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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/
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High-tech software for retailers discreetly tracks customers

High-tech software for retailers discreetly tracks customers | Business Transformation | Scoop.it

Every retailer wants to know which products attract shoppers. Sophisticated technology that helps business owners get a window into the minds of customers.

Karl Wabst's insight:

$50 / month lets stores track customer engagement. In-store security cameras track customers as they navigate through physical space.

 

Software generates heat maps to track customer traffic, but can also combine with other technologies to gather information. For example, RFID tags placed on items, point-of-sale information from cash registers, and sensors on shelves that detect product movement.

 

 Privacy concerns are addressed by erasing the customer-image.

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Why retailers must embrace the Relationship Era

Why retailers must embrace the Relationship Era | Business Transformation | Scoop.it
Indifference is expensive. Hostility is unaffordable. Trust is priceless.
Karl Wabst's insight:

Panera Bread, a chain of almost 1.5K bakery cafés illustrates that social business is fueled by the interactions between customers and staff. Some of these are captured on social media.

 

Great customer experiences that go unreported on social media are still valuable. Bad customer experience is more likely to get posted on social media by negatively motivated customers.

 

Striving for great customer experience should not be solely for positive marketing fodder - it's the right thing to do.

 

Related article

What Makes a Business Social? http://sco.lt/5jPYJ7

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Video - SEC Gives Companies Green Light to Use Social Media for Corporate Reporting

Video - SEC Gives Companies Green Light to Use Social Media for Corporate Reporting | Business Transformation | Scoop.it

Former SEC senior counsel Eugene Goldman discusses the SEC's ruling that investors now may expect to use social media as a way to find key information released by corporations. WSJ Video

Karl Wabst's insight:

Will the SEC ruling cause changes in corporate social media strategies? It should trigger a review at the very least.

 

The ruling legitimizes social media as a corporate channel. Will this help or hinder the cool factor of social?

 

 

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Tactonic expands touch screen technology to the floor

Tactonic expands touch screen technology to the floor | Business Transformation | Scoop.it
A New York City start-up called Tactonic Technologies has revolutionized the computer touch sensor, making them tough enough and cheap enough to turn an entire floor, maybe an entire gym or theme park into a surface that senses footsteps.
Karl Wabst's insight:

They are sitting on a gold mine! Imagine all of the data they will collect. Then, they will be able to correlate current and historical records with video, facial recognition, hazardous materials scanners, medical records, credit card histories, shopping receipts, blog posts, work history and Heaven only knows what else.

 

The potential applications are massive. I agree that there are interesting privacy questions here. There may be precedent set by existing technologies that track individuals through stores, malls and other physical spaces for marketing studies.

 

I can imagine this sort of technology could lead to a wakeup call like we had from Warren and Brandeis back in 1890 (THE RIGHT TO PRIVACY). http://groups.csail.mit.edu/mac/classes/6.805/articles/privacy/Privacy_brand_warr2.html

 

If the surface in question is in a public space, do we have an expectation of privacy?

 

- Thanks to Adam Stone for posting this article!

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Essentials of Social Media Law: How to Get Started Legally

Essentials of Social Media Law: How to Get Started Legally | Business Transformation | Scoop.it

Most businesses neglect legal due diligence in social media fall for one of three reasons.

Karl Wabst's insight:

Good overview article that covers many of the issues - opportunities and potential risks of starting a social media practice. One issue I didn't see was a discussion of discoverability of social media. Overall though, worth a read.

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How Well do you Treat your Job Applicants?

How Well do you Treat your Job Applicants? | Business Transformation | Scoop.it

according to a mysteryapplicant.com survey, which reported that 46 percent of applicants had a poor to very poor candidate experience. 38 percent of candidates are less likely to buy from or use products or services from an employer after the interview.

Karl Wabst's insight:

This article illustrates why HR should be concerned about how candidates are treated. It does not report candidate experience results for 3rd party recruiters. I bet those results would really concern HR for the companies that recruiters claim to represent.

