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Business Transformation
Corporate and Business Strategy in the Post Industrial, Digital Economy. Visit me on LinkedIn: www.linkedin.com/in/karlwabst/
Curated by Karl Wabst
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We’ve Entered The Volatile Postnormal Stage Of History

We’ve Entered The Volatile Postnormal Stage Of History | Business Transformation | Scoop.it

Uncertainty about the future is at an all time high: so much so that the world’s most successful investors are unable to find low-risk investments, and trillions of dollars are sitting on the sidelines.

Karl Wabst's insight:

Although he has valid points, the author writes in an intellectual style that makes his message a bit difficult to digest in an era of sound bites.

 

This article is worth a read, just don't expect simplicity. Then again, that's sort of the point.

 

Try looking at "It's a VUCA World" presentation by Denise Caron first (Stu quotes her, by the way) http://sco.lt/82W9oX

 

WIIFM? Watch this video Leadership in a Social Era with Stowe Boyd and Paul Greenberg

http://www.youtube.com/watch?v=gar6KWtlDzE

 

 

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DOJ: We don't need warrants for e-mail, Facebook chats

DOJ: We don't need warrants for e-mail, Facebook chats | Business Transformation | Scoop.it

The U.S. Department of Justice and the FBI believe they don't need a search warrant to review Americans' e-mails, Facebook chats, Twitter direct messages, and other private files,

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Karl Wabst's curator insight, May 9, 2013 1:01 PM

Our transformation to online lives, without citizen participation in making the rules, allows creativity where it is dangerous and where you might least expect it - government officials.

 

Who is to blame for this outrage? Find big mirror.

1. Close eyes. 2. Stand in front. 3. Open eyes and feign surprise. 4. Point finger. 5. Repeat Step 1.

Walter Adamson's comment, May 9, 2013 7:25 PM
This is what most of Eric Schmidt's new book is about.
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The First Mile: The Broken Link of Social Media Customer Service - Brian Solis

The First Mile: The Broken Link of Social Media Customer Service - Brian Solis | Business Transformation | Scoop.it

If getting closer to customers is a key objective, why do many businesses neglect the first mile of customer experience? Sure products and services count for almost everything. But if and when a customer has a question, wishes to share ideas or provide feedback, or needs help, why is it often the beginning of buyer’s remorse or resentment?

Karl Wabst's insight:

Social business transformation aims to move companies away from focusing on completing one transaction and then distancing themselves from their service obligations.

 

Customers are tired of the marketing blasts, phone trees and empty promises of joining your happy family. There have already been major changes brought by social customers. Brian's latest book predicts more engagement and a focus on customer experience.

 

Keep doing it the same old way and join a long list of businesses bigger than yours that went away.

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Service: It’s the New Heart of Marketing | Webinar

Service: It’s the New Heart of Marketing | Webinar | Business Transformation | Scoop.it

There was a time when marketing was all about selling and pushing out the company line. But with the rise of social media, marketers have replaced old models of company-customer communication with vital new models, based on conversation, interaction and collaboration.

Karl Wabst's insight:

In this 1 hr webinar, participants discuss how sales, product design, marketing and customer service all contribute to the service mentality of a company.

 

Social customers and social business practices are changing how customers view a company’s service, how marketers can get an outside-in view of their customers, make sure they are putting themselves in their customers’ place as they re-design their entire customer experience.

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Before the Ink Dries: Why Body Art Shouldn't Be Part of an Incentive Plan

Rapid Realty, a real estate company in New York, is offering its lower-paid employees a huge 15 percent raise on their commissions if they are willing to get a tattoo of the company's logo anywhere on their body.

Karl Wabst's insight:

Not all employee incentives are created equal - or even a good idea.

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Doing the Impossible

Doing the Impossible | Business Transformation | Scoop.it
If you want to make the biggest possible difference as a leader, your job is to do the impossible. And here’s a good place to start.
Karl Wabst's insight:

I liked this article. It may or may not hit its target of inspiring leadership among managers and employees, but I believe it's a point worth making, or trying at least. People learn at different rates and in different ways.

