Shiny Object Syndrome: What it is and how entrepreneurs can avoid it

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Artificial Intelligence , Big Data , Machine Learning , Internet of Things . The innovations arising from the digitalization of the business fabric are creating the ideal environment for Shiny Object Syndrome to flourish .

According to a study by IDC Research , by 2027, 75% of European organisations will have already undergone a digital transformation . By the end of 2020, more than half of companies will be immersed in a related process.

How many of these companies have enough knowledge to navigate the uncharted waters of digital?

Today at MÁSMÓVIL Negocios we are going to explain a silent evil that is rarely talked about and which is linked to numerous failed projects.

Shiny Object Syndrome
You may also be interested in: " Keys to digitizing your company "



The danger of novelty
Human beings naturally need to change from time to time. To try new experiences georgia number data and expose ourselves to unknown situations. This is what makes us develop and evolve.

Novelty induces the brain to generate dopamine, a neurotransmitter responsible for pleasure, with significant addictive effects.

In psychology, " Novelty Seeking " is understood as a personality trait related to the obsession with finding novel stimuli. Thus, people who have this "Novelty Seeking" tend to be impulsive when they have to make decisions.

As stated in the study "A psychobiological model of temperament and character" , those affected tend to be " extravagant in their pursuit of rewards, tending to avoid frustration and quickly lose their temper ".

On a milder level, the term "shiny object syndrome" refers to a condition that prevents one from paying attention to what is really important when a new stimulus intervenes.



Shiny Object Syndrome
In a highly dynamic context, where dozens of new products and techniques appear every year, companies are highly exposed to Shiny Object Syndrome .

When an entrepreneur sets out to develop a project without having all the knowledge about the industry or the corresponding sector, it is very likely that he or she will end up making decisions based on personal biases.

That is, you get carried away by the attractions of the latest avant-garde , instead of analyzing your situation and choosing those tools or services best suited to your needs.

In 2020, the distribution still indicates that digitalized companies or those in the process of becoming digitalized are closely related to technology; they are not adapting, but rather developing their already acquired skills .



As the years go by, more and more traditional organizations will join the Digital Transformation phenomenon . In many cases, forced by the new rhythms of competitiveness.

These companies will be more likely to be carried away by trends , and therefore, fall under the effects of Shiny Object Syndrome .

Of course, the more major errors come to light, the fewer projects will be affected by this evil. Organizations that embrace disruption will have more references to avoid being guided by impulses.



Caution and planning
The most effective tool to avoid falling into the temptation of novelty is data. If there is to be an obsession, it is the one related to monitoring and studying the context.

It is not surprising that, according to the article " Digital strategy: The four fights you have to win " by the consulting firm McKinsey , uninformed managers are more likely to undertake impulsive investments that are far from generating real value.

" They are likely to make fragmented, overlapping or smaller-scale digital investments ," they say. " They are likely to undertake initiatives in the wrong order, or skip key steps that would allow more advanced projects to deliver results ."

Fighting ignorance is not only a genuine issue for those most involved in economic development, but also a clear interest of the most experienced digital leaders.