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The Importance of Business Analytics for a Productive Business

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Business analytics can make a huge difference in the productivity of a business. Fortunately, modern businesses have more information than ever thought possible before the Internet, which they can analyze and harness in order to achieve the productive systems, processes and results they desire. Unfortunately, many businesses and organizations are still not devoting nearly as much time and resources to strategic analytical measures as they could (or should). With so much information available in the digital age, there is really no good excuse for ignoring the possibilities for better understanding business performance, and acting accordingly, based on hard evidence and statistics. Keep reading to see why this is important to you and your business.

banking-graphWhat We Mean by Analytics
The types of analytics we’re talking about are those that are aimed at gaining insights into a business’ performance levels in order to assist them in making better and more strategic decisions. These analytics involve a wide range of applications, best practices, skills, resources, tools and technologies. Thanks to the massive amounts of data that businesses are able to capture on a daily basis with Internet technology, cloud computing and other modern tools, businesses and organizations have more resources to form statistics, look at trends, see where they can cut costs and examine where they need to devote more resources. This means it is more important than ever to put effective analytics programs in place at your organization, if you haven’t already. Your ability to remain competitive in the future might depend on it.

Modern Analytical Tools for Businesses
Big data is a big deal for modern businesses, and for good reason. Businesses ranging from retailers and manufacturers to healthcare providers and payers are in possession of massive assemblies of data that are so large they must be collected, stored, categorized, accessed, analyzed and transferred using more robust processing technology than was imaginable even a decade ago. This data can be immensely useful for a company that does large volumes of business, but only if they have the right tools to analyze it, make more strategic decisions and develop more effective and productive processes as a result. This is why a business analytics consultant can be one of the most valuable tools for a productive business. They have the knowledge, experience and resources to sort through the big data, guide your company through the analytical process, spot the trends and develop more effective programs to achieve your organizational goals as a result.

The Kinds of Tools a Consultant Can Offer
Investing in business analytics consulting can help an organization gather and leverage the right information in such a way that they are able to make their enterprise more productive and ultimately more profitable. While working with a consulting firm, you can expect to learn new methodologies for parsing information from within the company and from the outside business market, resulting in enhanced value for the organization. A consultant can offer the following kinds of tools to achieve these goals:

  • Business Analytics
  • Customer Analytics
  • Marketing Analytics

Customer interactions provide one of the most valuable opportunities for business analytics, because any company that deals directly with the consumer should be striving to create more positive experiences with every interaction. The best way to be sure a service-oriented business is succeeding in its objectives of inspiring customer loyalty and earning higher profits is to analyze the relevant, segmented data with appropriate metrics and use the resulting information to develop more customer centric programs. Analytics for an untapped consumer market, an industry full of competitors and the processes and initiatives within a company can also be beneficial beyond belief. When you begin working with a qualified consulting team, they will be able to determine the best course of action to analyze your most precious data and make your business more productive.

About the Author

Rick Ruiz is the Director, Practice Leader Information Integration & Analytics for Paragon Solutions. Paragon Solutions is an advisory consulting and systems integration firm that specializes in business analytics consulting services across various industries. For more information on business analytics consulting, contact[email protected]

 

 

 

 

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The new virtual leaders – adapting your leadership style for a changed workforce

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The new virtual leaders – adapting your leadership style for a changed workforce 1

By Debbie Clifford, Head of People and Talent at Olive

During this pandemic, organisations across all sectors have witnessed a dramatic change in workplace structure, and as such have had to undergo huge changes themselves to adapt and pivot to the needs of their organisations and new, remote workforces.

With many finance organisations continuing in the main to operate remotely or operating a hybrid office model, senior leaders in finance have been required to adapt their leadership approach, shifting from the traditional ‘boardroom culture’ to a more approachable and inclusive management style.

 The key characteristics of the new virtual leader 

Prior to the pandemic, leadership, in general, was starting to move towards a more open and trusting relationship between leaders and teams. Yet there hadn’t quite been the evolution towards a more emotionally intelligent and involved leader.

While challenges or issues relating to staff were easier to pick up on in the office; previously, managers could take cues from certain behaviours and attitudes witnessed during the working day. Now, that’s almost impossible, and leaders are having to invest more of their time in people management, which presents both a challenge and an opportunity.

The shift in emphasis on the management of people will continue to grow in the remote workplace. Yet leaders have to accommodate this while still having to meet their own ongoing commercial and operational targets. It’s tough, but ultimately the more you invest your time in your people the more likely you and your team will succeed.   Managing true performance, giving feedback regularly, interacting, and ensuring regular check-ins will stand you in good stead to achieve your goals with the support of an engaged team.

Build Trust. Communicate.

