Upgrade Your Debit Order Management with ComoDebit 3.1.0's Automatic Approvals and Reporting!

ComoDebit, the essential tool for Life Insurance Companies, allows you to streamline your debit order management process with ease.

Developed by Comotion and part of the ComoLife suite of tools, ComoDebit empowers you to manage your debit order transactions using Mendix, the leading low-code development suite for agile and productive companies.

One of the key features of the upgraded debit module in ComoDebit is the ability to automate debit order approvals, providing valuable insights into your debit order history and future transactions.

Check out our technical blog to learn more about this innovative feature, including automatic approvals and notifications, report creation and downloading, and more.

Find out more

If you have any questions about ComoDebit or any other tools in the ComoLife suite, don't hesitate to get in touch with us. We're always happy to help!

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How innovators can overcome the Dunning-Kruger Effect

Honest and transparent self-assessment is the key to creating value for any innovator. However, self-bias often creeps in, preventing the ability to identify genuine opportunities; it's what scientists call the Dunning-Kruger effect. Without the knowledge of a need for correction, improvement is unlikely to follow.

Mark Murphy suggests a simple solution for individuals suffering under the defined bias. In his article "The Dunning-Kruger Effect Shows Why Some People Think They're Great Even When Their Work Is Terrible", Murphy suggests that the answer lies in visualization and feedback mechanism that removes the bias.

Typically, these mechanisms rely on senior leadership to provide feedback, but these hierarchical means isn't the only good feedback loop for innovators. Innovators can use:

• Hypothesis based testing and validation cycles that provide reliable, data-based feedback to verify theories;

• Open innovation groups that welcome debate and challenge assumptions or;

• Innovation collages gather individuals attempting to solve similar problems.

The Dunning-Kruger effect indicates that all innovators possess, on some level, self-bias that can distort performance evaluation and delivery. Checks and balances are welcomed insurance for all innovators against that personal threat.

Let us know

If you have any stories about innovation and validating assumptions, we would love to hear them. Drop us a message on LinkedIn or Twitter.

What is a 10X technology?

I wrote about the four points a company must have to reach a significant value in a previous post. The list comes from Peter Thiel's book "Zero to One".

Thiel points out that is that the use of Proprietary Technology is critical to a company's success. He suggests that the technology backing the offering must exceed rivals by a factor of ten.

What is a 10X technology?

Genrich Altshuller proposes five levels to classify innovation by its impact, an index of sorts.

Apparent solution

A technology that seems new but doesn't offer any enhancement over current solutions. According to Max McKeown's book "The Innovation Book", 68% of new ideas fit into this category.

Improvement

An improvement is the optimization of a current solution. While it doesn't improve the solution's result, it does advance the path to the outcome. An estimated 27% of ideas fit into the improvement category.

Invention

Inventions offer significantly new offerings but from within the same frame of thinking as the alternatives. These ideas account for 4% of all ideas in use.

New Generation

Technologies that enable disruptive innovation fits within the "new generation" category. These systems define new rules for the entire system of interaction rather than a sub-section. 0.24% of ideas fit into this category.

New System

New systems have the same outputs as old systems but delivery those outputs in an entirely new way. 0.05% of all ideas implemented fit into this category.

Altshuller's pyramid gives a suitable means to classify the technologies driving the business to find a 10X technology. A 10X technologies are "New Generations" or "New System" levels of technologies and, as a result, promote the business offering to levels that convert to significant market share.