Condition reports capture adverse conditions or trends data so to enable an appropriate organizational response. Consequently, those documenting issues must provide enough information for responders to evaluate the condition within a timeframe consistent with its significance. Concurrently, too much data must not be required such that reporting problems is administratively burdensome or time consuming; creating a barrier to reporting. To ensure these objectives are met, minimum data reporting standards must be in place and reinforced.
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Nathan Ives is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.
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Because of the digital age that we live in, most people know of and even understand what data is. They say that information is power. In the business world, that is quite right! Firms of all shapes and sizes have and deal with a lot of data on a daily basis.
Data examples include contact details and even the way customers pay for their goods and services. It’s a well-known fact that running a business is tougher than ever these days. But, the sad truth is that organizations aren’t using the data they have to make some money!
Data monetization is a lucrative market. The sector is large, but it could be bigger if more firms used the information they hold to increase their revenue.
If you’re still not convinced, keep reading to learn why your business needs to start monetizing its data today!
You learn more about your customer spending habits
Let’s face it, we all have uniquely personal spending habits. Some of us lead an extravagant lifestyle and are happy to pay for high-end products. Others prefer to count the pennies and only buy things we need rather than all those things we want.
Customer loyalty cards are one of the best ways of gaining insights into how people spend their money. It’s a classic way of fostering data monetization. Why? Because you can target specific promotions to individual customer groups.
Let’s say that you own a retail store. People will sign up for loyalty cards if they know they can enjoy special offers and deals that are applicable to them. Yes, you can offer targeted promotions to loyalty card holders.
But it’s also a good way of learning which products are best-sellers and which ones are nothing better than loss leaders.
Work with other firms to cross-promote products and services
If you run an ISP business, you could work with retailers that sell computers to offer your services to their customers. Likewise, you could offer discounted rates to people leaving particular competitors.
Sharing data is always a neat idea for two sets of organizations that can complement each other’s wares. There’s no point trying to go solo if there’s an opportunity to work with someone else. At least on an opportunity that is mutually beneficial of course!
Sell anonymous data to relevant organizations
No one likes the idea of companies selling their personal details to other people. But, did you know that you can sell anonymous data to third parties without it being controversial?
For instance, let’s say that you are a commercial property developer. And you own a shopping mall. Market research firms may wish to buy data from you like the following:
Number of shoppers per day, week, month or year;
Average store occupancy rates;
Shopper spending habits (e.g. Do they spend most of their cash on clothing, food, or electronics?).
As you can see from this example, anonymous data can be attractive to third party organizations. And because you aren’t selling any personal details, you won’t fall afoul of the law.
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Regardless of the degree to which an organization embraces the values of a learning organization, the reporting of some specific adverse conditions or trends may be perceived to be unwelcomed by one or more potential condition report authors. Whether or not a chilling environment exists, individuals having this perception will likely not report these specific issues and may report few, if any, others because of a fear of reprisal. Consequently, such circumstances rob an organization of the opportunity to improve unless there is a mechanism in place that provides these individuals with a degree of professional safety.
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Nathan Ives is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.
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Words count. Put together, they reflect corporate culture. Used out of context, words become excuses, gibberish, rationales and basically wastes of energy.
When people hear certain words and expressions often enough, they parrot them. Rather than use critical thinking to communicate, many people often gravitate to the same old tired catch phrases.
I sat in a meeting of highly educated business executives. The presenter was dropping the term ‘brand’ into every other sentence. The word had lost its power and came across as a fill-in-the-blank substitution for a more appropriate though. Many people used to do the same thing with the word ‘technology,’ using it far from its reasonable definitions.
These clichés do not belong in business dialog, in strategic planning and in corporate strategy. These expressions are trite and reflect a copy-cat way of talking and thinking:
‘Solutions’ is a tired 1990’s term, taken from technology hype. People who use it are vendors, selling what they have to solve your ‘problems,’ rather than diagnosing and providing what your company needs. It is a misnomer to think that a quick fix pawned off as a ‘solution’ will take care of a problem once and for all. Such a word does not belong in conversation and business strategy, let alone the name of the company.
The ‘brand’ is a marketing term. The strategy, culture and vision are many times greater and more important.
‘So…’ In the 1960’s, TV sitcom writers began every scene with ‘So…’ After enough years of hearing it, people lapse that dialog into corporate conversations. It is intended to reduce the common denominator of the discussion to that of the questioner. It is monotonous, and there are more creative ways to engage others into conversation aside from minimizing the dialog.
‘Value proposition’ is a sales term and is one-sided toward the person offering it. It implies that the other side must buy in without question.
‘Right now’ is a vendor term for what they’re peddling, rather than what the marketplace really needs. Expect to render good business all the time.
‘Customer care’ means that customer service is palmed off on some call center. “Customer experience” comes right out of marketing surveys, which rarely ask for real feedback or share the findings with company decision makers. That is so wrong, as customer service must be every business person’s responsibility. Service should not be something that is sold but which nurtures client relationships.
Many of these stock phrases represent ‘copywriting’ by people who don’t know about corporate vision. Their words overstate, get into the media and are accepted by audiences as fact. Companies put too much of their public persona in the hands of marketers and should examine more closely the partial images which they put into the cyberspace. Our culture hears and believes the hype, without looking beyond the obvious.
Here are some examples of the misleading and misrepresenting things one sees and hears in the Information Age. These terms are judgmental and should not be used in marketing, least of all in business strategy: Easy, Better, Best, For all your needs, Perfection, Number one, Good to go, Results, World class, Hearts and minds, Cool, The end of the day, Virtual, Right now, Not so much and Game changing.
Street talk, misleading slogans and terms taken out of context do not belong in the business vocabulary. Business planning requires insightful thinking and language which clearly delineates what the company mission is and how it will grow.
These are the characteristics of effective words, phrases and, thus, company philosophy:
Focus upon the customer.
Honor the employees.
Defines business as a process, not a quick fix.
Portray their company as a contributor, not a savior.
Clearly defines their niche.
Say things that inspire you to think.
Compatible with other communications.
Remain consistent with their products, services and track record.
About the Author
Power Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.
Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.
Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.
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Active employee engagement is critical to corrective action program effectiveness. Not only are engaged employees more dedicated to reporting the occurrence of adverse conditions and trends, they are more also more committed to identifying and implementing corrective actions. Subsequently, leaders should proactively involve employees throughout the corrective action process.
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Nathan Ives is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.
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