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How the Absence of a Taxonomy Impacts Organizations and Market Intelligence System

Taxonomy has the onus of making market and competitive intelligence accurate. In the context of market and competitive Intelligence, Taxonomy is trusted as the principle that<br>systematically organizes information using predefined terms to enhance the market intelligence system of an organization. <br><br>Learn more how the absence of a taxonomy impacts organizations here: https://www.contify.com/blog/how-the-absence-of-a-taxonomy-impacts-organisations/?utm_source=slideserve&utm_medium=social&utm_campaign=traffic_2020

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How the Absence of a Taxonomy Impacts Organizations and Market Intelligence System

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  1. Taxonomy Collection How the Absence of a Taxonomy Impacts Organizations

  2. Table of Contents • Introduction • Organizations are living organisms • How the absence of a taxonomy impactsorganizations • Urgencies, emergencies, and ‘knee-jerk’ responses to events • Mistrust, politics, and CYA • Communication break-down • Growth challenges • Conclusions and takeaways

  3. Introduction • Organizations are not like machines

  4. Introduction Organizations are not like machines. • Since the time of Henry Ford and through the remainder of the Industrial Age organizations were viewed as a machine, where separate components perform various functions in a pre-defined, constrained and static manner. • In the present business landscape, every industry is unique in its stance and the environment is challenging for everyone. • The increasing complexity and speed of change in today’s business environment is forcing organizations to evolve and adapt faster. • Therefore, it will be a mistake to view organizations as machines. • Just like living beings, those organizations which evolve, survive.

  5. Organizations are living organisms • Information systems are their central ‘nervous systems’

  6. Information systems are central nervous systems of an organization Taxonomy is the foundational pillar of an information system. • When humans were evolving, communication helped them to survive • It helped them in various tasks like protecting themselves from a threat, availability of food and other opportunities to survive and thrive. • In the context of organizations also, the same principle of efficient communication enables successful organizations with a consistent vocabulary (taxonomy) to prevail over the competition. • Taxonomy plays a pivotal role in building efficient information system that enables effortless flow of information from one function to the other.

  7. How the Absence of a Taxonomy Impacts Organizations • Urgencies, emergencies, and ‘knee-jerk’ responses to events • Mistrust, politics, and CYA • Communication break-down • Growth challenges

  8. Emergencies 1 • Often caused by poor decisions. • Unavailability of helpful information. • Issues in storage of relevant information. • Disarranged storage of important information. • Drainage of time and bandwidth in searching for already captured information. • Makes organizations less competitive.

  9. Mistrust & Politics 2 • Existence of different versions of truth about things that matter like external market forces or internal capabilities. • Limitation on information available. • A lot of time is wasted in arguments and discussions. • Wastage of resources and bandwidth in irrelevant reports to prove points. • Making organizations less competitive.

  10. No Communication 3 • Different sourcing of information. • Lack of consensus. • Different derivatives from the same information. • Gaps in understanding. • Leading to working in silos. • Inefficiencies in filtering and use of information. • This dysfunctional information system makes organizations less responsive and less competitive.

  11. Growth Challenges 4 • New individuals sense the disconnect and face challenges in interpretating the same information by different means. • Reduction of team productivity due to working in silos. • Seniors have no time to train individuals and share information and knowledge with them. • This limits individual as well as organizational growth making it less competitive.

  12. Conclusions and takeaways

  13. Key takeaways Any obstruction in the flow of information affects the health of various organs of the organization. • Organizations that are oriented to achieving better growth can jump such obstacles in their path by being mindful about information systems. • When information is organized using taxonomies, it enables a seamless connection between the user and the information. • Therefore, organizing information in a structured and machine-readable format lays the foundation for advanced AI-enabled information systems and other digital transformation initiatives. • This upgrades the vision of the organization and enhances its chances of competitive growth.

  14. Thank you Choose the industry-best Competitive Intelligence and Market Research system Start a conversation Contify Read More marketing@contify.com https://www.contify.com/blog/how-the-absence-of-a-taxonomy-impacts-organisations/

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