EMI Music’s Million Interview database let David Boyle and his scouts play “Moneyball” Billy Beane-style with music hits, scoring home runs for fans and artists. The result: EMI rises from back-on-its heels to a global music powerhouse.
Mount Sinai Hospital in New York optimized its patients’ first 8 to 12 hours in the hospital, running hundreds of simulations. With improved utilization, Mt. Sinai achieved the financial effect of adding 100 new beds – without actually adding one.
Cisco, EMI, and Mount Sinai Hospital are not alone. McKinsey research shows data-driven businesses outperform their peers by a wide margin across every category. No surprise there. Gaining advantage from data is nothing new. But converting data to insight to results is hardly a given. In fact, some might say it’s the age-old challenge of leadership, and as hard as ever.
Today, things are different. As never before, you can see and be observed, talk to and be talked about, sense the present and predict the future.
What’s making the difference? Everyone is digitally empowered. Social tools have surfaced in the enterprise and are changing the very fabric of business and engagement. We are mobile, and apps on phones and tablets give us new ways to discover and collaborate, one by one or by the millions.
Meanwhile, firms have stockpiled huge stores of historical transaction data. Married to the new digital exhaust of our calls, tweets, clicks, and texts, this can create powerful insight to the past, the moment, and the future – and competitive advantage for companies that unlock it. I’ll outline some tactics for creating this advantage in future posts.
Most employees are disengaged and not passionate about the work they do. This is costing companies a ton of money in lost productivity, absenteeism, and turnover. It’s also harmful to employees, because they’re more stressed out than ever.
The thing that bothers me the most about it, is that it’s all so easy to fix. I can’t figure out why managers aren’t more proactive about this. Besides the human element of caring for our employees, it’s costing them money, so they should care more about fixing it. Something as simple as saying thank you to your employees can have a huge effect on their engagement, not to mention it’s good for your level of happiness.
The infographic that we put together has some pretty shocking statistics in it, but there are a few common themes. Employees feel overworked, overwhelmed, and they don’t like what they do. Companies are noticing it, with 75% of them saying they can’t attract the right talent, and 83% of them feeling that their employer brand isn’t compelling. Companies that want to fix this need to be smart, and patient. This doesn’t happen overnight, but like I mentioned, it’s easy to do. Being patient might be the hardest thing for companies, and I understand how frustrating it can be not to see results right away, but it’s important that you invest in this, because the ROI of employee engagement is huge.
Here are 4 simple (and free) things you can do to get that passion back into employees. These are all based on research from Deloitte.
1. Encourage side projects
Employees feel overworked and underappreciated, so as leaders, we need to stop overloading them to the point where they can’t handle the workload. Let them explore their own passions and interests, and work on side projects. Ideally, they wouldn’t have to be related to the company, but if you’re worried about them wasting time, you can set that boundary that it has to be related to the company. What this does, is give them autonomy, and let them improve on their skills (mastery), two of the biggest motivators for work.
Employees feel overworked and underappreciated, so as leaders, we need to stop overloading them to the point where they can’t handle the workload.
2. Encourage workers to engage with customers
At Wistia, a video hosting company, they make everyone in the company do customer support during their onboarding, and they often rotate people into customer support. When I asked Chris, their CEO, why they do this, he mentioned to me that it’s so every single person in the company understands how their customers are using their product. What pains they’re having, what they like about it, it gets everyone on the same page. It keeps all employees in the loop, and can really motivate you to work when you’re talking directly with customers.
3. Encourage workers to work cross-functionally
Both Apple and Google have created common areas in their offices, specifically and strategically located, so that different workers that don’t normally interact with each other can have a chance to chat.
This isn’t a coincidence. It’s meant for that collaborative learning, and building those relationships with your colleagues.
4. Encourage networking in their industry
This is similar to number 2 on the list, but it’s important for employees to grow and learn more about what they do. It helps them build that passion for their industry. It’s important to go to networking events, and encourage your employees to participate in these things. Websites like Eventbrite or Meetup have lots of great resources, and most of the events on there are free.
What do you do to increase employee engagement? Let me know your thoughts in the comments!
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This infographic was crafted with love by Officevibe, the employee survey tool that helps companies improve their corporate wellness, and have a better organizational culture.
Supply chain fraud – whether perpetrated by suppliers, subcontractors, employees, or some combination of those – can take many forms. Among the most common are:
Inflated bills or expense accounts
Bribery and corruption
Phantom vendor accounts or invoices
Grey markets (counterfeit or knockoff products)
Failure to meet specifications (resulting in substandard or dangerous goods)
Perhaps the most damaging sources of supply chain fraud are internal, especially collusion between an employee and a supplier. Such partnerships help fraudsters evade independent checks and other controls, enabling them to steal larger amounts. The median loss from fraud committed
by a single thief was US$80,000, according to the Association of Certified Fraud Examiners (ACFE).
Costs increase along with the number of perpetrators involved. Fraud involving two thieves had a median loss of US$200,000; fraud involving three people had a median loss of US$355,000; and fraud with four or more had a median loss of more than US$500,000, according to ACFE.
Build a culture to fight fraud
The most effective method to fight internal supply chain theft is to create a culture dedicated to fighting it. Here are a few ways to do it:
Make sure the board and C-level executives understand the critical nature of the supply chain and the risk of fraud throughout the procurement lifecycle.
Market the organization’s supply chain policies internally and among contractors.
