Everyone's Blog Posts - GlobalRisk community

Tonic Water utilized in Alcoholic Drinks and Treat Malaria

2020-12-23T13:30:00.000Z

Everyone enjoys a drink at a party and tonic water accompanies every drink very well. It mixes with everyone for taste enhancement. The drink helps in smoothening the taste of any hard drink. Tonic water accompanies drinks and provides them support in taste and intensity.

It is the most common drink. It has lemon and sugar flavor most of the time. A few of the drinks that use tonic water are tequila, vodka, and gin. Other than that, you can add tonic water with any drink you like.

What is Tonic Water

Tonic water is carbonated water or soft drink that contains quinine. Mostly, tonic water does not have any taste but sometimes uses sugar, and the lemon flavor in the drink. The added flavor depends on the consumption as there are many people who consume it directly.

There is a bitter taste in tonic water. It totally depends on the percentage of quinine used in the tonic water. Quinine is a component extract from the cinchona tree’s bark which is bitter in taste. So, the more the quinine used in the tonic water, the more bitter the taste of the tonic water.

Tonic water originated from South America, though it sounds like an Asian name. Some flavors are added to tonic water that is lemon and sugar, fruit acids, etc. These flavors enhance the taste of tonic water and add on a quick mild flavor to the tonic water.

Uses of Tonic water

There are many uses of the tonic that we can consider in our daily life. There are many ways to use tonic water, which totally depends on how you find your way to use tonic water. Following are some of the uses of tonic water:

Drinking purpose

Tonic water is generally used for drinking purposes which are clearly mentioned in the above paragraphs. There are many drinks that use tonic water as their partner. Along with the strong drinks, you can also drink tonic water individually. There are many drinks that use tonic water as the main component.

Tonic water enhances and lightens up the taste of the hard drinks that have a strong taste. It provides a mild taste to the drink. This drink can also consume alone without any partner along.

Cleaning purpose

Tonic water can be used as a surface cleaner for houses and workplaces. It has the tendency to clean the surface without leaving any chemical residue on the surface. You can also use it to remove stains on items. You just need to dip the item in tonic water for a certain period then wash it off.

It uses to clean glasses and other surfaces to remove stains. Its properties make it possible to use it as a stain cleaner for any item. You can replace your surface cleaner liquid with tonic water. Surface cleaners leave some chemical after wiping it off from the surface, but tonic water does not leave residual.

Medical use

In the early days, tonic water was originated to cure diseases like malaria. The quinine present in tonic water help in curing malaria. The therapeutic property of the drink has many health benefits and treats some diseases. Although the tonic water which is now available in the market has very little quantity of quinine which makes it less effective on malaria than before.

There are many people who believe that tonic water helps in muscle cramp relief. But this fact has no prove in science.

Maintain freshness in flowers

Tonic water can be used to preserve flowers and even use it for making your flowers look fresh. You can easily use the mixture of tonic water and normal water that you can sprinkle on the flowers to maintain their freshness.

The minerals and sugar used in the tonic water help flower to look fresher than before. Tonic water can lock the freshness of the flower for a longer time period.

Summing up

Tonic waterfalls under soft drinks have many purposes. It is a carbonated drink with some added flavors. It teams up with hard drinks very well like vodka, gin, and tequila. There are many uses of tonic water other than mainstream use. People consume tonic water individually without any partner.

The increasing drinking habits of the people around the globe affect the demand for the product. Other than that, there are various reasons that might affect the demand for tonic water all over the world.

How Encompass maximises banks’ efficiency by standardising processes

2020-12-23T08:07:33.000Z

As a result of the COVID-19 pandemic, digital transformation initiatives have risen to the top of the agenda for many global financial institutions.

With refined priorities and the impact of the pandemic still being felt, they are having to maximise efficiency and return across all areas of the business.

Even before the pandemic encouraged a shift towards digital solutions in order to maximise business efficiency, enhance customer experience and meet evolving compliance expectations, global banks were facing increasing pressure.

They know that, in the current climate, with FinTechs and challenger banks to contend with, for whom technology is ingrained in their processes, a seamless Know Your Customer (KYC) experience is a must. With companies often completing applications with a number of providers when looking for new financial services or products, the bank that can offer the quickest and most efficient onboarding process has a better chance of securing that business.

Manual processes are costly – both in terms of time and money. Aside from a slower and less efficient way of working when gathering information from a plethora of sources, there is also the risk of human error.

Depending on staff for the entire process also means that skilled analysts lose time that they could be dedicating to more business critical tasks. As a result, for many, the realisation has dawned that they simply cannot continue to do things alone – to successfully navigate the changing environment, win business and boost efficiency within their own institutions, they must look to RegTech.

Standardisation of processes

One of the main benefits of RegTech, specifically intelligent process automation, for financial institutions is the standardisation of processes that comes with utilising a solution like Encompass.

Encompass automates repetitive manual tasks, like data gathering, providing the opportunity to streamline and bring consistency to onboarding efforts across the organisation, as well as saving time, money and eliminating the risk of human error. Leveraging automation in such a way means that each task related to KYC is completed consistently, and a detailed audit trail ensures every search and action is accurately recorded for regulatory purposes. Furthermore, KYC files can be accessed by analysts as and when needed to onboard or refresh.

We know that, by relying on robust, repeatable processes, banks are able to be more efficient across their entity. They can also reap the benefits of considerable time savings across business lines, as our platform completes UBO discovery and screening in minutes as opposed to hours, days, weeks or, in some cases, months, ensuring a fast, frictionless onboarding experience and improved customer journey. In these times especially, that can prove crucial in the quest to secure customers.

Encompass can also be deployed across a number of business units, with standard, out of the box solutions able to be up and running in a matter of days and easily accessible remotely. This flexibility and scalability when it comes to implementation means various areas of the bank can realise the advantages of automation and push their own digital transformation initiatives forward – particularly pertinent when demand is ever rising.

Having the opportunity to be flexible whilst also standardising a bank’s IT stack will ultimately lead to increased efficiencies, lower costs and consistent results. Isn’t that what everyone wants?

Irrigation Automation made the Farming Process Smooth

2020-12-22T12:20:05.000Z

There has been a shift from the manual irrigation process to an automatic irrigation system. Irrigation Automation is accompanied by feedback-based approaches. It allows efficient handling of resources. The main reason for the increased adoption of irrigation systems is growing water scarcity.

The unpredictable rainfall has resulted in rising in the demand for advanced irrigation systems. Several initiatives have been taken by the government of many countries in order to promote water conservation. At the same time, raising awareness among the farmers about the benefits of automated irrigation technologies is expected to improve the demand for irrigation automation.

What do we understand by irrigation automation system?

The irrigation automation system refers to a process of irrigation in which there is hardware components are incorporated to automate the process occurring during irrigation. Once it is installed, the water distribution in the small or large field becomes easier. These automatic systems enable the user to adjust the irrigation process. The automated irrigation systems involve minimal manual intervention.

Irrigation Automation and its application

The irrigation automation system is used for various purposes. It finds its application in agricultural fields such as Open fields or Greenhouses. Nowadays Irrigation automation is also beneficial in Non-agricultural fields such as in residential plantations, Sports grounds, and Golf grounds.

Types of Irrigation Automation

Surface irrigation

It is a type of irrigation in which water is applied to the soil surface. It is the most common form of irrigation. Water flows under the influence of gravity. Surface irrigation must be managed in order to practice it effectively.

Sprinkler irrigation

Water is applied in the field with the help of a pump. The water is produced under high pressure. Water is sprinkled similar to rainfall. Pipes are connected to the system with a nozzle are connected which spray water and irrigates.

Drip irrigation

Drip irrigation is considered the most effective system of water irrigation. It delivers the right amount of water to the roots of the plants. Dripper lines are laid in the field. These drippers release a uniform amount of water to the root zone in the entire field.

Gears of Irrigation Automation

Controller

A device that is used to operate irrigation automation is called a controller. They are connected with a sprinkler or drip irrigation. Most of the controllers set the frequency of irrigation. The start time and the water release duration is controlled by it. The controller usually opens the valve containing tubes that open and close according to pre-set instructions of the controller.

Sensors

These are smart devices accompanied by the irrigation automation system. There is a variety of weather-based sensors. They work according to local weather conditions. Sensors effectively manage the irrigation in the field.

Valves

Valves are used to turn on and off the sprinkler. They are named on the basis of which device it is connected such a sprinkler valve, lawn valve, irrigation valve, etc. these valves are regulated by the controller for the flow of water.

Benefits of Irrigation Automation

The irrigation process can be easily optimized according to the need.
Water can be used from different sources.
It reduces dependency on manual operations.
As the system is automated thus it starts and stops according to the need.
It optimizes the energy requirement.

Different types of Automation system used in Irrigation Automation

Volume-based

In this type of, the amount of water to be applied is pre-set. It is controlled by a metering valve. According to the requirement of the plants, a controlled volume of water is supplied.

Time-based

In this type of irrigation automation system, time clock controller is used. The timer controller becomes an important part of the automation system. It facilitates the supply of water at right time. The timing of the operation is calculated depending on the volume of water required and flowrate.

Real-time based

It works on basis of the actual dynamic demand of the crop or the plants grown in the field. The real-time based irrigation automation system operates in a controlled environment. Various sensors are incorporated in the system that controls the scheduling of the sensors.

Computer-based

In this type of control system, hardware and software systems are incorporated. These components manage and supervise the irrigation processes.

Limitations of automation irrigation

It is a little complex for the farmers to understand the working of the system.
The installation cost of this system is very high.
It requires a continuous supply of electricity for the operation.

The bottom line

The Irrigation Automation Market has been witnessing rapid growth due to growing awareness among farmers about the benefits of implementing irrigation automation systems. Government initiatives are also supporting automated irrigation systems. There are numerous components of the automated irrigation system that makes them function efficiently.

There are many advantages of advanced irrigation systems that make them more adaptable. Although the cost of installation is very high.

Simple Tips For Keeping Your Business Clean

2020-12-22T11:13:19.000Z

When you run a business, cleanliness and hygiene are highly important. Wherever people are working, there is likely to be mess which accumulates over time, and this is only natural. However, keeping on top of the cleaning and sanitation of your business is vital, especially in the current times. If your office or workplace has a large number of employees, or your workplace is based in a warehouse or factory, then your cleaning strategies are likely to be focused on specific areas, such as food preparation areas, places with high traffic or entrance and exit points.

As so many of us are now more focused on keeping places clean, sanitised and hygienic in the interest of the safety and wellbeing of your employees, customers and your business, here are some simple tips for keeping your business clean.

Delegate Cleaning Responsibilities

If your office or workplace is regularly cleaned, but you still find you need to keep on top of odd jobs, then it may be beneficial to delegate cleaning duties around the workplace. They don’t need to be big jobs, but ones which need doing on a regular basis. Things such as disinfection high touchpoints, such as light switches, door handles and buttons, washing pots in a shared kitchen area or even just hoovering the entrance to your business are quick jobs which will make a huge difference when done regularly. You should also encourage employees to clean up after themselves throughout the workplace, too.

Clean Customer-Facing Services

It is important that during the Coronavirus outbreak, you are protecting your customers and employees. If you have a store, then regularly cleaning customer-facing areas and services is hugely important. Things such as card machines, door handles, popular items and pay points should be disinfected regularly or after each use. Remember to pay attention to social distancing guidelines and one way systems, too.

Place hand sanitiser points on entry and exit of your store and around the shop floor to encourage customers to regularly sanitise their hands during their visit. You should also be encouraging your employees to regularly wash their hands and sanitise after each transaction and ensure that they are wearing a mask or face covering.

Have A Thorough End of Day Cleaning Routine

As well as cleaning throughout the day, it is important that you have a thorough cleaning routine in place for the end of the day, too. Wipe down and sanitise all surfaces, ensure bins are empty, toilets are clean and shared areas are tidy. Sweep and mop floors, especially if there are customers or employees coming in and out of your workplace throughout the day and if your workplace is a factory or warehouse, then ensure that all machinery and equipment is cleaned, too.

If you find that a daily cleaning routine is too much work to do at once, then pay close attention to surfaces and shared areas throughout the day and alternate your cleaning days. There are specialist cleaning companies and services that can help with your cleaning schedule and which may make it easier for you to manage.

Good night 2020

2020-12-22T02:30:00.000Z

Thought I’d end the year differently because it's the year of differences. Here is a VLOG instead of a BLOG… enjoy!

__________________________________________________________________________________

Bryan's new book teaches you practical methods to cut through with your advice and make the impact you want to make. Available on Amazon or order here now.

YOUR DECISIONS DEFINE YOU.

Available on Amazon or order here now.

Bryan Whitefield works with strategic leaders across all sectors to help organisations harness uncertainty – uncertainty is the strategic leader’s best friend. He is the author of DECIDE: How to Manage the Risk in Your Decision Making and Winning Conversations: How to turn red tape into blue ribbon. He is the designer of the Risk Culture: Build Your Tribe of Advocates Program for support functions and the Persuasive Adviser Program for internal advisers. Both can be booked individually or in-house. For more information about Bryan, please click here.

www.bryanwhitefield.com

क्या कोई भी व्यक्ति MSME से व्यापार शुरु कर सकता है?

2020-12-21T10:40:00.000Z

एमएसएमई भारतीय अर्थव्यवस्था की बैक बोन हैं। अपने देश के सकल घरेलू उत्पाद (जीडीपी) में लगभग 29 फीसदी का योगदान एमएसएमई करते हैं। एमएसएमई सेक्टर देश में रोजगार का सबसे बड़ा जरिया है। करीब 12 करोड़ लोगों की आजीविका इस क्षेत्र पर निर्भर करती है।

2024 तक सरकार के $5 ट्रिलियन अर्थव्यवस्था के मिशन को साकार करने के लिए, इस क्षेत्र का जीडीपी में योगदान बढ़ाकर 50% तक करने की जरूरत है। इस लक्ष्य को पूरा करने के लिए भारत सरकार एमएसएमई को हर प्रकार से साहायता उपलब्ध करा रही है।

मुद्रा लोन योजना इसी का एक हिस्सा है। मुद्रा लोन योजना में एमएसएमई कारोबारियों को 10 लाख रुपये तक का बिजनेस लोन, बिना कुछ गिरवी रखे प्रदान किया जाता है।

MSME में व्यापार शुरु करना आसान है

MSME एक बिजनेस श्रेणी है। जो व्यक्ति इस श्रेणी में व्यापार करना चाहे वह आराम से बिजनेस शुरु कर सकता है। उसके ऊपर कोई रोक या बाधा इत्यादि नहीं होती है। हां, एक बात का अनिवार्य रुप से पालन करना होता है, वह है एमएसएमई कैटेगरी के नियमों का पालन करना और जरुरी शर्तो को पूरा करना।

एमएसएमई दो प्रकार का होता है

मैन्युफैक्चरिंग क्षेत्र का व्यापार

सर्विस सेक्टर का बिजनेस

एमएसएमई एक शॉर्ट फॉर्म है। MSME का फुल – फॉर्म Ministry of Micro, Small and Medium Enterprises (लघु, कुटीर एवं मध्यम उपक्रम) होता है। इसे सहज भाषा में छोटा एवं मध्यम बिजनेस सेक्टर भी कहा जाता है। एमएसएमई सेक्टर तीन कैटेगरी में विभाजित किया गया है।

लघु उद्योग - Micro Enterprises

कुटीर उद्योग – Small Enterprises

मध्यम उद्योग – Medium Enterprises

भारत सरकार के सुक्ष्म, लधु एवं मध्यम मंत्रालय द्वारा एमएसएमई सेक्टर में कारोबार करने के लिए एक परिभाषा का निर्धारण किया गया है। एमएसएमई की परिभाषा निम्नलिखित हैः

लघु उद्योग - Micro Enterprises की परिभाषा

सूक्ष्म उद्योग के अंतर्गत वह उद्यम आते हैं जिनमें एक करोड़ रुपये का निवेश (मशीनरी वगैरह में) और टर्नओवर 5 करोड़ तक हो। यहां निवेश से मतलब यह है कि कंपनी ने मशीनरी वगैरह में कितना निवेश किया है। यह मैन्युफैक्चरिंग और सर्विस सेक्टर दोनों क्षेत्र के उद्यमों पर लागू होता है।

कुटीर उद्योग – Small Enterprises की परिभाषा

कुटीर उद्योग की श्रेणी में उन बिजनेस को रखते है जिन उद्योगों में निवेश 10 करोड़ और टर्नओवर 50 करोड़ रुपये तक है। यह निवेश और टर्नओवर की सीमा मैन्युफैक्चरिंग और सर्विस दोनों सेक्टर में लागू होती है।

मध्यम उद्योग – Medium Enterprises की परिभाषा

मैनुफैक्चरिंग और सर्विस सेक्टर के ऐसे उद्योग जिनमें 50 करोड़ का निवेश और 250 करोड़ टर्नओवर है वह मध्मम उद्योग में आते हैं। यह निवेश और टर्नओवर की सीमा मैन्युफैक्चरिंग और सर्विस दोनों सेक्टर में लागू होती है।

Hospital Outsourcing offloads their most Repetitive management

2020-12-21T09:47:26.000Z

The word outsourcing has become a buzzword in the healthcare business. Additionally, outsourcing has been turning into an undeniably popular strategy that healthcare associations can use to deal with the expanding expenses of offering different types of services. With the assistance of outsourcing, an external service provider assumes full responsibility for overseeing some of all of the healthcare organization’s business.

