Business & Finance

Mohammad Anas Wahaj | 03 oct 2015

Mainstream financial institutions are exploring to integrate potentially disruptive blockchain technology that is behind virtual cryptocurrencies like bitcoin. Blockchain is a decentralized public and transparent ledger of all bitcoin transactions. While traditional banks work through a centralized electronic banking system. Now 13 of the leading global banks have joined a project to collaborate on the use of blockchain-based distributed ledger. R3, a New York-based innovations firm, is one of the leading project partner and seeks to establish a set of standards that banks can use. The project will research and experiment shared ledger solutions to meet banking requirements for security, reliability, performance, scalability and audit. Financial executives, Niall Cameron of HSBC, Satoshi Murabayashi of Mitsubishi UFJ Financial Group, and Robert Sams of Clearmatics are positive about the project and its usefulness for the financial sector. Read on...

CNBC: How Wall Street is embracing bitcoin
Author: Matt Clinch

Mohammad Anas Wahaj | 30 sep 2015

India's Central Statistics Office (CSO) recently revised the methodology to calculate the Gross Domestic Product (GDP). The new growth numbers brought a bit of surprise, both in the local as well as the global economic circles, as they made India the fastest growing economy in the world, beating China to take the top spot. According to recent WSJ survey of US economists, China's GDP figures are often seen with skepticism. But when India Real Time asked about India's official GDP numbers to a group of international economists, they seem generally comfortable with its economic direction, even though they haven't fully figured out the official data. Following are the views of some global economists - (1) Shaily Mittal of MNI Indicators (London): 'Although reliability of data can be questioned to some extent, there is no denying the fact that India seems to be growing at a much healthier pace. Overall we remain positive on India.' (2) Chua Han Teng of BMI Research (Singapore): 'The repeated surprises under the new GDP series for the past two quarters and the subsequent revisions to previous data have given rise to more questions than answers regarding India's economy.' (3) Jeremy Schwartz of WisdomTree (New York): 'Overall there has been a big boost in investor attitudes towards India. Recent changes have helped steer India in the right direction.' (4) Kilbinder Dosanjh of Eurasia Group (London): 'Brazil, Russia and South Africa are virtually in recession. If you look at the components within BRICS, India is actually doing very well regardless of the methodology.' (5) Vishnu Varathan of Mizuho Bank (Singapore): 'GDP numbers probably leave unanswered questions about mis-stated growth. But the broader macro-stability objectives of the RBI dilute the direct risks.' Read on...

The Wall Street Journal: What Do International Economists Really Think of India's Rosy GDP Readings?
Author: Anant Vijay Kala

Mohammad Anas Wahaj | 27 sep 2015

According to Environmental Protection Agency (EPA), 'Nearly 170 million tons of building-related construction and demolition (C&D) debris was generated in the United States in 2003.' Although C&D waste has potential for recycling and re-use but considering its high volume and accumulation leading to adverse impact on environment, builders and developers continue to seek ways to reduce waste and increase efficiency. This need for eco-friendy materials is bringing wood back as a sustainable construction material in the designs of architects and engineers. Developers are utilizing prefabricated wall technology in their constructions and utilizing other environment-friendly materials and processes to show their commitment to greener and better environment and get LEED (Leadership in Energy & Environmental Design) certification granted by the Green Building Certification Institute (GBCI). Alex Knecht, President at Pacific Wall Systems says, 'One of the greatest advantages to using prefabricated wall panels is simultaneous construction. While your grading and foundation crews are working, so are we.' Mr. Knecht adds, 'Assembling the frame components in a controlled environment allows us to deliver a superior product on the client's production schedule. As real estate becomes more valuable and building continues to go vertical, on-site lumber storage is practically non-existent. Having your wall panels delivered just in time is very attractive, especially on tight job sites.' Prefabricated wall panels result in 90% reduction of waste on average and saving of 50% on framing labor alone for developers. According to Norm Dowty, Vice Presidentl at R&H Construction, 'I think it is a trend and as you have more congested urban sites, prefab and panelization can really expedite things...other thing that makes it more viable is computerized drawings. They can do the prefab planning digitally, execute it off-site and bring the panels on-site.' Read on...