Institute policies that prohibit conflicts of interest, and cross-check employee and supplier data to uncover potential conflicts.
Define the rules for accepting gifts from suppliers and insist that all gifts be documented.
Require two employees to sign off on any proposed changes to suppliers.
Watch for staff defections to suppliers, and pay close attention to any supplier that has recently poached an employee.
The business world is now firmly in the age of data. Not that data wasn’t relevant before; it was just nowhere close to the speed and volume that’s available to us today. Businesses are buckling under the deluge of petabytes, exabytes, and zettabytes. Within these bytes lie valuable information on customer behavior, key business insights, and revenue generation. However, all that data is practically useless for businesses without the ability to identify the right data. Plus, if they don’t have the talent and resources to capture the right data, organize it, dissect it, draw actionable insights from it and, finally, deliver those insights in a meaningful way, their data initiatives will fail.
Rise of the CDO
Companies of all sizes can easily find themselves drowning in data generated from websites, landing pages, social streams, emails, text messages, and many other sources. Additionally, there is data in their own repositories. With so much data at their disposal, companies are under mounting pressure to utilize it to generate insights. These insights are critical because they can (and should) drive the overall business strategy and help companies make better business decisions. To leverage the power of data analytics, businesses need more “top-management muscle” specialized in the field of data science. This specialized field has lead to the creation of roles like Chief Data Officer (CDO).
In addition, with more companies undertaking digital transformations, there’s greater impetus for the C-suite to make data-driven decisions. The CDO helps make data-driven decisions and also develops a digital business strategy around those decisions. As data grows at an unstoppable rate, becoming an inseparable part of key business functions, we will see the CDO act as a bridge between other C-suite execs.
Data skills – an emerging business necessity
So far, only large enterprises with bigger data mining and management needs maintain in-house solutions. These in-house teams and technologies handle the growing sets of diverse and dispersed data. Others work with third-party service providers to develop and execute their big data strategies.
As the amount of data grows, the need to mine it for insights becomes a key business requirement. For both large and small businesses, data-centric roles will experience endless upward mobility. These roles include data anlysts and scientists. There is going to be a huge opportunity for critical thinkers to turn their analytical skills into rapidly growing roles in the field of data science. In fact, data skills are now a prized qualification for titles like IT project managers and computer systems analysts.
Forbes cited the McKinsey Global Institute’s prediction that by 2018 there could be a massive shortage of data-skilled professionals. This indicates a disruption at the demand-supply level with the needs for data skills at an all-time high. With an increasing number of companies adopting big data strategies, salaries for data jobs are going through the roof. This is turning the position into a highly coveted one.
According to Harvard Professor Gary King, “There is a big data revolution. The big data revolution is that now we can do something with the data.” The big problem is that most enterprises don’t know what to do with data. Data professionals are helping businesses figure that out. So if you’re casting about for where to apply your skills and want to take advantage of one of the best career paths in the job market today, focus on data science.
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About Daniel Newman
Daniel Newman serves as the Co-Founder and CEO of EC3, a quickly growing hosted IT and Communication service provider. Prior to this role Daniel has held several prominent leadership roles including serving as CEO of United Visual. Parent company to United Visual Systems, United Visual Productions, and United GlobalComm; a family of companies focused on Visual Communications and Audio Visual Technologies.
Daniel is also widely published and active in the Social Media Community. He is the Author of Amazon Best Selling Business Book "The Millennial CEO." Daniel also Co-Founded the Global online Community 12 Most and was recognized by the Huffington Post as one of the 100 Business and Leadership Accounts to Follow on Twitter.
Newman is an Adjunct Professor of Management at North Central College. He attained his undergraduate degree in Marketing at Northern Illinois University and an Executive MBA from North Central College in Naperville, IL. Newman currently resides in Aurora, Illinois with his wife (Lisa) and his two daughters (Hailey 9, Avery 5).
A Chicago native all of his life, Newman is an avid golfer, a fitness fan, and a classically trained pianist
Among the studies of climate change that indict human inventions and activities for the ecological damage done to the earth, there is a hopeful glimmer that digital business can bend the curve to reduce carbon emissions. According to #SMARTer2030, a study by the Global e-Sustainability Initiative (GeSI) and Accenture Strategy, it is possible, during the next 15 years, to hold worldwide carbon emissions to 2015 levels by digitizing business processes and applying data to decisions about resource use. That would represent a valuable contribution, according to the research, in decoupling economic growth and greenhouse gas emissions, thus helping to solve the tradeoff between the two.
SAP looked at a subset of companies in six major industries that are currently using business software such as enterprise resource planning, data analytics, supply chain, logistics, production planning, resource optimization, and remote access. Then SAP did their own analysis to estimate how applying these technologies to emerging digital business models in these industries globally would contribute to reducing carbon emissions.
The “Business as Usual” Scenario
The heat is on. The Intergovernmental Panel on Climate Change, the world body established in 1988 to assess the impact of humans on the climate, notes in its most recent report that “business as usual” practices would lead to temperature increases between 2.6°C and 4.8°C by the end of the century—beyond our expected ability to reverse the damage.
More IT = Less CO2
By rolling out information and communications technologies (ICT) across the global economy, total emissions of carbon dioxide equivalent could be cut 12.1 gigatons by 2030 and help forestall temperature increases, GeSI research has concluded. GeSI is an ICT industry association working with, among others, the United Nations Framework Convention on Climate Change to improve its members’ sustainability performance and promote technologies that foster sustainable development.