Although mail has been around for over 50 years, it’s true to say that many companies still struggle to exploit it to its full business potential. Here is some well-targeted advice if you’re among those who suspect that their emails just aren’t delivering.

Email has never lost relevance. The sad truth is that some people just stopped respecting it.

Inbox fatigue, privacy changes, and tighter filtering have made lazy email strategies expensive. What does success look like with email? It’s someone who’s diligent about checking all of the boxes.

The brands still winning with email aren’t louder. They’re cleaner, more intentional, and deliberately more human.

If you’re heading into 2026 with the same approach you used a few years ago, this checklist is a chance to reset. The basic principles remain, but a little polishing is in order. You don’t need to rebuild everything, but it’s a good idea to remove friction and waste, and uncover some of the damage you may not see yet.

Think of this as a strategic tune-up for your email program, rather than a tear-down.

Start with list reality, not list size

Before touching subject lines (always a good idea) or automation flows, take an honest look at your email list.

How much of it is actually reachable?

Many organizations unknowingly send campaigns to email addresses that are outdated, mistyped, abandoned, or were never valid in the first place. These addresses don’t just fail to convert. They quietly hurt deliverability, reputation, and future inbox placement.

Some think: “What’s the harm in keeping those email addresses?” Or, “I don’t want to see that reduction in the size of the list.” They don’t realize that all bad data does is weigh you down and hurt your email deliverability, which is the rate at which emails hit the inbox.

Refreshing your email strategy gets you the answer to a very simple question: Who can actually receive this message today?

If you don’t know the answer, nothing else on this checklist matters yet. The fortunate thing is that the answer to this question is easily obtainable, no matter what size your company’s email lists are.

Validate your email data before you optimize anything else

Email validation is often treated as a technical task for your email database. In reality, it’s a strategic decision that affects every facet of your business.

Validating your email list removes bad email addresses, which reduces spam complaints and improves sender reputation across mailbox providers. But, more importantly, it gives you a foundation based in reality (real email addresses) from which to work from.

Without email validation, metrics lie.

Open rates look lower than they should. Engagement appears weaker. A/B tests produce misleading results. You may think content is the problem when the issue is that a portion of your audience no longer exists or, even worse, the addresses are spam traps.

Email validation isn’t something to do once and forget. It belongs in your regular workflow, especially if you’re collecting addresses through multiple channels, partners, or legacy systems.

Clean data makes every future decision clearer, and augments any possible result.

Re-examine how and why you collect email addresses

Many email lists grow without any real plan. Email addresses are added into the email list like pennies and nickels being dropped into the coin jar.

Some companies have a form here or a checkbox there, and email addresses are compiled. Sometimes there’s a giveaway that requires the recipient to offer up their email. Over time, you end up with a database of email addresses that don’t reflect real interest or clear consent. It’s time to re-examine how your company gets and processes email addresses.

Refreshing your strategy means tightening the front door.

• The first step is to be sure that everyone who gives up their email address gives express permission. The easiest way to do this is to use double opt-in. Each person who signs up receives an automatic email with a unique link. If they want to be let on the list, they have to click that link. Of course, you’ll include some succinct copy that explains that they’re giving you permission to do this.
• Ask whether each sign-up point clearly communicates value. Also, ask whether subscribers know what they’re signing up for.
• But there’s also a question you need to ask yourself. Ask whether you’re optimizing for volume or relevance. Are you just trying to place your form where you can get the most traffic? Or are you calibrating your sign-ups to ensure you’re attracting the right people?

Smaller, healthier lists consistently outperform larger, noisier ones. That means that what matters most is intention. What a lot of people don’t realize is how often bots can find your forms and try to add bad email addresses. That’s why the more precautionary measures you take, the better.

To keep bots and fake sign-ups at bay, it’s smart to add a real-time email verifier to all of your forms. Also a good idea is to use CAPTCHA to add an additional layer of protection.

Segment based on behavior, not assumptions

One of the most common mistakes in email strategy is over-segmenting by demographics while under-segmenting by behavior.

What people do tells you more than who or where they are.

Who opens regularly? Who clicks but never converts? Who hasn’t engaged in months but hasn’t unsubscribed? These signals help you tailor messaging without adding complexity. Here’s where having the right tools to track subscriber behavior becomes invaluable.

Behavior-based segmentation only works better when your list is cleaned. When you remove inactive addresses, engagement data becomes more reliable, and that makes segmentation decisions easier and more effective. You also save resources, since email marketing platforms charge based on the number of contacts and how many emails you send.

Audit deliverability as a business risk, not a technical detail

Email deliverability is often invisible until it breaks.

Messages quietly land in spam. Promotions tabs become black holes. Teams assume that audiences lost interest when, in reality, messages stopped reaching them.

Refreshing your email strategy means treating deliverability as a business concern, not just something to throw over the wall to the IT team. Everyone involved in email should have a working knowledge about email hygiene.

Authentication protocols, sending consistency, bounce rates, and complaint levels all play a role in the success of your company. If people get bounces and your team doesn’t know that this is problematic, they’re involuntarily hijacking your success.

Email validation and following the proper sending protocol directly support the whole company. It helps you gain trust with mailbox providers, so it’s worth the effort, as it impacts revenue directly.

Start writing emails that sound human again

Automation and AI didn’t ruin email. Impersonal automation did.

As part of your refresh, read your emails out loud. If they sound like a system talking to a segment, they probably are. You can use AI to get ideas or catch mistakes, but the bulk of each email should be written by humans and for humans.

The most effective email in 2026 will continue to feel human, not AI-generated. What does that mean for you? Clear intent. Plain language. Fewer buzzwords. More respect for the reader’s time. Avoid AI slop like your life depends on it.

Clean email lists amplify this effect. When messages reach real people who opted in and remain reachable, tone matters more. You’ve got the right contacts, so reach them in a human way.

Reset expectations around engagement, not just performance

One of the quiet dangers in email strategy is mistaking reach for resonance. Maybe people are opening your emails because they are so relevant to them. But what happens if you start “phoning it in”?

A campaign can technically “perform” while still training subscribers to ignore you. High send volumes, frequent promotions, and constant calls to action may look productive on a dashboard, but they often erode long-term attention. This is especially true if you start becoming repetitive.

Refreshing your email strategy means redefining what success looks like. Instead of asking only how many people clicked, ask whether the email deserved their time. Did it clarify something? Did it help a decision? Did it strengthen trust?

Refreshing your email strategy means redefining what success looks like. Instead of asking only how many people clicked, ask whether the email deserved their time.

This is where email validation plays an indirect but important role. When your list is clean, engagement signals are more honest. You’re not mistaking silence from invalid addresses for lack of interest, or inflated send volume for influence.

Engagement is not just a metric. It’s a signal of relationship health. A refreshed strategy treats it that way. Along with whether you’re sending an email to the right person, you need to be sure that it ticks the relevancy box every single time. If it doesn’t, don’t send that email.

Make email list health routine, not a casual affair

Refreshing your email strategy isn’t an annual initiative.

The most resilient organizations build email list hygiene into their company culture. They validate email data regularly. They remove inactive addresses intentionally. They understand that reaching the inbox is the result of intentionality, not something that happens by accident.

When validation is routine, email becomes more predictable, more effective, and less stressful. But, does the whole team know this?

Find ways to teach all of your employees about the importance of verifying email data and avoiding bad behavior like emailing people endlessly that don’t respond. Some employees may not know that you shouldn’t test an old email address by trying to send a test email. If it bounces, you’re chipping away at sender reputation. It jeopardizes your whole email program.

The real goal is to move your organization in a direction that uses data optimally, and reduces bad data at every opportunity.

A final check before you hit “send” in 2026

Before launching your next campaign, ask yourself if you and your organization are doing everything to ensure the following:

• Am I sending to people who can receive our emails?
• Am I measuring performance of clean data?
• Am I earning attention, not assuming it?

If the answer to those questions is yes, your email strategy is already ahead of most.

Email still works. It just works best when you treat it like a relationship, and something that requires your maintenance. Ask any email marketer and they’ll tell you that the more you put into your emails, the more you’ll get back.

To sum up, 2026 is a great year to be intentional and human. You can do both even better when you maintain a commitment to quality email data. The better your email list, the better your results will be.

About the Author

Liviu Tanase is the founder and CEO of ZeroBounce, an email validation and deliverability company serving more than 500,000 customers worldwide. Need to clean your email list? Try ZeroBounce for free and consider ZeroBounce ONE – the all-in-one platform that gives you the tools you need to reach the inbox.

The post Tune Up your Email Strategy for 2026 appeared first on The European Business Review.

Did you know Northern Ireland is the only region in the world that lets you move goods freely to both Great Britain and European Union markets?

That unique Dual Market Access gives businesses located in Northern Ireland a major advantage.

It means you can ship to over 500 million customers without facing tariffs, customs documentation or declarations.

You’ll also discover Northern Ireland offers a skilled and highly educated workforce, excellent infrastructure and operating costs around 40-50% lower than other Western European regions.

With all these benefits in one place, it’s easy to see why more than 1,500 international companies have already located here.

Could your business be next to benefit?

Tell me more

The post Get Unrestricted Access to GB and EU Markets appeared first on The European Business Review.

Across aerospace, net zero, food & drink, materials handling and technology our companies are innovative and forward-thinking.

We know what buyers are looking for – from technical specification, value, design and quality – we have an outstanding track record of delivery.

Northern Ireland is the only region in the world where goods move freely to both GB and EU markets, which makes it easy to source goods from us.

Could your business be next to benefit from our world class products and services?

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The post Why Global Buyers Choose Northern Ireland appeared first on The European Business Review.

Email remains the most efficient and scalable communication channel for business outreach. But whether you hope to increase ROI, generate leads, or pursue partnerships, the challenge always relies on one thing: reaching the right person.

That’s why most companies use email finders. These specialized tools identify email addresses quickly. When paired with strong data management practices, an email finding tool accelerates the success rate of any outreach strategy and reduces the amount of time you invest.

Here’s how companies use email finders and how an ideal platform can turn one simple tool into a competitive advantage and make everything easier.

What an email finder tool actually does

An email finder locates email addresses based on a person’s name and the company they work for. With only those two pieces of information, business teams can uncover the best email address to get the conversation started.

Not all email finding tools are the same. Different finders rely on different methods. Some tools provide real-time lookups, while others scrape the web for any email that might match the target.

Here’s the problem. Some tools famously identify obsolete emails. It’s not uncommon for some email finders to provide an email address that is more than twenty years old. That’s why effective email finders incorporate immediate email verification into the process.

The result is that you have a viable contact and you haven’t wasted time either bouncing an email or running it through an email checker. The best email finder takes care of that for you by verifying the validity of each contact.

With business communication, accuracy is the difference between meaningful outreach and squandered resources.

Why more organizations rely on email finders

Astute teams use email finders to eliminate guesswork and reduce unnecessary hiccups. Let’s look at some of the advantages you enjoy by using an effective email finder.

Faster outreach, less dead ends

Anyone who regularly needs to collect leads knows the frustration of unmonitored contact forms and LinkedIn accounts that lay dormant for months. We don’t even have to tell you how many phone dodgers there are.

Email finders remove these obstacles entirely by getting you directly to a verified business email address. Your team bypasses the roadblocks and unpredictability of dealing with both real and digital gatekeepers.

Reduced bounce rates

As ZeroBounce Chief Operating Officer Brian Minick explains, many professionals have historically relied on a cumbersome “trial-and-error” method. “For a lot of people, they copy and paste email addresses from a search result. After sending a quick message, they wait and see if it bounces.”

It’s not just that it’s inefficient, this path is also risky. According to Minick: “People who just email to test if an address works are shooting in the dark. It’s inevitable that the bounces start to pile up.”

If you think getting bounces is no big deal, you may not be aware of the risks. High bounce rates damage your sender reputation. This means that future emails begin getting pushed into spam folders, even when they’re legitimate.

A reputable email finder, with built-in verification, prevents this chain reaction. Using only verified email addresses gives you peace of mind that outreach emails only go to real, active inboxes.

Direct access to decision-makers

Role-based addresses like info@, mail@ or office@ seldom reach the person who can approve a deal or appropriately respond to a partnership request. Email finders make direct communication with real decision-makers possible.

Frequently department leaders, executives, and those most essential to moving conversations forward are insulated by gatekeepers. Sometimes an overly-diligent team member can mistake you as just another salesperson. Once they think of you as a nuisance, it can be hard to change their mind. They may even mark your emails as spam, and that can set your sender reputation back even more. With bounces or messages being flagged as spam, your reputation can plummet.

What makes a comprehensive email finder great is that it provides more access to stronger contacts. Your entire outreach pipeline is calibrated and more effective.

How businesses use email finders effectively

1. Choose an email finder that prioritizes accuracy

The ideal email finder combines precision with validation. Key considerations include:

• High match rates: can the email finder actually find emails?
• Ease of use
• Strong data protection practices
• Accessible customer support
• Real-time verification for every result

Businesses should shop for email deliverability tools the same way they evaluate any business platform. A good user experience is key, but so is reliability, value for the price, and choosing a provider that understands the importance of compliance and security.

2. Enter correct details for best results

A misspelled name can derail a search. Correct names, proper domain formats, and knowing the name of the company ensures the tool can deliver the right address quickly.

3. Verify every email before sending

Email verification is what protects sender reputation. Even one bad email can negatively impact deliverability rates. When the email finder validates each email address, you don’t have to take that risk.

4. Personalize every email you send

A verified email address is a key component, but is only the beginning. Businesses like yours increase response rates when they send thoughtful, relevant messages. So craft your emails to resonate with the recipient’s role, priorities, needs, and wants. It’s also important to ensure your messages sound like they come from a human being. It’s okay to get some ideas from AI, but if emails seem AI-generated, don’t expect many responses.

Using email finders responsibly

With access to accurate email data comes an obligation to use it wisely, which implies using contact information properly. Ethical email outreach means:

• Respect privacy laws
• Never adding uncovered emails to email lists without clear permission
• Not spamming. This includes repeatedly contacting someone who isn’t engaging
• Focus on the conversations that are beneficial to all parties

When used responsibly, an email finder becomes a very effective tool. It should be treated as such.

The role of email finders in outreach

While email finders are powerful all alone, businesses who use them inevitably need additional tools that support their entire outreach campaigns. These tools aren’t just for marketing departments. Sales teams, partnership managers, customer success reps, recruiters, and even leadership depend on reliable communication – and email deliverability is a necessary part. When email performance improves, every department benefits.

Here’s how the supporting email tools are a part of the bigger picture:

Email validation

Email validation is the cornerstone of email communication because it ensures messages go to real, active inboxes. When a bounce rate increases, the entire company feels the ripple effect. Each department’s emails become harder to deliver. Validation keeps the domain’s reputation strong and communication flowing reliably.

Email warmup tools

Email warmup tools help all departments build credibility with mailbox providers. By generating automated email engagement, a warmup tool strengthens your reputation little by little – until it’s at the level it needs to be. With warmup tools, emails are far less likely to land in the spam folder. The result is that your whole company has a clearer path to reaching the people they need.

Email scoring

Email scoring allows marketing teams to identify which contacts are worth pursuing. There are plenty of scoring models sales teams use, but when we’re talking specifically about email addresses, you can get a much clearer picture by running them through an email scoring tool. It evaluates each address based on factors like activity levels, engagement patterns, and potential risks, then assigns a score so you know exactly who deserves your time and who doesn’t.

Deliverability tools work best together

Using all the tools in your deliverability stack helps you solve the puzzle of landing in the inbox. These tools work together to give companies a reliable, secure, and efficient way to reach people. And when your communication practices are solid, your results reflect that.

As these tools work together to support outreach, many companies prefer managing them in one place rather than juggling separate platforms.

Bringing everything together with ZeroBounce ONE

Companies that want the full benefit of these tools in one place can simplify their workflow with ZeroBounce ONE, the platform that brings your entire email ecosystem under one roof. Email finding, validation, scoring, and more essential tools all live in a single service.

Instead of stitching together different apps and platforms, your team gets one centralized environment for:

• Finding the right contacts
• Ensuring the accuracy of every email address
• Protecting deliverability
• Strengthening security
• Monitoring anything that affects inbox placement

If you’re looking to scale outreach efficiently and responsibly, ZeroBounce ONE gives you everything you need to maintain high-quality data and stronger deliverability performance – without complicating your stack.

The post How Smart Companies Use Email Finders to Reach the Right People and Drive Growth appeared first on The European Business Review.

The region boasts a proven track record of attracting foreign direct investment (FDI) and is fast becoming a top location for businesses seeking to diversify their international operations and explore opportunities in new markets.

Invest Northern Ireland, the economic development agency for the region, is a trusted business partner for international companies working alongside them to explore the advantages Northern Ireland offers and supporting them to set up operations in the region.

