During our Engineering studies, we crammed our brains with a tonne of concepts. At least I studied them only to get grades. During the COVID lockdown, I took a complete break from work. To kill time, I started reading my old engineering books. Soon, I realized the practical utility of many of the concepts that seemed boring and useless at that time.
One such concept was the Eigen vector.
Imagine a playground with various swings and slides arranged in different directions. Now, suppose you are standing in the middle of this playground and you decide to spin around with your arms outstretched. As you spin, some objects in the playground may appear to rotate around you, while others may not seem to change their orientation at all. These objects that remain pointing in the same direction, regardless of your spinning, are akin to eigen vectors.
In a more mathematical sense, eigen vectors are special vectors in a matrix that retain their direction when the matrix transforms. They represent stable directions within a system, unaffected by changes imposed upon it.
Now, let's relate this concept to elements in a business:
Core Values and Mission Statement:
Just like eigen vectors represent stable directions in a matrix, the core values and mission statement of a business represent its guiding principles and long-term vision that remain constant, regardless of external influences or changes in the market.
Brand Identity and Reputation:
The brand identity and reputation of a business, including its logo, brand colors, and public perception, can be viewed as eigen vectors within the business ecosystem. These elements remain consistent and recognizable, providing stability and direction amidst changing market dynamics.
Leadership Vision and Strategy:
The leadership vision and strategic direction set by business leaders represent stable guiding principles that influence decision-making and shape the company's trajectory. Just like eigen vectors, these elements provide a consistent framework for navigating challenges and opportunities.
Customer Loyalty and Retention:
Customer loyalty and retention, built through positive experiences and consistent value delivery, can be considered eigen vectors within the customer relationship matrix. They represent stable, enduring connections that withstand fluctuations in the market and competition.
Eigen vectors in a business context can be understood as stable, unchanging elements that provide direction and consistency amidst change and transformation. Identifying and leveraging these elements can help businesses maintain focus, drive growth, and navigate challenges effectively.
Subodh
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