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Top Strategy for Penetrating New Market at Speed

There comes a point for most businesses regardless of the industry, when they strive to expand beyond their home markets. Some are looking to attract different audiences by introducing new products, others are looking to reach new geographical frontiers.

While the ambition to grow is only natural, market penetration is becoming more and more challenging given the rise in competition, constantly changing customer behaviour and demand for better and faster services and products, and the rapid growth of technology forcing companies to be more innovative and disruptive in entering new markets. It is therefore important to understand and evaluate your company’s strengths and weaknesses, as well as determine key opportunities and risks in order to help you gain a broader sense of where you stand against your rivals and which market penetration strategy would be best for your business.

 

Analyze your company

 

It is best to start with self-reflection – take an objective look at your company and try to determine whether you are ready to expand, and what could be the areas you may want to strengthen. Here are some relevant questions that can help with the analysis:

  1. Define your new target market through research
    • Should you sell to the same target group but in a different location?
    • Should you change the target group?
    • What is the demand for similar products and services in this new market?
    • Is there a need to glocalize your product? 
    • Is there sufficient demand for your products and services in the new market?
  1. Define your competitive advantage
    • How long has your business operated in the industry?
    • How long has your average competitor been in the  industry?
    • Where can your product add more value than your competitor product? 
    • In what aspects are your products or services weaker than those of your competitors?
    • How do your competitors price their products and services?

A detailed market research will give you solid background information to decide if market expansion to this specific location is the right decision at the moment.

Let’s assume you’ve done your due diligence, and you’re sure it’s time to expand. 

Below you will find a few market penetration strategies to choose from, as well as pros and cons of each.

 

Gaining New Audiences With Penetration Pricing Strategy 

 

As businesses continue to grow, there is greater competition to enter a new market. That being said, the penetration pricing strategy is one of the standard approaches adopted by companies to boost their initial sales. 

Fundamentally, penetration pricing strategy is an act of reducing product and service prices as you enter a new market with the objective of attaining new customers quickly. The entry price is always relatively cheaper compared to the average market price. This gives customers the ability to try your product with less financial risk

This strategy focuses on gaining market share over profits until the business is perceived to have matured in the new market. The cycle is: start by generating demand, create customer base and eventually maximize brand loyalty over time. Many large businesses have used this tactic to revolutionize and become market leaders today.

For instance, Netflix, an online video streaming service originally started in the US, has successfully penetrated the markets of 190 countries since its first year of going international in 2010. Although it has multiple international expansion strategies, Netflix started in the new markets with a relatively low price with significant benefits considering subscribers have access to more tv shows and movies compared to renting videos. With an ever growing subscribers of 167.1 million across the world, they just recently announced a price increase in the monthly subscriptions as the company  is deemed as matured despite multiple new players competing in the market, like Amazon Prime Video, Hulu, and Disney+.

Benefits

  • Easier customer acquisition
    • Entering the market with prices that are significantly lower than the competition will undoubtedly attract the attention of potential customers. You’d be able to achieve a large number of initial sales to start making the product or service profitable
  • Reduced Competition
    • Penetration pricing can help you compete against other market players at below-average market price until you gain brand recognition and customer loyalty. You’d be able to eventually increase your price again once your brand has matured in the market.

Risks

  • Price war
    • There is always a chance of starting a price war with your competitors if they decide to undercut you on pricing.
  • Damage to brand image
    • Penetration pricing has the possibility of impacting your brand reputation. The low price of a product can often be associated with lower quality, and with penetration pricing strategy you are risking to start off with positioning yourself as a cheaper brand in a new market.
 

Getting On The Inside With Strategic Partnerships

 

Entering strategic partnerships with other companies is another approach to take into account if you want to penetrate a new market effectively. You’d be able to grasp first-hand essential knowledge about the market in all aspects like cultural, social, business, language, and more. Few types of strategic international partnerships would be joint venture, acquisition, franchising. 

Depending on the type, partnerships can go beyond sharing market knowledge and also include sharing branding efforts, resources, marketing, and distribution channels.

Kroger, an American retail company, is one of the companies that chose to expand by partnering with Alibaba, China’s e-commerce giant. Kroger brought their products to Alibaba’s platform aiming to meet the growing demand for high-quality organic food among Chinese consumers. Eventually, Kroger has managed to scale up quickly to reach new customers and markets. Shortly after this massive announcement of Alibaba partnership, shares of Kroger Co. were reported to spike by 2.8 percent. 

Benefits

  • Speed up entry into a new market
    • You can easily reach customers and avoid initial challenges and hassle  of establishing new business by getting into alliance with already existing companies that have their own pool of loyal customers in the market.
  • Organizational learning
    • Knowledge sharing is usually an essential part of strategic partnerships. Your company gets to know about your partner’s best practices and vice versa, so both businesses benefit from collaboration. 

Risks

  • Conflicts
    • There is a risk of various conflicts that can arise between partnering businesses at different stages of their relationship. It could be conflicts based on cultural differences or conflicts of interest – in any case these should be considered at the stage of discussion of partnership terms and necessary precautionary measures should be put in place.
  • Loss of autonomy
    • Shared decision making and wider accountability with more partners and stakeholders need to be considered, as well as information sharing – with more people having access to your sensitive information, the risks of data leakage is increasing.
 

Getting Brand Exposure and Credibility Through B2B Events

Another strategy worth considering is to partner with a B2B event relevant to your product or service. This is a shortcut to introduce your business to a new market and to meet your target audience directly.

Businesses often sponsor events such as trade shows, exhibitions, networking events organized by associations or nonprofit organizations to attain specific business potential and increase their competitive advantage. Presenting your company and product or service at these events can help effectively introduce your brand to the new market and allow you to get a better understanding of your target audience’s needs and challenges. 

Take a look at Benify, an HR tech company based in Sweden, that met one of their big clients, Lidl Sweden, at Management Events 600minutes Executive HR and after successfully completing a project in Sweden, has expanded into The Netherlands and is now looking at another contract with Lidl in the US. Benify had the opportunity to meet targeted prospects, like the HR Director of Lidl Sweden, through Management Events’ B2B networking platform in a series of matched 1-to-1 meetings.  The meetings allowed them to gain a deeper understanding of their prospects’ challenges and at the same time to showcase how their solution can help. Such personalized networking and 1-to-1 communication can establish a stronger connection between the solution provider and their prospects potentially leading to years of fruitful collaboration

Benefits

  • Build awareness
    • Partnership with a B2B event could expose your business to a wider and more relevant audience and create a positive association with your brand. It is an additional benefit when event organizers provide exposure of the partner companies in their official website and across social media channels, giving you a wider digital outreach. 
  • Meet the right people
    • Knowing your target market is the core of your marketing strategy, but once you’ve identified your “ideal prospects”, it can be a challenge to reach them. If you partner with a relevant industry event that is likely to attract your ideal clients, it can be a great opportunity to directly connect with your niche target audience.
  • Gain exclusive audience insights
    • Partnership also gives you audience insights that include, but are not limited to, insights during, pre-and post-events. For example, with an established event provider such as Management Events, the sponsors are provided with trend reports prior to the event with an outlook on the issues facing the attendees. This knowledge may be of benefit to your representative in order to customize solutions and determine the correct approach to the sales pitch.
  • Become a knowledge leader
    • Often, event partners have the opportunity to deliver a presentation during the event and share valuable insights about the latest technology solutions. Through a presentation like that, you can establish a stronger perception of your brand and company representatives and solution experts and knowledge leaders in the field.

