There is always a room for improvement and every organization has some measurement and benchmark placed to improve their policies and processes. The Best Practices can be treated as a KM initiative and a way to improve the policies and processes in an organization.It’s not something which is internal to the organization,but external to an extent that it involves the study of the practices across industry. Best Practices are certainly not absolute and it depends on the kind of organization and its services/ offerings. But few things for an organization to look for while defining the best practices for them are:
1. Internal Practices: Before you start looking outside, concentrate internally. If you are a start up, then check the measure, matrices and balances and see whether they are properly in place. Before you actually start on improving policies and processes, see to it that the basic requirements are met for any processes or policies. For e.g. a successful project management should fill the criteria of gathering exact client requirements, defect management, risk management etc. And, if you are already an established organization, how the existing practices have affected and impacted the organization as a whole in terms of performance and running of organization.
2. Market Benchmarking: An organization cannot run in isolation. A lot of external factors impact the organization. It’s always advisable to research on specific practices and policies used by other organizations in the market who sell the same kind of services/ offerings. Not only that, you can also focus on the practices and policies which are generic to all the organizations. For e.g. Risk Management is very specific area while Resource Management is quite a generic one.
3. Involve your customers: Customers are the king. Always involve them while setting up the best practices in your organizations, take their suggestions and regularly inform them regarding the changes in process and policies in your organization. Publish Newsletters and let them know the practice areas of other organizations and how it differs in your organization. And, sometimes, involving your clients and customers can help you get the benefits of extracting information regarding the dynamics of other organizations as they are the one who works with different service providers.
4. Involve Industry Experts: Industry Experts are the one who have the experience of working in various organizations across the globe, working with acclaimed industry leaders and renowned organization. So, they have the knowledge of setting up the best practices for each and every kind of organization. Involving them would certainly help the organization in knowing the loopholes in the existing practices and the areas of improvement.
5. Documentation and Version Control: It might seem trivial but this is one of the important aspects of best practices in any organization. Proper documentation and version control helps in knowing the history and the changes that actually occurred in any practices and its overall impact.
Friday, May 21, 2010
Can we have too much KNOWLEDGE???
When it comes to Knowledge Management, too much knowledge can prove even more dangerous than having just a little if you want to share ideas.
Why is it that the more we know about something, the harder we find it to explain what we know to other people? Research evidence suggests that our difficulties aren’t caused by the amount and complexity of our knowledge but by our inability to accurately judge just how much other people already know.
In other words, we make life difficult for ourselves because we’re not very good at working out what goes on in other people’s heads. And, because the content of our own mind is the only reference point we have for understanding other people’s minds, we often struggle to appreciate just how different other minds can be from ours.
Bridging the knowledge gap
The solution is to create a metaphor that will make it easier for your listeners to make the journey from familiar territory (what they already know) to unfamiliar territory (what they don’t know). Thinking metaphorically forces us to take a step back from what we know and imagine seeing it from someone else’s point of view. This is because metaphors are created by answering the question, “What’s it like?”
However, when we know a lot about something we often find ourselves resisting this question because we’re worried that any answer to it will be simplistic and inaccurate. We are so in love with the detail and subtlety of what we know, we can’t stand the thought of misrepresenting it. When it comes to expertise, it’s often a case of all or nothing.
For example, there was a time when computers were the exclusive domain of experts who communicated with each other in the mysterious language of computer code. The great breakthrough in the design and popularity of the personal computer happened when the metaphor of the desktop replaced the barren landscape of the command line. Instead of being lost in an abstract world of code, the home user now found themselves in a familiar office environment surrounded by documents, paper folders, filing cabinets and wastepaper bins – a place where they could do business.
The desktop/office metaphor may have many inadequacies (for example, seeing a word processor as a typewriter wouldn’t lead a new user to look for a replace command) but without it, the computer revolution might never have happened.
Many computer experts doing innovative work today started life on the desktop and eventually burrowed their way down to the creative power of the code beneath it. Once we have a map of the unfamiliar territory and a feeling for it, we’re ready to revise our mental models and start making sense of the technical details. At this stage, we can hear the tune in all its glory – and we can even hum it ourselves.
