Reinvention: Assessment

By determining the answers to the questions posed in the introduction to this series, I believe companies will gain the necessary detailed view of their current state of operations. With this assessment, they can then determine where they would like to be. They will be better able to:

1. Identify areas that are in need of improvement - are products and services competitive in today’s market? What is the value they create in customers' lives?
2. Develop new ideas, opportunities and revenue streams – are there new markets for our products? How can we market to different audiences? 
3. Create a strategy for change management 
4. Translate that strategy into an actual plan with defined action steps 
5. Manage information, relationships and talent

This analysis can be done internally or by bringing in outside consultants. Outside consultants being a part from the political structure and day to day operations of a client's organization are better able to provide a unbiased assessment of those operations and design objective solutions.  

Furthermore, the above categories can then be broken down into specific areas of focus for making changes:  

1. Utilizing Technology
2. Marketing themselves in new ways
3. Developing new markets for products and services
4. Making decisions and implementing them company wide
5. Trouble shooting problems
6. Developing employee skills at all levels

Asking questions and implementing different solutions will increase a company’s ability to survive and thrive in the global economy today.

Smaller Japanese and U.S. firms need to maximize efficiency in business processes in order to compete, differentiate themselves and create new opportunities.

Lesson 2 of our Reinvention series will appear on Monday: Utilizing Technology.

Introduction  - Smaller Japanese and U.S. firms are in Need of a Reinvention