The Third Eye: Business as Human Endeavor

New Delhi: Various facets of business, such as sales enhancement, fostering trust with potential clients based on customer feedback, effective communication, adherence to organizational ethics, and employing emotional intelligence in managing relationships, underscore the fundamental notion that all business is fundamentally human-centered -- conducted by and for the people.

Even financial backing, business expansion, and corporate mergers engage individuals as investors, strategists, and negotiators from both parties.

Ultimately, thriving businesses attribute their success to a group of people who make timely and informed decisions, well-acquainted with the market and competition.

This necessitates being information savvy -- a trait unique to humans.

In this age of Artificial Intelligence and Machine Learning, data analytics is crucial for productivity, but its outcomes rely fundamentally on the quality of information inputted.

The unique gift of imagination, inherent to human minds, can significantly influence the difference between success and failure, a fact that cannot be overstated.

Imagination is grounded in knowledge, but only those who can see the wood behind the trees can identify the opportunities and risks ahead, steering the business towards progress by capitalizing on the former while sidestepping the latter.

The success of any business is traditionally measured by its ability to market its products or services effectively; however, three fundamental criteria must be consistently satisfied to reach this benchmark.

Firstly, promotions must be free from deception, although some exaggeration is permissible within ethical boundaries.

Secondly, there should be recognition of the necessity for the business to cultivate a reputation as a brand, enabling expansion or diversification supported by investors.

Lastly, there must be ongoing systems in place for continual study and analysis of the competitive landscape surrounding the business.

All these essential factors for success heavily rely on the quality of communications maintained by the organization’s leaders and representatives with clients, customers, and the public, as well as the interpersonal relations within the corporate hierarchy and the mechanisms established for gathering relevant information from both within and outside the business.

In today's digital age, communication has gained newfound importance. Effective communication in all scenarios must meet three criteria -- it should be clear, meaning it should not allow for multiple interpretations; it must be succinct while ensuring that brevity does not compromise clarity; and it should adhere to the need-to-know principle where necessary.

The reputation and image of a brand largely depend on the consistency of its promises, the use of feedback to refine products or services, and the company's ability to compete effectively on pricing.

For these elements to materialize, leadership must make decisions grounded in knowledge, utilizing information provided by those who analyze the competitive environment. Special emphasis should be placed on leveraging any exclusive information held by the organization.

The role of human elements in business is evident in the emerging trend where corporations utilize customer data, along with purchasing histories and preferences, to engage with them through personalized communications, thereby fostering loyalty by delivering what they specifically seek.

Online follow-ups with customers to gauge their needs represent a valuable method for enhancing outreach and ensuring customer retention.

However, there is a noticeable surge in promotional efforts across social media platforms, leading to public skepticism that some may intend to promote untested products -- reflecting poorly on the ethical dimensions of business.

Moreover, it is factual that financial incentives are employed by companies to outmaneuver competition.

Strategically, social media has garnered negative attention for becoming a tool for proxy wars and misinformation campaigns, aimed at undermining the security interests of targeted nations and potentially destabilizing regimes.

The potential for creating business warfare must be observed in the future, as economic security is a crucial component of national security, and covert strikes on an opponent's economy are now part of this proxy war. Digital marketing has established its presence, with businesses already leveraging Artificial Intelligence to boost productivity and expand operations.

For most individuals, life comprises a sequence of decisions -- both significant and minor -- that must be made daily at work or home.

More than half of these decisions involve contacting or communicating with another person.

This individual could be a colleague, a supervisor -- a customer also qualifies as a 'boss' -- or someone providing a service.

In any interaction, three elements are crucial -- attention to the dialogue, which one cannot provide unless one is an effective listener; the application of emotional intelligence to grasp the other person's perspective; and an analytical mindset that enables assessment of evolving situations.

A subordinate providing a curt reply, out of character, may reveal that personal issues are influencing their demeanor.

The relationship between a boss and subordinate follows a set of protocols for both parties. A superior can assign tasks but must also be available to offer legitimate guidance when sought by the subordinate. The superior's concern for the subordinate as a human being should enable them to possess at least a basic understanding of the subordinate's personal circumstances to maintain an empathetic relationship.

In peer interactions, one should strive to appear trustworthy and willing to assist colleagues without compromising the ethical standards of the organization. If the corporate entity has clarity regarding an equitable distribution of accolades for commendable work, interpersonal relations within the organization will be solid.

Ensuring this is one of the chief responsibilities of corporate leadership. A transparent credit-sharing system bolsters productivity.

Since all business is fundamentally human activity, success is intrinsically tied to adept management of human relationships.

Individuals engaged in business at any level must possess a solid comprehension of human nature and psychology, as well as an interest in effective communication.

They must be capable of reaching out to targeted groups or individuals by devising strategies to identify their needs and preferences and enlisting the aid of potential intermediaries.

Business intelligence will assist them in these endeavors by providing the requisite information or data.

Leadership within the business framework should be information-savvy, as we are in the Information Age, where success is predicated on decisions informed by knowledge.

It seeks information that distinguishes a decision from a mere guess and makes concerted efforts to obtain it.

The utilization of cyberspace and social media has heightened the importance of competent analysis of credible information available in the public domain for garnering business insights.

Today, businesses must encompass a broad range of knowledge points to inform their decisions -- spanning from governmental policies to socio-cultural trends -- most of which ultimately stem from the thoughts of individuals leading the political executive or representing public opinion. We are genuinely immersed in a knowledge economy that centers on human elements.

(The writer is a former Director of the Intelligence Bureau. Views are personal)