- An article by Martin Shovel. Source:Knowledgeboard
Why is it that the more we know about something, the harder we find it to explain what we know to other people? Research evidence suggests that our difficulties aren’t caused by the amount and complexity of our knowledge but by our inability to accurately judge just how much other people already know.
In other words, we make life difficult for ourselves because we’re not very good at working out what goes on in other people’s heads. And, because the content of our own mind is the only reference point we have for understanding other people’s minds, we often struggle to appreciate just how different other minds can be from ours.
Bridging the knowledge gap
The solution is to create a metaphor that will make it easier for your listeners to make the journey from familiar territory (what they already know) to unfamiliar territory (what they don’t know). Thinking metaphorically forces us to take a step back from what we know and imagine seeing it from someone else’s point of view. This is because metaphors are created by answering the question, “What’s it like?”
However, when we know a lot about something we often find ourselves resisting this question because we’re worried that any answer to it will be simplistic and inaccurate. We are so in love with the detail and subtlety of what we know, we can’t stand the thought of misrepresenting it. When it comes to expertise, it’s often a case of all or nothing.
For example, there was a time when computers were the exclusive domain of experts who communicated with each other in the mysterious language of computer code. The great breakthrough in the design and popularity of the personal computer happened when the metaphor of the desktop replaced the barren landscape of the command line. Instead of being lost in an abstract world of code, the home user now found themselves in a familiar office environment surrounded by documents, paper folders, filing cabinets and wastepaper bins – a place where they could do business.
The desktop/office metaphor may have many inadequacies (for example, seeing a word processor as a typewriter wouldn’t lead a new user to look for a replace command) but without it, the computer revolution might never have happened.
Many computer experts doing innovative work today started life on the desktop and eventually burrowed their way down to the creative power of the code beneath it. Once we have a map of the unfamiliar territory and a feeling for it, we’re ready to revise our mental models and start making sense of the technical details. At this stage, we can hear the tune in all its glory – and we can even hum it ourselves.
- An article by Martin Shovel. Source:Knowledgeboard
Sunday, May 9, 2010
Social CRM: Balanced Scorecard
I had previously written a post on SOCIAL CRM explaining what SOCIAL CRM is all about. Today, I will be sharing on what actually SOCIAL CRM means to companies and how should they percieve about it. While recently reading “The world is flat” blog, I bumped into “Balanced Scorecard for SOCIAL CRM” which I thought to share with you all.
From a financial perspective, how about measuring the profit through Improved Lead Management by listening to customer conversations, reminds me of “Tweets, Retweets” concept. Capturing the conversation happening between the organization and the customer in a system helps in better understanding and catering to their needs. A proper history/track of conversation is definitely a better way from turning lead-prospect, converting to an opportunity and then grabbing it.
The simple example of DELL India catering their customers in Twitters, listening to their problems, giving them solution…how about all those information flowing into SOCIAL CRM, the point being here the customer are not individuals but organizations.
There is always a fear among the sales force of losing their clients to other sales people in the same organization because of the targets and other factors but then there is a loss of information which happens in the process because of the fear. If I as a salesperson approach some customer and some conversation happen between me and him which I think can help other sales people who are targeting similar clients, why not share it with them and what better than a SOCIAL CRM which can help in the process ensuring free flow of ideas/discussions to others sales force. SOCIAL CRM can act as an incredible tool in forming an association among sales force and a platform for them to innovate and discuss ways which can help to improve and peform better.
And, when customer behaviour/conversation/insight is tracked, then definitely it guarantees a higher satisfaction among customers and that in turns ensures customer loyalty and retention.
Balanced Scorecard
Financial: Improved Lead Management, Improved Brand Image,Higher Cross/Upsell, Higher Profitability
Internal Business Processes: Innovation via Employee Ideas,Internal Social CRM enablement,Technology enablement
Customer:Higher satisfaction and retention,High service quality, high loyalty
Learning and Growth:Targeted Products, High Innovation (both made possible due to customer behaviour and insight)
From a financial perspective, how about measuring the profit through Improved Lead Management by listening to customer conversations, reminds me of “Tweets, Retweets” concept. Capturing the conversation happening between the organization and the customer in a system helps in better understanding and catering to their needs. A proper history/track of conversation is definitely a better way from turning lead-prospect, converting to an opportunity and then grabbing it.
