Importance of Business Process Outsourcing

Before going into an in-depth detail about outsourcing, let’s clear it here that the concept of outsourcing is not new at all, but the term dates back to the 1970s, when enterprises started outsourcing some subordinate processes of their businesses to outside forces.

Did outsourcing work well at that time? The answer is yes, it did well, and the practice of outsourcing started getting popular across boundaries. With the passage of time and success stories of outsourced business processes, companies got into the culture of outsourcing major parts of their business processes. Today, it can be easily noted that big corporations as well as mid-level companies outsource 50% to 60% of their business content to outside firms.

It is worth-mentioning that most of the large organizations outsource half of their IT operations, while some other prefer outsourcing their all back office operations including IT, HR and accounts. Chances are in the near future all business functions would be outsourced because currently companies are outsourcing different horizontal and vertical business units. The cross functional approach adopted to follow a process horizontally across a company is called as Business Process Outsourcing (BPO).

With the emerging trend of business process outsourcing, it is no more only a method of sharing your responsibilities with outside sources, but it has become a strategic move. Big organizations do not even hesitate quoting business process outsourcing as the secret behind their business success.

How BPO Contributes in the Success of Company?

The answer may need long detail, logical back up or evidence; while keeping it short and simple it can be noted that there are two major parts of every organization namely, administrative functions and strategic planning.

Administration functions contribute in running, monitoring and management of all business units. Be it finance and accounts, human resources function, production team or IT support all these are part of administrative functions. Tough schedules, project deadlines and meeting stress and all other business functions, take focus away from strategic planning that result in static business position. It means that a business keeps on running smoothly, but it does not show growth because companies lack focus on strategic planning.

Secret behind success of most big corporations is that they outsource all efficient processes and keep core focus on strategic planning for the company. They keep on expanding their visions and targeted goals and then formulate strategies to achieve those goals and keep growing in the competition.

The JLC Group provides diverse service portfolio for business outsourcing, including but not limited to:

1)      Marketing & Corporate Sales Strategy

2)      Brand Awareness

3)      Public Relation Consultancy

4)      Social Media Campaigns

5)      Corporate Sponsorships

6)      Competitive Analysis

7)      Strategic Partnerships

8)       Corporate Web Design and Development and more

Importance of Business Process Outsourcing

Learning is Proportional to the Accountability

New research proves that people only confront failures when they cannot find ways to attribute failure with something – or someone – else.  But when we avoid accountability, we detach ourselves from learning.

In the recent working paper of HBS (Harvard Business School), researchers identify, “How internal attribution and ambiguity of responsibility affect learning from failure.” Almost every one of us have had heard many quotes from intellects, emphasizing on the connection between “Success & Failure,” “Failure & Learning”, and “Experience & Failure.”

For instance, take a look on Bill Gates’ famous saying, “It’s fine to celebrate success, but it is more important to heed the lessons of failure.”

To explain why most of the saints, scholars, and other super minds always link success with failure is straightforward, because they never found a way to success other than failed experiences. In other words, they got learning from failures and sooner or later, make themselves accountable to combat failure without giving excuses and reasoning or blaming external circumstances.

But in some cases, where a person is unclear if he/she is directly responsible for the failure then there is chance that a person would not attribute the failure internally and ultimately less likely to learn from failure. The dilemma of real world is that we cannot easily decrease the ambiguity of responsibility when it comes to failure because most of our assignments and projects involve team players and colleagues as well.

So is there any way managers can encourage learning without accusing others of responsibility?

One of the authors of working HBS paper, Christopher G. Myers, gives some recommendations;

1)      Remove barriers creating ambiguity in the priority.

2)      Carefully designing the job roles, scope of responsibilities and reporting structure.

3)      Creating a psychological safe culture within the organization, where employees are encouraged to accept and learn from failure.

4)      Make a norm of experiencing new tasks as the challenging opportunity for learning process, rather than as a threatening stress.

5)      Analyzing root-cause of the failure without penalizing anyone when team fails, this can increase the thirst for learning among employees.