Risks

  • Power of first impression
    • Trying to impress a potential client at a B2B networking event means you will have only one opportunity to make the right impression. Even if you have a 1-to-1 meeting scheduled with the prospect, there will be time constraints, which means you need to do your research and make sure you thoroughly prepare for the pitch. Luckily, some event organizers can help. For example, at Management Events we always provide an industry report to our partners that identifies investment priorities of our participants and helps both event partners and attendees to have a meaningful conversation.
  • No guaranteed returns
    • Of course, partnering with an event doesn’t guarantee you closing a big client right away. However, you will get great brand exposure, extensive networking opportunities within your target industry and high-quality leads that could potentially turn into strong connections and long-term business relationships. Particularly for a company that is not known in a new market, this could be a great first step to venture in.
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Digital Twins for Cyber Security: Strengthening Cyber Resilience

Mimecast_Building_a_human_firewall

Imagine having a virtual replica of your IT network, where you are able to pinpoint security vulnerabilities, develop attack simulations, and deter expensive breaches, all before your system is even implemented.

For some business leaders, this is no longer a fantasy, but a reality with digital twins.

 

Embracing Digital Twins

 

While the digital twin concept was initially applied in manufacturing, many industries have seen beneficial uses of having a digital replica of their assets, operations, and more recently, their cyber security systems.

It’s a known fact that the number of cyberattacks rose at an alarming rate during the outbreak, with many even naming it as a ‘cyber pandemic’. 

As more organizations move their digital assets to the cloud combined with the increased use of Internet of Things (IoT), the immense data proves attractive to cyber attackers looking to profit from unsecured endpoints, networks, and databases.

With cyber criminals becoming increasingly advanced, simply defending the systems and reacting to real-time attacks are no longer sufficient, and businesses have to take a more proactive and predictive approach.

Simulating, Monitoring, and Protecting Physical Assets

A digital twin refers to a virtual replica or representation of a physical device, system, or network. It is a concept borrowed from the Internet of Things (IoT) domain, where physical objects are connected and controlled through digital representations.

In the realm of cyber security, digital twins are used to simulate and monitor the behavior of real-world assets or systems in a controlled and secure environment. By creating a virtual replica of a physical entity, organizations can gain valuable insights into its vulnerabilities, potential attack vectors, and overall security posture.

Digital twins enable cyber security professionals to conduct various activities, including:

Risk Assessment: Digital twins allow for the identification and analysis of potential risks and vulnerabilities associated with a physical asset or system. By simulating attacks and interactions within the digital twin, cyber security experts can evaluate the effectiveness of security controls and make informed decisions to mitigate risks.

Threat Detection: By monitoring the digital twin’s behavior, anomalies and suspicious activities can be detected, which may indicate potential cyber threats or attacks on the corresponding physical entity. This allows for early detection and response to security incidents.

Security Testing and Validation: Digital twins provide a controlled environment for testing security measures and evaluating the effectiveness of security solutions. They allow for the simulation of various attack scenarios to assess the resilience and response capabilities of the corresponding physical assets.

Predictive Analysis: By analyzing data gathered from the digital twin, cyber security professionals can make predictions about potential security breaches or vulnerabilities in the physical system. This helps in proactively addressing security weaknesses and implementing preventive measures.

It’s important to note that while digital twins can assist in enhancing cyber security, they should also be protected themselves. The security of the digital twin environment, including access controls, encryption, and monitoring, is crucial to ensure its integrity and prevent unauthorized access or manipulation that could impact the corresponding physical asset or system.



Use Cases of Digital Twins for Cyber Security

 

While there are few industries that have implemented digital twins to safeguard their digital assets, some companies have taken the leap to bring their cyber security to the next level with faster speed and precision to prevent and combat potential threats.

 

IN AEROSPACE AND DEFENSE

 

The concept of digital twin has actually been around since the 1960s, when it was developed by NASA for the Apollo space programs, and then applied to avert disaster during the Apollo 13 mission in 1970.

While NASA has re-embraced the twinning approach for virtual equipment building and testing, the U.S. Air Force is using the technology to create “a digital replica of a GPS IIR satellite to detect any cyber security issues” as part of a congressional mandate to test its system.

 

“GPS systems are used for geo-location and timing for virtually every aspect of U.S. military operations [and the] potential for signals to be jammed, spoofed or interfered raises serious security concerns.”

– Digital Twins Proliferate as Smart Way to Test Tech
Air Force Magazine

 

A digital model of the satellite was built while it was in orbit, and penetration testing and vulnerability scans were held across the entire GPS system to identify weaknesses and ascertain that all the components operate as intended if any issue arises.

 

AUTOMOTIVE

The automotive industry is smarter than ever before with rising trends in shared mobility, connected and electric vehicles, and autonomous driving. However, the much-awaited digitization and connectivity of modern car systems point to a plethora of information that is tempting targets for cybercriminals.

Cybellum, a computer and network security company, foresaw the need to protect automotive software from cyberthreats, and presented a novel approach to combat online risks through digital twinning.

Called Cybersecurity Digital Twin, Cybellum constructs a virtualized identical version of the in-vehicle components and simulates the electronic control units (ECU) firmware. The twin is then used as the basis for extensive cyber risk analyses and scans to continuously monitor both on-the-road and in-development vehicles for vulnerabilities and threat exposures.

With current car systems implementing over-the-air (OTA) software updates and the new United Nations Economic Commission for Europe (UNECE) cyber security regulations, the digital twin technology additionally helps to perform risk assessments and ensure secure updates.

 

“For an efficient software update management system, a digital twin of the vehicle is almost a must.”

– Digital Twin for Maximum Cyber Security
NTT DATA

 

PRODUCTION AND MANUFACTURING

 

Ian Elsby, the Head of Chemical Industry GB&I at Siemens, wrote about the use of digital twins to deter cyber breaches in the chemical industry.

As production plants and manufacturing factories integrate Industrial Internet of Things (IIoT) into their systems, it brings forth the challenges of cyber attacks and hacking through digital networks. This is where the twinning technology can be utilized to ensure cyber security.

“Just as processes are simulated and data gathered to detect non-performance of assets, a simulated cyber attack can also be detected by the digital twin,” explained Elsby.

He proposed using the virtual database to capture information and testing activities, which will then allow the digital twin to form cyber security protection algorithms to defend the production plant’s data against malicious viruses.