Last year, with support from Invest Northern Ireland, 19 new international companies decided to invest. These companies were across the digital and creative technologies, financial, professional and business services and advanced manufacturing and engineering sectors and from countries including Canada, United States (US), Great Britain (GB), Ireland, Germany, Cayman Islands and India.

Renowned as a fantastic place to live, work, and do business, Northern Ireland offers international businesses highly skilled talent, excellent infrastructure, competitive costs, and a supportive, business-friendly environment.

From its connectivity to its world-leading industries, here are the top five reasons why Northern Ireland is an ideal place for international businesses seeking to grow and innovate.

1. A unique and integrated location

Situated between Europe and the US, Northern Ireland offers easy access to global markets.

What sets Northern Ireland apart from other locations as a prime investment location is its unique dual market access to GB and all 27 European Union (EU) member countries.

Dual market access allows manufacturing businesses in Northern Ireland to trade goods freely with both GB and the EU, providing access to a market worth over £6 trillion. This unique position means goods move from Northern Ireland to GB and the EU without customs checks or tariffs, giving businesses selling from Northern Ireland a competitive advantage in accessing both these markets.

Moreover, Northern Ireland maintains regulatory alignment with the EU on goods and remains in the UK Customs Territory. This means Northern Ireland-based businesses can access UK trade agreements, such as those recently concluded with Australia, New Zealand, India, and the US.

The 10% reciprocal tariff for most UK exports to the US, alongside zero tariffs on aircraft parts, applies to companies based in Northern Ireland.

On average, operating costs are around 40-50% lower than in other parts of Western Europe.

In terms of wider connectivity, Northern Ireland has a great communications infrastructure. It has a digital, fully fibre-optic communications network and was the first region in Europe to achieve 100% broadband coverage. Government and industry in Northern Ireland are working collaboratively to ensure that 5G mobile connectivity is world leading to help drive economic growth and attract investment.

The region is served by four ports and three airports that accommodate nearly seven million passengers per year, and the capital city, Belfast, is less than two hours by road or rail from Dublin.

To complement its connectivity and unique dual market access, Northern Ireland also boasts a business-friendly environment with competitive operating costs.

On average, operating costs are around 40-50% lower than in other parts of Western Europe. Additionally, R&D expenditure credit allows businesses to claim 20% tax relief, and there is a corporation tax rate of 25%, the lowest in the G7. Businesses can also take advantage of a 10% lower corporation tax on profits from patented inventions.

2. Skilled talent and educated people

Northern Ireland is home to a young, well-educated, highly skilled, English-speaking workforce, supported by a first-class education system.

It is one of Europe’s youngest and fastest-growing populations, with 50% of people under the age of 40.

The region also has the highest university degree completion rate in the UK, thanks to two world-class universities and a network of regional colleges.

Queen’s University Belfast is over 175 years old and a member of the prestigious Russell Group, with 99% of its research environment world-leading or internationally excellent.

Ulster University has four campuses across Northern Ireland and was recently awarded ‘University of the Year 2024’ by Times Higher Education, recognising it as the leading higher education institution in the UK and Ireland. It ranks in the top 10% of UK universities for research impact.

Both universities are internationally recognised for their high-quality, research-led education, with an emphasis on innovation and entrepreneurship. They have a long history of collaborating with international and Northern Ireland businesses on research projects and of producing graduates equipped with skills, competence, and insight in business-relevant areas.

What’s more, there are close links between government, industry and academia to ensure the workforce is equipped with the skills that local businesses and investors need.

The Assured Skills Programme is a fully funded, pre-employment training programme that guarantees incoming companies can secure the right talent with the right skill sets. It incorporates input from participating companies and collaborates with Northern Ireland’s colleges, so that newly arriving operations can hit the ground running. The Programme has helped companies recruit employees in specialist areas such as software development, data analytics, cybersecurity, and financial services.

3. Specialist key sectors and leading industries

Northern Ireland has a global reputation for excellence in a range of key sectors, including technology, financial services, artificial intelligence, aerospace, and life and health sciences.

Northern Ireland is set to become the UK’s next ‘Silicon Valley’ – according to technology giant Samsung. The region has emerged as a technology leader, particularly in fields such as fintech, cybersecurity, and software development.

Northern Ireland has consistently ranked among the top destinations worldwide for fintech inward investment projects and is the top European investment location for US cybersecurity firms. Global corporations like Allstate and Citi who both invested in the region, and Northern Ireland companies such as FinTrU have helped catapult the region into becoming one of the world’s largest FinTech investment locations.

Northern Ireland has consistently ranked among the top destinations worldwide for fintech inward investment projects and is the top European investment location for US cybersecurity firms.

Bank of America recently announced its intention to establish its first-ever operation in Northern Ireland, with plans to create up to 1,000 new jobs. Allstate Northern Ireland also announced a £16m investment in skills to upskill or reskill their employees in AI, cybersecurity, and cloud computing. These significant investments highlight Northern Ireland’s reputation in global financial services and as a location for high-value, skilled employment.

But it’s not just Northern Ireland’s sectoral talent that is securing investment – crucial investment is being made in research and development too.

Northern Ireland’s cybersecurity and AI sectors are supported by research centres that are partnering with industry leaders. For example, digital technology company Kainos is investing £10m in the advancement and scaling of Generative AI by partnering with Ulster University’s AI Research Centre.

The Artificial Intelligence Collaboration Centre (AICC) is a £16m project led by Ulster University in partnership with Queen’s University, which supports technology diffusion to industry and training. It is designed to support industries, including manufacturing, legal, life sciences and creative technologies sectors, among others, who might otherwise be slow to adopt AI.

The region is also leading the way in financial services. It can provide international financial services solutions such as fund administration, investment operations, regulatory compliance, and risk management in support of global capital markets, asset management, and banking industries. All the ‘big four’ accountancy firms (Deloitte, PwC, EY and KPMG) have a presence in Northern Ireland, making it a well-known global financial services hub.

As for aerospace, defence and security, Northern Ireland’s industry generates £2.2bn in annual revenues and employs around 9,000 people. The aerospace sector is home to many international companies, including Collins Aerospace, Airbus, Embraer, and GKN Aerospace. Within the next decade, thrusters manufactured by Thales Alenia Space in Northern Ireland will be taking cargo to the moon.

Another surging industry is the life and health sciences sector. It has a vibrant cluster of over 250 businesses, international investors, and indigenous companies, exporting globally to over 140 countries. Northern Ireland has particular expertise in precision medicine, diagnostics, medtech, pharma, and biotech, underpinned by a skilled workforce of nearly 20,000 people.

Northern Ireland homegrown but global pharma and biotech companies such as Almac Group, Randox, Norbrook, operate alongside international companies such as TEVA and Terumo. Northern Ireland company CIGA Healthcare, a global leader in professional diagnostic tests, has recently landed two lucrative contracts with Walmart Marketplace and Austria DM valued at £1.4m.

4. A culture of innovation and investment in research and development

Northern Ireland has a celebrated history of innovation. From the pneumatic tyre to the portable defibrillator, the region has a reputation for impactful inventions.

Innovation is only set to grow in the coming years. Northern Ireland is benefitting from an investment package of £1.3bn from four City and Growth Deals. These significant deals will help strengthen the region’s expertise in key sectors.

The investments from the City and Growth Deals will create centres of excellence and leading-edge facilities, along with thousands of new jobs. They will stimulate a culture of innovation, which will allow Northern Ireland to compete globally and be seen as a leader in areas such as drug discovery, environmental sustainability, data analytics, and other transformational technologies.

Innovation can’t happen in isolation, and that’s why Northern Ireland curates a collaborative ecosystem to bring together government, industry, and academia to work together on major investments in infrastructure.

One such example is the UK Digital Twin Centre based in Belfast, a project expected to drive the next wave of industrial transformation by boosting digital twin technology. It is projected to deliver £62m in GVA for the economy over the next decade.

Innovation is only set to grow in the coming years. Northern Ireland is benefitting from an investment package of £1.3bn from four City and Growth Deals.

The strength of Northern Ireland’s commitment to R&D can be seen in the frequency of FDI companies re-investing in the region. The US mass-capacity storage technology firm, Seagate, established operations in Derry-Londonderry in 1993, and has become a world-class manufacturing facility and one of the area’s largest employers. Recently, Seagate announced a £115m investment over five years in the development of new hard drive technology.

5. Tailored investment support, guidance, and advice

For those companies seeking to expand their operations outside their home markets, Invest Northern Ireland provides comprehensive support pre, during and post investment. Financial and advisory support offered ranges across all aspects of business operations, from increasing productivity and efficiency to improving skills, developing products and services, and finding new markets.

Invest Northern Ireland has a global office network with professional investment teams who work with potential investors to explore what Northern Ireland can offer.  Support includes organising visits, introducing companies to existing investors and wider industry and academia networks, and helping find suitable premises.

As a location, Northern Ireland has exactly what businesses are looking for – a workforce that is educated, innovative, resilient, and results-driven. People who will go the extra mile to make sure your expansion and operation is a success. Combine this with a superb infrastructure, competitive costs, and excellent support packages, and Northern Ireland is the ideal location to grow your business.

Find out more about what Northern Ireland can offer your business by contacting investorenquiry@investni.com or visit https://www.investni.com/international-business/invest-in-northern-ireland.

The post Five Reasons Why Northern Ireland is a Magnet for International Businesses appeared first on The European Business Review.

By Roberto García-Castro and Dr. J. Mark Munoz

AI technologies are spreading fast across industries, but adoption varies widely. This article helps managers understand where and how AI is gaining ground across the main U.S. industries in the 2020-2024 period, based on large-scale textual analysis of annual corporate 10-K reports.

Introduction

The increasing relevance of artificial intelligence (AI) and data-driven technologies across sectors has prompted growing interest in measuring their adoption across firms and industries (Cockburn, Henderson, and Stern, 2018). While anecdotal evidence points to the widespread integration of analytics, machine learning, and automation into business models, systematic evidence remains limited, particularly outside of the technology sector (Seamans and Raj, 2018).ⁱ

This article explores AI-related adoption patterns across US industries between 2020 and 2024, using a large-scale textual analysis of 10-K filings. By tracking the frequency of AI-related keywords in regulatory filings submitted to the Securities and Exchange Commission (SEC), the authors constructed a novel, replicable dataset that offers insight into how different industries disclose and potentially adopt AI technologies over time. The dataset consisted of annual 10-K filings from 7,883 unique US firms, downloaded using the Edgar package in R, which interfaces with the SEC’s EDGAR system. The filings span the years 2020 through 2024 and are parsed as plain text for computational efficiency. Each filing is tagged with its firm’s industry using standard SIC codes, which we mapped to broad industry categories for visualization purposes. In total, we analyzed 131,603,450 words in all US filings available in the EDGAR system. The average 10-K filing contained 23,037 words of text.

The methodology builds on prior work that uses natural language processing (NLP) techniques to study digital transformation (Chen and Srinivasan, 2020; Li, 2010). Specifically, the authors follow a keyword-based approach to proxy for firms’ engagement with AI, drawing on terms such as analytics, automation, big data, cloud, and machine learning. These keywords, drawn from both academic and consulting literature (Bughin et al., 2017), represent complementary dimensions of what is often broadly referred to as AI. The attached heat map visualizes the result of this exercise and reveals patterns in the diffusion of AI-related discourse across industries and years, highlighting both the heterogeneity in adoption and the concentration of AI-related language in certain sectors.

Increase in Ai Engagement and Diversity of Industry Usage

Following existing literature on digital adoption (Chen and Srinivasan, 2020), we define a dictionary of AI-related terms covering six core categories: AI, analytics, automation, big data, cloud, and digitization. The dictionary with the keywords used is shown in Table 1 below.

This set of keywords aimed to capture different dimensions of how firms discuss the integration of AI-related technologies into their operations. We also included a composite count (“total”) that aggregates the count from all categories.

Keyword mentions are counted in each firm’s 10-K text using regular expressions and aggregated by industry-year-category, resulting in a three-dimensional matrix. Figure 1 next page shows the intensity of keyword usage across time, industry, and AI dimension. Industries are arranged vertically, and AI categories are horizontally, with separate panels for each year from 2020 to 2024. Color intensity indicates the log-transformed frequency of keyword mentions, normalized by the number of firms in each industry-year cell. The higher the color intensity, the higher the adoption of the technology in that industry year.

The results shown in Figure 1 reveal clear and increasing engagement with AI-related terminology over time, though unevenly distributed across sectors. Between 2020 and 2024, there was a general increase in mentions across all keyword categories, indicating growing awareness or adoption of digital technologies. The total keyword count shows a marked increase in intensity in the Business Services and Engineering and Management Services sectors, consistent with these sectors’ role in IT, consulting, and optimization. The machinery, computer equipment, and electronics sectors also show an increasing use of AI language, particularly in the context of automation, AI, and cloud technologies. Financial institutions show occasional spikes, particularly in analytics and big data, reflecting their investment in data-driven risk modeling and algorithmic trading. In contrast, traditional industries such as agriculture, mining, and lumber show minimal activity, possibly reflecting slower digitization trajectories or less public discussion of AI in filings.

The limited presence of AI-related activity in the air and railroad transportation sectors is a noteworthy finding. These industries operate under stringent regulatory oversight, where safety, reliability, and compliance are of paramount importance. The integration of artificial intelligence technologies in such contexts often encounters regulatory resistance and protracted certification processes, which can hinder adoption timelines and diminish the likelihood of prominent disclosure in official filings such as 10-K reports. Historically, firms within these sectors have been laggards in the adoption of digital technologies, including AI, which has contributed to persistent challenges in customer experience, operational efficiency, and profitability.

As firms adapt to e-books, online journalism, and on-demand printing, they increasingly adopt technologies such as cloud computing, automated workflows, and digital content management systems.

Our results also underscore the ongoing digital transformation of the printing and publishing industry, shifting from traditional print to digital platforms. As firms adapt to e-books, online journalism, and on-demand printing, they increasingly adopt technologies such as cloud computing, automated workflows, and digital content management systems—all of which are commonly linked with AI-related terminology in 10-K filings.

Another notable pattern is the consistent adoption of AI-related language within the telecommunications sector, particularly in analytics and cloud computing. This reflects the sector’s ongoing investment in digital infrastructure, customer behavior modeling, and network optimization—areas where AI tools have become essential to managing high data volumes and enabling services such as 5G rollout, predictive maintenance, and real-time service personalization.

Different keyword categories exhibit distinct temporal and sectoral patterns. Analytics is the most broadly adopted term, with usage growing steadily across most industries. Automation and AI terms appear less frequently but show sharp uptake in select years and sectors. Big data and cloud are often mentioned together, reflecting their complementary use in scalable data architectures. Digitization appears more often in sectors undergoing internal transformation, such as retail and communications.

Management Implications

It is noteworthy that while keyword counts proxy for awareness or strategic focus, they may not directly measure actual investment or implementation. Mentions in filings could reflect forward-looking plans, reactions to competitive pressure, or boilerplate language. However, prior research has shown that textual disclosures can be predictive of future firm behavior and market reactions (Li, 2008; Chen and Srinivasan, 2020), suggesting that these proxies offer meaningful insights into industry-level AI engagement.

This article presents a method for tracking AI adoption across industries using textual analysis of regulatory filings. By systematically counting AI-related terms in 10-K documents for nearly 8,000 US firms, we visualize trends in adoption over time and across industries. Our findings indicate that AI adoption is expanding rapidly across industries, led by a few dynamic service sectors that are at the forefront of this transformation. Analytics and cloud computing remain the most widely adopted category, while more technical terms like “machine learning” and “deep learning” are still relatively rare in non-tech sectors. The approach offers a framework for further empirical work on digital transformation and sectoral readiness.

Based on the findings, contemporary managers will benefit from the following strategic approaches:

• Prepare for greater AI engagement. During the course of the study, AI engagement has increased. This trend will likely continue. Managers will be well served by planning their AI agenda in advance and pursuing strategic workforce training.
• Plan for diverse utilization of technological tools. The findings suggest that companies have used a diversity of AI and other technological tools. Managers need to understand that technological progress does not necessarily follow just one path but rather multiple paths at different speeds. Set goals as well as resource allocation need to align with this reality.
• Design the right digital transformation framework. It is evident from the research that digital technologies are reshaping the playing field of industries. The breadth and scope of transformation varies from industry to industry. Managers need to carefully assess their organization alongside the industry they are in and plan for the optimal and most impactful digital transformation.

The adoption of AI across US industries is presently underway. As such, organizational transformations are unfolding as new technologies gain popularity, prominence and usage. Contemporary managers need to strengthen their strategic planning skills to manage emerging threats as well as exciting opportunities ahead.