 

People have to hear an idea multiple times (3-7, depending on who you believe) before they absorb it. Some have to see it, or do it for themselves. Challenging our assumptions of what is possible is not easy, especially in a time with so much stress. See: http://www.ldonline.org/article/5602/

 

I however agree with Kotter's assertion that we are over managed and under led nowadays. Stop and think about the difference between management and leadership. Managers maintain the current system so the job gets done. This is an important task.

 

When you want to accomplish the impossible, you need a leader. Why? Leaders help others to cope with change. You may have heard that life has become more volatile. That means that there's more change, happening faster. Business has become more competitive. See if the following makes sense. If so, read the article and see if you can use the information to lead instead of manage.


"Faster technological change, greater international competition, the deregulation of markets, overcapacity in capital-intensive industries, an unstable oil cartel, raiders with junk bonds, and the changing demographics of the workforce are among the many factors that have contributed to this shift."

 

"The net result is that doing what was done yesterday, or doing it 5% better, is no longer a formula for success. Major changes are more and more necessary to survive and compete effectively in this new environment.
More change always demands more leadership."

- What Leaders Really Do - John Kotter

http://web.sau.edu/richardsrandyl/what%20leaders%20really%20do_kotter.pdf

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6 Ways to Sabotage Your Company Culture

6 Ways to Sabotage Your Company Culture | Business Transformation | Scoop.it

How can you prevent your recent cultural shift from vanishing quietly into the organization’s history books? #1. Don't treat culture change as a project.

Karl Wabst's insight:

The biggest issue I see, that leads to others also mentioned in this article is treating culture change like a project. Why is this a mistake?

 

First, consider the definition of a project. From the PMI: http://www.pmstudy.com/about-PMP/project.html

"A project can be defined as a temporary endeavor undertaken to create a unique product or service. Projects are different from other ongoing operations in an organization, because unlike operations, projects have a definite beginning and an end - they have a limited duration."

 

A corporate culture is not a temporary initiative that is "completed" when the consultants leave, or the new HR system is rolled out. Culture is part of operations, part of how the people in the company do their jobs.

 

The failure is usually at the beginning of the change when leaders set the wrong tone. That starts a cascade of errors. Here's a high-level resource that will help: Leading Change: Why Transformation Efforts Fail by John Kotter.

http://hbr.org/2007/01/leading-change-why-transformation-efforts-fail/ar/

 

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Bulletproof Your Social Business: Train Employees

Bulletproof Your Social Business: Train Employees | Business Transformation | Scoop.it
New employee guidelines, ongoing reinforcement and performance rewards tied to correct use of social media will help keep your company out of hot water.
Karl Wabst's insight:

If you're thinking about transforming your organization into a social business, this is a good background piece. It doesn't go into a lot of specifics but for those beginning the journey too much detail can induce the flight reaction. Consider introducing an organizational change program first. Why? As you move forward, there will be many aspects of the business that need to change. So, teaching your people how to deal with change is a great, if not an obvious, first step.

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Is Word of Mouth Better Than Advertising?

Is Word of Mouth Better Than Advertising? | Business Transformation | Scoop.it
People often wonder whether word of mouth is better than advertising. The answer? Yes. But not always.A great deal of research finds that word of mouth is more effective than other types of marketing
Karl Wabst's insight:

You probably guessed that WOM relies on your Trust in the person's reputation. Since your friend's know something about you, they relate their recommendation in a way that will matter to you.

 

WOM is effective for ideas, products or services that rely on quick, local action like a new play opening in town. It can also be called Fast Culture.

 

Advertising is faster for ideas, products or services that require broad adoption like a new movie that opens nationally. WOM helps spread the word locally or among social groups that can span geographies.

 

If your friends often recommend ideas, products or services that turn out to be unpopular their reputation suffers and you stop listening to them. This negative effect works at the corporate level. The folks we see on one infomercial after another are a good example.

 

This lasting effect, on reputation, can be good or bad. This can also be thought of as slow culture. That has a long-term effect on the adoption of ideas, products or services. Both fast and slow culture determines the long-term adoption of ideas, products or services.

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How to Build a Solid Social Business Reputation

How to Build a Solid Social Business Reputation | Business Transformation | Scoop.it
In real life or online, when employees are oblivious to their performance, your customer’s experience turns negative. It gets broadcasted on every channel available.
Karl Wabst's insight:

Good example of something I say many times per week. Social business isn't limited to online transactions!

