Making the best decision requires the best information available.
/24-7PressRelease/ - HERSHEY, PA, February 09, 2006 - Jack Welch, the former Chairman and CEO of General Electric, said at a book tour stop for his new book "Winning", that he never hit his "stretch" numbers. That comment intrigued us enough that a couple CEOs and division heads of Fortune 500 companies were contacted and they concurred. This does not mean that "stretch" numbers have not been attained by some companies. What it does mean is that you need to believe the "real" information you have and the reliability of your sources.
Jack believed his information and always exceeded the previous years' number. He also instituted the 20/70/10 rule for employee performance. Essentially 20% are outstanding, 70% are good and are encouraged to improve, and 10% are below current performance standards and are encouraged to find a new position. Again, having accurate information counts. He also said that selling his small appliance division to Black and Decker was consistent with his policy of creating long-term relationships. Selling a toaster or toaster-oven didn't equate to the same long-term relationship that selling a turbine with an 8-year maintenance agreement did. It's all about having consistent information and having an 8-year projection is much better than selling products one-at-a-time.
For many years Jack tried to involve the union in a selective program of stock options but was never successful. Union leaders wanted everyone to receive the options, not just those who were deserving. The union logic was that they were all paying members. While this has no bearing on information, think about the intelligence that could be gained by talking to union members in many different, though competitive, organizations. You could find out about production schedules, recent hiring or personnel cuts, slow downs, cost control initiatives, salary increases, and much more. This could provide you with an instant snapshot of any company within an industry. Jack knew that having a business intelligence system in place accrues many benefits to customers, employees, and corporate growth.
Accurate business intelligence is the key to future success. Information is available from unique sources and custom research which is not currently incorporated in the operation structure of many corporations. It's an area deserving of far greater scrutiny as it minimizes the risk involved in key business and strategy decisions. Accurate corporate decision making requires the integration of research, corporative objectives, competitive and market intelligence, and the coordination of resources to make it work.
Your customer is the most important ingredient in the formula for accurate information gathering and business intelligence. Identifying and targeting your primary customers to facilitate maximum sales and profits is critical. Communication with customers is critical to your overall success.
For over 25 years, Response Innovations, Inc. has been a leading information provider to publishing, communications, media, direct response and consulting organizations. We have provided research, information, intelligence, and critical information to industry leaders on many occasions.
For more information: information@responseinnovationsinc.com
Website: http://www.responseinnovationsinc.com
Blog: http://www.mediabeagle.blogspot.com
Provides research, information, and business intelligence to media, communications, publishing, direct response, and investment banking organizations.
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