The simple example of DELL India catering their customers in Twitters, listening to their problems, giving them solution…how about all those information flowing into SOCIAL CRM, the point being here the customer are not individuals but organizations.
There is always a fear among the sales force of losing their clients to other sales people in the same organization because of the targets and other factors but then there is a loss of information which happens in the process because of the fear. If I as a salesperson approach some customer and some conversation happen between me and him which I think can help other sales people who are targeting similar clients, why not share it with them and what better than a SOCIAL CRM which can help in the process ensuring free flow of ideas/discussions to others sales force. SOCIAL CRM can act as an incredible tool in forming an association among sales force and a platform for them to innovate and discuss ways which can help to improve and peform better.
And, when customer behaviour/conversation/insight is tracked, then definitely it guarantees a higher satisfaction among customers and that in turns ensures customer loyalty and retention.
Balanced Scorecard
Financial: Improved Lead Management, Improved Brand Image,Higher Cross/Upsell, Higher Profitability
Internal Business Processes: Innovation via Employee Ideas,Internal Social CRM enablement,Technology enablement
Customer:Higher satisfaction and retention,High service quality, high loyalty
Learning and Growth:Targeted Products, High Innovation (both made possible due to customer behaviour and insight)
Tuesday, April 20, 2010
IFFORT-YOUR GATEWAY to Social Media Consulting
Iffort is an India based web strategy & social media consulting firm that plans,
creates and executes a thorough road-map to deliver tangible value for its clients and their stakeholders.
Co-founded by Daksh Sharma, Iffort is the "IN" thing in the field of Web Strategy and Media Consulting.Iffort's value principles are built on working together with organizations of different scales & processes to define their overall objectives and help them leverage the social web in the right manner. The offerings span across businesses which lie in the WAP (Web Adoption Pyramid) framework.
Iffort's end-to-end web marketing activity covers the following:
1.Corporate Blog Strategy
2.SEO/SEM
3.Social media marketing
4.General internet marketing (Collateral creation and Email marketing)
5.Viral campaigns/ Viral applications
6.Corporate website (CMS migration)
7. Community strategy
If you think, your business needs a competitive edge, then look no forwards because IFFORT is the one stop solution for all your needs.
Truly, IFFORT is YOUR GATEWAY to SOCIAL MEDIA AND WEB STRATEGY!!!
www.iffort.com
Contact@iffort.com
creates and executes a thorough road-map to deliver tangible value for its clients and their stakeholders.
Co-founded by Daksh Sharma, Iffort is the "IN" thing in the field of Web Strategy and Media Consulting.Iffort's value principles are built on working together with organizations of different scales & processes to define their overall objectives and help them leverage the social web in the right manner. The offerings span across businesses which lie in the WAP (Web Adoption Pyramid) framework.
Iffort's end-to-end web marketing activity covers the following:
1.Corporate Blog Strategy
2.SEO/SEM
3.Social media marketing
4.General internet marketing (Collateral creation and Email marketing)
5.Viral campaigns/ Viral applications
6.Corporate website (CMS migration)
7. Community strategy
If you think, your business needs a competitive edge, then look no forwards because IFFORT is the one stop solution for all your needs.
Truly, IFFORT is YOUR GATEWAY to SOCIAL MEDIA AND WEB STRATEGY!!!
www.iffort.com
Contact@iffort.com
Friday, February 26, 2010
SOCIAL CRM: The "IN" Thing...
CRM has always been a fascination for me. So, after all the buzz CRM has created focussing on the “constructive” interaction between a customer and a company, something else has taken a centerstage now. A new thing that has added a zing factor to CRM is “SOCIAL“. So, how different is SOCIAL CRM is from a regular CRM system??