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CFOs’ Anti-Social Tendencies may be Changing | MIT

CFOs’ Anti-Social Tendencies may be Changing | MIT | Business Transformation | Scoop.it
Data shows that within the C-suite, CFOs are the least supportive of social business initiatives.
Karl Wabst's insight:

The traditional hesitancy demonstrated by CFOs to support social business is showing signs of change. The recent SEC FD ruling, new perspectives in CFO trade publications and successes demonstrated by the CMO and CIO may finally break through the caution tape around the CFO's office.

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HR: the missing link in social business

And that’s why I believe HR has a key role to play in understanding and applying social technologies to support and change organisational culture.

Karl Wabst's insight:

Many question the function of HR, and ask why the whole deal hasn't been outsourced yet.

 

This article makes a case for HR to be the focal point for the people-side of change for initiatives like corporate social networking and BYOD. I have made a similar case for HR to be the focal point for data classification. Why?

 

"Putting even the best software in place will not work if the people aspect isn’t covered. It is my view that HR should own this part of the process. Secondly, and perhaps most importantly, sustained and consistent internal and external use of social technologies requires good internal communication, change management and training, often all things that fall under the HR umbrella."

 

While the HR office may be the proposed home of the change function, we're not talking about the same staff that recruit new employees or lecture you when you break rules.

 

Many firms place Organizational Development staff within HR. To be successful, leadership has to understand the major differences between HR and OD. Some also make a distinction between OD and Change Management.

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Social business apps' weakness: Being social

Social business apps' weakness: Being social | Business Transformation | Scoop.it
Facebook and Twitter are the wrong models to follow when deploying social business apps. Think this way instead
Karl Wabst's insight:

We have met the enemy at it is us. Modeling corporate social networks after consumer applications like Twitter and Facebook is a mistake. Why?

 

There is a big difference between:

 

Consumer versions of Social Applications whose function is the creation and exchange of user-generated content; sharing updates, status, pictures, and personal information. Furthermore, social media depend on mobile and web-based technologies to create highly interactive platforms through which individuals and communities share, co-create, discuss, and modify user-generated content. It introduces substantial and pervasive changes to communication between organizations, communities and individuals. http://en.wikipedia.org/wiki/Social_media

 

Collaborating on business problems and opportunities is becoming known as Social Business. It is more than merely trading updates across a social network. The function of social business is to utilize social media tools and social networking behavioral standards across functional areas for communicating and engaging with external audiences, including customers, prospective customers, prospective employees, suppliers, and partners.

 

Combining social networking etiquette (being helpful, transparent and authentic) with business engagement on LinkedIn (for one-to-one interaction), Twitter (for immediacy) and Facebook (for content sharing) more fully involves employees in the organization and increases customer intimacy and trust. http://en.wikipedia.org/wiki/Social_business_model

 

Collaborating in the office has more to do with corporate culture change (http://en.wikipedia.org/wiki/Corporate_culture) than technology implementation.

 

Changing corporate culture requires methodologies developed for that purpose, e.g. Kotter’s 8 Step Process for Leading Change: http://www.kotterinternational.com/our-principles/changesteps/changesteps

 

Gartner has released a study that you ought to read if you are fighting this battle: http://sco.lt/4mghyT

 

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IAPP : The Impact of SP 800-53: Putting Privacy and Security Side-By-Side

IAPP : The Impact of SP 800-53: Putting Privacy and Security Side-By-Side | Business Transformation | Scoop.it

SP 800-53 is the federal government’s “foundational computer security guide,” but it’s now titled, “Security and Privacy Controls for Federal Information Systems and Organizations.” Why should non-government types care?

Karl Wabst's insight:

Public corporations should pay attention to this change. Why? Expect that other audits will incorporate a greater focus on privacy.

 

Smart CEOs will start preparing your staff for greater emphasis on the value of people’s data. How your company implements Big Data - gathers, stores, analyzes, uses, and destroys sensitive data effects Sales, Marketing, Customer Experience, and Competitive Advantage. Communicate the value of data, and compliance is less onerous.

 

If your staff thinks the big issue is compliance they don’t understand the digital transformation. You’re smarter than that. Start explaining that it’s not just data. 0s and 1s are raw materials for the future of your business. Lead this change, don’t manage it.