Elsby further emphasized that digital twins are able to make the process of conducting security gap analysis and pinpointing the plant’s security requirements easier and more achievable.



The Security Value of Digital Twins

 

Organizations that have faced cyberattacks know that such breaches are costly, from repairing network vulnerabilities and regaining data control to recovering reputational damages and financial impacts. In fact, the average cost of a breach to a publicly traded company is estimated to be $116 million.

The digital twin technology aids in preventing expensive attacks through its capability to make faster and more efficient decisions as more penetration data and tests are fed to the twin simulation of a system.

 

“[By] executing enough tests and brainstorming all possible scenarios of how a hacker might try to breach into a valuable online resource, the digital twin interface will be capable of reacting with extreme speed and precision by making calculated decisions by itself.”

– Incorporating Digital Twin into Internet Cyber Security – Creating a Safer Future
Challenge Advisory

 

Developing a virtual replica also means the company safeguards its systems and assets from third-party and outsourced vendors, which are often hired to test breaches and build defenses, but which are also susceptible to attacks.

Instead, in-house developers can create different viruses and attack scenarios in the simulation’s interface, thereby improving anti-virus software, pre-programming reactive and counter strikes against cyber attacks, and updating their safeguards in real time.

 

What the Future Holds for Digital Twins

 

In a recent interview with Michael Grieves, who popularized the digital twin concept in 2002, he believes that the world is still in the “conceptual stage of digital twins.” 

“We have this information that we can bring together to create this virtual version of real-world environments based on models and behavioral aspects and modeling and simulation,” Grieves shared. “The next step is to have all this information be pulled together automatically and intelligently.”

With data analytics, artificial intelligence, and digital capabilities increasing as the years pass, digital twins will no doubt play a key part in creating the ideal enterprise security. As seen in available use cases, some organizations are already a few steps ahead of their counterparts in developing tighter and stronger cyber protection.

As online attacks become more refined and sophisticated, so too must the approach that the business world takes to improve the digital safety of their assets, processes, and people.

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Towards Supply Chain Resilience: Highlights from Nordic StrategyForum Supply Chain and Procurement

At the recent Nordic StrategyForum Supply Chain and Procurement virtual event by Management Events, supply chain decision makers gathered together for interactive discussions on rising trends and concerns.

Covering issues from business adaptation and remote working to management styles, in-depth insights were abound throughout the discussions.

 

TAKING ADVANTAGE OF CHANGES

 

As one of the largest disruptions that the supply chains have ever experienced, the COVID-19 pandemic took many companies by surprise with challenges such as the availability of materials, pricing, and delays in new vendor development.

A Chief Supply Chain Officer (CSCO) observed that every 5 to 7 years, there’s some kind of event that affects the global supply chain, like the 2010 Icelandic volcano eruption and the 2011 tsunami and Japanese nuclear reactor disaster.

But the disruptions caused by those events lasted for about a month, whereas with the coronavirus outbreak, the disruption has lasted more than 7 months so far with no near end in sight. Many supply chain leaders expressed that the ensuing supply chain upheavals were unexpected and unprecedented.


Management Events’ Nordic StrategyForum Supply Chain and Procurement

 

For instance, there was suddenly a drop in the availability of pallets, containers and packaging. As one attendee mentioned, “There were premiums on getting containers, leaving our goods stranded in production countries.”

“Then there was the increase in demand for toilet papers, consumer goods, home office equipment and medical goods while demand for cars and machinery suddenly halted. These were very volatile times.”

In regards to that, a participant shared that being closer to the end market is vital at the moment.

 

“We have to understand the demand picture and be more involved in how supply is working. We also have to understand the customers’ needs and be even more service-minded about fulfilling the needs.”

 

The disruptions that emerged from the pandemic were also concerning for supply chain executives as countries experienced waves of the virus and lockdowns at different times.

“The crises you are working on keep changing,” voiced a supply chain leader. “From March, you try to stay ahead and stock up on the right products in the right location. Spring was quite good, but then suppliers were forced to close down so even if you have the chain open, production has stopped.”

 

Others expressed the same sentiment:

  • “There are always new things coming up, always a new hurdle to go over.”
  • “There have always been hurdles in the supply chain, but now they are coming at a faster pace.”

 

However, some have taken the changes in stride, learning from the first COVID-19 wave and preparing for growth and agility opportunities:

  • “These changes have forced us to make faster decisions, but this is also better decision-making.”
  • “We have become more sustainable as a company, going from supply chain via air to sea.”

 

As commented by a top supply chain manager, “It is volatile now, but in the long term, this will stabilize,” and while the pandemic was a shock back in March, the shifts undertaken were “mostly minor permanent changes”.

 

Join us: Don’t miss the next Nordic StrategyForum Supply Chain and Procurement coming in October 2021 for the latest trending supply chain issues and topics.

 

RISKS AND RESILIENCE

 

“This is a ‘new normal’. Will this affect the way we think about risk?” one of the leaders questioned. “Will this lead us to be more resilient in the future?”

According to a participant, COVID-19 offered a chance to reconsider risk strategies and situations, such as the risk of no delivery from a cheaper, offshore delivery versus a more expensive but guaranteed, nearshore delivery.

Another risk assessment includes planning supply chains amid local lockdowns of regions, countries and hubs. As a decision maker probed, “If a hub is locked down, how do you ensure supply chain from other locations?”

This is a particular concern with the participants because the lockdowns affect various parts of the supply chain at different times and in different countries.

 

“There are lockdowns that stop delivery of raw materials, lockdowns of factories, and lockdowns that stop shipments, so it’s not a lockdown that happens all at the same time, but in random order.”

 

A supply chain manager commented the challenge was bigger for those who source products from European suppliers while another specified that, “Electronic products were the most difficult to obtain as they all come from Asia.”

Others related that Tier 2 suppliers were the actual challenge with the participants encouraging end-to-end talks to better connect the supply chains and searching for source alternatives to ensure sustainable supply chains for the future.

There were other topics brought up during the discussion on risks. One of which was the leverage and advantage of having a decentralized supply chain model, and the other was on the issue of Brexit, which a top-level executive stated is a big risk within the supply chain.

 

 

REMOTE WORKING

 

Many of the participants mentioned positive factors about their current work situation, citing efficiency, savings on time and costs, and faster decision-making as some of the upsides of remote working.

“Remote work is surprisingly good,” exclaimed a CSCO. “For global supply chain, you were already used to working remotely with global teams, but this change has intensified the investment in tools and processes for better remote working.”

“People working from home meant quicker implementation of digital solutions, and employees are more willing to use these new tools.”

Another reported that, “From the HR perspective, it turns out that remote work is a competitive advantage for white-collared workers. Alot of employees enjoy working from home due to the balance of work and family.”

However, there are concerns with remote working.

“In Europe and the USA, there’s an issue with ergonomic working spaces at home,” an attendee shared. “While in other parts of the world, such as Africa and Asia, there’s an issue with local internet connections and connectivity.”

