I find that keeping an eye on trends is one of the best ways to ensure long-term success. If you are able to identify a changing trend early on, you have the opportunity to adjust plans or leverage an unexpected opportunity. In an era where volatility is the new normal, we must be vigilant with trends.
In watching trends affecting executives, a few pop to mind:
- The lack of time – No executives have time. If we can find ways to speed up the process (whether lead times, the time to close the month, or the time to get detailed data for an important decision), success will follow.
- The need for top talent – As customer requirements expand and complexities increase, the need for top talent surges. Even in a status quo environment, there would be a need for top talent as baby boomers begin to retire and people are more comfortable with the economy and job market and so have started to move again. Those who attract, retain, and train top talent will thrive.
- Information overload – Prior to getting to work, we receive thousands of messages from email, voicemail, phone calls, billboards, the radio, TV, etc. Who can hear anything with all the noise? We are in an information overloaded society. Even ERP systems have hundreds if not thousands of reports, yet figuring out which to use to make an effective decision can be a challenging task. Leveraging data is important to success; however, it is no longer enough. Leveraging the “right” data is pivotal.
First, be aware of these trends. Next collaborate on developing strategies to address these opportunities. Success will follow.