by Fronetics | Jan 5, 2016 | Blog, Leadership, Strategy, Supply Chain
Fronetics Strategic Advisors is a leading management consulting firm. We work with organizations to identify and execute strategies for growth and value creation.
Good leadership is invaluable. At Fronetics we offer: leadership solutions for organizations during times of transition; leadership development solutions; thought leadership on important news and trends; talent acquisition and succession management guidance and support; and M&A support to help our clients build and capture value.
Two of the most-read leadership articles of 2015 were interviews with top female supply chain executives. Interviewing these women, Arrow Electronics’ Cathy Morris and Bravo Solutions’ Mickey North Rizza, was a highlight for me. Thank you again to both women for taking the time to talk with me and to share your thoughts on leadership, the supply chain, career development, and women in the supply chain.
The following are top 10 leadership articles of 2015:
Cathy Morris, senior vice president and chief strategy officer for Arrow Electronics, Inc., talks women in the supply chain and offers up career advice. Read the full article.
The world has changed a lot in a century, but Andrew Carnegie’s ideas on leadership have endured. Read the full article.
Mergers and acquisitions are increasingly popular strategies toward growth; however, 40% to 80% of mergers fail to meet objectives. M&A is complicated, and goes beyond simply “the process of buying a company.” At its heart, it is a strategic selection of competencies that fill a void in a company’s offering, geography, technology, or industry area of focus. It’s wise to think about whether the time, money, and energy are ultimately going to pay off, literally and figuratively.
There are some critical things to consider before courting a merger or acquisition. Be a leader by asking the tougher questions internally rather than focusing your team on an outside “target.” Read the full article.
There’s a great deal of buzz about social media in the business world — and for good reason. Marketing and communications professionals have made it de rigueur to tap into the popularity of social media networks to extend their brands into the digital world. But when it comes to executive use of social media, the field seems much more divided. Domo and CEO.com estimated that of the 500 leaders of the biggest companies in the US, 68% have no social media presence whatsoever. By leaving the social media management to marketers, these leaders are missing opportunities to connect with followers and expand their influence. Read the full article.
Businesses don’t fail; leaders do — a lot. Studies have shown that the rate of failure of executives coming into new companies ranges from 30 to 40 percent after 18 months. The costs and implications of a poor leadership hire are enormous. Given the odds, how can you hire a leader — a true leader? Read the full article.
When leaders fall prey to the busyness trap, time devoted to thinking and reflection is often minimized or eliminated; the result can be catastrophic. Freek Vermeulen, associate professor of strategy and entrepreneurship at the London Business School, cautions: “If you can’t find time to think, it probably means you haven’t organized your firm, unit, or team very well, and you are busy putting out little fires all the time. It also means that you are at risk of leading your company astray.” Read the full article.
Mickey North Rizza, VP, Strategic Services at BravoSolution, holds the distinction of Top Female Supply Chain Executive. She has 25 years of senior-level procurement, sourcing, and supply management experience. Mickey has also been an award-winning supply chain analyst with Gartner and AMR Research. In this interview, Mickey talks women in the supply chain. Read the full article.
The inability to delegate effectively is a principal reason why executives fail. According to London Business School Professor John Hunt, only 30% of managers think that they are able to delegate well. Among these individuals, only one-third are considered to be good delegators by their subordinates. Read the full article.
Women hold just 4.4% of CEO positions at S&P 500 companies, and this number is set to drop when Carol Meyrowitz steps down as CEO of TJX Companies, Inc. and moves into the role of executive chairperson. Looking globally, just 8% of companies with revenues of at least $500 million have a female CEO. Here’s the thing — the dearth of women in leadership positions is not just an issue of equality; it is also one of economics. When women are in positions of leadership, companies perform better — much better. Read the full article.
Whining. Just writing the word makes me cringe. Whining is a truly unattractive characteristic. It is unattractive in children, and it is even more unattractive when adults partake. One of the reasons why whining is just so unattractive is that it is ineffective and it can make a brilliant leader look like, well, like a blithering child. Read the full article.
by Fronetics | Nov 10, 2015 | Uncategorized
When it comes to social media and the supply chain, popularity isn’t everything.
