Latest Entries »


 

business-1137397_960_720

Among companies where big data, cloud, mobile, and social technologies are critical parts of the infrastructure, how technologies are, or will soon be? 

Forty-four percent of survey respondents say that mobile is now a critical part of their infrastructure. It’s especially important in some industries—51 percent of the respondents in the utilities and technology sectors indicated that mobile devices and access are critical. Nearly two-thirds (64 percent) of respondents say that “anywhere access” to corporate apps and data is the biggest benefit to using mobile, followed by increased productivity (53 percent). The two are undoubtedly linked, as mobile access to systems optimizes employee time.

A majority of survey respondents indicate that putting mobile functionality in the hands of employees is now a key requirement, and leading companies are also leveraging the growing ubiquity of smartphones to innovate and drive top-line revenue growth. Management of the Detroit Lions professional football team, for example, is always looking for ways to improve the fan experience. In addition to offering wireless Internet access at Ford Field to Verizon customers and launching a digital raffle for charity on game days, the Lions released a free smartphone application that features exclusive in-stadium game day content, including instant replay from several different camera angles for every play, and concession maps. Eventually, the Lions intend to add other features to the smartphone app, including in-seat concession ordering.

 

“Mobile is a gateway to our fan base,”

says Thomas Horrom, vice president of technology for the Detroit Lions.

 

“Without it, we’re not able to get creative or innovative in our engineered touch points.”

Delta Air Lines is another company that is using mobile technologies to innovate. The airline announced it had begun equipping its 19,000 flight attendants with mobile devices, which have increased incremental revenue from in-flight purchases.

Here are some steps you can take to ensure that your clients receive excellent service every step of the way.

  1.  Put your customer service policy in writing. These principles should come from you, but every employee should know what the rules are and be ready to live up to them. This doesn’t have to be elaborate. Something as simple as “the customer is always right” can lay the necessary groundwork, although you may want to get more detailed by saying, for instance,any employee is empowered to grant a 10 percent discount to any dissatisfied customer at any time.”
  2.  Establish support systems that give employees clear instructions for gaining and maintaining service superiority. These systems will help you outservice any competitor by giving more to customers and anticipating problems before they arise.
  3.  Develop a measurement of superb customer service. Don’t forget to reward employees who practice it consistently.
  4. Be certain that your passion for customer service runs rampant throughout your company. Employees should see how good service relates to your profits and to their futures with the company.
  5. Be genuinely committed to providing more customer service excellence than anyone else in your industry. This commitment must be so powerful that every one of your customers can sense it.
  6. Share information with people on the front lines.Meet with your employees regularly to talk about improving service. Solicit ideas from employees-they are the ones who are dealing with customers most often.
  7. Act on the knowledge that what customers value most are attention, dependability, promptness and competence. They love being treated as individuals and being referred to by name.

 

The efficient market hypothesis suggests that future share prices cannot be predicted by studying past prices and as we have seen, there is extensive evidence to support this view and the right information in collaborating with your partners. Despite the evidence, investment strategies based on the study of past share prices, or on the analysis of published information such as annual accounts, are common, and the view held by many financial analysts seems to be therefore that capital markets are inefficient.

Technical analysis involves the use of charts (Chartism) and other methods to predict future shares prices and share price trends, clearly implying that a relationship exists between past and future prices. For technical analysis to lead to abnormal returns on a regular basis, capital markets cannot even be weak form efficient.

Fundamental analysis are public information to calculate a fundamental value for a share and then offer investment advice by comparing the fundamental value with the current market price. It is not possible to make abnomal gains from fundamental analysis if capital markets are semi-strong form efficient, since all publicly available information will already be reflected in share prices.

Bolster the growing consensus among academics, consultants, and other industry experts that simply spending more on emerging technologies isn’t enough to boost business outcomes. Instead, companies that both identify which core business capabilities they need to differentiate and make a commitment to transform these core business capabilities with the right digital technology will greatly outperform competitors who don’t.

For example, a new study by George Westerman, Didier Bonnet, and Andrew McAfee found that firms with a strong vision and mature processes for digital transformation were more profitable on average, had higher revenues, and achieved a bigger market valuation than competitors without a strong vision.  As with any emerging technology, however, there are significant challenges associated with cloud, mobile, social, and big data initiatives.  The survey suggests that the primary risks preventing their wider adoption are data security issues, lack of interoperability with existing IT systems, and lack of control.

However, executives from leading organizations—several of whom were interviewed for this report— are overcoming those hurdles to achieve top-line and customer-facing business benefits. Strategic options involve the options for strategy in terms of both the directions in which strategy might move and the methods by which strategy might be pursued.

For example, an organisation might have to choose between alternative diversification moves, for example entering into new products and markets. As it diversification moves, it has different methods available to it for example, developing a new product itself or acquiring an organisation already active in the area.



Default

Latest News for Strategy Business Developments

Financial Goals

imgds

In the new case of the industries you  should be proactive in helping achieving and creating your goals.

When you’re a start-up with few employees and few customers, it’s easy to stay on top of what customers want and what they’re getting. But as you add more customers and employees, you add links to the customer service chain. That creates the potential for growth and the potential for poor service along the way. That’s why creating a customer service policy and adhering to it is so important. Here are some steps you can take to ensure that your clients receive excellent service every step of the way.

