Many leaders are still guided by these historical data.
Only react to what has already happened
The problem with making decisions based on internal data is that it is very responsive. Internal data is a reflection of the past and does not reflect what is happening outside the organization. This allows leaders to only react to what has already happened, without looking ahead to anticipate what will happen in the future. If leaders do not want to miss the boat, this responsive strategy will soon have to be a thing of the past. With external insights, leaders can make better-informed decisions.
For example, if Apple’s competitors had used external data correctly, they could have gained interesting competitive insights. Apple has always been very discreet about its plans to create an autonomous car. But if a competitor had critically examined the data surrounding Apple’s recruitment of new employees in early 2016, they could have anticipated Apple’s plans at an early stage.
First, this data "betrayed" the hiring of a renowned engineer, an expert in autonomous vehicles. Then came the recruitment of a key researcher, a graduate of Carnegie Mellon's Robotics Institute, and an engineer who had previously worked on Tesla's autonomous project. For competitors, it was pretty easy to see that this could no longer be a coincidence.
To gain a competitive advantage, leaders will us phone number list therefore have to move from a reactive strategy to a proactive strategy. By analyzing external data, organizations no longer only look at what has happened in the company, but also at what changes and developments are taking place in the market. Every day, organizations distribute all kinds of information on the internet. This information is available in ever greater quantities due to technological developments. Because data is increasingly easily accessible, it is more important than ever to have access to the information that enables you to make the best decisions.
By analyzing external data, organizations no longer only look at what has happened within the company, but also at what changes and developments are taking place in the market.
Outside Insight: competitive advantage using external data
Jorn Lyseggen, CEO and founder of Meltwater, developed a vision focused on making decisions based on external data, called 'Outside Insight'. In his book, ' Outside Insight: Navigating a world drowning in data ' (aff.), he explains how leaders can implement this vision. In my conversations with successful leaders, I have noticed that they already embrace this strategy. They gather 'insights' about, for example, social trends, political developments or new products from competitors.