With everyone working from different locations, it’s hugely important to instil trust in your people and become more output focused. There are various performance tools that can help you to achieve that, such as goal setting (using your HR system or Performance platform), ticketing systems such as JIRA or CSAT data that comes back from Voice of Customer surveys, as examples. It’s also equally important to have open and honest conversations with your people about how the world of work has changed. The changing nature of our day to day work may mean that your team may feel that they are being questioned more, possibly even micromanaged – due to the increase in internal meetings and catch up’s. It’s really important to communicate the reason for this, due to less ‘in person’ interaction.

Employees not used to home working have found themselves without the face to face guidance they are used to, thus the reciprocal trust between team member and manager becomes even more important to hone, alongside measuring productivity and output of work. Also remember that everyone will be struggling at times and many are suffering from the shift to permanent home working. Microsoft  reported how the move to homeworking has impacted the global workforce.  People are working longer hours, starting and finishing later, are overworked and stressed.

As a leader, and an emotionally intelligent one, it’s important to be mindful of the effect of home working and that there’s no separation between work and home anymore.

Trust is one of the most important traits you want to cultivate and build in your team, being authentic, open and honest will take you to performance you never thought you could achieve. Your behaviour as a trusting leader will enable you to drive performance and loyalty from your team that will exceed all expectations. It is key to driving empowerment, accountability and ultimately, productivity.

The importance of HR

 Look to your HR team for more guidance, as the disciplines of HR have and will continue to change during this time. Previously, HR in the main was the recruitment arm for the business or for discipline or exit purposes. Now HR is central to driving team engagement and development.

This period, viewed positively, should allow for your employees to have more capacity to bring on their personal development (no long commute for example) and many will be actively seeking this. See it as an opportunity, as in turn it will be valuable to your organisation. HR is key to fostering team environment and collaboration; Encourage your HR team to drive an engaging personal development programme for your employees to make them feel valued and valuable.

Debbie Clifford

Debbie Clifford

Appraisals will also need to change and be more agile. What you set today as a performance goal could easily change tomorrow due to the current market dynamics. By focusing on people, the more time efficient you become, and the more interactions you have, the more you get buy in. Your team will understand more about your objectives and intent and feel more bought into the overall vision and goal.

Get involved and show recognition

Be visible on the team internal and external socials. Break the barrier. Work has changed so much that we’ve all had to change. Prior to Covid some leaders and senior management may have felt that being visible on the company social channels may not have been appropriate. This is not the case now. And it doesn’t have to be all about company business. Make it personal and be human.

Thank and show your team that you have noticed them. Find somewhere where you can share recognition, such as the company Teams channels or intranet which are great for peer to peer feedback and help keep people engaged in the company activity.  Reward good effort with the offer of a few hours off or send some flowers. It will make your employees day and show them they are valued. Small gestures of kindness go a long way in this virtual working world.

 Create a management and development pathway  

Shared learning is a great way to engage the senior team members as part of a learning and development pathway that cascades through the business. Examples of this include small bitesize pieces of learning, such as packaged business leadership content, a TED talk, white paper or video that senior leaders can absorb, and coach to their managers, which in turn then cascades through to employees.

Done on a regular basis, this practice helps your finance firm move your management teams forward. It’s a structured way of learning and sharing with a consistency of language and approach – with everyone seeing and learning the same things.

The importance of self-discipline

It’s never been more important for leader’s to not burnout and be a positive role model to the organisation.

Be disciplined – don’t be ‘always on’ and responsive all the time. Be aware that leading by example will have a positive impact on your organisation.  Think about what works best for you as a leader and make time to move away and have some space – your team will respect this and follow your lead.

It’s important to remember and acknowledge that we are all learning all of the time – and that often we don’t have all the answers. Showing a level of vulnerability, humility and honesty to your team will go a long way towards connecting with them in a deeper and meaningful way, and more than ‘being the boss’ and getting tasks done. High performance is gained because of the way you trust and believe in people, not because of your status in the hierarchy.

Ultimately, successful leaders are ones who create their culture, who are liked and respected by employees. Post pandemic the new workplace could and should be a much better place, with much better leadership. If we don’t use this time as a catalyst for change, we’ve potentially missed an opportunity to make something bad something much, much better.

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Thinking Long-Term When Your Shareholders Won’t Let You

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Thinking Long-Term When Your Shareholders Won’t Let You 2

By MaryLee Sachs, US CEO, Brandpie

In a recent study of nearly 700 CEOs across the US and Europe, my team at Brandpie uncovered that 76% of chief executives think corporations need to shift focus from short-term profit delivery to long-term value creation.

So why have less than 5% actually made that shift?

Uncertainty about the future, and how to navigate increasing pressure from shareholders to survive the present moment can make the shift from short-term profit to long-term value feel like a pipe dream. And that makes sense, even more now than it did when we administered the survey before the COVID-19 pandemic had taken root.

