Posts Tagged ‘Social Business’

Five Essentials for Business Success in the Digital World

Friday, April 13th, 2012

Digital technologies are forcing an unprecedented pace of change for business. If you don’t get on board now, you risk being left behind! To determine whether your business is on track to becoming a Digital Business, you need to ask these five questions:  

 

 

  1. Do you proactively monitor the industry changes that are affecting your business?

Use web based tools to help track the impact that converged technologies are having on all aspects of your business, such as customer behaviors, new suppliers, technology trends etc. This approach will give you a holistic perspective of your industry and enable you to identify strategic options ahead of your competition.

 

  1. Do you encourage collaborative behaviors within your organization?

It is crucial that your company provides the tools and environment that enable the sharing of knowledge and information in order to tap into one of its most valuable attributes – the tacit knowledge of your employees.

 

  1. Do you regularly engage with communities external to your company? 

It is essential to adopt a digital mind set and rethink how your business can more effectively engage (interact, listen, learn and co-create) with the rapidly growing collective knowledge base outside of your company in order to understand changing customer requirements, generate new ideas and gain important feedback.

 

  1. Do you disrupt your business model?

Traditional business models, tools and methodologies do not adapt well to the opportunities and threats encountered in today’s digital world. First you need to understand how the individual elements of your existing model work together and then take full advantage of digital technologies to create a disruptive new business model – before your competition does it for you!

 

  1. Do you inspire your employees to bring innovation into the workplace?  

You need to encourage your employees to leverage the mobile and social technologies that they use in their everyday lives to generate innovative ideas that will enhance, simplify and accelerate the business processes within your company.

We at KeySo Global have developed frameworks and tools that can help you rapidly adapt to changes in the digital environment. We have assisted companies by designing and implementing development programs that produce dynamic digital strategies. Contact us at 847-478-1633 or info@keysoglobal.com  to set up an initial meeting and we’ll help you discover your digital path to success!

 

How to Gain 20/20 Foresight in the Digital World

Friday, July 22nd, 2011

“Hindsight is 20/20”. We can always look back and see how past events have contributed to current situations. Hindsight is often used to measure the progression of governments and economies, and in the business world financial reports and assessments are all based on past performance. Yet in today’s fast paced digital world, hindsight alone is no longer sufficient. Knowing where you were, or even where you are, is not enough. Today’s requirement is for 20/20 Foresight – the ability to assimilate hindsight with current insight to define the road ahead.

New converged technologies are forcing digital life behavioral changes in the way we communicate and socialize, and are bringing such dramatic change to the workplace that, for many businesses, planning ahead and preparing for future challenges and opportunities are often seen as overwhelming tasks. 

Digital life is clearly having a massive impact on humanity on both global and personal levels. Through digital world converged technologies, cultural barriers are dropping, industry boundaries are blurring, consumerism is rising, and the attitude and behavior of people are changing faster than “rearview mirror” measurements can hope to keep up with. As a human race we must devise new frames of thinking, new tools for measurement, and new approaches to meeting the needs of us all.

20/20 Foresight provides organizations with valuable perspectives on consumers’, customers’, constituents’ and clients’ needs and wants of tomorrow, rather than those of yesterday or today. The “low hanging fruit” for grabbing quick returns may seem attractive now but it won’t provide a sustainable business strategy in the long term. It is the anticipation and foresight of peoples’ needs and wants of tomorrow that will increasingly determine how sustainable a strategy really is.

By identifying those factors that are contributing to major changes in human behavior – factors such as converging technologies and industries, impending baby boomer retirements, global tribes, and the mobile cloud 3.0 – and forecasting future digital life trends, we at KeySo Global have begun to derive actionable predictions; these, in turn, provide early identifications of both opportunities and threats that will help to ensure the long lasting success of any strategy.

20/20 Foresight has moved from a nice-to-have competitive differentiator to a must-have survival mechanism. To make this transition, companies must adopt a digital mind set and rethink how they can more effectively interact with the collective knowledge base outside of their business, to better understand the shifts in market trends that are occurring across the globe. At the same time they need to learn how to blend these fresh insights with their existing in-house aggregate knowledge in order to reshape out-of-date business models and become a truly “social business”.

If you’re open to change and willing to learn how to create a new digital strategy based on 20/20 Foresight that will lead to sustainable long term growth, we at KeySo Global can show you how. Contact us at info@keysoglobal.com, +1-847-478-1633 or visit our website www.keysoglobal.com.

Steve Benton, Principal, KeySo Global

The advent of social business – how your business can benefit through digital life transformation

Friday, June 3rd, 2011

Social business has its roots in the ever increasing number of converged technologies and devices that are readily available to today’s Digital Life consumer. Their widespread adoption of these has spawned exciting new possibilities for businesses willing to engage with their customers, partners, and other stakeholders.

By implementing a social business strategy, a business can provide easy access to company resources for eager and accepting consumers and customers in ways that many incumbents do not, and often cannot. Social businesses treat staff not only as valued members of their own company, but as recognized and valued members of society at large.