  1. Put your customer service policy in writing. These principles should come from you, but every employee should know what the rules are and be ready to live up to them. This doesn’t have to be elaborate. Something as simple as “the customer is always right” can lay the necessary groundwork, although you may want to get more detailed by saying, for instance, “any employee is empowered to grant a 10 percent discount to any dissatisfied customer at any time.”
  2. Establish support systems that give employees clear instructions for gaining and maintaining service superiority. These systems will help you outservice any competitor by giving more to customers and anticipating problems before they arise.
  3. Develop a measurement of superb customer service. Don’t forget to reward employees who practice it consistently.
  4. Be certain that your passion for customer service runs rampant throughout your company. Employees should see how good service relates to your profits and to their futures with the company.
  5. Be genuinely committed to providing more customer service excellence than anyone else in your industry. This commitment must be so powerful that every one of your customers can sense it.
  6. Share information with people on the front lines.Meet with your employees regularly to talk about improving service. Solicit ideas from employees-they are the ones who are dealing with customers most often.
  7. Act on the knowledge that what customers value most are attention, dependability, promptness and competence. They love being treated as individuals and being referred to by name.

 

It has been about trust and it has been about getting there faster than anybody else,as we are driving innovation and bring ideas from other industries through our success.

 

Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.” 

 Howard Stevenson 

 

This is one of the first definitions of entrepreneurism.It perfectly captures the nature of entrepreneurship and highlights some key qualities that successful entrepreneursshare. Entrepreneurs are confident in their abilities and they are able to recognize opportunities where many others don’t see them.




Default

The Latest Business News  On Strategy Practise

Business man with checkboxes

Create differentiation and leadership digital engagement, alignment, innovation persistency connectivity, mobile and cloud lead into market efficiency. This initiatives are driving manufacturers to move at the speed of thought. Leverage this transformation is important.

 

However, market efficiency – championed in the efficient market hypothesis (EMH)”

 

Formulated by Eugene Fama in 1970, suggests that at any given time, prices fully reflect all available information on a particular stock and/or market. Fama was awarded the Nobel Memorial Prize in Economic Sciences jointly with Robert Shiller and Lars Peter Hansen in 2013. According to the EMH, no investor has an advantage in predicting a return on a stock price because no one has access to information not already available to everyone else.

 

The Effect of Efficiency: Non-Predictability

The nature of information does not have to be limited to financial news and research alone; indeed, information about political, economic and social events, combined with how investors perceive such information, whether true or rumored, will be reflected in the stock price.

According to the EMH, as prices respond only to information available in the market, and because all market participants are privy to the same information, no one will have the ability to out-profit anyone else.

In efficient markets, prices become not predictable but random, so no investment pattern can be discerned. A planned approach to investment, therefore, cannot be successful.

 

“This random walk of prices”

 

Commonly spoken about in the EMH school of thought, results in the failure of any investment strategy that aims to beat the market consistently. In fact, the EMH suggests that given the transaction costs involved in portfolio management, it would be more profitable for an investor to put his or her money into an index fund.

 

Anomalies: The Challenge to Efficiency

In the real world of investment, however, there are obvious arguments against the EMH. There are investors who have beaten the market – Warren Buffett, whose investment strategy focuses on undervalued stocks, made billions and set an example for numerous followers.

There are portfolio managers who have better track records than others, and there are investment houses with more renowned research analysis than others. So how can performance be random when people are clearly profiting from and beating the market?

Counter arguments to the EMH state that consistent patterns are present. For example, the January effect is a pattern that shows higher returns tend to be earned in the first month of the year; and the weekend effect is the tendency for stock returns on Monday to be lower than those of the immediately preceding Friday.


Default

Latest News & Developments in Business Strategy Practice

Drive Digital


How Marketers Can Connect Profit and Purpose

It takes time for a big idea to make its way into business practice. Six years ago, Harvard’s Michael Porter and FSG’s Mark Kramer made the bold statement that shared value —the idea that the purpose of a company is to achieve both shareholder profit and social purpose — 

 

To  reinvent capitalism.

 

They encouraged companies to go beyond CSR (corporate social responsibility) and integrate social impact into companies’ competitive strategy. And, Nathaniel Foote and Russ Eisenstat proposed 

 

“ A better way to manage in the 21st century.

 

They found “higher-ambition” leaders achieved superior performance by doing well and doing good. For the last six years, they have worked with a group of top marketing executives and business leaders in Silicon Valley and the Bay Area from companies large and small. Each year they assess the issues that are most top-of-mind. From digital platforms to customer experience to crisis management, these priorities have been a bellwether for what would soon dominate boardroom discussions and headline business publications.

This year the issue of profit and propose came to the fore, echoing the earlier manifestos. To understand the connections and applications, interviews with over 20 CMOs and CEOs, finding a remarkably similar pattern across a highly diverse set of companies. To find widespread agreement that having great products and services and being a “good corporate citizen” are table stakes in a world of empowered citizens and consumers.

Melissa Waters, CMO of Lyft, says,

Any customer these days is asking for transparency on what a company stands for and why they operate. But you can’t exist just to make the world a better place.

Purpose today goes well beyond corporate social responsibility. According to Alicia Tillman, CMO of SAP,

Purpose can’t be viewed as a department or initiative. It must be woven into a company’s operational fabric. Purpose is a lodestar guiding and inspiring everyone to create economic and societal value together.”

In a sense, purpose is following the path that digital has taken in the enterprise.


Default

News & Economic Trends

 

Learning and Flow

 

images (3)


Because flow emerges in the zone in which an activity challenges people to the fullest to their capacities, as their skills increase it takes a heightened challenge to get into flow.

If a task is too simple, it is boring; if too challenging, the result is anxiety, rather than flow.

It can be argued that mastery in a craft or skill is spurred on by the experience of flow that the motivation to get better and better at something, be it playing the violin, dancing, or gene spicing, is at least in part to stay in flow while doing it.

“Flow is an internal state that signifies a kid is engaged in a task that’s right.”

Flow_colour_chart_large


The flow model suggests that achieving mastery of any skill or body of knowledge should ideally happen naturally.

