Surviving in intense competition, especially against big players

William King

Posted Date: Tuesday, January 08, 2008 | Viewed: 208

Posted In Category: Article Directory > Business and Finance > Management Articles

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Competitive edge over rivals is a must for survival or any kind of a business in the market. For companies in the organized market, rivals could be the big MNCS or their big brands that enjoy considerable market share in their respective segments. These big players have established track-record of superior performance and enjoy customer loyalty due to the high quality of their brands. Therefore, for entrants in the market, it becomes essential to prove their worth, otherwise there will be no buyers.

Attracting the consumers and creating a demand for their product should be the primary objective of every business firm. To create this kind of demand among the consumers, it is very important to understand the needs and wants of the customers, and accordingly design the products across segments. For instance, if the customers want light and compact air conditioner with provision of instant cooling, the product should be designed accordingly. There is absolutely no point if the air conditioner is light and compact but does not provide instant cooling, as it will not cater to the consumers’ necessities and therefore they will not prefer to buy it.

The following processes are crucial for any establishment that aims success:

Studying requirements
To achieve success, a company must define its goals and develop strategies to achieve the targets within a timeframe. These goals and methods formulated to achieve them justify the effort that is being currently put in. This enables to predict the impact of re-engineering that needs implemented to improve processes. The second step is to understand the requirements of the business on the basis of priorities. A well articulated system defining the priorities of an organization helps an organization to focus on the critical issues first.

Workflow analysis
This is a detailed study of various stages of the work process i.e. starting from its conception as an idea and its travel through the business process till it culminates as the output. Workflow evaluation effectively unveils opportunities of optimization of systems and processes.

For instance, a workflow analysis can find out how a work is approved in a company. If the project only existed in a hard copy that an employee needed to take it to the approver for seeking an approval, there is a possibility to automate the process. Using an e-mail cold perhaps reduce the approval time, which can yield higher productivity for the organization. You would have however discovered the necessity if automation, if you did not analyze your work processes.

Architecture and system analysis
Along with the analyses of workflow processes, analysis of the support system is also necessary. For such a task you can seek the help of a professional architecture analyst or an IT audit. Such a professional can compare your business requirements with all the systems in place and find out whether they can support the requirements. Accordingly, he can suggest upgrading the company’s IT infrastructure through process management methods. He will also indicate the investment required in the area and predict the returns on the investments, so that you can manage your scarce resources.

Article Tags: survival, competition, big, develop, innovative

William King is the director of Daily Trader: http://www.dailytrader.com, UK Wholesaler: http://www.uk-wholesaler.co.uk

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Surviving in intense competition, especially against big players

William King

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