Many businesses are experimenting with social media forums, such as Facebook, Twitter, YouTube and LinkedIn in order to increase sales by reaching their customers using channels that are familiar to them. However, use of social media is merely the tip of the social business iceberg of opportunities.

Social businesses capitalize on the emerging opportunities that reach deep into the hearts and minds of their employees, customers, suppliers, and partners by focusing on 3 core elements of social interaction:

  1. Building of trust and lasting relationships
  2. Listening and learning from employees, customers, consumers, partners and suppliers alike
  3. Collaborating to provide innovative and timely products and services that resonate with the needs and wants of all constituents and stakeholders

Some of the key business opportunities presented through social business include:

  • New and greater insights into market trends
  • Deeper brand loyalty and customer stickiness
  • Timely innovative products and services that are geared to meeting emerging needs of today and tomorrow
  • Increased market share and business growth
  • Better business performance and sustainability

Social businesses learn that the more they successfully engage (interact, listen, learn, and co-create) with Digital Life communities, the more their insights into the needs and wants of their customers are enhanced. They are much quicker to market in providing innovative goods and services that meet changing needs and wants. They find that their growth in sales rapidly turns to record profitability and soon realize that their brand has strengthened significantly due to the viral spread of reactions amongst their customers, potential customers, partners and other stakeholders.

When analyzing the opportunities and threats afforded by social business, your business cannot use traditional tools and methodologies. Instead, a holistic, integrated, and interconnected view of Digital Life must be at the root of your business development and strategy, culminating in new business and economic models that are founded in thinking differently about the world.

To learn how to create a more adaptable business model that can keep pace with the rapidly changing digital landscape, contact us at info@keysoglobal.com, +1-847-478-1633 or visit our website www.keysoglobal.com

Steve Benton, Principal, KeySo Global LLC

Social media boot camps – is that all it takes to re-boot your business?

Friday, May 13th, 2011

You can tell when the hype cycle on social media has reached its pinnacle when you see a Sunday newspaper running an advertisement for a “Social Media CEO Boot Camp”. In 90 minutes, this crash course is going to provide you with Social Media 101, successful case studies, proven strategies and tested techniques, and will result in generating new customers for you. And the reason that you’d be interested in this is because “your existing traditional advertising and marketing has stalled”!

The likely probability is that this course will tell you about social networks, including Facebook, forums like Yelp or Trip Advisor, and micro-blogging Twitter, as well as content communities like YouTube; perhaps it will also mention wiki’s and social search sites such as Digg, and the power of RSS. It will inform you about the explosion in social media created by users generating content and companies exponentially increasing their participation, while emphasizing why you must have a voice in this expanding universe. At the same time it will preach to you about the value of search engine optimization and, if the program is really good, it will stress the need to engage listening programs to hear what people are saying about your company and its brands. As a CEO, you will come away in one of two states: either total amazement and full of energy or, more likely, filled with concern about the ability of your organization to catch up.

The reality is that social media is one element of a larger movement resulting from the impact that digital technologies and social business have in changing the interactions of companies, customers and employees on a daily basis. It is no longer about monologue conversations between the company or its employees and consumers; it’s not about control and selling; instead the emphasis is shifting to community engagement, openness and participation.

At a recent seminar on social business run by IBM and “Information Week”, the following component pieces were identified as critical elements in social business architecture:

1. The ability to understand the market dynamics of the industry, including how competition, brands and customers are socially engaging.
2. The utilization of social software, including platforms, applications and technology.
3. The identification of social objectives, including customer engagement, employee empowerment, partner enablement and supplier engagement.
4. The determination of social output, including consistent social media, the creation of communities and the participation in social networks.

The key take-away was that a social business strategy is not just about the deployment of social technology and software but that it is about the organizational, cultural and process shifts that also need to be recognized and planned for.

The audience at this seminar was comprised of technology and information savvy subscribers of Information Week, and yet the majority of the questions related to these four major themes:

1. How do I work with IT so that they don’t stall implementation of our social media strategy?
2. How do I sell the need & concept of a social business strategy to my boss?
3. How do I ensure that my social business strategy addresses security and compliance issues?
4. How do I prevent organizational overload derailing my social business strategy?

At the heart of all this complexity and constant change, resulting from the increasing utilization of new technologies, software and business processes, is the need to take a holistic planning perspective and to recognize the need for good human relations and change management.

As a CEO, you are smart, flexible and adaptable but even you can’t keep pace with what is occurring, so don’t anticipate that a single individual in the organization can either. What is required is the creation of a community of people with the common purpose of acquiring the necessary knowledge and pushing forward with the transformation that is required. In this way you will facilitate, shape and ensure the success of your company in the digital world.

We at KeySo Global understand the importance of having a strong social business strategy and we’d be happy to show you how converged technologies can be used to help your business run more efficiently and effectively. To set up an appointment, call us at +1 847-478-1633, email us at info@keysoglobal.com or visit our website at www.keysoglobal.com.
Steve Bell, President, KeySo Global LLC