The difference between these two is just one word, social. Social brings a new element into CRM because now instead of just dealing with data and information we are dealing with conversations and relationships. These conversations and relationships take place not just from company to consumer but also from consumer to consumer. The social CRM can be used by marketing and sales teams to listen to conversations, craft appropriate messages, join in immediately with customer conversation and offer them value in terms of information and solutions.
Social CRM has the ability to:
* Convert content to conversations therefore humanising a company so that customers regard the organisation as a trusted peer.
* Extend conversations into collaborative experiences, putting the customer at the core of a company’s strategy.
* Transform these experiences into meaningful relationships based upon real customer engagement.
Social CRM will help generate marketing intelligence, providing the marketing department with insight that will assist your company to source better leads and reduce customer support costs through self-helping communities.
The difference between these two is just one word, social. Social brings a new element into CRM because now instead of just dealing with data and information we are dealing with conversations and relationships. These conversations and relationships take place not just from company to consumer but also from consumer to consumer. The social CRM can be used by marketing and sales teams to listen to conversations, craft appropriate messages, join in immediately with customer conversation and offer them value in terms of information and solutions.
Social CRM has the ability to:
* Convert content to conversations therefore humanising a company so that customers regard the organisation as a trusted peer.
* Extend conversations into collaborative experiences, putting the customer at the core of a company’s strategy.
* Transform these experiences into meaningful relationships based upon real customer engagement.
Social CRM will help generate marketing intelligence, providing the marketing department with insight that will assist your company to source better leads and reduce customer support costs through self-helping communities.
Sunday, February 7, 2010
FORMULATION Models
There are various models that can be used to assist in the formulation of strategy.I would discuss three broad categories of formulation models:
1. Matrix based Formulation Models
2. Nmemonic Letter based Formulation Models
3. Issues/Themes Models
Matrix-Based Formulation Models
These models take two variables, one variable being placed on a vertical axis and the other being placed on a horizontal axis. This makes possible to plot various options, products, companies and so on. Variables can be dependent or independent. They need to be important issues that are of relevance to the strategic situation being considered. Scale can be any of any parameters either a matrix can have three scales like "high", "medium", "low" etc or even 2 scales like "high" and "low". Plotting of variety of things like products/services, companies or even strategic choices can be done on a matrix which can be represented as bubbles, dots or enhancements. The size and shading of these can be used to show vital information.
Keep reading STRATEGYAAN for more FORMULATION MODELS..
1. Matrix based Formulation Models
2. Nmemonic Letter based Formulation Models
3. Issues/Themes Models
Matrix-Based Formulation Models
These models take two variables, one variable being placed on a vertical axis and the other being placed on a horizontal axis. This makes possible to plot various options, products, companies and so on. Variables can be dependent or independent. They need to be important issues that are of relevance to the strategic situation being considered. Scale can be any of any parameters either a matrix can have three scales like "high", "medium", "low" etc or even 2 scales like "high" and "low". Plotting of variety of things like products/services, companies or even strategic choices can be done on a matrix which can be represented as bubbles, dots or enhancements. The size and shading of these can be used to show vital information.
Keep reading STRATEGYAAN for more FORMULATION MODELS..
Wednesday, February 3, 2010
OPERATIONAL Alignment- Continued
3. Degree of business strategy and IT alignment:HIGH and Use of Technology:HIGH(B):It means the business has a clear view of where it is going and how to innovate, identify and deploy technology to contribute to business success. The challenge for a business is to maintain this initiative to avoid falling into the place where the degree of business strategy and IT Alignment is low. Both the Balanced Scorecard and the 5 Views Model will be used continuously and reviewed to ensure that a business can maintain its competitive lead.
4. Degree of business strategy and IT alignment:LOW and Use of Technology:HIGH(D): There is a chance that the business is spending too much on technology and also that it is not getting any measurable benefit or contribution towards its business strategy. Many new start-ups either started or ended up here because of combination of poor business models and bleeding-edge technology solutions.
There are additional drivers pertaining to Planning, Funding and Communications from Operational and Strategic point of view.
