1. Innovation is king. Throughout human history, organizations and governments that lead the world in technology and innovative products and services are the most profitable and among the world powers. This goes back to the beginning of civilizations. It is worth your organizations time to invest in R&D.
2. Decision-making can be improved. Human beings are filled with inherent biases that cause misjudgments when decisions are made alone. 50% of strategic decisions and 80% of mergers and acquisitions fail, which are examples. Research suggests decisions made it in a group environment lead to an increased probability of success.
3. Competitive Dynamics. Understand and prioritize the most important variables in your industry that determine success compared to failure. This is not easy as individuals with predictive modeling capabilities are needed.
4. Diversity is the norm, not the exception. Organizations attempting to sell products and services to as many people as possible need different lenses to understand different geographies, cultures, and individual differences. Teamwork on this front is hard work as differences must be navigated. However, the research suggests organizations with diverse thought and employee bases result in higher revenues, profits, and lower costs.
5. Create Value. Customer demands, wants, and desires change over time. The ability of organizations to be flexible, adapt, and do so quickly often determines if they are able to be a leader in their industry or cease to exist as an enterprise.
For more evidence-based insights, please visit www.jasoncavich.com