1. Leverage market intelligence
To overcome the challenges hampering organizations in your industry, your employees and executives need to maintain visibility on what’s happening within your market. Especially when your company faces unique challenges of its own, anticipating and confronting future challenges following crisis circumstances demands leveraging powerful insights you can only get from market intelligence.
But in reality, many are neglecting to take advantage of key data. Our data showed:
- 57% of companies gather ongoing data on their products and services
- 55% of companies have Voice of the Customer (VoC) processes and tools
- 58% of companies have dedicated resources for gathering business intelligence
- 57% of companies agree they’re adept at learning or innovating in the face of a threat or crisis
Furthermore, employees are highly critical of their companies' ability to leverage data, tools and processes to spring forward after a crisis. In fact, their level of agreement with the following statements consistently rates 10–18 percentage points lower than sentiments from executives:
- 57% of executives but 40% of employees believe their company is gathering suitable data analytics on their products and services, and that the company can firmly understand how those offerings are performing and used by customers.
- 41% of employees feel they have the VoC processes and tools necessary to understand customer sentiment and changing needs — compared to a greater 54% of executives.
- 58% of executives feel their company has dedicated people, processes and tools for gathering the business intelligence necessary to acutely identify threats and opportunities existing and emerging in the market — but just 39% of employees agree.
- A mere 40% of employees feel confident in their company’s ability to swiftly learn and adopt new capabilities and innovate business processes when facing a new threat or crisis — compared to 57% of executives who feel confident in these respects.
Without business intelligence or data, it’s difficult to make decisions that can positively affect business resilience and agility. To access these insights, you need strong communication links and feedback loops, as well as leaders who will work with their teams to encourage migration of these insights throughout the organization.