With more than 1.3 billion users, Facebook is the most popular social network. Your B2B business should not use Facebook just because of its popularity. Rather, your business should use Facebook (or not) because it fits into your marketing and business strategies.
There are a lot of social networks out there – and the number is growing every day (hello, Ello). Not only is it impossible for your business to be present on every social network, it is also not a good use of time and resources. Instead, you need to identify which social networks (or even which social network) is right for your business. What makes a social network “right?” The right social network is one through which you can create value by communicating with your current and prospective customers.
Leverage New Age Media put together an infographic which offers a great overview of six popular social networks.
Reviewing this infographic is a great starting point for determining where your business should be involved. However, you need to take the next step and, as mentioned earlier, determine which social network(s) best fit your business.
A recent survey of individuals within the logistics and supply chain industries asked which social networks their company uses. The top networks identified by respondents were: Twitter (94%), LinkedIn (86%), and Facebook (77%). Given that these three social networks are used the most, one would expect them to also have the great business impact. Surprisingly, this is not the case. 94% of respondents reported Twitter to be very impactful, 86% reported LinkedIn to be very impactful, while just 15% reported Facebook to be very impactful.
When participating in social media, be smart. Choose social networks that create value for your company. If you start using one and find it isn’t working for you, alter your strategy, or stop using that social network.
This article originally appeared on Electronics Purchasing Strategies.
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by Fronetics | Nov 4, 2015 | Blog, Content Marketing, Marketing, Supply Chain
3 things supply chain hiring managers should look for when hiring a copywriter.
Since 94% of domestic B2B buyers conduct research online to make purchase decisions, maintaining high-quality content on your company’s website is crucial for attracting new business. But who has time for web upkeep, much less for the generation of new blog posts, emails, and various other content? Enter the copywriter.
An effective copywriter can help drive consumers to your website, convince them of the quality of your products/services, and ultimately help convert those leads into customers. A lot of writers can do one of these functions. The gold standard, of course, is a copywriter with a proven track record in all three functions.
How do you know if a copywriter will be effective for your business? Here are a few specific skills and experiences supply chain hiring managers should look for in a potential hire:
Someone who understands SEO.
An SEO-savvy copywriter can impact your business by increasing the number of visitors (i.e., potential customers) to your site. That’s because 77% of today’s buyers use Google to research information about products.
A copywriter trained in search engine optimization (SEO) knows how to write and format your site so it gets prioritized by Google in web queries for your products. Three of four people will click on the top five search results. So the closer you can be to those top five results, the better your chances at driving a buyer to your site. That’s a crucial first step in converting that lead into a new customer.
Look for SEO training or experience on a potential copywriter’s resume. And ask for any metrics illustrating how his/her search-engine-optimized content has increased organic traffic to a client’s website. A copywriter who understands SEO can help achieve the same result for you over time.
Someone who understands branding.
Sure, it’s great if you can find a copywriter with experience in the supply chain — the vocabulary and industry knowledge are already in place. But, likely, a solid writer who has developed content for a variety of industries has the technical skills and resourcefulness to get up to speed quickly.
Consider the value of a candidate who also has marketing writing and branding experience. This person has the know-how to create content driven by your business objectives and a mind for strategy that can promote your image among consumers and other businesses.
A 2015 global study on B2B branding has shown its positive impact on the perceived quality of a product and creation of new market opportunities. Branding instills confidence and trust among consumers.
The marketing copywriter can craft a consistent, compelling brand narrative across all of your digital channels. That means your website, blog posts, white papers, social media, emails, etc., will work together to solidify and enhance your business’s reputation in the marketplace, which will serve you beyond any individual campaign.
Someone who understands user experience.
User experience plays a vital role in conversion: the more positive the customer’s interaction with your business, the more motivated s/he will be to purchase from you. Additionally, Gartner Research estimates that by 2020 customers will manage 85% of their relationship without talking to a human. That means your web content will bear most of the user-experience burden.