But even amidst the most uncertain period of history in many of our lifetimes, and certainly the most uncertain business landscape, the transition is possible. If they can be bold enough, those CEOs who have identified the need to shift toward long-term value can join that 5% of leaders who have already taken the leap.

All they need is purpose.

But I’m not talking about surface-level mission statements or even commitments to meeting ESG requirements.

CEOs that are ready to successfully pursue long-term value creation need something much deeper: a north star that guides businesses from the inside out. A purpose that primes them, through long-term considerations, to respond quickly and effectively to short-term concerns to benefit share and stakeholders – including staff and brand audience – across the board.

A north star

The most common barrier to leaders looking to make a long-term impact is uncertainty, and the world is increasingly rife with it.

Businesses must find a way to offer some sense of security, to shareholders and stakeholders – and purpose is the path to that security.

Organizations that have orientated themselves around a north star internally and externally are better able to address, respond to, and pivot in the face of unexpected events and the endless changing market landscape.

Take a company like BlackRock – whose CEO Larry Fink has been a long-time advocate of purpose, calling it “the animating force” for achieving profit. When I spoke to Frank Cooper, BlackRock’s Senior Managing Director and Global CMO in a webinar this summer, he reiterated the organization’s dedication to their guiding purpose, and discussed how it helped them adapt to support their employees and their stakeholders when COVID-19 threatened financial security around the world.

“In the past six months, the COVID-19 crisis, alongside racial justice movements, have drastically changed the ways people expect corporations and corporate leaders to act,” said Cooper. Initially BlackRock prioritized a humanitarian response for the short term – focusing on guaranteeing as much security for their employees, customers, and shareholders as possible. But as part of a purpose-driven leadership team, Frank knew that short-term reactionary methods wouldn’t be enough.

“If you only play defense,” he said, “You will not end up winning. You have to play defense and offence.” And purpose is the game plan that allows you to do that.

Blurred lines

BlackRock’s Fink was also one of 181 CEOs to sign a statement from the Business Roundtable last year, which redefined the purpose of corporations in light of changing business landscapes and an increased focus on stakeholders. The statement also expresses a commitment to prioritizing long-term value to the benefit of shareholders, serving as a reminder that long-term value creation and pleasing shareholders is not remotely mutually exclusive.

That Business Roundtable statement generated a lot of buzz about the rise of stakeholder capitalism, and for good reason. Increasingly, stakeholders are playing a more powerful role in the success of businesses than ever before. And that’s as it should be. Afterall, a company’s worth is only as good as the end service it delivers to meet customers’ needs, and when it comes to employees, they’re the best ambassadors for the business.

Both of these demographics are looking for long-term relationships, security, and to succeed in the long-term, businesses have to find a way to offer that now, or risk losing hold of customers and employees that are crucial to their success in the present moment.

Another rising trend that represents a blurring of the lines between share and stakeholder interests is a new wave of shareholder activism. Rather than advocating for strictly profit driven-changes, firms like Trian Partners and Blue Harbour are investing in order to steer companies towards higher ESG standards, reflecting a more purposeful approach to doing business with not just the future of a company, but the future of the world in mind.

MaryLee Sachs

MaryLee Sachs

Pivoting with purpose

As the COVID-19 crisis continues to throw uncertainty after uncertainty in the face of leaders fighting to keep business as usual as it can possibly be, purpose has proven to be a life-saving tool. It’s allowed many organizations to pivot authentically and smoothly to meet unprecedented internal and external needs.

To survive in any context, businesses constantly need to react to changing conversations to meet stakeholder needs, but the pandemic certainly underscores just how effectively a purpose can ferry organizations through short-term change toward more permanent and relevant adjustments. These uncertain times have also challenged businesses to recognize that purpose incorporates more than just something to stand for, but a way of acting, and focussing on service and fulfilment of need.

In the early days of the pandemic, companies like BrewDog, Ford, and Virgin Orbit stood out for their swift and apparently seamless transition to providing hand sanitizer, PPE, and respirators. Purpose played no uncertain part in these agile short-term pivots – by knowing who they are at a core level, and how their specific expertise positions them to respond to the evolving needs of their customers, they were able to quickly adapt to new, entirely unexpected needs for the greater good. They were driven by clear purpose internally that allowed for authentic outward change.

Playing the long game

True purpose is achieved through constant maintenance and centering – moving forward purpose must become part of corporate hygiene. The current state of business – and the world at large – demands that shareholders get on board with the value of that.

None of us have a crystal ball to determine what will happen. When you think about all the different things affecting the market – a pandemic, Black Lives Matter, equality, ESG – it’s hard to imagine how to prepare your business for any number of continually unexpected factors, while also priming it to last.

But a deeply-rooted purpose addresses both of these problems. By determining the long-term value your company can offer and implementing that internally, you create a resilient operation that knows what it stands for, how it operates, and is prepared to nimbly shift in the face of adversity.