Benefits of Hospital Outsourcing

Outsourcing services associated with the major activities of the healthcare organization could likewise empower healthcare executives and staff to focus more adequately on their organization’s core business.

1. Satisfactory Experience for Consumer

Outsourcing prompts essential improvement in the different services given by Hospitals working in various parts of the world. In addition, outsourcing gives Hospitals plenty of time and energy to concentrate on their core business as opposed to administration and other unnecessary tasks. Enhanced adaptability and growth in service quality levels have been the most obtained benefits of outsourcing in Hospitals.

Additionally, the adaptability to satisfy the ever-changing needs and demands of the patients is given by outsourcing. The benefits obtained subsequent to introducing the outsourcing services have shown the relatively high satisfactory experience level of the patients.

2. Enhance the recruiting process

One of the significant advantages of outsourcing is it expands the talent pool of the healthcare organization. Hospitals that are compelled to concentrate on their core tasks think that it is hard to get profoundly talented experts, especially in rural areas. Outsourcing can help healthcare associations to bridge this gap. By deploying talented and capable resources to oversee essential operational tasks, existing staff can be freed to concentrate on patients more.

Outsourcing helps the healthcare organization to offload their most tedious administration and management tasks so they can spend effort where it matters most: on enhancing the experience of the patients. This prompts better productivity of staff, higher fulfillment of the employee, and low expenses on training.

3. Cost-effective

One of the significant components in Hospital outsourcing is the reduction in expenses. It has been seen that by introducing outsourcing, Hospitals were effectively reduced the expense of their various tasks. Also, commonly, Hospitals need investments to deploy different advanced instruments for various medical procedures. By a recent study, it has been discovered that cost has been fundamentally diminished by outsourcing. To those healthcare associations that are thinking to consider outsourcing, this element can be a driver to adopt outsourcing services.

Disadvantages of Hospitals Outsourcing

In spite of the fact that there are various advantages of introducing outsourcing in the healthcare sector, still, a few healthcare organizations couldn't obtain the expected outcomes because of outsourcing. A few of the restrains of Hospital outsourcing are explained below.

1. Absence of Quality

Outsourcers should also consider the likelihood of facing different quality issues. Poor quality commonly originates from confusion around the degree of the work being given and the full costs of those services. Healthcare organizations shouldn't underestimate the proportion of time and effort expected to develop a powerful outsourcing partnership. Providers and vendors should explicitly describe the degree of work, the standards, and objectives by which it will be assessed, and the full cost of each possible agreed-upon scenario. By explicitly defining the services to be given and the levels of performance, the two parties can choose to create an agreement, narrowing the possibilities for miscommunication.

2. Absence of Coordination

It has frequently been seen that there exists an absence of coordination and integration between the external service provider and healthcare organization. At the point when coordination isn't appropriate between two parties, the operations may take a nosedive because of differences in viewpoints. In some situations, external service providers have an improper understanding of the tasks of users that behave as a huge obstruction in the development of Hospital outsourcing in the upcoming years. Workers' resistance to change and negotiation of the expense could also be a drawback in Hospital outsourcing.

3. Data privacy and security

One of the biggest limitations has been a data breach and patient privacy issues. In 2018 alone, major patient records were hacked. This number essentially expanded in 2018 versus 2017. Hackers and data breaches represent a risk for health systems that outsource and those that manage information internally.

However, information breaches and security concerns are the greatest among business partners and outsiders, making it crucial for service providers and outsourcing partners to set up risk management programs that secure patient data and agree to government rules.

Summing up:

Commonly, there is a good argument to be made for outsourcing. The core competencies of a healthcare provider are diagnosing and treating patients. By outsourcing non-core operations, a healthcare organization can decrease costs while improving support levels and patient outcomes.

However, outsourcing comes with some risks, and as healthcare organizations dynamically consider outsourcing in more regions of their activities, it's critical to understand the limitations so they can choose if the benefits surpass the limitation.

Interview with Norman Marks about his new book "Risk Management for Success"

2020-12-19T07:43:02.000Z

This is a transcription of our interview with Norman Marks.

You can watch the original video interview here:

https://globalriskcommunity.com/video/norman-marks-book

Here is the link to purchase the Risk Management for Success book.

Boris: Welcome to our interview with Norman Marks. Norman Marks is recognized as a global thought leader in risk management. He is a prolific blogger, author of several books and multiple articles and the speaker at conferences and seminars around the world. Norman is an original thinker with the business', rather than a technical Risk management perspective. And Norman served as a Chief Risk, compliance and ethics officer for large multinational companies.

Norman, thank you for coming to our virtual interview today.

Norman: It’s my pleasure, great to be with everybody.

Boris: Thank you. Today we will discuss your new book “Risk Management for Success”. In this book, you answer some important questions such as what is world class risk management, why do so many top executives and board members have difficulty seeing how ERM makes a positive contribution to the success of their organization.

Norman, can you give us a little bit more insights about your career path and what led you to write this book?

Norman: Thank you. As some of you might be able to tell from my accent, I was born and raised in England and moved to the States 40 years ago. So I've got a career that spans the Atlantic ocean on both sides, public accounting, and then internal audit and IT Management and then also has been a risk and compliance officer.

Although I've been somewhat technical at times, for example, for what is now a PWC UK, I was their lead technical IT audit manager, senior manager. I wrote methodologies and things like that. My perspective has always been on what it takes to run the organization to be successful rather than the nitty gritty in the weeds kind of things.

I hired people like that, for example, my IT auditors who look first at the business process to understand the business before they understand and try to evaluate the IT area.

So I always come from, as you said, a business perspective, rather than the technical perspective, looking to see what it takes for the organization to succeed. What I've seen as it comes to risk management is that it's clearly not being very effective, not very succesful in the traditional sense.

People are relying perhaps based on guidance from regulators and consultants, even the big auditing and accounting firms, they are producing a list of risks. And they're reviewing that list of risks on a periodic basis and thinking that is risk management.

Yes, any survey of management and executives and the Board, they see what this is about as BS as it's not helping them either set the right objectives or to execute their strategies to achieve those effectives.

So it's not getting the funding, is not getting the support from management on a continuing basis and to add value. If you look at surveys, for example, from the ERM institutes at North Carolina States, every year they do this survey and according to their assessments the maturity is less than 10% each time of saying that they're very mature. I think of the last few years, 7% of organizations that have responding to the survey on Risk Management by saying that they have effective and mature risk management.

And the next level is somewhat effective. What the ERM Institute is saying is that number, which is about 20 - 21% is actually going down. So organizations are not seeing the value out of this. This is actually my fifth book on Risk Management, so I've been trying for the last several years to actually encourage people, to look beyond this and look at it for the customer perspective, from the business perspective and say... What is the business need, What are the decision-makers needs? What are the people leading the organization need for them to be able to make the right decisions to lead the organization to success?

And it’s certainly in my opinion, not a list of risks and that’s the Genesis of the book. Don't talk about Risk in technical language, talk about it in plain English. I've talked about not thinking about managing and mitigating risks, think about achieving objectives of what it takes to do that.

I wanted to write a book about Success Management as being something better than Risk Management, and I realised that people won't necessarily understand what I'm talking about transforming current day Risk Managent. So I set the title and the topic, as Risk Management for Success. So the people eventually will start realizing that what we should be doing is helping the organizations be successful rather than simply avoid failure.

Boris: So what is one commonly held belief as it relates to the risk management that you would like to debunk in your new book?
Or If we go further, how does someone hearing this for the first time will take action based on your book?

Norman:. So one of the things that I talk about it, especially when I do it in person classes, which I will do again in 2021. If you want to persuade somebody to do something, you have to appeal to their W I I F M. For those of you who don't know, this is What's In It For Me. So if you want somebody to do something, they have to see some value in it.

Right? And so what we need to be doing is looking at this from the point of view of the people running the business, and what is the information they need in order to set the right objectives, execute day to day. One of the stories I tell is for my friend, I think, you know, him Boris, Alexy Sidorenko. Alex was the Chief Risk Officer for a very large Russian financial services company in Moscow.

And soon after he joined, there was a subject, with kind of regulations that required a Risk Appetite statement, Risk Register and all these different reports. He did all of that and he had a meeting with the CEO of the company. The CEO was very professional, very courteous and said, thank you, Alex, this looks like you've done an excellent job of meeting all of the regulator requirements.

I can see how this is diligent, and I'm sure it was reliable. But if you look at my desk over here on, you can see a number of different piles of paper. Each one of those represents an important decision that I have to make today or tomorrow. And what you've given me will not help me to make any of those decisions. What you given to me wouldn't have helped me to make any of the decisions I have to have to make up for the last two months.

So what I'd like you to do is continue to do what you have been doing, because that you have to meet the regulator’s requirements, but then I want you to meet with my executives and my team and give them help with the information and the processes they need to make the right decisions so that we, as an organization can achieve our objectives.

And that's the transformation that I'm looking for is to keep complying, but then enable the executives to what I call informed and intelligent decisions.

And that involves them taking the right risks in the circumstances and justify them based upon the reward. And so it is not looking at downside by itself. Its is looking at the ability to way the consequences of a decision or lack of a decision and balancing the pros and the cons so that you can now know, okay, which is the right thing to do.

And, that is really to me what it's all about. It's not about just the downside. It’s about the upside as well, but recognizing that anything that we do, any decision, anything that happens has multiple effects. Not just one bad side, but it can be multiple bad effects, but can also be multiple good effects. As we do it on our personal lives, we've got to make a balanced decision.

I written about when we make a decision on, for example, what car to buy, we don't look at a Risk Register. We make a list of all the pros and the cons of each vehicle, right? And then we make an intelligent decision as to which one. Now, if we do that in a personal lifes, why are we doing something different in our professional lifes? Why can't we help the executives understand the ramifications, consequences, the effects of any particular action or the situation, both the pros and the cons so that they can make the right decisions.

And that I think is transforming what we're doing so that the executives and decision makers are not just doing what they have to do. They're doing what they want to do. And we're helping them with the analysis and assessment of information on both sides, the pros and the cons. So they can see the whole picture to make the right decision.

Unfortunately, I've talked to a number of Risk practitioners, and I say, well, you have all of these tools to evaluate bad things that might happen. Why don't you do that on the good things that might have? And they say, well, that's somebody else’s job.

So he would have been waiting for the downside in a very disciplined, structured fashion. And somebody is used to throw a guesswork and optimism on the upside.

And then the executive sitting there in the middle and thinking, what am I supposed to do now? How can I make an intelligent decision? I've got you on this side who is only telling me that this guy is full but guy on the other side painting a rosy picture. And you're making me guess as to what I'm supposed to do.

Boris: Is there is one thing that the risk managers should start doing right now that they are not doing currently, what would it be? Or perhaps another way around, is there one thing that the risk managers should stop doing now that they are doing? What would it be based on your book or your thinking?

Norman: What about risk and managing a mitigating risk? If we do not take risk, we will never succeed. The thing is to take the right risk, given the circumstances. So I think we need to stop thinking of ourselves as responsible for managing risk. We are there to help them. And if we are to help the decision makers and executives, the thing that we have to do is meet with them, understand what decisions they make, how they make decisions, what information they could use, they are using, we could use, which is better.

And then we can step back and say, how can we help them do a better job? The boys I had when I was talking about Risk, Management in plain English and misspeak a four letter word, and we want to try and avoid because It really turns executives off. I'm here to talk to you about Risk, Oh my goodness. You're here to stop me doing what I need to do. Right? You an obstacle to my progress, you are an obstacle in running my business.

So I was talking about this and writing about this. And somebody wrote a comment on my blog that said that they had changed the name of the department from Risk Management to Decision Support. And all of a sudden the executives were welcoming him. Because that difference in mindsets of we are here to help, how can we help? How can we help give you the information and insigh you need to all the things that might happen is appealing to them, because you're now saying I'm going to help you be personally and organizationally successful.

Boris: In many financial companies they have to be precise Risk, Management Department and not something else.

Norman: Well, you know, here's another story for you. Another friend of mine, Martin Davis in Singapore, is a very smart guy and a great technician. He was a risk officer for, I think it might've been in Australia, but anyway, this is another financial services company, a trading company. And he was a risk officer and the traders typically would propose a new financial instrument they wanted to try.

And that would go to the Risk Officer who would take that running for a sophisticated model to determine whether it meant to be defined parameters for being acceptable. Most of them worked to say yes or no. And if no, go away. What Martin did, if it was no, he would look at it, he would understand what the trade is trying to accomplish.

And then he would go to the trader and say, if you change this here and that there, it will meet the guidance and it would do what you want. So he changed from the department of NO, to the department of HOW. He changed from being an obstacle to being an enabler and a partner and help them make the right decision and its kind of mental shift. We heard in some ways again, because we have this idea that the RISK officer is there to STOP people taking too much risk and they see themselves as being the sheriff in town and stop those rowdy Cowboys, doing something to jam the organizations instead of saying, my job is to help the organization succeed.

Now, how can I do that better? It’s not just to stop people but they have to help people understand why it's not good, but basically I'm there to provide them with information, the process, the tools, the inside, the advice so that we, as an organization can be successful. So it's a mental shift.

Boris: I know in many organizations, risk management is seen not as a strategic partner, but rather a cost of doing business. So what do we see as the main role of risk manager? Is it the policeman, a check box ticker or a trusted advisor or else. And what is the risk culture? Maybe you can weave here. Is this just a vage description and how to embed it in organizations?

I always hear on all conferences, Risk culture, Risk culture, but nobody knows what, what it means.

Norman: I think that the Risk practitioner should see themselves not as the policemam but as the partner to the organization. Now there are times when the partner has to be an adult and say to the child you're doing something which may seem right to you, but it's wrong for the organization. There are going to be times when tactfully and diplomatically, you need to escalate it. But most of the time, you are there to help that person be successful.

If we really have that attitude, I think that can be the one thing and, the rules police - no, no. That is, you're never going to get anybody to want to come in and work with them if you see yourself as a policeman. They are going to see that you have hidden agendas.

I've had people tell me about one of my staff presented and they didn't trust him because they thought he had a hidden agenda. He was there to cach them out.

But one of the ways I feel you should evaluate Risk Management and see whether it successful is whether the people running the business say. Yes, Risk Management is actually helping me and the organization to be successful.

I want them to come in for this reason and that reason, not to stop me from doing something wrong, but to be an advisor. Because I know they're on my side. I know we had the same shared values and the same objectives. So I want you to come in because they've actually adding value to me personally as well as to the organization.

Now to the Risk Committee that's what I set up when I was Chief Risk Officer, I think they are there to make sure that everybody understands the process to help people in the right decision-making processes.

If there are compliance requirements, to make sure that that is communicated and so on. And there's also a need sometimes for a forum to have a discussion where multiple departments are affected by the same situation and they have to make a decision together.

So this can be an area below the executive committee of the organization where you can tackle specific issues where you've got a disagreement perhaps between the department heads. So I think that there is some logic there, but you've really got to look at it and say, how can these executives come together and add value to themselves and to the organization as a whole.

I think that they too often set up as a compliance committee, to approve policies and things like that, which none of the executives really want to spend their time doing.

They're really not interested in spending an hour reviewing and approving time printing in a Risk policy. But if you talk to them about how can we as an organization make better decisions, I think that there is some value.

