How to stay on top of industry changes

Office World News, May 2001 by Wallace, Bill

No doubt you have read about the information explosion affecting everyone from CEOs to elementary school kids. Most of us are busier than ever while facing an ever-- increasing data deluge. In the information age, keeping current with news and information is imperative, but who has time? If time spent keeping up with information feels like time stolen from your real work, then two things are out of alignment. First, your reading and networking need to be an active part of your work, not a tangent. Second, you need a more efficient way to acquire useful information. The solution lies in a paper-and-pencil plan and how you use it.

If I asked you what you need to keep up with, you would probably rattle off some variation of the following publications and events: trade news (print and online), association publications, conferences, networking opportunities, general business news, economic news, national news, and local newspapers. You probably know where to locate: the- ihe-materials. That's not_the problem. What you -need is a plan to -make the most effective use of both your time and resources available. Here are some tips to follow as you create your own paper-and-pencil plan.

DETERMINE: What kind of information do you need to know on a regular basis? Don't list the sources of information, like newspapers. Instead, list the type of information itself. This includes things like new product lines, upcoming technology, market forecasts, reactions to products, economic trends, and personnel movement within the industry. Rank them according to their importance to you. Once you have a list that makes sense for you, figure out the most effective ways to get that information. Are there journals, websites, news shows, or people that you regularly turn to for the best information? (Don't underestimate the value of key people on that list. There are some individuals who function as news centers-they may work within your company, or they may be friends in the industry. In many cases a fifteen-minute phone call with this type of person is worth more than reading a handful of articles.)

DELEGATE: Once you've got a list, figure out how you can save time on it. Is it vital that you personally stay on top of everything? You and your staff can function as an information team. Divide up topic areas or media and then brief each other. Can you delegate? Have each member of your team tackle a publication or something. Remember, when someone circulates an article, make sure they first summarize it and call your attention to the key points. For example, "this article talks about new technology we should be thinking about or criticisms of this new technology. See the last paragraph, especially. See the description of Company X."

READ ACTIVELY: Passive reading is a waste of your time. Ask yourself the question, "Does this information sound reliable?" You're an industry expert yourself. Evaluate the news, the reporting, and the source. If you disagree with the material, a letter to the editor might be a good way to gain some further recognition and establish your point of view within the industry. At the very least, you'll have some answers if a client or colleague brings up the topic.

SCAN IT: Don't read it like classic literature. Scan for useful information and then move on. Reading actively does not mean you have to read every word, especially if it is not paying off in terms of useful information.

TAKE ACTION: Figure out in what context the information might be useful. jot it down and indicate where to find the information if you want to refer back to it. If you see an exciting sales idea, describe how you would put it to use. Then put it with your sales materials. Don't assume you will want to root around a stack of magazines to find a note scribbled in the margin. If you have questions, list people or resources to consult. Can it help reduce costs? Write down your thinking while it is fresh. Don't rely on the information triggering the same brainwave next time you look at it, If you're reading a lot of things and finding no action necessary, maybe you need to cut down on your reading or broaden your list of topics. After all, we can all stand to free up some time-if this is a place for it, so much the better.

TRY THINGS YOURSELF:

If you or one of your staff can actually try a new machine or process, so much the better. Tradeshows can be exhausting but they're worth it for these opportunities alone. Take time at the trade show to--get a hands-on experience with new technology, new products, and new sales techniques. If they're worthwhile, incorporate them into your own work. If they're not, be prepared to explain their limitations to clients and colleagues.

EVALUATE: At the end of every month or so, ask yourself some questions. Have you been able to achieve your information goals? Are there publications or events that are simply not yielding returns? Can you pare down your list? Or, are you still feeling under-informed? In which case, do you need to add a source? Is there something more you need to do in order to stay informed? Take specific actions to address those problems. You will know your plan works when keeping current feels like an integral part of your work and not just a peripheral burden.