Every organization strives to creating great products/services, innovates, serve customers and create value for shareholders. How do you accomplish all this in constantly changing business environment? Organizations needs to build business skills, marketing skills, they need to innovate, build fast, take risks, develop leaderships skills, develop knowledge and resources, build great relationship with customers, partners, suppliers, vendors and the like. All of this calls for business tools and techniques.
Through my consulting career, I have found the following tools to be extremely valuable. Each tool needs to be applied in its own context and situation, and the phase of program/project you are in. A few of them are listed below.
|Category||Business Tool /Technique||Description|
|Business Strategy||SWOT Analysis||Strengths, weaknesses, opportunities, and threats. A 2×2 table highlight each area. Can be applied at organization level, department/LOB level, a product or service.
Learn more – SWOT_analysis
|Balanced Scorecard|| A forward-looking strategic performance management too, usually along 4 dimensions –
Learn more – balanced_scorecard
|Blueocean Strategy (vs. Redocean)||Blueocean is creating new markets, new opportunities, tap new customers and make competition irrelevant.
Redocean is playing in existing market space and fighting for larger market share.
Learn more – what-is-blue-ocean-strategy
|Benchmarking||Benchmarking is the process of comparing your company metrics to the metrics of your industry competitors.
Common metrics for benchmarking include:
|Design Thinking||Design thinking is a methodology to solve complex problems, with the eyes of end-user or the customer. Key is customer/business/creative/technology/sales/operations all collaborating and putting a great design.
How do you do it?
Learn more – Design Thinking
|Growth Share Matrix (aka BCG model)|| A model to identify which of your products/investments should be continued.
2 dimensional – Market Share vs. Market growth. Products are classified into –
Focus on Cash Cows, Stars; evaluate question marks; discontinue dogs;
Learn more – BCG Model
|Porters’ Five Forces||The Five Forces model helps businesses determine how well they can compete in the marketplace.
|Marketing Strategy||Four P’s of Marketing||The Marketing Mix, also known as the 4 P’s of Marketing, is the combination of product, price, place (distribution), and promotion.|
|Technology||Six Sigma|| A technique for measuring and improving product quality. The process involves 5 main steps (DMAIC)-
Learn more – Six_Sigma
|Deming cycle (Plan-Do-Check-Act)||4 step technique to continuously improve product quality.
Learn more – PDCA
|Total Quality Management (TQM)||TQM is a method in which everyone in organization seeks to improve the quality of products and services through ongoing refinements in response to continuous feedback.
TQM is based on quality management from the customer’s point of view. It is tied to PDCA.
Learn more – TQM
|People Development||Johari Window||A technique to help people better understand their relationship with self and others.|
|Force Field Analysis|| A decision-making technique that identifies and reviews conflicting factors when a decision needs to me made.
Can also be equally applied when faced with multiple options needing to pick a winner.
I hope these tools will increase your productivity and stimulate your thinking. Now, go create something great!
What are tools do you use in your day-to-day work? Please chime in with your thoughts.