About the Authors

Roberto García-Castro is a Professor of Managerial Decision Sciences at IESE Business School. His research covers various areas in decision-making in organizations and has been published in journals like Strategic Management Journal and Managerial and Decision Economics. Prior to academia, he worked for Arthur Andersen as an auditor and consultant.

Dr. J. Mark Munoz is a tenured Full Professor of Management at Millikin University and a former Visiting Fellow at the Kennedy School of Government at Harvard University. Aside from top-tier journal publications, he has authored/edited/co-edited more than 20 books, such as Global Business Intelligence and The AI Leader.

References

1. Bughin, J., Hazan, E., Ramaswamy, S. et al. (2017). Artificial Intelligence: The Next Digital Frontier? McKinsey Global Institute.

2. Chen, W. and Srinivasan, S. (2020). Going Digital: Implications for Firm Value and Performance. Harvard Business School Working Paper, p. 19-117.

3. Cockburn, I. M., Henderson, R. and Stern, S. (2018). The Impact of Artificial Intelligence on Innovation. NBER Working Paper No. 24449.

4. Li, F. (2008). Annual Report Readability, Current Earnings, and Earnings Persistence. Journal of Accounting and Economics, 45(2–3), p. 221–247.

5. Li, F. (2010). The Information Content of Forward-Looking Statements in Corporate Filings—A Naive Bayesian Machine Learning Approach. Journal of Accounting Research, 48(5), p. 1049–1102.

Throughout this article, we use the term “AI” in a general sense to refer to all the various technologies covered in our study: AI, analytics, automation, big data, cloud computing, digitization, and machine learning. Then, in our analysis, we separate “AI” from all other technologies. In this latter case, AI refers specifically to artificial intelligence technologies as defined by our dictionary of keywords.

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As global markets evolve, Hong Kong remains a top-tier destination for entrepreneurs looking to scale quickly and strategically. The Hong Kong company registration system, paired with fast, reliable bank account services, makes it easier than ever to set up and manage a business. With its government-backed incentives and practical digital banking options, the city offers a pro-business environment designed for agility, growth, and international reach. 

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• Your First Steps After Company Setup
• Boosting Profits Through Tax Efficiency
• Boosting Profits with Strategic Tax Moves
• Scaling Globally with FinTech
• Smarter Systems, Stronger Startups
  

Your First Steps After Company Setup

To maintain seamless operations, newly incorporated companies in Hong Kong must file their Annual Return and pay the HK$105 government fee within 42 days of incorporation. This early compliance step helps protect businesses from regulatory penalties and strengthens their legal standing in Hong Kong’s corporate landscape.

Boosting Profits with Strategic Tax Moves

Hong Kong continues to attract businesses by offering reduced Profits Tax and Salaries Tax rates as part of its growth-oriented tax regime. Companies enjoy a competitive 8.25% Profits Tax on the first HK$2 million in assessable profits, while additional relief for Salaries Tax and Tax under Personal Assessment may apply depending on individual circumstances. These tax incentives help businesses improve profitability and retain more capital for expansion.

Scaling Globally with FinTech

Hong Kong’s adaptability and resilience continue to position it as a strategic gateway for business expansion across Asia and beyond. Remote company registration and simplified multi-currency account setup have made establishing operations from anywhere in the world easier than ever. Through integrated FinTech solutions, entrepreneurs can access digital corporate accounts with leading providers such as Airwallex, WorldFirst, Aspire, Payoneer, Currenxie, RD Technologies, and Statrys. These platforms support seamless cross-border transactions, giving businesses real-time control over finances through secure, intuitive mobile and web applications.

Smarter Systems, Stronger Startups

Adopting the right digital infrastructure is essential for unlocking the full benefits of Hong Kong company registration and bank account service. Startups today can streamline operations, enhance decision-making, and scale with confidence by integrating AI-powered financial tools, automated compliance systems, and digital banking platforms. Embracing these technologies early lays a strong foundation for long-term success in Hong Kong’s dynamic, globally connected business environment.

The post Why Hong Kong Company Registration Remains a Top Choice for Modern Startups appeared first on The European Business Review.

By Bob Scott 

In today’s data-driven world, where the buzz around AI and analytics dominates boardroom discussions, there is a forgotten hero quietly transforming business decision-making. SME business leaders may not have discovered it yet, but operational research (OR) has the potential to be a true game-changer. 

What is Operational Research? 

Operational research is a scientific approach to solving complex, real-world problems. Originating as a strategic tool during World War II military operations OR has evolved into a powerful methodology for tackling business challenges across industries. It offers a comprehensive approach to problem-solving that goes beyond data crunching and provides the evidence a business needs to select the best solution for solving a problem. 

Businesses are using OR to unlock value in their data, model complex systems, and make better decisions with less risk. OR specialists work closely with businesses to understand their challenges and goals. They create mathematical models, algorithms, and customised tools to address specific problems. For example, an OR expert might work with a logistics company to optimise their delivery routes, considering factors like traffic, fuel expenses, and deadlines, or help a retailer analyse sales data to decide how much stock to hold, balancing customer demand with inventory costs. 

How OR complements AI and Big Data 

OR blends rigorous analytics with strategic thinking to structure problems, identify optimal solutions, and drive informed decision-making. While AI and big data are increasingly vital in today’s business world, they alone are not enough. 

AI and big data can identify patterns and predict outcomes, but OR adds the human insight needed to interpret and act on that information. While an AI system might predict a surge in demand for a particular product OR can determine the best way to meet that demand – whether through optimising production schedules, adjusting inventory levels, or reconfiguring supply chains. 

OR in Practice: The Pilkington Example 

A classic example of how OR was used outside a military setting is by British glass manufacturer Pilkington UK, part of the NSG Group. The company faced the “cutting stock problem,” needing to cut large glass sheets into smaller sizes to meet specific customer demands while minimising waste. 

By applying linear programming, Pilkington optimised cutting patterns, reduced costs, and improved production efficiency. This allowed the company to respond more flexibly to customer orders, offer competitive pricing, and improve delivery times. Pilkington’s use of linear programming set a precedent for solving real-world business problems with sophisticated analytical tools and positioned them as a leader in the glass industry.

OR in Industry Today 

Today, OR is tackling challenges in various industries. At airports, for example, OR is used to optimise operations, from reducing security queue times during peak travel periods to streamlining baggage handling systems. Airlines use OR to design efficient flight schedules, minimising delays, and maximising aircraft usage. 

In the NHS, OR is used to manage patient flow, optimise bed allocation, and reduce waiting times. By modelling patient pathways, OR helps healthcare providers allocate resources more effectively, improving patient outcomes and operational efficiency. In Wales, OR interventions have significantly improved cancer survival rates by streamlining diagnostics and implementing “rapid diagnostic hubs,” making Wales the first UK nation to introduce a single waiting time target for cancer patients. 

Retailers use OR to analyse consumer behaviour, forecast demand, and manage supply chains for example, Tesco has used OR to manage expiring stock, reducing food waste, and increasing revenue across multiple product lines. 

The Future: Simulation and Digital Twins 

An exciting innovation in operational research today is the deployment of Digital twins and simulation technologies. A digital twin is a model or representation, often a simulation model, of a real business process, operation, or facility. 

Digital twins enable companies to assess and optimise designs, such as trialling new paint colours for cars or refining aircraft components, long before physical production begins. This reduces development costs, minimises waste, and accelerates innovation. From automotive and aerospace to construction and manufacturing, digital twins provide a dynamic, interactive environment where real-world scenarios can be simulated and analysed, leading to better decision-making and improved product performance. 

Digital twins are expected to become even more integrated into various sectors. In smart cities, they could optimise urban planning and infrastructure management and in healthcare, digital twins of patients could personalise treatment and improve medical outcomes. 

Conclusion 

Operational research provides SMEs with a powerful toolkit for problem-solving that complements AI and big data. It has already demonstrated its impact across industries – from optimising planning in the NHS to transforming retail operations at companies like Tesco. Looking to the future, the integration of OR with advanced technologies like digital twins and simulations has even greater potential. Businesses will be able to experiment with virtual replicas of their operations, optimising processes, and strategies before making real-world changes. 

By embracing OR as a core component of their strategic toolkit, SMEs can not only enhance efficiency and resilience but also capitalise on future technological advancements.

About the Author 

Bob Scott, a board member of The Operational Research Society, shares his insights on why SME business leaders should consider OR as a vital tool for problem-solving. With an extensive career in OR at organisations like Cap Gemini, Bob has seen the value of OR in action. 

The post How Operational Research is the Hidden Gem of Business Decision-Making  appeared first on The European Business Review.

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By Mario Raich, Simon L. Dolan, and Claudio Cisullo

In a world where everything seems to change with increasing frequency, we risk becoming more blasé about every new shift that comes along and failing to appreciate just how huge its consequences may be. That “latest big thing” just might be a transformation.

The objective of this article is to describe the magnitude of the transformation that is occurring nowadays around us (business, society, and the world), and to suggest that we are not prepared for this deep transformation. We will describe the so called “deep transformation” and identify the paths needed to undertake a mind shift in order to have a meaningful life amid this tectonic transformation.

At its core, the concept of transformation goes beyond mere change.

At its core, the concept of transformation goes beyond mere change. Change often refers to specific adjustments or modifications; for example, in a company a change may be a new marketing strategy or a shift in company policy. Transformation, on the other hand, involves a fundamental rethinking and reshaping of an organization’s values, culture, processes, and overall direction. It requires a comprehensive overhaul, touching every aspect of the entity involved.

And, most important, in transformation there is no way of going back.

In today’s rapidly evolving world, both businesses and societies are experiencing profound transformations fueled by various factors. Here are the principles:

1. Technological Advancement

The digital revolution has radically altered how we communicate, collaborate, and conduct business. Technologies like artificial intelligence, blockchain, and the Internet of Things are not just tools; they are catalysts that redefine how organizations operate and engage with their customers. This shift necessitates a transformation in workforce skills, leadership approaches, and even business models.²

2. Globalization

The interconnectedness of the global economy has forced businesses to transform to remain competitive. This means adopting more agile practices, embracing cultural diversity, and understanding the complexities of international markets. Societal transformation is also evident as cultures blend and adapt in response to global influences.

3. Sustainability

With growing awareness of environmental issues, businesses are now transforming their operational strategies to be more sustainable. This can involve rethinking supply chains, adopting circular economic principles, and striving for transparency in practices. Societal expectations are changing, with consumers increasingly favoring brands that prioritize ethical practices and sustainability.³

4. Social Movements and Change

Recent societal shifts, sparked by movements focused on equity, inclusion, and justice, are driving transformation at multiple levels. Companies are reevaluating their roles in society, looking closely at their diversity initiatives, corporate social responsibility efforts, and community engagement strategies. This requires a fundamental shift in corporate philosophies, not just a change in policies.

5. Workforce Dynamics

The COVID-19 pandemic accelerated shifts in how we work. Remote work, flexible job arrangements, and the gig economy are now significant parts of professional life. Organizations must transform their HR practices, leadership models, and employee engagement strategies to adapt to a new reality where traditional workplaces are evolving or even becoming obsolete.

The need for a transformational mindset

As businesses and societies navigate these transformations, a transformational mindset becomes crucial. This involves:

Visionary Leadership

Leaders must articulate a clear vision that resonates with employees and stakeholders. They should be able to inspire a collective effort toward embracing change and innovation.

Agility and Flexibility

Organizations must remain adaptable, ready to pivot or iterate their strategies in response to new challenges or opportunities that arise within the transforming landscape.

Empowered Culture

Fostering a culture that encourages experimentation, open communication, and learning from failure is essential. Employees should feel empowered to contribute to the transformation process.

Collaboration and Inclusivity

Engaging diverse perspectives not only enriches problem-solving but also fosters innovation. Collaboration across departments and with external partners can lead to more holistic and innovative solutions.

Human fundamental concerns amid the radical world transformation

Whether we like it or not, the past is gone for good; a new future lies ahead.

Have you ever wondered what your future is? And what the future of our species is? Or what the world of future generations will be? Did you wonder about the value of your life, for yourself and future generations? Did you ever go through the anguish of thinking about the afterlife?

These are the kinds of questions that represent the shaping of our lives. Life is a maze of different kinds of relationships.

• Life shaping means managing direction and action in life.
• Life shaping means overcoming unexpected changes (i.e., coping with unexpected events).
• Life shaping means experiencing life (i.e., understanding and taking part in the maze of
  life at the different levels of individuals, group, team, community, society, and even humanity).

Not only business but our entire world has entered a period of deep, global, and all-encompassing transformation. Everything will be turned upside down. So far, only a few people seem to be aware of how far-reaching the outcomes of this transformation will be. Most people have just registered that something weird is going on. We are in the middle of the transition from the industrial to the cyber-economy and cyber-society. The effects are like shifts of tectonic plates, leading to earthquakes and volcanic eruptions and changing entire landscapes. The feeling of instability is noticeable everywhere.

So far, only a few people seem to be aware of how far-reaching the outcomes of this transformation will be.

We are discovering that reality is non-sequential, non-systemic and, in multiple cases, asymmetric. Models and concepts based on former thinking can no longer help with what is happening around us. Thus, we need to change our view of the world so that, if we are lucky, it will help us to develop new concepts and models based on organic, systemic, and holistic thinking.

True, everything flows! But it flows in a very disruptive manner. Exploring the “New Reality” will bring us more questions than answers, but this is not the core problem. We argue that in the New Reality it is more important to opt for the right questions than to get answers that may become instantly obsolete. To reiterate Christensen’s argument in “How Will You Measure Your Life?”, in which he discusses the significance of pursuing meaningful questions in a changing landscape, the right questions can guide you toward a fulfilling life and decisions, rather than being fixated solely on finding definitive answers.⁴

The competence of asking the right question is a pivotal skill that fosters deeper understanding and drives insightful conversations. It involves not only clarity of thought but also active listening and an awareness of context. By framing questions thoughtfully, we can unlock new perspectives, elicit meaningful responses, and guide discussions toward productive outcomes. This skill transcends various domains, from education to leadership, as the ability to probe effectively enhances problem-solving, encourages critical thinking, and fosters collaboration. Ultimately, asking the right questions is an art that cultivates inquiry, discovery, and growth.

Are we going through a turning point in history?

The transition from the industrial age into the cyber-age is a huge challenge, but also a unique opportunity for enterprises and corporations. To participate in this development, we need foresight, the right education, the necessary technological infrastructure, and ample entrepreneurial spirit. A multi-reality world in transition requires permanent focus on the actual, the emerging, and the future context. It also requires permanent awareness about contextual changes and future orientation. In a world in transition, we need a process focused on the desired future and not just on the expected one. Businesses that keep on focusing overwhelmingly on past successes have no future. Tomorrow, everything may change. The passive expectation vs active shaping of the future is depicted in exhibit 1.

Hope is a key value that may help leaders to avoid the worst-case scenarios and focus on future vision. Simply spreading optimism seems to be futile; what is needed are real visionary leaders who engage in action. Fortunately, these exist. Exhibit 2 proposes some examples of visionary leaders who are transforming the landscape and preparing for the future. These individuals are not only visionary in their thinking but also actively working to implement their ideas and drive progress in their respective fields.

Completing the missing puzzle: moving from the expected into the desired future

Our personal future depends to a large extent on the future of others, such as those that are important to us, organizations that are relevant to us, the society that we live in, and of course broader contexts such as our history and the state of science and technology available in our community. These last are super-dynamic and embrace constant changes; they are all in a state of deep transformation.

The more we move from the expected towards the desired future, and the stronger we are in living our own lives, the bigger our impact will be on those futures.

Our short presence in this world will leave only marginal imprints. For most of us, no trace will remain. So, in this type of world, what should we do to enable a more meaningful life? The answer is simple: The more we move from the expected towards the desired future, and the stronger we are in living our own lives, the bigger our impact will be on those futures. But ultimately it depends on us whether it is a positive impact or negative one. We decide whether our life is meaningful for us and our environment, or not. We do not exist alone, and we may choose to impact other people.

Often, we do not realize this choice: whether to spend our lives in blessed ignorance, happy with whatever happens, or take up the challenge and aim beyond this. Our future these days is loaded with an overwhelming array of problems, issues, and crises which lie along the way towards a good future. We are torn between two contradictory options: preventing or avoiding looming problems. The time has come to stop waiting for opportunities and to create them ourselves! People don’t get mature and wise by aging; they just get old! It is necessary to work on our own development at each stage of our life and our career. If we stop this process, then we have reached the end. Exhibit 4 shows drivers of transformation and possible expected outcomes.

