What Does It Take To Be A Top Company?
May 8, 2019
PEOPLE. INNOVATION. TECHNOLOGY. QUALITY.
It is not enough to figure out what the competition is doing and do it better. It requires a company to see what is not there and what the competition is not offering, doing it first and doing it better than any competitor will try to imitate. A company must be willing to give customers what they want and provide what they don’t know they want.
For companies that seek to be the best in their industry, they must have a singular dedication to excellence in the following areas.
- Innovativeness
- Quality of Management
- Long-Term investment Value
- Social Responsibility
- Employee Talent
- Quality of Products and Services
- Financial Soundness
- Use of Corporate Aassets
- Effectiveness in Doing Business Globally
What separates these leaders from the pack are their use of innovation and technology and how they infuse quality into every aspect of the business.
Technology is the engine behind big data warehousing which helps them understand their customers, reduce costs, reduce inventory and increase efficiency. This leads to quicker product delivery, better supply chain management and greater productivity in the value chain.
To remain competitive and a leader, these companies explore new and unexpected ideas to continually invest in ways to differentiate their products and services and innovate beyond the status quo.
There are several ways to achieve these goals. A company can develop products that change the playing field and redirect the market. Others can make enhancements and improvements that continues to make them the better choice.
It takes a dedication to acumen and technology and an in-depth knowledge of their customers. However, for this to be a maximum benefit, the strategy must include training employees, acknowledging their value and providing an environment conducive to people putting forth their best effort and doing their best work.
Another differentiating factor for these top companies is they maintain reasonable debt levels and avoid overpaying for acquisitions. By maintaining control over their finances and not over leveraging, it allows these companies to be in a stronger position to out-perform their competitors.
INSIGHT
By focusing on reducing costs and having a clear innovation process, a company can create value for customers by offering high-quality products and services, create value for employees by developing training that allows them to make use of their skills and talents to their fullest and create a stress-free environment that nurtures creativity, innovation, high-performance and dedication. The effect of these elements increases cash flows and returns which creates value for investors.