How leaders can inspire accountability
Whether it’s customer complaints, patient safety issues, lack of talent attraction or unwanted turnover, workplace problems can be overcome by increasing accountability, but not if the word if the word accountability equals threat. Here are five ways leaders can inspire accountability so that they support the team and dramatically improve results.
Reimagine accountability
The word accountability has become synonymous with blame: being “held accountable.” Instead of equating accountability with fault, think of accountability as measurement with a witness. The measurement is the tool of accountability that tells you whether you are ahead, behind, too big, too little, enough or not enough, meeting standards or not.
A tool is not enough to promote accountability. Real accountability requires a witness — a human being other than yourself who’s responsible to the results. Accountable leaders should not rely completely on a document or a checklist, but on confirming the results.
The bottom line: Accountability is not about blame. Accountability is about measurements that are confirmed by a light hands-on leadership approach. While many leaders worry about being called a micromanager, there’s a wide gap between micromanaging and having a light hands-on approach. Trust, but verify.
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Full article: https://corp.smartbrief.com/original/2022/04/how-leaders-can-inspire-accountability from Leadership News - SmartBrief
The Brave New World of Distressed Asset Investing
April 2022 | Finance
There’s a perfect storm coming for distressed asset investing. The market will be flooded with opportunities, and investors are ready to move on them. But the asset class has changed and knowing how and what today’s market requires is a key to seeing returns. Kevin Kaiser, senior director of Wharton’s Harris Family Alternative Investments Program, says many on both sides — investors as well as CFOs and other senior business leaders — aren’t prepared for what’s coming.
“Funds available for investing have skyrocketed, and investors seem poised to deploy it soon. Companies that made it (barely) through the pandemic need to know what to expect when those investors turn their attention to them,” says Kaiser. “On the other side, investors need to understand recent changes in distressed asset investing — it’s not about the relatively quick operational improvements that were once required. If you are an institutional or family office investor, you can give money directly to asset management firms, but you should know more about distressed asset investing before you do. Learn the kinds of questions you should ask before you invest. Understand why the returns on distressed asset funds have been so much higher than those on flagship hedge funds, and whether those returns are sustainable.”
Read the original article here
For a Culture of Innovation, Design Thinking Is Not Enough
April 2022 | Strategy
Seeking to create a culture of innovation, where products, services, and processes are continuously created and refined? Eyeing your supply chain or business model for post-pandemic growth and competitive advantages? While often touted as The Answer, design thinking alone won’t get you there.
The popular approach is undoubtedly vital for encouraging creative problem-solving at the individual and team level. But design thinking is just one step in developing a culture that supports innovative thinking and strategically extracts value from ideas.
“Innovation is about meeting the strategic needs of the business,” says Christian Terwiesch, co-director of Wharton’s Mack Institute of Innovation Management, “and with today’s scarcity of resources and intensified competition, it is more important than ever. It is not an isolated endeavour, or a search for a headline-making ‘spark of genius.’ If you are looking for exceptional innovation opportunities, and a structured approach for identifying and capitalizing on them, you need to go beyond design thinking.”
Terwiesch and Mastering Innovation: Strategy, Process, and Tools program co-director Karl Ulrich developed an “architecture for innovation” (described in detail here) that has been used by hundreds of firms, executives, and MBA students to identify new drugs, select strategic priorities, develop apps, and create more patient-centric ways to deliver medical treatments.
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The Best Remote DBA Services for Small Businesses
If your business is like most small businesses, you don't have the budget to hire a full-time DBA (database administrator). And even if you did, it's not always feasible to bring on another employee. That's where remote DBA services come in. By outsourcing your database administration needs to a third party, you can get the help you need without having to add another employee to your payroll.
But with so many remote DBA services out there, how do you know which one is right for you?
To help you decide, we've compiled a list of the best remote DBA services for small businesses.
