Art of applying the knowledge!!!
Knowledge is good, but wisdom is better - the saying goes. Wisdom helps you to apply the knowledge and bring it to action at the right time, at the right place. You might have heard of DIKW pyramid (Data Information Knowledge Wisdom)...Data is the raw form be it a fact, signal or a symbol, Information its processed form, Knowledge is usually the processed information or that information that helps you to apply. Wisdom is the ultimatum of these and you are to apply the right knowledge at the right place and at the right time.
In relation to this application of knowledge, I find economics and analytics fascinating. We all know economics is about the science of understanding consumer and his satisfaction for the value he gets and the price he pays (am referring to microeconomics obviously) . Isn't it interesting for companies to apply more of economics? I wonder how many companies do hire economists for research?
Let me try applying the economics in the IT service industry. In short economics is about utilization of minimum resources to get the efficient results so value added to the end consumer is enhanced for optimal price he pays and the regulations of these as per the market fluctuations.
Resources and capabilities of them matter for driving the best results. On the front end you would need the human resources who have the mentality to serve people, customer orientation skills with good communication, soft skills etc. On the back end you would need necessary infrastructure for running the software to give a better service. Also you would need software development teams and its managers who can enhance the software as per customer's needs. You would also need the necessary support staff of marketing team, finance team, recruitment to keep your service model up to date. How does economics help here?
You might tell me that you would use Lean practices to eliminate the redundancies in the process and make your IT service process an efficient one. I wouldn't agree with you more as what you are doing is still applying economics here.
Even better might be application of data analytics on your database to make the customer experience even smarter and better. Are you saying the algorithm you used will predict what the customer is going to purchase next or in an IT service industry context what service he might avail next? I would still say you are applying the economics here too.
My thought is any efficiency you bring in to make the product, service or process efficient which helps the customer satisfaction for the least cost ~ aren't you applying economics there?
Economics is what is driving this world and making it a better place.
In relation to this application of knowledge, I find economics and analytics fascinating. We all know economics is about the science of understanding consumer and his satisfaction for the value he gets and the price he pays (am referring to microeconomics obviously) . Isn't it interesting for companies to apply more of economics? I wonder how many companies do hire economists for research?
Let me try applying the economics in the IT service industry. In short economics is about utilization of minimum resources to get the efficient results so value added to the end consumer is enhanced for optimal price he pays and the regulations of these as per the market fluctuations.
Resources and capabilities of them matter for driving the best results. On the front end you would need the human resources who have the mentality to serve people, customer orientation skills with good communication, soft skills etc. On the back end you would need necessary infrastructure for running the software to give a better service. Also you would need software development teams and its managers who can enhance the software as per customer's needs. You would also need the necessary support staff of marketing team, finance team, recruitment to keep your service model up to date. How does economics help here?
You might tell me that you would use Lean practices to eliminate the redundancies in the process and make your IT service process an efficient one. I wouldn't agree with you more as what you are doing is still applying economics here.
Even better might be application of data analytics on your database to make the customer experience even smarter and better. Are you saying the algorithm you used will predict what the customer is going to purchase next or in an IT service industry context what service he might avail next? I would still say you are applying the economics here too.
My thought is any efficiency you bring in to make the product, service or process efficient which helps the customer satisfaction for the least cost ~ aren't you applying economics there?
Economics is what is driving this world and making it a better place.
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