Our objective should be to be better than before, not just “more of the same”. Our life is a blended voyage of serendipity, wonderings, and disasters. If there is no future, everything looks meaningless and hopeless. The future is the most important dimension of our lives.⁵

Macrotrends and paradigm shifts

Creativity and entrepreneurship are the main driving forces of human civilization. Artificial intelligence and cyber-reality are powerful forces, both pushing into a new dimension. To avoid the trap of the greed-driven economy, there is a need to focus on quality of life.

The paradigm shift includes the following changes:
From greed to mutual respect, tolerance, and trust.
From growth to care.

As of today, we have an overwhelming focus on profit, which leads to distortions in the meaning of economy and ignoring the negative collateral impacts on society and the environment. For example, we accept the harmful and damaging impact of CO₂ on the environment and can barely agree to reach CO₂ neutrality, instead aiming at an overall reduction below the harmful limits.

In principle, the purpose of economy is to provide meaningful products and services for individuals and society. It is also important to insist on the role of work, which gives meaning to our lives. Since good relationships are the most important basis for a healthy and happy life, work-related relationships may have an important role to play as well. In his writings, Dave Ulrich, a prominent figure in the field of human resources and organizational development, often emphasizes the significance of meaningful work. One of his key phrases reflects this concept:

“Meaningful work is the bedrock of human dignity and organizational success.”⁶

Finally, creativity and innovation need entrepreneurship to be implemented. AI, automation, digitalization, robotics, 3D printing, and others have a strong impact on all working activities. An increasing amount of human work can be done by machines. Value creation and value distribution will have to change fundamentally. We tend to forget that, besides the paid work we do for others, we all also work for ourselves, our family, neighbors, and other people and organizations. It is often caring work labeled as a social activity. This perception may and should be changing.

Exhibit 5 summarizes concrete actions designed to become part of the desired future.

We must fight to ensure both that we have a future and that it is a future worth having.⁷ If we miss it, it may take centuries or even millennia to regain the advanced civilization we enjoy now. But we may as well lose it forever. This time, humanity risks being part of the sixth mass extinction.⁸

Conclusion

Our life is a journey to the unknown, full of surprises and challenges. The journey is the purpose. We can decide largely about the direction we want to take. Obviously, we can just drift, but then we risk following other people’s directions.

Given the deep transformation that is looming on the horizon, we need to adopt a more proactive attitude and move from the expected future to the desired future. It is this that will enhance the quality of our lives. But, for this to happen, we need to understand what is going on in the period of deep transformation in business and society. The voyage to a desired future will involve our imagination and a firm stand and adaptation of new paradigms that will serve as a guiding compass. This article is not intended to provide a solution to all future issues, but to raise the level of consciousness of what is happening and perhaps create a wish list for actions. We should never forget that we live only here and now. Tomorrow is a bridge to the day after tomorrow!

If you promise people gold, you will harvest greed. If you bring people hope, you can win their hearts. And, if you teach people to trust each other, they may again have a real future.

Dreams are changing the world.
Let’s dream together about a better world!

About the Authors

Dr. Mario Raich is a Swiss futurist, book author, and global management consultant. He has been a senior executive in several global financial organizations and an invited professor to leading business schools, including ESADE (Barcelona). He is the co-founder and Chairman of e-Merit Academy and Managing Director of Raich Futures Studies in Zurich. In addition, he is a member of the advisory board of the Global Future of Work Foundation in Barcelona. Currently, he is researching the impact of cyber-reality and artificial intelligence on society.

Dr. Simon L. Dolan is currently a professor and Senior Director of Research and Programs at Advantere School of Management (Madrid) and the President of the Global Future of Work Foundation. He was formerly the Future of Work Chair at ESADE Business School in Barcelona. He taught in many North American business schools, such as Montreal, McGill, Boston, and Colorado. He is a prolific author, with over 85 books on themes connected to managing people, culture reengineering, values, coaching, stress and resilience enhancement. In 2024 he was awarded a doctorate honoris causa (University of Huelva) and the IFSAM Award for Excellence in Societally Relevant Management Scholarship.. He has published over 170 papers in scientific journals. He is an internationally sought speaker. His full CV is at: www.simondolan.com.

Claudio Cisullo is a Swiss entrepreneur. During his entrepreneurial career, he founded and established over 26 companies in different business segments globally. He is a board member of several internationally renowned companies. He is the founder and owner of the family office, CC Trust Group AG, and the founder and Executive Chairman of Chain IQ Group AG with headquarters in Zurich. Chain IQ is an independent, global service and consulting company.

References

1. See for example: Raich and Dolan (2008) Beyond: Business and Society in Transformation, Palgrave Macmillan, London.

2. See for example: McKinsey Global Institute Report “The Future of Work: How New Technologies are Transforming the Workplace” (2019): World Economic Forum, “The Global Technology Governance Report 2021”; Harvard Business Review, “Technology as a Tool for Transformational Change” (2020); PwC Report** “Technology and the Future of Work” (2021); MIT Technology Review, “The Tech That Matters in 2021”.

3. World Economic Forum, “The Future of Business: 2020-2030”; Daniel C. Esty and Andrew S. Winston (2006), “Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage”.

4. TEDx Boston : https://www.bing.com/videos/riverview/relatedvideo?q=Christensen+argument+in+%22How+Will+You+Measure+Your+Life?&mid=E568FEC5D87E03259EB2E568FEC5D87E03259EB2&FORM=VIRE

5. Based on a forthcoming book by Raich et al (2025) “Shaping our future: Moving from expected towards the desired future”

6. For a deeper understanding, see Dave Ulrich’s book with Younger and Brockbank (2012, McGraw Hill) HR from the Outside In, where they discuss how organizations can create environments that foster meaningful work.

7. William MacAskill, “The Beginning of History. Surviving the Era of Catastrophic Risk”, Foreign Affairs, September/October 2022, https://www.foreignaffairs.com/world/william-macaskill-beginning-history

8. Recent estimates suggest that extinction threatens up to a million species of plants and animals, in large part because of human activities such as deforestation, hunting, and overfishing. Other serious threats include the spread of invasive species and diseases from human trade, as well as pollution and human-caused climate change. https://www.nationalgeographic.com/science/prehistoric-world/mass-extinction/

The post Reimagining the Future: Unleashing the Deep Transformation and its Impact on Business, Society, and the Quality of our Lives appeared first on The European Business Review.

On February 13, 14 and 15 at the Palais des Festivals in Cannes (France), the World AI Cannes Festival will bring together the world’s elite players in artificial intelligence for an immersion in the very best in strategies, use cases and innovations

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As one of the most recognizable names in hospitality, Holiday Inn Club delivers luxurious vacation experiences across 31 United States resorts. As a data-driven organization, they leverage multiple databases and business applications to track, engage, and evolve their complex marketing, sales, and financial processes. But over the past 10 years, Holiday Inn Club has seen increased volumes, transactions, and demands for data – putting strain on their existing infrastructure.

Limitations with their legacy IT systems led to multiple outages and system reboots every day, so Holiday Inn Club decided to migrate their customer-centric operations to Salesforce. The goal was to support organizational growth and better surface the massive volumes of transactional data for finance, sales, and marketing departments to analyze.

The problem? Holiday Inn didn’t have a good way of getting their data from Salesforce to their reporting platforms for business intelligence initiatives. They needed a reliable data replication solution to synchronize more than 20 million records from their new Salesforce instance to their various on-prem and cloud data warehouses to enable robust near real-time reporting.

After combing through various integration offerings on the market to find the right solution, Toledo found CData Sync – and had his solution up and running in production in just two weeks.

The CData data integration solution virtually eliminated the need for troubleshooting and manual data retrieval. Now, various departments across Holiday Inn Club can access and analyze up-to-date customer and account data from their preferred reporting platforms.

The Challenge: Organizational Growth Leads to Data Disruption

The IT team at Holiday Inn Club struggled with the limitations of their SQL database. Increased daily transactions and requests forced them to have to reset their servers every few hours, as they became sluggish under high-volume workloads. Data retrieval delays were starting to affect Toledo’s ability to provide timely insights into sales commissions, marketing projections, and payments information.

After standardizing on Salesforce for operations, Toledo urgently needed a robust data replication solution to get huge amounts Salesforce Service Cloud data into his Azure and on-prem SQL servers for use across multiple departments.

“We tried to use SSIS and Azure Data Factory and none of those worked as we wanted them to,” said Toledo. “We had issues with watermarks and configurations and ended up with a huge gap in data because the jobs took so long to run. That’s when we decided to start discovery for a tool that allowed us to do huge synchronization jobs in near-real-time.”

The Solution: Reliable Data Replication in Just Two Weeks

CData Sync stood apart in Toledo’s discovery process as the only tool that provided a successful proof-of-concept (POC) for Holiday Inn Club. In just two weeks, Toledo had a data integration solution running in production, and his end users were quickly relying on CData Sync to drive their initiatives forward.

“I’m really impressed with the technology, how it actually works, and the thought that went into every single one of the options you can find when you go to the GUI (graphical user interface),” said Toledo. “I wanted to move [my data] from Point A to Point B and create these connections, and all of the options for that are laid out for me. You can also see how you can expand those connections when you’re building that synchronization process. It’s really amazing to me.”

“I’m really impressed with the technology, how it actually works, and the thought that went into every single one of the options you can find when you go to the [interface].” – Irving Toledo, Holiday Inn Club Vacations Senior Software Architect

“Another good feature that we like about CData is the fact that you don’t store any data,” Toledo expanded. “You’re not compromising my data the way other vendors might by taking it from the source and moving it to their own cloud, then moving back to the destination. So, the fact that we can put our data on-prem in our own servers or put it in Azure – it’s my choice. I like the flexibility there.”

CData Sync is now a core component of Holiday Inn Club’s data ecosystem – replicating massive volumes of Salesforce data every other minute into their Azure cloud database and SQL Server instance on-premises. End-users across finance, sales, and marketing can now access all the data they care about for holistic reporting in Power BI without worrying about delays, errors, or outages.

“I can sleep again, knowing that the replication is working. If I stopped CData Sync today, I’d get flooded with calls from my teams in the next 20 minutes. The near-real-time data we get with Sync has transformed how we work in a big way.” – Irving Toledo, Holiday Inn Club Vacations Senior Software Architect

Now, it’s simple for Holiday Inn Club to reliably calculate sales projections, track outstanding payments for vacation packages, optimize marketing campaigns, and provide seamless experiences for their timeshare owners.

Toledo has been so pleased with their Salesforce replication that they have continued to integrate other systems. For instance, Holiday Inn Club’s email marketing campaigns reach millions of people every month, generating massive monthly Salesforce data volumes of around five to six million records. To handle this workload, Toledo is now using Sync to replicate data from Salesforce Marketing Cloud.

Toledo is also expanding his use case with Sync even further, conducting a POC to replicate data from Holiday Inn Club’s Oracle-based mortgage platform, Daybreak, as well.

“Right now, we have an SSIS job that consistently fails to fetch the Oracle data and move it to our SQL Server,” said Toledo. “Basically, Sync will help us avoid the situation of having to reset and fix retrieval jobs by allowing me to pull the data down under a different schema, so everyone’s fetching data as normal — and I don’t have to change anything major.”

Visit www.cdata.com to learn more about CData solutions.

The post Holiday Inn Club Rests Easy with Error-Free Salesforce Data Movement appeared first on The European Business Review.

rready offers turnkey SaaS products to launch, manage, and automate employee-driven innovation programs within large organizations.

rready has helped companies to:

• Increase company ROI by 820% in only 18 months
• Realize 4.8 Million in revenues and cost savings
• Build a community of 4000+ innovators
• Foster an innovation culture that makes innovation a core purpose

Book a Free Consultation

• Source & Manage Ideas with rready Idea Management
• Validate & Implement Ideas with KICKBOX Intrapreneurship
• Enhance Overall Innovation Performances with rready innovation management

The post Innovation Management Solutions for Your Business! appeared first on The European Business Review.

In this interview, Smartsheet EMEA VP and General Manager Sarfraz Ali sets out how, with its revamped UI and integration of AI, Smartsheet is sounding the death knell of data silos and sweeping away obstacles to communication so as to boost team collaboration regardless of location. 

Good day, Mr Ali! To start this interview off, can you tell us a little about how your journey in work management started? 

When I worked at Microsoft and Infosys, I gained a lot of insight into the importance of effective collaboration in order to drive organisational goals. Thus, when I first discovered Smartsheet, over 10 years ago, the company’s mission to empower teams to achieve more resonated with me.

Smartsheet has quickly become a key player in work management platforms. Can you walk us through the evolution of the company in the EMEA region and the factors that contributed to its growth? 

Smartsheet has grown dramatically in EMEA. We first established a presence in the region in 2018 and have continued to expand by opening offices in key locations and building a robust partner ecosystem, with a quarter of all our partners based in EMEA. This growth has been driven by our ability to adapt to the unique needs of diverse markets and to attract a talented team, and our commitment to delivering value to our customers. 

How does Smartsheet adapt its product and go-to-market strategies to meet the unique needs of diverse markets across the EMEA region? 

We tailor our product and go-to-market strategies by working closely with local partners and customers. We ensure that our platform is localised and compliant with regional regulations, and we provide region-specific support to address the specific challenges businesses face in different markets. 

You’ve written about cultivating high-performance teams. How does your platform help businesses instil and sustain high performance? 

Smartsheet’s versatility as a platform helps us achieve this. By integrating AI and a no-code philosophy, Smartsheet empowers teams, no matter how tech-savvy, with features like automated workflows, real-time dashboards, and collaborative workspaces. These tools enhance collaboration, streamline workflows, and improve visibility into projects, ultimately enabling teams to work more efficiently and stay aligned with their goals. 

Smartsheet is known for its value-driven culture. Can you tell us how those values influence your team? How do they translate into customer relationships or in practice? 

At Smartsheet, we take great pride in our value-driven culture and try to make it the core of everything we do. Our ultimate mission is “to empower anyone to drive meaningful change”. To achieve this, we must strive for innovation, customer success, and integrity, which guide every decision we make.

Our ultimate mission is “to empower anyone to drive meaningful change”. To achieve this, we must strive for innovation, customer success, and integrity, which guide every decision we make.

These values foster a collaborative and supportive work environment amongst our teams, where everyone is encouraged to contribute and grow. In practice, this translates into strong customer relationships, as we prioritise understanding and addressing our customers’ needs, ensuring they achieve their desired outcomes with our platform.  

Our values have become part of our vocabulary. We refer to them when we need to make tough decisions, and we also recognise team members who are great examples of living them.   

You’ve just held your ENGAGE 2024 conference. How does Smartsheet leverage such conferences to drive innovation and customer success? 

We’ve been running ENGAGE since 2017, and it gets bigger and more exciting every year. ENGAGE provides an immersive, interactive experience packed with actionable sessions, real-time solutioning, and thought-provoking speakers for our customers and our teams. It enables us to showcase the best of the best at Smartsheet, bringing together minds that may have otherwise never collaborated and providing a space for them to innovate. 

What are some key takeaways from the conference that you believe will have the most impact on businesses in the EMEA region? 

One of our most significant announcements from this year’s conference was the introduction of a whole new user experience, and a suite of innovative features that are game-changers for organisations striving to operate at their peak, regardless of their technical expertise.  

We’ve designed the new interface in a vibrant, modern style that is appealing to all users, whether they manage entire portfolios or need to reference dashboards on their phones. The new data visualisation experiences, such as board and table views, further enhance the platform’s usability and efficiency, making it easier for teams to track progress and collaborate effectively. 

One of our standout new features is the introduction of collections. This unique capability allows for secure and scalable sharing of specific assets, enhancing collaboration and data security. Imagine a project manager keeping track of all content related to a campaign in one workspace while giving end users access to only the information they need. This level of precision and control is unprecedented and will undoubtedly streamline project management processes. 

How does Smartsheet facilitate collaboration among teams with diverse functions and skill sets, ensuring that everyone stays aligned and productive? 

We recognise that organisations thrive on collaboration between diverse teams across IT, marketing, finance, and customer service. However, these teams often work in silos, leading to inefficiencies and communication gaps. Smartsheet addresses this through its inherent flexibility, adapting to different teams’ needs by seamlessly integrating with popular cloud services such as Google G Suite, Office 365, Slack, and DocuSign, while enabling the storage, management, and processing of high volumes of data. 

The new collections feature allows secure and targeted sharing of assets, ensuring that everyone can access the necessary information without being overwhelmed.

For instance, the new collections feature allows secure and targeted sharing of assets, ensuring that everyone can access the necessary information without being overwhelmed. By facilitating this kind of streamlined information sharing, Smartsheet helps eliminate silos and fosters a more collaborative, efficient work environment across diverse teams. 

The new user experience we launched at ENGAGE also helps meet the needs of diverse users. Users want different ways to interact with a project, program, or process. We enable this need using a portfolio of views such as board view, table view or enhanced dashboard views.

