too early buy-in or early emotional commitment to a particular outcome
- Individual bias up front – don’t bring in the ‘crowd’ early enough
- Hard to reject after you’ve spent a lot of time and energy on a specific idea
Features and Attributes of the OD Process
- Flexible, Dynamic, Quick, Lightweight and Fast
- No over analysis
- Low cost investment
- ‘right’ amount of work at each step
- Don’t get tied early to success of a particular idea
- Continuous pipeline or engine
- Once it gets ramped up, it goes
- Broad reaching
- Covers a lot of territory, examines entire domain
- Not limited by ‘conventional’ wisdom
- Seeks out knowledge
- Evidence-based
- Indicators before evaluators
- Precision matches accuracy
- Prepared for any contingency
- Not planning for specific outcomes
- Constant review and debate
- Ability (obligation) to debate both sides
- Team oriented
- Individual initiative
- Group responsibility
- Outside the company
- Entrepreneurial outlook
- No inside bias
- New looks at internal knowledge
Results and Outcomes of the OD process