Words, Definitions and Concepts

A collection of new interesting words, both from me and collected from others, that capture our digital world:

Next-shoring: Taking reshoring even further, bringing production closer to customers and the next innovation.

Peak OJ – c.f. peak oil. The fear that, due to the current parasite attacking stocks, the quantity of Orange Juice in the world might have peaked and will forever decline going forward. A slightly more serious analogy to peak oil is Peak Attention, the idea that there is point at which we can no longer process any more information (a point which we’ve already passed). Peak attention is often mentioned as a rationale for simplifying apps and products. Btw, now we also have peak banana.

Hockey stick theory of technology adoption – The pattern that adoption of new technologies follow, as they take longer to catch on than we think, but then grow exponentially once they’ve gained traction.

Real-life A&B testing – when you’re testing out all possible outcomes yourself in real life before committing to an action. Taken from website testing jargon.

Grey Swan: A black swan that is not that black. From PwC.

Microwork: Small work tasks doled out over the Internet to people working from home or from developing economies. See platforms such as Amazon’s Mechanical Turk or Samasource.

Insights as a Service: Big data on demand. Instead of just outsourcing the data, and doing the analysis as a service, outsource the analysis as well, and go straight to the next derivative and get the insights as a service. If good insights, a potentially interesting concept. GigaOm podcast here.

Bacon: Spam you’ve signed up for.

NER&D: Really nerdy R&D projects, that are pure vanity projects, or serve no obvious scientific purposes. Often acknowledged by IgNobel prizes.

Zequals: “Ruthless rounding”. Rob Eastaway’s idea to improve estimation skills in teenagers.

QQE: Quantitative and Qualitative Easing. For those central banks for whom Quantitative Easing is just not enough (I’m looking at you, Japan).

Idea sex: Ideas meeting, combining and propagating.

Flexons: McKinsey’s term for a tool through which you can view a problem differently and come up with new solutions. C.f. Knowledge Hacking Tools.

Citizen Science: Crowd-sourced science where people all over the world help out with scientific projects. Most useful in projects where humans do the task better than computers (such as certain pattern recognition) and it’s a fun enough task for people all over the world to volunteer their time to do it.

Nudgenik: The unwanted love child between Soviet-style bureaucrats and Richard Thaler’s and Cass Sunstein’s Nudge philosophy, which has come to full fruition in David Cameron’s Nudge unit, where well-meaning nudgeniks and social scientists determine where to place the vegetables in the cafeterias to guide people unconsciously towards the right decision.

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