No new normal will ever last, but businesses with a strong sense of internal self and clear, purposeful organization can.

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New TransUnion Study Finds Smooth Digital Transactions “Essential to Business Survival” During and After Pandemic

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New TransUnion Study Finds Smooth Digital Transactions “Essential to Business Survival” During and After Pandemic 3

Economist Intelligence Unit report for TransUnion highlights the crucial role emerging technologies will play in balancing fraud prevention and customer experience to help build consumer trust

A new global and UK study by the Economist Intelligence Unit for information and insights provider TransUnion has overwhelmingly found the key to whether or not companies go out of business hinges on providing consumers friction-right digital transactions. More than eight out of 10 executives, both in the UK and globally said they believe smooth transactions are “essential to business survival” rather than merely a competitive edge.

“Digital transformation has been rapidly accelerated by COVID-19, with over half (52%) of UK executives, and an even higher number globally (61%), saying they have changed their digital processes as a result of the pandemic,“ said Shail Deep, chief product officer at TransUnion in the UK. “That’s not surprising when we consider some of the changes that have come about as a result of social distancing, with reports of over a fifth (21%) of UK consumers shopping online[i] for the first time during the COVID-19 pandemic. Delivering a smooth customer journey is essential to building trust, yet over two thirds (69%) of UK businesses that made changes to their digital transaction process as a result of the pandemic experienced glitches.”

The global report, “New Dimensions of Change: Building Trust in a Digital Consumer Landscape,” is based on a study with 1,610 executives across 12 countries and five continents, including 180 senior executives from the UK. The research uncovered how technologies like artificial intelligence (AI), national digital IDs[ii] and super-apps[iii] can help overcome challenges to building digital trust.

Artificial Intelligence (AI) and Biometrics Will Play an Increasingly Important Role in Fraud Prevention and Customer Experience

Overwhelmingly global respondents answered that: 1) biometrics[iv] will be the dominant payment customer authentication method, 2) improved fraud detection and security is the greatest benefit to using AI, and 3) a national digital ID system can help prevent consumer fraud.

About three quarters (74%) of UK executives say biometrics are likely to be used to authenticate the vast majority of payments in the next 10 years, although the global response was even higher, at 85%. Approximately four in 10 UK and global respondents noted that improved fraud detection and security is the greatest benefit to using AI. This was the top selection by far worldwide and in the UK, with smoother customer experience coming second at about three out of 10, both in the UK and worldwide.

Furthermore, about seven out of 10 executives in the UK and globally think national digital IDs can help fraud prevention in consumer transactions. This comes at a time when the UK government has recently outlined steps to boost secure use of digital identity, with six guiding principles[v] published in September 2020. These are intended to strengthen consumer rights around digital identity to enable wider use across the country and reports say it could ultimately help boost GDP by 3% by 2030.

John Cannon, managing director of Fraud and ID at TransUnion in the UK said: “Protecting consumers and minimising the risks of fraud they face is crucial to earning their trust, and our research shows that biometrics, AI and digital IDs are seen by businesses as the key to trusted digital commerce going forward. Implementing the right tools and technology, alongside robust policies and processes, can help businesses strike the right balance when it comes to combining fraud prevention with a seamless customer experience. As this research shows, that’s no longer just desirable, it’s going to be critical for survival.”

Digital Identification Technology is at the Core of New Benefits

Authentication and verification are essential in building digital trust and new, cutting-edge solutions can combine a range of technologies to deliver instantaneous verification of customers and reduce fraud risks, whilst still supporting great customer experiences.

TransUnion recently introduced its Document Verification and Facial Recognition solution in the UK to help businesses meet this challenge, by providing customer document and selfie capture to enable real-time, online verification through the customer’s device. Near-field communication (NFC) reading of chip-enabled passports is built into the solution, to strengthen checks on ePassports. This is important given that 65% of UK executives stated that traditional authentication factors, such as birth certificate and passport in digital fraud and identity can overly inconvenience customers who value smooth digital transactions.

In order to fully embrace the new digital solutions available, such as ePassports, businesses need to have the right technology in place. And with identity fraud on the rise – up by nearly a third (32%) in the UK over the past five years, according to Cifas[vi]– the urgency for such tools is clear.

The impact of COVID-19 has fast-tracked the move to digital commerce, with nearly two-thirds of UK consumers[vii] reporting in a separate survey that they are using contactless payment technology more due to COVID-related health and safety concerns, and 61% saying they are happier using contactless payments now than they were in 2019.

In this context, with potential fraudsters seizing the opportunities that ‘faceless’ transactions present, there’s an even greater pressure on businesses to know who their customers are and carry out the right checks, keeping pace with the latest innovations. Only by doing so can they build the digital trust they will need to succeed.

Find out more about the UK report, “New Dimensions of Change” at TransUnion’s website.

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