Sunday, January 25, 2009
Happy Chinese New Year
Preparation of welcoming the new year tomorrow (pic of my house and May Yeng who also like to take pictures). Wish all my friends and family a happy and prosperous new year of the Ox. "Gong Xi Fa Chai"....
Saturday, January 17, 2009
CNY lunch with with my colleague
This is my first event photography, taken at EQ's coffee garden during lunch in conjunction with pre CNY celebrations, hope you do enjoy the slides. The loading is a bit slow, so be patient.
Saturday, January 10, 2009
Customer Relationship Management (CRM)
The use of information technology to create a cross-functional enterprise system that integrates and automates many of the customer-serving processes in sales, marketing, and customer services that interact with a company’s customers and generates a customer profile available to everyone in the firm with a need to “know the customer”
When a firm obtains detailed information about customer preferences, needs, behavior and buying patterns and uses that information to:
1. Set prices
2. Negotiate terms
3. Tailor promotions
4. Add product features
5. Customise its relationship with the customer
CRM Themes
1. Targeting the right customers
2. Owning the customer’s total experience
3. Streamlining business processes that affect the customer
4. Providing an all-round view of the customer relationship
5. Letting customers help themselves
6. Helping customers do their jobs
7. Delivering personalised service
8. Fostering community
Benefits of CRM
1. CRM enables a business to identify and target their best customers so they can be retained as lifelong customers for greater and more profitable services.
2. CRM provides real-time customization and personalisation of products and services based on customer wants, needs, buying habits, and life cycles.
3. CRM tracks when a customer contacts the company, regardless of the contact point.
4. CRM systems enable a company to provide a consistent customer experience and superior service and support across all the contact points a customer chooses.
CRM failure
1. Short of understanding and preparation
2. Dependency on CRM to solve business problem without first developing the business process changes and change management programs that are required
3. CRM projects executed without the participation of the business stakeholders involved
When a firm obtains detailed information about customer preferences, needs, behavior and buying patterns and uses that information to:
1. Set prices
2. Negotiate terms
3. Tailor promotions
4. Add product features
5. Customise its relationship with the customer
CRM Themes
1. Targeting the right customers
2. Owning the customer’s total experience
3. Streamlining business processes that affect the customer
4. Providing an all-round view of the customer relationship
5. Letting customers help themselves
6. Helping customers do their jobs
7. Delivering personalised service
8. Fostering community
Benefits of CRM
1. CRM enables a business to identify and target their best customers so they can be retained as lifelong customers for greater and more profitable services.
2. CRM provides real-time customization and personalisation of products and services based on customer wants, needs, buying habits, and life cycles.
3. CRM tracks when a customer contacts the company, regardless of the contact point.
4. CRM systems enable a company to provide a consistent customer experience and superior service and support across all the contact points a customer chooses.
CRM failure
1. Short of understanding and preparation
2. Dependency on CRM to solve business problem without first developing the business process changes and change management programs that are required
3. CRM projects executed without the participation of the business stakeholders involved
Balance score card (BSC)
The Balanced Scorecard (BSC) began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy.
Notes:
Robert Kaplan and David Norton developed the balanced scorecard in 1992 became a Fortune 500’s management best practices in 2000s.
Traditional financial measures is not enough to formulate and control strategy. Financial measures should be supplemented with 3 new measures concerning customer satisfaction, internal processes, the ability to innovate (solve problems and produce new products and services).
Balanced Scorecard is a carefully selected set of measures derived from an organisation’s strategy that gives top managers a fast but comprehensive view of the business.
These additional metrics would drive the organization towards its strategic goals while keeping all four perspectives in balance:
1. Balance between financial and non-financial indicators of success (KPIs).
2. Balance between internal and external constituents of the organisation.
3. Balance between lag and lead indicators of performance.
4. Balances the CSFs with KPIs (Short and long term objectives).
Notes:
Robert Kaplan and David Norton developed the balanced scorecard in 1992 became a Fortune 500’s management best practices in 2000s.
Traditional financial measures is not enough to formulate and control strategy. Financial measures should be supplemented with 3 new measures concerning customer satisfaction, internal processes, the ability to innovate (solve problems and produce new products and services).
Balanced Scorecard is a carefully selected set of measures derived from an organisation’s strategy that gives top managers a fast but comprehensive view of the business.
These additional metrics would drive the organization towards its strategic goals while keeping all four perspectives in balance:
1. Balance between financial and non-financial indicators of success (KPIs).
2. Balance between internal and external constituents of the organisation.
3. Balance between lag and lead indicators of performance.
4. Balances the CSFs with KPIs (Short and long term objectives).
ROR and ROI risk
In finance, rate of return (ROR) or return on investment (ROI), or sometimes just return, is the ratio of money gained or lost on an investment relative to the amount of money invested. The amount of money gained or lost may be referred to as interest, profit/loss, gain/loss, or net income/loss. The money invested may be referred to as the asset, capital, principal, or the cost basis of the investment. ROI is usually given as a percent rather than decimal value.
