How to Outcompete the Competition

Mayur Palta is an AI & Data Solution Architect at Databricks. He joined Adam to talk about his new book Outcompete: How startups and billion-dollar companies outsmart the competition. All proceeds from the book will go to empowering underprivileged children through quality education via Vibha. You can learn more about Vibha here and pick up a copy of Mayur’s book here. These are three takeaways from their chat.

1️⃣ Leverage AI and data to power your compete program 1️⃣

Products and startups that used to require months of time and effort now take weeks, even days.

Mayur says all compete professionals need to be leveraging AI to unlock productivity gains to keep up with the rapid pace of change. Lest your competitors do it first.

“The point is it’s not about whether you are going to do use AI or not. It’s whether your competition is going to, and then outsmart you as a result.”

AI will help you move faster. And good data and competitive intelligence metrics will unlock better decision making.

Both are crucial to your success today and into the future.

Download our ultimate 9 step guide to launching your competitive enablement program to learn more about measuring the success of your compete program

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2️⃣ Be an unbiased truth seeker for your organization 2️⃣

For all the untapped potential of AI, in its current state there is one massive problem for compete professionals.

AI and LLMs hallucinate inaccurate information. ChatGPT literally states that it may produce inaccurate information.

Take this as your cue to make sure you’re diligently fact checking information, and then using your human skills to contextualize the information so it can be leveraged.

“Make sure the intel is relevant, it’s meaningful, it’s contextual. Your internal lingo at a company could mean different things to AI. So how do you contextualize?”

But for all the risks of these hallucinations, AI and automation have the potential for delivering the right intel to the right people at the right moment in ways humans never could.

Make AI your co-pilot, not your autopilot.

Watch Economics Professor John Horn break down how he advises companies to get inside the competitor’s mindset

3️⃣ Build confidence in your exec team to get their buy in 3️⃣

Gaining the exec team’s confidence into your compete program is all about aligning your program’s strategy to organizational needs.

And beyond their individual needs, Mayur says you need to get a handle of the makeup, vision, and goals for the organization as a whole.

“Understand the DNA of the organization. If you’re product led, you cannot get too far without making sure product is successful.”

Sales-led organizations should support sales first. If you’re a PLG company, the DNA of the organization will look altogether difference.

Assess where competitive intelligence and enablement can best serve the organization based on executive wants and needs, and focus your efforts there.

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