Cleared for Take-off
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Most business initiatives fail because they're launched without an unbiased appraisal of market realities. PIERS can supply the hard facts about your markets and your competitors.
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Three-quarters of business initiatives fail, according to the Harvard Business Review.
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The cause? Decision-makers who "trust their gut" intuition and approach fact-finding only so far as it builds their business cases. The cure? HBR recommends unbiased appraisal of all relevant information - the good, the bad, and the ugly.
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Wael Jarous puts together PIERS competitive intelligence — or CI — solutions for companies with global commercial interests. He agrees that a reality check before launching an initiative is sound strategy ... as are periodic check-ups as the initiative rolls out.
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"The HBR points out that executives often don't take into account the competition's current and potential behavior," Jarous notes. "You don't want to forget that your competitors are also taking action. You want to track how they are reading and tactically responding to market changes — including your initiatives."
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The more competitive the sector, the more CI-savvy the players seem to be. For example, Jarous says, he's helped clients keep close tabs on global trade in automotive parts — roller bearings, hex keys, air filters, valves, and the like - with monthly PIERS import-export data on production inputs and outputs.
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And for major business initiatives, the Harvard Business Review recommends reference forecasting — comparing a proposed project with actual results of analogous projects — for superior accuracy. "For example," says Jarous, "planning a China market entry, you might use PIERS data to see how similar products are moving — through Hong Kong versus Wuhan, say, or a single point of entry versus multiple regional distribution channels."
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