Customer Values & Competitiveness Variables
1. Services
2. Price
3. Quality
4. Fulfillment Time
5. Agility
6. Reach
7. Time to Market
Value Drivers
1. Revenue growth
2. Operating margin
3. Working Capital
4. Capital Expenditure
5. Taxation
6. Cost of capital
7. Competitive Advantage Period
Customer Values & Competitiveness Variables
1. Services
2. Price
3. Quality
4. Fulfillment Time
5. Agility
6. Reach
7. Time to Market
Value Drivers
1. Revenue growth
2. Operating margin
3. Working Capital
4. Capital Expenditure
5. Taxation
6. Cost of capital
7. Competitive Advantage Period
Supply chain management (SCM)
Supply chain management (SCM) aims to improve coordination and competitiveness beyond the enterprise level to include relationships between companies. SCM is the process of planning, implementing and controlling the operations of the supply chain as efficiently as possible. Supply Chain Management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point-of-origin to point-of-consumption.
Information communication technologies (ICT)
Information communication technologies (ICT) is an umbrella term that includes all technologies for the communication of information. It encompasses: any medium to record information (whether paper, pen, magnetic disk/ tape, optical disks - CD/DVD, flash memory etc. etc.); and also technology for broadcasting information - radio, television,; any technology for communicating through voice and sound or images- microphone, camera, loudspeaker, telephone to cellular phones.
Stage 1: Channel Enhancement / Optimisation
– e-procurement systems for buying non-production goods
– electronic channels to link distribution networks more tightly
Stage 2: Value Chain Transformation / Integration
– more closely with those of suppliers, logistics providers, distributors and retailers via ERP, mobile technology
Stage 3: Industry Transformation / BPR
– Become either Knowco or Physco
Stage 4: Convergence
– Blurring of organisation and industry boundaries
Stage 1: Channel Enhancement / Optimisation
– e-procurement systems for buying non-production goods
– electronic channels to link distribution networks more tightly
Stage 2: Value Chain Transformation / Integration
– more closely with those of suppliers, logistics providers, distributors and retailers via ERP, mobile technology
Stage 3: Industry Transformation / BPR
– Become either Knowco or Physco
Stage 4: Convergence
– Blurring of organisation and industry boundaries
Tuesday, January 6, 2009
How to improve decision making?
How to improve decision making? This are some of the skills you should have to make better decisions, I do know most managers today still do not have this ability :<
1] Preparation – you must move along a leaning curve.
2] Concentration – specific problems are identified and contextualized as much as possible.
3] Incubation – approach the problem from as many angles and directions you can in order to feel that you have exhausted all possible definitions.
4] Illumination – specific idea of what the problem is, potential alternative sometime almost jump out at you.
5] Verification – follow up on you’re analysis and recommendation to ensure that they are appropriate and have indeed met planned objective.
1] Preparation – you must move along a leaning curve.
2] Concentration – specific problems are identified and contextualized as much as possible.
3] Incubation – approach the problem from as many angles and directions you can in order to feel that you have exhausted all possible definitions.
4] Illumination – specific idea of what the problem is, potential alternative sometime almost jump out at you.
5] Verification – follow up on you’re analysis and recommendation to ensure that they are appropriate and have indeed met planned objective.
Effective group meetings
Effective group meetings, these are some of the keys ....
· Prepare a meeting agenda
· Distribute the agenda in advance
· Consult with participants before the meeting
· Get participant to go over the agenda
· Establish specific parameters
· Maintain focused discussion
· Encourage and support participant of all members
· Maintain a balance style
· Encourage the clash ideas
· Discourage clash of personalities
· Be an effective listenerBring proper closure
· Prepare a meeting agenda
· Distribute the agenda in advance
· Consult with participants before the meeting
· Get participant to go over the agenda
· Establish specific parameters
· Maintain focused discussion
· Encourage and support participant of all members
· Maintain a balance style
· Encourage the clash ideas
· Discourage clash of personalities
· Be an effective listenerBring proper closure
Monday, January 5, 2009
May Yeng's first day in nursery school
Well, today mark the 1st day of school for year 2009. Just like the others, May Yeng finally had a feel of what is call the "real" education. Beginning at 3 years old, this journey may last for 20 ++ years to come. I hope she do have a good day and there are some picture taken by my wife during this memorial day for May Yeng.
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