Multi-Housing News: Developers' Eco-Friendly Solution for More-Efficient Construction
Author: Andie Lowenstein

Mohammad Anas Wahaj | 26 sep 2015

Nonprofits and charitable organizations need to evolve their processes, systems and strategies alongwith the technology-driven changes that are happening in businesses, governments and the world in general. Effective, efficient and timely fundraising and financing of projects is critical for the survival and success of nonprofits. According to the report 'The Business of Nonprofits: Amplify Your Fundraising Success With New Technologies and Proven Business Practices' by 121Giving.com, based on the survey of 450 nonprofit executives and program directors in the US that was conducted in July 2014, '54% of nonprofits raised less than 25% of an intended goal during their last online fundraiser. Additionally, more than 1/3rd of those surveyed describe their adoption of technology as "struggling" and 74% state that they collected less than US$ 5000 in valued goods from a donation drive.' The survey also found that fundraising, donor solicitation and financing of daily operations are challenges for many nonprofits. Moreover, the results of the survey indicate that most nonprofits still rely on traditional processes and outdated technologies that fail to deliver fundraising outcomes required to succeed in today's competitive digital-driven environment. Other main findings of the report are - 54% of nonprofits do not ask retailers for discounts on products; Only 2% of nonprofits raise money online to buy products in stores or online; 22% ask the community to donate products; 68% of nonprofits pursue grants to cover expenses for their programs; Only 7% of nonprofits use online crowdfunding tools to raise funds. Liz Deering, co-founder of 121Giving.com, says 'Nonprofits are wasting precious time, dollars and resources to raise funds and procure the products they need to run their operations.' The report points out that nonprofits are indeed making attempts to improve their operations through proven business practices (33% of nonprofit leaders upgraded hardware or software in 2014 to improve programs). The report also highlights the opportunities for nonprofits to reach their campaign goals through - Adopting latest business practices; Focusing on project-specific funding needs while seeking grants; Ask, negotiate and bargain like a business to obtain product discounts; Using data and analytics for measurement; Utilizing social media connected individuals and communities to publicize initiatives and programs; Investing in technologies to improve efficiencies and reduce labor intensity of core operations. Read on...

PRWeb: Are Nonprofits' Operations Keeping Pace With Advances In Fundraising?
Author: Sara Leiter

Mohammad Anas Wahaj | 25 sep 2015

Design thinking is used by organizations to spur innovation. It is often a source for product innovation teams to generate radical new product ideas and concepts. Once applied effectively and become a part of organization's culture it can emerge as a sustainable competitive advantage. According to Professor Michal Herzenstein, who teaches marketing at University of Delaware, 'Radically new products are products that allow consumers to do something that they couldn't have done before. They are products that create a shift in consumption - how consumers respond to and use products.' Her chapter 'Optimal Design for Radically New Products' alongwith Prof. Steve Hoeffler of Vanderbilt University and Tamar Ginzburg of Vanderbilt University, appears in PDMA Essentials book titled, 'Design and Design Thinking' by Michael I. Luchs of College of William and Mary, Scott Swan of College of William and Mary, Abbie Griffin of University of Utah. Prof. Herzenstein provides six processes that product innovation teams need to implement to create ideas for radically new products. Large organizations can use them in an ascending sequence with a focus on communicating the goal of achieving breakthrough product to innovation team. While smaller companies and startups can pick any process that they feel will assist them to learn more about developing radically innovative product ideas. The six processes are - (1) Communicate the Challenge Goal Toward Radically New Products. (2) Shift Time Frames to Future and Past. (3) Promote an Emerging Technology Focus Across the Product Consumption Chain. (4) Promote the Use of Analogical Thinking. (5) Look for Novel Ways to Solve Simple Problems. (6) Leverage More Ideators Via Crowdsourcing. Read on...

