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Business technology: Is it your secret weapon or baggage?
 

Business technology: Is it your secret weapon or baggage?

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Doing business in today’s rapid change and globalized environment, we no longer can just depend on ordinary business principles. Technology is an enabler for business innovation, and it’s probably ...

Doing business in today’s rapid change and globalized environment, we no longer can just depend on ordinary business principles. Technology is an enabler for business innovation, and it’s probably the most accessible strategy to innovate the way how your business works. But the question is: What technology is applicable to you? Which one is the best? Will they create more work and headaches for me? This presentation is carefully designed for business owners who are non-tech savvy. A framework is presented to help you in your business planning process to incorporate technological elements that can innovate your business model. This will allow you to be more objective when choosing the right technology for your business.

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    Business technology: Is it your secret weapon or baggage? Business technology: Is it your secret weapon or baggage? Presentation Transcript

    • w w w. p r o c t o . b i z Business technology Is it your secret weapon or baggage? Thomas Cheah Principal CTO On Demand25-Nov-11
    • Why am I doing this? • Doing business is not as easy as before. • Need to keep thinking of new ideas to grow our business. • Employees are given big task to look for better solutions. • For those who can’t hire me. (Or can’t afford to hire a CTO) • To make you a CTO. (And avoid common mistakes in tech implementations)25-Nov-11 w w w . p r o c t o . b i z
    • w w w. p r o c t o . b i zCommon sense is uncommon Until someone pointed it out to you!25-Nov-11
    • What is business innovation? “Why do you carry a spoon in your pocket?”25-Nov-11 w w w . p r o c t o . b i z
    • Innovation starts from observing the details of our everyday life.25-Nov-11 w w w . p r o c t o . b i z
    • Why innovate your business? • Differentiate your business and bypass competition • Diversify and develop new profitable growth markets • Inspire employees and partners to add value to your business25-Nov-11 w w w . p r o c t o . b i z
    • A game for the big boys? Innovations can help small companies to act big, and help big companies to act small25-Nov-11 w w w . p r o c t o . b i z
    • The Mirror Test Do your company need to innovate now?25-Nov-11 w w w . p r o c t o . b i z
    • Dimensions of business innovation • Not just product or technology innovation. • Process innovation can maintain a flexible and durable organization. • Innovation need not be major R&D breakthroughs. • Technology is the one of the most accessible way to innovate your business.25-Nov-11 w w w . p r o c t o . b i z
    • Dimensions of business innovation Product Process Marketing Management• Introduction of • Improved • Different • Better workplace new product production distribution collaboration and method PR.• Improved services • Different delivery method • New pricing • Enable knowledge strategy sharing among partners • More effective promotion 25-Nov-11 w w w . p r o c t o . b i z
    • How can technology help? Product Process Marketing Management• Increase sales • Reduce errors and • Gain better market • Increase employee’s revenue rework insights performance• Explore new • Reduce time per • Improve quality of • Improve job market transaction service satisfaction• Offer new • Eliminate • Increase sales • Better experience and redundant tasks conversion communication & value collaboration • Eliminate process • Increase price bottlenecks competitiveness 25-Nov-11 w w w . p r o c t o . b i z
    • Poor tech planning will lead to... • Why are we only using 20% of the features that we paid for. • Why is this system creating more work for us? • Why is this system so awkward or difficult to work with? • Why do I have to re-enter the same data on multiple systems?25-Nov-11 w w w . p r o c t o . b i z
    • Poor tech planning will lead to... • Why no one (or not everyone) is using the system that we purchased. • Why no one is visiting our e-commerce site? • Why is our system does not talk to (compatible with) each other? • Why technology is so expensive?25-Nov-11 w w w . p r o c t o . b i z
    • Some myths about technology • Myth #1: The more features it has, the better. • Myth #2: Change business process to suit technology. • Myth #3: Follow what my neighbors use. • Myth #4: It will work out-of-the-box25-Nov-11 w w w . p r o c t o . b i z
    • Understanding the facts • Fact #1: Your people and process are the key drivers. • Fact #2: Packaged solutions are not 100% effective. • Fact #3: Customized solutions are not 100% practical.25-Nov-11 w w w . p r o c t o . b i z
    • The Business Technology Framework • Develop process plan and strategy. • Define and prioritize requirements. • Shortlist potential technologies. • Invite vendors to present a customized demo. • Identify the functionality gaps and bridging plans.25-Nov-11 w w w . p r o c t o . b i z
    • Interviewing your vendors • How can your products or services help my business? • Do you resell any hardware or software? Who are your partners? • How big is your programming team? • Do you have any experience in programming? • What is your fee structure?25-Nov-11 w w w . p r o c t o . b i z
    • w w w. p r o c t o . b i z Really Simple Case Study Process innovation for consistent profit25-Nov-11
    • Process Innovation For Consistent Profit Number of customers = Number of leads x Conversion rate Revenue = Number of customers x Average $ purchase x Number of trips Profit = Revenue x Profit margin25-Nov-11 w w w . p r o c t o . b i z
    • Process Innovation For Consistent Profit Number of customers = Number of leads x Conversion rate Revenue = Number of customers x Average $ purchase x Number of trips Profit = Revenue x Profit margin25-Nov-11 w w w . p r o c t o . b i z
    • Process Innovation For Consistent Profit Collect Leads Track ConversionDevelop your process planand strategy. Project Profit25-Nov-11 w w w . p r o c t o . b i z
    • Process Innovation For Consistent Profit Collect Leads: Depends on the nature of your business, leads can be coming from various sources, such as POS, website, events, etc.25-Nov-11 w w w . p r o c t o . b i z
    • Process Innovation For Consistent ProfitCollect Leads:Record thepotential sales foreach new leads. 25-Nov-11 w w w . p r o c t o . b i z
    • Process Innovation For Consistent Profit Track Conversion: Once the sales is closed, flag it as a successful deal to track conversion.25-Nov-11 w w w . p r o c t o . b i z
    • Process Innovation For Consistent ProfitProject Profit: Have the systemwork out your sales pipeline andcalculation of conversion rate toproject your revenue and profit.25-Nov-11 w w w . p r o c t o . b i z
    • w w w. p r o c t o . b i z Thanks you! Send your questions to thomascheah@procto.biz25-Nov-11