Competition: Rivalry for supremacy; a contest for a prize, honor, or advantage.
As you can see from its definition, competition has somewhat of a negative connotation, because in order for someone or something to be regarded as the best, the opposition inadvertently loses some of its value.
The Academy Awards
Every year, the entertainment industry has their biggest gala to announce categories such as Best Actor, Best Actress, and Best Picture. We are shown clips from various movies showcasing nominated stars throughout the ceremony.
While this would be considered the ultimate competition in the entertainment, on closer examination one can’t really say this is even close to a true competition. In order for it to be a fair demonstration of the best, all the nominees would have to do the same movie, the same exact role, and only then could we even come close to being a true competition.
Our minds play a nasty trick on us. It compares our weakness to our opposition’s strength. Perhaps it is because our mind is trying to tell us that’s not the true spirit of healthy competition.
Let’s take the example of the actors performing the exact same role. They would all bring something different to the part, and there is a possibility that if we got to see actor A and compare him to actor B, we might like the flavor that actor B brought to the table while still liking actor A.
It is the uniqueness in character that spills over into your business that makes competition non-existent. Methodologies such as Six Sigma helps companies stand apart from competition and win the trust of its customers, inevitably earning business and profits.
Why Six Sigma is Valuable
Businesses that use Six Sigma methodology are already aware of how important value is to their business. All processes are used exclusively to bring added value to the business; if they don’t bring value, they are removed.
The core goal of Six Sigma is to run the business efficiently and effectively. Using tools such as the Voice of Customer (VOC), your clientele will keep coming back, since you are making sure they are getting what is important to them.