Planning
Operational Fit: Responsive to business unit requirements, prioritize by business unit, IT plans reviewed by the business, IT infrastructure approval linked to funding
Strategic Fit: Involves all key business stakeholders, Single, well-integrated business plan
CONTINUED....
4. Degree of business strategy and IT alignment:LOW and Use of Technology:HIGH(D): There is a chance that the business is spending too much on technology and also that it is not getting any measurable benefit or contribution towards its business strategy. Many new start-ups either started or ended up here because of combination of poor business models and bleeding-edge technology solutions.
There are additional drivers pertaining to Planning, Funding and Communications from Operational and Strategic point of view.
Planning
Operational Fit: Responsive to business unit requirements, prioritize by business unit, IT plans reviewed by the business, IT infrastructure approval linked to funding
Strategic Fit: Involves all key business stakeholders, Single, well-integrated business plan
CONTINUED....
Tuesday, January 5, 2010
OPERATIONAL Alignment
Businesses aim to enable strategy through the proper use of IT to support business processes. The Operational Alignment Matrix allows a consultant to test and position a business within this framework. The axes of the matrix are first, degree of business strategy and IT alignment, and second use of Technology. The first axis defines the degree to which a business has established a strategy and the level of alignment expected to deliver it. The second axis determines how businesses will make use of technology to enable business processes so that they can deliver their products and services.
To give a bigger picture, a business may see a particular technology as being a fundamental differentiator of its products and services in a marketplace. There are 4 situations:
1. Degree of business strategy and IT alignement:HIGH and Use of Technology:LOW (A):It means the business is forward looking and has a clear view of where it is going and why. The technology is enabling the strategy, but probably not driving business change and process improvement
2. Degree of business strategy and IT alignement:LOW and Use of Technology:LOW(C):As long as the business recognizes that it is here and why, then there is no problem, although clearly there will be many opportunities to improve on both strategy and enabling technologies. The Scorecard model will be of particular help here, to develop and focus a business strategy and provide the drivers as measures to develop an IT strategy in support of the vision.
Keep reading for the next 2 situations.....
To give a bigger picture, a business may see a particular technology as being a fundamental differentiator of its products and services in a marketplace. There are 4 situations:
1. Degree of business strategy and IT alignement:HIGH and Use of Technology:LOW (A):It means the business is forward looking and has a clear view of where it is going and why. The technology is enabling the strategy, but probably not driving business change and process improvement
2. Degree of business strategy and IT alignement:LOW and Use of Technology:LOW(C):As long as the business recognizes that it is here and why, then there is no problem, although clearly there will be many opportunities to improve on both strategy and enabling technologies. The Scorecard model will be of particular help here, to develop and focus a business strategy and provide the drivers as measures to develop an IT strategy in support of the vision.
Keep reading for the next 2 situations.....
Monday, November 2, 2009
ENTERPRISE 2.0, What is IT??
Everyday, we hear about a lot of new terminologies that raise our curiosity level to know more about it. After Web 2.0,the new buzzword in the market is “Enterprise 2.0” which surely connects to Web 2.0.So, what really is “Enterprise 2.0“?
Enterprise 2.0 is the term for the technologies and business practices that liberate the workforce from the constraints of legacy communication and productivity tools like email. It provides business managers with access to the right information at the right time through a web of inter-connected applications, services and devices. Enterprise 2.0 makes accessible the collective intelligence of many, translating to a huge competitive advantage in the form of increased innovation, productivity and agility.
Enterprise 2.0 takes the original concept of the Web, using websites to feed content to visitors, and turns it upside down. Instead of a one-way conversation-your company talking to the site visitor-Enterprise 2.0 lets you implement a multiparty conversation to share information and manage knowledge inside and outside the organization using blogs and wikis, social networking and tagging, rating systems and the like. The link among these tools is the ability of the individuals involved to participate and to control the process while they work together, share information and create networks of people with similar interests.
Enterprise 2.0 is the term for the technologies and business practices that liberate the workforce from the constraints of legacy communication and productivity tools like email. It provides business managers with access to the right information at the right time through a web of inter-connected applications, services and devices. Enterprise 2.0 makes accessible the collective intelligence of many, translating to a huge competitive advantage in the form of increased innovation, productivity and agility.