Product Innovation Educators Blog: 6 Processes for Generating Ideas for Radical Innovations
Author: Chad McAllister

Mohammad Anas Wahaj | 24 sep 2015

People are one of the most critical asset that organizations have and managing them successfully is not an easy task. Organizational leadership can fail to get the best out of their people as a result of poor people management skills. Organizations can also lose their best talent as a result of their leadership's inability to understand and handle their team members. People have diverse behaviors, views, opinions, working abilities, skills etc and to make them work as a cohesive team towards a common goal require special set of skills. Following is the 12-step process to enhance people management capabilities - (1) Outline Your Goals: Write down the reasons you want to improve. (2) Determine Where You Want to Improve: Take professional assessments and personality tests. (3) Talk to Your Team: Ask your team for feedback on your leadership related information and share with them your intent to improve. (4) Get Organized: Outline areas that need to be organized and use software tools that can help you to organize. (5) Take a Leadership Course: Spend time in a classroom or online course to get knowledge and develop skills on leadership. (6) Read Management Books: They provide new perspectives and ideas on leadership and management. (7) Learn How to Listen: Understand and embrace five aspects of good listening- receiving, understanding, remembering, evaluating, and responding. (8) Practice Praising and Rewarding: Provide honest feedback to your employees and particularly be specific while praising and be generous and rewarding. Appreciate their performance. (9) Find a Mentor or Coach: Seek an experienced mentor or executive coach who can enhance your capabilities in specific areas that you need to improve. (10) Learn How to Effectively Communicate with Anyone: Master the four communication styles to understand people at workplace and communicate accordingly- Thinkers, Socializers, Directors, Relators. (11) Be More Transparent: Embrace transparency and frequently share relevant and important information with the team to build trust. (12) Create a Feedback System: Seek your employees perspectives and views. Solicit their suggestions and inputs. Read on...

Business 2 Community: The 12-Step Process For Improving Your People Management Skills
Author: Rob Wormley

Mohammad Anas Wahaj | 23 sep 2015

In a highly competitive market, brands can utilize excellent customer service strategies to differentiate themselves. Listening to voice of the customer, understanding their behavior and analyzing their interactions, can provide companies the needs and wants of the customer. Companies can use these insights to better serve their customers and that has direct impact on their bottom line. According to Defaqto Research, '55% of consumers would pay more for a better customer experience.' Study published in Journal of Marketing (2004 Edition) by team of researchers, Prof. Eugene W. Anderson of University of Michigan (now at University of Miami), Prof. Claes Fornell of University of Michigan and, Prof. Sanal K. Mazvancheryl of Georgetown University (now at American University, Washington DC), quantified the consequence of quality customer service on shareholder value. Study points out, 'Among 200 businesses represented in the Fortune 500 across 40 industries, a 1% improvement in customer satisfaction increased a firm's value by US$275 million.' Danny Wong, co-founder of Blank Label and digital marketer, explains the importance of customer feedback and how ecommerce stores can turn this into a competitive advantage through effective engagement, building relationships and developing better products and services. According to him, 'Develop an intimate understanding of what your customers know, want and need to establish a competitive edge that helps you improve how you do business and the value you offer to end consumers. Start by categorizing reasons for why your customers purchase your products i.e. their primary motivations.' He suggests stores to source high-impact feedback and utilize the following tactics to expand the scope of their customer research - (1) Audit the reviews competitors receive (2) Conduct surveys (3) Dive into your analytics (4) Encourage user-generated content (5) Track public conversations. Once the research is at hand, stores need to summarize actionable takeaways and use the following three steps to build a strong business case for doing anything - (1) Quantify its impact (2) Measure its market opportunity (3) Get leadership buy-in. To implement new changes the stores can use gradual strategies to first consider the high-impact initiatives that are easy to do and then to implement moderate changes and finally move on to more resource intensive projects for long-term meaningful outcomes. Companies should incorporate excellence in customer service into their corporate culture and should consider the opportunity of every interaction with customers to build lasting relationships. Read on...

