Business & Finance

Mohammad Anas Wahaj | 27 aug 2015

As modern businesses and technologies evolve, their convergence brings organizational complexities. Business environment becomes chaotic and creates challenging situations that need to be overcome effectively to succeed. These challenges are giving rise to shifts in large organizations where design is becoming a center of focus. John Kolko, Vice President of Design at Blackboard, explains how these organizations are applying principles of design, not much of the aesthetic part, to the way people work. People would like to handle complexities efficiently and want their interactions with technologies and other complex systems to be simple, intuitive and pleasurable. These principles of design, termed as 'Design Thinking', involve empathy with users, a discipline of prototyping, and tolerance for failure, as core concepts to create these interactions and develop a responsive, flexible organizational culture. Mr. Kolko elaborates on the design-centric culture as one that transcends design as a role and imparts a set of principles to all people who help bring ideas to life - (1) Focus on users' experiences, especially their emotional ones. (2) Create models to examine complex problems. (3) Use prototypes to explore potential solutions. (4) Tolerate failure. (5) Exhibit thoughtful restraint. As design thinking is considered as an essential tool to simplify and humanize, most future ready organizations are utilizing it as part of their core strategy and competence. According to Mr. Kolko, 'Every established company that has moved from products to services, from hardware to software, or from physical to digital products needs to focus anew on user experience. Every established company that intends to globalize its business must invent processes that can adjust to different cultural contexts. And every established company that chooses to compete on innovation rather than efficiency must be able to define problems artfully and experiment its way to solutions.' The shift towards design as a core competence brings its own challenges - (1) Accepting more ambiguity (2) Embracing risk (3) Resetting expectations. Mr. Kolko further explains that, 'Organizational focus on design offers unique opportunities for humanizing technology and for developing emotionally resonant products and services...It helps create a workplace where people want to be, one that responds quickly to changing business dynamics and empowers individual contributors. And because design is empathetic, it implicitly drives a more thoughtful, human approach to business.' Read on...

Harvard Business Review: Design Thinking Comes of Age
Author: Jon Kolko

Mohammad Anas Wahaj | 26 aug 2015

According to a report, 'Resourcing Social Enterprises: Approaches and Challenges', lack of standard definition and limited knowledge and awareness about 'Social Enterprises' among financiers and general public are the key sourcing challenges. The report focused on assessing the resilience of social enterprises in Western Australia. Lead author of the report, Professor Jo Barraket of Swinburne University, says 'Social enterprises are a hybrid form of business. It's still a relatively new concept to the market, and mainstream financial providers don't necessarily understand it...We don't have any consistent standard for social-financial accounts in Australia. So the tools that social enterprises have to communicate their business operations to external financiers are still underdeveloped and that makes it challenging.' Moreover Prof. Barraket adds that most social enterprises look towards generating funding internally similar to small and medium businesses. Accessing external equity is constrained depending on their legal form thus limiting external finance opportunities. Report also identified the governance structure as a further challenge, with financial resilience not considered as a top priority particularly in case of social enterprises that work within larger not-for-profit structures. Prof. Barraket explains, 'The boards in those contexts are quite rightly having to juggle requirements of larger charitable concerns, and therefore not always able to respond in the same sorts of ways that a small business that's not governed by such a large governance structure would do.' Prof. Barraket suggests that communication has to get effective between the supply and demand, those in the business of social finance understand the needs of social enterprises, and these enterprises have right tools to explain effectively to financiers. Moreover this change will take time and requires culture change and different thinking, both within the social enterprises and organizations that intend to support their development. Read on...

Pro Bono Australia: Social Enterprises Misunderstood - Financial Resilience Report
Author: Ellie Cooper

Mohammad Anas Wahaj | 24 aug 2015

Wikipedia defines 'Social Enterprise' as, 'An organization that applies commercial strategies to maximize improvements in human and environmental well-being - this may include maximizing social impact rather than profits for external shareholders. Social enterprises can be structured as a for-profit or non-profit, and may take the form (depending in which country the entity exists and the legal forms available) of a co-operative, mutual organization, a disregarded entity, a social business, a benefit corporation, a community interest company or a charity organization.' Like any other organization the success of 'Social Enterprises' depends on variety of internal and external factors like leadership, teamwork, passion, infrastructural ecosystem, investor capital etc. Dick Gygi, a veteran social ventures leader & co-founder of 3 social enterprises, shares his experience and outlines factors essential for social entrepreneurs to lead their enterprises to success - (1) Get clear on the mission and stay mission-centered. (2) Test the business model for sustainability before you bet the farm. (3) Don't do it alone. Build a strong team and do your best. Then, delegate the rest. (4) Persevere. It takes more time and money than you think. (5) Measure desired outcomes - financial and mission impact. Read on...