1. Database Administrators, Inc.
Database Administrators, Inc. (DAI) is a remote DBA services provider that has been in business since 1997. They offer a variety of services, including database design, development, and administration; data mining and warehousing; and Oracle consulting.
DAI is a Microsoft Certified Partner and an Oracle Gold Partner. They have a team of highly skilled DBAs who are dedicated to helping small businesses achieve their database goals.
2. Database Solutions
Database Solutions is a remote DBA services provider that specializes in providing support for Microsoft SQL Server databases. They offer a wide range of services, including database design, development, and administration; backup and disaster recovery; performance tuning; and more.
Database Solutions has been in business since 2001 and is a Microsoft Gold Certified Partner. Their team of DBAs is highly skilled and experienced in supporting SQL Server databases.
3. Remote DBA Services
Remote DBA Services is a remote DBA services provider that offers support for a variety of database platforms, including Microsoft SQL Server, Oracle, IBM DB2, and MySQL. They offer a wide range of services, including database design, development, and administration; backup and disaster recovery; performance tuning; and more.
Remote DBA Services has been in business since 2007 and is a Microsoft Certified Partner. Their team of DBAs is highly skilled and experienced in supporting all types of databases.
4. Database Solutions International
Database Solutions International (DSI) is a remote DBA services provider that specializes in providing support for Oracle databases. They offer a wide range of services, including database design, development, and administration; backup and disaster recovery; performance tuning; and more.
DSI has been in business since 1998 and is an Oracle Gold Partner. Their team of DBAs is highly skilled and experienced in supporting Oracle databases.
5. Database Joe
Database Joe is a remote DBA services provider that offers support for a variety of database platforms, including Microsoft SQL Server, Oracle, IBM DB2, and MySQL. They offer a wide range of services, including database design, development, and administration; backup and disaster recovery; performance tuning; and more.
Database Joe has been in business since 2006 and is a Microsoft Certified Partner. Their team of DBAs is highly skilled and experienced in supporting all types of databases.
6. Database 24/7
Database 24/7 is a remote DBA services provider that offers support for a variety of database platforms, including Microsoft SQL Server, Oracle, IBM DB2, and MySQL. They offer a wide range of services, including database design, development, and administration; backup and disaster recovery; performance tuning; and more.
Database 24/7 has been in business since 2007 and is an Oracle Certified Partner. Their team of DBAs is highly skilled and experienced in supporting all types of databases.
7. The Data Experts
The Data Experts (TDE) is a remote DBA services provider that specializes in providing support for Oracle databases. They offer a wide range of services, including database design, development, and administration; backup and disaster recovery; performance tuning; and more.
TDE has been in business since 1995 and is an Oracle Gold Partner. Their team of DBAs is highly skilled and experienced in supporting Oracle databases.
8. Database Administration Services
Database Administration Services (DAS) is a remote DBA services provider that offers support for a variety of database platforms, including Microsoft SQL Server, Oracle, IBM DB2, and MySQL. They offer a wide range of services, including database design, development, and administration; backup and disaster recovery; performance tuning; and more.
Conclusion:
Database Solutions, Remote DBA Services, Database Solutions International, Database Joe, Database 24/7, The Data Experts, and Database Administration Services are all remote DBA services providers that offer support for a variety of database platforms, including Microsoft SQL Server, Oracle, IBM DB2, and MySQL.
What is Public Relations?
Public Relations is a crucial part of any business communications and building reputation strategically. Most of the time businesses perceive public relations to be the same as marketing, such as running advertisements and promoting. As stated by the Public Relations Consultants Association (PRCA), PR is a result of what you do, and what others say about you, that is achieved through various means like short-term campaigns, viral campaigns and furthermore working with communities.
In simple words, public relations is a strategic process to manage the release and unfurl the information related to the organisation into the public for maintaining a favourable reputation of the business and its brands. The parameters that are primarily focused are –
- What information to release
- Drafting of the information
- Method of release
- Medium used to release the information
Objectives of Public Relations
The prime objective of public relations is to develop a strategic relationship with the public, partners, customers, prospects, investors, employees and stakeholders. As a result, PR helps in developing a positive image of the brand furthermore making it seem honest, successful and relevant.