What role do you see the company playing in shaping the future of work, particularly in fostering more flexible and decentralised work environments? 

As the workplace continues to evolve, we see ourselves as enablers of this transformation, providing the tools and infrastructure necessary for teams to thrive in increasingly distributed settings. 

Our platform is designed to remove the barriers to remote collaboration. By offering a centralised hub for project management, communication, and data sharing, we enable teams to work seamlessly across different locations and time zones.  

Moreover, we’re continuously innovating to address the emerging challenges of decentralised work. For instance, our focus on customisable workflows and integrations with popular cloud services allows organisations to create tailored digital workspaces that suit their unique needs. 

How about AI? Could you give us an insight into Smartsheet’s AI roadmap and how you plan to democratise project management with it? 

We’re revolutionising our platform by weaving generative AI throughout its fabric, beyond basic text enhancements. We are integrating AI-powered features like predictive analytics, automated task prioritisation, and intelligent recommendations to help users make data-driven decisions and optimise their workflows. 

Our customers have made it clear: they want AI that delivers real value by making their Smartsheet experience more efficient, intuitive, and cost-effective. We’re answering this call by developing features that simplify platform navigation, enhance discoverability, and provide tailored recommendations. At the same time, we recognise that responsible AI development is paramount, so security, privacy, and transparency are at the core of every innovation we pursue.

Our goal is to empower everyone, regardless of their technical expertise, to leverage AI to improve their work processes. 

In talking about all these upcoming events and trends, what’s next for Smartsheet? 

Smartsheet will continue to innovate and expand its offerings to meet customers’ evolving needs. We are committed to enhancing our platform with new features, improving user experience, and expanding our global presence. Our focus remains on helping organisations achieve their goals and drive success through better work management. 

And lastly, how do you define success?

Success is meaningfully improving our customers’ work lives through innovations and creating lasting business value. We know we have succeeded when our customers achieve their goals and see tangible improvements in their work processes. It’s about creating value, fostering innovation, and building lasting customer relationships. 

Executive Profile

Sarfraz Ali, VP, EMEA: As Smartsheet’s VP and General Manager of EMEA, Sarfraz is responsible for its business operations across the region. He is leading Smartsheet’s growth and development, driving Smartsheet’s strategy to increase brand awareness.

The post All Pulling Together: Smartsheet Ramps up the Team Power appeared first on The European Business Review.

The Fire & Shield model simplifies leadership by balancing two principles: FIRE, representing ambition and creativity, and SHIELD, embodying protection and support. By maintaining this balance, leaders can foster innovation while ensuring team well-being. The framework is adaptable, helping leaders make real-time adjustments to prevent burnout or stagnation. This sustainable approach promotes long-term success and resilience, making it especially relevant in today’s fast-changing business environment. The model emphasizes that small, thoughtful adjustments in leadership can create lasting impact without overwhelming complexity.

In a world where leadership models often become entangled in theories and over-complication, Fire & Shield offers a refreshing simplicity. Imagine balancing just two key principles: FIRE representing ambition and drive, and SHIELD, embodying protection and support. This framework, developed through years of hands-on leadership and research, transforms leadership from an overwhelming endeavour into a sustainable blueprint for lasting success. 

The Blueprint for Success: Fire & Shield 

At the heart of the Fire & Shield model are two core elements every leader must balance: 

• FIRE: The passion, creativity, and risk-taking that fuel innovation and growth. FIRE is about pushing boundaries, setting ambitious goals, and propelling the team forward. It’s the proactive force that generates momentum and sparks bold ideas. 
• SHIELD: The protection and stability that safeguard your team’s well-being. SHIELD ensures there’s structure, trust, and psychological safety, allowing the team to take risks without fear of failure or burnout. 

Leadership today requires both FIRE and SHIELD. Focus too much on FIRE, and you risk exhaustion or even burnout within your team, losing creativity, commitment, motivation and prosocial behaviour. Over-reliance on SHIELD, however, can lead to stagnation, where progress stalls and creativity dims, with the risk of bore-out, demotivation, negligence and diminishing qualifications. The Fire & Shield methodology in short states, that in order to achieve best performance and organizational wellbeing, these two elements should be balanced, with both elements at a high level. This is visualized on the Fire & Shield Matrix below, illustrating how leaders should aim to operate in the top right quadrant where innovation meets resilience. 

Striking the Balance 

So, how do you know when to turn up the FIRE or raise the SHIELD? It’s about listening to your team and being adaptable to the situation. 

• If you notice your team feeling fatigued, stressed, or overwhelmed, it’s a signal that you need more SHIELD. This could mean providing clearer priorities, blocking out recovery time, or fostering more open communication to address concerns. 
• Conversely, if your team feels stuck or uninspired, it’s time to inject more FIRE. Encourage risk-taking, set ambitious goals, follow-up more closely and reignite the team’s creativity with challenges that push them to think outside the box. 

This dynamic adjustment isn’t one-size-fits-all. It’s about reading the room, understanding the unique challenges your team faces, and tailoring your leadership approach to meet those needs in real time. Every minute of every day. Sounds odious? Don’t worry. It does take a bit of conscious, consistent effort in the beginning, but once you’re in the habit, it becomes as natural as breathing.  

Real-World Example: Balancing FIRE with SHIELD for Sustainable Change 

A powerful example of the Fire & Shield model in action comes from a leading international energy company we worked with. Facing global economic challenges, the leadership team was under pressure to enact a cultural transformation. By focusing too heavily on protecting the team from the harsh reality of the situation, leadership had initially missed the opportunity to spark the necessary changes early on. 

The company needed both FIRE and SHIELD to survive the storm. By establishing a bold, shared vision (FIRE), they inspired teams to push through the obstacles and drive change. They also changed reward structures to be more focused on achievements and trained leaders in feedforward and closer follow-ups. Simultaneously, they relied on SHIELD—building trust through transparent communication, cutthroat prioritization and ensuring psychological safety, allowing employees to voice concerns without fear of repressions. 

This balance between vision and protection didn’t just help the company weather the crisis. It positioned them as a frontrunner in their sector, illustrating the long-term power of the Fire & Shield approach. 

Too often, leaders fall into the trap of focusing too heavily on either FIRE or SHIELD. We once worked with a fast-growing tech company that embodied FIRE. They were constantly innovating and driving results, but without adequate SHIELD. The result? Burnout and high employee turnover. After we helped them implementing SHIELD strategies—such as mental health support, prioritizations and clearer processes—they achieved a more sustainable rhythm. Their innovation didn’t slow down; it became more thoughtful and deliberate. 

The Fire & Shield Matrix: A Tool for Leaders

One of the most practical elements of the Fire & Shield approach is the Fire & Shield Matrix. Leaders can use this matrix as a daily tool to assess where their team or strategy falls along the axes of proactive leadership (FIRE) and protective leadership (SHIELD). If you find yourself pushing too hard into the FIRE corner, you may be venturing into a risky, vulnerable position where burnout looms. On the flip side, leaning too heavily on SHIELD risks stagnation, where progress slows, and opportunities are missed. 

Think of Fire & Shield like two handles that you adjust depending on the situation—raising SHIELD to protect when needed and turning up FIRE to drive forward when innovation is required. The key is finding the sweet spot that fuels high performance while maintaining a strong foundation of protection. 

Why Fire & Shield Matters Now 

In an era of constant change and increasing demands on leaders, the Fire & Shield framework couldn’t be more relevant. It simplifies leadership into an actionable, adaptable model that not only drives short-term success but also builds the foundation for long-term sustainability. 

What’s more, Fire & Shield doesn’t require dramatic overhauls or complex strategies. It’s about small, meaningful adjustments that can make a big impact over time. Leaders who learn to balance ambition and protection create organizations that are not only high-performing but resilient enough to navigate whatever challenges lie ahead. 

Key Takeaways for Leaders 

1. Balance is Key: The most effective leaders know when to push forward with ambition and when to pull back to protect their teams. Success lies in managing the dynamic between FIRE and SHIELD. 
2. Small Adjustments Lead to Big Results: Leadership doesn’t have to be overwhelming. By making small, thoughtful adjustments, you can keep your team both motivated and supported. It all is within your control. 
3. Sustainability is the New Success: In today’s world, it’s not just about short-term wins. The true challenge is building something that lasts—a culture where teams can innovate and drive performance without burning out. Where creativity, achievements and well-being go hand in hand. 

Conclusion: Leadership for the Long Haul 

With Fire & Shield, leadership becomes less about navigating complex theories and more about responding to the needs of your team in real time. It’s about leading with ambition and care, creating lasting impact without sacrificing organizational wellbeing along the way. As businesses face increasingly unpredictable environments, the leaders who can balance FIRE and SHIELD will be the ones to guide their organizations toward sustainable success.

All photos in the article are from Artvaerk and have been used with permission.

About the Authors 

Elize Dimare (ed@fireandshield.com)holds a Ph.D. in Organizational Behavior, an M.Sc. in Industrial Engineering, and an Executive MBA. With over 20 years of leadership experience, including a decade in senior management, she excels in leadership training, team building, and bridging the gap between theory and practical business applications.  

Johnny Sørensen (js@fireandshield.com), with 25 years of leadership experience, has successfully led companies as CEO across Denmark, Holland, and Italy. Specializing in turnarounds and growth, he holds an M.Sc. in Economic Analysis and frequently applies the Fire & Shield method in his interim management roles to drive real results.

The post Fire & Shield: A Simple Blueprint for Sustainable Leadership  appeared first on The European Business Review.

Zeigo Activate Lite redefines the approach to emissions reduction. The software now offers an array of features designed to enable businesses to: establish a carbon emissions baseline, set a measurable decarbonization target, calculate ongoing Scope 1 and 2 emissions using readily available energy data, and connect with solution providers who can help with both renewable energy and efficiency goals. This freemium version is now available at no cost to new software users, reaffirming Zeigo’s commitment to accessibility and sustainability for organizations of all sizes and market segments.

Large corporations can also promote Zeigo Activate Lite within their value chain. By encouraging suppliers, portfolio companies, and other partners within their ecosystems to utilize the Zeigo Activate Lite platform, corporations can address their Scope 3 emissions and better understand their total emissions portfolio. The new user experience and interface enhancements make it easier than ever for companies of all sizes to embark on their carbon reduction journey and make progress toward their goals.

Additional Key Features of the New Free Version Include:

• Accessing digital educational resources to guide users through the decarbonization process
• Connecting with a robust network of solution providers in energy efficiency and renewable energy, which can help users make greater progress toward their goals

Zeigo Activate’s self-service software is designed for ease of use, regardless of the user’s expertise in decarbonization. While the freemium version provides a robust set of tools, companies can also opt for Zeigo Activate’s Pro version, a paid subscription plan that unlocks additional features and benefits such as simplified uploading tools, reporting tools (PDF and Excel downloads), Scope 3 emissions calculation in the Purchased Goods & Service’s category, a customized roadmap, peer benchmarking, unlimited users, and multiple sites.

“In a world where emission reduction is increasingly driven by legislation, compliance, and customer demand, Zeigo Activate Lite stands as a valuable ally for businesses in their decarbonization journeys,” said Laura Eve, VP, SaaS Sustainability Solutions, Schneider Electric’s Sustainability Business. “The platform’s intuitive design makes taking the first step towards calculating and reducing emissions both simple and effective. Our Zeigo team invites all companies to take advantage of the new Zeigo Activate Lite and join the movement towards a more sustainable future.”

Zeigo is a software ecosystem built by sustainability experts to simplify and accelerate decarbonization actions for companies of all sizes. Zeigo complements Schneider Electric’s existing sustainability consulting services and growing portfolio of digital solutions. With a focus on simplifying the complex process of decarbonization, Zeigo empowers businesses to take control of their energy use and reduce their emissions.

“Zeigo Activate Lite is a significant advancement for companies entering the decarbonization space. The complimentary platform provides a wide range of tools, including, the calculation of Scope 1 and 2 emissions, access to solution providers, and the ability to set decarbonization goals. This offering empowers businesses to take tangible steps towards reducing their environmental impact,” commented Amy Cravens, Research Manager ESG Management and Reporting Technologies, IDC. Environment + Energy Leader has recognized Zeigo as the 2024 Product – Software & Cloud Award Winner. This recognition underscores Schneider Electric’s commitment to pushing the boundaries and raising the stakes of environmental sustainability and energy management. Read the full announcement here.

Click Below to Continue Exploring Zeigo Activate Lite:

• Create Account: Zeigo Activate Lite
• Request a Demo of Zeigo Activate Lite 
• Learn More: Zeigo Activate Lite  

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

The post Schneider Electric Launches Free Subscription Plan for Comprehensive Emissions Management appeared first on The European Business Review.

It’s an honour to meet you, Mr. Hengartner! Thank you for taking the time to talk with us. Can we begin with a few words on what sparked your interest in bottom-up innovation back in 2015? 

I have always been fascinated by the power of grassroots initiatives when it comes to corporate innovation, and the untapped potential that exists in organizations, within their employees.

In every job that I’ve held, whether in banks, consultancies, or startups, I’ve strived to establish new initiatives and challenge the status quo. When I started working at Swisscom, I recognized the potential within the organization’s employees. All they needed was the time, money, tools and, most importantly, the ‘license to innovate’.

I then went on to launch KICKBOX, a methodology that combines employee know-how with the necessary resources to democratize innovation and make it available to all employees at scale.

rready has a strong focus on the corporate innovation space. Was this always your vision for the company, and did you expect it to grow into a global innovation ecosystem? 

We’ve always believed that there is a lot of room for improvement when it comes to corporate innovation initiatives in organizations. We anticipated that more companies would recognize the need to implement programs that focus on driving innovation through their employees, allowing everyone – not just a single team – to innovate.

Recent signs are very encouraging, as more organizations are now embracing this culture of encouraging decentralized innovation with centralized oversight.

What role does the concept of intrapreneurship play in fostering a culture of innovation within large organisations? 

Intrapreneurship enables every employee to innovate and contribute to the future of their company. It is a tangible action that shows employees across all departments and hierarchical levels that their contributions are valued, by making the employees the owners and drivers of their projects.

Through intrapreneurship programs, employees are free to work on projects that are challenging, interesting, and meaningful to them. By embracing intrapreneurship, organizations send a clear message: “We believe in you and your creativity, and we trust you with this time and these resources.” This alone is an incredible accelerator for fostering a culture of innovation.

We heard that you recently collaborated on a report with the University of St. Gallen. Can you share how that collaboration came about and what the experience was like working together on this report?  

Our goal with this report was to create something valuable for the innovation community. We realized that there are a lot of global or US-oriented reports, but we couldn’t really find any concrete data on Europe. That’s why we partnered with the University of St. Gallen – where three of rready’s founders are alumni – to offer localized insights on the state of innovation in Europe.

The University is renowned for its high-quality research during its projects, and they are very passionate about innovation management. While this project required quite a few resources, we are very proud of the outcome, especially given the positive feedback we have received from community members who have found it helpful.

How do these findings align with the challenges you’ve observed in European organisations regarding innovation? 

Many of our assumptions were confirmed with concrete numbers, but a few new findings also emerged. In some cases, we suspected certain trends, but the actual numbers were significantly higher or lower than expected. For instance, while we know from experience that higher management, especially CEOs, are typically not heavily involved in the innovation process, we did not anticipate that 84 per cent of respondents would report that their CEOs were not involved at all. This is a high percentage and a rather concerning one at that.

The report highlights that European executives are currently focusing their efforts on addressing inflation, supply chain problems, and accelerating digitalisation. How can rready’s solutions assist in tackling these specific challenges? 

Our solutions encourage idea submission from all employees, making innovation accessible to all employees and increasing the likelihood of successful ideas emerging.

Our programs are based on a proven methodology, ensuring a “fail-proof” approach to innovation, where only the most viable ideas advance, to maintain a cost-effective process.

What specific aspects of the KICKBOX method do you believe make it particularly effective for businesses in the initial phases of innovation? 

KICKBOX is a scalable program that enables organizations to leverage the collective know-how of their entire workforce, resulting in a high volume of idea submissions. The methodology on which the program is based acknowledges that the organization already has the key resource to innovate and take it to new heights – namely its employees.

Our solutions encourage idea submission from all employees, making innovation accessible to all employees and increasing the likelihood of successful ideas emerging.

It is considered best practice to keep the entry gates to the initial stage of your innovation funnel wide open and collect a high quantity of raw ideas. KICKBOX is ideal in this respect, due to its relatively low barriers to entry, allowing companies to gather a diverse range of ideas to test and gather data from, and ultimately decide which ones to pursue.

Additionally, KICKBOX helps to cultivate and bring forth cultural change by involving everyone in company-wide innovation. This promotes a culture where creativity is celebrated, especially during the early stages of the innovation process.