 

More about the release of SP800-53 here

http://sco.lt/7s4all

 

To understand how this publication effects your business strategy and privacy and security programs:

Free Online Course: Applying the NIST Risk Management Framework http://sco.lt/8afFHl
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TED Talks about US High School Dropout Rate

TED Talks about US High School Dropout Rate | Business Transformation | Scoop.it

America still loses about one out of five young people to the dropout crisis each year. Every year, nearly 1 million school-aged children in the US do not graduate high school with their peers.

Karl Wabst's insight:

This program is a good example of how social can bring people together to work on a problem. It was originally broadcast on PBS last night. If you missed it, check it out. If you have kids in school, don't miss it.

 

More Information of US education

The United States used to be number one for high school graduation. But times have changed. In 2009, the U.S. ranked 21st out of 26 OECD countries when it came to high school graduation rate, according to Andreas Schleicher, Deputy Director for Education for the Organization for Economic Co-operation and Development (OECD). 

 

 

Education at a Glance:

OECD Indicators 2012  

http://www.oecd.org/education/CN%20-%20United%20States.pdf

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This Insane Graphic Shows How Complex Marketing Technology Is Right Now

This Insane Graphic Shows How Complex Marketing Technology Is Right Now | Business Transformation | Scoop.it

This marketing technology chart from LUMAscape breaks down the world's many different components, from sales and marketing to e-commerce technology to website creation and management.

Karl Wabst's insight:

Makes for a good cheat sheet or a nice tool to confuse management.

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Virtual Annual Shareholder Meetings

Virtual Annual Shareholder Meetings | Business Transformation | Scoop.it

Annual shareholder meetings cost a lot of money but are lightly attended. Social technologies can increase attendance, participation, shareholder voting and improve governance.

Karl Wabst's insight:

Have you ever been to a shareholder meeting? Turnout is light since meetings are held in other cities, states, or even other countries. The result is decreased participation, reduced corporate governance and wasted money.

Social business transformation is changing the location and format of annual shareholder meetings. Moving meetings online gives more shareholders the opportunity to attend. The technology gives shareholders a voice in how corporations are run.

I worked in corporate finance for ADP Brokerage Information Services Group. ADP BISG later became Broadridge Financial Solutions.

Demo

http://www.broadridge.com/broadridge-insights/experts/Virtual-Shareholder-Meeting-Demo.html

 

Online shareholder meetings: the future?

http://media.broadridge.com/documents/Online-Shareholders-Meetings-The-Future.pdf

 

Guidelines for Protecting and Enhancing Online Shareholder Participation in Annual Meetings

http://www.broadridge.com/broadridge-insights/Guidelines-for-Protecting-and-Enhancing-Online-Shareholder-Participation-in-Annual-Meetings.html

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The Ripple Effects You Create as a Manager

The Ripple Effects You Create as a Manager | Business Transformation | Scoop.it

What you might not appreciate is that the socially-transmitted impact of your mindset extends well beyond those people with whom you interact directly in the workplace.

Karl Wabst's insight:

Do you leave your job at the office? Do you leave your personal life at home? Sure you do! Do you really think your employees can, if you can’t?

 

Increasing change in the economy, markets, technology and society make the myth of separate work and personal lives harder to support. Yet, we struggle to maintain that myth, creating additional stress.

 

Work and home contend for our attention. The good, bad and seemingly indifferent interactions between the two cultures are getting more significant all the time.

 

We work at home or spend increasing amounts of time on work wherever we happen to be. How we deal with this change moves through our life and relationships, the lives and relationships of the people we work with. Blurred boundaries mean that our personal lives affect work too.

 

The ways we adapt, and the choices we make, to lead or manage all this change matters more today than just a few years ago. The amount and rate of change, or volatility, is increasing. This means that learning to adapt now will matter even more in the future.  

 

As managers, we make decisions that create ripples moving between work and homes, our own and those of our employees and the significant people we interact with. The stress or support associated with those decisions plays an increasingly important role in our lives, employees' lives and associated family members.

 

How can we change to make work / life balance work? Think and re-think about your assumptions, attitudes and behaviors. Learning new skills makes a significant difference in a lot of lives. Read the article.