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Organizational transformation doesn't happen overnight

Organizational transformation doesn't happen overnight | Business Transformation | Scoop.it

There is a phrase I'd like to say is the most dangerous phrase in marketing and that is "This is not how things are done around here." It's a damaging phrase and something I hear way too often.

Karl Wabst's insight:

Integrating new tools into the organization requires collaboration among the CMO, CIO...CxO, and of course, adoption by staff. 

 

Sounds easy. One problem is competition between "rival" departments who forgot that serving the customer is the goal.

 

Organizational change is a process that requires planning, daily maintenance, goals and metrics. Those who believe they can just mandate new practices are living in the past.

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Risk Chat: How Can Culture Strengthen Compliance? | Business Finance

Risk Chat: How Can Culture Strengthen Compliance? | Business Finance | Business Transformation | Scoop.it

He had me at, "We believe risk needs to be redefined -- it needs to be more aligned with employee behavior."

Karl Wabst's insight:

CEO sees past compliance, views importance of growing and communicating corporate culture as a way to prepare employees for challenges and prevent compliance issues.

 

 How does CGC (culture, governance and compliance) compare to GRC (governance, risk and compliance) and what value does CGC provide?

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Evolution of the networked enterprise: Survey results

Evolution of the networked enterprise: Survey results | Business Transformation | Scoop.it

Companies continue to adopt social technologies, like social networking, blogs and video sharing, at a rapid rate and are already reaping the benefits, according to a survey of 3,542 executives conducted by McKinsey & Company

Karl Wabst's insight:

Adoption rates continue to climb, so does recognition that organizational change is necessary to move from potential to realized benefits of social technologies. The survey’s connection between better results through wider deployments of social technology shows the continued belief in magical thinking and IT. 

 

To realize anticipated benefits, while avoiding potential risk, your culture must change. It will change - but maybe not in a way management anticipates. I can train a monkey to click buttons on a keyboard. Meaningful adoption must include people-side training.

 

Benefits of participation, and consequences for misuse should be tailored through an understanding of the organization, legal landscape, social psychology and the people who are given access and job responsibilities that include social networking.  

 

Without the engagement of your people it's just a waste of money.

 

See More:

 

Gartner Says 80 Percent of Social Business Efforts Will Not Achieve Intended Benefits Through 2015: https://www.gartner.com/newsroom/id/2319215

 

The Problem with the “6 Stages of Social Business Transformation: http://sco.lt/5wHl1V

 

What Makes a Business Social? http://sco.lt/5jPYJ7

Getting to Effective Social Business Results: Applying Culture Change: http://sco.lt/5TxVuj

 

How Disruptive Behavior by Employees Can Devastate a Workplace: http://sco.lt/7C0UgD

 

Social Business Transformations in the Large Enterprise - Managing Change: http://sco.lt/5rg54b

 

IBM Social Business Message: Productivity Gains, Cultural Change: http://sco.lt/9Hwhyz

 

Assessing Your Organization’s Track Record in Change: http://sco.lt/6yvnAf

 

Social Media and the Mature Organization: An Interview With Ed Brill: http://sco.lt/6GXtAH

 

 

 

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S.E.C. Sets Rules for Disclosures Using Social Media

S.E.C. Sets Rules for Disclosures Using Social Media | Business Transformation | Scoop.it
The Securities and Exchange Commission cleared companies’ use of Facebook and Twitter for important announcements, following an investigation into a social media post by Netflix’s chief executive.
Karl Wabst's insight:

Social Media has been officially blessed by the SEC as a legitimate outlet for communications.

 

The financial services industry plays a bigger part in US and World economics than many people realize. With all of the scrutiny that the industry gets it is a good to have official bodies that are somewhat responsive.

 

It only took 7 months to get a ruling. Although there are restrictions - social media accounts have to be declared as an official channel, perhaps more CEOs will participate.