Boris: What is your take on current a software solution for risk management? I know you probably implemented hundreds of solutions during your career path. What are your tips on selecting them? Because in our community, we have a lot of questions and people always asking about this solution or another solution.

Norman: Well, first of all, I do tiniest tiniest bit of consulting. I retired quite a few years ago now. And although I was looking at solutions for my own organization and I talked to companies and I talked to the software vendors today, I'm an independent of any of them and I don't recommend any particular. So for a company, what I have been seeing all the time is you have to understand what you want to achieve with risk management and decision-making and the Management of the organization, and define a need and then go either the best, maybe a combination of solutions in order to achieve those best.

There's very few software products that I've seen that will do everything that I would want, and I was very encouraged. I did not know if you saw this, but Michael Rassmussen recently wrote a blog talking about RFPs for Risk Management. And I think he got it very much, right when he said it has to do with achieving objectives. And unfortunately, most software vendors, when it comes to risk management solutions there's no link to the objectives at all.

It's all about traditional list of risks, not about achieving objectives. Now the good news is that over the last month, I've talked to a number of different companies that are now rapidly developing solutions, knowing some of the thoughts of my books which is flattering and they say that it starts with keeping objectives.

And as I say, in my books, how can we have an acceptable likelihood of achieving those objectives? I want to achieve my objectives and I want a 90% likelihood of achieving objectives, but they are designing their solutions around that and then understanding what might happen to achieve them. And that's a very encouraging indeed. Some of these companies are building some very sophisticated tools and techniques to do that enabling much more continuous Risk Management, management of what might happen.

Risks and opportunities - you need to look at both sides, so that people can make the right decisions, but then revisit it and correct a decision if it turns out that things aren't working out in the way it did. My advice to everybody is first of all, understand what you're trying to achieve. Hopefully in my book I put the maturity model in there talking about a lot of things that I believe should be considered for effective management of the organization from setting the right objectives to tactical and strategic decision-making all the way through to evaluating the things that might happen and bringing it back to assess the likelihood of achieving the objectives.

To understand what you want to do, define your needs and then determine the best way to achieve those. And it could take some time and it could, frankly, take some number of different products.

Boris: Maybe a last question about your process as a as an author, because I'm a self I'm trying to write something in as a book, but it makes me very sick. So what kind of research do you do? Or maybe you just, just write as you hear something from the God of something, how long do you spend your research before starting the book, and have you gotten the writer’s block or something like this?

Norman: I've never really had writer's block. So as you know, I blog all the time and I read a lot of different articles and studies and thought leadership pieces. Each one of those makes me think about what the person is saying, learning from that as much as anything else. And sometimes it's trying to say why do I not like what they say?

So that is it. That is a major part of it. And then once I have something that I figured out I want to write about, because I think people need to make a change of perhaps I can influence to a modest degree, the change that they're making. Once I have that, I have some idea of not so much the structure, but the overall message and what the sort of things do I need to include.

And the next thing I do is I go out and get the best people I could find to be my review panel. Because as I'm writing, it depends on the nature of the book as to whether it makes sense to do it as I'm doing it, or once I've completed a live part. For example, on this last one, I put more of a high level, maturity model together talking about the things that I want you to talk about.

And I send it to my reviewers, and they gave me a very constructive feedback. I was really going a little bit too far and, and the book actually turned out to be much more lengthy because the maturity model itself is about 50 pages long. The book is very comprehensive in the ideas to pick up to the top of it. Then I put it together, I probably, re made it and re-edited three or four times.

Boris: You like Leo Tolstoy, who re-wrote about 20 times his War and Peace novel.

Norman: I pick very critical people. They have different perspectives, different experiences. So I don't necessarily pick people that I know about their life. And so I was very lucky, I've got a dozen people from all over the world and with different backgrounds, perspectives contributing that don’t necessarily agree with everything that’s there and I think they definitely enriche that. The thing for me is that I have a passion for the topic. I have a passion for helping people in general. I think that I have something to say, and if nothing else, I want to make people think, even if like disagree with me, I want them to feel challenged in what they have been doing and thinking, and perhaps over time, we'll see some progress.

I'm very pleased to see a lot of the comments on my blog these days of so many people moving in the same direction as I have when I started, which is now for a long time ago, a 12 to 15 years ago. I wouldn't say that people are necessarily on the same page as me.

Boris: I remember when I started Global Risk Community, your blog was the No, it was the only that I could find about Risk Management.

Thank you Norman for your Interview. If someone would like to read the book, we will put a link, in either a podcast show notes, or the blog post, depending on where you consume in this Interview content.

So I would like to wish you a good luck and the successfully producing another book for Risk managers. And the most important thing is that your ideas will be implemented, is a practice. Thank you very much for us. Thank you for everybody.

_____

Here is the link to Norman’s blog https://normanmarks.wordpress.com/

How Large Companies Can Grow Their Data and Analytics/Executive Guide Attached

2020-12-19T07:42:13.000Z

Talent Companies need to identify the type of talent they need in order to become data-driven.

ENRIQUE SUAREZ WANTS TO SHARE THE EXECUTIVE GUIDE WITH ALL GRC MEMBERS

The New Leadership Mindset for Data & Analytics

BY THOMAS H. DAVENPORT

Source: MIT SLOAN MANAGEMENT REVIEW

YOU CAN DOWNLOAD THE ENTIRE EXECUTIVE GUIDE IN THE BELOW LINK:

EXECUTIVEGUIDE.pdf

Dogged Inaction

2020-12-19T07:39:23.000Z

Dogged inaction by leaders when staff raise issues is one cause of organisational silence (which I wrote about last week), and ultimately causes the destruction of psychological safety.

Dogged inaction is what happened to the Department of Immigration and Multicultural Affairs around the immigration detention of Cornelia Rau which lead to the 2005 Palmer Report. Rau, an Australian citizen, was illegally detained for ten months. Due to her mental illness her citizenship was not ascertained for all that time.

The beauty of the public sector, and a challenge for it, is that when there is a stuff-up, inquiries follow. They provide outstanding opportunities for understanding what went wrong, and why. The Palmer Report described the situation at DIMA as follows:

"...the Inquiry found considerable evidence of deafness to the concerns voiced repeatedly by a wide range of stakeholders, a firmly held belief in the correctness and appropriateness of the processes and procedures that exist, and a culture that ignores criticism and is unduly defensive, process motivated and unwilling to question itself. Energies seemed to be channelled more into justifying and protecting the status quo.”

As I wrote last week, you need powerful stories to shift emotions when bringing criticism to leaders. Yes, you can paint them a picture of what is in it for them, but people make decisions on emotion first and logic second. If they are not ready to receive a message containing criticism, you need to prime them with a story. I have gifted you two stories. My personal story of HIH Insurance which is chronicled in the report of the Royal Commission (see last week’s blog) and this DIMA one, chronicled in the Palmer Report.

If neither of these stories quite suit your need and you don’t have your own, I suggest you go looking for other public inquiries. For example, the inquiry into the Challenger space shuttle disaster in the US or any of the Royal Commissions held in Australia over the last decade. Sadly, there are soooooo many to choose from.

Stay safe and influence leaders to build psychological safety!

__________________________________________________________________________________

Bryan's new book teaches you practical methods to cut through with your advice and make the impact you want to make. Available on Amazon or order here now.

YOUR DECISIONS DEFINE YOU.

Available on Amazon or order here now.

www.bryanwhitefield.com

Wireless Brain Sensors Help to Manage Patients Complication

2020-12-19T07:34:28.000Z

What is Wireless Brain Sensors?

Wireless brain sensors can be considered as those devices that screen intracranial pressure and temperature inside the skull of the patients who suffer from traumatic brain injuries or even those patients suffering from Parkinson's disease. Significant advances in innovation in the brain-computer interface have been making the evolution of brain sensors.

These sensors are remotely accessible via wireless connectivity. The interface of the brain-computer is designed to assist individuals with severe paralysis in controlling devices. Additionally, these instruments are also tested in animal models over a long time.

Wireless brain sensors based on end-use

1. Multispecialty hospitals

The industry of wireless brain sensor is dominated by multispecialty hospitals and this segment holds a major revenue share of the industry. The increasing rate of stroke traumatic brain injuries is the primary component that propels the industry of wireless brain sensors. For example, as per the centers for Disease Control and Prevention (CDC), in 2016, there were roughly 2.8 million hospitalizations, emergency division visits, and deaths in the U.S.

2. Hospitals

These days, hospitals are continually progressing in terms of innovation. Brain assessment is a complicated process, which requires expensive and progressed tools that are mainly found in hospitals only. Innovatively advanced instruments are being used primarily in hospitals to give better treatment. These instruments improve treatment techniques and give better, faster, and precise results.

Generally, all neurological diseases and issues that incorporate severe issues are diagnosed and treated with the help of advanced instruments used by skilled neurologists that are present in hospitals.

Factors that majorly drive the applications of wireless brain sensors

1. Rising road accidents

The number of road accidents has been growing with each passing day. This element is leading to an increase in demand for wireless brain sensors. As per the Association for Safe International Road Travel (ASIRT) 2018, roughly 20 to 50 million persons are injured or harmed each year, and 1.4 million people die in road accidents.

According to a recent study, falls and road accidents are the main reasons that cause traumatic brain injuries. Hence, the rising number of road accidents and falls are anticipated to propel the demand for wireless brain sensors in the upcoming years.

2. Increasing investment in research and development

A few other elements such as changing the social environment, increasing investments in research, advances in technology, rising awareness with respect to neurological problems, and the growing rate of dementia will likely boost the demand for wireless brain sensors in the upcoming years.

Huge advances in technology in terms of brain-computer interfaces have been leading to the constant improvement of brain sensors. Untapped market and advances in technology may create massive growth possibilities for the wireless brain sensors industry in the upcoming years.

3. Unhealthy Lifestyles and Stroke

The surge in unhealthy lifestyles across the world is one of the primary components propelling the use of wireless brain sensors. Unhealthy lifestyle choices such as alcohol addiction and smoking are among the chief elements causing stroke and migraine. As per some reliable sources, a few of the lifestyle elements that affect health are exercise, diet and weight record, rest and substance misuse, and many others.

Also, stroke is the major element of mortality and morbidity because of the adoption of unhealthy lifestyles. In the U.S. only, roughly 70,000 people suffer from strokes every year, out of which a major number of strokes are deadly or cause lasting disability. Besides, smoking is also a significant risk element that causes hemorrhagic and ischemic stroke.

4. Growing cases of traumatic brain injuries

The modern century has seen a rising rate of Traumatic Brain Injuries (TBI) and it is also one of the significant factors that propel the demand for wireless brain sensors. TBIs due to a bump, blow, or shock to the skull result in a permanent disability of the brain. Leading factors for TBIs include sports-related injuries, falls, gunshot injuries, domestic violence, and road accidents. TBI is one of the major causes of morbidity and mortality across the globe.

Moreover, the growing geriatric population and advances in technology will also boost the demand for wireless brain sensors in the next few years.

Summing up

Neurological diseases are viewed as one of the most prevalent diseases with a massive burden on the patients, their families, and society. The prevalence of neurological diseases, for example, Alzheimer's and Parkinson's among others are increasing. The growing advances in technology have resulted in the rise of wireless brain sensors innovation.

The wireless brain sensors can monitor intracranial pressure/temperature and can be deployed for the checking of patients suffering from traumatic brain injuries and other neurological diseases. The market of Wireless Brain Sensors market is anticipated to grow immensely due to the elements such as the growing geriatric population, increasing prevalence of neurological disorders and traumatic brain injuries, growing stress level, heightening penetration of smartphones, and the internet.

The Top MIT SMR Articles of 2020

2020-12-19T07:33:36.000Z

The Top MIT SMR Articles of 2020

The most popular articles of 2020 that Enrique Suarez is sharing with all the GRC members highlight the range of decisions that managers faced in a year defined by disruption, uncertainty, and remarkable innovation.

Written by Ally MacDonald

December 16, 2020

The same week that MIT Sloan Management Review launched its spring issue in March 2020, our staff joined others at MIT in transitioning to remote work as outbreaks of COVID-19 began to spread across the U.S.

A few weeks later, when it was clear that working from home would be on the order of weeks and months rather than just days, I returned to our Cambridge, Massachusetts, office to retrieve some items from my desk. On it was a copy of the new print magazine, a special issue on the future of innovation, with a cover title that truly fit the moment: Disruption 2020. The typographic treatment had an intentionally dizzying effect that now had new meaning — this would be a year in which companies and managers would need to reorient themselves in a world turned upside down by a global pandemic.

In 2020, readers unsurprisingly gravitated toward content focused on navigating disruption, uncertainty, and change. The most popular articles of the year tackled themes such as working remotely, confronting bias, and building individual, team, and organizational resilience.

The following are 12 of the most widely read articles we published this past year. We hope they continue to inspire you as you lead your team in 2021.

#1
Is It Time to Rethink Globalized Supply Chains?

Willy Shih

The COVID-19 pandemic has demonstrated why disaster preparedness is vital for supply chain resilience. This article looks at how the U.S. and other countries ended up with such complex interdependencies in their supply chains — and how managers can improve their resilience against future shocks.

#2
Disruption 2020: An Interview With Clayton M. Christensen

Clayton M. Christensen, interviewed by Karen Dillon

In this interview from our spring magazine issue, Clay Christensen, the late business scholar and pioneer of the Theory of Disruptive Innovation, discussed the impact of disruption in today’s tech-centric world and why the theory remains a powerful tool for decision-making.

#3
The New Disrupters

Rita Gunther McGrath

By entering the market with products and services that are every bit as good as those offered by legacy companies, a new breed of disrupters is making it harder than ever for traditional businesses to compete.

#4
Is the COVID-19 Outbreak a Black Swan or the New Normal?

Andrew Winston

COVID-19 may be the so-called black swan event that society and business have feared, but it’s also the kind of challenge that we may now face all the time.

#5
Being the Agile Boss

Linda A. Hill

Leading through difficult times requires agility to leverage, not merely react to, the turbulence around you. This article explores what that means for managing your team, your network, and yourself.

#6
Three Proactive Response Strategies to COVID-19 Business Challenges

Michael Wade and Heidi Bjerkan

This article, written in the early months of the global outbreak of COVID-19, offers enduring wisdom for companies and leaders tackling a strategic response to unprecedented circumstances.

#7
How to Make Better Decisions About Coronavirus

Thomas H. Davenport

High-stress situations have been a reality of the pandemic and this year. “Emotion-driven beliefs and intuition are powerful at guiding people toward less-than-optimal decisions,” writes author Tom Davenport — but understanding our biases gives us a better chance of allaying them and moving toward better choices.

#8
Managing Stress and Emotions When Working Remotely

Liz Fosslien and Mollie West Duffy

Based on years of research on the science of emotions and their intersection with daily work life, the authors have fine-tuned their top tips for tackling remote work and managing stress.

#9
The 11 Sources of Disruption Every Company Must Monitor

Amy Webb

When faced with deep uncertainty, even the most successful businesses can develop a habit of controlling for internal, known variables and fail to track external factors as potential disrupters. By broadening their approach, companies and decision-makers can avoid being disrupted out of the market.

#10
The New Elements of Digital Transformation

Didier Bonnet and George Westerman

The competitive advantages offered by digital technology have evolved. In this article, Didier Bonnet of IMD and George Westerman of MIT’s Sloan School of Management revisit their landmark research on the elements of digital capability and identify where the new opportunities are for companies.

#11
Four Principles to Ensure Hybrid Work Is Productive Work

Lynda Gratton

Organizations have become more flexible about where and when employees work. Now they need to be more intentional about their choices and trade-offs.

#12
The Sources of Resilience

Marcus Buckingham

What causes resilience, the ability to bounce back and keep moving? What ingredients in our lives give us this strength, and how do we access them? The findings in this article, based on a global study of resilience and engagement, offer some important answers for leaders.

ABOUT THE AUTHOR

Ally MacDonald (@allymacdonald) is a senior editor at MIT Sloan Management Review.

Ammonia Market, Led by APAC, to Reach $ 68 Billion by 2025 | TechSci Research

2020-12-18T08:00:00.000Z

According to TechSci Research report, “Global Ammonia Market By Grade, By Application, By Manufacturing Process, By Region, Competition, Forecast & Opportunities, 2025”, the global ammonia market is forecast to reach $ 68 billion by 2025 owing to increasing demand from chemicals, fertilizers and pharmaceutical industries. Growing global fertilizer industry is expected to continue augmenting demand for ammonia over the next five years. However, global lockdown due to onset of COVID-19 has resulted in disruptions in the entire supply chain and decline in demand across major end use applications, globally, which is expected to negatively affect ammonia consumption in 2020.