The report emphasises a comprehensive approach to innovation, from development to testing to validation. How does your Idea Management platform help companies manage these processes efficiently?  

rready’s Idea Management platform is designed to support companies throughout the entire innovation lifecycle in an efficient and effective way. It has various key features that help companies to focus on sourcing and managing ideas in a user-friendly way.

1. Idea Submission

Employees can easily submit ideas using our modern and intuitive interface. Customizable forms allow for the collection of relevant and structured information.

2. Validation and Evaluation

Our platform includes metrics and evaluation criteria to assess the feasibility and potential impact of ideas. Program leads and decision-makers can use these insights to validate the best ideas and move them forward in the innovation pipeline.

3. Collaboration

Through comments, reactions, automated emails, and a newsfeed, program leads can engage the workforce and provide the innovators with the chance to obtain diverse feedback on their ideas from various stakeholders. Gamification elements such as badges and points motivate users to contribute more.

4. Management

The platform offers project management features that help track the progress of ideas as they move through various stages of the innovation process. This includes filters and search options for quick organization and task management.

5. Reporting

Our integrated business intelligence system ensures robust reporting and dashboards. This enables program leads to visualize, analyze, and share data about the organization’s innovation program.

6. Artificial Intelligence (AI)

Our platform offers various AI-features, including Chatbot support, content management, and further copilot support to streamline the innovation process and allow innovators to refine their concepts at a much faster pace.

7. Integration

As an API-first platform, our solution can be easily integrated into the existing tool landscape of an organization. We also personalize onboarding, workflows, and roles to the specific requirements of the company.

You identified some barriers to innovation in the report. How does rready plan to address these?

Based on thorough market research, the findings of this report and our experience in the market, we have refined our offerings and adjusted them to help overcome some of these barriers to innovation.

One key adjustment is our Best-price Guarantee, which lowers entry costs for companies without compromising the value and quality of our offerings. Instead of spending large sums of money on sourcing and managing ideas, our solutions help organizations allocate the funds where the value is created – in the actual execution of ideas.

According to the findings, European organisations are increasingly adopting iterative approaches and are more willing to be flexible. Can you tell us how rready’s End-to-End Innovation Suite plans to integrate these trends to enhance performance?

Through years of iteration, we have developed modular solutions to provide flexibility for organizations when it comes to innovation. Our comprehensive innovation suite is tailored to meet specific needs and seamlessly integrates into existing processes.

Our solutions also ensure cost-effectiveness, eliminating the high initial investment typically required for implementing an innovation management program.

Looking ahead, what future developments or enhancements can we expect from you and your company?

As mentioned earlier, we are constantly iterating and improving our existing solutions. From the start, we recognized the importance of staying ahead by applying innovative practices to our own ways of doing things and operating.

That said, we will continue to focus on integrating AI, where we see great potential for this technology to be used as a copilot for innovators in accelerating their innovation journey. Recently, we’ve had great results by leveraging LLMs during ideation workshops that enable aspiring innovators to come up with great ideas.

Beyond that, we have expanded our offerings to address a broader range of needs, moving beyond our flagship KICKBOX program. Our goal is to become the central platform where all decentralized innovation initiatives are made visible and measurable across an organization.

Lastly, as a CEO, how would you define success?

For me, success is seeing the impact that our programs and solutions have on our customers’ organizations and employees. It’s incredibly satisfying to witness how our programs help them to grow both professionally and personally, empowering them to leave a mark in their organizations through powerful ideas and innovations.

Executive Profile

David Hengartner is co-founder and CEO at rready, a startup offering turnkey SaaS solutions to launch, manage, and automate employee-driven innovation programs within large organizations. Besides this, he teaches at ETH Zurich and guest-lectures at leading Swiss universities. Prior to rready, David worked in consulting and banking and founded two startups. He is a well-connected member of the Swiss startup and corporate innovation ecosystem and was previously selected as one of 100 #DigitalShapers of Switzerland. David holds an M.A. in Business Administration from the University of St. Gallen (HSG) with focus on Entrepreneurship and Marketing, and a Design Thinking degree from the University of Technology in Sydney.

The post Ideation for Innovation: Interview with Dave Hengartner of rready appeared first on The European Business Review.

Discover how to transform your business relationships with suppliers and retailers through compassionate practices. In this interview, Dr. Bruno Roque Cignacco, author of “The Art of Compassionate Business,” reveals strategies to develop strong, trust-based bonds that drive mutual success and long-term collaboration. 

In the second edition of your book “The Art of Compassionate Business” you highlighted the importance of building strong long-lasting relationships with suppliers and retailers. How can companies develop robust bonds with these stakeholders?  

This is a very interesting point. Many business people only focus on the achievement of Key Performance Indicators (e.g., profitability, increasing market share, etc.), which is a very significant objective. However, it is important to understand that all companies are interdependent with their stakeholders (e.g., employees, customers, suppliers, etc.) In simple words, companies cannot succeed without the support of these stakeholders.

Therefore, when companies build strong relationships with these stakeholders, based on win-win agreements, these very stakeholders are prone to willingly help these companies achieve these Key Performance Indicators. Because when companies develop strong long-lasting ties with these stakeholders, it makes these stakeholders more prone to act in a cooperative manner with these companies. Companies can strengthen these bonds by regularly catering for these stakeholders’ distinctive needs.

Suppliers are significant stakeholders for most organisations; these stakeholders provide companies with valuable inputs (e.g., raw material, packaging, etc.). Retailers are also important stakeholders for many organisations, as the former sells the products or services offered by the latter to customers. These two stakeholders (suppliers and retailers) directly or indirectly add value to the products and services that companies offer to the marketplace.

All transactions with suppliers and retailers include commercial aspects (e.g., volume, quality, etc.) but also relational aspects (e.g., trust, support, kindness, etc.). These commercial and relational aspects are always interrelated. Consequently, companies should avoid prioritising the commercial aspects of their transactions over the relational ones, as it can damage the relationships with suppliers and retailers.  In other words, both commercial and relational aspects are paramount for the development of long-lasting and mutually beneficial relationships with these stakeholders.

Many companies only contact their suppliers and retailers to discuss specific business conditions of current or past transactions (e.g., orders, quality, price, etc.). This represents a very limited communication approach, which does not help companies strengthen their relationships with their suppliers and retailers significantly. In order to brighten their relationships with its suppliers and retailers. Companies should develop continuous communication with these stakeholders. Oftentimes, this implies contacting these stakeholders for no specific business reason. For example, a company can send a letter to one of its suppliers greeting them for their anniversary. These regular communication flows can bring about stronger trust-based bonds with these stakeholders. 

This is a very important piece of advice for companies. What other ways to build strong relationships with suppliers and retailers do you mention in your book? 

Thank you for this important question. There are some simple suggestions a company can regularly implement to strengthen their relationships with these stakeholders. Many organisations are overly busy, as they undertake various business projects. These projects are often run simultaneously and have tight deadlines, which prompts employees to be overburdened and continually involved in multitasking.

In these cases, some organisations adduce that they do not have time to strengthen their bonds with suppliers and retailers, as they must regularly deal with various urgent business issues. However, even in those situations, people working for an organisation should adopt a kind and supportive attitude towards suppliers and retailers. Oftentimes, the adoption of this attitude simply implies, for instance, returning missed calls to suppliers promptly, or sending the information requested by retailers in a swift manner. These small gestures of care make a big positive difference regarding the company’s relationships with these stakeholders.

A company should also adopt a compassionate attitude towards its suppliers and retailers, especially when these stakeholders have made unintentional mistakes. For example, let’s imagine that a supplier provided an organisation with inputs two days later than the promised delivery date. If this organisation does not act compassionately with this supplier, this company will aim to stick to was legally agreed in the contract with this supplier, which can imply applying a penalty for the late delivery.

In this example, the strict application of the conditions of the contract with this supplier can damage the relationship with this stakeholder. Instead, a company with a compassionate attitude is prone to have a one-to-one conversation with this supplier to know its difficulties with the late delivery and provide some assistance (e.g., setting up flexible delivery dates for future dispatches), whenever possible. When a company adopts a compassionate attitude towards suppliers and retailers, this can help strengthen the bonds with these stakeholders. 

This is very practical advice. According to your research, how can companies develop trust-based bonds with their suppliers and retailers? 

Thank you for your relevant question. There are different ways to develop more trust-based relationships with these stakeholders. I will enumerate a few simple but practical ways to strengthen the bonds with suppliers and retailers:

• Providing accurate information: A company should provide these stakeholders with precise and updated information, whenever possible, especially when this information is relevant for decision-making of these stakeholders. For example, if a company is using retailers to sell its products to customers, this organisation should always provide these retail companies with accurate information about the products offered (e.g., correct ways of storing the products, quality levels, expiry date, etc.). The regular provision of accurate information to these stakeholders helps brighten the relationships with them.
• Ensuring confidentiality: Sometimes, suppliers and retailers can provide a company with sensitive information, which is meant to be kept in a confidential manner. A company that publicises this confidential information without authorisation erodes the trust-based bonds with these stakeholders. Let’s imagine that one of the suppliers of a company is currently undertaking an important Research and Development project to develop a new type of material for the packaging. This innovative material can potentially be more enduring than the material offered by rival organisations. If this supplier confides in a company about this sensitive information and this organisation carelessly publicises this confidential information, the bonds between this company and suppliers are prone to be damaged. 
• Developing mutually beneficial agreements: A company should always aim to develop mutually beneficial agreements with its suppliers and retailers. In this type of agreements, the needs of both parties should be fully met. In other words, no party (e.g., the company) wins at the expense of the other (e.g., the supplier).  A company that negotiates new agreements with suppliers and retailers should avoid adopting a self-centred attitude. This company should not focus only on what can be obtained from these stakeholders. Instead, the negotiation of these agreements should always consider the interests of both parties. In these negotiation processes, people working for a company should ask themselves: “How can we develop an agreement where the needs of both parties are fully satisfied?” 
• Adopting an honest attitude: A company negotiating agreements with its suppliers or retailers should avoid utilising manipulative ploys (exaggerated demands, bluffing, threats, etc.). The use of these stratagems often damages the relationship with the other party. The utilisation of these coercive techniques often prompts the other party to agree to conditions unsuitable for its specific needs. A company that adopts an honest attitude towards its suppliers and retailers aim to develop agreements with them which are based on noble values (e.g., fairness, transparency, integrity, mutual support, etc.).  
• Personalising agreements with stakeholders: Many companies use standardised templates to develop legal agreements with their suppliers and stakeholders. When a company adopts this approach, this organisation is less prone to consider the distinctive needs of each supplier or retailer.  Whenever a company uses standardised agreements, this organisation is unlikely to meet the unique interests of these stakeholders. On the contrary, when a company uses personalised contracts, this organisation tends to duly consider the specific needs of the other party. As a consequence, the development of personalised agreements often brightens the bonds with these stakeholders. 
• Adopting a co-operative approach: A company should aim to support its suppliers and retailers on a regular basis. The adoption of co-operative attitude with these stakeholders contributes to development of strong relationships with them. For example, a company can provide retailers with free samples of the products offered by this organisation. These free samples can be given even when there is no legal obligation to act in this way. A company with a collaborative attitude can also provide these retailers with regular valuable information (e.g., latest market trends, launch of new products, etc.) which can help enhance the performance of these stakeholders.  
• Being kind to stakeholders: Whenever possible, a company should adopt a kind attitude towards its suppliers and retailers. For instance, an organisation can show its appreciation to its suppliers for the high quality of the inputs they have provided. This company can also thank retailers for regularly and overtly showing the company’s products at their premises. A company that treats its suppliers and retailers kindly strengthens the relationships with these stakeholders over time.  
• Solving conflicts amicably: A company should always adopt a supportive attitude towards its suppliers and retailers, even during conflictive situations. The organisation should solve any conflictive issue with these stakeholders in a friendly way, in order to avoid damaging its relationships with them. In disagreements with these stakeholders, people working for the company should act in a calm and co-operative manner. In these situations, the use of friendly ways of solving conflicts (e.g., mediation) should be preferred over the use of adversarial ways (e.g., lawsuits). The use of unfriendly ways of solving conflicts often exacerbates the disagreements between the parties and can even escalate the conflict. 

Thank you for your meaningful suggestions. Lastly, what final advice can you provide to develop more robust relationships with retailers and suppliers, based on your new book? 

Thank you very much for this last question. People working for a company should regularly ask themselves the following questions: 

• How can we adopt a kinder and more co-operative attitude towards suppliers and retailers? 
• How can we develop more supportive relationships with these stakeholders? 
• How can we regularly provide suppliers and retailers with valuable information? 
• How can we develop more personalised agreements which duly consider the specific interests of each party? 
• How can we solve conflictive issues with suppliers and retailers in a friendly manner? 

Executive Profile

Dr Bruno Roque Cignacco (PhD) is an international business consultant, TEDx speaker, and researcher. For over 30 years, he has advised and trained hundreds of companies on international trade activities and international marketing. He also trains companies on topics related to compassionate business and human-oriented leadership. He is a university professor and a senior fellow of the Higher Education Academy (HEA), in the UK. He is also the author of business and personal-development books published in various languages. The second edition of his new book The Art of Compassionate Business is available at  www.routledge.com/9781032445427. His website is www.brunocignacco.com.

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By Peter Weill & Stephanie L. Woerner

Top-performing firms reorganise several times to effectively use digital to capture value. In a series of CEO interviews, we identified four successful levers for maximising value from digital. Then, in a global survey, we found that the companies in the top quartile of effectiveness on these four levers were also top financial performers, growing 12 percentage points above their industry average, and leaders in innovation, with 45 per cent of their annual revenue coming from new products introduced in the last three years – a huge premium. In this paper, we describe the four levers and the reorganisation required, illustrating with examples including Standard Bank Group, the largest bank in Africa. To become a top performer takes persistence, as companies must perform organisational surgery – reorganising on average seven times to create the industry-leading value. It is like solving an organisational Rubik’s cube, with a big payoff.

How many major organisational changes has your company been through in the last five years, and did those changes create value? At MIT CISR, we studied over 700 companies to understand how companies unlock new digital value.¹  We found that a company must perform organisational surgery, often reorganising many times to create the value. The top-performing companies in our research underwent, on average, 7.2 major organisational changes in the preceding five years, but the results were worth the disruption, as the companies grew well above their industry average.

Historically, organising a company to maximise value from digital started with the technology leader looking out of the IT organisation to understand what the business needed.

We found that the companies in the top quartile of effectiveness at using these four levers were also top financial performers, growing at almost 12 percentage points above their industry average, and leaders in innovation, with 45 per cent of their annual revenue coming from new products introduced in the last three years. From the interviews, we learned that taking a top-executive perspective rather than a tech leader perspective can enable the kind of persistence, organisational buy-in, and change needed to unlock industry-leading digital value enterprise-wide.

In this paper, we describe the four levers and illustrate them with examples from companies including Standard Bank Group and ANZ, and discuss how to move from the technology-led governance to the enterprise-wide governance that is now needed to succeed.

The Four Levers to Create New Digital Value

Historically, organising a company to maximise value from digital started with the technology leader looking out of the IT organisation to understand what the business needed. But in today’s world of technology everywhere, it’s time to take, first, a CEO perspective and, then, an enterprise-wide one to design the organisation to maximise value from digital. To understand how top-performing companies organise for digital, we began by interviewing eight CEOs of large organisations and then followed up with their colleagues, to learn what organisational levers were used to create new digital value. Four levers to unlocking value emerged. Each of these levers needed to be supported by CEO involvement to drive the necessary changes in company and employee behaviour. Then we surveyed executives from 721 companies to understand best practices and the impacts of employing the levers on company performance.

Companies focused on these four levers to unlock new digital value:

1. Customer: Identifying and delighting the most important unique customer types.
2. Capability: Providing and reusing a shared capability as a service across customer types.
3. Commercialisation: Commercialising what the company is great at to generate new revenue.
4. Component: Designing, embedding, and reusing digital modules of self-contained business capabilities.

Each lever produced a specific type of value to help drive top performance:

1. Value from customer – focus: Customer loyalty and increased revenue per customer via tailored customer journeys and customer focus.
2. Value from capability – scale: Consistency and efficiency across different customer types while capturing key data.
3. Value from commercialisation – new revenues: New revenues from providing services to other companies based on what the company is great at.
4. Value from component – speed via reuse: Faster time to market using best practices and decentralised governance with better compliance.

Let’s go into more detail on each of the levers.