Csikszentmihalyi found that it was those who in their student days had savored the sheer joy, became serious. Whether it be in controlling impulse and putting off gratification, regulating our mood so they facilitate rather than impede thinking, motivating ourselves to persist and try, try again in the face of setbacks, all bespeak the power of emotion to guide effective effort.


Default

Latest News for Strategy Business Developments

apple-background-connection-399161.jpg
A chance to catch up on much-needed reading to refresh and recharge your standards and leadership style scoured this lists of books that helped to look at life and work in a whole new way. While these books are not your typical newest releases, they have timeless value and are best read together to rejuvenate yourself and, by extension, your team.

The review by Rebecca Talbot, Content Marketing & Research Manager & Leadership Story Lab sais:

Feeling comfortable in our workplace can have its downsides. It’s easy to fall into patterns and make assumptions about the people we spend our days with.”

The Coaching Habit by Michael Bungay Stanier offers a way to get beyond our assumptions about our coworkers’ behavior and learn their stories instead. Stanier’s short book explores seven questions managers can use to get people talking, and to train themselves to avoid thinking they “already know” what’s motivating people. His first question is simply:

What’s on your mind?

When we are willing to start our conversations with an open-ended question, the answers might surprise us!And that’s Stanier’s whole point-that we need to approach each other with far more curiosity.

The “what’s on your mind” question resonated with me because it is a question my dad used to ask me often when I was a teenager. The respect and curiosity implied in the question worked well to encourage a teenager to talk.

Likewise, family, friends and colleagues generally need an invitation before they will share what’s been important to them lately. Now that Stanier has reminded of that, I’ll be using this question more frequently.

 


Default

Latest Financial Topics for Strategy & Business Developments

team-building-strategies-3.jpg

By the end of the century, a third of the workforce will be “knowledge workers”, or people whose productivity is marked by adding value to information, whether as market analyst, writers, or computer programmers.

Peter Druker, the eminent business maven who coined the term “knowledge worker“, points out that such workers’ expertise is highly specialized, and that their productivity depends on their efforts being coordinated as part of an organisational team: writers are not publishers; computer programmers are not software distributors. While people have always worked in tandem, Druker notes that with knowledge work,

” Teams become the work unit rather than the individual himself.”

Perhaps the most rudimental form of organisational team-work is the meeting, that inescapable part of an executive’s office in a boardroom, on a conference call, in someone’s office.

Meetings bodies in the same room are but the most obvious, and at the somewhat antiquated, example of the sense in which work is shared.

Electronic networks, email, teleconferences, work teams, informal networks and the like are emerging as new functional entities in organisations. To the degree that explicit hierarchy as mapped on an organisational chart is the skeleton of an organisation, these human touch points are its central nervous system.

images (2)

The total the talents and skills involved, whatever people come together to collaborate, whether it be in an executive planning meeting or as a team-working toward a shared product, there are in a very real sense on which they have been included in a group of IQ.

In maximizing the excellence of a group’s product, the degree to which the members were able to create a state of internal harmony, lets them take the advantage of the full talent of their members.


Default

Latest News Section Sources Including Companies and Bank Reviews

Exploring Corporate Strategy

1. Human resource management and global business strategy

Challenges position, choices and action that should be seen as closely related. In practise none has priority over another, this sequence is not meant to suggest that the process of strategic management must follow a neat and tidy path. Indeed, the evidence on how strategic management happens in practice suggest that it usually does not occur in tidy ways.
Elements of strategic management in linear sequence is characterised first by understanding the strategic position, than strategic choices and finally putting strategy in action. Indeed, many texts on the subject to just this. However, in practise, the elements of strategic management do not follow this linear sequence, they are interlinked and feed back on each other.

The inter-connected circles of the above exhibit are designed to emphasise this non-linear nature of strategy.

Corporate social responsibility is among the top challenges. Companies face when expanding into new markets, especially in developing regions.

Business practices that are acceptable locally are frequently at odds with the values of the company and the laws of its regulatory agencies. This creates a tug-of-war between social responsibility and the need to be successful in those markets, which can turn into significant risk.
Guiding corporate strategic decision-making challenge incorporating the human capital opportunities and risks from operating abroad into corporate strategic decision-making workforce opportunities that are marked both by steady improvements through the political machinations that open trade across borders and enable cross-border migrations, and by sudden and often unexpected changes such as the relaxation in relations between the United States and Cuba; conflicts in Syria, Iraq and Ukraine; and dramatic swings in oil prices.
The challenge for companies is to remain nimble to take advantage of the opportunities while avoiding the risks. HR’s challenge is to gather, assess and understand all the cultural, labor and market complexities of operating in each market so that the company can predict opportunities and risks, know when to enter or exit a market, and integrate successfully into new local markets.
The success of a company’s global growth hinges on HR integrating the workforce. HR-led teams need to assess the complexities of bringing together workforces with often dissimilar societal and corporate cultures. HR can, for example, identify potential roadblocks early and plan interventions before problems arise. The food facilities management company Sodexo identified a need for diversity and inclusion across its 355,000 employees from North American to China. It developed training programs that resulted in significant numbers of women, youths, people with disabilities and indigenous workers productively joining its workforce across the globe.

2.Making the business case for CSR

The challenge for HR is to gain a detailed understanding of local environments and their accepted business practices. It then needs to establish protocols that are customized for each region and communicate these protocols throughout the organization and across its supply chain.
When local labor laws or practices conflict with the organization’s CSR policies, HR needs to be the voice of the individual and ensure that the company maintains its integrity, even when this goes against the potential economic value.

HR faces the additional challenge of demonstrating to the company how good CSR policies strengthen the brand, increase customer loyalty and boost shareholder value.