In my experience, learning is more about failure than success. When a person fails, his curiosity for success increases but the person should be sincerely curious about his work and life. In the end, all we need is to prepare ourselves to be accountable and responsible for the particular failed attempt rather than pinpointing others and uncontrollable external factors.

How beautifully it is summarized by Zig Zigler in just once sentence,

“If you learn from defeat, you haven’t really lost.”

Learning is Proportional to the Accountability

Palantir: Goes Boldy Where Marketers Had Only Dreamed Of

As profiled by the most recent edition of the Sunday New York Times, 10-yr old Palantir Technologies, a software company whose investors include the US Central Intelligence Agency-backed venture capital firm In-Q-Tel, Palantir helps clients unlock secrets. In the world of marketing, and more specifically, within the context of marketers who now foam at the mouth when provided tools to extrapolate insight from tons of metadata, for those Mad Men (and women) intrigued by the rhetorical question”What’s Next?” within the framework of marketing technology and applications, Palantir is very possibly the next generation’s Google Inc; irrespective of the assortment of privacy-related concerns that go hand in hand with the company’s secret sauces.

An audacious call perhaps, but this blogger was [presciently] one of the very earliest proponents of Google search technology in the late 1990′s, well before this company went public in 2004. It has forever since become a ubiquitous tool for research, and of course, a Wall Street darling. Now this blogger is banging the table and shouting “Pay Attention to Palantir.”

Palantir’s offices in Palo Alto, Calif., house computer monitors galore, not to mention more unusual desk décor, a cot and games. Credit Peter DaSilva for The New York Times

Though Palantir’s CEO Alex Karp says he eschews the notion of monetizing this business enterprise via a public stock offering (much to the chagrin of its early and latter stage venture investors), the company’s list of corporate clients now extends across every industry, including the world’s biggest financial companies, manufacturers, and healthcare concerns. For those using Palantir tools to analyze buying decisions, trends and for projecting just about anything a business (or government) would want to forecast with reliability, Palantir software is seemingly light years ahead of Google and the assortment of other tech czars focused on number crunching and data analysis.

For the full story from the NY Times, please click here.

Palantir: Goes Boldy Where Marketers Had Only Dreamed Of

Social Media, Meet Financial Services; Blog, Tweet and Link-In To Be a Thought-Leader

Norb Vonnegut

Norb Vonnegut, author extraordinaire of Wall Street crime novels (no surprise given his last name is synonymous with literary largesse) and a fellow who is fluent in the world of financial services wrote a compelling column for the Wall Street Journal this week in which he framed the relevance and import of social media within the world of financial services.

Before offering a synopsis of the column and Norb’s “take-aways”, in the spirit of Wall Street’s emphasis on “full-disclosure”, I’ve broken bread with Norb on more than one occasion, initially in connection with my inviting him to lunch with the goal of enticing him to collaborate on a crime story that I had penned. I think Norb is not just a great fellow, but he’s also a smart and thoughtful guy. I also happen to be a fan of his books, which tend to focus on fictional financial malfeasance; necessarily inspired by the ample supply of real-life stories emanating from the bowels of Wall Street.

Below extract from Norb’s WSJ column starts with “It’s not clear to me how anybody can use social media to build a financial advisory business, especially in the high-net-worth sector. Referrals, targeted cold calls, expert speaking engagements–that’s where the action is.

But I might be wrong.”

Norb then points to the reason why he might be wrong, and along the way, two particularly observations jumped off the page: the import of thought-leadership techniques (“newsjacking” 3rd party content to help emphasize a point..one of this writer’s favorite tactics), and the most important form of communication: listening!

“..Sebastian Dovey, whose firm Scorpio Partnership recently surveyed 3,477 wealthy people about how they use the Internet, says, “The wealthier the individual, the more connected they are digitally.”

Determined to keep an open mind, I recently spoke with Michael Zeuner of WE Family Offices. His firm manages about $2.7 billion in assets for wealthy families. Mr. Zeuner is bullish about social media, though not fanatical.