Identifying Unique Customer Types

To unlock new digital value from customers, a company’s senior executive team must first identify their set of unique customer types to focus on, describing each type’s persona, customer journey, data model, channels for engagement, and more. In financial services, customer types typically include home buyers, small business enterprises, corporations, and high-wealth individuals and families. Developing an understanding of its most important customer types helps a company to really empathise and focus on meeting customer needs. The top-quartile performers on growth focused on an average of 8.9 unique customer types, typically describing for each type how they preferred to engage with the company, the typical products and solutions needed, the kinds of offers found attractive, and the associated data profile and systems that made the customer journey easy. In our interviews, CEOs reported that each customer type needed a senior executive who had both decision rights and accountability for success and, increasingly, customer journeys were supported by providing curated access to complementary and partner service providers.

Driving a Shared Capability as a Service

Leveraging business capabilities as a shared service helps a company to generate speed and efficiency. Here, senior executives must first identify what capabilities are common across customer types. Standardising, automating, branding, and reusing these capabilities allows the company to drive consistency, which both provides the customer with a common experience across products and increases efficiencies for the company. Shared capabilities can lead to better insights, because the data collected is more consistent and in one place. For example, a key shared capability in banking is a unified customer profile that details a customer’s current assets, products, and a forecast of their future needs, along with their identity, credit score, risk tolerance, and other factors.

The top-quartile growth companies provided an average of 6.3 separate business capabilities as a service across (almost) all their customer types. Because this lever can be hard to implement politically, as they were often centralised, top performers were selective about which services to share across customer types, thereby ensuring that the services were strategically important and there were a manageable number.

Commercialising What the Company Is Great At

The top-quartile growth companies selected internal capabilities they were great at – their crown jewels – and commercialised them as a service to produce a new revenue stream. This anything-as-a-service model, which we call XaaS, is becoming an important growth area for many companies as digital connections between companies become easier. Examples of XaaS that some banks have developed include anti-money-laundering (AML), payments, know your customer (KYC), and foreign exchange (FX). Often, such services are essentially selling compliance as a service, allowing the company to derive more value from its own efforts to address increasing compliance costs and create increasing scale.

Australian bank ANZ has recently focused on providing XaaS in areas including international payments and anti-money-laundering (AML). ANZ CEO Shayne Elliott described the bank’s AML efforts:

We saw one major player exit this business as a result of some AML issues, which meant their customers had sixty days to find another provider. Of those, there were seventeen major mandates and we won sixteen of them. That took our [AML] market share from the low 40s to 58 per cent.² 

In our top-quartile companies on growth, an astounding 56 per cent of revenues were generated using the XaaS approach, unlocking a lot of previously untapped value.

Embedding, Nurturing, and Reusing Digital Modules

Embedded digital modules, sometimes called components, create new digital value for the company by driving consistency, compliance, and speed to market. Digital modules are “atomic” business capabilities, in that they are fully self-contained and right-sized. They are fine-tuned, automated, and reused in every possible application in the company, and nurtured by their owners to ensure they maintain best practice.

In financial services, typical examples of such modules are establishing the customer identity, onboarding a new customer, establishing or accessing a customer’s credit score, assessing risk, assessing compliance, and many other often-reused business capabilities. Often the motivation for these modules is to increase speed to market of different groups, while meeting compliance with regulations via consistency of approach and common reporting. Modules are built into the other three levers – customer types, shared capabilities, and XaaS – as well as other opportunities for reuse. The top-quartile companies on growth were 80 per cent effective at digital module reuse, improving their time to market and helping to generate an industry-leading percentage of revenues from new products introduced in the last three years.

Once a company has identified which business capability to modularise, it typically uses decentralised governance and APIs or some other kind of digital service to create the module and share it easily.

Top Performers on Growth and Innovation Used All Four Levers Effectively

Companies that were more effective at using the four levers individually grew faster than their peers. And the companies that were in the top quartile of effectiveness of all four levers combined grew even faster, at 11.7 percentage points above industry average.

Standard Bank Group, the largest financial services group in Africa,³  has used all four levers to unlock new digital value as part of the bank’s digital business transformation.

Unlocking New Value at Standard Bank Group

In its strategic transformation plan, Standard Bank Group describes serving the needs of clients in financial services and beyond by “banking the ecosystem” – i.e., providing financial services in all the ecosystems the bank is targeting. Behind this vision is Standard Bank’s inspiring purpose: “Africa is our home, we drive her growth.”⁴

The bank started by focusing on three client segments (Customer): consumer and high-net-worth clients, business and commercial clients, and wholesale clients. It identified client acquisition and engagement as the drivers for sustainable growth. The bank also initially targeted 10 ecosystems to operate in (Customer) – five that it would drive, such as agriculture and trade, and five that it would participate in, such as energy and education. It has since narrowed its focus to ecosystems where it is able to achieve the most competitiveness, including trade and home services. Standard Bank’s participation in an ecosystem typically involves offering B2B financial services the bank is great at (Commercialisation), such as FX and payments.

We found that in a digital / AI everywhere world, companies should rethink the traditional model of the technology organisation.

To enable shared capabilities as a service (Capability), the bank created a new group, called Client Solutions, that serviced the client segments with banking, insurance, and investment services. However, as the transformation progressed, the bank found that it was more efficient to provide these services within the client segments and reverted the segments to being more traditional business units.

Finally, a great deal of effort went into architecting modularity (Components). Standard Bank’s modularity relies on standardisation and simplification, as well as the technological capability to connect both internally and with partners, enabled by API readiness and integration and scalable and interoperable platforms. The bank calls developing modularity in this way “unpacking the honeycomb”, and tracks the number of digital solutions as a percentage of total solutions it has achieved. In 2021, 24 per cent of the bank’s banking solutions and 22 per cent of all solutions were digital solutions, and it was aiming for a target of 50 per cent across all solutions by 2025.

Standard Bank is making great progress toward its transformation goals, with the bank’s 2022 results demonstrating record revenue and earnings.⁵ The positive impacts continue in the first half of 2023, when the bank’s cost-income ratio (a common measure of efficiency) improved from varying between 55 and 58 per cent over the previous 10 years to 50.5 per cent.⁶

The Importance of Lever Governance in Unlocking Value

To unlock its value, each lever needs to be governed and nurtured differently (see figure 1). The Customer lever is typically owned and governed by business unit heads with responsibility for engaging each customer type. The governance of the Capability lever, because it spans different customer types, is typically owned centrally by a shared services group, COO, or CIO who operates those services for the rest of the company, perhaps on a chargeback basis. We have also seen leader-follower models, where one business unit takes the lead on a particular service and then provides it to the other business units. The ownership of the Commercialisation lever frequently belongs to a combination of people who sell business-to-business solutions and the specific business service owner (e.g., payments), often using a two-in-a-box model.⁷ Finally, components are typically owned and governed by the business owner of the business capability embedded in the component, such as risk management (owned by the head of risk), know your customer (the head of compliance), credit scoring (the CFO), or payments (the head of the payment service), often in partnership with a technology leader.

The Key to Realising Value from the Four Levers

We found that in a digital / AI everywhere world, companies should rethink the traditional model of the technology organisation. Instead of taking a technology-led perspective, we recommend taking the CEO, enterprise-wide perspective on designing the technology capability to unlock maximum value from digital. To be a top-quartile growth company in the digital era requires focusing on four levers to create digital value. But companies must iterate several times to get the levers to work together to unlock that value. And they have to implement an ownership and governance model that encourages nurturing and reuse of the four levers. They also need very good real-time metrics that measure the effectiveness of the levers, their impact on performance, and the capabilities needed to deliver them, shared widely via a dashboard. Finally, they need the support and vision of the CEO and top management team, along with the board, to help exploit the levers throughout the company. It is like solving an organisational Rubik’s cube with a big payoff.

This paper draws on Weill, Peter and Stephanie L. Woerner. “Unlocking New Digital Value.” MIT Sloan Center for Information Systems Research, Research Briefing, XXIII-7, July 2023.

About the Authors

Peter Weill, PhD, is an MIT Senior Research Scientist and Chairman of the Center for Information Systems Research (CISR) at the MIT Sloan School of Management, which studies and works with companies on how to transform for success in the digital era. MIT CISR has approximately 75 company members globally who use, debate, support and participate in the research. Peter’s work centres on the role, value, and governance of digitisation in enterprises and their ecosystems and has coauthored 10 books. Ziff Davis recognised Peter as #24 of “The Top 100 Most Influential People in IT” and the highest-ranked academic.

Stephanie L. Woerner, PhD, is a Principal Research Scientist at the MIT Sloan School of Management and Director of MIT CISR. She is a renowned researcher and speaker, and coauthor of Future Ready: The Four Pathways to Capturing Digital Value and What’s Your Digital Business Model? Six Questions to Help You Build the Next-Generation Enterprise, both published by Harvard Business Review Press. Stephanie studies how companies use technology and data to create more effective business models as well as how they manage the associated organisational change and governance and strategy implications. Stephanie’s research has appeared in MIT Sloan Management Review, Harvard Business Review, CNBC, Forbes, Chief Executive, and CIO.

References

1. This research is based on the MIT CISR 2022 Future Ready Survey (N=721), plus interviews with eight CEOs conducted in 2021–2 and case vignettes of five large companies in manufacturing, medical technology, financial services, and real estate.

2. Shayne Elliott, “Elliott: Accelerating Our Strategy”, ANZ bluenotes, 27 May 2021, https://bluenotes.anz.com/posts/2021/05/anz-ceo-shayne-elliott-banking-future.

3. Standard Bank Group was the largest financial services group in Africa, based on Tier 1 capital, in 2023; see T. Minney, “Africa’s Top 100 Banks in 2023”, African Business, 4 October 2023, https://african.business/2023/10/finance-services/africas-top-100-banks-in-2023

4. “Purpose and Values”, Standard Bank Group, https://www.standardbank.com/sbg/standard-bank-group/about-us/who-we-are/purpose-and-values.

5. See “Overview of Financial Results”, Investor Relations, Standard Bank Group, https://reporting.standardbank.com/overview-financial-results-2022/ .

6. https://reporting.standardbank.com/about-us/key-performance-indicators/

7. Two-in-a-box is a management model in which two (or more) people are given equal leadership authority and responsibility for a task or set of tasks, often in complementary roles. Read about a two-in-a-box model in use at DBS in S.K. Sia, P. Weill, and M. Xu, “DBS: From the ‘World’s Best Bank’ to Building the Future-Ready Enterprise”, MIT CISR Working Paper No. 436, 19 March 2019, https://cisr.mit.edu/publication/MIT_CISRwp436_DBS-FutureReadyEnterprise_SiaWeillXu.

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The emergence of generative AI is transforming the way businesses operate, ushering in a new era for productivity and efficiency. This year, one of the most impactful shifts taking place is how the technology is changing the way businesses can connect with and serve their customers.

While AI and automation in customer experience is not particularly novel, having existed for years, what is novel is the dramatic improvements of these applications through generative AI. As the AI sector continues to mature, it holds enormous potential for transforming the realms of customer experience and marketing, providing companies with a competitive edge in the digital era and customers with an increasingly seamless experience.

By harnessing the power of large language models (LLMs), companies are discovering how AI can provide them with a deeper understanding of their customers and help them deliver personalized experiences that enhance satisfaction and foster loyalty. Whether it is through virtual assistants or hyper-personalized marketing strategies, generative AI is empowering businesses to anticipate and cater to customer needs more effectively. The positive effects will filter through to not only customers, but businesses too.

GenAI is enabling chatbots to finally live up to expectations 

According to recent research from IBM, improving customer experience is a powerful incentive for businesses looking to deploy AI, with 43% of business leaders in EMEA identifying it as a key AI priority within their organization.

In our fiercely competitive commercial landscape, providing customer experience and care is becoming critical for businesses. From banking to food deliveries apps, our hyper-digitized world gives customers and consumers a plethora of alternative providers at their fingertips, meaning that outstanding customer experience is vital for retention.

Generative AI, therefore, is providing companies with the tools they need to stay competitive in today’s market and provide the solutions that consumers demand. Chatbots have existed for years, but we are now seeing dramatic improvements of these applications through generative AI, creating platforms more akin to a ‘virtual customer agent’ than merely a chatbot.

Through LLMs, we are now able to garner a better understanding of intent and enrich our knowledge base, with companies having the ability to integrate policy, product data and user manuals into applications. With this wealth of data, these ‘virtual customer agents’ now have the power to craft responses based on learned patterns and data, while considering the conversation’s context and their training data to give accurate replies.

In fact, according toIBM client data experience, chatbots powered by generative AI can achieve a success rate of up to 90%, compared with the 60% average of traditional chatbots. 

An effective virtual assistant application also translates freeing up more staff members who can then re-direct their time and efforts into more high-value work and focus on the customer enquires that require additional investigation.

GenAI is Transforming Marketing too..

So far, much of the conversation around AI and the customer have been focused on service, but there is a step earlier in the customer journey that generative AI is also transforming – marketing. In fact, according to IBM’s latest Institute for Business Value CEO Guide, 76% of CMOs say generative AI will change the way marketing operates and is becoming critical in remaining competitive.

There are two core ways that generative AI is changing marketing: content creation and hyper personalization.

Content Creation

Content creation has been one of the most prolific and awe-inspiring areas of generative AI, with new applications consistently pushing the boundaries of what we can create. With content creation being a cornerstone of marketing – and indeed an incredibly time consuming one – generative AI provides a key opportunity to dramatically boost productivity in the area.

It is important to note that there are ongoing debates around the regulations of AI in content creation, particularly in relationship to ownership and declaration of usage. However, companies deploying the technology in a transparent and trustworthy way can enjoy the creative benefits the technology brings.

There are also incredibly useful strategic uses of generative AI in content creation. Content transcreation, for example, is rising in popularity whereby AI models based on organizational data can localise content not only through language, but through tone and meaning for a specific culture or geography, allowing organizations to connect more effectively with customers across markets.  Generative AI powered content can also be leveraged to automatically assess brand and regulatory compliance of content and images, boosting efficiency for the user and mitigating risk.

Hyper-Personalization

This enhanced ‘personalization’ is a major benefit of AI and is now being harnessed for marketing outreach and targeting.

We live in a world where data is king and in 2024, most businesses have amassed a significant amount of proprietary data about their customers and potential customers. Whilst traditional analytics have already transformed marketing tactics, LLMs are elevating these strategies further. The ability of LLMs to analyse large data sets across different business functions and departments unlocks a wealth of insights that were previously hidden.

Harnessing these insights can provide a clear, detailed view of the customer journey and behaviours, allowing marketeers to create hyper-personalised efforts for outreach and capture. For example, generative AI can support dynamic personalisation of product descriptions when users are browsing catalogues driving higher engagement and conversion, and provide specific nudge offers to the customer, boosting customer loyalty. In one example, IBM has been collaborating with a consumer retail business, using AI to help create personalized promotional offers to drive sales. This has successfully grown the business by over 30% year-on-year.

Embracing the GenAI Revolution

For business leaders looking to capitalise on these opportunities, it is critical that they re-align priorities and teams with the digital era.  Unlocking these capabilities securely and at scale will require the right underlying building blocks and infrastructure.  Customer Identity and Access Management, Digital Asset Management systems, Content Management Platforms, Customer Data Platforms, and CRM systems are all key pieces of the puzzle,  all of which must be underpinned by a robust data governance framework that can ensure the security and accuracy of data and outcomes.

The arrival of generative AI will only further revolutionize customer experience and marketing in 2024, enabling businesses to better connect with their customers in exciting and creative ways. By embracing the technology, organizations can streamline their operations and redirect efforts to more strategic and creative outputs. This paves the way for tailored customer experiences, delivering relevant content and recommendations that enhance satisfaction and drive business growth.

Welcome to a future where AI isn’t just a tool; it’s the driving force behind businesses’ innovative ascent.

About the Author

John Sullivan is the Managing Partner for IBM iX EMEA. Within his role, John leads a team of dedicated experts who help clients adopt digital technologies and capabilities to create new experience-led digital processes, products, and services to deliver growth and productivity.

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It may be said that to implement change in an organisation takes a real leader. But, as Nina Mohadjer contends, to carry out a transformation calls not only for a leader but also the wholehearted commitment of all those involved – and that, while more challenging, can only be positive.

AI is everywhere and almost everyone is frightened by ChatGPT. Sure, some are excited, believing that AI will eliminate boring tasks and write their emails, articles, and books. This point of view does not consider that a system, in this case AI, aka ChatGPT, is only as successful as we, the humans, make it. So the question comes up of whether it will lead to change or transformation in our business world. If you look for the difference between change and transformation, you come across the following definitions. Change is the exchange of one thing for another of similar type. Transformation, on the other hand, is a complete change in the appearance or character of something or someone in a way that the thing or person is improved (Cambridge Dictionary, n.d.). In the business environment, a change is automatically a top-down request and an external factor, regardless of the agreement of the people involved. A transformation, however, requires the internal agreement of the involved, making the transition from one stage to the next seem seamless (Behrend, n.d).

