WHY TECH SHOULD BEHAVE MORE LIKE FINANCE
It’s not all finance industries that always have mishaps like the world recession event in 2008 and most of the financial organizations aren’t like Lehman Brothers or Bear Stearns. Also, the pure markets are intensely enlightened and arguable and this is because of the legislation forces transparency and the fact that the sector is watchful about plugging holes and digging out corruption.
Unlike the tech industry that maintains a friendly relationship with its competitors, the finance world is ruthless and they make sure their opponent is taken down. They do not allow turgid and inefficient work because they can’t afford these distractions when billion-dollar decisions are to be made.
Reasons why Tech should behave more like finance.
They rely on Data
Firstly, Finance professionals are intensely driven by high-quality and high-level data and information to give the advantage of being on their competitors’ trail. Finance companies often use predictive tools that are years ahead of those in any other industry because minute alpha advantages make the difference in billions of dollars in profit.
They take Management Seriously
Finance corporations conduct substantial management trainings that yield well-trained and knowledgeable leaders. Professionals in the tech industry will benefit from a lot from intensive training before diving into management positions.
They recruit Talent Aggressively
Finance organizations know how to hook and the brightest and inquisitive minds even before they venture into their careers. They tour the best universities in the country to promote their grade-A internship advances to promising candidates.
It’s a Zero-Sum Game( Tech should behave more like finance).
They are fully aware of the price they have to pay and what’s at stake. Hence, Executives in this field play either win big or lose big and this mind set creates a hyper focused vision and approach to delivering results.
Lastly, If the tech industry can adapt these traits successfully, tech executives and professionals can run a better and more effective organisation. They just need to:
- Firstly, Regulate everyone and everything.
- Secondly, Make your decisions based on analysed data.
- Encourage calculated risks and be ready to bounce back with new strategies when former they fail.
- Recruit staff early.
- Observe and understand your competition.
- Finally, Implement management training