Significance of Public Relations
More than 63% of the value of a company depends on the public image of the company. As a result, PR has become a very important topic for various reasons-
- Enhances the brand image
The brand image is organically elevated when the target customer is aware of the company through third-party media outlets. In addition, a thorough public relations strategy helps in building the image of the brand in a successful way.
- Strengthen relations with community
Public Relations are also a way to convey that the brand is more of a part of society as much as its target audience. Thus, making the relationship of the brand stronger with the public.
- More effective than advertising
Public Relation of a brand in any form such as testimonials, word-of-mouth or media coverage is more trustworthy than gains through advertising. As per Nielsen's study, PR is 90% more effective than advertisement to influence consumers. Perhaps, getting brand mentions from existing customers is more valuable and weighted than an ad, as it is earned and not paid.
- Creates long relationships
PR helps in developing long-lasting relationships and generates goodwill for the business, as it is recognized as trust-building.
However, developing and maintaining relationships with the public may seem like a time-consuming process but complying with it strategically on a daily or weekly routine is easy to keep doing PR the results are substantial and hook in new customers and more people talking about the business.
How is PR different from marketing?
In most of cases, PR and marketing use similar techniques. Marketing uses techniques such as product, promotion, price and place whereas, promotion is one of the key techniques used in PR. Both marketing and public relations do aim at developing a brand for the organisation but they differ in approaches to achieve the outcomes.
Marketing is about nurturing and influencing the audience for investing in the company’s services or products, while on the other hand, public relation focuses on maintaining and protecting the reputation of the brand. Moreover, a successful PR helps the brand to be more successful in all terms also making marketing much easier. A combination of both marketing and PR for a well-reputed company contributes to the growth and success of the business.
Types of Public Relations
As per the functionality of department/agencies of public relations, PR are divided into 7 types mainly-
Media Relations- The businesses need to develop a good relationship with the media organisations along with being their source of content.
Government Relations- The brands should be represented to the government for fulfilments of certain policies such as corporate social responsibilities, consumer protection, fair competition, employee protection, etc.
Community Relations- To handle the social aspect of the brand and also to develop a positive reputation in a social niche such as environment protection, education, etc. the businesses have to establish strong community relations.
Investors Relations- Fulfilment of investor events, regulatory filings, and release of financial reports, handle investors, analysts, media queries and complaints is a part of PR.
Customer Relations- Maintaining relations with the lead consumers and target market. Moreover, conducting market research for collecting more information on customer interests, priorities and attitudes for influencing the same by crafting strategies through earned media is also a significant part of public relations.
Internal Relations- Updating the employees with regard to policies, responsibilities towards organisations, course of action. Additionally, cooperating with them towards special products launches and events.
Marketing Communications- To support the marketing efforts related to product launch, campaigns, brand awareness, and other marketing strategies.
How PR does helps businesses?
PR helps the brand in building trust among the customers significantly, resulting in customers opting for a brand that they know or they trust due to the company’s reputation. This makes it easier for businesses to attract and retain customers.
The workforce of an organisation has a direct hand in the reputation of the organisation. Therefore, an unhappy workforce will indirectly hinder the service and customer experience. Moreover, through positive and effective two-way internal communication PR also helps to maintain the staff relationships in a way that makes them feel they are valued by the organisation. Hence, PR helps in creating a positive workforce resulting in increased productivity and improved customer service.
Public Relations in form of external communications impacts the business's success positively. Professionals from the organisations are appointed to ensure the external communications are targeted correctly to reach the right audiences. However, not only mainstream media but social media also plays a significant role in external communication and brand promotions.
Local market reputation is also important for a company’s reputation, therefore the local audience also needs to be well-informed. These audiences can be turned into potential customers by developing trust in the long term which will be beneficial for the company even in the time of crisis without much hampering the brand reputation.
