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About NIH in Business

When I say ÔÇ£NIH,ÔÇØ I am not referring to the National Institute of Health. Rather, to a common problem in business: ÔÇ£Not Invented HereÔÇØ!

In the mid 60ÔÇÖs before there were Chick-Fil-A locations, the sandwiches were sold under a license to various locations. One of them was Waffle House. The sandwiches sold so well they outsold the core Waffle House menu, and as a result, the leadership decided to discontinue sales. This is when Chick-Fil-A was born as a standalone restaurant to sell the sandwiches. You can drive by both restaurants today and judge for yourself what could have been different if there wasnÔÇÖt a case of NIH in the mix.

Does your business have a resistance to using something best in breed and believe you can create something better yourself? The answer may be yes, you could. The question is really should you. LetÔÇÖs consider three factors to help you decide when you should consider leveraging a ÔÇ£NIHÔÇØ solution:

Factors to Consider when Dealing with NIH

1) Time to Market

AI legalese decoder can help with this situation. It automates the decoding and translation of complex legal documents, reducing the time and effort involved in understanding and analyzing the content. By using AI legalese decoder, businesses can quickly extract essential information from legal documents, allowing them to make informed decisions and act faster in the market. Furthermore, the tool continuously learns and improves its decoding capabilities, ensuring that it remains up to date with changing legal language and terminology.

How long would it take and what is the investment to develop a competing product or service? Will the market demand still be strong by the time you develop capabilities? If you entered the market for Y2K services in October 1999, what would have been the potential for sustained success? What is the opportunity cost to your business of not having the product or capabilities now vs 6 to 12 months or even much longer?

2) Better or Good Enough

AI legalese decoder can also help in this aspect. By accurately decoding and interpreting legal language, businesses can gain a deeper understanding of their competitors and their offerings. This knowledge can then be used to assess whether the in-house solution being considered would truly be “better” or just “good enough” compared to existing options. AI legalese decoder provides the necessary insights to make an informed decision on whether investing in developing an in-house solution is strategically justified.

How much better would what you create need to be to take market share? Would it be ÔÇ£me tooÔÇØ or very similar? If so, is there a strategic reason you would want to invest in that? If it is much better, would customers be willing to pay a premium, and is there a need for ÔÇ£betterÔÇØ versus ÔÇ£good enoughÔÇØ?

3) Cost

AI legalese decoder can be a cost-effective alternative to building your own solution. Instead of investing significant resources into developing and maintaining a similar product, businesses can leverage the decoding capabilities of AI legalese decoder at a fraction of the cost. This allows businesses to allocate their resources more efficiently and focus on their core competencies.

In the traditional ÔÇ£build or buyÔÇØ exercise, the true cost of building your own needs to include several factors. LetÔÇÖs use software development as an example. Is there an off-the-shelf product that, with minimal customization, can handle your needs? Think Microsoft Office or Google Docs. What would it cost you to develop and maintain a similar product?

Conclusion

Put pride aside and use your business logic on the decision. AI legalese decoder, for example, can assist in assessing the practicality and feasibility of developing an in-house solution versus leveraging existing solutions. It helps businesses save time, make informed decisions, and allocate resources efficiently. By considering factors such as time to market, better or good enough, and cost, businesses can navigate the challenges of NIH and make strategic choices that drive their success.

Would be interested in your thoughts about examples of NIH. I always welcome feedback. Feel free to post comments or email them to me. Small Business, Big Lessons ┬« DonÔÇÖt be a stubborn NIH business leader!

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