Enterprise 2.0 takes the original concept of the Web, using websites to feed content to visitors, and turns it upside down. Instead of a one-way conversation-your company talking to the site visitor-Enterprise 2.0 lets you implement a multiparty conversation to share information and manage knowledge inside and outside the organization using blogs and wikis, social networking and tagging, rating systems and the like. The link among these tools is the ability of the individuals involved to participate and to control the process while they work together, share information and create networks of people with similar interests.
Monday, September 14, 2009
Remembering LEHMAN after a year
Last September, something unusual happened which brought a turbulence in the world economy. The major stock markets hit an all time low, fear gripped the investors minds, recession everywhere and the list of negativities continues. It’s been a year and time to relook at the major events, impacts and lessons learnt straight from the LEHMANIAN BOOKS.
The economists believe that it was capital inadequacy and not liquidity which was a major factor for the failure of Lehman Brothers. A risk management framework should be in place to identify and implement risk mitigation measures to reduce the likelihood of future credit and liquidity-based losses along with addressing the complexities of a changing regulatory landscape.
The firm should increasingly focus on these areas to mitigate the likelihood of future market and credit based losses.
* Understand and monitor counterparty, market and credit risks.
* Increase the operational effectiveness of collateral effectiveness.
* Measure and monitor liquidity risk.
* Understand the importance of transparency of internal controls surrounding the safeguarding of assets.
A central lesson from Lehman Brothers is that prime brokerage clients should understand not only where their assets are being held, but also the contractual provisions and legal remedies that exist should a prime broker or other counterparty default. Assets may not be held at the legal entity with whom the prime brokerage agreement was executed, and may have been transferred to other legal jurisdictions globally. Investor protections and bankruptcy/insolvency laws differ depending on the legal jurisdiction in which assets are held at the time an entity either files for bankruptcy or otherwise becomes insolvent.
Policies should be implemented to manage capital market risk across the enterprise. This may include re-tooling or developing and implementing robust models to measure market, liquidity, and credit risk. Models and tools should be linked with effectively designed governance practices to establish risk appetite, and to monitor, manage, and report risks.
Valuation models should be appropriately stress tested to provide senior management with confidence that a complete and accuratepicture of the firm’s financial position is visible on a daily basis.
Truly said, a structured Risk Management Framework in place can help firms to weather the financial instability. Do, we want another Lehman to happen?? The answer is certainly NO.
The economists believe that it was capital inadequacy and not liquidity which was a major factor for the failure of Lehman Brothers. A risk management framework should be in place to identify and implement risk mitigation measures to reduce the likelihood of future credit and liquidity-based losses along with addressing the complexities of a changing regulatory landscape.
The firm should increasingly focus on these areas to mitigate the likelihood of future market and credit based losses.
* Understand and monitor counterparty, market and credit risks.
* Increase the operational effectiveness of collateral effectiveness.
* Measure and monitor liquidity risk.
* Understand the importance of transparency of internal controls surrounding the safeguarding of assets.
A central lesson from Lehman Brothers is that prime brokerage clients should understand not only where their assets are being held, but also the contractual provisions and legal remedies that exist should a prime broker or other counterparty default. Assets may not be held at the legal entity with whom the prime brokerage agreement was executed, and may have been transferred to other legal jurisdictions globally. Investor protections and bankruptcy/insolvency laws differ depending on the legal jurisdiction in which assets are held at the time an entity either files for bankruptcy or otherwise becomes insolvent.
Policies should be implemented to manage capital market risk across the enterprise. This may include re-tooling or developing and implementing robust models to measure market, liquidity, and credit risk. Models and tools should be linked with effectively designed governance practices to establish risk appetite, and to monitor, manage, and report risks.
Valuation models should be appropriately stress tested to provide senior management with confidence that a complete and accuratepicture of the firm’s financial position is visible on a daily basis.
Truly said, a structured Risk Management Framework in place can help firms to weather the financial instability. Do, we want another Lehman to happen?? The answer is certainly NO.
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