Business Challenges: Management of Business Knowledge

We cannot solve our problems with the same level of thinking that created them.

– Albert Einstein

I support the concept that life gives us wings to explore and knowledge gives us power to create and evolve.

Two reasons we make mistakes in business are: (1) lack of information and (2) inexperience. Therefore, I am concerned with the following areas in the management of businesses today: data analysis, innovation, and the grey tsunami (baby boomer retirement, talent management and infrastructure deterioration).

Data Analysis

Firstly, the rate of change that is occurring in business requires companies to focus on data analysis for decision making, and change management to stay competitive and profitable in today's marketplace. Leadership needs to be strong to manage these changes, and management system structures need to be in place for the strategic initiatives that support the company's vision and operational controls.

Leaders need to transition to smart decisions that are data-driven. Businesses have not been good at managing data analysis and management of change in the past, and now with social media, they need to have information- and change-management processes in place to be able to make changes faster within the management system.

The company's management system structure is important to manage its processes for planning (branding – marketing – customer service – objectives – targets – financial – legal); implementation (communication – human resources – training – production – operational control); monitoring (nonconformances, audits); and evaluating data and performance improvement (management reviews).

The ability to acquire and analyze information with the use of social media, technology, cloud computing, and ERP systems will be necessary and is the primary responsibility of the CEO.

Employees across the organization will need to use data analysis and management of change processes in the course of their work in: strategic decision making, operational efficiency, financial controlling, customer service satisfaction and account management, regulatory compliance, and market and business development. These areas will be addressed in more detail later.

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