Others shared that it’s hard to conduct remote team building, and that some employees are still unused to virtual working. Furthermore, even with the benefits of remote communication, there is still the need to have real meetings and contact with colleagues and customers in the future.

 

Upcoming events: Network with decision makers and solution providers for more in-depth insights in our supply chain events in Germany, The Netherlands, Sweden, and Finland.

 

DIGITALIZATION IMPORTANCE

 

As can be seen in many industries, the implications of COVID-19 drove huge advances in digital progress, and decision makers in the supply chains agreed that digitalization is one of their most important projects and investments.

“The crisis led to rapid developments in virtual inspections through camera, with video meetings allowing us to record what is seen and said during the inspections,” a C-level executive revealed.

“It saves a lot of time compared to sending people around the world. Of course, we still need to go there, but first checks can be done virtually even if final checks are done in-person.”

Nevertheless, supply chain organizations have to step up with the digital processes and routines to ensure they are continuously updated with all the markets and functions in their company.

 

 

CHANGE IN MANAGEMENT STYLE

 

While many of the participants mentioned that their companies have taken the opportunity to develop their workforce and invest in educational and university courses for their staff, they have also made changes to their leadership style.

A senior executive commented that calm management is the key in handling this large and demanding crisis. Others agreed with the statement, claiming that leadership in general is vital – not just with the team but with suppliers as well.

Some explained that their management approach has changed into a more coaching style whereas others were focused on promoting better team spirit and culture by having daily meetings to produce more efficient employees.

However, similar to the discussion findings in Sweden 600Minutes Executive IT, the biggest management challenge is with new employees, from remotely onboarding them to building team rapport from a distance.

 

 

THE FUTURE

 

As the world moves into 2021 with the coronavirus still affecting businesses around the world, supply chain leaders need to make preparations for multiple case scenarios coming in the future months.

From new waves of the virus and the facilitation of the COVID-19 vaccine to implications from loosening lockdowns and repeated changes in customer demands, sustainable and resilient supply chain solutions will undoubtedly be foremost in the minds of Chief Supply Chain Officers.

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Secure Remote Work – sicher arbeiten im “neuen Normal”

Das “neue Normal” hat die Digitalisierung unserer Arbeitswelt noch einmal rapide beschleunigt und Remote Work bzw. Homeoffice sind fester Bestandteil unseres Lebens geworden. In Sachen Sicherheit zeigt sich aber auch, wo die Achillesfersen der neuen Konstrukte liegen: Nicht genügend Laptops im Haushalt, unsichere Zugänge oder geteilte Passwörter. Dazu arbeiten die neuen Heimarbeiter oft mit sogenannter “Schatten IT“, indem sie eigene Anwendungen und Apps nutzen (sei es aus Gewohnheit oder weil sie die unternehmenseigenen Angebote zu kompliziert finden). Das alles bietet neue Angriffsflächen für Hacker.

IT-Sicherheit: vor allem auch Bewusstseinsbildung

Deshalb muss zuerst bei allen Beteiligten ein echtes Bewusstsein geschaffen werden, sich auch zu Hause „cybersmart“ zu verhalten. Hier sollten Unternehmen ernsthaft Sorge dafür tragen, dass sie ihre Mitarbeiter mit dieser Botschaft auch erreichen – etwa mit einer Informationsseite oder einem ständigen Kommunikationskanal für solche Belange; am besten aber beides.

Die Fakten sprechen eine deutliche Sprache: Laut Studien lassen sich 80% aller Datenlecks auf schwache, wiederverwendete oder gestohlene Passwörter zurückführen. Es gibt also gute Gründe, hier rechtzeitig zu handeln.

Die neuen Gegebenheiten als Chance für die IT-Sicherheit begreifen

 

Die neuen Anforderungen und Gegebenheiten sind eine einmalige Chance für Unternehmen, ihre Verteidigung aus der Implementierungs- und Sicherheitsperspektive zu schärfen: Vor allem mit Security-as-a-Service und starken Passwörtern, die Mitarbeiter und Business gut absichern. Das sind die Basics gegen Viren und andere Malware. Und sie helfen der Homeoffice Workforce und den Unternehmen tatsächlich cybersicher zu sein.

Der Mensch als schwächstes Glied in der Sicherheitskette

 

Oft ist schlichtweg der Mensch selbst das schwächste Glied in der Sicherheitskette: Mitarbeiter, die keine Passwörter ändern oder dieselben Passwörter über viele Nutzerkonten hinweg benutzen. Das gilt besonders, wenn diesbezüglich keine Aufklärung betrieben oder kein Bewusstsein geschaffen wird. Eine solide IT-Sicherheitsbereitschaft und -kultur zu schaffen – das braucht in der Tat Zeit und viel Schulung. Dennoch müssen wir derzeit alle schnell reagieren.

Beim Zugangsmanagement sollte jeder begreifen, dass schlechte Passwort-Hygiene (Default-Passwörter nicht ändern, Passwort Wiederbenutzung oder schwache Passwörter) die Chance erhöht, Opfer eines Hackers zu werden.

 

Cybersecurity-Tipps für Homeoffice-Arbeiter

Heimarbeit bedeutet für die meisten Menschen, dass Dokumente und Gespräche offener für andere zugänglich sind, sei es auch nur die Familie. Deshalb ist es noch wichtiger als zuvor, dass alle Programme lange, zufallsgenerierte Passwörter besitzen. Mit einem Passwort-Manager schlägt man hier zwei Fliegen mit einer Klappe, indem man einzigartige Passwörter für jeden Login generiert und speichert. Username und Passwörter werden dann in einem “Safe” gespeichert, wo sie verschlüsselt und organisiert werden. Die Produkte sind höchst kosteneffektiv, um die Cybersecurity von Heimarbeitern zu verbessern. (Übrigens auch sehr für die private Nutzung empfohlen!)

Ein Passwort-Manager kann schnell, nahtlos und einfach in den Workflow integriert werden. Sie verwenden auch oft Multifaktor-Authentifizierung, die zusätzliche Sicherheit bringt, gerade wenn Mitarbeiter sich von unterschiedlichen Standorten aus einloggen

Mehr Tipps im eBook

 

Die Cybersecurity Experten von LastPass haben dazu ein interessantes eBook erstellt, dass die Eckpfeiler von “Secure Remote Work” skizziert. Sie können es hier downloaden.

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Risk Aversion vs Growth: Showing Decision Makers Opportunities In Crisis

It cannot be denied that COVID-19 has greatly impacted the business landscape. 

Budgets and forecasted revenue have gone off course from their projected paths while business priorities and investments are shifting due to the vastly different economic conditions than what was anticipated for 2020.

Due to uncertainties brought by the pandemic, C-suites are focusing on conserving their cash flow and holding off on investments to keep further risks at bay.

In light of the current buying patterns, how do you persuade decision makers that your solution can be of immense help to their business continuity and growth? How do you reverse their risk-averse decision making?

 

Financial Uncertainty

 

Excluding industries that are thriving or unimpacted by the outbreak, the majority of businesses that are negatively affected have taken steps to tighten their financial belts.

According to our latest Executive Trend Survey with over 1,100 decision makers, 59% of top-level executives across Europe are revising their budget plans to ensure business continuity while 42% are preserving their cash flow.

The budgeting strategies are due to expected revenue drops in the coming months, whereby 44% foresaw an economic downturn in the next 6 months while 22% estimated decreased revenue throughout 12 months.

The financial setback is also affecting businesses’ financial plans for 2021 with 38% predicting a lower budget for next year, thus explaining the aversion to taking risks in technology and solution spending.

 

More Stakeholders Involved

 

 

Cost-saving measures and coronavirus aside, businesses have also been seeing a longer decision-making cycle as more stakeholders are involved in investments and spending strategies.

Back in 2014, the average number of decision makers in a purchase was 5.4, but has since risen to 10.2 in 2018, which can include multiple C-levels, executive board members and senior managers. When more individuals are involved in a purchase, the situation can become complex as each person has their own goals and objectives to achieve.

 

“As more decision makers join the debate – procurement, finance, legal – so the decision-making process becomes extended and watered down.”

– More Decision Makers. Less Decisions

Seraph Science

 

For instance, Gartner reported that CMOs expect to increase marketing investments in 2021, but with the ongoing pandemic, “CFOs will turn their attention to profitability, and marketing [tops] the list of functions where finance will look to trim expenses even further.”

Although both hold high C-suite positions, the two have different priorities as the CMO is looking to advance the brand while the CFO is focused on minimizing costs. This difference leads to struggles in reaching a mutually agreeable purchasing decision.

 

Attend our events: Get more insights on C-suite business needs at our upcoming events.

 

Reset Their Thinking

 

When diverse C-levels come together on a possible purchase, they usually settle on a decision that saves money and avoids risks.

While almost all the decision makers may find this outcome desirable, it may not necessarily be favorable or progressive for their business growth – and that is what you need to show them.

Let’s take marketing for example. During the coronavirus outbreak, only 7% of companies have seized the opportunity to invest more in marketing whereas 50% of brands have cut their marketing budget. However, budget cutting may not be the most strategic move.

According to Roland Vaile in his published work, The Use of Advertising During the Depression, businesses that increased their marketing and advertising spend during the recession saw faster revenues and recovery than their counterparts.

The same sentiment is also expressed in a recent post  by Peter Field, a marketing and advertising professional, whereby “if the resources are available, the arguments in favor of brand building are stronger.” 

Another case example is the cutting of cyber security budgets, which Chief Technology Officer of Barracuda, Fleming Shi, sees as a bad move as hackers are taking advantage of the pandemic to target vulnerable organizations.

Show decision makers that they are facing higher risks and greater consequences should they decide to save costs and not spend on solving important pain points.

 

Find Their Direction

 

Market experts believe that organizations should take this chance to invest in opportunities that were once hidden or were not in the forefront of their business plans, such as retraining and upskilling employees, integrating digital innovations, and developing e-commerce business models.

Some companies are also seeing business gaps and weaknesses due to COVID-19 implications, and are taking steps to rectify these concerns, including strengthening cyber security and updating data analytics.

As pointed out by Arthur D. Little’s article, the key is to make decision makers “look beyond the short-term crisis and start preparing for the new world” with focus on both obvious business trends and major areas of uncertainty.

No matter how much organizations want to save their budget, there comes a point when they must spend in order to continue their business growth or be on the road to recovery. Discovering their direction and going deeper into their needs help greatly in knowing the exact solution they require, and the risks they face if they don’t address their concerns.

 

Get more insights: Attend our events for the latest trends and topics on the minds of C-suites across industries.

 

Identify The (Real) Stakeholders

 

According to Google’s B2B Path to Purchase Study, 64% of the C-suite have the final say in signing off a decision, and among them are risk-active, risk-neutral and risk-averse decision makers.

CEOs tend to be relatively risk-neutral, but senior managers and other C-level executives who are not comfortable taking risks in business decisions may need more convincing. Therefore, determining the right executive sponsor and key budget approver of the project is pivotal in preventing delays in deal closings and moving investment discussions further down the pipeline.

In cases where the executive sponsor and approver are individuals with aversion to risks, involving ‘influencers’ in the decision can help the risk-averse chief executives to better see the benefits and returns of an investment. A total of 81% of non-C-levels actually have a say or influence on a purchase, and are able to convince the key approver on the final decision.

 

“Clearly, if you’re marketing only to the highest level, you’re overlooking the people who need to notice you.”

– The Changing Face of B2B Marketing

Think With Google

 

To Push Or Not To Push

 

The answer is not to push, but to assist. If they have available resources, organizations should take this time to implement technologies and solutions that have been held back in their plans.

As solution providers, the goal is to make the decision makers see beyond their current predicament and risks, and focus instead on growth potentials to strengthen their market standing and get a lead on their competitors.

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600Minutes Human Resources Highlights: How HR Support Leaders Through The Pandemic

Our recent Norway 600Minutes Human Resources virtual event revealed deep insights from top HR executives as they navigate the implications of COVID-19 alongside their C-level counterparts.

During the breakout sessions, CHROs communicated how the HR function “is now more clearly and centrally located in the organization, compared to before the pandemic, and has been essential in supporting leaders during this difficult period.”

 

THE POWER OF COMMUNICATION

 

 

As companies implement working from home to curb the coronavirus infections, leaders are facing communication problems even though there are resources and tools for easier collaboration.

The event participants expressed that there needs to be more active communication in the company.

An HR leader remarked that managers must ensure that information to employees is read, and not just sent out. “Use apps or other platforms instead of just email. Leaders should encourage dialogues with employees continuously, even with laid off employees.”

Other participants also agreed with the statement, with one conveying that leaders and employees should have regular contact with one another, and plan for walks or lunch together.

“Communication is a key factor for success,” stressed a top HR executive, who also mentioned that there should be a close collaboration between the HR and Communications teams to make necessary joint decisions.

Others chimed in, explaining that information packages from the Communications team, such as regulations, restrictions and recommendations, need to be clear, and sent out to employees to help them obtain important information.

One participant voiced out that any and all information must be communicated. “Even if there is nothing new to inform, inform about it.”

 

LOSING ‘CONTROL’

 

As companies temporarily close their offices or establish shift groups, some leaders are finding it harder to manage and oversee their teams due to distance working.

“Managers are insecure about their own and the team’s deliveries,” explained a participant. “They feel that they have lost ‘control’ over the team.”

From another point of view, the work-from-home situation empowers employees to be more independent and take accountability for their tasks.

An HR leader revealed that, “The team themselves have more control over their own work today, and manage themselves more.”

The other participants reiterated the sentiment, emphasizing on trust between managers and team members.

“Control-based management works poorly,” expressed a CHRO. “Trust-based management works better.”

“Trust the skills available in the organization,” declared another. “Dare to trust the decisions that are made, and stick to them without hesitation. This contributes to a strong trust foundation in the organization.”

An HR executive advised leaders that, “During times of uncertain future and challenges, the individual must reflect on how we can lead ourselves, not just our employees.”

 

FORMALIZE THE INFORMAL

 

A rising concern among those working from home is the increasing number of meetings, which have led to Zoom fatigue. Yet another worrying issue is the rise of informal meetings in non-work settings.

“It’s important to facilitate informal meeting places, not just the formal ones,” expressed a participant. Whether the meeting is held in the office or in a cafe, agreed meetings should be ‘to the point’ and agenda-focused.

A top executive disclosed that, “A method that is useful for many to find an informal meeting place is to establish ‘walk and talk’ as a principle.”

Leaders have to remember that all business-related meetings, regardless of its settings or formality in this new normal world, should still follow the same protocols as an official work discussion.

 

Discover more insights by joining our HR events in Denmark, Sweden, Germany, Switzerland, The Netherlands, Finland, and Norway.

 

MENTAL HEALTH

 

From feelings of anxiety to increased workload and higher pressure, the pandemic has brought many mental health impacts on workers and employees across the industries.

Among the topics discussed in the breakout sessions, mental health was one of the topmost concerns among the CHROs.

The event attendees believed that organizations should provide materials on how to work with mental health, and to accommodate individual needs.

For instance, an executive suggested that organizations “create a culture with openness about workload and pressure. This is so we can make adjustments when there’s a need, and when it’s difficult for the leader to have an overview of the situation.”

“But what are the boundaries of corporate responsibility for mental health?” one participant questioned.

While some companies have mental health as part of their corporate social responsibility, it’s still a difficult topic to bring up due to stereotypes of the illness.

One participant advised that, “Although it’s more efficient to work from home, you need to book some ‘free time’ as well.”

Thus, a number of the HR executives recommended a few steps for leaders to help reduce their team’s mental stress:

 

  • Make themselves available and set aside time for talks;
  • Create support communities and groups so that the team members don’t feel that they are alone;
  • Recommend apps with meditation or that helps with stress relief; and
  • Celebrate occasions and events together, such as birthdays.

 

To elaborate on the last recommended step, the HR leader explained that there should be “various virtual gatherings, such as virtual expert breakfasts, coffee breaks or lunches.”

Additionally, the leader commented that the gatherings should be held continuously, both unconditional and voluntary, but that mandatory sessions with a learning purpose, like workshops on various thematic areas, should also be arranged.

 

WORKING RESILIENTLY

 

The HR function is the backbone in every business concern, and with the outbreak not fading away any time soon, CHROs are standing together with their fellow C-suites to lead the organization with equal value for all employees.

Depending on the country the organization is located, HR executives have different rules and things of importance to keep in mind. But as mentioned by the HR participants, they are trying to keep track of everything and ensuring what’s best for the employees.

“As there are many uncertainties,” expressed a CHRO, “we need to continue to work with resilience.”

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From B2B Networking To Partnerships: Benify’s Success With Management Events

Transitioning a prospective customer into a purchasing client is the most difficult yet rewarding part of a sales process, and Jenny Swartling Pizarro, the Head of Sales Large Enterprises Sweden at Benify, knows that the first step to building a strong business relationship starts with that all-important initial contact with a prospect.

Through the unique networking opportunities of Management Events’ 600Minutes HR events, Jenny can directly connect with top-level HR executives and other business leaders.

One such decision-maker whom Jenny engaged with is the HR Director of Lidl Sweden, a company that has since signed a deal with Benify to implement their solution in Sweden and the Netherlands.

 

Benify – A Global Benefits and Total Rewards Platform

Benify is an HR tech company that offers a global platform for benefits, total rewards, and employee communications with more than 1,500 customers and over 2 million users around the world.

Their solution helps employers create an exceptional benefits and rewards experience while reducing benefits administration, automating processes, radically improving the communication of their employee value proposition, and ensuring better data governance and management of benefit and reward costs.

Benify’s platform and employee app have reinvented the way modern employers engage with their employees, winning multiple awards such as the GOLD Stevie® Award for Global HR Solution Provider of the Year 2020 and the Bronze Stevie® Award for Achievement in HR Technology 2020.

 

The Initial Meet-Up

Jenny has represented Benify at the yearly 600Minutes HR events for approximately 6 years.

“At 600Minutes Leadership and HR in 2018,” Jenny recounts, “I had my first personal meeting with the HR Director of Lidl Sweden.”

Lidl Sweden is a food wholesaler, offering a range of Swedish and organic products with foreign delicacies and a varied range of goods for the whole home.

“It turned out that the director had read a report of ours on the benefits awareness gap,” Jenny continues, “so [the event] was a great place to start the conversation.”

“Lidl wanted to digitize their processes regarding employee benefits,” Jenny explains, “to make their benefits more transparent and accessible, as well as create opportunities to offer more benefits than they already did.”

She further elaborates that, “Their investment in a Benify platform was also part of a larger effort to make Lidl the best employer in their industry.”

 

Building The Relationship

The communication between Jenny and Lidl Sweden’s HR Director didn’t end at the event but continued to develop into a lasting business relationship.

“At 600Minutes Leadership and HR, we decided to book another meeting after the event,” Jenny relates, “which led to a pre-study and eventually a signed deal to implement our platform for Lidl’s more than 4,200 employees in Sweden.”

“After having happily used the Benify platform in Sweden for about a year, Lidl decided to also implement our solution for their 15,000 employees in the Netherlands.”

Relations between the two companies are going strong, and Jenny expresses that, “If [the Netherlands’ solution implementation] turns out as successful as the Swedish example, we are looking at a potential cooperation with Lidl across the entire Europe and the US.”

 

Business Growth With ME

As a 6-year-and-counting representative of Benify at the 600Minutes HR networking events held yearly by Management Events (ME), Jenny points out many benefits of the unique event concept.

“[The events] have given me opportunities to engage personally with HR directors and other relevant stakeholders from large enterprises that are otherwise difficult to get in touch with,” Jenny confides.

“The 15-minute meetings are very effective,” she declares. “Each representative specifies their interest areas beforehand, e.g. recruiting, employee benefits, or digitization, so you can prepare and focus on what you want to get across. It’s almost like B2B speed dating.”

 

Moving With The (Hard) Times

Due to the COVID-19 pandemic, Jenny says that an increasing number of employers are seeing the value of Benify’s product in these challenging times, and are ready to invest again.

“With many physical events canceled, we were happy to partake in the digital version of 600Minutes,” she conveys.

“The atmosphere in the meetings was relaxed as most people were participating from their own homes. You held the full attention of each representative and were able to share your screen. It was easy to establish personal contact and get a good conversation going. All in all, a very positive experience.”

An Arena Of Opportunities

Overall, Jenny believes that Management Events offers a great arena for solution providers to meet with relevant stakeholders.

“In several cases, the initial contact at 600Minutes has led to further meetings, where we have been able to present our solutions more in-depth, and then perform customized pre-studies that in turn have resulted in signed deals.”

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Evolving With The New Normal: Post-COVID-19 Survey

Management Events conducted a survey recently to learn how European businesses are adapting to the regulations that thousands of our EU delegates and solution providers are facing during our transition from physical to virtual events.

The responses highlighted a more concentrated effort from businesses to network in a socially distanced manner.

A major trend based on our survey shows that many would prefer to conduct meetings or attend events virtually as 70% are encouraged to not attend physical events in an effort to maintain social distancing.

Less than 30%, however, are interested in attending events that are related to their fields.

 

Engaging Decision Makers

One of the biggest concerns for virtual-based platforms has always been the absence of powerful face-to-face conversations that keep attendees engaged.

To maintain this social connectivity, Management Events introduced a variety of interactive elements that keeps our events engaging during an online networking session, such as Campfire sessions, roundtable and panel discussions, and matched 1-2-1 meetings.

Keep an eye out for our upcoming 2021 events for some of the exciting elements we have prepared, and take a look at our new format of C-level networking in the virtual space, connecting you to 20,000 top decision makers and 2,500 solution providers.

 

Moving Forward With Virtual Networking

Due to travel bans placed by the EU, as many as 80% of our respondents shared that their organization has placed restrictions towards international traveling. However, with fewer travel costs, businesses might be more willing to explore new streaming technology/virtual platforms to replace their networking strategies.

While there were interests by our respondents to attend smaller/intimate events, many chose to remain safe and practice social distancing by preferring to work from home as much as possible and network with other top-level decision makers through online or virtual applications.

 

 

Embracing The New Normal

The pandemic has shifted the way solution providers and organizations create business opportunities through event networking. As European companies continue to adopt more innovative solutions and technologies to further achieve their organizational goals, we expect to see virtual networking to be the new normal for years to come.

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IT Benchmark 2021: Where Do You Stand Among the CIOs?

CIO IT Benchmarking

The outbreak, evolving workscape, a volatile market, changing customer demands –  Chief Information Officers (CIOs) have their hands full in strategizing IT projects while maximizing the value of technology investments.

With the modern CIO role entailing more strategic decision-making, you need to identify key technologies that not only help advance the organization’s digital transformation, but that also increase its business value and competitive edge.

So how effective is your IT strategy compared to other organizations in your industry? Are there areas where your peers are ahead of you? Let’s dive into the IT benchmark data for the coming year.

Data Science Takes The Lead

In 2019, Management Events’ Executive Trend Survey found that 88% of CIOs across Europe were focusing on cyber security adoption for the coming years, followed by cloud and big data.

However, the pandemic has shuffled tech priorities with the latest survey discovering that data science and analytics have taken precedence over cyber security for 2021.

Although the findings point towards a higher importance of data science, the surveyed CIOs seem to be almost equally torn between data, cyber security and cloud investments. The close gaps indicate that these three technologies are vital parts of CIOs’ business continuity and recovery strategies.


The Rise Of Data

Based on our survey and interviews with IT decision makers, their core data focuses are on analytics strategy, data management and big data analytics, with the majority looking for data science and analytics to be scaling within their organization in 3 years.

Almost 82% of the surveyed leaders said they are updating data analytics models to accommodate changing market behavior. Furthermore, 73% agreed that they’re heavily investing in data-driven business models for post-COVID-19 survival.


Compared to the 2020 annual budget of between €100,000 and €250,000, the budget allocated by the CIOs for 2021 data analytics spending in their organization is higher, with the majority looking to spend in the €500,000 range.


As for data tech adoption, the majority of CIOs are currently building capabilities by hiring new talents with the required skills. However, in the future, they are looking to change their adoption strategy by investing in other companies to acquire the skills.

Diving deeper into the benchmark data, most of the IT leaders focusing on data analytics are from the retail and consumer industry, followed by the banking and financial services industry. Incidentally, aside from data analytics, the retail CIOs are also looking into e-commerce implementations.


Join the discussion on the latest IT trends with leading CIOs, CTOs and more at 600Minutes Executive IT  in Sweden, Austria, The Netherlands, Switzerland, Belgium, Denmark, Germany, and Norway.

Cyber Security Is Still A Priority

With cybercrimes on the rise, businesses around the world are working hard to prevent data breaches and system disruptions. At the same time, companies are in the midst of strengthening their security framework, from securing endpoints to stronger online protection.

So what are the cyber security benchmark and CIO cyber security focus areas for 2021?

In terms of security investments, data security and privacy is one of the core focal points among European CIOs along with a more robust cyber security strategy and emphasis on cloud security.


As COVID-19 saw increasing security breaches, it’s not a surprise that employee awareness training on cyber security is a top priority for 95% of IT leaders. Meanwhile,  89% of the IT C-executives are expecting a rise in predictive and behavioral detection to prevent cyber attacks.

Similar to data science, cyber security’s annual budget was also ranging between €100,000 and €250,000 for 2020, but has increased to €500,000 for 2021, according to the IT leaders in our survey.

Currently, 58% of the decision makers are partnering with vendors and consultancies for their cyber security solutions, but in the future, most of them are looking at partnering with organizations in other industries to create security ecosystems.

Incidentally, IT leaders from the manufacturing industry make up the majority of surveyed CIOs looking to invest in cyber security.

Cloud Increase On The Horizon

 

On cloud benchmark data, our survey found that cloud is the third topmost tech priority for 2021 with the majority interested in cloud migration coming from the banking and financial services industry.

88% of the cloud-focused respondents are currently looking to migrate their workload to the cloud for increased business efficiency, and the survey also discovered that cloud infrastructure and cloud platforms are primary aspects of the CIO cloud strategy.


Unlike the other aforementioned technologies, cloud migration seems to have different budget ranges. The CIO respondents are divided between spending less than €500,000 and between €500,000 and €1 million in the coming year, when in 2020, the annual budget for cloud was mostly less than €50,000 and between €100,000 and €250,000.

Currently, their cloud adoption approach is partnering with external vendors and training their employees, but 68% of the IT leaders are hoping to acquire the necessary cloud capabilities by investing in other companies in the near future.


How Should You Respond?

Before undertaking a benchmarking opportunity, there is much to consider:

  • Are you looking at industry benchmark data or more towards IT budget benchmarks?
  • What performance or process gaps are you seeking to enhance?
  • Do you have a clear objective for the tech implementation?

While the trends are pointing mainly towards data analytics, investing in this solution must be in line with your organizational and industry goals. As Datafloq puts it, companies need to “dig down to understand if [data analytics] is worth it”, and if it’ll bring them the return of investment (ROI) that they are looking for.

Data analytics use case of a CIO interviewee from a Dutch online travel agency:

  • What’s the objective of analyzing the data? To improve booking experience and behavior recognition
  • What data are they looking at? Online customer behavior
  • What are they using to process the data? Big data analytics and predictive analytics

The same goes for all innovations that are the focus of CIOs. Although market trends are pointing to a certain technology, it doesn’t mean that everyone must jump on the bandwagon.

