4. • Stay better connected
• Access knowledge quickly
• Keep abreast of activities
and interests of “Friends”
• See connections previously
hidden
• Product & Service advice
from Friends
• Join groups relevant to
personal interests
• Share what we know
5. IBM Institute for Business Value
“It pays to work smarter not harder….
Organizations that are significantly outperforming
their industry peers also happen to be making
more headway on newer approaches to work.
They’re using dynamic, collaborative and
connected ways of working to get things done…”
8. Harvard Business Review
Collective intelligence software
• Connects us more easily to the resources we need.
• Amplifies connections, increasing the company's
opportunities for serendipity
• Provides a platform to achieve sustained performance
improvement
HBR – The Enterprise Value of Social Software
9. McKinsey Quarterly Survey
Takeaways:
• 2/3 realized measurable business benefits
• Multiplies opportunities for collaboration
• Allows knowledge to spread more effectively
• Business development and sales and marketing were more likely
to see benefits
• 42% using collective intelligence technology internally
McKinsey Quarterly: How Companies are Benefiting from web2.0
10. McKinsey Quarterly Survey
Benefits:
• 68% Increased speed to access of knowledge
• 54% Reduced communication costs
• 43% Increasing speed of access to internal
experts
• 35% Increased employee satisfaction
• 32% Reduced operational costs
McKinsey Quarterly: How Companies are Benefiting from web2.0
11. McKinsey Quarterly Survey
OSIsoft
• 21% reduction in average time-to-issue
resolution
Leading Manufacturing Company
• 61% reduction in hours for SOX
McKinsey Quarterly: How Companies are Benefiting from web2.0
12. Sabre Town Results
• 60% of questions are answered within one hour
• 9 responses for every question
• $150,000 in immediate, direct savings for the
company
13. Real Estate Challenges
• Agent Retention
• Agent Recruiting
• Company Communication (Policies, Programs, Resources)
• New Agent / Company / Office On boarding
• Cost Reduction & Containment
• Profitability
• Company Differentiation & Competitive Advantage
14.
15. Institute 2.0
• Leadership & Sales courses
– Sales, Service, Listings, The Web, Marketing &
Leadership
• Certifications
– Leadership, Sales, Service
– Under $50.00
– Exclusive to LeadingRE Members
Agent Retention * Agent Recruiting * Profitability
16. McKinsey Quarterly Survey
Best practices for integration
• 75% - integrating into day-to-day work activities
• 59% - senior leaders role modeling /
championing use of technology
McKinsey Quarterly: How Companies are Benefiting from web2.0
17. IBM Institute for Business Value
• < 2X as focused on directly embedding
collaborative capabilities within processes to
improve the speed and quality of their decisions
• 2X more likely to enable users to rate and
comment on the information they are using
• 2.6X using real-time information for decision
making
18. Our World – Powered by LeadingRE
Halstead Purple Team Whole World
Only Halstead Only Non All of LeadingRE
Agents, Competitive Members
Leadership and
LeadingRE
Staff
Member Firms
Today, I’m going to introduce you to the concept of Our World. Our World is a Web 2.0, Social, Collective Intelligence software made possible by our membership in LeadingRE.
While as easy to use as Facebook, the technology behind it is not. We would not have been able to build this in-house nor would be have been likely to secure the funds to purchase it on our own. Even LeadingRE has hired an outside developer, Jive Software and most of the Chicago staff are actively engaged in getting this up and running. Jive Software has developed similar systems for companies such as these to name a few.
OUR WORLD is not about the technology behind it – it’s about how we use it. So instead of jumping in to show you what it looks like, I’m first going to give you the business case – the data behind why this is such a great opportunity. Then we will have a quick preview of what it looks like. Does everyone here participate in social networking sites? It’s rare that people, regardless of age and economic status who do not have a least one social networking profile.
There are lots of things Tools like Facebook, LinkedIn and Twitter to name a few are enabling us to do. Stay better and more personally connected Access knowledge & Information quickly Keep abreast of activities and interests of “Friends” See connections between people that we may not have previously known to exists Learn about products and services from our trusted SOI Join groups centered around our interests and communicate with like-minded people Have a venue to share what we know To date, all these things have been done externally in the public space. We use them primarily for external communication and marketing – it’s increasingly how we communicate with customers and they with us. But what if we could harness that level of transparency, community and communication for our company internally in a private, secure space?
