This week’s group meetings have been the most productive yet, in my opinion. Due to disappointing results previously, which I think was needed for our learning to progress both as individuals and as a group, we were a lot more in depth in our decision making, looking at the figures in the reports a lot more, especially in relation to costs.
The problem we are facing this coming week, is fine-tuning our decisions. We have corrected our problem from last time and gotten back to a surplus in profit, but in order for it increase further, there are certain areas in the simulation that if improved could really increase our profit further. In this weeks reading by Baghai & Viguerie the write about how a company’s growth strategy can get lost in the big picture, and in order to find growth there is a need to “look at markets and performance under a microscope” (Baghai & Viguerie, 2009, pg 88). This I think relates directly to what is talked about in the other reading. Davenport says, “In a time when firms in many industries offer similar products and use comparable technologies, business processes are among the last remaining points of differentiation. And analytics competitors wring every last drop of value from those processes” (Davenport, 2006, pg 100). So through looking at markets and performance with a microscope, analytics are used in order to identify these areas of potential growth, they are what set a firm with similar products competitors apart.
So as the solution to our problem this week, in order for our firm to be able to fine-tune our decisions to create a further growth in our profit, we must look at everything with a microscope. We need to identify areas in the reports that can be improved and also areas in the market that can be further exploited. I feel as though these two readings couldn’t have come at a better time for our group, as it always seems every week, the readings relate almost directly to the problems we are facing at that time.
Baghai, M., Smit, S., & Viguerie, P. (2009). Is your growth strategy flying blind? Harvard Business Review, 87(5), 86---96.
Davenport, T. H. (2006). Competing on analytics. Harvard Business Review, 84(1), 98--107.