3.Balancing corporate and societal cultures while promoting diversity

Some cultural attributes, such as a command-and-control management style, can be modified to fit local cultures, while others, such as integrity and human rights policies, cannot be compromised. HR needs to understand and deal with the complexities, deciding which corporate culture elements can change and which are essential to protecting the organization’s values and ethics. The company cannot change anti-bribery policies, but it may choose to change its dress-down-Fridays rule.

Management may also choose to impose cultural elements, such as giving back to the community consistently across the global organization. The challenge becomes even more complex when dealing with new workers, those engaged through means such as crowdsourcing, as well as remote and temporary workers.

HR also needs to develop programs to assist executives to adapt when they move from the head office to regions with different societal and cultural norms.



Default

The Latest News on Business & Development Strategy Practise

Systems of Record

imgs

Money all spent in systematization, as you all know more than I do, it is not easy with all that data that you have collected. 

Until recently mainly used to expedite manufacturing, robots are increasingly appearing outside factory floors, in hospitals, labs and offices. To meet the requirements of these varying situations, developers have designed new models, such as soft robots and software robots. This creates 

 

“a digital workforce”

 

which represents a whole new operational, highly scalable, reliable and auditable work capability for businesses.

The use of software robots in this context has been called robotic process automation, or RPA.  While many people have fantasized about a day when they can delegate chores to robots and let them take the reins when it comes to innovation, the rise of these new breeds has left some observers wondering about their value to the workforce.

Many have expressed concern that by taking on core processes in factories, labs, hospitals, offices, robots will make people irrelevant and unemployed. But instead what’s resulting with early adoption of these machines is that there’s room for both robots and people – and the combination is enabling an unparalleled level of efficiency, customer service and innovation. Take Telefonica, for instance.

Under the direction of its head of digital service and transformation Wayne Butterfield, the telecom provider turned to software robotics made by my company, Blue Prism, after fully exhausting other methods of reducing costs while increasing efficiency of the back-office transactions it completes for customers. While software robots were an obvious choice in terms of speeding up processes and slashing corporate spending, members of the IT department were skeptical. They doubted whether the software robots were capable of accurately completing complex procedures like transferring customers’ SIM card data from old phones to new devices. But as software robots repeatedly demonstrated their value automating thousands of monthly transactions, the IT department could no longer dispute the advantages of a digital workforce.

 

What’s important to understand is that people are still involved in the process.

 

Not only do managers train robots much like how they do for new employees – teaching them rules and the ins and outs of particular procedures – but processes can be triggered by a customer or an employee. Many of you are doing this for over 30 years but now it’s not about being focused in improving your process, but also being focused in connecting it with your customer and now mobilising that information to be out in the field. It’s a study made by McKinsey that said that digital transformation is very important to us but we are 13% ready. So how do you get ready?

 



 

Default

The Latest Business Strategy Practise & Contemporary DevelopmentsNews

 

 

Differentiation Strategy

book-chair-chat-711009

Executives of young companies are constantly questioning how to build a differentiated identity in a saturated industry. Even pioneers in uncharted territory will, before too long, need to find their voice.”
Intense competition means you’re onto something good. It also means your industry will shape you if you are not tenacious about defining yourself. There are three fundamental strategies that are instrumental in distinguishing a company from its peers:

1. Cultivate a work environment that enables you to hire exceptional people
The prospect of achieving true value-driven business hinges on your ability to recruit the best talent in the industry. “A” players want to work alongside “A” players, so there is nothing more important than building a strong nucleus of talent. Hiring hastily during an inflection point of your growth can be the kiss of death in creating a culture of excellence.
Nothing gets top-tier employees more excited than being challenged to take on outsized responsibility, yet most work environments still adhere to a stripes-earning, teeth-cutting, dues-paying mentality that stifles growth.
One of the ways you’ll be able to succeed in attracting exceptional talent is by showing that you strive to be a perfect meritocracy, unfettered by the requirements around age or experience.

2. Question everything but challenge selectively

Adhering solely to industry standards and best practices is a surefire way to camouflage a company in the market. Businesses strongly positioned for long-term success tend to believe adamantly that their industry’s best practices have yet to be discovered. There is an important distinction between questioning every industry assumption and assuming that every industry practice is flawed – it is a thin line between curiosity and arrogance. In the quest to innovate, leave no stone unturned. If the industry got it right, turn that stone back over.


3. Focus relentlessly on value
Proclaiming the need to focus on value may sound like a truism, but it is remarkably easy to forsake the path of substance. Businessman and author Ben Horowitz aptly said in order for a customer to switch to your product, it needs to be 10 times better than the product they are currently using. The only way to ensure this is by employing a laser focus on value and eliminating all distractions.
This demands not only discernment between value and distraction, but requires the discipline not to pursue the distraction. As a young company, you’ll face this challenge every day, and sometimes the choice is between less engaging tasks to create value or more interesting tasks destroying value. Making the choice to select substance over splash is critical in building a deep, unique product.


Default

Latest News for Strategy Business Developments

Outthink The Future

challenge-connected-connection-1080852

| Identifying and Engaging |

One of the main reasons for this failure rate is that entrepreneurs don’t identify their target demographic correctly. Without clarifying your core customers, selling is ultimately a function of individual, heroic efforts in the field, not a scalable platform for growth.

The following four steps can reverse this downward trend:

 

Assemble and analyze customer data

Every firm should know how customer attributes link to core selling metrics, including profitability, cost of customer acquisition and customer-lifetime value. While this information is often scattered across multiple functions in a company, it’s worth pulling together to establish a common language of customer value across functions.

 

Get the field involved

People in frontline positions hold the best understanding of customer behavior as it relates to the seller’s cost implications and should be involved in reviewing the data gathered. What can they tell us about profitable or unprofitable customer attributes? What else might be driving customer acquisition costs in a segment? What are the implications for the organizational change?

