The world has become excited about the concept, methodology, and operational significance of big data. Today, more and more companies have started utilizing the power and potential of big data in order to increase their operating margins and eliminate errors. Companies are also looking for advanced data analytics for the overall operational efficiency as well as quality improvements at the same time. With the emergence of Big-data, companies have started changing the way they perform their activities. In fact, this concept itself transforms the culture of businesses while magnetizing IT leaders to realize its original worth, potential, and value.
Powerful, smart and valuable insights from big data
Needless to say, powerful, smart and valuable insights from big data simply enable all the functional modules as well as operational departments to work smartly while taking much better decisions.
The accurate insights offer comprehensive study/analysis of customer engagement, optimizing operations, and focus on the organizational weaknesses. In fact, it is good to prevent present & potential threats and frauds in both short and long-terms.
Effectively capitalizing on the new sources of revenue
Leading businesses and forward looking organizations can effectively capitalize on new sources of revenue while eliminating their bottleneck. However, all this needs new approach to business architecture, advanced tools, and much refined operational and managerial practices. In addition to that, the real issue is not juts to acquire tons of data (customer data). It is actually, what you do with the available data.
It is important for the organizations to harness the data, evaluate, study, and analyze it to find the exact business-related answers. Companies need to reduce their overall cost while optimizing their offerings so that they can play longer in the market.
The apparent benefit of utilizing big data
It helps to make smarter business decisions. Indeed, with the help of big data, it has become possible for the business leaders & data scientists to identify the exact root causes of failures, and to focus on the defects in the real time. It not only helps to save a huge amount of money, but also encourage companies to swing and elevate to the higher of level of excellence.
Create value for their organizations
Today, there is a high scope for the professionals to become data scientists and analyze the data to create value for their organizations. For this, they need to clear certain certifications such as big data and Hadoop certification in order to take the organization to the next level.
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Today, smart, progressive companies widely use executive coaching to support their top managers and key people. Many organizations have made it an essential strategic element in ensuring their organization's growth. And it makes sense. Continually sharpening and improving vital skills is a standard practice in professional sports. It's not a stretch to say that executives are the pro athletes of the corporate world. Therefore, it only makes sense to invest in developing their skills through coaching, to continually improve performance and gain a competitive edge.
Coaching is especially necessary today because of globalization which brings with it many varied developments; new emerging market trends; and the ever-evolving challenges brought on by computers and digital technology. Couple these with internal structural changes like promotions, foreign assignments, mergers and joint ventures and executive coaching becomes almost indispensable.
A recent survey by a large and reputable consulting firm showed eighty six percent (86%) of American companies hire executive coaches to raise the skills index of employees who have been identified as potential leaders. Google's former CEO, Eric Schmidt and Bill Gates of Microsoft are keen advocates of executive coaching. If world class athletes, chess grandmasters, and great lecturers have coaches, why deny it to the executives who determine your organization's success?
Executive Coaching: A Competitive Edge
As a corporate career person reaches the top executive level, the importance of his development and skill level to the organization increases exponentially. But often, for whatever reason, his personal and leadership skills, critical in a constantly changing business environment, flatten. This results in what is often referred to as the Peter Principle, where the executive rises to his own personal ceiling; a level where he is no longer highly competent. This causes organizations to stagnate and sometimes even fail. Executive coaching can be used to help identify and push the executive through barriers that commonly result in the Peter Principle phenomenon.
A coach can steer an executive towards learning the art of influence, organizational politics, communication skills and developing a global mindset. These important improvements contribute to an executive's advancement, naturally resulting in a key edge over competitive companies whose leaders, uncoached, are left to fend for themselves.
Here are four ways executive coaching helps in developing a strong competitive edge:
It creates a company culture that values constant growth and improvement. The fact that your top leaders are working with an executive coach not only says that learning and growing are part of your corporate culture, it also provides you with tools you need to get your team appreciating and adopting a let's-improve mindset as you launch other appropriate training programs for them.
It helps to articulate better your leadership vision. So, you have got great ideas, but you're running into difficulties articulating them. An executive coach can help formulate these ideas, and your vision as well, in words, expressions, and interpretations that will make sense to your team. After all, if no one can grasp and understand your vision, how can they make it happen?
Executive coaching will give you a clearer picture of what is holding you back. It's not rare for top executives to sometimes be asking themselves, "What's wrong? Why isn't this project flying like it should?" A good coach will help you identify and recognize your blind spots and why your beliefs or attitudes towards certain things or situations may not be applicable.
It will help improve your bottom line. Because executive coaching will help you become a better, stronger leader; because it will help create a positive "gung-ho" corporate culture; because the company will inevitably, as a whole, be performing from a position of strength, the bottom line figures cannot.
Executive coaching, looked at from all sides, is a wise investment for your company and your company's leaders. An executive simply can't hope to be effective, successful, and competitive unless he's being trained, developed and equipped with the specific skills necessary for the job, which is constantly changing and often complex. When executive coaching is added to your organization, you and your team will have the competitive edge that can lift you above the competition.