Smart Business Concepts

Only some of them make it past the next phase, judgmental screening, during which a group of marketing, product development, and operations people will evaluate ideas based on experience and intuition. Those that make the cut are actually developed and then tested in stores, with well-defined measures and control groups. At that point, executives decide whether to roll out a product systemwide, modify it for retesting, or kill the whole idea. Some companies with rich consumer-transaction data—Toronto-Dominion, CKE Restaurants, eBay, and others—are routinely testing innovations well outside the realm of product R&D. As randomized testing becomes standard procedure in certain settings , firms learn to apply it in other areas as well. Entire organizations that adopt a “test and learn” culture stand to realize the greatest benefits.

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Wood says that the company has made testing a part of management’s dialogue and the organization’s culture. Finally, formal testing makes sense only if a logical hypothesis has been formulated about how a proposed intervention will affect a business. Although it’s possible to just make a change and then sit back and observe what happens, that process will inevitably lead to a hypothesis—and often the realization that it could have been formulated in advance and tested more precisely.

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As with CKE’s new product introductions, however, this online testing is only part of the overall change process for eBay’s website. Extensive offline testing also takes place, including lab studies, home visits, participatory design sessions, focus groups, and trade-off analysis singaporefuneralservice.sg of website features—all with customers. The company also conducts quantitative visual-design research and eye-tracking studies as well as diary studies to see how users feel about potential changes. No significant change to the website is made without extensive study and testing.

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It is probably simple to grasp (a typical depiction is shown in the exhibit “Put Your Ideas to the Test”), but it must be communicated in the same terms to people across the organization. Having a shared understanding of what constitutes a valid test enables the innovators to deliver on it and the senior executives to demand it. Every day, managers in your organization take steps to implement new ideas without having any real evidence to back them up. Their so-called experiments aren’t worthy of the name, because they lack investigative rigor. It’s likely that the resulting guesses will be wrong and, worst of all, that very little will have been learned in the process.

The company has also built its own application, called the eBay Experimentation Platform, to lead testers through the process and keep track of what’s being tested at what times on what pages. Make library widely accessible to employees; publicize tests and results of important studies to encourage a test-and-learn culture. That said, firms need to determine when formal testing makes sense. Generally, it’s much more applicable to tactical decisions than to strategic ones .

Environmental Protection Agency’s longest running partnership programs helping thousands of businesses, educational institutions, governments and nonprofits better manage their municipal and industrial solid waste – saving money and resources. Some software tools are tailored to particular problems or industries. Several packaged tools, for example, are available for the analysis of manufacturing-quality experiments.

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