How Trust Can Be A Competitive Advantage

How Trust Can Be A Competitive Advantage

Building bonds of trust is essential for firms to compete effectively in a networked world. Trust is the sum of all connections, and strategy must focus on widening and deepening links to resources outside the firm. In today's competitive environment, taking a major hit of any kind can hamper a firm's operations for years and sometimes permanently. A recent report by Accenture Strategy analyzing over 7000 firms found that trust disproportionately impacts revenue and EBITDA. Trust events can cost a fortune, and firms in industries such as banking, retail, and industrial services that depend on complex ecosystems are more sensitive to these events. A company can improve its resiliency significantly by striving to be trustworthy by responding well to any trust event that may occur. Empathy and building a culture of trust is the best strategy for building trust.

View

More Innovation Resources:

Goal versus Objective: What’s the Difference?

Good communication is essential for project success. It’s important to understand the terms ‘goals’ and ‘objectives’ in order to keep stakeholders aligned.

View

How to Innovate Product Design?

Innovation is crucial for product design, but it comes with challenges. To succeed, designers need to focus on solving real problems, designing for the long term, prioritizing function over features, staying focused on consumer needs, and paying attention to small details.

View

70:20:10 Rule Of Innovation

Innovation managers can balance the risk and reward of innovation by allocating resources in a 70:20:10 ratio for core, adjacent, and disruptive innovations.

View