Browse 111 market data Figures spread through 110 Pages and an in-depth TOC on "Global Ammonia Market”.

https://www.techsciresearch.com/report/ammonia-market/4745.html

The global ammonia market is segmented based on grade, application, manufacturing process, and region. Based on grade, the global ammonia market is bifurcated into Anhydrous and Aqueous segments, of which Anhydrous holds the majority share due to its high demand in fertilizer market on account of its ease of availability and lower cost. Based on Application, the market can be fragmented into Fertilizers, Chemicals, pharmaceuticals, Electronics, Refrigeration, Household, Food, and Others. Fertilizers segment is expected to continue its dominance during the forecast period since nitrogen-based products are abundantly used in agriculture sector, globally. Region wise, APAC is likely to dominate the global ammonia market over the next five years, majorly due to high consumption in China and India.

Download Sample Report. @ https://www.techsciresearch.com/sample-report.aspx?cid=4745

Customers can also request for 10% free customization on this report.

COVID-19 pandemic is having a significant impact on the global demand scenario for ammonia, at least in the near term. Lockdown measures across the globe are negatively affecting the global fertilizer industry, which is resulting in declining demand for ammonia. This is expected to translate into negative growth of the global ammonia market in 2020. Nevertheless, with rising inclination towards opening up economies, demand for ammonia is forecast to witness revival and grow over the next five years.

Major players operating in the global ammonia market include CF Industries Holdings, Yara International, Nutrien Fertilizer, OCI NV, Ostchem Holdings, Ma’aden Phosphate, Mosaic Crop Nutrition, Eurochem Group AG, among others. “Global ammonia market is witnessing steady growth and is expected to continue rising in the coming years. Market growth is anticipated on account of growing agriculture sector, majorly in Asia-Pacific, which will result in higher consumption of fertilizers, and consequently ammonia in the foreseeable future. Moreover, growing chemicals and pharmaceuticals sectors are also expected to positively influence the global ammonia market in the medium to long term.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Ammonia Market By Grade, By Application, By Manufacturing Process, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Ammonia market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global ammonia market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

Contact

Mr. Ken Mathews

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Email: sales@techsciresearch.com

Source : TechSci Research

महिलाओं के लिए 5 जबर्दस्त बिजनेस आइडिया

2020-12-17T12:00:00.000Z

आज के समय में महिला और पुरुष के कार्यों में किसी तरह का कोई भेद नहीं रह गया है। बिजनेस एक ऐसा जिसमें महिला और पुरुष दोनों समान रुप में आगे बढ़ रहे हैं। आइये इस आर्टिकल में आपको 5 ऐसे बिजनेस के बारें में जानकारी देते हैं, जिसे महिला कारोबारी आसानी से कर सकती हैं।

ट्यूशन का बिजनेस

आज की तारीख में पढ़ी – लिखि महिलाओं के लिए अध्यापन करना एक शानदार बिजनेस आईडिया है। महिलाएं अगर ट्यूशन क्लासेस देने का बिजनेस करना चाहे तो उसके लिए यह बिजनेस बहुत मुनाफ़े वाला साबित हो सकता है। ट्यूशन का बिजनेस घर पर बैठकर बहुत आसानी से चलाया जा सकता है और बिना किसी टेंशन के एक बेहतर आमदनी प्राप्त किया जा सकता है।

इंटरनेट सर्विस- सहज जनसेवा केंद्र

वर्तमान समय में लगभग सभी सरकारी सेवाएं ऑनलाइन हो चुकी है। ऐसे में ग्रामीण इलाकों में जब किसी सरकारी योजना का फॉर्म भरना होता है तो लोग शहर की तरफ जाते है। उनका इस फॉर्म भरने की प्रक्रिया में कई दिन का नुकसान होता है और पैसे लगते हैं वह अलग से। ऐसे में गाँव में ही लोगों इंटरनेट सेवा यानी सर्विस प्रदान किया जाए तो इससे लोग भी खुश रहेंगे और बदले में आपको अच्छी इनकम भी होगी।

ग्रामीण इलाकों के साथ ही शहरी इलाकों में भी सहज इंटरनेट की उपलब्धता आय का बेहतरीन साधन हो सकता है। इस बिजनेस को सरकारी योजनाओं फॉर्म भरने के लिए उपयोग करने के लिए सरकार से अनुमति लेना होता है। अगर सरकारी योजनाओं का फॉर्म नहीं भरना चाहते हैं तो सरकार की अनुमति की आवश्यकता नहीं होती है।

इंटरनेट सर्विस शुरु करने में होने वाले निवेश की बात करें तो शुरुवाती तौर इसे 50 हजार रुपये भी शुरु किया जा सकता है। मुख्य जरूरतों में शामिल है- कंप्यूटर का कामचलाऊ ज्ञान, एक लैपटॉप या कंप्यूटर और एक प्रिंटर। सौर ऊर्जा क्षेत्र में कारोबार करने के लिए खर्चो की बात करें तो शुरुवाती तौर पर 10 से 12 लाख तक का निवेश करना पड़ सकता है। लेकिन, निवेश किये गए पैसे जल्द ही वसूल हो सकता है। आप चाहे तो महिलाओं के लिए बिज़नेस लोन भी ले सकते है |

आचार – पापड़ का बिजनेस

आज की तारीख में लिज्जत पापड़ एक ब्रांड है। लोग लिज्जत पापड़ की खरीदारी आंख मूंदकर करते हैं। यह बताने के पीछे यह बताना मकसद है कि आचार - पापड़ का बिजनेस बहुत फायदे वाला बिजनेस है। ऊपर से सबसे अच्छी बात यह है कि आचार – पापड़ का बिजनेस करने के लिए कहीं आने – जाने की भी आवश्यकता नहीं होती है। घर बैठकर बहुत आसानी से आचार – पापड़ का बिजनेस किया जा सकता है और एक अच्छी आमदनी प्राप्त किया जा सकता है।

किराना की दूकान

किराना प्रोडक्ट यानी हर रोज उपयोग में आने वाली चीजों की दुकान। किराने की दुकान में दैनिक उपयोग की चीजे जैसे: तेल साबुन, नकम, मशाला, दाल – चावल, चीनी – चाय, आटा – घी, इत्यादि चीजों की बिक्री होती है। इन सभी सामानों की जरूरत दैनिक जीवन में हर किसी को होती है। इसीलिए इसे सदाबहार बिजनेस कहा जा सकता है।

इसके आलावा आप बिज़नेस लोन की मदद भी ले सकते है और अपने दुकान का विस्तार कर सकते है

सौर ऊर्जा सेटअप कंपनी

देश में बिजली का विकल्प तैयार किया जा रहा है। हम विकल्प तैयार है- भी कह सकते हैं। जिस गति बिजली की खपत बढ़ रही है, उस गति बिजली निर्माण नहीं हो रही है। ऐसे में सौर ऊर्जा बिजली का बेहतरीन विकल्प है। वर्तमान में लोग सौर ऊर्जा को तेजी से स्वीकार कर रहे हैं और बिजली बचाकर प्राकृतिक बिजली से सभी कार्य कर रहे हैं।

सौर ऊर्जा सेटअप कंपनी का बिजनेस टॉप ट्रेंडिंग बिजनेस 2019 में बेहद प्रभावशाली है। लोग इसे हाथोंहाथ ले रहे हैं। ऐसे में इस बिजनेस को प्रतिदिन लगातार बढ़ते रहने के ही संभावना दिखाई दे रही है। ऐसे में सौर ऊर्जा सेटअप बिक्री करने का कार्य मुनाफा वाला साबित होगा। इस क्षेत्र में अभी वैसे बहुत अधिक कॉम्पटीशन नहीं है क्योंकि यह नया क्षेत्र है।

सरकार की तरफ से बहुत सी योजनाएं चलायी जा रही जिनका उद्देश्य लघु उद्योग को बढ़ावा देना है | मुद्रा लोन योजना और स्टैंड अप इंडिया लोन योजना प्रमुख है |

Some of the Best Thoughts (20) of Nelson Mandela and my Interpretation of Them: Lessons for World Leaders

2020-12-15T12:00:00.000Z

Some of the Best Thoughts (20) of Nelson Mandela and my Interpretation of Them: Lessons for World Leaders

By:

Enrique Suarez

suarezenrique@yahoo.com

1. Death is something inevitable. When a man has done what he considers to be his duty to his people and his country, he can rest in peace. I think I have made that effort and that, therefore, I will sleep for eternity.

Lessons: Understand that being alive is an opportunity to celebrate the divine within us and therefore the divine in others. The main duty of a human being is to recognize that for dignity and prosperity to be realized, peace should be felt first for it is within us in every breath we take. Then once we know that what is keeping us alive is omnipresence and therefore eternal, we will understand what our duty should be not only for our people and for our country but for everybody else walking on this planet. (Enrique Suarez)

2. If I have to die, I declare to all who want to know that I will meet my fate like a man.

Lessons: Knowing that our real being is eternal if I have to die I declare to all who want to know that I will meet my beautiful fate like a human being and God’s creation. (Enrique Suarez)

3. A critical, independent and investigative press is the lifeblood of any democracy. The press must be free from state interference. You must have the financial capacity to deal with the blandishments of governments. You must have sufficient independence from vested interests to be bold and ask without fear or any preferential treatment. It must enjoy the protection of the Constitution so that it can protect our rights as citizens.

Lessons: In a peaceful and wise society any form of government and laws should serve people’s needs by cultivating creative human talent. (Enrique Suarez)

4. The greatest glory is not falling, but always getting up. Do not judge me by my successes, you judge me for the times I fell and got up again.

Lessons: Enjoy the journey of life for if you do, you will also enjoy the destination. (Enrique Suarez)

5. True leaders must be willing to sacrifice all for the freedom of their people.

Lessons: True leaders must also know themselves so that they can convey the most important message about freedom which is to free ourselves of our own ignorance of who we really are and what our main purpose is on this planet. Then the sacrifices become sweat opportunities to spread the message to others that is, that peace should supersede prosperity and not vice versa for prosperity without peace is chaos. (Enrique Suarez)

6. I like friends who have independent thoughts because they tend to make you see problems from all angles.

Lessons: The way society is organized is due to the actions of people and not to the laws of nature, consequently, these actions can change. History shows a tremendous range of possibilities for human patterns of interaction, and it is this diversity of thought and initiatives properly aligned with a common vision of peace, dignity, and prosperity that will be the real challenge for meaningful social, economic, political, spiritual and environmental transformation. (Enrique Suarez)

Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution (Albert Einstein).

7. No one is born hating another person because of the color of their skin, or their origin or religion.

Lessons: We must develop and maintain the capacity to forgive. He who is devoid of the power to forgive is devoid of the power to love. There is some good in the worst of us and some evil in the best of us. When we discover this, we are less prone to hate our enemies (Martin Luther King, Jr.)

8. People must learn to hate, and if they can learn to hate, they also can be taught to love, love comes more naturally to the human heart than its opposite.

Lessons: Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that (Martin Luther King, Jr.)

9. I was not born with a hunger to be free; I was born free, free in any way that I can understand.

Lessons: Human beings are born complete and with the intrinsic motivation to do good to themselves and to others. A good education perpetuates these positive human features. (Enrique Suarez)

10. To be free is not just to untie one's chains, but to live in a way that respects and enhances the freedom of others.

Lessons: People will never remember how much you know but they'll always remember how you made them feel. (Enrique Suarez)

11. The most powerful weapon is not violence but talking to people.

Lessons: Socrates said, "the unexamined life is not worth living". So for me, knowing yourself first is the most important search that a human being needs to embark for once you know yourself, you will find that real peace and real fulfillment resides within ourselves in every breath we take. And to see what resides inside of us we need a mirror, a method to search within. This is the foundation of all religions. (Enrique Suarez)

12. Education is the most powerful weapon to change the world.

Lessons: The purpose of education is to teach one to think critically. Intelligence plus character and self-knowledge – these are the goals of true education. (Enrique Suarez)

Education must provide the opportunities for self-fulfillment; it can at best provide a rich and challenging environment for the individual to explore, in his own way (Noam Chomsky).

13. A nation should not be judged by how it treats its citizens already in a better position, but by how it treats those who have little or nothing.

Lessons: Albert Einstein used to say "Try to become not a man of success, but try rather to become a man of value." We in the Western world have valued so much material well-being that we have forgotten about whom we really are which has a divine component. In addition, because of this lack of understanding of what a human being is, we interact with others mostly in a transactional as opposed to a relational and transformational way. We need therefore a profound transformation of the individual to learn to value more our similarities than our differences. (Enrique Suarez)

14. If you want to make peace with your enemy, you must work with your enemy. Then he becomes your partner.

Lessons: I have come to realize that the enemy is us. Therefore, if you want to change what you see in the outside world you have to change what you see inside of you. (Enrique Suarez)

You never need an argument against the use of violence; you need an argument for it (Noam Chomsky).

15. My dearest dream is that of a democratic and free society in which all can live in harmony and with equal opportunities.

Lessons: Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity to try to accomplish the above goal. Likewise, our lives begin to end the day we become silent about things that matter (Martin Luther King, Jr.)

In this possibly terminal phase of human existence, democracy and freedom are more than just ideals to be valued - they may be essential to survival (Noam Chomsky).

16. A good head and a good heart are a formidable combination.

Lessons: An individual has not started living until he can rise above the narrow confines of his individualistic concerns to the broader concerns of all humanity (Martin Luther King, Jr.)

17. There cannot be a stronger revelation of a society's soul than the way it treats its children.

Lessons: A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual doom (Martin Luther King, Jr.)

18. The hardest thing is not to change society but to change ourselves.

Lessons: I refuse to accept the view that mankind is so tragically bound to the starless midnight of racism and war that the bright daybreak of peace and brotherhood can never become a reality... I believe that unarmed truth and unconditional love will have the final word (Martin Luther King, Jr.)

19. If you expect the ideal conditions, it will never come.

Lessons: History will have to record that the greatest tragedy of this period of social transition was not the strident clamor of the bad people, but the appalling silence of the good people (Martin Luther King, Jr.)

20. When the water began to boil, putting out the fire is useless.

Lessons: He who looks to satisfy his mortal needs loses his soul; he who seeks to satisfy his soul gets all his/her needs satisfied. (Enrique Suarez)

Coconut Water is Rich in Potassium and Free of Cholesterol

2020-12-14T08:02:44.000Z

As coconut water is a nutritious and healthy drink, it is increasingly consumed by the people. Natural, young, and fresh coconut has a higher content of water in it. They are rich in electrolytes and have highly nutritious. Coconut water is commonly called coconut juice. The rising awareness among consumers for the consumption of healthy drinks has increased the demand the coconut water in both fresh and processed forms. The modern generation is more conscious of their calorie intake. So coconut water fits into their expectations.

Coconut water- in young fruit of coconut

Coconut water is the liquid that is found in the central part of the young and green coconut. It nourishes the fruit. The watery part of the coconut is initially present in the fruit and helps in providing nourishment to the growing fruit. As the fruit matures, juice ripens to form a solid part, and some remain as a liquid.

The nutritional value of coconut water

Coconut water is a highly nutritious drink. Unflavoured coconut water contains sugar, sodium, potassium. This drink has low calories, and also it is free from fat and cholesterol. The carbohydrates present in the coconut water can be easily digested. Although sugar content is much less than soda and other fruit juices. One cup of coconut water contains only 45 calories.

5 Health benefits of coconut water

Nutritional source

Coconut water is a good source of many nutrients required by the body. It is rich in sodium and potassium. These electrolytes are very important for the body. It also contains carbohydrates, proteins, magnesium, and calcium.

Beneficial for diabetic patients

Diabetic patients are suggested to take less amount of sugar in their diet. Coconut water is said to be a healthy drink for diabetic patients as it contains less sugar and has a higher amount of electrolytes.

Antioxidant properties

The free radicals produced in the body during metabolism. These oxygen free radicals are harmful to the body and cause oxidative stress. Coconut water has antioxidant properties and it neutralized the effect of free radicals.

Improves the health of the heart

Drinking coconut water on a daily basis decreases the risk of heart disease. It also reduces fat and cholesterol in the blood. This in turn controls the blood pressure.

