Our previous post was a summary of Ceare Mainardi’s strategy for effective cost cutting when businesses face the inevitability of budgetary constraints. He envisions a plan where key executives identify core capabilities and then plan cuts around these functions. This approach is more beneficial than the typical across-the-board cuts. Crowdsourcing and social discovery tools are particularly helpful in this context for providing meaningful implementation plans for strengthening a business in the midst of financial hardships.
Expediting the Discovery with Crowdsourcing
While this sounds good in theory, it takes time to implement such strategies. Mainardi believes that most executives can determine the core capabilities of their business if they spend some time reflecting. However, the core capabilities are frequently buried under the day-to-day operational functions.
This is where crowdsourcing becomes critically important. Finding data on capabilities is more difficult than one might assume. The authors of “Cut Cost, Grow Stronger” noted that companies frequently struggle to define their core capabilities on a granular level. Instead, they assume capabilities are cross-relatable to departments or only one service. The 9Lenses platform solves this dilemma by examining the perspectives of multiple employees. Different people have different perspectives on different issues. Consequently, their opinion helps executives gain a complete perspective on the issues at hand. Crowdsourcing can help bring clarity to the companies core capabilities. Specifically, the 9Lenses platform has several advantages that help cost-cutting strategies.
1. Reduced investigation hassle. Instead of attempting to formulate an understanding of a limited number of individuals, it is helpful to generate a diverse perspective. However, the process of forming an executive team and cost cutting teams means that there is constant cross-communication and re-communication of information in order to accomplish the goals of the team. This takes a considerable amount of time and increases the potential for miscommunication with each retranslation of the information further down the command chain. The 9Lenses platform bypasses those concerns by immediately collecting the perspectives of multiple levels of the organization. One communication. One application. Instant data.
2. Real data; not sentiments. Data is what drives good decisions. While executives might know the most about the company, it is important to confirm their perspective is correct. Crowdsourcing provides executives with real, tangible perspectives. This increases the accuracy and usefulness of the strategic judgments
3. Coherence.Information is the lifeblood of strategy, but if there is no structure to that information it is quite useless. Unless executives have access to some coherent order to organize the data they college, all of their efforts will be wasted. The advantage of the 9Lenses platform is that the nine lens schema provides a pre-established information hierarchy that provides valuable perspective on the organization as a whole.
Economic difficulty or financial complications need not spell the end of the strategic viability of any business. With the right tools and proper strategy, a business can use difficult circumstances to refocus, reassess, and progress. Social discovery provides powerful tools for expediting strategic planning. Cut the cost of strategic cost cutting by using 9Lenses to guide you through the smart way to weather financial struggles.