 

 

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Ask The Headhunter® | Why HR should get out of the hiring business

Ask The Headhunter® | Why HR should get out of the hiring business | Business Transformation | Scoop.it

HR’s domination of recruiting and hiring has led to a disaster of staggering magnitude in our economy. In the middle of one of the biggest talent gluts in American history, employers complain they can’t fill jobs.

Karl Wabst's insight:

This is an interesting piece about the value that HR does or doesn't provide for companies in the hiring process - from the viewpoint of a third-party recruiter. 

 

For some companies, HR may be a roadblock to external recruiters. At others they protect hiring managers from being inundated by stacks of resumes submitted by desperate candidates and recruiters in a bad economy. 

 

As a candidate I have had good and bad experiences with HR and certainly with 3rd party recruiters.

 

It might also be the search software or applicant tracking systems causing problems. For some reason, I get tons of email from both asking me to apply for jobs with skills that I don't have and aren't on my resume.  

 

It could be the companies that gather and sell old resumes as current resources. I commonly get email from recruiters searching for skills that may have been current on my resume up to 10 years ago. 

 

I believe the job search and hiring processes are broken but doubt that simply removing HR is the answer. Social recruiting may hold some promise, but all parties involved have to actually change how they do things to make the outcome different. 

 

The current black box that the application / hiring process have become needs to be changed.

 

Job seekers should be keen on reading the comments section as well.

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What Social Networking Looks Like in Real Life... [COMIC]

What Social Networking Looks Like in Real Life... [COMIC] | Business Transformation | Scoop.it
vintage social networking

Via 'John L Evans'
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'John L Evans''s curator insight, March 31, 2013 8:10 PM

#EAv (e)LOCRIS @LOCRIS | 

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Positive Deviance

Positive Deviance | Business Transformation | Scoop.it

Positive Deviance is based on the observation that in every community there are certain individuals or groups whose uncommon behaviors and strategies enable them to find better solutions to problems than their peers, while having access to the same resources and facing similar or worse challenges.

Karl Wabst's insight:

Cultural transformation doesn't have to mean adopting a foreign program. Sometimes the answers are right inside of your workplace. Why might this matter?  

 

Not Invented Here syndrome can cause people to reject a change because it is foreign. Strong cultures can treat a foreign change body like an invader. Trust of outsiders and outside solutions does not always come easily. In these cases, amplify good solutions that are already being practiced but not widely disseminated. 

 

If you read Switch, think about the story of how positive deviance (positive inquiry) helped solve tough problems e.g. malnutrition in Vietnam

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CVS iPad app offers a virtual shopping experience

CVS iPad app offers a virtual shopping experience | Business Transformation | Scoop.it
The new virtual storefront app caters to the tablet-using shopper and capitalizes on the popularity of mobile retail.
Karl Wabst's insight:

CVS app bridges the gap between physical and logical in an attempt to offer better customer experience. Some Customer segments may like the cross-over from the familiar physical store to the convenience of the virtual.

 

Likely CVS already uses path intelligence to track users through their physical stores. The lessons learned by tracking customers in the physical world may also apply in their virtual store.

 

Path to purchase analysis in the virtual store may yield benefits in the real world by providing a testing ground for new products, display and physical store layouts.

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2013 Change Management Best Practices Study

Prosci and the Change Management Learning Center are delighted to announce the launch of the worldwide 2013 Best Practices in Change Management benchmarking study. This study is designed to uncover best practices, lessons learned, what works and what does not work when managing the people side of change.

Karl Wabst's insight:

This is an annual study conducted by Prosci, the ADKAR folks.

 

Prosci’s 2013 study includes questions on some of the hottest topics and most pressing issues facing change management practitioners today. New topics for this study include:

- Measurement

- Resourcing

- Budgeting

- Integration with project management

- Reinforcement and sustainment

- Change management positions and job roles

- Portfolio management

- Change Management Offices

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How Walmart and Heineken Will Use Shopperception to Put Your In-store Experience in Context - Forbes

How Walmart and Heineken Will Use Shopperception to Put  Your In-store Experience in Context - Forbes | Business Transformation | Scoop.it
I spent a day walking around CES with Robert Scoble, who has the best eye for new technologies of anyone I have ever met.
Karl Wabst's insight:

Movements in public spaces can be tracked, analyzed and result in the offer of a discount. The addition of sensors in the floor (http://sco.lt/6RxZ7x) might even be combined to flag a medical alert.

