Stay tuned for weak signals that could point to something big

Political, economic, social and technological developments can quickly transform a business’s operating conditions.

Very little about today’s world is entirely predictable. Rapid political, economic, social and technological developments can quickly transform a business’s operating conditions.

As an idea prospers, business practices become established and the curiosity that once invigorated an organisation falls off the radar. We become shackled by legacy systems and the way things should be done. Sanitised processes and institutionalised thinking impair our people’s success. So how can we turn this around?

The key to remaining successful is to spot emerging factors affecting products, services and business as early as possible.

Organisations need to step out of their comfort zones. They need to give employees, management and leaders opportunities that lead to identifying and understanding weak signals: snippets of information that offer insights into what is coming, changes on the horizon, new trends, changes in their marketplace and within their customers. If they aren’t tuned in to pick up on these weak signals, they’d better hope their competitors aren’t either.

Weak signals are ambiguous, fleeting and often isolated from wider trends. They are found in sources as diverse as social media threads, demographic data and academic papers. Younger generations often are adept at tapping into weak signals, and the first to adopt a trend they find through social media, while managers and executive leaders who have a deep understanding of the business can use their experience as a filter.

While this may appear intangible and difficult to put into practice, it’s an opportunity most busi­nesses can embrace on many levels. In the workplace, it’s about learning, exploring and investigating challenges a business faces, ensuring it thrives and prospers. The trick is knowing how to identify and leverage these signals.

Rackspace recently con­duc­ted a study of senior Australian business leaders that found an organisation’s sensitivity to weak signals is connected directly to their emphasis on curiosity. Highly curious, agile businesses are more effective at identifying trends. These businesses reported higher revenue growth, customer loyalty, customer experience, partner satisfaction and employee satisfaction than the less curious.

When it came to translating what this looked like in real terms, three key themes stood out.

● Collaboration. Businesses must collaborate to identify and make sense of weak signals. Leaders who work with curious partners find it easier to spot trends that will affect their industry.

● Look outside the box. Look beyond your own industry to spot weak signals and use them to your advantage. Think of Netflix, a DVD rental company that saw how faster internet speeds would change the movie game. The result? Netflix moved into streaming video on demand and became a globally recognised name that now is creating its own content and is worth $US58 billion ($78bn).

● Inspire curiosity. Curiosity isn’t something that should sit solely with the executive team; it should be an effort right across the organisation. You and your team live and breathe your trade, and are the most in tune to potential influencers or industry movement affecting long-term operations. Set a good example and inspire everyone to be curious every day.

Organisations that cling to accepted wisdom, proven processes and the way things have always been done will be left behind by those who thrive in disruption.

Angus Dorney is the general manager of Rackspace.