Have hydrating properties

Coconut water is a very good hydrating agent. It is suggested to take coconut at least 1-2 cup of water after exercise. Those who follow a strict diet for weight gain or loss should include coconut water in their diet.

Packaging of coconut water

The companies that are involved in the processing and selling coconut water package it in two different ways. Either it is packed in tetra pack or in plastic bottles.

Plastic Bottle- Coconut water is also packaged in plastic bottles. Depending on the volume of water, it differs in sizes.

Tetra Pack- It is in the form of a food cartoon. Coconut water in the tetra pack can be stored for a longer duration of time. People prefer to buy tetra packs as it is easy to carry. Tetra pack is available in different sizes.

Coconut water is available in different forms

Powder- Coconut water powder is also available. Powdered is made by evaporating the water followed by freeze-drying. They are later rehydrated by adding water to it.

Liquid- Coconut water in liquid form is either taken directly from the fruit or is packed. This is made available in tetra-pack or in plastic bottles.

Do coconut water have any side effects?

Although coconut water is considered as a healthy drink. It also has some side effects. Some people may feel the fullness of the stomach or an upset stomach after taking coconut water. It may also cause allergy in some though it is very rare. People suffering from kidney disease must limit the consumption of coconut water.

Coconut Water production in different regions of the world

The coconut water processing and selling are largely dependent on the production of coconut in the region. Indonesia is the leading country in the production of coconut all across the globe. South Asian countries are rich in coconut. India is the third-largest producer of coconut. So in this are the cost is less. Whereas in European counties, coconut water is available mostly in processed and packed form.

The bottom line

The Coconut Water Market has been showing rapid growth due to increasing awareness about the consumption of healthy drinks among the people. Nowadays coconut water is available in small & compact, easy-to-carry tetra packs and plastic bottles. It is also available in different flavors. There are many health benefits of coconut water that make them more preferable for health-conscious people.

Although there are few side effects of coconut water for some people. They may get allergic reactions on their skin. Increasing adoption of the vegan diet and escalating preference for non-dairy products the factors that are boosting the market.

Saudi Arabia Oilfield Chemicals Market to Reach $ 1.1 Billion by 2025 | TechSci Research

2020-12-14T04:30:00.000Z

According to TechSci Research report, “Saudi Arabia Oilfield Chemicals Market By Application, By Oilfield Type, By Type, By Region, Competition, Forecast & Opportunities, 2025”, Saudi Arabia oilfield chemicals market is projected to grow at nearly 10% to cross $ 1.1 billion by 2025 on account of growing demand for oil & gas across the globe and increasing investments in offshore exploration and production activities in Saudi Arabia. Saudi Arabia is the largest market for oilfield chemicals in Middle East region and accounted for a share of around 45% in 2019. The market is likely to witness healthy growth during 2020-2025 as country is aggressively expanding oil and gas exploration activities to establish oil-market supremacy over the United States, Iran and Russia.

Browse over 65 market data Figures and Tables spread through 106 Pages and an in-depth TOC on "Saudi Arabia Oilfield Chemicals Market"

https://www.techsciresearch.com/report/saudi-arabia-oilfield-chemicals-market/5040.html

Saudi Arabia oilfield chemicals market is segmented based on type, application, oilfield type, company and region. Based on type, the market can be segmented into Special Oil Field Chemicals and Commodity Oil Field Chemicals. Special Oil Field Chemicals is expected to hold the largest market share during forecast period. Based on application, the market can be segmented into Enhanced Oil Recovery, Stimulation, Cementing, Completion Production, Drilling, and Others. The Drilling segment is expected to hold the largest share during the forecast period because of increasing investments in Exploration & Production activities in the eastern region.

Regionally, Saudi Arabia oilfield chemicals market has been segmented into regions including Eastern region, Central region and Rest of the Saudi Arabia, Eastern region is expected to hold major share in the market owing to the large oil & gas field reserves in the region. The major players operating in Saudi Arabia oilfield chemicals market are Baker Hughes, M-I SWACO, ChampionX Corporation, The Dow Chemical Company, AUBIN Group, Clariant Altamimi Company Limited, REDA Oilfield, BASF SE, CECA Arkema, among others

Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=5040

Customers can also request for 10% free customization on this report.

“Eastern Region is expected to dominate the oilfield chemicals market during the forecast period, owing to significantly higher exploration & production activities in the region to meet the global demand for crude oil & natural gas. The giant Ghawar field is the major driving factor for the region as large reserves are available there. Major oilfield chemicals companies are looking into domestic manufacturing in Saudi Arabia due to the country’s strategic location and proximity to other OPEC countries. Furthermore, the key manufacturers such as Bakers Hughes and Halliburton have announced plans to set up their manufacturing bases in the country, creating lucrative opportunities for the growth of market over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Oilfield Chemicals Market By Application, By Oil Field Type, By Type, By Region, By Company, Competition, Forecast & Opportunities, 2025”, has evaluated the future growth potential of oilfield chemicals and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia oilfield chemical market.

Source : TechSci Research

A Deep Dive interview with Liam Healy, SVP and MD at Diligent about ESG, Legal Operaions and CyberSecurity

2020-12-12T07:48:39.000Z

This is a transcription of our interview with Liam Healy, SVP and Managing Director at Diligent about ESG, Legal Operations and CyberSecurity.

You can watch the original video interview here or an audio podcast here. You are also welcome to subscribe to our podcast in all major podcast apps by searching "Risk Management Show".

Boris: Welcome to our interview with Liam Healy. Liam is a SVP and Managing Director at Diligent, which is a market leading provider of the comprehensive Governance software solution. Liam thank you for your time and for coming to our interview today.

Liam: Absolutely. Thanks for having me again.

Boris: This is our second interview is Liam. For those who didn't listen to our first interview, I advise to go a few episodes back and find one of those interviews in the beginning of August. We saw high engagement on this episode and we are happy to invite Liam for the second interview. Today we will do a deep dive into some of the major topics and what happened with Diligent from July.

We will talk about the Environment Social and Governance, Evolution of Legal Operations and Cyber Threads.

Liam can you tell us a little bit what Diligent has been up to since we spoke in July and what's something you or your team have recently achieved that you are really proud of?

Liam: Sure. And thanks for having me again, Boris. It's good to connect with you and with the audience. Hope everybody is safe and well during the ongoing pandemic and trying times, certainly for everyone. Having me back, hopefully that means that the first segment went well.

Since July, Diligence been up to a lot. A key focus has been in a couple of areas and we can talk more about it, especially about the Operational Governance and ESG and Cybersecurity and such, which we're hearing a lot about.

The two key areas that we've been spending a lot of time have been secure executive collaboration or as many individuals know the Board, but not just the parent board or the PLC board at the very top of an organization, but also the entities and the subsidiaries and the directors that permeate throughout the organization.

So we have been spending a lot of time there cultivating our solutions to help solve the challenges that we're hearing from our customers.

And then the second, which feeds directly into that is Operational Governance. And that's kind of the iceberg below the water, if you will, which is getting the right information to the right people at the right time. So that directors can ask the best questions and operators or executives can make the best decisions. That's harder than it's ever been in a hundred percent distributed workforce or almost so in the world we're in today. And so we've been spending a lot of time there and managing our solutions to make sure that they fit the needs of our customers.

What are we most proud of? I think the resilience of our employees and specifically how our teams have answered the bell during really difficult times for our customers, each of our customers have different circumstances. We have over 19,000 customers in different industries and the pandemic and their day to day has changed drastically in some cases.

I'm incredibly proud of the resilience that our team has shown to be able to get in front of that work with our customers closely. Start with yes, and figure out how afterwards to try and make these, these tough times for many organizations a bit easier.

Boris: So let's dive specifically now in this ESG topic or Environmental Social and Governance which we hear on the news all the time.

What are the biggest challenges organizations are facing when it comes to implementing ESG goals?

Liam: Yes, It's a thoughtful question. It's hard. It is top of mind for a lot of reasons, but it's difficult. It's difficult from what we're seeing simply because until recently there haven't been a standard set of metrics, whether they be financial metrics or a nonfinancial metrics that organizations can benchmark themselves against to how well they're doing in any of those given areas.

And so until recently, while many organizations are going about ESG or each of those areas individually and working very hard to set a set of standards to measure themselves by, there hasn't been until recently a common set of standards in. We've worked closely with E&Y and with the World Economic Forum, as well as the international Business Council, IBC with a set of standards that they've put in place.

There are a couple of different sets of standards now across the globe that organizations are pledging to that they're going to manage themselves to and benchmark themselves against.

The internal auditors are going to work through the compliance pieces to make sure that they're checking the boxes. Having that in place and managing through that, we've worked closely with them to release, those standards through our application and be able to have our customers to tap into those in and start to leverage those or manipulate them a bit so that they fit their organizations and institutions a bit more clearly

That’s been in a really tactical challenge. I think the more philosophical challenge that we're seeing is simply the shift of shareholder capitalism and stakeholder capitalism as it relates to ESG.

And a lot like corporate social responsibility years ago has continued to evolve. I think what we're seeing is that it's not a IF it’s a WHEN organizations are getting on board and being able to prove how well they are doing in each of those areas or in totality through ESG.

Because capital, whether it be the investors and raising funds or human capital individuals seeking top talent and supporting their employee base or individuals and Capital groups are leaning in and saying they want to attach themselves to organizations were ESG is top of mind and not just top of mind, but it can be proven.

And you're seeing even at a very low metric level, millennials and individuals that are choosing the top institutions around the world to work at are giving up certain perks so that they can align with institutions that their belief systems match. And that's powerful, but that's hard to get right. And so we're seeing a lot in that, and that ties specifically into a lot of the areas that we're working with around Operational Governance.

It's great for a Board to ask a question how are we doing with ESG and to be able to prove that. It's a different set of challenges to take a lot of that decentralized information throughout an organization and manage it effectively and make sure that the right individuals have a line of sight, can manage those areas.

Not just that they have a set of obligations in place internally and externally that they can check the box on, but that they can manage over time, the risk that comes with each of the areas that, that support ESG.

And so that that's hard and the bigger the institution, the harder that gets globally. And so, yes, we've spent a lot of time on the operational piece of that.

Boris: Why is it so difficult to measure right the progress of ESG initiatives in companies?

Liam: The first is again, a different set of questions is tough to manage. How well are you doing on the test? Right. And so I think it's just getting to a common set of standards that the world would agree by. I think that's one of the first steps and we've made great strides, not we Diligent, but we as far as the business community around the world have made great strides in getting to a level playing field that we can manage by.

That's the first piece. The actual management of it, or the tactics of it is extremely difficult. Because of the decentralized nature of information across an organization. And being able to pull that together to have a common view at an institution to be able to say, here's where we are good, or here's where we are not good, and be able to report that effectively.

Often we find in conversations with many of our customers it's not a unique challenge. We often find that it's a kink in the chain or it's a bit of a disjointed process where this information is first gathered and then reported on.

That makes it really difficult. I think the proliferation of legal operations in many institutions is helping to solve some of those challenges. I think it will be the Office of the General Counsel or in many cases, what is now falling on the CIO plate, who often is now being looked at it as a COO.

To manage through that information, put it into a structure that it can be reported on, gathered effectively, identify risks, put remediation plans in place.

It's hard if you have many of those processes running simultaneously at different rates of speed, if you can get them unified in some form or fashion, it's a bit easier. There is no silver bullet on that, but we're seeing Legal Operations making great strides there.

Boris: Which have been the biggest challenges Legal Operations teams faced as a result of this COVID pandemy

Liam: If I were speaking of behalf of our constituency, I think it would be resourcing. If you look at some of the benchmarking and research recently, some of the top risks, the Internal Audit or the Legal Operations in particular as they were working with compliance and audit together to solve, many of these challenges have been, the first is Cyber that that's always the top risk.

The second is the change in regulatory requirements is fast and furious. No human can keep up with that right now. The changes, especially with pandemic, the changes in every jurisdiction around regulatory requirements being passed.

The third is the digitization of legal information, taking it out of the proverbial, filing cabinet and getting it into a centralized repository to manage the corporate records and your processes. Again, not all in one place often. That’s hard and the workload is increasing exponentially.

I'm not to quote any specific research on this call, but the research that we've seen and been looking at closely with our customers has been that the workload is outpacing the investments in proactive resources that are going in to support that function.

So it's great that it is up and running and moving in a very positive direction, but it simply needs more resources. That's the first.

With that as organizations invest in Legal, Operations, it is a Standardized Set of Processes, a baseline or a foundational playbook to manage each of their areas.

So I don't know that it's so much a challenge as it is more is taking, all of the ships that have been at sail for a long time and making sure that they are navigating at the right direction and trying to streamline that on a common foundation. We're seeing great strides from many of our customers.

Again, I'm not to name any of them in particular, but great strides by individually organizations that have invested heavily in Legal. Operations where they have teams of people that are coming in, they're choosing a system of record, and they are integrating those systems of record to all of their major corporate systems. They are setting a foundation in a process in place by which to manage all of the information with a corporate record.

So whether they're a public company and there are filings that they need to do and compliance, obviously in every jurisdiction, they need to stay on top of, or even some smaller private companies who are focusing on liquidity events, whether those be recapitalizations or IPOs any event where the corporate record is at play. You're streamlining that information.

So that they're are always ready to be audited, or whether that be internal or externally, always ready to make that information a competitive advantage if you will. And that can mean a lot of different things, but it really is just the getting the resources and getting the foundation in place. That's what we're seeing, being the typical challenge. I think that will change over the next, the next few years.

Boris: And what specifically, you guys at Diligent help Legal Operations to meet their goals.

Liam: Thank you for asking. If I were boiling it down a very simply, modernizing Governance in our view is again, simply getting the right information to the right people at the right time, so that directors can ask the best questions and operators or executives can make those best decisions.

And if you think, very simply again, this is again a very remedial example, but the boards, whether they be the parent board or subsidiary boards and committees that are reviewing information at a given point in time to ask those questions or make those decisions, they have to digest the information.

There are a pre-reads, there are actions and follow ups to those agendas, all of which is being fed by the operational piece of gathering that information, moving it throughout an approval process, being able to report on it, getting it in front of those people.

And we can help in two very simple areas: being a system of record for all of that information and having it reside in one repository to be able to move around through a set of process Management and approvals, as well as a data integrity, moving that all around and then getting it in front of those individuals through our Boards Applications and having directors being able to log in to one place to get the information, review it, digest it, and then come out of the meetings with clear actions and followups.

Having that in a closed loop site, in a system that is secure is where we really hit the ball out of the ballpark. I mean, and that's our bread and butter, which is top of mind for, for CSOs right now given with all of the technology that's out there and all the disparate systems, sensitive information is flowing throughout an organization and not always inside of a secure network.

That is a very real challenge that we are helping with.

Boris: I would like to do hear your personal opinion. As it relates to Governance, what should the corporate boards stop doing right now that they are currently doing and a another way around what they should start doing, that they are not doing

Liam: Personal opinion of what should boards do that they're not doing right now or invest more in? I think a big topic clearly is to be intentional about the diversity of their organization, not just within the entire organization, but it specifically at the director level for the boards that, that those individuals sit on at the subsidiary level, at the entity level.

And certainly at the current board level, create seats that are diverse and inclusive. And if you think of DEI and that is a very real topic that when you don't have all the right voices at the table and you can't get a 360 degree view on what quote unquote right could look like. I think certainly it is a topic, but I think that look to quote an individual close to me, sunlight is a great way to cleanse so like shining a big, bright light on it is important.

I think Boards needed to keep that in mind that if they're not being intentional about that sort of a movement. I think that’s important.

What should they continue doing that they're doing really well is more investment in governance. Governance is never been in the spotlight more than it is today and it really hasn't gotten a refresher over the past couple of hundred years is what it seems like.

And so I think just continuing to ask questions and be curious, and spend the resources, time, money, obviously, but the intellectual resources to know where can they make it better throughout their institution because Governance is important. And I think we all know that, but I don't know that we've all been as intentional as we could be about that. And we want to help with that.

Boris: Fantastic. So let's jump into the third topic, which is our main goal today is about the Cyber Risk. What are the biggest Cyber Security threats organizations are facing globally?

Liam: There are a lot clearly the, one of the topics or challenges that is front facing for us right now that we're hearing a lot about is the movement of information and the storage of that information, the most sensitive information, the gaps that are being that are created in that Management process of getting the right information to the right people at the right time.