The companies who do, are outperforming their competitors. The IBM Institute for Business Value completed a study this year called “A New Way of Working: Insights from Global Leaders” and looked at the difference between the outperformers and everyone else.. The authors summarize the results as such: “It pays to work smarter not harder…..Organizations that are significantly outperforming their industry peers also happen to be making more headway on newer approaches to work. They’re using dynamic, collaborative and connected ways of working to get things done effectively within a constantly changing environment.” Let’s take a look just at collaboration for a moment.
The organizational benefits the study identified of better collaboration include: Greater Productivity Communication Improved speed / response times / decision making Community recommended and valued information These benefits are not unique and other studies have returned nearly identical lists.
These benefits have positioned collaborative companies for growth while their competitors remain further behind in their recovery from the economic crisis. When asked what their companies were focusing on currently, Outperforming company’s were more focused on areas of growth 43% vs. 29% - Developing new product/service offerings 32% vs. 18% - Expansion into new markets / geographies Whereas the other, non-collaborative companies were focused on 52% vs. 32% - improving operational efficiency 32% vs. 20% - increasing profit margins 22% vs. 15% - improving product/service quality Anyone who participates in a social networking site has experienced some of the benefits.. Adoption as an internal, corporate communication platform has shown impressive results and is on the rise.
This is how the Harvard Business Review characterizes the benefits of collective intelligence software: Connects us more easily to the resources we need Amplifies connections, increasing the company's opportunities for serendipity Provides a platform to achieve sustained performance improvement
McKinsey Quarterly conducted a survey of executives on Web 2.0 in June 2009. 1,695 responses came from across industries, regions and functional specialty. The major takeaways: 2/3 of respondents reported gaining measurable business benefits from adopting Web 2.0 Web 2.0 multiplies opportunities for collaboration and allows knowledge to spread more effectively Business development and sales and marketing were more likely to see benefits (That’s what we do) Respondents reported that 42% of them were using collective intelligence technology internally
The benefits reported were Increased speed to access of knowledge – 68% Reducing communication costs – 54% Increasing speed of access to internal experts – 43% Increased employee satisfaction – 35% Reducing operational costs – 32% The McKinsey study also linked collective intelligence software to business performance improvement.
OSIsoft experienced a reduction of 21% in average time-to-issue resolution. A leading manufacturing company’s business unit reduced the hours required to ensure Sarbanes Oxley compliance by 61%. These are measurable numbers with real financial value. Sabre, who operates most of the world’s flight reservation systems and has 10,000 employees spread around the globe, created their own collective intelligence software system called Sabre Town. Their results:
60% of questions are answered within one hour Each question receives an average of 9 responses The system has already led to more than $150,000 in immediate, direct savings for the company, with much greater benefits not yet measured. Let’s look at the challenges we face in the real estate industry and where they fall within the benefits experienced by other companies using this technology.
Read slide.
This chart simply takes the reported benefits and the corresponding positive impact potential on our challenges. What if it was faster and easier for a new Halstead agent to get answers to a question? I put a check by the Communication issue specifically because your time spent answering the same questions for multiple agents repeatedly is a waste of your talents and a cost to the company. Agents are still going to do that, but if we can get them to do it less – the better off we all will be. Imagine if an agent is in the middle of a deal and needs some insight into a specific building’s board. What if they could put their question out through OUR WORLD and have the question answered within an hour – and receive responses from 9 experts on the situation? Right now, the only way to identify experts is to run around asking a bunch of people or sending a mass email. Another aspect of OUR WORLD, which we haven’t discussed is Institute2.0. Institute 2.0 is the latest technology in online learning specifically for adults. The content is created specifically for us.
