Why is it important to be aware of trends and changes? Nowadays, terms such as digitalization, big data, analyzes, trends, etc. are becoming more and more important. This is shown by numerous scientific articles, newspaper reports, TV-programs, websites, and short summaries that our smartphone provides us every day.

However, such changes are of great importance in an operational sense. If companies are able to react to trends and changes accordingly, they can create strategic advantages and with that be one step ahead of the competition.

Why should the Senat der Wirtschaft share analysis with young entrepreneurs? Young companies often do not have the necessary resources to carry out such analyzes. On the one hand, this can be related to the lack of know-how, time, infrastructure, etc. For this reason, the Senat der Wirtschaft could go to hand these entrepreneurs and carry out such analysis and evaluations and share them with the network.

How do young entrepreneurs’ profit from analysis data? Since young entrepreneurs can concentrate on their own specialties and do not have to set up a large IT-department within a very short time to analyze the industry, costs and time can be saved. Both aspects in combination with the knowledge of how the industry is changing, what competitors are doing, how customer behavior looks like, etc. are crucial aspects to be able to establish the young venture successfully on the market. Since the analytical perspective is often excluded at the beginning of the company due to a lack of resources, the Senat der Wirtschaft could provide appropriate support here.

How can this analysis data look like? There are many different ways such analysis could look like. Important is that the evaluation of the is shared in a simply and clearly way. By doing so, it can be ensured that every person within the network really understands the content.

Graphical elements such as diagrams, images, etc. are particularly suitable for this. It is also important that the respective analysis is also relevant for the company. By that I mean, for example, a newly opened restaurant receives evaluations relating to its own industry, like food trends, restaurants, cafes, hotels, tourism, etc., since evaluations relating to the automotive industry, clothing, etc. would not give the company any additional value. Therefore, passing on relevant information is crucial.

It is also important that such information is passed on at regular intervals. The exact time intervals must be adjusted depending on the industry, customer behavior, competition, etc. However, I think that such an analysis should take place several times a year to ensure to be up to date.

Are their additional concepts which can be adapted or combined to this idea? Of course, this concept can also be combined with other ideas and frameworks. For example, the newly opened restaurant in Tyrol could encounter the trend that customers are happy to see traditional aspects combined with a modern environment as an internal decoration. Since the company is maybe not familiar with this, the restaurant could ask the network and receive appropriate expertise (for example from other members of the network who deals with that topic, e.g. interior designers). By doing so the restaurant could benefit from the Senat der Wirtschaft one more time.