A copywriter who understands user experience anticipates what buyers are seeking at any given point on your website and adjusts the copy so that the answer is clear and easy to find. Paragraphs of dense, technical copy on a product page could easily turn a buyer away, for example. A well-placed, well-written call-to-action, however, could lead to a purchase.
To find a copywriter who understands user experience, look for content that is not only polished, but also helpful, persuasive, and, above all, accessible. Writing samples should reflect where in the sales cycle a user would encounter it. That candidate could play a vital role in helping you convert leads into customers.
Hiring a copywriter represents an opportunity to bring someone on board who can do more than produce content: they can help achieve your business goals.
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by Fronetics | Nov 2, 2015 | Blog, Marketing, Social Media, Strategy
In mid-October, LinkedIn made some big changes: LinkedIn Groups are private and there’s a new, standalone LinkedIn Groups app for iOS users. Many LinkedIn Groups were used for the purpose of networking, research, and prospecting, however many people were misusing, and even abusing, the Group option. Rather than using groups properly, to form relationships, engage with industries that could supplement yours, and keep up with hot topics, the group option was often used for self-promotion.
The Changes
According to LinkedIn, these changes were spurred by consumer feedback. “Our research has shown that professional conversations are most effective in a private trusted space, so conversations in groups won’t be visible until you’ve joined the group. Joining a LinkedIn group now requires either an invitation or approval of your request. Our data has shown that open groups have historically attracted a larger percentage of low-quality conversations. Members-only groups have created significantly more participation and conversations than others (up to five times more), indicating that members feel more confident contributing in these types of groups.”
Some additional, prominent changes:
- Moderation: Conversations will be posted without the need for approval from a moderator, manager, or group owner, however those people can still remove off-topic conversations.
- Standard and Unlisted Groups: In an effort to simplify things for the consumer, groups will be either unlisted, meaning that they don’t show up in search results and only a manager/moderator can invite people members, or standard, meaning that groups do show up in search results and members can invite anyone with a 1st degree connection.
- Content Filtering: Filtering of spam and low-quality content to keep promotional material out of conversations.
- Subgroups: Subgroups will no longer exist to help clear up confusion. Any current subgroups will become their own, standalone groups.
- Mentions in Conversations: Like other forms of social media, the @ symbol will now be used before a name in order to reference someone and bring them into the conversation.
Other changes can be found at LinkedIn’s Help Center page.
Group Etiquette
If you’re already using groups in smart way, you’ll only see improvement from LinkedIn’s changes. Say goodbye to spam and relentless self-promotion. Groups may become more meaningful with a more exclusive approach. The people who are genuinely interested in having specific, topical conversations will. Here are some tips on how to navigate the new Groups:
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Engage Don’t Enrage:
Keeping in mind that there’s a difference between narcissism and seeking feedback, wait a bit before you post your own blogs, articles, or other branded content. You may want a group of talented, knowledge people to review your writing, but you need to establish yourself as a valued member of the group first. Comment on and like others’ posts. Put in your time and build rapport.
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Prudence in Posting:
When there’s a discussing going about a topic that speaks to you, you might feel anxious to jump in with a relevant article you’ve written, but consider your timing. Only after posting third-party articles and blogs, to show your support of others and breadth of knowledge, consider posting your own. When you do post your first article, it might be helpful to connect it to the groups’ influence. For example, Based on the recent, rich conversation about the engagement of Boomers and Millennials in the workplace, I gather my recent years of experience with this and wrote an article I though I’d share with you. I appreciate the fruitful conversations here that helped spur this article.
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Connect Cautiously:
As with all etiquette, the idea isn’t to approach people with fear, but with respect. Sometimes, early on, respect can be established by being cautious in order to better understand individual and community needs and norms. Once you’re in a group, don’t be unknowingly creepy. Engage with people who might have similar interests or who you feel might be attracted to your brand. First comment on their posts, like an article, show that you’re engaged and have something to offer intellectually. Give them your thoughts before your products. Once some sort of engagement is established, then send a connection request.
The new changes to LinkedIn’s Group option is going to serve everyone well, whether you’re in marketing in or any other field. It means more meaningful engagement and less bothersome noise and chatter.