Nashville Business Journal: 5 lessons learned in 10 years of leading Nashville social enterprises
Author: Dick Gygi

Mohammad Anas Wahaj | 19 aug 2015

Entrepreneurs need to proactively get involved at the early and formative stages of their ventures. Core functions should be as much in their control as possibe as they are required to translate their vision and roadmap into a marketable entity. As the venture evolves and the need for assistants, experts and consultants arises, they may delegate some of their tasks and then may focus on the bigger picture and strategic aspects of the business. Hands-on traits are a necessity for entrepreneurs when they are building and developing their initial ideas. Martin Zwilling, startup mentor and venture capitalist, shares his experience and suggests the following attributes that entrepreneurs should have to succeed in developing a new business - (1) Be recognized for innovative actions as well as ideas. (2) Communicate a clear vision, as well as a path to the destination. (3) Capitalize on relationships inside and outside the company. (4) Track and measure both long-term and short-term objectives. (5) Able to adapt or pivot the business to respond to the market. (6) Provide constructive feedback and growth opportunities for the team. (7) Accept accountability for all decisions, with no excuses. Read on...

Entrepreneur: 7 Ways Founders Demonstrate They Can Run a Startup
Author: Martin Zwilling

Mohammad Anas Wahaj | 17 aug 2015

According to The Data Governance Institute website, 'Data Governance is a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.' While TechTarget.com explains, 'Data governance (DG) refers to the overall management of the availability, usability, integrity, and security of the data employed in an enterprise. A sound data governance program includes a governing body or council, a defined set of procedures, and a plan to execute those procedures.' Angie Pribor of First San Francisco Partners provides 8 data governance design principles as logical steps before getting deep into the specifics of Master Data Management (MDM) - (1) Be clear on purpose (2) Use enterprise thinking (3) Be flexible (4) Simplicity and usability are the keys to acceptance (5) Be deliberate on participation and process (6) Align enterprise-wide goals (7) Establish policies with proper mandate and ensure compliance (8) Communicate effectively. Read on...

Information Management: 8 Data Governance Design Principles
Author: Angie Pribor

Mohammad Anas Wahaj | 16 aug 2015

A facilitating environment is required for innovation and entrepreneurship to flourish. Cities and their administrations can work towards building and developing this ecosystem through proper policies and infrastructure and attract investments and talent. A recent report 'CITIE' (City Initiatives for Technology, Innovation and Entrepreneurship) by UK-based innovation charity Nesta, in collaboration with Accenture and Future Catapults, provides suggestions for policy makers and city administrators to create best possible environment for innovation and entrepreneurship in urban context. Following are some characteristics of cities that provide such an environment - (1) They act as customers: Open up their procurement processes to make them accessible to young city firms and small businesses. Provide them with public sector contracts. (2) They make for great hosts: Integrate the needs and requirements of startups into their development plans and have excellent infrastructure and collaborative spaces like accelerators and incubators to attract talent. (3) They advocate for startups and innovation: Provide visibility to local businesses by branding themselves as startup or innovative locations or hubs and attract international investors and corporations. (4) They act as connectors: Facilitate digital and physical connectivity through high speed internet networks and sustainable physical mobility solutions. (5) They have a long-term strategy: Provide consistency through a clear long-term strategy by having a focused public official overseeing technology, innovations and entrepreneurship. Moreover they should also have a public set of KPIs (Key Performance Indicators) to measure the success of their strategy. Read on...

Forbes: What Are The Key Traits Of Innovation-Friendly Environments? Some Cities Have Figured It Out
Author: Federico Guerrini

Mohammad Anas Wahaj | 12 aug 2015

'Product Marketing' function in an organization is not very clearly defined and people more often confuse it with 'Product Management' or 'Marketing Management'. According to Wikipedia, 'Product marketing deals with the "7 P's" of marketing, which are product, pricing, place, promotion, physical environment, process and people. Product marketing, as opposed to product management, deals with more outbound marketing or customer-facing tasks.' Justin Topliff, Product Marketing Manager at Infusionsoft and Founder at ProductMarketingSummit.com, explains that product marketing managers are often a bridge between the product management and marketing management. Their role becomes significant when product managers and marketing managers become hyper-focused on their respective roles and as a result product management and marketing become siloed. The communication between the two functions get disconnected. Mr. Topliff describe 3 categories of responsibilities of product marketing department - (1) Research: Keep tab on industry, market and competition; Competitor profiling; Qualitative and quantitative research of customers and prospective users; Recommend and implement iterative product improvements. (2) Messaging, Positioning and Pricing: Humanize the technology in messaging; Train about product communication; Create effective marketing communication; Package and price products scientifically. (3) Product Launches and Lifecycle Management: Develop and execute go-to-market strategies; Coordinate with other deparments for product launch; Drive product consumption; Manage continuous improvement of product. Read on...