He regards it as a channel, one of several, to teach people and provide transparency about the markets because “the playing field has not been leveled between advisers and investors”–that is, advisers usually have information most other people don’t. When it comes to building long-term trust with wealthy clients, “caveat emptor” just doesn’t work.

We discussed Twitter TWTR -4.59% and LinkedIn in detail. We skimmed over Facebook, FB -0.83% which Mr. Zeuner sees as more of a “personal” site. And we did not spend any time on Google+ or YouTube.

Twitter: I asked the obvious question. How can you educate investors in 140 characters or less about the Byzantine securities and the assorted biohazards that crawl out of Wall Street’s trading floors?

Mr. Zeuner said he curates thought leadership. Using his personal handle, he primarily tweets third-party content that contributes to capital markets transparency and investor expertise. ….

I get that. It’s the right way to tweet. The strategy focuses on value, not volume. What I didn’t expect was Mr. Zeuner’s follow-up. He emphasized Twitter is a great place “to listen.”

The full WSJ column is available via this link.

 

Social Media, Meet Financial Services; Blog, Tweet and Link-In To Be a Thought-Leader

GROWTH HACKING: A NEW SUCCESS CODE CRACKER FOR ONLINE MARKETERS

The term GROWTH HACKING was first coined in 2010 by Sean Ellis, CEO and Founder of Qualaroo and GrowthHackers.com. It now became a marketing technique, often used by growth hackers to blend the creativity, analytics, and social metrics to bring in high sales and expand online marketing exposure.

The emergence of companies like Dropbox (file-sharing service website) and Airbnb (home renting service website) demonstrate the significant shift of online business growth. Wall Street Journal reporters highlighted that both the companies spent almost nothing on online advertisement, but they still managed to drive a lot of traffic on their respective websites. So, what’s the secret behind their dramatic success? The answer is Growth Hacking.

How Growth Hacking helps boost businesses?

Talking about the Dropbox, instead of using traditional advertising techniques – marketers designed a marketing referral program that facilitated the users get extra storage on inviting a new member to the site. On the other side, Airbnb opted for multi-posting method of promotion, unlike traditional advertising, they allowed their existing clientele on Craiglist.com to cross-post the listings of featured post that brought heavy traffic back to Airbnb.com.

The above two strategies proved to be excellent growth-hacking marketing tactics. Unfortunately, there is no rule of thumb for any business to follow certain growth-hacking tactics as Ivan Kirigin, a former product manager at Dropbox, said, “Focus on a goal and run tests to find what will help achieve that goal”.

Growth hacking is now becoming one of the best podiums for online marketing. Gone are the days, when traditional marketing helps you stand out in the competition. Another great example of Growth-hacking success is Facebook.com, likewise the former software engineer of Facebook, Mr. Kirigin, said, “Facebook found out that users are much more likely to stay on the site if they acquired at least seven friends in 10 days”. Based on the fact, Facebook uses algorithms to suggest “people you may know” and sends emails prompting users to add their friends.

Every day, we witness growth hacking in the digital world, when suddenly a joke, picture, video, website, or business idea goes viral on the internet even in microseconds and people start owning the idea before their peers or friends do. Growth hacking is all about the idea that works like a magic bullet to hit the target audience and create a uniform and passive perception.

GROWTH HACKING: A NEW SUCCESS CODE CRACKER FOR ONLINE MARKETERS

Telling Your Story: Brand Strategy 6 Words at a Time

Story-telling is one of the most effective way for brands to extend their value proposition, after all, the impact of story-telling is part and parcel to every culture since the beginning of time. Whether in metaphor, anecdotal, or short-form narrative, story-telling sells.

Don’t just believe us, NYT’s Stuart Elliott visited this advertising industry topic in a recent column profiling Ritz-Carlton’s latest campaign courtesy of Team One Advertising.

“..A chain of luxury hotels and resorts is borrowing from an Internet meme to extend a marketing effort that celebrates the accumulation of experiences and memories rather than the trappings of wealth.