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Corporate Social Media Law: An Attorney’s Input on Things to Consider

Corporate Social Media Law: An Attorney’s Input on Things to Consider | Business Transformation | Scoop.it
Some specifics corporate leaders need to consider in regard to social media legalities, including intellectual property, copyright and libel issues, HR considerations and ownership rights.
Karl Wabst's insight:

I am glad to see more discussion about the legal side of social media and social business. The technology component seems to have taken over the corporate brain trust. 

 

Stop looking at the pretty flashing lights and dancing characters long enough to recognize social <anything> as a business topic. Due diligence is still expected before entering unfamiliar waters. 

 

All of the stakeholders in your corporation should be consulted before launching a social presence. Figure out what you are trying to achieve from a business perspective, and move forward from there. We have to have a social media site because everyone else is doing it is not a good starting point.

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Important Questions to Ask During an Interview

Important Questions to Ask During an Interview | Business Transformation | Scoop.it

While it might seem like being interviewed is something that is all about you, it is important that you make sure that you are a good fit for the position and the company.

Karl Wabst's insight:

I advise candidates to do their homework before the interview. 

 

- Visit the company website or physical store.

- Talk to people about the company, ask about their experiences. 

- Create a Google Search Agent to have stories delivered to your inbox. 

- Research the company on sites like Hoovers.com, Yahoo Financials.

- Read the Annual Report or 10-K (they are not the same). 

- Check out candidate experience sites such as Glassdoor.com.

- Look for employees who are connected on LinkedIn and read their profiles.

- Find the LinkedIn profile for anyone you will be interviewing with.

- Read the LinkedIn profile of the 3rd party recruiter - look to see if they have the expertise to represent you and to set salary expectations with the employer.

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13 Tips to Get Business Teams to Use Your CRM System

13 Tips to Get Business Teams to Use Your CRM System | Business Transformation | Scoop.it
Having a great new customer relationship management system won't be worth much until you figure out how to get everyone to use it.
Karl Wabst's insight:

Practical tips from CRM experts to help with the organizational change of adopting a new CRM system

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Beware of the collaboration trap

Beware of the collaboration trap | Business Transformation | Scoop.it

Collaboration is something that all companies want to be better at, right?  You have all of that knowledge stuck inside your employees heads, and if only you could collaborate better that knowledge would be sucked out and applied in ever more useful directions.

Karl Wabst's insight:

Morten Hansen is an expert on collaboration. Here he outlines 5 traps to avoid related to the introduction of collaborative solutions for the organizsation.

 

Collaboration trap #1 – Overcollaborating

Collaboration trap #2 – Overhyping

Collaboration trap #3 – Underestimating the costs

Collaboration trap #4 – Misdiagnosing the problem 

Collaboration trap #5 – Implementing the wrong solution

 

Collaboration: How Leaders Avoid the Traps, Build Common Ground, and Reap Big Results http://www.amazon.com/Collaboration-Leaders-Common-Ground-Results/dp/1422115151/ref=sr_1_2?s=books&ie=UTF8&qid=1365025192&sr=1-2

 

Great by Choice: Uncertainty, Chaos, and Luck--Why Some Thrive Despite Them All http://www.amazon.com/Great-Choice-Uncertainty-Luck--Why-Despite/dp/0062120999/ref=sr_1_1?s=books&ie=UTF8&qid=1365025192&sr=1-1

 

 

 

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Social Media Boosts Workplace Productivity

Although evil bosses love to hate social media, it turns out the extra communication capabilities conferred by social media can raise workplace productivity.

Karl Wabst's insight:

Some assembly may be required -  

“Ubiquitous digital connectivity should be seen not as an unwelcome interruption but as part of the changing nature of knowledge work itself that needs to become part of normal, everyday practices of contemporary organisations.”