 

Determine who actually generates cash

Implications from deeper understanding of your customers typically involve changes in how you measure sales effectiveness, performance reviews, incentives, product mix, channels and sometimes “addition by subtraction,” or the process of improving performance by not selling to certain types of customers. The costs of serving customers, for example, can vary dramatically for the seller. Some customers require more calls, some buy few large production-efficient order quantities and others may buy more in overall volume but with many just-in-time orders, impacting delivery and other cost-to-serve elements.

Sales people can be dogged optimists in their call patterns, often assuming that “there must be a pony in there somewhere.” Yet by knowing who the customers that generate cash really are, you’re able to clarify the value proposition embedded in a strategy and align resources accordingly.

 

Communicate your criteria

The breadth of potential changes means that communication is critical. Leaders must devote time and effort to discussing the rationale and what they mean for the business. In practice, most companies do not take customer selection seriously until things go sour. However, communicating customer criteria now can contribute to faster decision making and greater profit later.

The marketplace has no responsibility to inform you whether or not your sales people are barking up the wrong tree.

It’s your responsibility as an entrepreneur to think through and clarify your customer selection criteria. Done correctly, it can provide a scalable sales model, focus resources and establish an ongoing process for adapting your criteria in the face of inevitable market changes.


Default

NEWS & OVERVIEW DISCUSSIONS IN DIFFERENT MARKET INDUSTRIES

Excellence Overview

box-business-celebrate-296878

A case management on collaboration is fixing the problem right at the first time.  So, whats next?

Believe it or not, a full quarter of employees don’t trust their employer, according to a American Association survey of 1,562 U.S. workers. What’s more, the survey also found that only about half believe their employer is open and upfront with them.

This lack of trust is likely due to a lack of transparency in the workplace. Transparent leadership is the key to fostering a culture of trust between leaders and their employees. Employees who are kept in the loop and understand their role in the overarching purpose and goals of the company are, understandably, more likely to put their trust in their employer.

By now, most of us have heard a thing or two about how to achieve and sustain transparency in the workplace. Here are four reasons why that transparency and culture of trust is necessary:

 

Better relationships

Employees don’t just quit their jobs, they quit their bosses. In fact, CareerBuilder survey revealed that 37 percent of the 3,008 employees surveyed were likely to leave their jobs due to a poor opinion about their boss’s performance.

When it comes to building solid workplace relationships, trust takes center stage. Take Unbounce, for example. It took transparency to another level with its “Inside Unbounce” blog, a staff-authored, un-curated window in the organization. Not only does this demonstrate transparency to potential job seekers, customers, etc., it also keeps employees involved and up to date on company happenings, successes and feedback.

 

Better alignment

Employee alignment, for transparency’s sake, means taking a look at the big picture and seeking to understand everyone’s role within it. This is easily done when employers practice transparency in the workplace. Transparent leadership results in employees who understand the company vision and how their efforts help achieve company-wide goals.

Transparency is at the top of HubSpot’s Culture Code. Its internal wiki includes financials (cash balances, burn-rate, profits and losses, etc.), board meeting decks, management meeting decks, “strategic” topics, HubSpot Lore & Mythology — basically anything and everything employees need to stay informed and aligned with the company vision.

 

Better solutions

When leaders are transparent, problems are solved faster. By being open and honest about company problems, employees can help find solutions. And two heads (or however many heads make up the company) are better than one.

Social sharing app Buffer makes company performance public with progress reports on customer support, blog performance, business performance and more. Not only does doing so increase accountability, it also highlights issues and encourages employees to find solutions.

 

Better engagement

A culture that values transparency in the workplace breeds engaged employees. In fact, Harvard Business Review’s employee engagement survey revealed that 70 percent of those surveyed say they’re most engaged when senior leadership continually updates and communicates company strategy.

When it comes to engaging employees, it’s best to be open about company matters. LinkedIn CEO Jeff Weiner fosters an organization built on transparency. He even takes the time to hold bi-weekly meetings, during which he updates employees on company matters and listens to their suggestions.

What do you think? What are some results you’ve experienced from workplace transparency? Please share in the comments section below.


Default

Social Trends |Visit News Section On Aspects Of Life And Work|

 


 

New Happenings

adult-banking-blonde-1059119.jpg

  • Its all about the survival of the those who can adapt. Its a mass of changes.

When you’re a start-up with few employees and few customers, it’s easy to stay on top of what customers want and what they’re getting. But as you add more customers and employees, you add links to the customer service chain.”

That creates the potential for growth and the potential for poor service along the way. That’s why creating a customer service policy and adhering to it is so important. Here are some steps you can take to ensure that your clients receive excellent service every step of the way.

  1. Put your customer service policy in writing.These principles should come from you, but every employee should know what the rules are and be ready to live up to them. This doesn’t have to be elaborate. Something as simple as “the customer is always right” can lay the necessary groundwork, although you may want to get more detailed by saying, for instance, “any employee is empowered to grant a 10 percent discount to any dissatisfied customer at any time.”
  2. Establish support systems that give employees clear instructions for gaining and maintaining service superiority.These systems will help you outservice any competitor by giving more to customers and anticipating problems before they arise.
  3. Develop a measurement of superb customer service.Don’t forget to reward employees who practice it consistently.
  4. Be certain that your passion for customer service runs rampant throughout your company.Employees should see how good service relates to your profits and to their futures with the company.
  5. Be genuinely committed to providing more customer service excellence than anyone else in your industry.This commitment must be so powerful that every one of your customers can sense it.
  6. Share information with people on the front lines.Meet with your employees regularly to talk about improving service. Solicit ideas from employees-they are the ones who are dealing with customers most often.
  7. Act on the knowledge that what customers value most are attention, dependability, promptness and competence.They love being treated as individuals and being referred to by name.

