Similar to other crazy predictions that have been made by John Chambers (such as opening your hotel room door with your smartphone), this prediction may also come true. In small corporations, we already understand that dynamic. Regardless of your sector (retail, manufacturing, financial services, you name it), every business is technology-based today, elevating the CIO to the second position, after the CEO who manages the company.
For those studying Spanish, the magic words were “¿Como está usted?”
For economics majors: Guns and Butter.
About 3 years ago, Dr. Perri Klass, a well-known pediatrician and Professor of Journalism and Pediatrics at New York University, gave a talk with her mother, Sheila Solomon Klass, on their book: “Every Mother Is a Daughter: the Neverending Quest for Success, Inner Peace, and a Really Clean Kitchen.” The dynamic between Perri Klass and her mother mesmerized more than 300 in the audience that Sunday.
I didn’t think about Dr. Klass again until I read her moving and frightening article in the New England Journal of Medicine in January of this year, “Death Takes a Weekend1,” contrasting her viewpoint of the hospital on the weekends during her residency with her more recent encounter during her mother’s last and final stay in a hospital.
So, when does a physician’s attention span start to drop off in an online survey? This is a particularly critical metric in our business, where online research is the basis of forecasts that inform licensing deals. We want the highest accuracy possible.
A potential new client recently asked me how often preapproval product forecasts hit the mark and match actual sales. The answer is, “rarely,” and that applies to the entire forecasting discipline in our industry. I shared with him a recent McKinsey study mentioned in our last e-newsletter. McKinsey studied forecasts among 260 drug launches from 2002 through 2011 and found that the forecaster usually got it wrong: more than 60% of the forecasts were over or under by more than 40% of actual peak revenues.1