How To Get Started With Solving Business Problems Effectively
No matter what sector you are in, successful business management requires “solving business problems” skills. Moreover, these skills should not only be a leadership competency but also be present in almost all team members.
Being able to implement a successful business model both socially and financially is directly related to solving business problems.
Today, even in world giant companies, some problems can be experienced regarding solving business problems. Businesses are usually platforms where more than one person communicates together to solve problems and create problems.
In such environments, when there are inadequate teams to solve business problems, financial losses also begin. For long-term profitability and financial stability, your teams are expected to be competent in solving business problems.
In today’s competitive markets, teams that do not have this competency will soon become weak and financially weakened.
The following factors are very important for the solving business problems processes to proceed most effectively:
1 – Data-based analysis
2 – Teamwork strategies
3 – Detailed planning
4 – Open communication environment
Why Is Solving Business Problems Crucial For Success?
Regardless of the size of your business, you should know that solving business problems skills are essential for success. Almost every business can experience crises such as possible operational disruptions or customer dissatisfaction.
In such cases, solving business problems strategies should be implemented correctly and effectively.
If problems are solved at the right time and in the right way in a business, a more efficient process begins in terms of costs and finances.
One of the main reasons why Amazon, one of the most popular e-commerce platforms today, has achieved success today is that it offers extra “solving business problems” solutions to ensure high levels of customer satisfaction.
Resolving problems that frequently occur within businesses quickly, effectively and correctly provides significant returns both socially and financially and is therefore a critical element for success.
When we examine the problem-solving techniques of successful companies in the modern world, we see that problems are solved before they arise.
Generally, many companies analyze data and predict possible problems using artificial intelligence tools to develop solution strategies before problems turn into major financial crises.
Steps To Identify And Start Solving Business Problems
For the most effective solving business problems process, it is first expected that the problems are correctly identified.
If we identify the problems correctly, the management of the remaining process will be more practical. The following steps should be evaluated in problem-solving processes in businesses:
» Identifying the problem correctly = Determining the real problem is a very critical factor. This responsibility usually belongs to managers. However, the sensitivity of team members in this regard will make the process faster and easier.
» Gathering data = Instead of assumptions about the causes and possible results of the problem, an analysis based on data is required. For this, you should create a data pool consisting of customer feedback and financial data. In light of this data, it would be more accurate to determine the root cause of the problem.
» Creating solution options = If the solution to the problems is not possible with a clear and single solution, you should try to produce alternative solutions by developing different scenarios.
» Measuring the Results = Taking precautions to prevent this problem from recurring would be a good strategy.
Common Challenges In Solving Business Problems
Although it may sound like an easy skill, solving business problems is not something that everyone is expected to have. Therefore, there are some common difficulties in the process of solving business-related problems in businesses.
At the top of these difficulties is usually focusing on the wrong problem. Many businesses do not correctly determine the real and main reason due to the incorrect establishment of the causality relationship in the crises or problems they experience. However, since the right reason is found, the right solution is produced.
Another difficulty is adaptation problems. Business problems usually include solutions that require change. However, teams and managers in every business may not be able to keep up with the changes. Therefore, transformation becomes difficult and solutions become difficult.
Another common difficulty in solving business problems processes is insufficient data use. Many businesses make decisions based on emotional reactions instead of making decisions in the light of data-based analysis.
In such cases, intuition-based moves lead to more problems and make solving these problems more difficult.
When the solving business problems periods of today’s successful businesses are examined, it is seen that they also have a large part of these difficulties. However, successful companies or businesses can be defined as successful today because they can overcome these difficulties.
How To Use Data For Solving Business Problems Effectively?
It is of critical importance to utilize data to manage the solving business problems process in the most efficient way. If all actions in a business are analyzed based on data, both on the operations side and on the human relations side, solving potential problems will be easier.
So, from which sources do businesses collect the data they will use when solving their problems? Customer analytics comes first for the answer to this question. CRM and surveys that examine customer feedback and behavior can be good tools.
In addition to these, the solving business problems process is more successful in business management optimized with ERP systems. In addition, thanks to today’s popular artificial intelligence tools and machine learning technology, data concerning the business can be analyzed in a shorter time.
For example, for a large business with thousands of workers and dozens of managers, the amount of data will also be high. However, thanks to artificial intelligence tools, large amounts of data can be analyzed in a short time, and future steps can be planned more accurately.
Apart from the feedback of customers about the product or service offered by the business, their behaviors and habits are also important data types for your future perspective. Many successful businesses use AI algorithms to provide a personalized service experience for their customers.
Many websites or platforms offer personalized advertising strategies for each of their customers. This way, potential problems are solved. Keeping track of every customer’s feedback and making revisions based on that feedback is a long, tiring, and costly process.
