Managing customer insight and surviving the information deluge

Oration by at the graduation of the Faculty of Economics, Management and Accountancy

Graduands

Now that you're done with your months of demanding work, I thought of sharing some thoughts that I never talked about in class... maybe because I packed my sessions with pure academic thoughts or simply because you got me too distracted with your Facebook engagement.

You will now face a world that has very high expectations from you. I believe that these thoughts would have made all the difference in my 35-odd-year career... and I would certainly adopt them if I could go back to my 20s and get my hair back. I would have certainly avoided expensive mistakes and I hope that likewise, these will help you prove yourself as smart managers.

By now you have realized that your job is very dependent, if not plain reliant, on information from an endless list of sources that range from the plain trivial to potentially full fake junk. Your jobs are part of an information network that in totality is solely responsible for the generation of a true understanding of how your organisation succeeds in a highly competitive and potentially hostile environment.

But information is never enough. Our organisations have grown wary that not knowing is far riskier and costlier than knowing. Following the teachings of customer orientation scholars like Day, Kohli and Jaworski, modern day firms invest in any piece of information that is seen as relevant and potentially of value.

Behold the information overload − the scourge of our jobs these days as all of us struggle to keep on top of the emerging realities to protect our jobs and livelihood. Some very serious stress.

From email to chats, we have let our lives be invaded by information on every front − on our desks, on our laptops, on our phones... everywhere. There is no escape.

But just how can you survive this reality and be smart? It is here where I hope I can offer some value and help you opt for smarter choices. Indeed, my advice here relies on seven points that I call the Magnificent Seven Laws.

First

Never get tired of searching and digesting. It is through continued searching that executives get to know sources and sources... those that are trustworthy and those that are not. That's why you will need to digest − compare the sources and their view points and ask why they say what they say. A market research agency’s report is paid to be objective, but ultimately the results must elicit interest from the client who in turn pays. No interest, no money. Continued search identifies and suffocates the fake suppliers who are after clicks and associated popularity... if not revenues.

Don’t be trapped by dogma… which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown your inner voice. Stay hungry, stay foolish.

Second

Build a trusted network of colleagues. By sharing and selecting and filtering you build a winning toolbox of competences residing in a team of mutually benefitting individuals. This is synergy at work my friends and it lies at the very core of the organisation's memory, consistent with the findings of Argote and McGrath. These networks of trusted individuals help organisations build a distinct core competence that is inimitable and original. Be part of it – the insight that you can share is your currency. Engage with your trusted individuals, talk to them, be friends... drink coffee with them. I found that coffee is very effective in starting and maintaining relationships as you probably all know by now.

Third

Be frugal in your use of information but be generous with insight. Never share information as is. Understand the underlying phenomenon even if it means that you need to join and merge different sources but leave out the fake news. Justify your points with the information you use and explain Why you Trust it.

Fourth

Engage in decisions… even as a spectator. Making decisions is what is expected from you. If it’s your take, be bold and swift. Markets won’t wait. Customers are impatient, and employers are ruthless.

If the decision is too big to handle, break the ice and ask for help. Your colleagues, experienced or not may have different ideas and can share different thoughts. Help colleagues reach their own decisions.

Take risks and be prepared for all consequences. Winston Churchill never had enough of failures and risks and is reputed for his saying “Success consists of going from failure to failure without loss of enthusiasm”.

Fifth

Be patient. Wait for the right time to share insight – some information twists may help you identify what information is reliable or fake. But don’t drag your feet and don’t procrastinate – that would counter Law Four. Waiting calmly in the face of adversity or exasperation makes you a better colleague. Practising mindfulness would mean that you are better equipped to handle the information deluge and generate insight that you will parsimoniously share with your colleagues.

Sixth

Record the lessons you learn. Because our memory is never unfailing, keep a journal where you store your lessons from work. Keep a directory of who’s who at work. Who’s best to share information about returning customers or what irritates the large ones? Who’s best aware of what your competitors are doing?

Keep your journal alive – on your smartphone or a simple black book that fits in your handbag or pocket. Return to the journal regularly. Keeping a journal is a trick I discovered smart executives do to recall all key lessons from their engagement with insight.

Seventh

Build a reputation. A good reputation is the third pillar of your currency you would use to trade in building relationships… apart from insight and coffee of course. So, do remember that Law Seven is Very related to Law Two.

Reputation is a serious matter that commands your commitment to a level of integrity. Be very cautious of what you do and what you say but don’t be afraid to break barriers or move outside the box. Keep to one principle: say what you do and do what you say. Never be ashamed about who or what you are, whatever humble job you may do. Walk with your head standing high and never look down on anyone.

I end these thoughts with a quote that a far greater personality read during an oration at Stanford in 2005 – Steve Jobs.

“Don’t be trapped by dogma… which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown your inner voice. Stay hungry, stay foolish.”