And I think that we're hearing more and more now about the risks that the office of the CIO is facing in owning the operational piece of Governance. And not just that the office of the General Counsel is the customer of the office of the CIO, but more in asking the questions around what is the outcome that you're trying to achieve.

And what should a director's know about managing the risk of information flow of the most sensitive information throughout the business? Where is it tight? Where is it loose? What's our exposure?

in some cases you have to use as an example not naming any application and such, but a real example is depending on where organizations are storing their information, there's massive litigation risks in not knowing all of the contents that are being stored, where they are being stored, who has access to those.

And then if information needs to be recalled and used how it is then flowing freely about in the institution. And when you think of Cyber Risk in particular, as it relates to operational governance or managing risk, sometimes we're our own worst enemies. And we're hearing that a lot these days with how information can move about a business. And for example, misplacing or miss handling a version 13 of a board pack or a board deck with information that might not even be complete, might be more damaging than then losing access to the final version because it's incomplete information.

And so the question is, how do you move that around when there are directors that will request - send this to my Gmail or send this to My Yahoo or text me the information, because they want to be able to carry their duties out as they should easily. And they just want to be able to access the information and ask great questions and rightfully so, but sometimes ease of uses is tugging at the heartstrings of control and security and where institutions don't have that in their grasp, they're, they're exposing their organizations to massive risk.

And sometimes they know that, and there's just not an intentional movement to change that. And I think that is now falling more on the critical thinking in nature by which CIOs are becoming more like CEOs these days and leaning in, and operating with their legal counterparts to tighten that up a bit. That is, right now one of the biggest, obviously Cyber is top of mind, everywhere are all the time, but that is one of the biggest things that we are getting asked about every day.

And especially in a world where we are a hundred percent distributed a in today's world, of course,

Boris: Provided that virtual work is still ongoing around the world. What do you see company leaders, make a priority in technology to combat this threat?

Liam: They're doubling down in, there are two areas that we're seeing a lot of. The first is in an audit of systems, what are the systems that they are using for what processes and applications, what information is it managing, and seeing a bit of an audit.

The first 90 to a, a 120 days was creating continuity from the transition from being in office is everyday to being remote everyday.

And during that peak, there was a different set of challenges to the world seems to have settled into a remote work environment. And over the last few months, since July, since we spoke that normalization now is creating the opportunity for institutions to get back on to the front foot.

So they're doing a bit of the auditing, have their systems understanding where they are and how their information flows throughout the organization. What are the investments they can make to shore up VPNs and secure access, especially for those sensitive information.

So, doing an audit there and then creating new policies in many cases, new policy on how the information is being managed.

It has provided a unique opportunity and shine a spotlight on organizations, not a new problem, right. But highly highlighting an existing opportunity and challenge that they're facing to get it right. And, now that we've been in this for, nine ish months going on 10 months, you know, I would find it hard to believe that many organizations will go back to an every day in the office environment.

And I think in many organizations have seen productivity go up, they've had to force themselves to get better access virtually and figure out those processes. So it will be interesting to see, to see how we evolve.

Boris: Interesting. And how does someone listening to this for the first time, or maybe even a it expert should go about it, how's it? How would you prepare for next year? For example, do you have some tips?

Liam: It depends on. If you are listening to it for the first time in your, in your life. And you're thinking about it at that time a year. If you are on a calendar fiscal year in your budgeting, or you are trying to finalize budgets for next year, I think one of the things that I'm hearing a lot of from counterparts in the industry and individuals that own budgets is that your first half of the year will probably going to look a lot like this year did when it comes to travel and expense and management, a virtual world versus an office world.

So planning that way, being prepared for the first 180 days of next year, but the back half of the hunt of 180 days, in 2021, we'll probably look a little bit different. So, being prepared with investments to wrap it back up to a certain areas, that's a rare, we don't see a lot of it being a hundred percent virtual next year, obviously, but we see that the Evolution will come back to more travel on and such. So I think there are investments there to just be aware of as you plan for next year.

Operationally is, again, the investments we're just seeing lots of organizations invest in getting on the front foot of shoring up their Operational side of Governance, making sure that they've done an audit of their systems, their process who has access to what and looking at how they manage that best.

So I really think that the easiest way, if you're a first-time listener, the easiest way or the best way I've heard it described to me from a customer is it's like an iceberg.

I think I've probably used this analogy before from them is it's like an iceberg at the top of the iceberg is above the water.

Everyone knows the Board. Everyone understands who the Board is. They know their responsibilities. They know they understand who's on the hook for how the business is managed, what they don't understand, or what they don't often see is what's below the water.

And that is the 80% of the iceberg that sits below the water is that operational pieces, the investments and time and money and intellectual thoughtfulness that goes into managing that process.

And that is the entire group structure of a business. And every piece that goes into it, trying to have them be aligned and, and uniting all the different departments to, to make that work. Well, those are the two key areas that we are constantly hearing are front of mind right now. And, and the operational piece is big.

Boris: We touched the major three points, and I wonder if there is something that I didn't ask you that you want to add.

Liam: No, nothing, else to mine. Thank you. Is the biggest thing. Thanks to you. Thank you to your listeners. I always have a fantastic discussion. it's great to catch up.

Boris: Thank you. Liam and I wish you were a company, a company Diligent a greater success in the coming period. And The, I know you have a lot of work to do in a lot of the coming of new customers, the old ones. So I wish you a good luck.

2021 Back-to-Work Operations Planning Kit

2020-12-12T07:47:15.000Z

5 complimentary templates to help you plan and prepare for a safe return for employees


		CALL US +1 (866) 297 0224

COVID-19 has transformed how companies operate in ways that are likely to persist for years to come. Bringing employees back on-site during and after the pandemic is sure to be challenging.

Download 5 free templates to make planning managing the associated risks to your business easier.

The Back-to-Work Planning Kit Includes:

Back-to-Work Operational Planning Template
Job Hazard Analysis Template
Engagement Mapping Template
Incident Response Template
Accident, Incident, and Illness Documentation Template

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How AI Is Integrated With Document Verification?

2020-12-12T07:46:24.000Z

Identity fraud is becoming an increasing problem day after day for businesses. Criminals create new mechanisms for fraud as identity theft tends to raise problems for customers. According to the 2019 Javelin Plan and Analysis Identity Fraud Report, in 2018, there were 14.4 million users who had become victims of identity fraud, down from 16.7 million in 2017, the record figure. Identity theft in 2018 was nevertheless more burdensome: 3.3 million individuals were liable, about three times as many as in 2016, for any of the liabilities for the fraud committed against them. In comparison, the out-of-pocket fraud losses of these victims have more than doubled to 1.7 billion dollars between 2016 and 2018.

New account fraud losses also increased marginally, with offenders continuing to concentrate on financial accounts including loyalty programs, loyalty plans, and pension accounts. Moreover, criminals, especially mobile account takeovers, are increasingly adopted at authentication processes. By allowing AI-based document authentication services, companies can effectively stop identity fraud and eliminate fraudulent damages incurred by identity theft frauds online from their clients and businesses.

What is Document Verification And What It Is For?

The process of online document verification enables quick and secure enrolment of customers with high accuracy and efficiency and complete identity fraud prevention.ID document authentication functions behind the scenes to guarantee that only legitimate IDs are remembered. This solution analyses the specific details in the records for authentication in order to validate their authenticity and also assures that the names in the agreement are the same as the identity record such that the contract can only be obtained by the designated person.

Checking is only conducted in officially issued documentation such as photo-based cards, visas, licenses for drivers, and debit/credit cards issued by the bank. False or fraudulent papers are immediately refused by the app.

Many of the fraudulent records most commonly used by fraudsters and criminals are:

Unlawful papers: They are entirely flawed documents. They contain elements such as incomplete holograms or some such set criteria that are basic aspects of the document's legal version.
Fake documents: This document belongs legitimately to another person, and the fraudster seeks to authenticate himself by using it.
Modified documents: This is the case when a smart record is changed. The fraudsters here change font and type to exploit the scheme.

Allow Better Results In Digital Solutions

A wall of security for a retailer is the authentication of the identity of the customer. Document authentication as a prerequisite for check and balance device transactions. With the integration of artificial intelligence, the digitized document verification process reduces manual work and increases productivity. Also, it involves quick verification which can be carried out within a few seconds for the optimization of conversion rates to control drop-off rate. Furthermore, the manual document verification process is prone to human error. With the integration of AI, document verification involves a 98.67% accuracy rating for high credit card avoidance and chargeback theft.

If someone is going through the process of document verification, he is:

Verifying the authenticity of the text and,
Making sure that the knowledge of the customer is accurate,
Deterring deception from the fear of possible fraudsters who see a record search at the POS

Verification of the customer's real identification card is a protective measure against damages that can impact shopping, hotel, and financial services activities in various ways. Just a couple of the approaches that ID fraud may try to use include:

Fraud with a credit card, if a person uses a stolen or false credit card
Return fraud, in which a person returns merchandise for cash or store loan and uses an identity stolen to record the transaction
Finance or credit fraud where the individual uses a stolen identity to apply for in-store credit.
Account theft, if a person wants to access the merchant's funds or profits by providing false ID documents

Keynotes

These days AI plays the same function as the verification officer by using the software which enables document identity verification online. This process helps organizations to conduct transactions remotely by ensuring that the person they claim is who they are on the other end of the exchange.

Simple Tips To Improve Your SAP Security Right Now

2020-12-12T07:39:13.000Z

Free eBook: Common SAP security mistakes and how to fix them

Hi Global Risk Community member,

Maintaining SAP system security can be difficult.

SAP systems offer powerful security features to help find and correct system security violations. It is the responsibility of the developers, administrators, and emergency response teams to ensure system security is maintained and to review new code before it is moved into production.

However, even knowing about these tools, security lapses do occur.

Most of the time, these security weaknesses come from poor coding practices or lack of awareness of system table settings, and only a handful are the result of malicious intent.
Knowing where to look for these errors is the first step.

Download a free copy of Fastpath’s Things That Go Bump in the Night: What Your SAP Admins Are Up To When You Aren’t Looking. This eBook outlines several of the most common SAP security issues and concrete actions security teams can take to avoid them.

Sincerely,

Heather Robinson
Fastpath Solutions, LLC.

Is “Profit Leaks” a Consistent Issue in Your Organization? Use Cost-to-Serve (CTS) Analysis to Prevent It

2020-12-12T07:38:33.000Z

Supply chain management across industries is being revolutionized at a rapid pace by technology. By implementing technology systems, supply chain organizations aspire to eliminate waste, meet customers’ needs at reasonable costs, and ensure profitability. Enterprise Resource Planning systems facilitate in processing unstructured data at an aggregated level. However, at workflow or micro level the data produced through ERPs needs to be further refined to understand costs.

Supply chain experts need to look at their unstructured data and understand the cost of offering a product; know which product mix they should promote; and gauge the impact of service levels on transportation costs, profits, and pricing strategy.

Supply Chain Executives can use the Cost-to-Serve (CTS) Analysis approach to control distribution costs, identify negative-margin products, and prevent profit leakages. CTS Analysis affords the organizations the means to identify the total cost of serving customers—including all the costs in a product’s value chain (from raw material to delivery)—at the product as well as customer levels. The approach helps leaders split and evaluate individual customers, geographies, products, product families, or combinations of products / customers.

The Cost-to-Serve Analysis can be undertaken to identify costs related to Supply Chains, Logistics, Distribution, Warehousing, or Transportation. CTSA allocates indirect cost to products—overhead or fixed costs that are not easily and directly attributable to a single order, shipment, or activity.

The CTS model for costing entails detailed modeling of all the value and non-value added activities in the process. The approach is more precise than other methods in determining “what-if” budgets, as it accounts for all the activities and link them with their relevant cost pools. CTS employs an activity-based modelling algorithm—which segregates the entire supply chain into multiple tasks while calculating the costs at every task—to help the supply chain practitioners calculate costs at various levels.

The CTS Framework entails 5 fundamental steps:

Obtain Buy-in from Key Stakeholders
Conduct Cost Categorization
Determine per Unit Cost Breakdown
Develop Classification Matrices
Make Joint Decisions

Let’s delve deeper into the first 2 steps of the CTS Framework.

1. Obtain Buy-in from Key Stakeholders

The first step to implement Cost-to-Serve Framework involves getting across-the-board agreement and stakeholder buy-in. The decision to calculate the impact of cost to serve on revenue entails engagement and collaboration from multiple departments in a company. Multiple cost centers work in partnership across a value chain and thus profit and loss responsibility cannot be attached to a specific unit.

For instance, a decision to trim down the costs to serve a customer (or various customers) has to be agreed upon by stakeholders from the:

Sales and marketing department to calculate the impact of service level agreements.
Logistics function to calculate the cost impact.
Go-to-market Strategy to ensure alignment with Corporate Strategy
Warehousing unit to ensure resource planning and allocation.

2. Conduct Cost Categorization

The 2^nd step of the Cost-to-Serve Framework involves categorization of costs associated with the entire supply chain. Supply chains typically have various cost centers (or functions): e.g., Procurement, Manufacturing, Warehousing, and Logistics. These cost centers further have multiple processes with costs associated with all of them. CTS requires top-down estimation of costs at the process and activity level and then aggregate those back to the cost center level.

This categorization of costs across the various functions of the supply chain and their associated processes facilitates in accurate calculation and obtaining estimates at the micro level.

Interested in learning more about the other steps of the Cost-to-Serve Framework? You can download an editable PowerPoint presentation on Cost-to-Serve Analysis here on the Flevy documents marketplace.

Are you a Management Consultant?

You can download this and hundreds of other consulting frameworks and consulting training guides from the FlevyPro library.

Leading With Decision-Driven Data Analytics

2020-12-12T07:37:45.000Z

Leading With Decision-Driven Data Analytics

Data analysts often fail to produce insights for making effective business decisions, but that’s not their fault. Leaders need to make sure that data analytics is decision-driven.

Bart de Langhe and Stefano Puntoni

December 07, 2020

Source: MIT Sloan Management Review

If you were to ask any major CEO about good management practices today, data-driven decision-making would invariably come up. Companies have more data than ever, but many executives say their data analytics initiatives do not provide actionable insights and produce disappointing results overall.1

In practice, making decisions with data often comes down to finding a purpose for the data at hand. Companies look for ways to extract value from available data, but that doesn’t necessarily mean data analysts are answering the right questions. It’s also not a safeguard against the influence of preexisting beliefs and incentives.

The solution is simple: Instead of finding a purpose for data, find data for a purpose. We call this approach decision-driven data analytics.

‘Data-Driven’ Often Means Answering the Wrong Question

We’ll use some example companies to make our point. Let’s start with customer relationship management at RollingBoulder, a media company with a subscription-based business model. RollingBoulder’s customers can renew their annual memberships by responding to a renewal letter that they receive when their membership is about to expire. To reduce customer attrition, the organization sometimes adds a thank-you gift to these mailings.2

Over the years, RollingBoulder has developed a rich data set that describes past and current customers along various dimensions, such as location, membership duration, and website usage and behavior. The company has developed a sophisticated predictive algorithm that uses this information to quantify the likelihood that an active member will churn, and it then sends gifts to at-risk customers.

This data-driven approach to churn management is considered a best practice in the industry, but it is flawed.3 To understand why, let’s look at the central question the company is addressing with this analysis: “How likely is a customer to churn?” This is valuable information. For example, it allows the company to make projections about the value of its customer base. However, it does not address the question that is relevant here: “What is the effect of including a gift on a customer’s likelihood to churn?” This question cannot be answered based on data the company has already gathered and requires further data collection and analysis.

Data-driven decision-making anchors on available data. This often leads decision-makers to focus on the wrong question. Decision-driven data analytics starts from a proper definition of the decision that needs to be made and the data that is needed to make that decision.

‘Data-Driven’ Often Means Reinforcing Preexisting Beliefs

Take the case of Gwenn & Jenny’s, an ice cream vendor that wants to know how its online advertising on Twitter impacts sales. The social media platform offers a three-step attribution process to evaluate the sales impact of advertising.4 First, a data broker, like Datalogix, shares identifying information from Gwenn & Jenny’s customers (like browser cookies, email addresses, and phone numbers) with Twitter. Next, Twitter searches for those customers in its records and, if there is a match, adds information about these customers’ activities on the platform (like whether they viewed or clicked on the brand’s tweets). Finally, analysts compare purchase decisions of customers who engaged with the Gwenn & Jenny’s brand on Twitter with purchase decisions of customers who did not.