The campaign, scheduled to begin this week, is for the Ritz-Carlton Hotel Company division of Marriott International. It is intended to expand upon ads that Ritz-Carlton and its agency, Team One Advertising, introduced in 2011 with the theme “Let us stay with you.”

The new campaign, also by Team One, is called “Six-word wows,” after a popular online creative exercise known as six-word memoirs and six-word stories. All those efforts at producing among the shortest of short stories — “flash fiction,” as some describe it — are inspired by a moment in literary lore when, the legend goes, Ernest Hemingway was challenged to write a story in six words and replied, “For sale: baby shoes, never worn.”

The “wow” in the Ritz-Carlton campaign invokes the company’s parlance when referring to a goal to “wow” its guests. The capsule tales are taken from anecdotes that are shared two ways….”

For the full story (its a great read and very inspiring!), please visit the NYT story

 

Telling Your Story: Brand Strategy 6 Words at a Time

Financial Services Marketing: New Business Intelligence Portal Aims At Global Investment Crowd

BrokerDealer.com Launches Broker-Dealer Business Intelligence Portal for Global Bankers, Qualified Investors and Entrepreneurs Raising Capital

For Immediate Release

New York, NY—May 28–Broker Dealer LLC, a provider of financial industry corporate intelligence and qualified investor databases, announced today the launch of a new, broker dealer web-based portal that incorporates 100,000 broker dealer, investment banker and securities dealer profiles as well as upwards of 20,000 qualified investors extending across 35 major countries, including capital formation brokers and deal investors based in North America, EU, Eastern Europe, China, Pacific Rim, the Middle East and Africa.

Apart from detailed lead generation and decision-maker metadata, the company’s platform incorporates a range of social media applications, including a “deal room” forum that enable capital-seeking business enterprises to share their business plans with professional deal-sourcing bankers and private funding sources that include qualified angel investors, hedge fund managers, private equity and venture capital firms and family offices seeking investment opportunities. The firm’s investor database is available for free and is accessible via http://BrokerDealer.com.

According to Jay Berkman, head of the financial services practice group for marketing consultant The JLC Group, “Brokerdealer.com could be the right domain for this new player in the business intelligence space when considering the evolution of the JOBS Act in the U.S., the global embracement of crowd-funding in advance of traditional investment bank capital-raising techniques and the depth of global contact information available within the brokerdealer.com database.” Added Berkman, “The social networking function within its subscriber-based platform is compelling, and it’s advertising-free.”

Brokerdealer.com was designed to help connect companies seeking broker dealers, funding, underwriting, or lead manager assistance for debt and equity offerings. The platform was created out of the need to give entrepreneurs, investors and data providers the ability to connect with one another. The broker dealer databases found on brokerdealer.com includes information such as broker dealer’s name, address, phone, URL/emails, and most important, a description of what the broker-dealer actually performs. If a company is seeking to raise capital for a real estate project the user will be able to filter the broker dealer databases – on a global scale – and reach out.

Brokerdealer.com anticipates adding 45 additional securities dealer and broker directories, giving network members of brokerdealer.com upwards of 75 of the world’s most popular broker dealer lists.

For Additional Info

Corporate Communications

Broker Dealer LLC

30 Wall Street

Suite 800

New York, NY 10005

Tel: (212) 380-1371

Email: brokerdealer@brokerdealer.com

Twitter: @broker_dealer

Financial Services Marketing: New Business Intelligence Portal Aims At Global Investment Crowd

New Trend: Social Media Savvy Youngsters Fill Reverse-Mentor Roles To Corporate Exec GreyBeards

You’re a corporate titan, and your marketing execs are pushing you to be more proactive in your use of social media, but you still don’t get it..Well, as reported by Sue Shellenbarger in today’s WSJ Home & Digital column, the new trend in corporate mentoring is finding youngsters in corporate settings taking on a reverse role; they’re now doing the mentoring. Whether its best practices when it comes to Twitter, Blogging, the use of Linkedin or Facebook, we’re reminded of the adage, “..out of the mouths of babes..”  The JLC Group endorses this new movement! (P.S. We’re also looking for interns to mentor our corporate clients!!!)

