It allowed me to reflect a little on what it takes to build a market-driven firm and why it remains a critical issue for any business. The reality is the only firms that will thrive now and in the future are those with a close eye on the marketplace.
A great example is Walmart that uses “business intelligence” technology to crunch its masses of data and turn it into actionable insight. The latest Economist magazine, describes the following case: “Wal-Mart peered into its mammoth databases and noticed that before a hurricane struck, there was a run on flashlights and batteries, as might be expected; but also on Pop-Tarts, a sugary American breakfast snack. On reflection it is clear that the snack would be a handy thing to eat in a blackout, but the retailer would not have thought to stock up on it before a storm.”
This is a great example of gaining customer insight from information which allows a company to take profitable action.
To listen to my interview on why customer insight and other market driven behaviors are so critical to business profitability click here