 

Phrases That’ll Make Your Customers Happy

Principles of customer service are all very well, but you need to put those principles into action with everything you do and say.

 

There are certain “magic words” customers want to hear from you and your staff. Make sure all your employees understand the importance of these key phrases:

 

  • How can I help?”Customers want the opportunity to explain in detail what they want and need. Too often, business owners feel the desire or the obligation to guess what customers need rather than carefully listening first. By asking how you can help, you begin the dialogue on a positive note (you are “helping,” not “selling”). And by using an open-ended question, you invite discussion.
  • “I can solve that problem.”Most customers, especially business-to-business customers, are looking to buy solutions. They appreciate direct answers in a language they can understand.
  • I don’t know, but I’ll find out.”When confronted with a truly difficult question that requires research on your part, admit that you don’t know the answer. Few things ruin your credibility faster than trying to answer a question when you are unsure of all the facts. Savvy buyers may test you with a question they know you can’t answer and then just sit quietly while you struggle to fake an intelligent reply. An honest answer enhances your integrity.
  • “I will take responsibility.”Tell your customer you realize it’s your responsibility to ensure a satisfactory outcome to the transaction. Assure the customer you know what he or she expects and will deliver the product or service at the agreed-upon price. There will be no unexpected changes or expenses required to solve the problem.
  • “I will keep you updated.”Even if your business is a cash-and-carry operation, it probably requires scheduling and coordinating numerous events. Assure your customers they will be advised of the status of these events. The longer your lead time, the more important this is. The vendors customers trust the most are those that keep them apprised of the situation, whether the news is good or bad.
  • I will deliver on time.”A due date that has been agreed upon is a promise that must be kept. “Close” doesn’t count.
  • Monday means Monday.”The first week in July means the first week in July, even though it contains a national holiday. Your clients are waiting to hear you say “I deliver on time.” The supplier who consistently does so is a rarity and will be remembered.
  • It’ll be just what you ordered.”It will not be “similar to,” and it will not be “better than” what was ordered. It will be exactly what was ordered. Even if you believe a substitute would be in the client’s best interests, that’s a topic for discussion, not something you decide on your own. Your customer may not know (or be at liberty to explain) all the ramifications of the purchase.
  • The job will be complete.”Assure the customer there will be no waiting for a final piece or a last document. Never say you are finished “except for….”
  • “I appreciate your business.“This means more than a simple “Thanks for the order.” Genuine appreciation involves follow-up calls, offering to answer questions, making sure everything is performing satisfactorily, and ascertaining that the original problem has been solved.

adult-architecture-blur-705792

Neglecting any of these steps conveys the impression that you were interested in the person only until the sale was made. This leaves the buyer feeling deceived and used, and creates ill will and negative advertising for your company. Sincerely proving you care about your customers leads to recommendations and repeat sales.

 

Never Let Your Customers Forget You


One important tool for generating repeat business is following up. Effective follow-up begins immediately after the sale when you call the customer to say “thank you” and find out if he or she is pleased with your product or service. Beyond this, there are several effective ways to follow up that ensure your business is always in the customer’s mind.

  • Let customers know what you are doing for them. This can be in the form of a newsletter mailed to existing customers, or it can be more informal, such as a phone call. Whatever method you use, the key is to dramatically point out to customers the excellent service you are giving them. If you never mention all the things you are doing for them, customers may not notice. You aren’t being cocky when you talk to customers about all the work you have done to please them. Just make a phone call and let them know they don’t have to worry because you handled the paperwork, called the attorney or double-checked on the shipment-one less thing they have to do.
  • Write old customers personal, handwritten notes frequently.“I was just sitting at my desk and your name popped into my head. Are you still having a great time flying all over the country? Let me know if you need another set of luggage. I can stop by with our latest models any time.” Or if you run into an old customer at an event, follow up with a note: “It was great seeing you at the CDC Christmas party. I’ll call you early in the New Year to schedule a lunch.”
  • Keep it personal.Voice mail and e-mail make it easy to communicate, but the personal touch is often lost. If you’re having trouble getting through to someone whose problem requires that personal touch, leave a voice-mail message that you want to talk to the person directly or will stop by his or her office at a designated time.
  • Remember special occasions.Send regular customers birthday cards, anniversary cards, holiday cards…you name it. Gifts are excellent follow-up tools, too. You don’t have to spend a fortune to show you care; use your creativity to come up with interesting gift ideas that tie into your business, the customer’s business or his or her recent purchase.
  • Pass on information.If you read an article, see a new book, or hear about an organization a customer might be interested in, drop a note or make a quick call to let them know.
  • Consider follow-up calls as business development calls.When you talk to or visit old clients or customers, you’ll often find they have referrals to give you, which can lead to new business.

With all your existing customers can do for you, there’s simply no reason not to stay in regular contact with them. Use your imagination, and you’ll think of plenty of other ideas that can help you develop a lasting relationship.

 

Dealing With Unsatisfied Customers

Studies show that the vast majority of unsatisfied customers will never come right out and tell you they’re unsatisfied. They simply leave quietly, later telling everyone they know not to do business with you. So when a customer complains, don’t think of it as a nuisance-think of it as a golden opportunity to change that customer’s mind and retain his or her business.

