Information As A Competitive Advantage

7 Ways to Use Information as a Competitive Advantage “The info revolution is sweeping through our financial system. No company can escape its effects.” ~ Michael E. Porter Client Dorothy Asks: I work in IT. Of course I’m surrounded by a world of data. But as you understand, it’s a cut-throat enterprise with thin margins. How can I use our data to create a competitive benefit for us? Coach Joel Answers: It might sometimes really feel like we now have info overload. However, we may lack the proper data, not know the way to process it, and never perceive what to do with it after we understand it. It is crucial to have info primarily based on some particular criteria to create the most effective competitive benefit to you. Here are some areas to contemplate. Look on the developments. First, after all, you need to study trends in your personal industry. But you can even be taught lots by taking a look at components which might be influencing different industries. You may discover development thereâ€"in technology or info processingâ€"that you can use to realize an edge on the competition. Analyze what your competitors are doing. Do you see fast-paced firms? What’s producing that growth? Is it one thing you'll be able to copy? What do you see as their aggressive edge? How can you enhance on it for your own company? Listen to your clients. One of the ways to success is to give your shoppers exactly what they need and need. The only means you’ll be taught this is by spending time with your purchasers. Don’t try to promote them stuff. Just hear and ask questions. You need to perceive their business and their needs. Then get your salespeople and designers collectively and create solutions for their issues. This technique will permit you to beat out your competition by turning your shoppers’ problems into a bonus for your company. Look for disruptive components. The world is changing at a fast tempo. Things we’ve accomplished all of a sudden turn out to be out of date. What technological advancements are more likely to make your organization obsolete when you don’t change? Have you insisted on in-particular person training for your products? Take advantage of revolutionary on-line video coaching. Perhaps couple it with entry to teaching 24/7. Master info switch this manner, and also you save travel prices and boost the efficiency of your current trainers. Avoid bias. As you take in your info, how do you modify for bias? Every data recorder or human processor carries his or her personal bias or agenda. You can’t get rid of it, nevertheless it helps to know it’s there so you can modify. Process correctly. You know the way rapidly information modifications. So you need a technique of processing the information shortly. It needs to arrive in a helpful format. You may not have the ability to offer the fabric in different methods to go well with the needs of every govt. So it may take coaching to help your executives perceive tips on how to course of the details they're given. If they don’t understand the knowledge, its worth or the way to use it, you’ve lost the battle to beat out your rivals. Take Advantage. All the data and knowledge primarily based know-how gained’t help you if you don’t use it. Look for tactics to improve your product. Check possibilities to create more worth in your current purchasers and tips on how to broaden your market to new ones. Employ innovations that step up your organization in skills, prestige, and achievement. I applaud you for not underestimating the value of data. Based on what you’ve discovered, you need to be capable of acquire and keep a bonus over your closest competitors. If you’re looking for methods to make sense of the data you must enhance your strength towards your competitors, contact Joel. Important Leadership Lessons For Your Success From Joel’s Speaking Engagements 16 Categories of Leadership Topics For You To Leverage and Learn. Top Business Publications Interviewed Joel. Read These Articles to Become a Better Leader. Free e-Book When You Sign Up For Fulfillment@Work Newsletter You have Successfully Subscribed! We won't ever share your information with outside parties and you are free to unsubscribe at any time.