Businesses have adopted greater use of technology to boost not just their revenue but to also make their workflows more efficient. The disruption caused by the global pandemic has forced businesses to transform and set new standards in their operation. 

The key role of technology is demonstrated by how large technology companies have adopted it. The most obvious example, of course, is Zoom, which went from a business familiar only to those already tech-savvy to a household name. Last year it saw revenues rise by more than 50% to $4 billion. The greater use of technology also boosted established names, with Microsoft, for instance, seeing revenue increase by nearly a fifth, to $168 billion, last year. The global crisis forced organizations to–at last– bow to the demands of the experts and go digital.

However, Strategy& consultants suggest that the digital aspect is only a part of the process. Businesses have to go through more than just changing the medium of communication to truly transform themselves and cater to the increasingly challenging business environment. 

To truly transform, businesses must set out how the leadership teams can meet the demands of the current business environment. Based on the insights gleaned from the studies of 12 companies from around the world that form the core of the book, Beyond Digital, there are four key aspects that leaders should be looking into. These are:

• Identifying the leadership roles needed to transform the company for the future.
• Assembling the right people.
• Focusing the leadership team on driving the company’s transformation. 
• Taking ownership of the leadership team’s behavior.

Challenges today require strong leadership that requires a high degree of collaboration and commitment. For a business to truly thrive in the coming years, it must develop a team that knows how to build trust and a culture that powers the organization’s collective success.

 

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* Leads Resources can assist you in developing a program to help you re-evaluate your vendor relationships. Contact our team for more information.

The era of Big Data has helped democratize information, creating a wealth of data and growing revenues at tech companies. It has also led to an increase in the number of AI investments that are used to automate manual tasks and improve the accuracy of predictions in various fields such as healthcare, finance, retail, marketing etc.

However, most companies overlook the importance of having the right tools. They skip to hiring highly paid researchers then the researchers end up preparing data instead of finding insights.

Companies can take the following steps to avoid the trap of diminishing confidence and returns from an Artificial Intelligence (AI)/ Machine Learning (ML) program.

1. Recognize where you are.
2. Get all your data in one place.
3. Start with the proper order of operations.
4. Don’t forget the basics

By building the right infrastructure for data science, companies can see what’s important for the business, and where the blind spots are.

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* Leads Resources can assist you in developing a program to help you re-evaluate your vendor relationships. Contact our team for more information.

The vendor relationship is one of the most critical aspects of a company. It is important for them to find vendors that are not only capable but also reliable.
However, we believe that taking a closer look at these arrangements has significant advantages over staying in your comfort zone. You must ensure that your company continues to receive the same level of quality and value as it did at the start of your relationship.

Reasons to re-evaluate a vendor relationship include these:

• Vendor doesn’t provide industry-specific solutions for your business.
• Vendor does not offer the latest solutions available.
• Vendor has had a change in personnel.

The world is changing, and as a business owner, you need to be aware that your current vendor may not always be able to provide the best service for you. It is important to stay on top of the latest trends in technology and business practices so that you are always able to provide a great experience for your customers.

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* Leads Resources can assist you in developing a program to help you re-evaluate your vendor relationships. Contact our team for more information.

Supply chain forecasting is an important process for any company that manufactures a product. It is important because it helps the company plan for future demand and production.

Supply chain forecasting has been around for many years. However, in recent years there have been significant changes in the way that companies forecast demand, supply and pricing of their products. One of these changes has been the increased use of predictive analytics to help make more accurate forecasts.We can break down demand forecasting into two types: Quantitative forecasting and Qualitative forecasting. Under this 2 forecasting type are 10 different methods you can follow

 

Quantitative forecasting is a data-driven mathematical process used by sales teams to analyze performance and forecast future revenue based on historical data and patterns

5 Quantitative Forecasting Methods

1. Moving average – is the simplest statistical forecasting method you could use. It uses historical data to forecast sales for an upcoming period of time. Although this is the simplest method, this doesn’t account for seasonality or trends in your forecasts.
2. Exponential smoothing – is similar to moving average forecasting but puts greater weight on the most recent data sets.
3. Adaptive smoothing – provides a more in-depth analysis of your sales trends, building on exponential smoothing and taking seasonality into account.
4. Regression analysis – this method makes assumptions through algorithms that look at the relationship between several variables.
5. Life cycle modeling – can help predict the long-term demand trend for a new product by analyzing post-launch demand, allowing you to ensure you have enough inventory to meet both short-term and long-term demand.

 

Qualitative forecasting is a method of forecasting a company’s finances that relies on expert judgment because there is no historical data available.

5 Qualitative Forecasting Methods

1. Delphi method – involves questioning a group of experts or advisers independently in person or via a questionnaire. This method is widely considered one of the most effective long-term supply chain forecasting approaches.
2. Historical data analysis – it’s historical data analysis coming from the closest product data available.
3. Market research – is one of the most tried and tested techniques. This method is used to know whether there is consumer demand for a new product at all.
4. Sales force composition – this method is essentially an internal consultation in which stakeholders from different departments in your company provide their own opinions
5. Focus groups – an extension of market research, focus groups involve bringing together up to a dozen people from your target market to engage in an open-ended discussion.

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* Leads Resources can assist you in developing a program to help you re-evaluate your vendor relationships. Contact our team for more information.

Training is a key part of developing your workforce, and it’s one of the most important things you can do to keep your employees engaged and happy. Training is an investment that can be made to increase the skills and knowledge of employees. The benefits of such investments are numerous, including increased productivity, better performance, and higher morale.

Here are other examples of why training and development is important:

Prepares them for their roles

When you train your employees, they develop new skills that will help them in their current roles and prepare them for future jobs. And when they’re feeling confident in their abilities, they’ll be more motivated to come up with new ideas to take on bigger challenges.

Improve Retention Rate

The benefits of training don’t stop there—training also helps improve employee retention rates. Employees who are satisfied with their work often stay longer than those who are not engaged or happy with their work.

Keep employees up-to-date

Training and development is a way for organizations to keep their employees’ skills up-to-date with the latest trends in the industry. They also help individuals realize their potential and improve their performance.

Tackle Shortcoming

The training and development process is not only about gaining new knowledge but also about developing skills that an individual may not have been aware of. It helps them identify their shortcomings and work on them to improve themselves.

Training programs are not just for new hires, but also for existing employees who want to acquire new skills or sharpen old ones. Training should be seen as an investment that yields a return in the form of increased productivity and higher morale among employees.

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* Leads Resources can assist you in developing a program to help you re-evaluate your vendor relationships. Contact our team for more information.