Courses will be available for both Leadership (management) and Sales (agents) in the areas of Leadership, Sales, Service, Listings, Web, and Marketing. Better yet, you will be able to see what courses your agents are taking – and their test scores. In the near future, certifications will be offered through the site for Leadership (management only) Sales and Service. Certifications involve a series of modules with exams and will be for a fee, but under $50.00 and all three can be taken by management for $10.95 a month for 12 months. These classes will educate our sales force and management team and the certifications, which are only available to LeadingRE member firms will give our agents a competitive advantage. These sessions cannot replace our internal training programs. This is a national program that can never meet all of our local and company needs, but the content may be a great way to enhance our program. Both the classes and certifications will positively impact Agent Retention, Agent Recruiting, Profitability and give you another tool to coach your agents. OUR WORLD may be powered by LeadingRE, but it is pull, not push communication. All the LeadingRE tools and resources will be housed in OW, but the user (agents or manager) pulls information and engages with it according to individual needs and interests. I think it is one of the finest examples of fulfillment of their mission statement to Make the Best Brokerages Better. LeadingRE actually managed to provide OUR WORLD and Institute 2.0 to us without additional costs to us beyond our regular membership fees. Our World is the framework, the opportunity. Facebook could still exist without a single profile, friend or post – but it wouldn’t be useful. In order for Halstead to benefit from OUR WORLD, we as the leadership will need to be actively engaged. That means not only connecting to our peers around the world to capitalize on our collective knowledge, but also using the program to connect and communicate with each other, our agents and staff internally. Other companies derived real, measurable benefits – but it took more than just hitting an on switch.
The McKinsey study also examined the best practices for integration. (Chart) 75% - integrating into day-to-day work activities 59% - senior leaders role modeling / championing use of technology
The IBM study revealed the outperformer companies were More than twice as focused on directly embedding collaborative capabilities within processes to improve the speed and quality of their decisions Three times more likely to enable users to rate and comment on the information they are using Using real-time information for decision making 2.6 times as often as others Most things will happen organically, just like on Facebook or Twitter. This is pull, not push so we don’t want to jump in, guns ablazing and place too many traditional structures onto it initially. Integrating this will be a long-term process – an evolutionary process. Because it is an evolutionary process, it gives us a greater competitive advantage. While the technology can be copied, what we have already put into it cannot se we will always be ahead of the curve. We will need to each of us think about how to integrate it into what we do individually and collectively. This is the group who will get it started in the right direction and going forward, will listen, learn and engage to facilitate it. I’m going to show you what it looks like and one thing you will notice is that there are different levels of OW.
We have our company level – Halstead’s OW where only our agents and managers can interact. Then there is our color-coded team – we’re purple – which is comprised of other, non-competitive LeadingRE members and third there is the whole world of all LeadingRE members. The LeadingRE membership is comprised of some of the best and most successful real estate talent in the industry and we will be stronger still with this expanded collective intelligence. I’m also very pleased that our Purple Team members are among the many companies we already work with closely: H/L, Turpin, Residential Properties, etc.
We won’t go into much detail today, just give you a look so you can have a visual. The concept and the opportunity is enough to process and even if you are proficient in the major social networks already – this can initially be a bit overwhelming. I guarantee that this is an intuitive system that is very easy to learn – and we’ll get some great resources to you for learning it, but like any new system there will be a learning curve. Essentially if you can use Facebook, you will have no problems with this system. Again, the real challenge isn’t how to navigate the system, it’s how we adapt our internal communications and operations in order to take advantage of it.
When you log in – you will arrive at Halstead’s OW. A video walks you through the OW homepage You can: Start a discussion with others at Halstead Customize your notifications See the points you’ve accumulated for participation See the latest Halstead activity Access the other communities and spaces You can always tell where you are and navigate the system through the breadcrumbs Next year, we will be able to create groups to address the needs and interests of specific people in our company. For example – your project teams could form groups to communicate in between meetings and to upload your project plans and meeting minutes for accessibility and storage. The management team could have one too – as well as luxury agents or agent teams. People only see the communities to which they belong, creating a safe, highly targeted place for people with similar interests to communicate.
All the spaces on OUR WORLD have similar functionality and navigation. This is the Purple Team Community where we can converse with non-competitive LeadingRE members. You can also reach out to our LeadingRE VP, Pam Chute who will be here in December to meet with our leadership teams.
As in our Purple Team space – here is where we can tap into the collective intelligence of LeadingRE members and take full advantage of the power of LeadingRE relationships. Participants only see the communities in which they are involved. You will all be in the “Leaders” community so sales associates will not see broker-only conversations.
And here is a peek at Institute 2.0
Here are a couple courses I took along with the description of Marketing to Gen X session which I highly recommend! At the completion of each, you can print your certificate.
I’ll keep you posted as we get closer to rolling this out, but as you go about your day-to-day business or meet with your project teams – start thinking about how you might be able to capitalize on this new, collaborative opportunity.