Final Thoughts
It is important for businesses to invest in good public relations strategies for maintaining a beneficial relationship with potential customers.
Learn about Managed IT Services for Your Business
Managed IT Services can take care of many tasks for you. This includes making sure that your business website is always up and running, keeping your email in check, as well as taking care of software or hardware installations, and solving real-time safety issues. The company manages all of these tasks, so you don't have to stress their successful management on time. Managed IT Services is a managed computing resource. You can rent or buy the service, depending on your usage needs. The company you choose to operate with IT services will provide you with a system containing all of your data and computer software and hardware to ensure you will never have to fear it failing again. They provide 24/7 support for their clients because they know the importance of your IT resources to run your business. Feel free to reach out to the professional managed IT services Alpharetta for better comprehension.
What You Get With Managed IT Services
If you aspire to operate with a professional managed IT service provider, you should know what services are within the package. Some of the benefits include 24/7 tech support, round-the-clock system monitoring, and a plan that provides complete peace of mind. With Managed IT Services, you get a powerful blend of technology and business savvy. We know that the future of your business is technology, but we also know that it's essential to focus on your bottom line. What's more, with managed IT services, you can take advantage of technology solutions specifically designed for your business needs. Let Managed IT Services help you make the most out of today's technology by managing it for you.
Types of Managed IT Services
Managed IT Services differs from a full-time IT department in that it's a service that provides your company with the IT needs that you may not have otherwise. Managed IT Services is a type of managed service that facilitates your security issues and ensures peace of mind, knowing that your systems will operate smoothly and efficiently. You can expect professional quality service with Managed IT Services for your IT issues in your business. They are the best option for companies that don't have the time or skillset to keep their hardware up to date. A managed service provider will do everything from installing, configuring, and maintaining your hardware to keeping your data safe and secure. Low overhead and competitive monthly fees are the most cost-effective option for small businesses.
What can you expect from Managed Services?
Managed IT Services is a set of services typically provided to businesses by a third party. These services are designed to simplify the experience of IT within the industry. Many companies choose this option because they don't want the stress and time it takes to manage their own IT systems, while some companies find that outsourcing makes better use of their resources. These services include everything from help desk support to network management.
- Reporting
- Help Desk
- Documentation
- Proactive support
- Asset management
- Users management
- Account management
- Security and Compliance
- Monitoring and maintenance
- Backups and disaster recovery
- Faster and guaranteed response times
Advantages of Implementing Managed IT Services for Your Company
Managed IT services are a popular service for companies all over the world. They are beneficial for many reasons, one of which is that they protect you from the high costs associated with running your own IT. This can be difficult to do on your own, and managing your own IT can lead to downtime, which impacts productivity, leads to accidents, and makes it harder for you to grow your business. If you're looking for a more cost-effective, hassle-free way to manage your IT services, managed IT services might be the answer. This type of service allows you to share your IT resources with multiple clients, meaning fewer costs are associated with having a dedicated IT team. You can also benefit from increased productivity and reduced downtime and risk. With managed IT services, you can take care of all tasks related to computer management, including end-user support, remote desktop and server management, software updates, security audits, and more.
What Are Managed Solutions?
Managed IT services offer the advantages of a managed solution for businesses. They can be flexible and scalable to grow with your company. Managed IT solutions allow businesses to reduce their IT costs and make changes without disrupting the operation of their business. Depending on what industry you're in, managed IT solutions are a service delivered by a third-party provider, or it's a translation of the general notion of managed services. Regardless of its description and composition, managed services can help reduce the time and resources needed to manage your IT infrastructure. In addition to cost savings, managed solutions can also deliver other benefits like improved service levels and increased uptime.
What Are Cloud Managed Services?
Cloud-managed services can help companies save money and take advantage of the latest cloud infrastructure technologies. These services allow organizations to focus more on their core business activities while still offering these solutions to their customers. Cloud-managed services are similar to a virtual IT department that offers 24/7 assistance from an IT team. This allows business owners to leverage the full functionality of their staff while still being able to spend less time working with IT and more time on other business-related activities.