LinkedIn Pulse: What is product marketing? How is it different from product management or 'regular' marketing?
Author: Justin Topliff

Mohammad Anas Wahaj | 04 aug 2015

Consumer psychology plays an important role in influencing their buying decisions. They buy products and services from companies that they trust and make them feel good about the purchase. As brands get more connected with their customers through technology, transparency and trust become critical factors in customer relationships. Customers intend to learn and understand more about the companies and their work culture. To keep customers closer and informed, and influence their behavior, brands can integrate the following - Treat your employees better; Invest in employee's future; Aesthetics of the workplace matter. Moreover as internet presence is a critical component of today's marketing strategy, brands need to have a robust digital strategy and in addition to providing relevant and usable information about the products and services offered, they should create a section that focuses on what the market wants to see - Being honest e.g. share customer interactions, that may not always be positive, through social media feeds; Try to share work-in-progress and engage customers in the process; Get involved with customers through effective social media strategy and share relevant content and information; Include wide array of stakeholders as the innovative ideas may come from anywhere like customers, interns etc. Companies should be careful in implementing fringe marketing tactics and should not go overboard in doing so. Read on...

Business 2 Community: Integrating Winning Trends In The Workplace
Author: Rachel Winstead

Mohammad Anas Wahaj | 31 jul 2015

In recent years marketing has been consistently evolving due to the changes driven by technological advances. These digital transformations are creating a resource crunch in marketing departments of organizations. They are facing more challenges and to effectively manage the digital require new skillsets. Initially digital was considered as a medium of communication like TV, Print etc. But according to Jean-Luc Ambrosi, a marketing expert and author of the book 'Branding to Differ', 'Blending traditional marketing skills with the new age of digital is not an easy affair...What has changed, however, is that digital is not simply a medium, it is many mediums with different media consumption patterns. Both a push and a pull mechanism, it is above-the-line, direct marketing, social media as well as point-of-sales, all under one big label.' Marketers now need multiple skills and to clarify roles and resource accordingly is becoming a difficult task for marketing departments. Mr. Ambrosi further explains, 'With the shift in emphasis around treating digital as a multi-medium platform, the solution may lie in building teams focused on the customer rather than the digital channel. With customer centricity at the core, marketing teams can treat digital for what it is: A multifaceted mechanism to interact with customers, and a means rather than an end.' The best sourcing solution would be to seek marketing specialists with the specific skillsets adapted to the digital environment. The basics of marketing should not be ignored while focusing on digital. Mr. Ambrosi advises, 'The under resourcing of digital activities is a function of the expansion of marketing activities in the digital ecosystem, rather than the disappearance of traditional marketing. Therefore, it should be answered via the adaptation of marketing specialist resources to digital rather than a shift towards technical digital specialists.' Read on...

CMO: Marketing skills in a virtual world
Author: Jean-Luc Ambrosi

Mohammad Anas Wahaj | 26 jul 2015

Effective collaboration between private and public entities, by pooling their strengths and resources, can bring better and efficient outcomes of public and civic services for the citizens. An example of such a collaborative approach is the Small Business Portal that was launched in 2014 in San Francisco. For the project, Mayor's Office, Department of Technology, Office of Economic and Workforce Development, Office of Small Business and Tomorrow Parter's (a design firm), came together to create a one-stop portal for people that provides information for starting, managing and expanding a company. The design firm utilized human-centered design principles to shape the innovation strategy and build a website that simplified and streamlined the process of starting a business. They took an 'inside out' and 'outside in' approach to understanding the challenges. Extensive research and focus groups were used and this finally led to establishing six main attributes for building a successful interface. According to Gaby Brink, founder and chief designer of Tomorrow Partners, 'They were filters for us to evaluate our design and establish clear guidelines for the various people developing content to ensure that we had a consistent voice.' The six key principles of digital design that represent their approach are - (1) Do the Right Thing: Sets the overall tone of the project. Sets clear expectations and make the process transparent. Assures the caring attitude. (2) Curate Content: Maintains the quality and availability of the right information to the diverse set of audience. (3) Make It Accessible: Responsive design and customization utilized to provide access to website on multiple devices and platforms. (4) Treat Constituents as Consumers: Users are to be treated as consumers, instead of taxpayers or voters, that civic authorities serve. (5) Dole Out Delight: Make the experience of the users pain-free, simple and as enjoyable as possible with a human approach. Shouldn't be a typical government portal. (6) Increase Trust: Make sure that the users feel that the government is working for them. Assuring that interacting with government is not a difficult and doubtful process. Jane Gong, Program Director of the Department of Technology, says 'From a user perspective, most of the time government thinks about putting together a website, it's copying from municipal code and pasting in some clip art. For the first time we did UX/UI research. This needs to be the approach of all government websites. It's time for government to take a step back and say we're here to serve people and make sure that we're accessible and responsive.' Read on...

Fast Company: 6 Principles Of Digital Design For Civic Innovation
Author: Diana Budds

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