INSIGHT | INTERVIEW: RAM CHARAN
We live increasingly digital lives – in fact, almost 80% of the world’s population now buy online. Every transaction we make – and every move we make online – creates data. So today’s companies have access to an extraordinary amount of information. Learn to use it correctly, and you can achieve a significant competitive advantage. What advice would you offer firms at the beginning of their digitalization journey? First, I want to reassure these businesses that digitalization doesn’t have to be expensive, and any costs will undoubtedly be recouped from the benefits. I firmly believe that, in these
in this area who can guide you forward. Great companies are treating such outsourcing companies as long- term partners. How can companies innovate to stay ahead in an unknown future? Inculcate the belief that the customer wants continuous innovation and pursue it earnestly. It’s never been more imperative. This means truly understanding your customers’ needs and tracking how consumer behavior changes. Part of getting this right goes back to my point about implementing technology and analyzing data. Still, it’s also essential to get out there and watch your customers in action. Our most innovative companies today travel all over the world to find out what their customers want – and once you know that, you are far better placed to succeed. In tough times, the tough get going. In inflationary times, business leaders need untapped skills in a zero-interest-rate environment. What they do now will determine whether their company will prosper or disappear.
Once people begin to believe that inflation will roll into recession or stagnation, they begin to take action before it is even a problem.
better delivery, or better customer service, and you will regain your footing. Cash is more important than gaining market share by price cutting when your costs are increasing. Fear not the competitor unless it has better productivity or an unusual cash hoard.
times, for most businesses, pursuing digitalization is your only choice if you want to succeed. Now, it doesn’t need to be scary – and you do not need to do it alone. Companies like Fractal are very well-equipped to help you on your journey and to uncomplicate the tools you can use to analyze customer data more effectively. So, if I had one real bit of advice, it would be to seek an expert
Ram Charan’s latest book ‘Leading Through Inflation’ is available now. Scan the code and grab your copy today.
Principle #5: Make better use of customer data
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