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8 Signs of Dysfunctional Management

8 Signs of Dysfunctional Management | Business Transformation | Scoop.it
There may be no faster death of a great idea or business than a dysfunctional management team. But do you know the signs to watch for?
Karl Wabst's insight:

I have encountered each of these situations. Read on to see if you can find your old manager in here.

 

Social business transformation will be killed by many of these folks. Dysfunctional management does not support change since it may mean a loss in power / authority, attention.

 

If employees feel their adoption of a new way of doing their job will result in negative consequences, the employees are likely to take the path of least resistance because "it's just a job." Employers trying to save or better their companies cannot afford to let resistance cause failure.

 

Unfortunately, it's usually the good people who leave. You get to keep the ones with a vested interest in keeping things how we always did them around here.

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Facebook squeaks onto the Fortune 500

Facebook squeaks onto the Fortune 500 | Business Transformation | Scoop.it

Facebook, the No. 1 social media company, just joined the Fortune 500 for the first time.

Karl Wabst's insight:

It's placement at the tail-end of the list is a reminder that FB is a relatively small organization when compared with #1 Wal-Mart and #2 Exxon Mobile. We'll have to see how long Zuckerberg can keep it up.

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7 Drivers of Telework & 5 Risks

7 Drivers of Telework & 5 Risks | Business Transformation | Scoop.it

Many of your employees aren’t coming to work tomorrow.

Karl Wabst's insight:

Changes in the global economy, technology, family mobility and willingness of employers to pay for relocation are a few of the factors that make telework more appealing. There are risks that will make the same companies hesitate. It's time for CLOs to plan for a mix of traditional and non-traditional workplaces.

 

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Social Selling Is Not A Newly Discovered Marketing Strategy | Business 2 Community

Social Selling Is Not A Newly Discovered Marketing Strategy | Business 2 Community | Business Transformation | Scoop.it

People have always made buying decisions in a very social way. They have asked for advice from their friends, given opinions at the supermarket, and have written heated letters to product manufacturers when products failed to meet their expectations. So, social selling is not some type of newly discovered marketing strategy;

Karl Wabst's insight:

OK, I admit it. I like posting articles like this after reading books written by 20-somethings claiming that they invented social business or social selling or social whatever.

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Social Business: How Is It Evolving Within Organizations? Webcast

Today, leading organizations are re-engineering business systems, operations, organizations – and even strategies – with social business tools and methods. 1 Hour Webcast. CPE eligible.

Karl Wabst's insight:

Get a preview of the results of the second annual Deloitte and MIT Sloan Management Review study to learn how social business is being put into action within organizations. This webcast is targeted at Technology Executives. June 6, 2013 3:00 PM EST

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Social Business: What Are Companies Really Doing? MIT / Deloitte

The rapid adoption of technology-based social networking has been transforming politics and social norms on a global scale for the past decade. Will social networking and social software have a similarly transformative effect on business? Are they already doing so? What kinds of enterprises are benefiting the most? And how are they benefiting?

Karl Wabst's insight:

 

 

This 2012 study has a similar major finding as Gartner’s more recent study. To get value from social business, the key is to focus on Leadership, not IT. Maybe they’re on to something here.

 

Key takeaways:

 

Social business depends on leadership. Metrics may not be critical when companies are experimenting with using social software, but as social software use becomes more important to an organization, having metrics in place can help managers assess, encourage and reward related behaviors.

 

These metrics may be even more important in organizations that need to shift their cultures to be more compatible with social business. In addition, while the survey results indicate that social business depends on leadership. Our interviews indicate that leadership can be improved with social business. CEOs may recognize this more than other members of the C-suite.

 

Related Gartner Study: http://sco.lt/4mghyT

 

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6 Questions to Ask Before You Buy-In to Enterprise Social

6 Questions to Ask Before You Buy-In to Enterprise Social | Business Transformation | Scoop.it
Before signing your organization up for the next enterprise social networking platform, it’s important to look at the business objectives first.
Karl Wabst's insight:

Ask WIIFM from the corporate perspective.

Senior corporate leaders and Boards of Directors must get, and stay, involved. Successful strategy for enterprise social business and social media is a business topic. At the strategic level, it's not about the IT.

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