How to recover stalling sales?
There is no magic formula for this,
but a new of tool may help our efforts.
It allows to match our technology with potential new markets,
that are well beyond our horizon.
This new tool is based on NER - Named Entity Recognition - software
and you can apply it to engineering documentation.
Your Engineering Documentation, or someone else Engineering Documentation...
continue reading to know more.
If the forces acting on your market have affected demand for your product and services
the only reasonable solution is to find a new market.
This is not an easy task, considered that our company would have a strong liability
made of its existing technological capability, organizational structure and localization preferences.
Finding a market that matches these liabilities is tough enough when you have time and resources.
I experienced this first hand when I helped a nice SMB serving the Power Generation industry few years ago.
It took years to move the bow of this company to the new Aerospace market.
The organization had to accept that keep doing the same things was leading to an unavoidable destiny,
and that dive different scenarios was necessary untill a plausable new route was identified.
It required a change of perspective and we were lucky enough to make it.
When you do not have the luxury of time and resources,
a way to explore possible new trajectories in a systematic way,
may be the use of latest NLP (Natural Language Processing) technologies.
What NLP software does is basically to build a bridge between the set of documents recording your know-how,
and a different set of documents, linked to new industries and markets.
"NER builds a bridge between documents that are not linked or referrable"
This is something that you cannot achieve just searching for good ideas with Google,
or bringing in your industry experts: You would end up steering the same old stuff.
NLP - and its speciality: NER - frees up you from the chains of your domain of competences
and flyes you over the fences, to make you land on unchartered territories.
Not all the NLP softwares can help a high-tech company do this.
You need an NLP software specialized in reading and connecting engineering documentation.
I have used the services of ErreQuadro - cognitive engines
to search the Oil & Gas industry and connect it with the latest AI and Machine Learning developments
and the hints I collected have been presented to ANIMP association in their latest annual meeting.
If you want to give a try, call them directly: