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Casual Articles - Dynamic Strategy Process to Increase the Value of Your Initiatives
How Digital Signage Can Benefit Your BusinessDigital signage... you know what I'm talking about. Those screens with awesome graphics, catchy music, bold text and funky transitions. They're at your local supermarket, nightclub, pub, train station. They hit you like a brick wall. They're in-your-face, attention grabbing and make you think... and there's no escaping them.Deemed as the new revolution in communicating to targeted audiences, digital signage is taking over from traditional print billboards, posters and banners. Being digital, this method of communication has a number of benefits above and beyond its traditional counterparts. You just have to love the advantages of technology!The number one benefit of digital signage would have to be its capacity to rapidly update the messages it communicates. The content of a digital signage system can be changed at various locations and on a predetermined schedule from one central design station by utilising the internet. With this ability to deliver content within seconds of being created, time and expense > - Most of the time such initiatives are viewed in isolation, largely due to the level of their complexity. However, in reality most initiatives are integrated and affect each other when operational. The consequence of which is that multiple projects often have redundancies in their scope and the effects of their interaction are not realised. The result is more wastage. Fox example, an initiative to introduce CRM will warrant a business process re-engineering exercise. However if an organization is going through a process re-engineering project now, they will have to repeat parts of the project again once the CRM initiatives have been completed.
Initiatives without Medical Billing - NSF or UB-92It is no longer a question in the medical billing community of what the best method of sending claims is. Electronic billing has numerous advantages over sending paper claims including ease of transmission, lower cost, faster turnaround time and a number of other advantages. But what about the type of electronic format? The main ones today are NSF 3.01 and UB-92. So what's the difference and is one better than another? Which one should you use? Does it make a difference? Will using one format over another give you more headaches in the long run? In this installment, we're going to discuss the basic differences between NSF 3.01 and UB-92, including the pluses and minuses of each.The first thing that you need to know is that NSF 3.01 has been around a lot longer than UB-92. Back in the early days of electronic billing, it was the only option. Therefore, software manufacturers had to include it with their product if they were going to compete in the marketplace. Because of this and because everybody was cr Introduction
With numerous isolated initiatives running concurrently within an organization, there is often little idea of how they interact or overlap, leading to no clear overview of the benefits. The result is duplication and the need to repeat initiatives on regular intervals. Research shows that on average 40% of value of an initiative is not realized. However, having a logical way of structuring the same initiatives can lead to enormous benefits and a lot more realized value. Types of Initiatives
The different types of initiatives in an organization can be categorized as follows:
- System improvement initiatives: Such projects involve using technology to streamline, automate and/or integrate processes and systems across the organization. There has been a strong focus on such projects since middle of the last decade, especially to introduce enterprise resource planning systems and during post merger system integration.
- Performance improvement initiatives: Initiatives to improve the performance of the business are a recurring theme, especially when the business environment is challenging, e.g. during a recession. Typical initiatives include process improvement, cost reduction, efficiency drive, risk management etc.
- 3. Change of strategy led initiatives: Such initiatives are a result of a change of strategy focus, e.g. concentrating on growth, entering a new market, becoming more customer focused, complying to government regulation etc. Examples of these types of initiatives include CRM (customer relationship management), Sarbanes Oxley implementation initiative, ISO9000 certification etc.
Reasons for Failure
While such initiatives do deliver some value, the interesting question to understand is why they are a continuous feature of organizations. Why is there a requirement to have similar projects running over-and-over after every few years with enormous amounts of resources spent on them? The reasons lie in the manner in which these projects and initiatives are viewed, instigated and their scope defined.
- Taking a Static View - Essentially these initiatives are one off exercises that take a static view of the business and its strategies, i.e. a snap shot of the organization in time as a base. By the time a project is complete, and often even before that, the business environment has changed, thus limiting the potential benefits of the exercise just undertaken to a short period of time. The organization then introduces a new slightly changed strategy, calls in consultants all over again, and goes through a similar initiative under a different name.
- Working in Isolation - Most of the time such initiatives are viewed in isolation, largely due to the level of their complexity. However, in reality most initiatives are integrated and affect each other when operational. The consequence of which is that multiple projects often have redundancies in their scope and the effects of their interaction are not realised. The result is more wastage. Fox example, an initiative to introduce CRM will warrant a business process re-engineering exercise. However if an organization is going through a process re-engineering project now, they will have to repeat parts of the project again once the CRM initiatives have been completed.
- Initiatives without
Tips On Starting Your Own Personalized Pen BusinessThere is a saying that the pen is mightier than the sword, and history has proven it true. The ball point pen was invented in 1938 by the Hungarian journalist Laszlo Biro. Since then, it has been responsible for changing the annals of history. Wars were won and lost because of a pen. Deals were made and broken because of a pen. A single pen made businesses flourish although for some, it sealed their doom. But most importantly, a pen can spread love or hatred among people. A pen is that personal. It is used by everyone, everywhere. The business of making and selling personalized pens is always a good idea. This is a money making venture where you make a specific design or look for a pen that fits a certain person.1. Personalize Your BusinessIn any business success, the key is to know what your customer wants and give it to them. For your shop to flourish, you need to know what makes a personalized pen really personal to an individual. Your personalized pen shop should have specific guidelines to know your cu ve using technology to streamline, automate and/or integrate processes and systems across the organization. There has been a strong focus on such projects since middle of the last decade, especially to introduce enterprise resource planning systems and during post merger system integration.
- Performance improvement initiatives: Initiatives to improve the performance of the business are a recurring theme, especially when the business environment is challenging, e.g. during a recession. Typical initiatives include process improvement, cost reduction, efficiency drive, risk management etc.
- 3. Change of strategy led initiatives: Such initiatives are a result of a change of strategy focus, e.g. concentrating on growth, entering a new market, becoming more customer focused, complying to government regulation etc. Examples of these types of initiatives include CRM (customer relationship management), Sarbanes Oxley implementation initiative, ISO9000 certification etc.
Reasons for Failure
While such initiatives do deliver some value, the interesting question to understand is why they are a continuous feature of organizations. Why is there a requirement to have similar projects running over-and-over after every few years with enormous amounts of resources spent on them? The reasons lie in the manner in which these projects and initiatives are viewed, instigated and their scope defined.
- Taking a Static View - Essentially these initiatives are one off exercises that take a static view of the business and its strategies, i.e. a snap shot of the organization in time as a base. By the time a project is complete, and often even before that, the business environment has changed, thus limiting the potential benefits of the exercise just undertaken to a short period of time. The organization then introduces a new slightly changed strategy, calls in consultants all over again, and goes through a similar initiative under a different name.
- Working in Isolation - Most of the time such initiatives are viewed in isolation, largely due to the level of their complexity. However, in reality most initiatives are integrated and affect each other when operational. The consequence of which is that multiple projects often have redundancies in their scope and the effects of their interaction are not realised. The result is more wastage. Fox example, an initiative to introduce CRM will warrant a business process re-engineering exercise. However if an organization is going through a process re-engineering project now, they will have to repeat parts of the project again once the CRM initiatives have been completed.
- Initiatives without
The Seven Secrets of Great Customer ServiceCopyright 2006 Cari HausThere’s a new sub shop in town, and their service—and food—are exceptional. We live in a small town with limited options, so the first thing I did after trying this recently arrived spectacular fare was tell the next five people I saw. I wasn’t really trying to be a walking billboard, it just came naturally.That, of course, is what every thinking business person wants to have customers do for their business. What could be a more effective marketing tool than a truly excited “customer evangelist”? If you want customers to truly fall in love with your business, here are some things you can do:1. Make a CommitmentIf you don’t commit to great customer service, you can be sure it won’t happen. Devote yourself to treating your customers right. Develop a company culture that focuses on customer service, and go above and beyond the call of duty. Your customers will thank-you for it, and more than likely, tell their friends.2. Know Your StuffCustomers are pr change of strategy focus, e.g. concentrating on growth, entering a new market, becoming more customer focused, complying to government regulation etc. Examples of these types of initiatives include CRM (customer relationship management), Sarbanes Oxley implementation initiative, ISO9000 certification etc.
Reasons for Failure
While such initiatives do deliver some value, the interesting question to understand is why they are a continuous feature of organizations. Why is there a requirement to have similar projects running over-and-over after every few years with enormous amounts of resources spent on them? The reasons lie in the manner in which these projects and initiatives are viewed, instigated and their scope defined.
- Taking a Static View - Essentially these initiatives are one off exercises that take a static view of the business and its strategies, i.e. a snap shot of the organization in time as a base. By the time a project is complete, and often even before that, the business environment has changed, thus limiting the potential benefits of the exercise just undertaken to a short period of time. The organization then introduces a new slightly changed strategy, calls in consultants all over again, and goes through a similar initiative under a different name.
- Working in Isolation - Most of the time such initiatives are viewed in isolation, largely due to the level of their complexity. However, in reality most initiatives are integrated and affect each other when operational. The consequence of which is that multiple projects often have redundancies in their scope and the effects of their interaction are not realised. The result is more wastage. Fox example, an initiative to introduce CRM will warrant a business process re-engineering exercise. However if an organization is going through a process re-engineering project now, they will have to repeat parts of the project again once the CRM initiatives have been completed.
