How to Stay Ahead in Your Industry: Practical Tips for Leaders

Whether you're a seasoned professional or just starting out, keeping up with the latest trends in your industry can be a game-changer. Here's what I've found to be particularly useful:

Finding Time in a Busy Schedule

I’ve realized that trying to carve out large blocks of time for reading or research is unrealistic for me most of the time. Instead, I incorporate these activities into my existing schedule. Whether it’s listening to an audio article while commuting or quickly reading a summarized report, fitting these activities into my day has proven to be the most successful strategy for staying informed.

To make this easier, I rely heavily on podcasts and audio articles. For example, I love Harvard Business Review. It's a fantastic resource for insights on leadership and trends - all articles contain a summary at the top. In addition, many articles are also available in audio form.

I'm always on the move, so having a podcast on during my commute or listening to an audio article during a walk is how I'm able to stay on top of trends successfully.

I've known colleagues who wake up and while their coffee is brewing, they use that five minutes to read 1 article in a professional publication. For me - podcasts and audio articles work with my life. The trick is finding a way that works best for you to integrate learning about emerging trends into your life.

Making Use of Technology

Another game-changer for me has been the accessibility features on my phone. I use the speak screen feature on my iPhone constantly to have articles read aloud to me while I’m doing tasks like laundry or going for a walk. This feature has improved significantly over the years and now offers a relatively pleasant listening experience - as opposed to an overly robotic voice. It's not perfect, but it’s efficient.

Leveraging Artificial Intelligence

AI is another tool I utilize to stay informed. I often use AI  to summarize key points from long articles or reports, which helps me decide if it's worth diving deeper into the content. This way, I can get the gist of an article without investing too much time upfront.

Podcasts and YouTube interviews with industry leaders are also part of my toolkit. Many of these platforms offer transcripts, which I will use AI to summarize, saving me time while still getting the key points.

 Tools I use frequently for this are ChatGPT, Microsoft Copilot, and Adobe's native feature.

Networking Across Industries

As a professional, I’ve always believed in the power of networking and learning from peers. However, there’s a phenomenon that occurs when you’re constantly interacting with people from the same industry or vertical: groupthink. Everyone starts thinking along similar lines, and ideas can become sterile. That’s why I’ve always been intrigued by the idea of seeking inspiration from other industries. Even though we may operate in different verticals, we often share common goals and challenges. 

When you collaborate with professionals from different fields, you gain fresh perspectives. They approach problems from angles you might not have considered, sparking new ideas.

I once collaborated with someone from finance and operations while leading a visitor center effort. Despite our different industries (hospitality and finance), I learned about the power of documentation and formal standard operating procedures. In a tightly regulated industry, these processes can significantly increase efficiency and effectiveness.

Following Thought Leaders on Social Media

I also follow leaders from various industries on social media, particularly LinkedIn. This way, I get a curated feed of what’s on their minds and what trends they’re watching. It’s like having an insight pipeline directly from the experts.

Utilizing Investor Calls and Reports

Listening to investor calls or reading reports from publicly traded companies can provide great insights into emerging trends and strategies. Companies like Disney and Target, for instance, invest heavily in research and analytics, and their investor materials often contain valuable nuggets of information that are not yet in the mainstream media.

Any publicly traded company will have an investor relations page with publicly available investor  reports, presentations with key leaders each quarter and more. You can find these pages by searching the name of the company followed by "investor relations."

Joining Professional Groups Online

Being part of professional groups, whether on LinkedIn or Facebook, has been another valuable resource. These groups are often filled with passionate professionals sharing relevant and interesting insights. It's a great way to stay updated and inspired.

Encouraging Team Discussions

Lastly, a practice I've found beneficial in the past has been to dedicate just 10 minutes to discussing a relevant article or pre-read. Rotate who is in charge of selecting and disseminating the pre-read to the group. Ask someone on your team to bring an article or something that genuinely interests them and has sparked their curiosity. Then, have them walk the group through a discussion on the topic. This small addition to our meetings has proven to be a great way to connect and engage with each other while learning something new in the process.

It only takes a few minutes but can lead to valuable discussions and new ideas.

By integrating these strategies into your routine, you can stay ahead of the curve and lead more effectively. Remember, the goal is not to overwhelm yourself but to find manageable ways to keep up with industry trends and innovations.

Thanks for reading, and I hope these tips help you stay on top of your game!