Creativity: A Data-Driven Business Component?
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CRE
Did the pandemic rock the world (in a negative way)? Undoubtedly. Is commercial real estate coming back strong? Numbers suggest so.
As a recent report from CBRE demonstrates, the total dollar amount of investment in commercial properties, nationwide, climbed 10% year over year. Looking at things from a macro point of view, investors spent a whopping $167 billion in the commercial market in Q2 of this year. While down 1% year-over-year, industrial properties still accounted for $32 billion of the total amount. Office brought in $24 billion in sales, while retail rose 41% year-over-year, with $21 billion in sales.
Unsurprisingly, New York City and Los Angeles led the pack nationwide, and certain cities in the South and Sunbelt (think Houston, Phoenix, Las Vegas, and Orlando, Florida) saw considerable growth. As for the sellers and buyers? Mainly real estate investment trusts, private investors, and foreign companies made up the sellers in Q2; institutional investors accounted for a large portion of the buyers.
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Tech
领英推荐
A whopping 70% of digital transformation initiatives still fail, today.
Thus, The Entreprisers Project prescribes an eight-component equation for achieving strong digital transformation. First, pick a starting point – know what the process entails and establish steps in the journey before you begin it at all. Engage the right leadership team – choose leaders who are committed to seeing change occur and who are digitally-savvy. Define your organization’s approach – to maximize value, construct an integrated business strategy. Next, digitize your core operating model – as the article notes, this includes but is not limited to all steps of the value chain. No. 5? Identify better and smarter KPIs – evaluate and track KPIs for volumes, business activity trends, and different types of infrastructure. Recognize the need for data observability – leverage analytics to help advance data operations improvements and optimize all facets of the business. Create a workplace culture that embraces change – your people must be willing to adopt and adapt to changes; be honest and open about the digital transformation process; equip leaders with what they need to guide their reports toward new ways of working. Finally, find new opportunities for digital growth – ensure this takes place before, during, and after the digital transformation occurs.
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Work Culture
As history demonstrates, when the economy shakes, business leaders often perceive creativity as a component they can reduce or cut. Even when business booms, most people skew against potentially disruptive, inventive, creative notions – after all, we’re always chasing certainty. Yet, there’s a massive business case for creativity – look to the recent pandemic, and you’ll see how much innovation matters (read more about this in the article, itself). Regardless of the circumstances, we need to do a better job at approaching creativity in an analytical manner. Creativity should not be siloed to “creatives,” alone – it’s an organization’s duty to embrace it, as a group of individuals and as an entity. As this Inc. article advocates, “It's time to move beyond hunches, anecdotes, and bursts of inspiration, and build universal, analytical rigor around creativity's practice.”
Bringing data-driven insights into the creativity equation, we must be careful not to regard creativity as a dividend or output, exclusively. Rather, we have the opportunity and obligation to recognize creativity as “the sum total of a series of inputs including (and impacting) an organization's people, products, operations, and even values.” From this vantage point, one can approach every business piece as something to measure and produce creative capital. “And once it's measurable, you then can take targeted actions that reduce underperformance and increase growth. Suddenly, the organization is not only more creative, but more resilient.”
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