You’re probably familiar with the Pareto Principle, commonly called the 80/20 rule. If we loosely apply that “rule” here, it’s probably safe to assume your “Top 5” vendors make up more than 80% of your capital budget. It’s also pretty safe to assume that the amount of time, attention & frustration for you & your team on all the other technologies than your “Top 5” is inordinately high.
So what to do about this “disconnect”?
That’s were we come to applying a little different perspective can make a huge difference!
The following exercise should not take more than three minutes. It’s your gut reaction, your first instinct that matters. If you overthink it, you’ll never finish it. Just your first thoughts. Let’s start…
On the top half of a page, draw four circles that are overlapping. Let’s keep this very simple. For the purpose of this exercise, make them all the same size.It will look something like this.
Write your top four vendors in the circles. (If you have only two or three or five, change the number of circles.)
The darker areas where the circles overlap are your “gaps”. These are the areas where your major vendors do not address a solution to a business problem that you have.
Now ask yourself:
“How much of my time and my organization’s effort is spent in the ‘gaps’ instead of the most important aspects of my business?”
“If I redrew the circles to represent the amount of time & effort we spend in the gaps, how much would the picture change?”
“What actions can I take that would reduce the size ‘gaps’ in the second chart?”
As you go through this process, what you learn may surprise you. We’d be very interested in hearing about what you learned in going through this quick exercise.