Tech executives in other fields or in particular should take a page from top financiers on how to build efficient, competitive, and successful companies. It’s not all finance industries that always have mishaps like the world-shattering event in the 2008 recession. It’s tough for the industry to appear on the up-and-up when a few legacy companies upend the global financial system.
But not all finance organizations are like Lehman Brothers or Bear Stearns. Also, the purest markets in finance are incredibly sophisticated, enlightened, and arguably result in the levelest playing fields of any industry. This is largely due to the legislation forces transparency and the fact that the sector is vigilant about plugging holes and digging out corruption.
Unlike the tech industries or companies which maintain relatively friendly relationships with its competitors, the finance world is ruthless it’s a dog-eat-dog world and they make sure that their opponent is taken down. Finance companies do not allow bloat and inefficient work because they can’t afford such kind of distractions when billion-dollar decisions are to be made.
Reasons why tech should behave more like finance
THEY RELY ON DATA
Finance professionals rely on high- level and high – quality data information to give the advantage of being on their competitors’ trail. Minute alpha advantages make the difference in billions of dollars in profit, that is why you see finance companies often using predictive tools that are years ahead of those in any other industry.
THEY TAKE MANAGEMENT SERIOUSLY.
Major finance corporations conduct substantial management training that yields well – trained, standardized processes, and knowledgeable leaders. Executives from the tech industry would benefit from a lot of intensive training before diving into management positions.
THEY RECRUIT TALENT AGGRESSIVELY.
Finance organizations know how to entice the brightest and inquisitive minds even before they have started their careers. Much like talent scouts pursue college athletes for the big leagues, top finance organizations operate strong recruitment programs. They tour the best universities in the country to promote their grade-A internship advances to promising candidates.
FINANCE IS A ZERO-SUM GAME.
Professionals in this field are fully aware of the price they have to pay and what’s at stake. Hence, they play either win big or lose big and that mindset creates a hyper-focused approach to delivering the result. Lastly, if the tech industry can adopt these traits successfully, tech executives and other business heads can run better, more effective organizations.
They just need to:
- Firstly, Regulate everything.
- Secondly, Make your decisions based on analysed data.
- Recruit staff early.
- Observe and understand your competition.
- Finally, Implement management training