This approach invariably reveals stark differences for a brand: Customers who saw and engaged with a brand on Twitter visit its stores more often, and they spend more on each visit. Taking the view that this data suggests social media advertising has a large impact on sales supports Twitter’s business model. It’s also consistent with clients’ beliefs that social media advertising works and that its effectiveness can easily be measured.

Twitter has sold its three-step process to many companies. However, we use it in our teaching as an example of flawed data-driven decision-making.

Comparing customers who saw a brand’s content with customers who did not see the content is like comparing apples and oranges. These customers differ in many other ways. Gwenn & Jenny’s most loyal customers are more likely to engage with the brand on Twitter, and they are also more likely to buy the brand. They don’t buy because they saw the brand appear in their Twitter feed. These loyal customers buy because they like the product, and because of this they also follow the brand on social media — not the other way around. Twitter’s approach dramatically exaggerates the impact of advertising on sales.

Data-driven decision-making empowers data providers and data scientists. The risk is that decision-makers take data that is consistent with their preexisting beliefs at face value.

Moving to Decision-Driven Data Analytics

To move to a decision-driven data analytics approach, a company must start by identifying the business’s key decisions and the people who make them and finding data for a purpose rather than finding a purpose for the data at hand. (See “Data-Driven Versus Decision-Driven Data Analytics.”)

Data-Driven Versus Decision-Driven Data Analytics

DATA-DRIVEN DECISION-MAKING	DECISION-DRIVEN DATA ANALYTICS
Anchor on data that is available.	Anchor on a decision to be made.
Find a purpose for data.	Find data for a purpose.
Start from what is known.	Start from what is unknown.
Empower data scientists.	Empower decision-makers.

When we tell executives about the decision-driven approach, some are quick to point out a potential problem. They caution that decision-makers who use data to support a decision that has already been made may be falling prey to confirmation bias. But that is not decision-driven data analytics. That is preference-driven data analytics, and it might be the worst way to make decisions — but it’s, unfortunately, a very common one.

To make the shift to decision-driven data analytics and avoid the pitfalls of being preference-driven, leaders can take three important steps. First, it is the responsibility of decision-makers to form a narrow consideration set of alternative courses of action. Second, it is the joint responsibility of decision-makers and data scientists to identify the data needed to figure out which course of action is best. The third step is to choose the best course of action.

Step 1: Identify alternative courses of action. Decision-makers should start by thinking “wide then narrow.” Many decisions are made on autopilot, after only one course of action is considered. This can harm the quality of decision-making. Thinking wide means generating many alternative courses of action. To illustrate, let’s go back to RollingBoulder. If the business objective is to increase the value of its customer base, a thank-you gift to reduce churn is just one of many possible courses of action. The company could also improve customer development (through up- or cross-selling, for example), make investments to acquire new customers (such as through sales promotions), or improve editorial content (perhaps by hiring new writers).

However, too many alternatives can make the problem intractable from a managerial and data-analytics perspective. Thinking narrow means that decision-makers use their judgment to winnow courses of action. For instance, the customer relationship manager at RollingBoulder may realize that improving editorial content falls outside of her responsibilities.

By thinking “wide then narrow,” decision-makers increase the likelihood that the final consideration set includes high-quality and feasible courses of action.

The goal of data analytics is to turn unknowns into knowns so that alternative courses of action can be ranked more objectively.

Step 2: Determine what data is needed in order to rank alternative courses of action. Decision-makers and data scientists need to develop criteria to discriminate among and rank the alternative courses of action selected in step 1. The goal of data analytics is to turn unknowns into knowns so that alternative courses of action can be ranked more objectively.

Starting from the decision draws attention to unknowns, and this has a major advantage. It makes it immediately obvious that there are limits to what can be known, and that unknowns can be tackled in many different ways. For instance, if you tell people that Interbrand has determined that the Mastercard brand is worth $11 billion and ranks 57th in the world, most people will take this point estimate and rank at face value.5 If instead, you ask people what they think the Mastercard brand is worth, most will realize that brand value can be quantified only imperfectly, and in a variety of ways. They are correct. Kantar Millward Brown estimates the Mastercard brand to be worth $108 billion (ranked 10th in the world), and Brand Finance estimates it at $19.8 billion (ranked 86th in the world).6 Starting from what is unknown highlights that the world is complex and uncertain.

Decision-driven data analytics is not about collecting as much data as possible. It’s crucial to consider the value of data. If you would make the same decision before turning an unknown into a known as you would after, then there is no benefit in engaging in data collection and analysis.

Oftentimes, data collected for the purpose of making a decision has more value than data that’s already available. RollingBoulder had to decide whether to add a gift to a customer’s renewal letter. To make this decision, the company needed to know how sending a gift influences a customer’s likelihood to churn. This question cannot be addressed based on the available data. It requires running a randomized controlled trial (an RCT, or A/B test): Customers are randomly selected to receive the gift or not, and the company then observes which customers churn and which customers stay.

Step 3: Select the best course of action. The final step should be easy. If the first two steps were executed well, data analytics will now reveal the best course of action.

Analyzing the data from the RCT, RollingBoulder learned an important lesson. The gift successfully reduced churn likelihood for some customers, but it backfired for others. The customers who were already least likely to churn without the intervention became even less likely to churn when targeted with the intervention. However, the customers who were most likely to churn without the intervention became even more likely to churn when targeted with the intervention. In other words, the company had always been targeting precisely the wrong customers, as do many other businesses that blindly follow the “best practice” of targeting high-risk customers.

Pablo Picasso once said: “Computers are useless. They can only give you answers.” Decision-driven data analytics emphasizes the importance of asking questions and thus the importance of managerial judgment. This approach draws attention to unknowns and the value of additional data collection and analysis. Companies and leaders who take this approach benefit by ensuring that analytics initiatives are tied to action are focused on answering the questions that matter, and challenge rather than bolster executives’ beliefs about how the world works.

ABOUT THE AUTHORS

Bart de Langhe is a behavioral scientist and marketing professor at Esade – Ramon Llull University. Stefano Puntoni is a professor of marketing at the Rotterdam School of Management at Erasmus University and the director of the Psychology of AI lab at the Erasmus Centre for Data Analytics.

APAC to Lead Resorcinol Market through 2025 | TechSci Research

2020-12-11T10:00:00.000Z

Growth of rubber products and wooden adhesives application in automotive and construction industry to drive global resorcinol market during forecast period.

According to TechSci Research report, “Global Resorcinol Market By End-User Industry, By Manufacturing Process, By Application, By Region, Competition, Forecast & Opportunities, 2025”, the global resorcinol market is expected to grow steadily over the next five years and surpass $ 1 billion by 2025. Growing automotive industry coupled with increasing usage of wood in the construction of residential and commercial complexes across the globe are the major factors that are projected to contribute to the market growth over the next five years. Rapid expansion of automotive sector globally is driving the need for various rubber-based products, including tires, belts and rubber-coated fabrics, which is providing a boost to the market. Furthermore, rising usage of the compound during the production of non-halogenated flame-retardants and various agricultural chemicals is further aiding the growth of global resorcinol market across the globe.

Browse 132 market data Figures and Tables spread through 150 Pages and an in-depth TOC on "Global Resorcinol Market"

https://www.techsciresearch.com/report/resorcinol-market/4507.html

Global resorcinol market can be segmented based on end-user industry, manufacturing process, application, and region. Considering the end-user industry, the market is fragmented into building & construction, healthcare, automotive, electrical & electronics, dyes, explosives and others. The automotive sector is anticipated to register high growth during the forecast period. This growth can be attributed to its use as an essential component in automobile tire manufacturing, along with synthetic rubber latex and formaldehyde in manufacturing tires for trucks, off-road equipment and other fiber reinforced mechanical materials including conveyor belts among others. Major players operating in the global resorcinol market include Sumitomo Chemicals, Aldon Corporation, Napp Technologies, Zhejiang Hong sheng Chemical Co Ltd, Tokyo Chemical Industry Co. Ltd, Lanxess AG, Atul Ltd and others.

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“Asia-Pacific is forecast to dominate the global resorcinol market over the next five years on the account of rapid industrialization in India & China. Moreover, high growth of the automotive sector in the region and rising number of government initiatives to promote and revitalize the construction industry are further boosting the regional market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Resorcinol Market By End-User Industry, By Manufacturing Process, By Application, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global resorcinol market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global resorcinol market.

Source : TechSci Research

Sustained Release Coatings Market to be Valued USD 870.17 Million During Forecast Period | TechSci Research

2020-12-10T07:00:00.000Z

Rising interest for microencapsulated items and growing R&D exercises for development of effective medicines to drive the growth of global sustained release coatings market

According to TechSci Research report, “Global Sustained Release Coatings Market By Polymer Material Type (Ethyl & Methyl Cellulose, Polyvinyl Alcohol, Methacrylic Acid Copolymer, Cellulose Acetate, Others), By Application (In Vitro and In Vivo), By Substrate Type (Tablets, Capsules, Pills, Pellets and Multiparticulate Powder), By Region, Competition, Forecast & Opportunities, 2025”, global sustained release coatings market was valued USD 562.51 Million in 2019 and is expected to grow at a CAGR of 7.80% over the forecast period. Surging requirement for sustained release coatings in cancer and brain tumor-specific drug delivery is one of the major factors contributing to the growth of global sustained release coatings market across the globe. Moreover, growing usage of sustained release coatings in capsules, tablets among others is further expected to bode well for the growth of global sustained release coatings during the forecast years. In addition to this, awareness pertaining to the additional benefits provided by sustained release formulations as it helps lessens the dosage frequency and improves patient compliance, is projected to positively influence the growth of global sustained release coatings market in the years to come. Also, increasing support from the government coupled with technological advancements in the healthcare industry is making headway for the growth of global sustained release coatings market across various developing economies. However, some of the factors due to which market might get subdued are high cost and alcohol dose dumping.

Browse 12 market data Tables and 204 Figures spread through 206 Pages and an in-depth TOC on " Global Sustained Release Coatings Market "

https://www.techsciresearch.com/report/sustained-release-coatings-market/4518.html

Global sustained release coatings market can be segmented based on polymer material type, application, substrate type, and region. Considering the polymer material type, the market is fragmented into ethyl & methyl cellulose, polyvinyl alcohol, methacrylic acid copolymer, cellulose acetate, others. The ethyl & methyl cellulose segment dominated the global sustained release coatings market with share of 62.14% in 2019 and is further anticipated to lead the market during the forecast years as they are favored over other materials owing to their use as a moisture barrier as well as in sustained release and taste-masking applications.

BASF SE, Evonik Industries Inc, Colorcon Inc, Ideal Cures Pvt. Ltd., Shin-Etsu Chemical Co. Ltd., Kerry Group plc, BIOGRUND GmbH, Seppic SA, Torrent Pharmaceuticals Limited, and Tianjin ILE Pharmaceutical Materials Co., Ltd are among others are the leading players operating in global sustained release coatings market. The leading players are adopting several growth strategies to enhance the market scenario of sustained release coatings. Other competitive strategies include mergers & acquisitions to diversify their product portfolio in order to strengthen their market position.

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“Asia Pacific led the global sustained release coatings market in 2019 and the trend is likely to continue through 2025. Presence of large economies such as India and China, exponential growth in pharmaceuticals sector due to cheap labor, favorable government policies and vast infrastructure are providing conducive environment for doing business in the region. Besides, due to increasing prevalence of diseases such as diabetes and other lung diseases, companies are increasing their focus in the Asia Pacific region, which is consequently driving the growth of the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Sustained Release Coatings Market By Polymer Material Type (Ethyl & Methyl Cellulose, Polyvinyl Alcohol, Methacrylic Acid Copolymer, Cellulose Acetate, Others), By Application (In Vitro and In Vivo), By Substrate Type (Tablets, Capsules, Pills, Pellets and Multiparticulate Powder), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global sustained release coatings market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global sustained release coatings market.

Source : TechSci Research

Tubular Membrane Market to Cross $ 2.2 Billion by 2025 | TechSci Research

2020-12-09T07:00:00.000Z

Growing need for reducing the capital costs of Zero Liquid Discharge (ZLD) systems clubbed with long term durability, life and strict government policies related to liquid discharge to drive global tubular membrane market during the forecast period

According to TechSci Research report, “Global Tubular Membrane Market By Product Type, By Application, By End-Users, By Region, Competition, Forecast & Opportunities, 2025”, the global tubular membrane market is forecast to grow from an estimated USD 1.57 billion in 2020 to USD 2.24 billion by 2025. The global tubular membrane market is driven by rising implementation for the discharge of wastewater generated by various industries. Further, increasing adoption of tubular membrane related to zero liquid discharge (ZLD) systems is one of the major factors accounting for the growth of global tubular membrane market. Moreover, surging demand from chemicals & petrochemicals industry is further expected to bode well for the growth of global tubular membrane market through the forecast period. In addition to this, more and more applications of the tubular membrane in chemical pretreatments is anticipated to positively influence the growth of global tubular membrane market in the years to come. Also, growing efficiency of tubular membranes is making headway for the growth of global tubular membrane market across the globe. Along with this, continuous ongoing rapid advancements in the market are positively contributing to the market growth. Furthermore, wastes containing dyes & pigments from processes like cooling tower blowdown, etc., have increased, thus the demand for the tubular membrane is expected to grow, which is anticipated to bolster the growth of market during the next five years. However, there are some factors such as high cost of the tubular membrane modules and concerns related to the long service life of the membranes that might act as major impediments to the growth of global tubular membrane market through 2025.

Browse over 148 market data Figures spread through 173 Pages and an in-depth TOC on "Global Tubular Membrane Market"

https://www.techsciresearch.com/report/tubular-membrane-market/4653.html

Global tubular membrane market can be segmented based on product type, application, end users, company and region. Considering the end users, the market is fragmented into chemicals & petrochemicals, food & beverage, energy & power, electrophoretic coating, leather, pharmaceuticals, textiles and others. The chemicals & petrochemicals segment dominated the global tubular membrane market in terms of largest market share until 2019 and is further anticipated to hold its dominance during the forecast years as well, which can be accredited to rising demand from the petrochemical sector clubbed with organic and inorganic chemicals units. In addition to this, stringent government rules regarding processing of wastewater generated from all plant production units such as cooling towers, boilers, flue gas desulfurization, etc., have increased the consumption of tubular membranes in chemicals & petrochemical plants, which is anticipated to boost the growth of this segment over the coming years. Also, the market for the textiles & leather segment is anticipated to register highest CAGR until 2025 due to stringent regulations pertaining to wastewater discharge from these units.

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Pentair Plc, Koch Membrane System, Inc., Berghof Membrane Technology GmbH, PCI Membranes, Dynatec Systems Inc., Spintek Filtration Inc., Duraflow LLC, Hyflux Limited, Microdyn-Nadir GmbH, and Lenntech Water Treatment Solutions are the leading players operating in the global tubular membrane market. The players are adopting several growth strategies to enhance the market scenario of tubular membrane. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diversify their product portfolio in order to strengthen their market position.

“Asia Pacific is anticipated to dominate the global tubular membrane market over the next five years on account of presence of many key product manufacturers in the region. Additionally, Asia-Pacific is also anticipated to register highest growth over the coming years, which can be attributed to the fact that the region dominates others in terms of overall installed capacity of chemicals & petrochemicals units along with coal power plants present in China and India.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Tubular Membrane Market By Product Type, By Application, By End-Users, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global tubular membrane market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global tubular membrane market.

Source : TechSci Research

Plastic Recycling Market to Surpass $ 110 Billion by 2025 | TechSci Research

2020-12-08T19:00:00.000Z

Rising awareness about the pollution caused by plastics and government initiatives to reduce plastic waste is driving the market through the forecast period.

According to TechSci Research report, “Global Plastic Recycling Market By Type, By Source, By Method, By End-User, By Company, By Region, Competition, Forecast & Opportunities, 2025”, the global plastic recycling market is expected to grow at a steady CAGR during the forecast period and surpass $ 110 billion by 2025. Growing environmental concerns and rising adoption of recycled products are fueling demand for plastic recycling, globally. Polyethylene segment has the largest share in the global plastic recycling market due to its major use in packaging industry. Growth in packaging industry on account of rising technological advancements in food and beverage industry is expected to boost plastic recycling market in the coming years. Other sectors which are the major end users of recycled plastics include construction, automotive, textiles and electrical and electronics.

