MANAGING in the

NEW WORLD

A study commissioned by business consulting giant Bain & Co. has clearly identified that an increase in customer retention by a mere five percent can increase profits by twenty five percent. Another study confirms that while there is a sixty to seventy percent chance of converting an ex customer into a repeat one, there is only a maximum of twenty percent chance of converting a lead into a new customer. Thus it is extremely important to revive customers that have been lost to businesses. Companies need to conduct internal business research to gauge what were the features that these ex customers really liked. Those aspects must be provided to them using webinars, info-graphics or videos. Top class content must be created for them using blogs, case studies or e-books. The company must position itself as a resource for information and help which it can provide at time of need. If all such tactics fail, one can always fall back on simply asking for product feedback to simply engage the ‘dead’ customer.

Source: http://marketingland.com/bring-dead-customers-back-life-180115

With mobile phone becoming vital ingredients in the business world, professionals need to take care of certain precautionary measures in order to use the same effectively. Ultimately, phone based business processes fall under the responsibility of the management. Thus the management needs to make sure no malware, illegal hacking or security leaks must take place. Mobile security is a huge concern among employees as proven through business research conducted by SOTI. Employees must be trained properly to make use of the technology and related processes. Adequate hardware support must be provided to ensure mobile based technologies work well. This is all the more crucial with the Internet of Things based processes. Business will flourish if these breeches can be rectified. Source: http://www.information-age.com/technology/mobile-and-networking/123461656/five-ways-create-robust-mobile-management-strategy-distributed-enterprise

The words passion and vision are used as maxims in business though their central role to success in the same is debatable. In case an entrepreneur did not have either, it is not possible to just suddenly build up the same. Business research conducted by professors at the MIT Sloan School of Management concluded that it is much more important to execute a vision rather than simply dreaming up. Before waiting for the right idea to come to mind, it is essential to simply let go and start something. A look at some of the great entrepreneurs over the years shows that none of them were crystal clear as to how things would shape up over the years. This includes giants such as Michael Dell, Mark Zuckerberg, Steve Jobs and Bill Gates. They all had the desire to succeed and eventually figured out the right path towards success, but never waited for that eureka moment.

Source:  http://www.forbes.com/sites/groupthink/2015/12/16/passion-and-vision-are-overrated-in-business/

Technology has brought about massive innovation and disruption in the business world. Big Data has made sure that supply lines are now global, services digitized and smart devices connected to each other. Foresighted organizations are not only executing today’s functions but also preparing for upcoming changes. Such firms are making sure that corporate culture does not get restricted to traditional silos, so there is open communication between different teams. A structure of governance built around the concept of accountability is taking over. With millennials flocking the workforce, talent management will play a critical roles. These newer recruits do not want to be restricted by limitations on work space and time. They want to be given the independence to work from anywhere. Culture, structure and talent will all need to be balanced in the upcoming era.

Source: http://www.huffingtonpost.com/entry/what-tomorrows-leading-en_b_9378786.html?ir=India&section=india

The Future of Work: Creative destruction and the New World of Work

When Joseph Schumpeter remarked regarding ‘creative destruction’ nearly three quarters of a century back,business innovation was relatively at its infancy. Now job profiles have undergone massive change. Several lines have ceased and been replaced by others. Machines have largely taken over routine tasks. On the other hand technology based jobs have proliferated. The concept of freelance jobs has gained credence. As per a report more than fifty million people in the USA are employed in some sort of freelance jobs. Some are doing this in addition to their main occupation while others have opted for a bouquet of part time jobs. The definitions of terms such as contractor and worker have gone through changes. The likes of Uber, Lyft and Etsy have empowered individuals while reducing the role of intermediaries.

It has never been conclusively proven as to which is the better approach to market research- quantitative or qualitative. An experienced researcher has just given us clues to which could be the better option under circumstances. Quantitative is always a better method when the market is being assessed or segmented for the first time. Thus initial research must comprise mainly numbers. The next stage where the organization or researcher needs solutions, a quantitative alone won’t do. It will need to be backed up by solid qualitative study. As an example, personal hygiene products can be cited. At first stage only numbers are considered, but once the organization wants to strategize in order to break in to the market, need based qualitative research must be conducted.

Online surveys can often be the most effective method to conduct market research yet frequently they become the bane due to several reasons. The ineffective practices must be avoided by all means. Wrong people are sometimes surveyed. This leads to incomplete business intelligence gathered. Even the questions posed in the survey are inappropriate. The methodology may not be the right one. A common misconception is to over-estimate the response of those surveyed, as respondents may have replied simply on a whim. Old fashioned hit and trial methods of testing are better suited than online surveys for certain products or services. Finally, wrong people are habitually recruited or assigned execution of these surveys.  

Organizational culture seems to be absent in Indian organizations, as per business research conducted by the Tata Strategic Management Group (TSMG). As per the study conducted across industries, almost every respondent has claimed that when corporate strategy and culture are linked productivity rises. However, 87% of industry leaders plan their culture only in cognizance with business plans. In fact a third of top management respondents feel that they are not satisfied with the work culture and would have changed it had circumstances favoured. Clan culture dominates over everything else. Global professors, Robert Quinn and Kim Cameron, have developed the Organizational Culture Assessment Instrument (OCAI) which clearly establishes the link between profitability and organizational culture.

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