Effectiveness or Efficiency? The Question Every CEO Should Ask
Once upon a time, when there was a lack of technology and connectivity, consumers were not as demanding, and there was no such thing as instant gratification, effectiveness could be at the core of a business. There also were distance and technological constraints that implied that there was no deadline for creating and delivering. Instead, the expectation was that they delivered effectively.
Today, however, the business world moves too fast. Consumers are more demanding than ever before; they expect delivery in a matter of seconds, not months. Businesses that fail to adjust their long-term strategies (regardless of their efficacy) are falling behind. The modern world full of flexibility and agility requires something more than just effectiveness — and that is efficiency.
Efficiency can’t work on its own either
In spite of the overwhelming need for efficiency, it cannot work in a vacuum either. Efficiency without effectiveness is as null and void as it is the other way around. If you quickly design a product, but its design does not let it work as your consumers need, there is no point in pressing for pure efficiency. Today, the customer experience is at the heart of business success, and corporations not only need to ensure that they have agile, flexible plans for production and distribution— but also that their products meet the expectations set out for them.
The need for efficiency and effectiveness
To ensure business success today, CEOs need to look at their processes from a different perspective. While there is still a need for effectiveness and efficiency, the CEO cannot merely examine each one in their silos. Instead, there is only one way that can guarantee a company’s place in the current market-effective efficiency.
Efficiency can no longer meet effectiveness halfway; instead, they need to merge and work side by side. Business leaders must be sure that their processes are working in tandem on a daily basis. It's not just needed to survive market, but also to thrive.
Understanding and embracing new technologies to create products that add value to the lives of their consumers is a significant part of achieving this critical equilibrium of efficiency and effectiveness. A substantial portion of attaining this essential balance is understanding and embracing new technologies to create products that add value to their customers’ lives. At the 2017 edition of Hubspot’s Inbound Conference, empathy and how to use technology to improve the customer experience were the underlying themes. If you missed out on this incredible event, then there’s still time to catch The Inbounder Global Conference for more insights into the modern business world’s recipe for success.