Optimizing your true potential for a successful 2019.
As 2019 approaches, successful business leaders reexamine the development of 2018 and incorporate them into true success stories. What to invest in? and where to focus? are prime examples of questions executives need to review prior to closing the curtains on 2018. Below is a list of four strategic elements leaders need to evaluate in order to move forward:
- Prioritization: Effective prioritization of plans is a must in every industry. Organizations usually determine the launch of a project per the availability of the participating parties. If a specific department has time for a project then it gets done, and if it doesn’t, the project will be stalled. Prioritization of tasks, when done correctly, is a fruitful recipe for an organization’s improvement plans. A deep dive into your organization’s strategic objectives will help provide a clearer image of your priorities.
- Monitoring Competition: Viewing your competition, and your market presence, is mostly dependent on perspective. Therefore, taking a step back and viewing your market from a different market point, or even by putting yourself in your competitor’s shoes, might be helpful in predicting future outcomes. A productive method of examining your competition is through competitive intelligence. CI, managed internally or outsourced, provides you with the edge, by keeping you informed of your competitor’s activities and priorities.
- Resources Allocation: Prior to allocating, you must identify what resources are available and which are needed. This applies to both materialistic and non-materialistic resources. Successful businesses are careful to monitor time closely. A productive way of grasping the level of time allocation is through tracking the time spent to fulfill projects. With the implementation of artificial intelligence (AI), organizations are aiming the focus of their skilled employees to more sophisticated tasks, while ensuring that AI handles simple and repetitive tasks.
- Futurecasting: This involves estimating the influence of certain trends in determining the risk of external factors on your organization. The purpose behind futurecasting is to envision your organization’s position and structure in the upcoming years. It provides a path into understanding the evolution of your clients’ needs, the potential of another industry to influence yours, and which players in your market will exceed their current potential. Futurecasting doesn’t imply a crystal ball exercise in the boardroom, but rather aiming some of your resources into analyzing applicable outcomes to you.
Despite the plans you may have for the new year, mistakes of the previous period must be evaluated. If your competition has exceeded you, then perhaps you need to be more informed about your market. And if you are currently well positioned, you must invest in futurecasting, as things never remain the same, and external factors continuously manipulate sectors.
Market intelligence empowers decision makers with insightful information, which plays a big role in moving forward and achieving strategic objectives. Would you like to know how market intelligence could assist your organization? Contact us now and stay ahead of the curve.
This article was originally published on ShiftCentral, now part of LAC Group.
Kristina Montgomery
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