Quantified Self
Innovation Alphabet
Quantified Self
In a nutshell
How well do you think you know yourself? Quantified Self is an approach adopted by a movement of individuals who aspire to use technology to acquire data that will produce a detailed picture of a person’s daily life. Heart rate, hours of sleep, number of sneezes – anything that can be measured becomes important when used to improve one’s physical and mental performance.
Application Fields
• Medicine: This area includes self-tracking devices that monitor patient health parameters. They collect a variety of basic data such as heart rate, blood pressure, ECG, temperature, and respiratory rate. It is the path to Predictive Health. Instead of waiting for a disease to manifest, each parameter is monitored in real time. This way, doctors are notified of the collected data and can eventually contact the patient to suggest a follow-up examination.
• Physical exercise: In the fitness field, wearable devices collect information about the physical and cardiac activity of the user, even during sleep. They provide data on calories burned, miles traveled and the person’s overall health status, detecting any abnormal parameters.
• Digital assistants: Predictive chatbots might be able to gather, analyze and process all the data collected from different apps, intervening with advice on health, fitness and education. Preferably, while respecting the privacy of user data. Integrating an all-around screening system with a trusted framework such as blockchain could strengthen data security.
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Industries
• Quantified Self in the fitness industry
Fitbit is a company that developed the wearable devices of the same name, employed to monitor physical activity via wireless technology pulses. The cyber bracelets, when connected through their respective app to smartphones or tablets, communicate in-depth analysis from data such as number of steps, calories burned, quality of sleep, steps climbed and other personal metrics.
• Quantified Self in the sport industry
Nike+ Fuel Lab is a partnership forged to connect Nike with leading technology companies in order to merge digital with real life. Since 2012, Nike has been trying to create solutions that enable athletes to track activity levels and reach their potential. The Fuel Lab grew out of the Nike+ Accelerator program to capitalize on the lifelogging (“life recording”) trend and credit an increasingly mechanical approach to the study of the human body.
• Quantified Self in the biotechnology industry
23andMe is a company founded by Linda Avey and Anne Wojcicki that has become synonymous with a new business model: personal genetics. Together with Google, it offers reduced genetic testing so that people can learn more about ancestry, genealogy, hereditary traits and many other information extracted from the study of DNA.
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Check out more of the Innovation Alphabet:
Gamification
Gamification
Gamification is actually adding a game-like element to make more fun and engaging something that’s not necessarily a game. It’s all about turning a task that might be boring or difficult into a more enjoyable and motivating activity. You can also earn points, badges, and rewards for completing certain actions or challenges. Are you ready to play?
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Business Intelligence
Business Intelligence
A smart business means efficiency: Business Intelligence represents the ability to collect up-to-date data, present it in easy-to-understand formats, and deliver it in a timely manner to employees. Making data-driven decision-making and management processes leads to competitive advantage, reduces inefficiencies, and improves productivity and service at all levels.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Subscription Model
Subscription Model
A subscription model is a business tool that generates revenue by charging customers a fee at regular intervals. The company provides products or services to subscribers on a subscription basis, usually monthly or annually. In this way, loyalty has become more important than acquiring new users.
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Holacracy & Flat Organization
Holacracy & Flat Organization
A “flat organization” breaks down the traditional hierarchy and removes its negative connotation, while “holacracy” is the business tool that facilitates its formation. Flat organizations place more emphasis on communication and collaboration, aspiring to a distributed decision-making process that gives each employee a voice. But this is a model that is difficult to implement.
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Mass Customization
Mass Customization
Mass customization is an initiative adopted by companies to embrace the increasingly diversified needs of customers. By offering customizable products and services, consumers feel engaged and can bring their creativity into play. Brands gain from this a boost in perceived value and the opportunity to fuel a positive word-of-mouth marketing.
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Coopetition
Coopetition
If you can’t beat them, join them. Coopetition is a business strategy that defines cooperative and competitive relationships between competing companies in the same young or high-growth market. The goal is to travel a stretch of road together to lower initial research and development costs. Once the desired results are achieved, the companies will return to being enemies as before.
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MVP
MVP
To the disappointment of all sports fans, this is not an article about Michael Jordan. In the language of business, MVP stands for Minimum Viable Product and indicates the version of a new product that has enough features to attract customers. In this way, a team can gather the most feedback with the least effort, improve the prototype, and validate its sale.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Bounded Rationality
Bounded Rationality
The best solutions always come to mind when it is too late. This is because human beings tend to make decisions on the basis of satisfaction rather than optimization. Bounded Rationality means that we are unable to think clearly and linearly, we proceed by trial and error and forget all the possible variables that affect the process. But we are also flawed.
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