Recognise the possibilities of knowledge-driven management
– from current state analysis towards strategic targets
Too often, we are in a hurry to set new goals and develop new things without having a precise understanding of the current situation in our organisation. We think we know the market situation and our position in it with crystal clear clarity. This typical delusion often relates to the fact that we are too close to the everyday life of our business and our view is too often created from within the organisation’s operating environment. In reality, our own view of the current state may be very different from the experience of customers and stakeholders. Our view of the current state should never be solely based on the organisation’s internal perception – one produced by the management team, sales or teams – but rather on genuinely tested and measured data about the market.
Deepen customer understanding
At Innolink, we talk about a 360-degree market view, which allows us to unlock new perspectives to observe the market and the opportunities it brings. Knowledge-driven management opens up a comprehensive view of customers and stakeholders as well as developing the interaction with them. The view is based on a more researched, analysed and deeper customer insight, which acts as the common thread and support on the way to the customer-oriented renewal of the organisation. How are we performing, what kind of position do we have in the market, how do our customers see us in relation to our competitors and how are our services meeting customer expectations are all typical questions to which we seek answers in a changed market situation.
Obtain analysed data to serve as the foundation
Building a target state starts from, for example, determining the desired market share, EBITDA and turnover. However, setting them realistically requires a clear understanding and knowledge of one’s own strengths, the competitor situation, changes in customers’ purchasing needs and the economic situation. With the help of reliable, real-time data, we are able to create a more accurate assessment of the market situation in which we operate, and we have a clearer picture of where we want to go and how to do so in terms of our vision for the future.
Focus on the essentials and dare to set limits
Typical target state challenges usually include metrics that are too broad and diverse. There are simply too many goals and not enough courage to boil them down to a few of the most important ones. The strategy may look strong and justified on paper, but measuring and especially managing the achievement of targets is still fragmented. At worst, the situation appears complex, vague and poorly managed, and the end result is rarely any better. The recipe for building a clear target vision is simple: Put the customer’s voice at the centre, measure the market’s view and needs, and build your own company’s solutions to support this. You cannot improve customer experience and customer acquisition, develop services and focus on reducing customer churn all at the same time. Dare to set limits and eliminate goals, and focus only on a few essential themes. This will lead to simple and measurable targets as well as quick wins.
Creating a reliable bridge from the current state to targets
Knowledge-driven management builds a bridge between the current state and the target state. It puts the journey between the present and the future into words and concrete terms as well as makes the progress towards the strategic targets measurable. Reaching the target state and steering the business in the desired direction becomes easier. At its best, management is clear and almost effortless as the customer’s and the market’s voice, wishes, needs and expectations are described accurately. Then, you don’t have to hold your horses any longer, but can speed up swiftly.
We build bridges of knowledge-driven management for our customers.
Read more about how, as Rantalainen’s partner, we systematise knowledge-driven management as the basis for success: A busy manager needs all the key information in one view.
Learn also how Mandatum manages customer relationships and sales with data and is moving towards the utilisation of predictive customer data.
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