Conclusion
This blog has shown you the many benefits of getting an IT-managed service. There are quite a few things to consider before you take action to sign on the dotted line with any managed service provider, like asking them how they plan to reach your business goals and what are the drawbacks of rejecting these services for your business. Maintaining your own IT services can be a lot of work and potentially expensive, but it can also create many risks for your business. IT services are a necessity for any business. They allow your company to run smoothly, increase productivity and reduce costs. Managed IT services make your company's technical needs available 24-7 and keep your computers up-to-date with all of the latest software, hardware, and security updates. In a nutshell, this article will help you understand the benefits of managed IT services for your business.
4 Tips to Help Reduce Administrative Burden
There’s no denying that the administrative tasks behind businesses can be frustrating. More often than not, they are tedious to complete, and they may even increase your overall expenses.
However, as hard as it may be to delegate time and money, they are still essential. Luckily, there are ways that you can keep them to a minimum without jeopardizing your reputation or efficiency.
Below we are going to talk about four tips to help reduce the administrative burden in your business.
Want to learn more? Then let’s get started.
Utilize the appropriate technology
As you may already know, there are many advantages to using technology in your business. One of which happens to be that it can potentially reduce your need for administration, as more tasks can be handled digitally.
Just make sure that the software and tools you are using are appropriate to your type of work. For example, what you would require for workforce management construction, is very different from something you would use in a warehouse or regular clothing store.
Break up your admin tasks
There are different types of admin tasks, and to complete them in the best way possible, you’ll need to handle them separately. Whether you’re outsourcing, hiring a freelancer, or taking on the responsibility yourself, you don’t want areas to overlap.
Prioritizing your load will not only assist with lowering costs but help you dedicate a time slot and set a schedule. Yes, it may not seem like you’re actually reducing anything, but there are always areas you will never be able to get rid of.
Outsource where possible
Speaking of outsourcing, if you want to take off some of the load, it’s definitely worth letting other professionals handle the hard work for you. You’ll be able to focus your energy on more critical problems, and it’s not as expensive as it may seem.
This is because you only have to pay for what you need, and it’s usually more cost-effective than having to hire a full-time employee. A few of the different administrative areas you might consider include:
- Payroll and Bookkeeping
- IT
- Social Media Management
- Research and Data Collection
- Customer Service and Support
Re-evaluate regularly
Finally, the last thing you want to do is to make sure that you re-evaluate all aspects of admin regularly. As time goes on and your business changes, there could be areas that you can downsize or eliminate altogether.
We aren’t just talking about your budget and administrative expenses, but entire tasks too. However, it would be best if you were also prepared that growth could lead to an increase – something undesirable but good because it means your business is operating smoothly.
Final words
And that’s it. These were four tips to help you reduce the administrative burden in your business. By following the above, you’ll be able to complete the necessary tasks while saving both time and money in the process. It may seem difficult at first, but it’s only a few simple changes that can make a big difference.
4 Things Your Business Needs In 2022
A business is like a machine. If it's missing a single important part, that's enough to send the whole operation into chaos. For companies in 2022, there are a few parts that are so important that they won't easily succeed without them. Here are four things that every business needs in the new year.
1. Business Process Automation Software
Automation has been dominating the headlines in business over the past few years. Advancements in artificial intelligence (AI) and machine learning are powering an array of new tools for success. Business Process Automation (BPA) software helps to automate and augment your normal tasks. Customer relationship management (CRM) systems, analytical algorithms for market research, and team communication tools are only a few of the options you should consider for your company.
The advent of distributed data storage and computing can put many of these innovations in the palm of your hand through tools like CRM apps, file-sharing systems, and voice over internet protocol (VoIP) services. Shop around and figure out the level of automation that best suits your business needs.
