The Importance of Industry-Specific Knowledge

Cambashi Industry Insights

“Knowledge is power” is one of the most often-quoted sayings in anything to do with learning and the acquisition of knowledge. But is it enough?

Any consultant, salesperson or advisory professional will know the power of being able to converse convincingly with clients in a given industry. After all, every industry has its own ‘language’ or jargon, and there’s nothing worse than being an ‘outsider’ and not understanding the fundamentals of an industry’s specific language. The professional needs to understand that industry-specific language in order to be convincing and, thus, thrive in it.

The value, therefore, of industry knowledge is not only manifold but critical. That is because it affords the professional the following:

  • An in-depth understanding of an industry’s fundamentals;
  • An ability to ‘read’ an industry and, hence, a client and their needs;
  • Being able to look and act professional with industry clients/insiders;
  • Confidence in what they do and what they can achieve in an industry; and
  • Greater savviness about future trends and potential in an industry.

There are many ways in which industry-specific knowledge can be actively acquired by a professional wanting to make inroads in an industry, as both short-term and longer-term parts of their knowledge strategy, and can include:

  • Being mentored by an industry expert;
  • Networking with professionals in the given industry, especially industry ‘insiders’ with a wealth of experience in it;
  • Having access to structured e-learning tools and a curriculum that has been developed by qualified industry experts;
  • Attending conferences, seminars, workshops and other forums in which knowledge-gathering can be done; and
  • Reading trade/industry publications.

One can use criteria to evaluate secondary data sources by asking questions of said data, such as ‘Where did you get the information from?’ and ‘Does the data source appear to be reputable and reliable?’ to ‘When, how and from where was the information collected?’ Furthermore, one should ask, ‘Can the information be cross-referenced with other, presumably reputable sources?’ Source evaluation is a fine art, including factors such as the verifiable authority of who wrote the data and the currency of the information provided.

An ideal solution is trusting in an online reference service that focuses on providing timely, fast-evolving data (read: intelligence) regarding a specific industry based on its thorough global market research and sophisticated industry analysis. There is comfort and security in having access to such a resource online, which also acts as an online learning resource.

Cambashi Insights provide market intelligence and analysis in sectors including: Aerospace, Automotive, Chemicals, High Tech, Industrial Machinery, Oil and Gas and Utilities. Each sector Insight incorporates intelligence and analysis on industry structure, trends and challenges, strategies and processes, products and services, technologies and compliance.

For more information on Cambashi Insights visit https://cambashi.com/our-services/industry-training/

Leave a Reply

Shopping Cart
Scroll to Top