“There is a growing digital divide in workplaces—between twentysomethings with social-media savvy and tech-impaired older managers. To address it, more companies are trying reverse mentoring, pairing young employees with older colleagues to work on tech skills.

 

The practice “is up quite a bit in the last three or four years,” says Didier Bonnet, a global practice leader in London for Capgemini Consulting. “The main aim is to raise the digital IQ of business leaders in the firms.”

The pair-ups don’t always work, Dr. Bonnet says. They are often intimidating to young mentors and awkward for older colleagues, who may be embarrassed to reveal how little they know. Clear goals, good chemistry, a time commitment and an open-minded attitude among senior executives raise the odds of success, he says…”

For the full story from the WSJ, please click here.

 

New Trend: Social Media Savvy Youngsters Fill Reverse-Mentor Roles To Corporate Exec GreyBeards

Crowdsourcing and Crowdfunding: Connecting The Tag Line to the Bottom Line

Extract courtesy of WSJ CIO Journal May 27

“..The goal of crowdsourcing is to not only reduce costs—compared to turning to a traditional consulting firm, for instance—but also to connect quickly with specialists and scale resources up or down as workloads change….

….Companies that need software developed in a short timeframe might go to technical crowdsourcing sites such as Assembly or uTest. Marketers needing a tagline for next month’s promotion can turn to Crowdflower or Trada, among many others….

Types of Crowdsourcing

Tongal Crowdsourcing

There are a few different models for buying and using crowdsourcing services. In some cases, companies don’t pay a dime until a desired result is achieved. Colgate Speed Stick conducted a crowdsourcing contest on Tongal to spark a Super Bowl ad for the cut-rate price of $17,000. Platforms also incorporate bidding systems where freelancers can present a proposal and price for a project. Then there are transactional-based projects with large volumes of people working on your behalf. A consumer products company could pay small fees to thousands of individuals for testing products or auditing their stock in stores, using mobile apps to report results. The beauty of crowdsourcing is that it takes the hassles of talent search and management out of a company’s hands…

Crowdfunding. A hot topic among the investment community is crowdfunding, in which entrepreneurs ask for capital from the crowd to develop ideas, products, and businesses. Indiegogo, Kickstarter, and OurCrowd are three of many platforms in this space. Israel-based OurCrowd  has helped 33 companies raise a collective $35 million; OurCrowd investors receive equity stakes in the companies they fund.

For the full WSJ CIO / Deloitte article, please click here.

 

 

Crowdsourcing and Crowdfunding: Connecting The Tag Line to the Bottom Line

Brand Burnishing Warren Buffet Style: Dairy Queen Case Study Includes Social Media

Below extract courtesy of Stuart Elliot, New York Times

THEY are not long, the days of wine and roses. Nor, as Madison Avenue knows, are the days of summer selling, which are vital to companies in areas like fast food, beverages and tourism that must gather their rosebuds — and revenue — while they may. For marketers, summer typically runs from Memorial Day through Labor Day; this year, that makes 99 days to wheel and deal.

A marketer that may be a symbol for those whose sales surge in the summer is the American Dairy Queen Corporation, a division of Berkshire Hathaway that has 6,450 Dairy Queen stores in 27 countries. A campaign to begin on Tuesday for the American market, where Dairy Queen has about 4,800 restaurants, has one goal: to make those few summer days count at the cash register.

To that end, the campaign will focus on promotions of what the industry calls L.T.O.s, or limited-time offers: a menu item, the S’mores Blizzard, returning from last summer; a second item, the Chips Ahoy Blizzard, new for this summer; and a free bacon upgrade for the $5 Buck Lunch, Dairy Queen’s value meal. The campaign will carry a theme, “Fan food, not fast food,” that was introduced last year and is the handiwork of the Kansas City, Mo., firm Barkley, which became Dairy Queen’s creative agency in December 2012.

For the entire story, please click here to visit the NY Times article

Brand Burnishing Warren Buffet Style: Dairy Queen Case Study Includes Social Media