Data benchmark is just one indicator of your organization’s performance that will potentially inform you on which areas you need to improve, but identifying the right elements to benchmark is the key. It’s vital to choose elements and technologies that will bring the most positive impact to your organization’s growth and revenue.

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New Times, New Journeys for Talent & HR Leadership

Empower_Growth_Through_Data-Driven_Customer_Experience

Innovation in HR has always been the key focus for organizations in discovering and adopting new solutions, improving workflow and productivity, and to innovate and excel. In today’s COVID-19 world, Maistering BV’s Chief Sales Officer (CSO) Venkat Iyer (Markets, Sectors & Domains) understands that innovation in the HR industry is needed now more than ever to remain efficient in these new times.

 

The Focus Of Innovation In New Times

The role of HR leaders has always been to be at the forefront of innovation. From innovating workflow processes to adopting intelligent solutions and creating a better employee experience, HR leaders are pivotal when it comes to innovation and business improvement.

However, the current crisis has pivoted the outlook for HR leaders, pushing them to adopt new approaches for workflow efficiencies in the shortest timeframes. Especially in today’s remote working conditions, businesses need to remain efficient and prioritize quality over quantity.

For Iyer, the key points of focus that HR leaders need to be aware of can be summed in three major points:

 

1. Promoting digitalization and increasing productivity by understanding how technology can improve the workflow of people in the organization.

2. Shifting from complicated processes to simple ideas. Simplicity in HR can also mean leveraging distributed intelligence from the employees and efficient use of AI solutions.

3. Engaging the external workforce in an agile and unprecedented way. As remote working becomes the norm, skills become readily available in the digital marketplace, and HR needs to adapt to tap this availability for business needs.

 

The shift towards new technology and digital platforms is a necessary shift for HR leaders. Despite traditionally focusing on innovating processes, employee experience, and talent identification, Iyer says that the “current situation has encouraged us to look at digital connections among employees, simplify processes, and leverage skills in a digital marketplace.”

 

Adapting To Change And Innovating In HR

In the ‘new normal’, HR leaders cannot rely on the traditional ways of managing organizations. While Iyer points out that HR leaders have been quick to “introduce and manage change consistently over the past years”, the current situation demands an environment that is more driven by technology.

 

“Adopt AI services and solutions, embrace the cloud, and live in the virtual employee realities by introducing digital methods,” notes Iyer.

 

As these are business priorities for organizations anyway, Iyer believes that leaders can adopt these new methods and ride the wave while still keeping past priorities in check.

Of course, leadership will play a key role in fostering innovation, and Iyer highlights how most HR leaders are addressing the challenges through a familiar process of “defining the problem, addressing the variables that make it complicated and agreeing on the best way forward.”

However, in these ‘never normal’ times, Iyer believes that HR leaders need to adjust and develop a new core capability: a simplicity mindset.

With HR now working around the clock, to be truly effective, Iyer mentions the need for leaders to embrace the mindset of collaboration and simplicity, foregoing the traditional linear thinking and embracing a collective intelligence where the organization is the team.

 

Prioritizing The Digital Transformation In HR

With the new challenges faced by HR leaders today, the journey towards organizational improvement has shifted towards digital transformation and solutions.

Iyer points out that for HR leaders to be at the top of their game in these new times, they need to embrace digital transformation and start new journeys in utilizing effective but simple tools to tackle complex and complicated problems.

The three key technologies that Iyer believes HR leaders should prioritize are:

 

ARTIFICIAL INTELLIGENCE (AI)

Chatbots have been part of HR systems for quite some time, helping to answer employee queries. But it’s time to step up the game via managing change, tracking employee emotions to help with health, seamless collaboration and open information exchange, aligning to business goals and tracking KPIs, and creating an impact – AI can help vastly in all of these.

With services available today in many areas that embrace the digital workplace and workforce, HR leaders should step up on AI adoption.

 

CLOUD

Only a few years ago, companies were discussing the benefits of systems such as the cloud. Today, they have embraced it.

Cloud-based systems are being used more and more for a variety of reasons, and the same is true for HR platforms and solutions as well. The possibility of being able to manage and complete work through a digital platform has allowed employees not only to do the job much faster, but most importantly, it has allowed for significantly increased earnings.

The use of cloud-based platforms also brings about numerous benefits such as reduced costs, greater and easier access, predictability and availability, and better reach.

 

COMPLEMENTARY PLATFORMS

In addition to core HR platforms that companies have adopted, the need for additional services that complement these massive platforms, and how it can be quickly integrated and used become increasingly important.

Solutions that improve collaboration and ideations, connect to external workforces, match talent with availability, organize and orchestrate HR journeys, measure impact, and are more predictable are vital to companies.

 

Establishing A Culture of Innovation

Iyer emphasizes that HR leaders today need to adapt and learn new methods in cooperation with employees, business partners, and stakeholders to foster a modernized culture of innovation.

 

“How can you create and maintain a culture of innovation when almost all of your workforce is working from home?”

 

Facing these challenges should be at the center stage for HR leaders. For Iyer, it’s important to adapt to the digital workplace while still ensuring that innovation contributes to both the employee experience and business needs of the organization.

To do so, Iyer believes that the following 3 methods should be considered by HR leaders to cultivate the innovation mindset in today’s digital workplace:

 

  • Create new behaviors that reflect not just your company values, but also the current digital workplace style
  • Spawn global and virtual digital ideation sessions
  • Capture and share learnings and ideas openly

 

All of these can be achieved by having a digital platform that complements the existing HR solutions in the organization. New times call for new journeys for sure, but technology today can help to make those journeys magical.

Maistering BV understood this and created the unique platform Master Collections. It addresses this topic by providing leaders the ability to run magical business journeys with essence, beauty, and impact in a way that classical HRM systems simply cannot.

 

Innovating Towards The Future Game Changers

The changing workplace requirements have caused a major shift in all industries, and for Iyer, there are several game-changers that HR leaders need to prioritize to maintain innovation.

In essence, the three major game-changers that HR should focus on are:

 

  • Prioritizing Re-Learning and Re-Skilling: HR leaders should now focus on re-skilling their potential employees to make them efficient and equipped with the skill of multitasking. Learning & Development would take place in a new digital collaborative platform.

 

  • Quality over Quantity: Taskforce optimization, performance management, and talent identification will all focus on top talent and work, which also mean that hiring and role filling will be different.

 

  • External Workforce Management: The pandemic has also exposed a wide variety of available talent, which few have looked at – temporary workers, contractors, project-based hires, and deliverables-based work packages. This also necessitates the need to have systems that can adapt and accommodate externals quite easily and consolidate content and let them collaborate seamlessly with existing employees.

 

The path towards innovation has changed tremendously due to the pandemic. Businesses and organizations need to undertake new journeys for talent & HR leadership to achieve a culture of innovation. With their platform, Master Collections, Maistering hopes to navigate leaders and businesses into the new times with the right tools.