Even the best product or service receives complaints now and then. Here’s how to handle them for positive results:

 

  • Let customers vent their feelings. Encourage them to get their frustrations out in the open.
  • Never argue with a customer.
  • Never tell a customer “You do not have a problem.” Those are fighting words.
  • Share your point of view as politely as you can.
  • Take responsibility for the problem. Don’t make excuses. If an employee was sick or a supplier let you down, that’s not the customer’s concern.
  • Immediately take action to remedy the situation. Promising a solution and then delaying it only makes matters worse.
  • Empower your front-line employees to be flexible in resolving complaints. Give employees some leeway in deciding when to bend the rules. If you don’t feel comfortable doing this, make sure they have you or another manager handle the situation.

Default

Latest News Section Sources Including Companies and Bank Reviews

 

Uniquely world

imgsd

What we are gonna be seeing is more and more organisations that use technology like sales force, cloud base technologies like social mobile, data science, to bring together their employee, their patients and other partners outside the organisation.

A lot of the software that powers companies is decades old, expensive and not intuitive to operate. If you use Salesforce or SAP, you know how convoluted those systems are.”

From long-time employees who still remember green-screen terminals to 20-somethings who think all of this sounds archaic, a 2-year-old company named Sapho is working to make basic tasks easier for everyone. Sapho aims to bypass all of the gobbledygook and behave more like your favorite social networking apps.

After nearly two decades of founding and selling companies, Peter Yared and Fouad EINaggar met in late 2011 when they began executive roles at CBS Interactive. Yared, brought on as CIO/CTO, had a technical background designing internet infrastructure. EINaggar, on the business operations side, had spent seven years as a venture capitalist in Silicon Valley.

In 2014, they founded Sapho, and today, they are announcing the Sapho Micro App Platform. It allows companies to build applications that serve specific functions, such as prompting a business owner to sign a contract or approve a product discount. Sapho taps into behemoth software systems such as Salesforce, SAP, Omniture, Oracle and Workday and acts as a liaison between the information they contain and the employee who needs that information.

Users don’t have to log in to a hard-to-decipher interface and navigate to the data they need. Sapho anticipates users’ needs and pushes notifications to them when they need to fulfill a particular duty, such as approving an employee’s vacation time, according to the company.

Sapho allows clients to pay based on the number of monthly active users of its software ($2 to $10, depending on company size). Clients include Turner, Google and the founders’ former employer, CBS Interactive, among others, and the company just completed a $9.5 million series A funding round.

Yared and EINaggar have faced skepticism from those who have mastered legacy software or are reluctant to add a third party into the mix. But the reality is, most people in a given company have little concept of what enterprise software is for or how to harness it to their advantage.

In an interview with Entrepreneur, the founders explained how they came up with the idea for Sapho and how they approach legacy tech users – by respecting rather than dismissing those who are set in their ways.

What is your approach to modernizing business software?

Fouad EINaggar, Sapho co-founder and CEO: Workflows on enterprise software haven’t changed in 30 years. Salesforce today looks just Siebel did in 1999, Workday today looks just like PeopleSoft in 1998. You’ve got to think about what you want, you’ve got to remember where it is, you’ve got to log in somewhere and then you’ve got to navigate a piece of software that looks like a tax form.

Things like Google Now, Siri and Facebook, they’re telling us that there’s a new way. Systems are figuring out what’s relevant to you in advance and pushing it to you before you even know that you need it.

Sapho offers a simplified mobile interface that prompts employees to complete essential tasks without logging in to and navigating large enterprise software systems.

 

What is a micro app?

EINaggar: A micro app is a small piece of a bigger app. There are 8 million features in an HR system, but one thing that everyone has to do is approve vacation time. I don’t need to log into a system that has 8 million features to go and do this one thing.

There’s a photocopier in your office right now. It’s got a million buttons on the left. Someone in your office knows how to use that thing like a Ferrari. They can print out 30 double-sided color-copies that are pre-stapled. I do not know how to use any of those buttons. I walk up to a copier and I just want to push a green button, make my copy and move on. And that’s what we do. These micro apps are the green button on the copier.

We’re not necessarily replacing things. We’re making things that people have already spent money on more useful.

 

How did your background experience, founding various companies and working at CBS Interactive, pave the way for Sapho?

Peter Yared, Sapho co-founder and CTO:CBS had bought a series of companies, and the technology was a little long in the tooth. Fouad joined just after me to run the business operations there, and we met each other very early. Our offices were next to each other. We brought in modern software, and we really enjoyed working together and partnered well together, and we were like, we should go solve this problem.

EINaggar: We’re both really strong personalities. Peter is a technical genius who hasn’t really had a great business partner on the other side. And I’m, what would you say, Peter, an above-mediocre business person? (Laughs.) I’ve never really had a great technical partner.

At CBS, Peter and I sat down and were like, “Why aren’t people using this software that we’re spending money on?” We spend $300 billion a year on enterprise software and IT infrastructure, and people aren’t using it. We’re not getting increases in productivity. We’re not extracting values from these investments.

That’s what got us really excited. Changing the way people work going forward, making work different, making work better. That is a really exciting way to wake up every morning, at 4:30 or 5 a.m. and be excited about the day, be ready to tapdance to work. You’re solving something real. We’re not another laundry on-demand delivery service.

In Silicon Valley, I think people forget to respect the investments that people have made. It’s so much easier to call somebody a dinosaur than to actually think about why they’re doing things the way they are. And we were the dinosaurs when we were at CBS. When you are the dinosaur, you start realizing there’s a reason that people have to make decisions the way that they do. And our view has been, let’s respect that, let’s be pragmatic, let’s fit into the infrastructure that people have. Because people aren’t going to just rip out a billion dollars of infrastructure investment because they’re called a dinosaur. That’s just not how the world works.

Sapho’s drag-and-drop micro app builder allows companies to customize how and when employees receive data information from databases, internal web servers and other systems of record.

 

Adding a new third-party mediator into the mix requires trust. How do you mitigate those concerns?

