Un-stoppable. Power to the People. No, it wasn’t another presidential debate, it was JiveWorld 2012 — held earlier this month in Las Vegas, NV. JiveWorld is one of the industry’s key forums to gauge the pulse of how companies are embracing and leveraging the power of social computing. The event has grown steadily over the past few years and has now reached a size of more than 1,500 people. An audience poll indicated that 53 percent of attendees were at their first JiveWorld event, proof that people are really starting to pay more attention. It is clearly a sign that organizations are starting to get more serious about using social business to drive key business initiatives. And, if you consider that over 64 of the sessions conducted at the conference were actually led by Jive customers, there are now plenty of examples for attendees to latch onto. Social business is now mainstream business. Are you ready? Continue reading
Experts around the world have taken a stab at putting the big data problem in perspective and how it could change the very nature of thinking about data and its value as an asset today.
Vendors have sprung up like mushrooms to address this problem in a way that is closely aligned to their line of thought and technology sets that are already present in the market. These solutions may or may not address the issues present in the “big data” problem space.
It is too early for Big Data standards to emerge and evolve in the market since adoption is just gaining steam. Standards will be established in time, but in the meantime there are certain fundamental issues that have not been properly addressed and which need to be tackled on priority. Continue reading
In capital markets today, it is very easy to find someone who can provide a list of reasons why the Dodd-Frank Act is onerous and unnecessary. However, if we accept the inevitability of these new business requirements, we can try to look at the regulations in a different light. The changes that these regulations require can become an opportunity for businesses to improve their efficiencies and achieve strategic goals.
In the past, the implementation of systems in many capital market organizations has been based on the needs of an individual business. Growing businesses inevitably receive larger allocations of resources so systems can maximize their ability to grow revenues and manage risk. Stable businesses often receive funding only to add necessary functionality to bolt onto existing platforms. Marginal or shrinking businesses may receive little or no support unless absolutely necessary. Continue reading
Millennials are achievement-driven. They are exposed to myriad of online gaming environments where being in the game is all about fierce competition, deep collaboration and building a reputation. In any game, you have a clearly defined mission; you compete or collaborate to compete and your position depends solely on your achievements. This environment is exhilarating and engaging to the point of addiction. A well-designed game provides instant feedback in a transparent manner. More importantly, the game touches the deep human desires including achievement, acceptance, visibility, fairness and meritocracy. Gamification is about adopting and applying these essential social elements of games into core company practices to make the practices more engaging much like games are.
A “well-gamified process” will create a near game-like engagement for employees and customers. It creates opportunities for employees to accomplish regular small wins and earn healthy reputation among peers in a fun environment, which is essential for deep engagement.
Listed below are some key building blocks of enterprise gamification Continue reading
‘Social’ is the buzz word that is driving enterprises crazy today. This leaves C-level executives of enterprises asking many questions: Should we go Social? How will it impact my organization? What do others perceive of it? Will it impact my organization’s brand image? Below are some key points to consider while devising an organizational social strategy. Continue reading
Among the lesser known components of Title VII of the Dodd-Frank Act are the internal and external business conduct requirements. Included in these requirements is the mandate for swap dealers (SD) to obtain and maintain more information on their clients than most have in the past. This additional requirement is meant to provide the Swap Dealer the data necessary to perform both a “know your customer” exercise, determine institutional suitability, eligibility as a contract participant and legal status.
In order to supervise these new rules the Dodd-Frank Act has also added a number of layers of new regulators. Since the responsibilities of the Swap Dealer have greatly increased, it is important that the SD is prepared for these responsibilities and able to substantiate to the regulators their adherence to these regulations. Since the rules are new and there has been limited guidance by the regulating bodies on many of the specifics, swap dealers should be prepared for more aggressive reviews. Besides having the necessary policies and procedures that outline the processes that must be followed, the dealers must include supervisory procedures and equally as important, substantiate to the regulators the adherence to these procedures, the transmission of the required disclosures (especially for non-swap and special entities) and the affirmation of the receipt and understanding of these disclosures by the counterparty. Continue reading
We are finally starting to see companies using their customer data more effectively to gain better insights on consumer buying patterns and preferences, allowing them to increase their cross selling opportunities and improve customer loyalty. Historical analytics and marketing practices are falling short in reducing customer churn and combating declining revenue per customer. With the advent of big data, companies now have an opportunity to harness the power of real-time information and use analytics to change the fundamental relationship they have with their end customer. It’s exciting to see the hype of big data starting to pay dividends.
Social generated data is creating unprecedented amounts of unstructured data, which if processed and analyzed quickly can provide tremendous insights into customer preferences and experiences. Combine this with the fact that the proliferation of mobile devices now provides companies the ability to use locational-based services to understand where their customer is at any point in time and provide contextual, tailored services and product offerings to their customers. The opportunity this presents to companies have never been so enormous. So, just as social and mobility have created this real time purchasing and product review ability, big data analytics has now created an opportunity for companies to interact with their consumers in real time (if of course they are able to analyze their big data in real time.) Continue reading
Enterprise app stores are becoming a critical component of enterprise mobility. More and more enterprises are either building or looking to build enterprise app stores to distribute and manage enterprise mobile applications. The increasing usage of tablets such as the iPad, the bring your own device (BYOD) phenomena and organizational wide activity in rolling out enterprise applications is forcing businesses to seek a way to manage, maintain and control the distribution of these applications. These factors are driving them to build enterprise app stores within their organization.
When it comes to building and running enterprise app stores, it is critical for organizations to learn from the mistakes of their industry peers. Organizations should look at case studies and data that give insight as to why some of the initiatives around enterprise app stores have resulted in either failure or low usage within an enterprise.
While the specific factors for low adoption and outright failure tend to vary from organization to organization, there are some common denominators that apply across a broad range of organizations. When building an enterprise app store, certain mistakes should be avoided, and they should be kept in mind with reference to the top 10 best practices which I have outlined in my earlier blog post.
Below are the top five mistakes to avoid when building an enterprise app store Continue reading
Whether Big Data lives up to its perceived potential based on the hype, excitement and high expectations created in the market is a moot point. The larger and more important question in the minds of business decision maker is, “Is this the right time to invest? If so, what is the value add from a long term perspective?”
The majority of the current customer value management solutions to a large extent are limited to traditional methods of data collection, data quality, and predictive analytical models (using structured data). These lead to a target customer base for campaigns, cross-sell and up-sell opportunities, etc. The biggest drawback in this sequence of events witnessed in one implementation for a client was the lack of structured and multi-pronged feedback mechanisms which loop into IT systems. Therefore, this precludes businesses to understand customer behavior from a comprehensive standpoint. In the fiercely competitive environment in which banks and financial firms operate, customer value management solutions play a paramount role in acquiring and retaining profitable customers, now more than ever. Continue reading
While the linkage between business process management (BPM) and master data management (MDM) initiatives has been explored for some time, it’s only now that we’re beginning to see companies truly think about these initiatives as fully integrated programs. For quite some time, I have been a strong advocate for the convergence of BPM and MDM initiatives and how companies should NOT treat these as disparate efforts. For instance, how can companies talk about streamlining core business processes, such as their Trouble to Resolve, or other key customer care processes without having a unified view of the customer? It’s hard to optimize a process without trusted data. This seems fairly intuitive, but still, most companies were not connecting the dots just yet. Continue reading