Huffington Post: How to Leverage Customer Feedback to Improve Your Ecommerce Store
Author: Danny Wong

Mohammad Anas Wahaj | 22 sep 2015

Timing of talent management initiatives and their implementation is critical in defining their success for an organization. Excellence in talent management is to ensure consistent supply of right talent, for right roles and at the right time. Kevin D. Wilde, Executive Leadership Fellow at Carlson School of Management (University of Minnesota), explains 'Over time, I improved by watching and learning from the masters of timing in my organization. The best teachers were often sales professionals or skillful research and development product advocates. The best ones displayed excellence in situational scanning, product readiness and personal preparation.' Situational Scanning: Constant scanning of company environment and key stakeholders. Product Readiness: Ability to judge the readiness of new talent proposal. Finely tuned sense of what degree of product readiness is necessary for success. Personal Preparation: Being ready for the demand of courageous leadership. Ability to take the challenge, thoroughly prepared, committed and humility to be open to learn and adjust when required. Read on...

Talent Management: Be a Master of Timing
Author: Kevin D. Wilde

Mohammad Anas Wahaj | 21 sep 2015

The United Nations Sustainable Development Summit 2015 will be held in New York from 25 to 27 September 2015, to adopt the post-2015 agenda for sustainable development. The 2030 agenda includes 17 Sustainable Development Goals (SDGs) that will replace the eight Millennium Development Goals (MDGs) that were adopted by 193 UN member states in 2000 to root out poverty from the world. The 17 SDGs continue to build upon MDGs to end poverty alongwith fighting inequality and injustice. These goals will also include tackling the concerns of climate change, global health and hunger. Helen Clark, UNDP Adminstrator and former Prime Minister of New Zealand, says on the UNDP.org, 'World leaders have an unprecedented opportunity this year to shift the world onto a path of inclusive, sustainable and resilient development...If we all work together, we have a chance of meeting citizens' aspirations for peace, prosperity, and wellbeing, and to preserve our planet.' The 17 SDGs are - (1) End poverty in all its forms everywhere (2) End hunger, achieve food security and improved nutrition and promote sustainable agriculture (3) Ensure healthy lives and promote well-being for all at all ages (4) Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all (5) Achieve gender equality and empower all women and girls (6) Ensure availability and sustainable management of water and sanitation for all (7) Ensure access to affordable, reliable, sustainable and modern energy for all (8) Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all (9) Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation (10) Reduce inequality within and among countries (11) Make cities and human settlements inclusive, safe, resilient and sustainable (12) Ensure sustainable consumption and production patterns (13) Take urgent action to combat climate change and its impacts (14) Conserve and sustainably use the oceans, seas and marine resources for sustainable development (15) Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss (16) Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels (17) Strengthen the means of implementation and revitalize the global partnership for sustainable development. Read on...

UN Sustainable Development: Transforming our world - The 2030 Agenda for Sustainable Development
Author: NA

Mohammad Anas Wahaj | 19 sep 2015

Retailers need to identify their most valuable customers to specifically target and focus their specialized marketing campaigns for building long-term customer relationships with them. Most valuable customers are to be retained for maximizing profitability. But according to the study 'Engaging Customers Across the Lifecycle Journey: How Clienteling Helps Enhance Customer Relationships' by Yes Lifecycle Marketing and Retail TouchPoints, based on the survey of nearly 200 retail marketing executives, most retailers are still struggling to utilize customer data effectively to find and nurture these important customers. Main highlights of the study are - 52% say identifying and engaging their most valuable customers is one of their top business challenges; Nearly 1/3rd of respondents (32%) say they're not able to integrate or analyze their data in a timely fashion; Employee access to data is uneven and most who need it don't have it (44% of C-level executives have customer data while only 27% of store managers and 13% of store associates have access); Only 27% of retail marketing executives have their customer's lifetime spend on file and only 18% have data related to shopping preferences of customers. Read on...

Direct Marketing News: Infographic - Retailers Fail to Fully Leverage Customer Data
Authors: Elyse Dupre, James Jarnot

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