2. Comprehensive Cybersecurity
2021 set a record for cybercrime, with global losses estimated at $6 trillion and an average individual loss of $161 per record compromised. Much of it could have been prevented by making corporate cybersecurity more comprehensive. The common term for this approach is endpoint security. This means treating all user endpoints on your network as vulnerable and insisting that high-quality, standardized defenses be installed on all of them. This is a necessity in a time when geography is no boundary for criminals.
A related concept is zero trust security architecture, which is exactly what it sounds like: assuming that anyone accessing your network is a potential threat and insisting on proof of legitimate credentials from all users. This may feel like paranoia, but these new security strategies will help safeguard your assets.
3. Quality Customer Service
Recent research found that customer service can make or break a company. According to the study, 39% of customers would switch to a different brand because of poor customer service...yet 48% would actively reward a brand for good service by spending more money with them. Your customers have enough stress in their lives. Keeping people waiting in long phone queues, making unhelpful chatbots their only source of assistance, and rerouting them to sterile call centers will only add to it. Having a kind, knowledgeable, empathetic human waiting for them on the phone or through live chat will earn their trust and their business. Live operators might cost more resources, but the payoff in brand loyalty can be huge.
4. A Strong Vision
A company has to be about something more than making money. If it doesn't, it won't matter to customers who have their pick of purchasing options. A good example of this is the demand for environmental responsibility among consumers. Market research reveals that 66% of shoppers view sustainability as a factor when making a purchase. The same truth applies to prospective employees. A separate study concluded that 40% of millennials have chosen an employer based on their commitment to sustainability.
Your vision doesn't have to involve environmentalism, but whatever your mission is, it has to be at the forefront of your branding. In an uncertain world, people want to commit to brands that give them something to believe in. Instead of embracing fleeting trends, have a rock-solid commitment to making a better world.
Business success is never guaranteed; it's a consequence of being prepared to make the best of opportunities. Keep these four business essentials in mind when planning your big moves in 2022.
A rising tide of green capital
Time and again, we’ve seen excitement build around new technologies—the railroad, electricity, the personal computer, fiber optics, e-commerce. Early investors place risky bets on seemingly oddball ideas. As a few gain traction, the money (and the hype) follows. As a market develops, large investors—venture capitalists, private equity firms, Wall Street—pile in and help scale up technology.
A similar dynamic is unfolding today in climate tech. Fifteen years ago, solar power plants and electric cars were marginal players with poor business prospects. But years of successful innovation, iteration, and improvement coupled with a pervasive sense of urgency to deal with climate change have spurred an investment boom. PwC’s State of Climate Tech 2020 report found that in 2013, a mere US$418 million globally was invested by venture capital (VC) firms into companies offering decarbonization solutions. In 2019, that investment had risen to $16.3 billion—a stunning 3,750% increase.
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How to jump-start innovation and organizational change
A version of this article appeared in the Spring 2022 issue of strategy+business.
In the spring of 2020, an Asia-based fintech was blindsided by surging demand for electronic payments. As millions of customers took their transactions online at the outset of the pandemic, many for the first time, the company’s onboarding, troubleshooting, and other service functions struggled to keep up. Around the same time, my own employer, IMD business school, had to quickly migrate its executive education programs online. Creating this new model required an upgrade of our interfaces with program applicants and participants to ensure an intuitive yet high-end experience.
Confronted with unforeseen, pressing challenges, both organizations responded by hosting short-burst, virtual collaboration modules. The fintech brought together 200 employees for a first-of-its-kind, five-day online program. The objectives were to kick-start innovation and stimulate cultural change by asking engineers to think like product and customer relationship managers. Meanwhile, IMD assembled a group of managers for a virtual workshop sponsored by the chief digital and client experience officer (CDXO). The idea was to examine which aspects of the school’s digital interfaces were outdated, and how they could be enhanced in a way that would simultaneously revamp internal processes and foster the kinds of cross-departmental collaboration that turned out to be vital during COVID-19.
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