What is the secret for success in business? Most successful entrepreneurs receive this question. Answers will mostly be common sense. So why others on the same domain not able to replicate the success always? Answer to that question is 80-20 rule.
What is 80-20 rule in business? 80% of the activities is common in the business,if same domain. But the remaining 20% makes one company different from another.This 20% is the real Intellectual Property of that company. It contains the activities and specialities of the owner of that business.
Always this 20% will be innovative things. This means that the activities from this 20% will move to the 80% bracket and new ones will fall into the 20% bracket. That is the secret of success in business. That cements the fact the each business is different from another.
Normally of the shelf technology solutions will have the activities in 80% bracket.But the real success comes when the technology solutions are able to accept and incorporate the activities from the 20% bracket. This is possible only when the business owners and technology experts discuss the points with attention to detail and then incorporating in the technology solution for the business. That is what I call as tailor made technology solution. So once you find the right technology solution with 80% activities and if that solution is extendable with the 20% activities at an acceptable time frame, you are transforming your business to a technology driven successful business.