6 Hat Thinking Skills
Suppose you have a company and profit is going down because it is facing huge competition from different firms. Use 6-hat thinking and write in detail 6 different aspects and come up with a solution.
According to the problem, let's consider my company manufactures the Product-A but, recently, other firms also started producing a similar kind of products as superior as ours. This became an integral reason why our company's overall profit is going down.
So by using 6 Hat Thinking Methodology by Edward De Bono, I came up with these six different aspects of the problem and possible solutions regarding it.
[White and Blue Hat] (Facts and figure & Processes)
At first, I have to stop the downward facing graph of profit per month by focusing on the recent data. I will build a market analysis based research team to evaluate and analyze market trends and my cost and revenue collection. Then I can curtail the cost and minimize investment where it seems unnecessary.
Next, I have to identify the new possibilities on the technical front in manufacturing processes to reduce costing but keeping the quality intact.
In a highly dense market of competition, companies need to project their uniqueness through advertising and through adopting new marketing strategies. So I need to advertise my products on different platforms and attract more valued customers.
[Red Hat and Black Hat] (Employee and Customer feelings & Cautions)
If we talk about the brand value of a company then it largely depends on customer satisfaction and their loyalty to that company. Now because of the presence of multiple companies offering homogeneous products at the same price range, we need to earn the trust of our customers again by reducing the price of the product by giving sufficient discounts after a certain amount of purchase without compromising the quality of the products.
One of the toughest decisions to take is laying off our staff or closing outlets. But, as my company is still earning profit we can still take some risks and revive our domain in the marketplace. Still, it would be necessary to close some outlets from where no profits have been earned in the recent past, and channel that money to inculcate new ideas and target a new sphere of customers.
[Green Hat and Yellow Hat] (Creative ideas and solutions & Impacts and benefits)
To be more cost-effective, I have to crack better deals with sellers and have to take some risks of trusting new sellers who are ready to give new raw material at a lesser price. Although we are still in the rat race, I have to think in terms of the long-run and make my products more environmentally friendly and biodegradable so that we can get grants and tenders from the government bodies too.
---Thank you for reading: Debdoot Ghosh