Executive summary. Delivering Maximum Strategic Value with Market Monitoring, страница 5

In practice, there are some additional complexities the extent and form of which also vary. One such complexity is the existence of feedback loops, meaning that outgoing signals are fed back into the process at one or more stages. ‘Co-creation’, i.e. user collaboration and the possibility for end-users to input their own signals give rise to such feedback loops. This idea is clarified later on in the paper.

51 Technology and human work

For each of the three stages in the market monitoring process there is a variety of ways to implement them. The optimal set-up varies greatly depending on the size of the company, the industry, and many other factors. As a general notion, however, each stage can employ a combination of technology and human resources. In order to make the process as cost-efficient and productive as possible, many tasks in each stage of the process can be automated and enhanced using various technological solutions. On-line publications, websites, and databases can be scanned automatically using keyword searches and text-mining technology. Market signals can be tagged, stored, and grouped automatically using a predefined logic and delivered using automated emailing systems and RSS feeds. At the same time, however, there are certain tasks that can never be fully automated. The evaluation and search for new information sources requires human work, as do most tasks in the processing stage. It is precisely the human contribution that decision-makers perceive as particularly insightful and valuable. That is why the process should seek to employ both technology and human resources in an optimal combination – the first to improve the efficiency and productivity of the process and the latter to create insight.

Another point related to the relation between technology and people has to do with the delivery of information. There is a big difference in how actionable or useful the intelligence is perceived to be depending on the way in which it is delivered. Already Porter (1980) recognized the need for “creative ways to put intelligence in concise and usable form to top management”. The market monitoring process is there to help the decision-makers in their day-to-day jobs, not the other way around. Therefore, when planning the delivery stage of the market monitoring process, one should observe and make note of the communication methods preferred by the decision-makers, and adapt the market monitoring process to these working practices. If a decision-maker has a routine of reading emails first thing in the morning, the latest market signals should be delivered to the decision-maker by email by that time. If participants in a meeting have a convention of printing out meeting materials and reading them on paper, the intelligence needed at that meeting should be delivered in a printable document format. If a sales representative meets clients and can only use a mobile phone while on the road, any intelligence needed (such as competitor product information) has to be accessible using the mobile device in question. These are but a few examples of the level of detail that is required for proper delivery of market monitoring deliverables.

To conclude the discussion about process, let us now return to the broader perspective. There is a common denominator throughout the market monitoring process which ties all three stages together. What all the stages of the process do together is to make market signals relevant and meaningful to the decision-maker. Establishing context is one of the most important tasks of the market monitoring process as a whole. Context means that individual market signals are put into a common conceptual framework so that decision-makers can see the connection between what is happening in the business environment and their own work. For an incoming signal, context is rarely immediately apparent. That is why the process needs a mechanism for establishing and communicating context. This idea is further elaborated in the next chapter.