How can you evaluate solution feasibility in a rapidly changing market?

Ensuring solution feasibility in a rapidly changing market requires a certain ear on the ground in terms of what customer needs are and if we can meet them, as well as what the regulatory/compliance changes are to secure decision maker’s buy in. Both top down and bottom up approach cannot be managed by one division. As such, working collaboratively with other business units through committees would be more effective. With product development for instance, marketing and customer service teams need to offer their inputs as well, alongside relevant key stakeholders to ensure purpose-fit production and delivery. This may be better suited for bigger organisations with more spending power to invest in innovation. ??

Defining decision criteria is crucial. Use SMART goals for clear objectives, SWOT analysis for strategic planning, and stakeholder mapping to identify involved parties. These tools help understand goals, constraints, customer needs and the risks and benefits of solutions.

testing assumptions is crucial in a rapidly changing market. Assumptions about the problem, solution or market need to be validated to avoid wasting resources on unfeasible solutions. Methods for testing assumptions include experiments, surveys, interviews or prototypes. These methods help validate or invalidate assumptions and provide valuable feedback for learning and improvement

When you are testing your assumptions in the market, remember that the key information you need pertains to where the solution is headed from a value perspective. Ask yourself why it creates value or why it does not.

When you have multiple solutions, compare them using decision matrices, scoring models or cost-benefit analysis. These tools help weigh pros and cons based on your criteria. Also, involve customers and stakeholders in the evaluation for their input and feedback.

In projects with a high degree of uncertainty, traditional metrics such as NPV or ROI may provide little or no insight into the impact your solution may have on your customer. It's important to remember that solution evaluation aims to validate your hypotheses. Therefore, the metrics should provide information on whether your hypotheses are correct or not. Thus, you need metrics that provide insights into usage and adoption, such as: - What cost saving were achieved by your customer? - What time savings were achieved? - What flexibility improvements were achieved? - Was there any durability or dependability enhancements? - Were the volumes increased? - What about serviceability? - Speed to use? - What about adoption by the customer?

- Accept what the markets are telling you; avoid biases like confirmation bias, ostrich effect and sunk-cost fallacy. - Action before analysis; reduce risk and reduce the number of unknowns - Contingencies are opportunities to learn and adapt your solutions, not problems.

Por mi experiencia, evaluar la viabilidad de una solución de negocio en un mercado cambiante requiere un enfoque proactivo, flexible, imaginativo, sólido (si se puede) y orientado a la innovación. Contando con: Análisis del mercado: Comprenderlo en profundidad. Evaluación de la solución propuesta: Analiza cómo se alinea con las necesidades de las personas/clientes. Flexibilidad y adaptabilidad: En un mercado cambiante, es fundamental. Analiza los riesgos: Identifica los posibles riesgos y desarrolla estrategias para mitigarlos. Pruebas y validación: Antes de implementar la solución a gran escala, realizar piloto. Monitorización y ajustes continuos: es crucial monitorear su desempe?o de cerca y realizar ajustes según sea necesario.

As a broker, I know how important it is to have a hand on the market. This means you know when the market is tight and loose. You experience the change as it is happening. Understanding what did work, what can work, and what must work. Minimize your risk with technology and innovation.