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How to Create Employee Engagement

The  tough economy, the feeling that job stability is a thing of the past, the ever-decreasing benefits and bigger workloads have created an atmosphere of malcontent and distrust within the employee ranks. Recent surveys cast doubt on employer awareness of the depths of the issue, and why they should care.

Karl Wabst's insight:

The potential for disengaged employees to cause real economic loss at a time when companies are turning to the Internet and Social Media to customize and personalize products and services is high. Word of Mouth can be a potent tool for marketing; however it also cuts in the other direction.

 

Recently I have heard statements that disengaged people are like poison. They drive customers away. Their bad attitudes influence other staff, causing conflict and/or low morale within the ranks.

 

Some may believe that they are safe if they limit employee use of social media so they cannot effect customer perceptions on the job. This may hold true if employee social interactions were limited to computers and smartphones.

 

Social channels also include telephones and face to face interactions including Sales, Marketing, Cashiers, Waiters, Delivery, and any office staffer that comes into contact with other staff.

 

When you think of social channels in this broader context, the importance of engagement becomes apparent.

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What is Human Capital?

What is Human Capital? | Business Transformation | Scoop.it

Managers and leaders throw around statements like, “Are people are our most valuable asset,” and “Our key competitive difference is our people.” And yet, few companies actually mean what they say and do what they say. Why is that?

Karl Wabst's insight:

Human Capital's value may be on the rise as companies adopt social business processes and the number of employees that are exposed directly to angry, happy or inquisitive customers increases.

 

During the Industrial Revolution we developed the notion that with enough investment in the development of machines the value of most labor was equal.

 

Indicators that this is changing are surfacing more often. For more, read Brito’s Smart Business Social Business, http://www.britopian.com/2011/01/03/social-business-book-a-glimpse-into-the-first-5-chapters/

 

For free check out this article: How Social Human Capital Management Can Benefit the Enterprise https://www.cmswire.com/cms/social-business/how-social-human-capital-management-can-benefit-the-enterprise-015998.php

 

Consider this definition of Human Capital. "A measure of the economic value of an employee's skill set. This measure builds on the basic production input of labor measure where all labor is thought to be equal. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them. The education, experience and abilities of an employee have an economic value for employers and for the economy as a whole". http://www.investopedia.com/terms/h/humancapital.asp

 

For a picture of where Human Capital fits into Corporate Strategy, check out http://www.valuebasedmanagement.net/methods_strategy_maps_strategic_communication.html. This is a strategy map template in the Kaplan - Norton tradition.

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Branding | The Social HR Connection

Branding | The Social HR Connection | Business Transformation | Scoop.it

As a company, having that sort of information exposed can be terrifying. Not because candidates have a “cheat sheet” to your interviewing process, but because candidates can rate their experience with you. These candid responses can either help or hurt your employer brand and can affect the way you are able to successfully attract and engage quality talent.

Karl Wabst's insight:

Sites like Glassdoor that allow candidates to rate their job search experience and share interview processes with the Internet are changing how candidates look at prospective employers.  

 

Searching for a job in the social era has changed the process. Individuals should be concerned about their reputations. The Organization, HR and recruiters should be concerned about how their hiring process affects the company's ability to attract social-savvy candidates.

 

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Social Recruiting Opening More Doors for Job Seekers

According to a new study, the most common reason respondents left their job was a lack of growth opportunities. “In my opinion, lack of growth is a management issue”

Karl Wabst's insight:

The old ways of applying for jobs - walking in to HR, calling HR, newspaper ads and boards like Monster are still there but lead nowhere. This is another example of culture change - especially or older workers (recruiters too) who haven't kept up.

 

There is also danger to bringing tired, old recruiting methods to social recruiting. Candidates dislike unresponsive recruiters and associate the negative experience with your company, not just that recruiter.

 

Social is about 2 way conversation and creation of trust. Submit and pray do not cut it anymore.

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