How many companies have tried a new idea that has failed, only to discover that the idea was tried 15 years ago but the previous employees are now gone and the memory of failure was lost? When we talk about best practices, what we are really talking about are people talking through a problem and finding the best solution. So when we talk about Azure and its embrace of open systems, we are talking about allowing people to preserve and process information much more efficiently, which minimizes "intertemporal" costs of decision making. This is one reason small family businesses close or are sold to bigger competitors. This creates frustrations and discourages the next generation from taking on the responsibilities. The family has lost so much institutional knowledge because record-keeping is difficult to maintain with pen and paper. But with the transcripts, we could have done a simple word search on "sewer" to see what we discussed and decided on in the past. We would have had much greater preservation of company operational decisions with these meeting transcripts.įor instance, we would have meetings on infrastructure problems in the past and we rely solely on memory on what we talked about. Too bad my parents did not have this tech available in the 70s. We just started recording our annual meetings on Teams last year. Our family has run a business since the 70s. This is an incredible inflection in society.
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