Browse 161 market data Figures and Tables spread through 230 Pages and an in-depth TOC on "Global Plastic Recycling Market"

https://www.techsciresearch.com/report/global-plastic-recycling-market/3563.html

Global plastic recycling market is segmented on the basis of type, method, end use, source and region. On the basis of end user segmentation, the market is categorized into Packaging, Building & Construction, Textile, Automotive, Electrical & Electronics and Others. Packaging segment is expected to dominate the market until 2025 owing to the rising utility in food and beverage industry. Among all the regional markets, Asia-Pacific dominated the global plastic recycling market until 2019. Owing to major plastic industries in China and South East Asian countries, Asia-Pacific is expected to continue its market dominance during the forecast period.

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Some of the leading players operating in the global plastic recycling market include Veolia Environment SA, Suez SA, Republic Services Inc., Waste Connection, B&J Par, KW Plastics, BASF SE, Borealis AG, B. Schoenberg & Co., Clear Path Recycling LLC, Dupoint Teijin Films, Custom Polymers Inc. and others. “Global plastic recycling market is expected to grow at a steady rate in the coming five years. Rising utility of polyethylene due to growing global packaging industry has and will continue to lead to significant growth in the market over the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Plastic Recycling Market By Type, By Source, By Method, By End-User, By Company, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global plastic recycling market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global plastic recycling market.

Source : TechSci Research

Deafening Silence

2020-12-08T00:14:06.000Z

While a lack of psychological safety means a team is missing out on the opportunity to take risks and innovate (as I pointed out last week), when the lack of psychological safety becomes rampant, a much bigger risk develops. That risk is the deafening silence that descends on the organisation because no one will speak up. A situation termed organisational or employee silence.

I wrote about this phenomenon a couple of months ago when I reflected on my time at HIH Insurance and the need to sometimes move “Beyond Nudging”. In that blog I was encouraging risk practitioners to shift from challenging decisions on a case by case basis to having one big discussion about whether sufficient psychological safety exists. The goal: to create psychological safety so staff in the trenches feel comfortable raising issues, thus preventing many of the decisions that the risk function may need to challenge from ever being made.

It’s easy to say that a bigger conversation needs to be had. It’s harder to have the conversation if it is not psychologically safe to do so. The Royal Commission noted “… a culture appeared to have developed within HIH not to question leadership decisions.”[i]

If you need to have a big conversation, first determine if the silence is due to explicit or implicit behaviour by management. If explicit, where people are punished for speaking out, you will need to tread very carefully. If it is implicit, where management are not aware of the situation they have created, you will have a slightly easier road.

Either way, you will need to plan your strategy. As I wrote in my book Winning Conversations, when delivering bad news, you need to start with what’s great, move to what’s wrong while showing plenty of empathy and deliver options for what’s next. And always finish on a positive.

And as per my Pathfinder Model of persuasion, you will need a powerful story to shift emotions. I have mine. It is the story of Australia’s largest corporate collapse, HIH Insurance.

Stay safe and influence leaders to build psychological safety!

[i] Bailey, Brendan; Research Note, Department of the Parliamentary Library, No. 32, 13 May 2003.

__________________________________________________________________________________

Bryan's new book teaches you practical methods to cut through with your advice and make the impact you want to make. Available on Amazon or order here now.

YOUR DECISIONS DEFINE YOU.

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www.bryanwhitefield.com

Building the case for automation of due diligence on corporate customers

2020-12-05T07:12:05.000Z

For banks, the ability to conduct due diligence quickly and effectively can be the difference between winning and losing valuable customers.

With customer experience an increasingly important differentiator competition increases, a seamless digital process is now a must. Lengthy and difficult Know Your Customer (KYC) will no longer be tolerated, as highlighted by Encompass research, which found that 38% of UK businesses have deliberately abandoned an application for banking services in the last year due to slow due diligence processes.

With companies often completing applications with a number of providers when looking for new financial services or products, the bank that can offer the quickest and most efficient onboarding has a better chance of success when it comes to securing business.

The importance of due diligence

We know that due diligence is complex, particularly as the scope of a bank’s customer base widens.

To be effective, due diligence processes must be robust yet flexible enough to quickly adapt in line with regulation and any changes to risk profile or geographical footprint.

In global financial institutions, making these changes can be a long and challenging task, largely due to the reliance on manual systems. Performed manually, the process is prone to error and slow. It can also take analysts away from business critical tasks that require their attention, proving inefficient business-wide.

Banks must also set aside budgets to acquire information necessary for due diligence. At many institutions, the productive life of these assets ends with the completion of KYC checks. This practice is wasteful.

When there is pressure to get results quickly but regulations and best practices are constantly evolving, due diligence can be relegated to a tick-box exercise. However, it is imperative that business people within financial services appreciate the importance of proper KYC, which is something often still not realised, as the implications of not doing so – both operational and reputational – can be costly.

Benefits of Encompass

With the level of urgency heightened by the implications of the COVID-19 pandemic, digital transformation initiatives have risen to the top of the agenda for financial institutions worldwide, and the value of automation as part of robust due diligence has become increasingly evident.

By bringing transparency to complex corporate structures and identifying ultimate beneficial ownership, Encompass delivers accurate and comprehensive KYC due diligence on demand.

With Encompass, information uncovered at this stage is given the opportunity to find new, highly valuable life as an asset used in multiple areas of the business, for overall benefit.

When digital data flows from Encompass into CLM and CRM systems, banks automate their account opening processes. When digital data flows from the middle office into the front office, business development teams quickly gain the full picture of a client’s corporate structure. This allows them to offer geographically-relevant products and services to other entities related to their new customer, providing the opportunity to expand business reach and, crucially, influence.

When digital data flows from Encompass into data lakes and data warehouses, banks use business intelligence and machine learning to create new understanding that drives informed business decisions.

Automating and transforming the process of due diligence on corporate customers delivers immediate improvements in customer service while guarding institutions against risks of reputational damage.

By rendering information on customers as digital assets, institutions choosing to automate bring additional benefits to systems and operations downstream from their compliance teams in the middle office.

How banks can benefit from automation post COVID-19

How the challenges of COVID-19 have given rise to opportunities to adapt

read the ebook

Top-Down Leadership for Data: Seven Ways to Get Started

2020-12-05T07:10:52.000Z

Top-Down Leadership for Data: Seven Ways to Get Started

Leaders can initiate successful data strategies by focusing on data quality, building organizational capabilities, and putting data to work in new ways.

Thomas C. Redman

December 02, 2020

By MIT Sloan Management Review

For many senior executives, data presents a conundrum. Naturally, they want their data programs to succeed. Indeed, they’d like to help in some way, and even provide leadership, but beyond providing funding, they’re not sure how. Business leaders’ lack of technical knowledge exacerbates their uncertainty and makes them feel like outsiders to data science teams.

But data programs cry out for business leadership, and there are many ways senior executives can play a bigger role, even if they don’t fully understand data. This article explores seven ways leaders can accelerate their companies’ data efforts, derive near-term benefits, and gain a better understanding of the roles data can play in advancing their business objectives. Think of these as opportunities. Not all of them will suit your needs, interests, or style, so just pick one or two and get started.

Focus on Quality

We begin with three opportunities related to quality. Counterintuitively perhaps, improving data quality saves money. Further, all data strategies (and more and more business strategies) depend on high-quality data.

1. Break the quality logjam. Many leaders readily admit that they don’t trust their company’s data, at least not enough to use it when it really matters. It’s no wonder, given how often they encounter bad data: Two numbers don’t jibe, some report looks too good to be true, and the finance team complains every quarter about the overtime needed to produce a routine report. Still, most companies manage to convince themselves that their data is “pretty good.” And an uneasy stasis results — you don’t have the trusted data you need but are frozen from doing anything significant about it.

To break the logjam, undertake a review to determine how good — or bad — your data is. Tell people there will be no rewards or punishments for good or bad results — it is just important to establish a baseline. Instruct your teams to make a simple data quality measurement, using what I call the Friday Afternoon Measurement. It entails laying out a sample of the most important data your teams use every day, marking the obvious errors, and then counting them up. This measurement returns a score between 0 and 100 — the higher the better.

Although calculating this measurement takes just a few hours, it may take longer for the team to work through the implications. On the one hand, you may find out that your data can be trusted (scoring above 96), and you can then move on to other improvements. However, few teams score this well, and any score below 85 signals real problems. Solving these problems will require more work, but breaking the logjam is half the battle.

Send a signal that your company must change its approach to data quality, from passively dealing with errors to making them go away — for good.

2. Get to the bottom of something. When you raise questions about numbers that just don’t look right, your staff goes off in a frenzy to find the mistakes and correct them. Tragedy averted, or at least delayed.

This little drama plays out dozens, hundreds, or thousands of times a day (depending on the size of your company) — sales cleans up data it receives from marketing, operations cleans up data from sales, and finance cleans up data from everyone. Note the vicious cycle and the incredible drain on company resources. You can lead by example to break this cycle. Next time an issue comes up, lead an improvement project to get to the bottom of it — finding, then eliminating, the root causes.

In so doing, you will send a signal that your company must change its approach to data quality, from passively dealing with errors to making them go away — for good. Those who report to you (and maybe some peers) will follow suit, making this perhaps the single most transformative action you can take.

3. Get everyone on the same page. People in all but (maybe) the smallest companies complain, “Our systems don’t talk.” You’ve probably experienced this yourself, when people cite it as the reason why different answers might exist throughout the company to basic questions like “How many customers do we have?” Unfortunately, the problem of systems not talking camouflages a more fundamental issue — namely, people not speaking the same language. This has real consequences: It is more difficult to work across departments, complexity grows, and your technology department wastes time better spent elsewhere.

To find out if you have this problem, pick three or four important terms — for a financial services company, security, buyer, and client are good examples. Ask everyone (yourself included) to write down their definitions of these terms and bring them to your next staff meeting. Then read them aloud and see how closely the definitions align. Remember, there is no right or wrong. If everyone agrees, great! If not, you may have a serious problem.

This is the headiest of the seven opportunities described here. But once you know where to look, you will see how common language can resolve all sorts of business issues.

Put Your Data to Work

4. Bring data science to your strategic decisions. A common misconception about data science — with terms such as big data, artificial intelligence, and machine learning — is that it’s reserved for areas where data is plentiful. In reality, when done well, data science helps ensure that a business problem is clearly articulated, reveals hidden biases in your thinking, provides a fresh perspective on whether the data you have is good enough to address that problem, seeks new sources of data to close gaps, analyzes all the data in powerful ways, and reduces your uncertainty. So, pick an issue, invite a first-rate data scientist to join the fun, treat the person as a full member of your team, and listen to what he or she has to say.

5. Determine how your data sets you apart. Your next opportunity involves competitive differentiation. As you know, companies don’t compete based on the ways in which they are similar to others but on the ways in which they differ from the crowd. It is all too easy to view your data as a byproduct of your real work and not see it as a source of value in its own right. It is worth the time to examine where strategic opportunities may be overlooked.

Start by charging a multidisciplinary team with answering the question, “Do we have data that no one else does?” Chances are, you do — after all, your data is uniquely your own. If so, this data qualifies as proprietary and may be a source of competitive advantage. Clearly enough, the next step involves figuring out how to exploit it. Of the opportunities described here, proprietary data probably signals your best chance at creating near-term revenue.

Build Needed Organizational Capabilities

6. Separate the management of data and technology. Slowly, and usually with great difficulty, data is invading every nook and cranny of every industry, company, and department, creating both opportunity and risk. Yet today’s organizations are unfit for data — they lack talent, silos get in the way of data sharing, data and business strategies are poorly connected, and it is unclear who is responsible for what in the data space. Over the long haul, these issues will require a lot of your time.

Far and away the best thing senior leaders can do for their data programs is to clarify managerial accountabilities. Fortunately, step one is relatively straightforward: Move lead responsibility for data out of your IT department. Data and technology are different kinds of assets, and comingling their management has slowed progress on both. Work department by department, from HR, to finance, to operations, to administration, to find a better home for your data program.

7. Demonstrate your commitment to data on your board. It’s important to mirror the data improvements you make internally on your board of directors. If you haven’t done so already, make it a priority to appoint a director to your board who understands data. You need someone who will push you to go further and faster than you might otherwise be inclined to, to serve as a sounding board as you evaluate options, and to help you anticipate and deal with resistance. The ideal candidate has both an expansive vision and experience with hard-fought battles in advancing a data agenda. The sooner you find this person the better, so start looking right away. Interview as many people as you can, and don’t decide until you find someone you really trust.

Data may well represent your best chance to grow your business and distance yourself from your competitors, but getting even a fraction of the value data has to offer is tough. It’s no surprise that unlocking this potential requires strong stewardship from senior leadership. Executives can use the seven ideas in this article as entry points for getting started.

ABOUT THE AUTHOR

Thomas C. Redman (@thedatadoc1) is president of consultancy Data Quality Solutions and author of Getting in Front on Data: Who Does What (Technics Publications, 2016).

TAGS:
Business Value, Data Management, Data Quality, Leadership Vision

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Tonic Water utilized in Alcoholic Drinks and Treat Malaria

What is Tonic Water

Uses of Tonic water

Drinking purpose

Cleaning purpose

Medical use

Maintain freshness in flowers

Summing up

How Encompass maximises banks’ efficiency by standardising processes

Standardisation of processes

Irrigation Automation made the Farming Process Smooth

What do we understand by irrigation automation system?

Irrigation Automation and its application

Types of Irrigation Automation

Surface irrigation

Sprinkler irrigation

Drip irrigation

Gears of Irrigation Automation

Controller

Sensors

Valves

Benefits of Irrigation Automation

Different types of Automation system used in Irrigation Automation

Volume-based

Time-based

Real-time based

Computer-based

Limitations of automation irrigation

The bottom line

Simple Tips For Keeping Your Business Clean

Delegate Cleaning Responsibilities

Clean Customer-Facing Services

Have A Thorough End of Day Cleaning Routine

Good night 2020

YOUR DECISIONS DEFINE YOU.

क्या कोई भी व्यक्ति MSME से व्यापार शुरु कर सकता है?

Hospital Outsourcing offloads their most Repetitive management

Benefits of Hospital Outsourcing

1. Satisfactory Experience for Consumer

2. Enhance the recruiting process

3. Cost-effective

Disadvantages of Hospitals Outsourcing

1. Absence of Quality

2. Absence of Coordination

3. Data privacy and security

Summing up:

Interview with Norman Marks about his new book "Risk Management for Success"

How Large Companies Can Grow Their Data and Analytics/Executive Guide Attached

Dogged Inaction

YOUR DECISIONS DEFINE YOU.

Wireless Brain Sensors Help to Manage Patients Complication

What is Wireless Brain Sensors?

Wireless brain sensors based on end-use

1. Multispecialty hospitals

2. Hospitals

Factors that majorly drive the applications of wireless brain sensors

1. Rising road accidents

2. Increasing investment in research and development

3. Unhealthy Lifestyles and Stroke

4. Growing cases of traumatic brain injuries

Summing up

The Top MIT SMR Articles of 2020

The Top MIT SMR Articles of 2020

#1 Is It Time to Rethink Globalized Supply Chains?

Willy Shih

#2 Disruption 2020: An Interview With Clayton M. Christensen

Clayton M. Christensen, interviewed by Karen Dillon

#3 The New Disrupters

Rita Gunther McGrath

#4 Is the COVID-19 Outbreak a Black Swan or the New Normal?

Andrew Winston

#5 Being the Agile Boss

Linda A. Hill

#6 Three Proactive Response Strategies to COVID-19 Business Challenges

Michael Wade and Heidi Bjerkan

#7 How to Make Better Decisions About Coronavirus

Thomas H. Davenport

#8 Managing Stress and Emotions When Working Remotely

Liz Fosslien and Mollie West Duffy

#1
Is It Time to Rethink Globalized Supply Chains?

#2
Disruption 2020: An Interview With Clayton M. Christensen

#3
The New Disrupters

#4
Is the COVID-19 Outbreak a Black Swan or the New Normal?

#5
Being the Agile Boss

#6
Three Proactive Response Strategies to COVID-19 Business Challenges

#7
How to Make Better Decisions About Coronavirus

#8
Managing Stress and Emotions When Working Remotely

#9
The 11 Sources of Disruption Every Company Must Monitor

#10
The New Elements of Digital Transformation

#11
Four Principles to Ensure Hybrid Work Is Productive Work

#12
The Sources of Resilience