EINaggar: I was a VC in Silicon Valley for seven years. Peter’s been in Silicon Valley for three decades. Everyone there is living in the future. We had lots of friends come to CBS being like, “Can you guys deploy my awesome solution?” and then be like, “We’re gonna punch a hole in your firewall,” or “Don’t worry, we’re gonna download all of your ERP data into our public cloud.” And what we learned really quickly was that, at these big companies, that model just does not work when you’re touching mission-critical data. Security is becoming more and more of a concern.

Yared: That’s why we didn’t build this as a cloud system. Their HR and financial data is on their own database that they control. It’s harder to deploy and sell and build software that way, but it also makes the customers much, much more comfortable.

And then, some companies just don’t like to buy from startups, and others do. We have a good pedigree and a good background, and if people are like, “Hey, you’re a little too young for us,” we don’t take offense to it, we’re just like, “Well, let’s keep this conversation going.”

Adopting Sapho will require people who are set in their ways to make a change.

 

How do you address those challenges, and others, in trying to get organizations to implement Sapho and see that it will be helpful to them?

EINaggar: It’s something that we learned the hard way at CBS, where we were modernizing a lot of the infrastructure in the organization.

You know, you have people who are as legacy as the legacy systems. We’ve got one customer that, the CEO of the company is a wizard on that green-screen terminal. I mean, the guy knows how to do everything he wants on it. In fact, he got them to build an emulator on his iPad of the green-screen terminal so he knows how it works!

And so, when we thought about Sapho, we said, OK, how are we going to get around that? Millennials don’t like using Salesforce, because it’s a piece of crap. They don’t like going onto a green-screen terminal. They can’t even comprehend that things like this still exist, but we find them at Fortune 100 companies all the time.

We remember an era when you had to load software onto your machine with a cassette, or with a floppy disc. You have a new generation of employees whose whole concept of loading software is an app store. Where they just go and they download Instagram, it takes one second, and they take a picture and type a sentence and it magically goes out to their social networks. They didn’t need a training session for half a day. They didn’t need a manual that’s 800 pages. It just works.

People at these organizations start using the micro app, and they go, “oh, God, this is so easy.” And that’s how we start expanding in an organization.

That power user, they’re still going to go in, and they’re still going to use their Salesforce. They’re still going to go into their SAP. And more power to them. We don’t reinvent the wheel. It’s about 15 minutes to success. We want to make it very easy for people to drop this in, connect it to their system and start building these micro apps. And that only happens if you respect the infrastructure that people have spent trillions of dollars on.

This interview has been edited.


                                     Default
The Latest News Developments in Strategy Practise
Default

News Section Including Companies and Bank Reviews

Connected Revolution

Img

In challenge, success is based on others success.

The adage that two brains are better than one may explain why a lot of entrepreneurs and small business owners, including me, create partnerships. However, it’s not just those brains that should work well together. Partners’ personalities need to get along too.

As a serial entrepreneur who’s launched many companies, I’ve made a number of partnerships. Along the way, I’ve learned some lessons when creating those partnerships.

Among the most helpful tips that I’ve discovered is making sure that you get along with your business partner. It’s important to find someone who complements your skills, but don’t underestimate the importance liking one another.

Communication is another big part of a business relationship

There’s a great article from earlier this year about a long-lasting business partnership and communication is a theme that runs throughout.

I’ve learned many things about creating and maintaining partnerships during the past two decades. Although there are dozens of tips, here are five key lessons:

  • Partnership agreements: As I’ve mentioned in a previous post, I’ve been burned by not having the right agreements in place. It’s important for business partners to have clear partnership agreements drafted by attorneys.
  • Clear expectations: I’ve also learned the hard way that people, including business partners, can’t read my mind. I believe business partners should consistently set their expectations with each other.
  • Think about your clients: When evaluating a potential business partnership, I look at my weaknesses and what I need help with. I also think about my clients and what type of partnership would benefit them.
  • Mutually beneficial: It might sound obvious, but still should be noted. Partnerships should be mutually beneficial. In my experience, both sides need to gain something from the relationship for it to be worthwhile.
  • It’s ok to walk away: Like any relationship, a business partnership holds a great deal of promise. However, sometimes it doesn’t work out. That’s alright. Don’t stay in a business partnership if you believe it’s no longer viable. I’ve learned that it’s better to end the partnership and regroup than to force something that’s not working.

“For a better understanding to how to get started in achieving good partnerships, is taking in consideration the history in the early 1700s when workers gave way to machine operations and then the 1800s Henry Ford in mass production changed manufacturing forever, then came robotics, computers, lean manufacturing and the lean sigma. “

Each revolution is made to get products out the door and now we got a connected revolution.


 Default
The Latest News On Contemporary Developments in Business Strategy Practise
THE DREAM MAKER

Poem and motivational stories

LIVE LIFE TO IT'S FULLEST

Welcome to Joy's Blog.

Learn, Live, Lead

A Vestalia Culture Blog

Leading by Reading

Business Book Reviews by Jay (MBA, CFA candidate)

Bali Street Photographer

Ubud Street Photography Tours

a r t i c k l e

scratching my right brain itch

PhotoblographyToo

Photography, Travel and Retirement

Journal of Seeing by John Dyess

John's personal journey through life, art and history

inesepogalifeschool

Be magician and create your own wellbeing and happiness

Expat Journal: Postcards from the Edge

International photographer wandering the globe . . .

A Soul Window - Top Travel Blog from India!

They fired me for traveling too much, I booked Everest Base Camp Trek the next thing!

Planet Bell

A Travel and Photo Blog by World Traveler Jeff Bell

With A Laser Beam

Guaranteed to blow your mind

Jessica's Nature Blog

https://natureinfocus.blog