- Initiatives without
Orthopedic Manufacturing - Medical Manufacturing Miracles Performed On A Daily BasisMany people, either due to birth defect, accidental injury, or simply old age, have joint conditions that cause loss of mobility. In advanced cases this can cause considerable pain and anguish. When doctors determine that the problem can only be remedied with orthopedic surgery, to augment or replace the affected joint, orthopedic manufacturing comes to the rescue.Orthopedic manufacturers produce the supports and replacement joints that allow patients to return to normal life again. This procedure often is highly successful, but, of course, there are risks associated with any type of surgery.The story of Jack Nicklaus, (a hip replacement patient) is a classic orthopedic case history. He lived with considerable pain for years, until he finally underwent hip surgery in 1999. Following his hip replacement he still managed to play some pretty good golf.You may also be interested to know how those implants are made. The technology that allows doctors to perform the miracle of joint replacement these projects and initiatives are viewed, instigated and their scope defined.
- Taking a Static View - Essentially these initiatives are one off exercises that take a static view of the business and its strategies, i.e. a snap shot of the organization in time as a base. By the time a project is complete, and often even before that, the business environment has changed, thus limiting the potential benefits of the exercise just undertaken to a short period of time. The organization then introduces a new slightly changed strategy, calls in consultants all over again, and goes through a similar initiative under a different name.
- Working in Isolation - Most of the time such initiatives are viewed in isolation, largely due to the level of their complexity. However, in reality most initiatives are integrated and affect each other when operational. The consequence of which is that multiple projects often have redundancies in their scope and the effects of their interaction are not realised. The result is more wastage. Fox example, an initiative to introduce CRM will warrant a business process re-engineering exercise. However if an organization is going through a process re-engineering project now, they will have to repeat parts of the project again once the CRM initiatives have been completed.
- Initiatives without
Engineers And Manufufacturers Can Leverage Wikipedia's Gap In InformationAs search engine marketers specializing in the industrial marketplace, it’s neccessary to stay sharp on industry related topics and terms. Admittedly though, as situations present, we’ll supplement our knowledge with credible information sources online. After all, we’re not engineers.A recent ‘research’ project brought to light an area of opportunity - for both industrial websites as well as online information sources, where indeed there is a startling lack of engineering related information available. It’s a good thing, though. Where there is lack, there is…opportunity!One highly regarded and widely accepted general information source is wikipedia.com, a free encyclopedia that anyone can edit. Any topic can be introduced and expanded upon; which ofcourse includes topics related to… let’s say… optical enginnering, metal working, etc. You get the idea. However, there is defintely room for growth among these kind of topics in their database.This gap in information presents a multi faceted oppo > - Most of the time such initiatives are viewed in isolation, largely due to the level of their complexity. However, in reality most initiatives are integrated and affect each other when operational. The consequence of which is that multiple projects often have redundancies in their scope and the effects of their interaction are not realised. The result is more wastage. Fox example, an initiative to introduce CRM will warrant a business process re-engineering exercise. However if an organization is going through a process re-engineering project now, they will have to repeat parts of the project again once the CRM initiatives have been completed.
- Initiatives without Strategy - With many initiatives going on at any one time, there is generally no logical clustering and thus there is no overall view of them. An organization ends up with numerous initiatives, some going in opposite directions. We recently came across a division of a UK Footsie 100 bank which had initiatives in the hundreds running in parallel. Needless to say, they struggle with keeping track of the projects, their alignment to the high level objectives and their benefits, especially in the long-term. As a result the initiatives are repeated in the future without an understanding of the benefits the may bring.
How Value is Destroyed?
Since these initiatives do not reach any where close to their full potential and use resources that could otherwise be used on higher value-add projects, they are effectively destroying value for the organization.
Take a Strategy Lead Approach
Instead of starting by looking at initiatives, organizations need first to look at their strategies. By structuring and prioritising their strategies, a clear overview of what is needed to be achieved is determined and initiatives come out as a means of achieving those strategies. By managing a portfolio of strategies rather than a complex combination of initiatives, organizations can eliminate most of the issues mentioned above. Taking an integrated approach allows organizations to structure their initiatives inline with their strategies.
So what does it take to achieve such as approach:
- Clarify objective at every level – By making explicit what the objectives are for an organization at every level, employees become clear about what they are working towards. Being explicit requires an objective with a numerical, time and quality dimension, and a means of measuring it. E.g. not “We want to have a major market share is the market we operator in”, but “We must achieve a minimum of 25% of market share in the telco market targeting large organizations in Germany, within the next five years. The profit margin must be above 7%”.
Vision > Core Objectives > Critical Success Factors > Operational Objectives
These objectives must be defined such that the causality between the objectives at different levels is obvious. So achieving the Operational Objectives successfully satisfies the CSFs, achieving the CSFs satifies the Core Objectives and achieving the Core Objectives satisfies the Vision.
- Create a Value Delivery System – The VDS is the functional map of the organization. At every level, this determines the organizational unit or department or task that will work towards the objectives at the respective level.
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