However, with artificial intelligence tools, large amounts of data can be analyzed in a short time. Businesses that are on good terms with these innovative tools experience fewer problems.
Or, in a moment of a potential problem, they evaluate their advanced business problem-solving skills. These skills have been developed largely thanks to artificial intelligence algorithms.
Tools And Techniques For Solving Business Problems
Considering modern techniques, there are many different techniques, tools and methods in solving business problems today. The most popular of these are SWOT analysis, Pareto Principle, Fishbone Diagram and Design Thinking strategies.
In SWOT analysis, the strengths and weaknesses of the team members in the business are determined in advance and the distribution of tasks is optimized accordingly. Since there is more compatibility in a business managed in this way, fewer problems will occur.
While the main purpose of the Pareto Principle or 80/20 rule is to choose the most efficient move, the purpose of the Fishbone diagram is to make it easier for businesses to find the root cause when they encounter a problem.
Design thinking strategies generally ensure the development of products or services that meet customer expectations in solving business problems processes. Thanks to these techniques and tools, a problem can be solved professionally and data-oriented.
We know that there are many more effective techniques in addition to these. You should determine the most appropriate one according to the special conditions of your business.
The Role Of Teamwork In Solving Business Problems
I wouldn’t be wrong if I said that teamwork is the most effective factor for solving business problems. If there is no problem with teamwork in different departments in a business, the probability of business problems is also less.
However, teamwork is not always achieved by developing human relations. Some techniques and strategies can be listed for this.
Thanks to the strategy called cross-functional teams, it is more efficient for experts from different departments to divide the work in different operations. This method also develops the teamwork spirit. This also provides effective results for financial profitability.
In addition, open communication is also an important element in the solving business problems process. If there is a transparent communication area between employees in a business, problems are solved faster and fewer problems occur. Communication is one of the key factors for businesses.
How To Prioritize Solving Business Problems In Your Strategy?
It is not always easy for businesses to prioritize the solving business problems process among business strategies. However, with some strategies, you can create solutions for existing problems while ensuring that your business is operationally active.
In order to achieve this, you should first prioritize the problems that affect your customers’ satisfaction.
If problems related to customer satisfaction are prioritized in a business, it will contribute to financial profitability in the medium and long term. In other words, prioritizing the solving business problems process is actually important for the operations to continue financially.
You should start producing solution suggestions by ranking the problems that cause financial losses at the top of the list. In addition, it may be a good idea to focus on deficiencies or problems that will create a competitive advantage for you compared to your competitors in the market.
Thanks to these types of strategies, you will not only solve your internal company problems but also reach their financial returns.
Examples Of Companies Solving Business Problems Successfully
In today’s modern world, many successful businesses have become successful global giant brands thanks to the right business problem strategies.
Netflix can be given as a good example. In its early years, Netflix evaluated the data that customers had difficulty finding the right and appropriate content to watch by offering personalized menus for each customer with the help of artificial intelligence algorithms and quickly became a million-dollar company.
In addition, Tesla, the popular automotive manufacturer of recent years, eliminated oil and related problems, making electric cars popular.
Today, electric cars are frequently preferred in many developed countries such as the United States. If the Tesla brand had not taken steps to solve oil and oil-related problems, perhaps our dependence on oil would have continued. Unfortunately, we all know the sad consequences of this problem.
Solving Business Problems: Avoiding Common Mistakes
We see that businesses make some common mistakes in their solving business problems processes.
Many businesses, in particular, create pressure to get quick results due to their productivity goals, preventing teams from working efficiently. The pressure to make quick decisions usually causes employees to make the wrong moves.
When many businesses develop a new application or product, they try to conclude without testing it sufficiently and analyzing the data. Previously untested methods for solving problems do not provide realistic and effective solutions.
Another common mistake is not caring about the feedback of employees within the business as much as customer feedback. If businesses want to manage their business problems in the most successful way, they should take the feedback of their employees as seriously as they do their customers.
Future Trends In Solving Business Problems With Technology
Although many different disciplines and techniques are suggested for solving business problems today, technological tools are the most widely used.
Especially since problems can be predicted in advance thanks to artificial intelligence tools, many successful businesses experience great financial efficiency by getting help from artificial intelligence-based technological support and by predicting possible problems in advance.
Although we do not know what business problems await us in the future, it is possible to predict that the number of alternatives for solving these problems will increase.
Even now, thousands of companies can classify all their customers’ data well and in detail thanks to artificial intelligence algorithms and machine learning technology.
In the future, in addition to artificial intelligence tools, blockchain technology, which offers high levels of security, should be considered to better manage and optimize solving business problems processes.
Thanks to such innovative technologies, possible problems will be solved much more efficiently.
See you in the next post,
Anil UZUN