Knowledge leads to wise action
We are in the realms of information overload in the business world. Every business leader knows the competition believes in innovation, change and adapting to evolving consumer demands. Useful information is the key to making the right decision in a timely manner.
Guts & Glory
Guts, instinct and educated guesses are no longer as effective as informed decision making. We all need to be on top of the game and stay current with trends. Using past experiences and knowledge to out-perform the competition is no longer enough to sustain success. We have been told that, “He who hesitates is lost”. After all success comes to those who dare and act. However, it is also true that the better prepared tends to win more often.
The Information Reality
Big data is the buzz word in marketing and sales. We have to, “Look before we leap”. Understanding consumers is critical. To deliver the right message it is important to tailor information to satisfy the concerns of consumers.
There is plenty of consumer feedback circulating through the world-wide-web. Businesses and consultants are constantly analysing data from consumers, industry players, technology providers and professional advisers. All this data is then converted into actionable information on business efficiency and consumer demand.
In a knowledge driven economy the better informed business leader is able to act decisively. If you are able to anticipate change you can be the change leader that stays ahead of the competition.
We have all seen how, yesterday’s science-fiction movies have become today’s technology. Why is this so? Did information technology businesses get inspiration from science fiction?
The reality is more complex. A reason why good science -fiction stories are entertaining is because they are often based on sound scientific theory even though the technology may not yet exist. Successful technology entrepreneurs all have one thing in common. They hire the best engineers and designers to create the products.
The Knowledge Advantage
Today’s business requires a team of experts in various fields from production to management, finance and marketing. To be competitive the business needs to inculcate a customer centric mindset in all areas of business. The customer is the leader. A continual feedback about customer experience needs to be conveyed to all team members in the business and not just to those involved in marketing.
You can use technology and computing software in data analysis of both internal business performance and external consumer experience. The data has to be converted into usable information for business decision making.
Technology that performs big data analysis can help you to:
1. Track inventory and sales cycles so you can respond to changes in the markets
2. Evaluate team performance so that you can better utilize your resources
3. Segment markets to tailor products and services to satisfy specific needs
4. Make better and more informed business decisions in a timely manner
5. Obtain feedback on products to drive innovation and creation of new products
Data gathering and analysis is most effective when applied in a business with a culture of learning. This requires a business team that embraces change by constantly seeking out advice from specialist in the different areas of business management and leadership.
International Business Consultant
Reboot your business plan for sustained high growth
Do share this article on social media and with those interested