Fronetics Strategic Advisors is a leading management consulting firm. Our firm works with companies to identify and execute strategies for growth and value creation.
Whether it is a wholesale food distributor seeking guidance on how to define and execute corporate strategy; a telematics firm needing high quality content on a consistent basis; a real estate firm looking for a marketing partner; or a supply chain firm in need of interim management, our clients rely on Fronetics to help them navigate through critical junctures, meet their toughest challenges, and take advantage of opportunities. We deliver high-impact results.
We advise and work with companies on their most critical issues and opportunities: strategy, marketing, organization, talent acquisition, performance management, and M&A support.
by Fronetics | Oct 28, 2015 | Blog, Consumer Electronics, Data Security, Data/Analytics, Logistics, Strategy, Supply Chain
When it comes to IT Asset Disposal here are 5 must-ask questions for third-party providers.
When the industry thinks of data breaches it raises the specter of a savvy hacker lurking very far, and yet very close, intermingling with a larger organization of internet criminals, breaking into our technology and gathering most private information: credit card and bank account details, social security numbers, and personal health and income data. The recent breaches at Anthem insurance and the retail giant Target make users worry about the trail they leave when they swipe a card or populate a form with personal information. This is how individuals think identities might be exposed. Individuals often don’t think about what happens when a company retires old servers, computers, printers, copiers, and scanners. What happens to confidential data? This is something businesses must think about.
ITAD
Receipt, processing, destruction and disposal of hardware and software are a necessary and growing business. The Blumberg Advisory Group’s 2014 ITAD Trends Report shows that data security is the number one reason why companies implement an IT asset disposition (ITAD) strategy. News reports highlight examples of sensitive data being found on retired assets, frompersonal photos and information to matters of national security. The costs associated with data breaches and with the improper disposal of IT assets are great. They include financial implications such as penalties, the loss of customer loyalty, and the tarnishing of one’s reputation. To mitigate risk, asset recovery management is critical to companies operating in today’s global supply chain.
According to Transparency Market Research (TMR) as reported inElectronics Purchasing Strategies, ITAD represents an estimated $9.8 billion handling 48 million tons of discontinued or excess technology gear. According to TMR, by 2019 the predicted market will grow to $41 billion made on 141 million tons of used equipment. Concerns about data security have resulted in companies becoming more aware of the need for ITAD and the need to budget for it. In 2014, 87 percent of companies reported having an ITAD budget; 38 percent more than in 2012.
Outsourcing this complex work can be a necessity for many companies who don’t understand the intricacies, regulations, labor and cost of asset disposition. Electronically stored data is subject to stringent HIPAA/HITECH, FACTA, SOX, GLB, and FERPA regulations, complicating responsible disposal. Secure and thorough “wiping” of data is critical, and the environmental impact of retired assets is also a vital concern.
More and more companies, 65 percent of companies larger than 10,000 workers and up to one third of all businesses, are turning to 3rd-party service providers to manage end-of-life assets. The factors seen as most important in selecting a 3rd-party service provider include: adoption of industry-recognized compliance standards (97 percent); a well-documented and enforced chain of custody (95 percent); and high-quality, thorough client reporting (95 percent).
Reduce, Reuse, Recycle
ITAD is expensive and it can be risky. It is, therefore, important to find a 3rd-party service provider who can ensure as much safety and security as possible. Many ITAD companies have a split business model working with upstream partners to collect and process retired material, then turning to downstream partners who are looking to purchase used technology gear. Given this model, your server could be someone else’s server one day. Ensuring proper receipt and processing is critical.
Must-Ask Questions
These are must-ask questions businesses should ask 3rd-party providers before hiring them. Be certain these questions are answered thoroughly and confidently.
1. What is your specialization?
2. Is there uniformity in the process?
3. Who would manage our relationship?
4. How flexible are your operations?
5. What if something goes wrong?
Companies operating in today’s global supply chain need to take the necessary steps to mitigate risk when it comes to asset recovery management.
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This article was originally published on Electronics Purchasing Strategies.