Just like many words in the business world, these two words are used interchangeably, and unfortunately not always in the right context.

Change Management

Often, when the word “change” is used in business, people connect it with discomfort. While it is supposed to bring positive aspects to an already-existing situation, service or product, it creates an unknown, combined with unease. This does not consider the fact that change in business should have two important components: (a) system change and (b) personal change. One is for the introduction and implementation of the system, and the second is the human individual aspect to ensure the acceptance and the use of the application.

The dynamic Lewin model of change indicates the following three steps in order to have a successful implementation of change: (1) unfreezing the present stage; (2) implementing the new behaviour; and (3) re-freezing the stage (Levasseur, 2001). Within the entire process, however, the key success factor is timely leadership communication. Thus, it becomes the leadership’s challenge to select which parts to keep, and which to eliminate.

However, the second aspect has to be considered and becomes the main success factor for the change management. While employees used to obey a leader’s request for change and the leader’s decision of what needs to be unfrozen, implemented, and refrozen, today, employees want to be part of it. As 70 per cent of change requests fail due to employee resistance (Ewenstein et al., 2015), management needs to respond to the employees’ question: “Why?” (Hiatt, 2006).

As Prosci (2012) indicates, change management can only be successful if the individuals who are obliged to use the changed product or system or face the changed situation understand the reason for the change. Simultaneously the organisation has to accept that an application will never be successful if the individuals do not have that comprehension of the changed vision of the desired outcome (Ewenstein et al., 2015).

Transformational Management

Transformation needs the change, but goes one level deeper into the cultural system of an organisation. It completely replaces one thing with another by not only changing the external perception, but by reinventing all the aspects.

Additionally the time component is not definite. Instead, a transformation aims at a continuous reinvention to adapt to the present state, as well as the needs of the future. As transformation aims to reinvent a complete situation, service, or product, it involves different business units and, thus, it becomes more challenging and more unpredictable to involve all the parties (Golden-Biddle, 2007). The transformation phase requires that employees step outside their comfort zone, but this is only possible if the leaders are transparent and show them where their journey will lead. The employees have to understand that different phases with the associated time period are a necessity and will lead to a prosperous future.

It becomes automatically the leader’s job to motivate, engage, communicate, and demonstrate the urgency of the transformational steps (Kotter, 1996; Kotter, 2007; Golden-Biddle, 2013). At this point, it also becomes the leader’s task to understand frustrations and subsequent criticism and use the feedback to re-evaluate the direction. Furthermore, the leader has the opportunity to demonstrate the urgency by indicating that the business will not be able to remain in the present state, but that the transformation into the next stage is an absolute necessity.

Lastly, transformation management is a repetitive procedure and a never-ending circle of feedback, comment, adjustment, and re-evaluation (Golden-Biddle, 2013).

Why do we refer to digital transformation and not digital change? After analysing the different aspects of each, it becomes clear that a digital change would not have room for survival. A system implementation would not work without the involvement of the people who are supposed to use it. The success of a transformation requires the collective commitment of users, the understanding of the why and when, and the right vision for the future.

While senior executives have the power to request a change in almost any aspect of an organisation, a successful transformation requires a step-by-step application with the assistance of the involved parties. The best example is Lufthansa. In 1991 the airline, close to bankruptcy, had to reinvent the business and create a global aerospace partner by creating a mental change in the employees. While employees were excluded from the cost management and cost reduction, the remainder had to be involved in a trusting relationship with the airline from strategic and rental arrogance to devolution and simplification and finally reintegration (Bruch, 2001). The airline was able to engage everyone not only by changing the mental state regarding the transformation, but had a simultaneous top-down, bottom-up approach within four weeks. By putting leadership into action and not just requesting a change from the top, employees as individuals were able to see the future and, thus, started relying on their own strength in dealing with the crisis.

Conclusion

In conclusion, transformation focuses on the future. Thus, when we speak about digital transformation, we indicate that the individuals using the digital devices, system, and products are involved. It will be a top and bottom relationship. A digital “change” would indicate a top-down approach, but a digital device, system, or product without the involvement of the end users would be redundant in the shortest time period.

To quote Tanmay Vora: “Change fixes the past and transformation focuses on the future.” (Behrend, n.d.).

About the Author

Dr. Nina Mohadjer, LLM has worked in various jurisdictions where her cross-border experience as well as her multilingual capabilities have helped her with managing reviews. She is a member of the Global Advisory Board of the 2030 UN Agenda as an Honorary Advisor and Thematic Expert for Sustainable Development Goal 5 (Gender Equality), and a co-founder of Women in eDiscovery Germany.

References

• Behrend, F. (n.d.). “The difference between change and transformation”, retrieved 11 April 2021, from https://transformation.work/blog-en/insights/the-difference-between-change-and- transformation/
• Bruch, H., & Sattelberger, T. (2001). “Lufthansa’s Transformation Marathon: Process of Liberating and Focusing Change Energy”, Human Resource Management, 40(3), 249–59. https://doi.org/10.1002/hrm.1015
• Cambridge Dictionary. (n.d.) “Change” and “transformation”, in Dictionary Cambridge.com, retrieved 10 April 2021, from https://dictionary.cambridge.org/dictionary/english/transformation.
• Ewenstein, B., Smith, W., & Sologar, A. (2015). “Changing change management”, McKinsey Digital
• Golden-Biddle, K. (2013). “How to Change an Organization Without Blowing It Up”,  MIT Sloan Management Review, 54(2), 35-41.
• Hiatt, J. M. (2006). ADKAR:A model for change in business, government and our community: How to implement successful change in our personal lives and professional careers. Loveland, CO: Prosci Research
• Kotter, J. P. (1996). Leading change, Cambridge, MA: Harvard Business Press.
• Kotter, J. P. (2007). “Leading Change: Why Transformation Efforts Fail”, Harvard Business Review, 85(1), 96–103.
• Levasseur, R. E. (2001). “People Skills: Change Management Tools – Lewin’s Change Model”, Interfaces, 31(4), 71,  https://doi.org/10.1287/inte.31.5.71.9674
• Prosci, X. Y. (2012). Best Practices in Change Management, Loveland, Colorado: Prosci Learning Centre Publications.

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Innovation is essential, yet not always easy. This article, based on lessons from the perfume industry, discusses how to innovate in business sectors where differentiation is difficult to achieve. 

France holds a unique position as the epicentre of the perfume world. This is thanks to its historical heritage that has helped build an empire of luxury and mainstream brands that proudly present the citation of Paris on their bottles. Throughout history, people from all corners of Europe have turned to these perfume houses for the latest elegant fragrances, made possible by them capturing scents from flowers, wood, and spices, but most importantly, thanks to nonproduct-related innovation.

The roots of French perfumery can be traced back to Louis XIV, known also as the Sun King, who played a pivotal role in its development. Renowned for constructing the opulent Palace of Versailles, Louis XIV established what would later be known as the perfumed court. Historians narrate that Louis XIV was scared of bathing, believing that doing so would make him sick and spread disease. Therefore, the members of his court were encouraged to spray themselves with perfume upon entering the vicinity of the palace. 

This particular hygienic belief made perfumery to be treated almost as a science, implicating the idea that fragrances also have medicinal benefits. As a result, both men and women incorporated substantial amounts of fragrant elixirs into their grooming routines. Fragrances were even sprayed on furniture and, as rumours suggest, the fountains. 

The fragrance legacy continued over time, despite a halt as a result of the French Revolution. The execution of the perfumed nobility led perfumers to scale down operations and conceive new ways to impulse the popularity of perfumes. Over time, France’s perfume industry experienced a resurgence, evolving into one of the largest creators and suppliers of perfumes. Today, it caters to a diverse audience, ensuring that everyone, not just the nobility, enjoys a fresh and fragrant experience.

THE NON-SO-INNOVATIVE NATURE OF FRAGRANCES

Parfums are made of base notes, middle (heart) notes, and top notes. Base notes include patchouli, vanilla, sandalwood, and musk. Heart notes are made of floral notes, spices, and herbs. Top notes include citrus, fruity notes, and certain herbal notes like basil. After mixing these ingredients, perfumers must apply fixatives (amber or resins) and modifiers (they can give a fresh or cleaner note to the fragrance). Once the perfumer has made a choice, he or she will carefully blend the ingredients to create a fragrance.  

However, not all fragrances are pleasant to our senses. We are also not all equally sensitive to the sometimes-infinite differences in ingredients between one parfum and another. Perfumers want to evoke in us a sense of proximity, and other fragrances lost in our memories, which makes it more likely that they will include aromas that were popular in the past. For example, patchouli, a base note, has been used since ancient times. To this date, it is a largely used base note that is included in a wide range of fragrances. Some people even simply use patchouli oil. Yes, we often smell patchouli in our daily lives. 

IF IT IS NOT THE PRODUCT, THEN WHAT? 

Gaining inspiration from what is done in the perfume industry can help you look at your product’s commercialisation and communication efforts differently. Most importantly, it can give you hints on how to innovate in sectors where competitors propose very similar products and where product innovation is unlikely to provide an edge for differentiation.

Container

If you cannot change the product then you can change its packaging. Furthermore, this packaging can change in nature (box, bottle) but even in terms of the raw material it uses (recyclable, reusable, washable). A recyclable example of a container in perfumes is Bois Imperial, the bottles are made of glass, without a case, with a sustainable approach. Other examples include SEXY by Honoré des Prés with original packaging that exudes authenticity and the charm of yesterday. We can also take the example of Angel by Mugler, the pioneer of bottle refills. 

Concept

The concept proposed by the product can be altered by simply changing its colour and how it addresses a community (gay pride, cancer survivors, nationality, etc.). An example is Blood Concept, a brand where you choose the blood type you want to wear.

Communication

This consists of changing the messaging. For instance, if you can’t make people smell your product, how do you make them buy it? You can for example evoke other things that can give a sense of the sensorial emotions that will be experienced once used. For example, the candle company Promenade à Auvers bases scents on the original scenery that Vincent Van Gogh used to inspire his paintings. As for storytelling, we can also find the incredible job of Eight & Bob which comes packaged as a book. 

Retail

A product’s positioning can be based on the messaging around it, the discourse a vendor uses to present it, or even the concept that the buyer is searching for. The Nose perfume diagnosis allows you to create your olfactive portrait and receive personalised recommendations. 

Technology

Industrial innovation can help producers innovate the processes around the manufacturing of your products. Furthermore, it can make your product available otherwise. A great example is the sniffing device, P’tit Sniff. Le P’tit Sniff is a mini personal olfactory diffuser to take with you everywhere, adjustable according to your desires thanks to interchangeable cartridges.  

Network

People rely more and more on where they find the product as a basis for their decision to purchase or not. It is not only about selling online but also about who the distributor is. Perfumist is the first collaborative perfume advisory application, created by perfume enthusiasts, to help you discover fragrances that best suit you. 

About the Authors

Fernanda Arreola is a Professor of Strategy, Innovation, and Entrepreneurship at ESSCA and a researcher focusing on service innovation, governance, and social entrepreneurship. Fernanda has held numerous managerial posts and possesses a range of international academic and professional experience.

Johann VITREY-TARDIF is a lecturer at ISC Paris, IESEG Paris, Paris Perfume School and Thelma Business School in Dakar (Senegal), teaching Luxury Marketing, International Trade and Cross Cultural Communication. He is the founder and CEO of SESAME, an expert in olfactive marketing and olfactive identity. He also owns two niche perfumeries in France. Late deafened, he is the President of the French OHNS Ethics Committee.

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By Peter Lorange and Karin Mugnaini

In business, as in a host of other contexts, timing is everything. While sensing the optimum moment for a given course of action may require more art than science, we can at least be aware of the indicators that we should be looking out for.

In businesses’ quest for profitability, in a world that seems to be more and more demanding, and also in a journey where achieving success is increasingly challenging for most business leaders – high competition, rapid technological changes, various sorts of crises (economic, political, health, …) and so on, to be able to better understand and obtain a certain excellence in timing could the most promising way to secure a reasonable profit margin. To know when to accelerate one’s engagement in a business, as well as when to decelerate, appears key. It seems to be a matter of skill regarding “ins and outs”.

It is also important to consider that these “ins and outs” are not only about entering and exiting a business, but rather can also refer to turning on or off a “business dial”, which can be more another type of action, e.g. opening or closing a division, changing or upscaling or phasing out a product, growing or stabilising a revenue stream, spending or saving, etc. There are signals out there for all of those types of decisions, too. Perhaps by concentrating more broadly on “ins and outs” and its classical reference to only entering and exiting a business, we are thinking too narrowly. We suggest considering timing, breakpoints, and signals in different contexts depending on significant business decisions.

All businesses are different. This implies that each business leader must develop their own lead indicators. Our book The Future Ready Leader (Lorange and Mugnaini, 2024) provides support when it comes to this. In our work we have reviewed some 70 books and also conducted around 21 high-level interviews. While none of these explicitly identify lead indicators for guiding “in/out” decisions, they all seem to have been developed in this spirit. Thus, many authors whose works we have reviewed, as well as most of the executives interviewed, seem to have had a central concern for lead indicators, i.e., how to perceive indicators and better forecast various types of decisions. Accordingly, leaders might be inspired by our book to establish their own tailored factors.

So, how can leaders come up with better ways of doing this? Are there factors that leaders might follow which might signal that there is time for action? And such signals may have value only if they can be considered to be exclusive for a given decision-maker. If the signal-reading is available to all, in contrast, there could be relatively little to gain. In such cases, it can be unrealistic to come up with better timing decisions, at least those that others in the market would not have picked up on. The trick will be to identify factors that are unique to that person or entity, ideally before others see similar or comparable indicators. Our aim, with our book, has been to contribute towards this.

To explore how to find such “weak” signals for guiding in/out decisions, we thus surveyed 70 books, written by a wide array of practitioners totalling some 15,000 pages. Further, we interviewed some 21 senior leaders from business and politics. The result is summarised in The Future Ready Leader. In the following, we shall discuss how these learnings could help leaders to improve timing decisions. We shall offer a conceptual scheme for coming up with lead indicators, based on inputs from our book. Further, we will aim to illustrate how our approach might work when applying this to three specific businesses.

We tout the importance of intuitive and counter-intuitive thinking, creative thinking, and ways that recognise that weak signals are just as valid or important as strong ones. In other words, learn by the not-so obvious, learn through the “side door”, learn through daily nuggets, not necessarily from the established teacher or guide but also from learners or the unexpected. Thus, it may become critical for an executive to be willing to break typical learning patterns and go beyond what may be at first the most obvious of lessons. In many large organisations, perhaps particularly in significant, bureaucratic ones, it could be particularly important to keep this in mind. Impact from support entities might tend to be particularly “frozen” in many established organisations.

A Conceptual Scheme for Better Timing

We have developed a four-step conceptual scheme for coming up with better lead indicators, to make better in/out decisions. Every business is, of course, unique. A senior leader must thus be prepared to strive to identify their own lead indicators, tailored to their own distinctive business, within their relevant market/s. While our book provides valuable inputs in such a process, it is absolutely fundamental that further tailoring of factors take place, such as “combining” the content from our book with the conceptual scheme below:

• Step 1: Identify a preliminary set of critical success factors, based on a senior executive’s understanding of their business.
• Step 2: List what might influence (“drive”) these critical success factors. Are there other critical success factors that might have been overlooked initially? (Draw on our book).
• Step 3: Develop several scenarios for how one’s critical success factors might evolve (again, drawing on the book).
• Step 4: Select measurable surrogates for each of these factors to track the development of the scenarios.

A senior leader must thus be prepared to strive to identify their own lead indicators, tailored to their own distinctive business, within their relevant market/s.

This process is, of course, both interactive and iterative. There may be iterative loops, triggered by initiatives from the decision-maker, so as to create revised inputs. In the following, we shall attempt to illustrate how this process might work through discussing four examples. While all examples are disguised, they nevertheless represent real cases taken from one of the authors’ experiences.

There are several bases for support when it comes to this type of exit decision in our book. Particularly, the interview with Kristian Jebsen (Part 4) is useful. Also, the interviews with Jan Jenisch (Part 5) and of Morten Hannesbo (Part 5) are helpful. In addition, many of the book reviews seem relevant, especially several of those in Parts 4 and 5.

Example: Offshore Shipping

Offshore supply shipping basically consists of two major segments, anchor-handlers, to assist the redeploying of oil rigs, and platform supply ships (PSVs), to transport supplies to offshore rigs (provisions, drilling mud, pipes,…). In addition, there are several smaller, specialised, niches (diving support, ROV,…). However, in this example, we shall focus solely on PSVs.

After considering several factors for how to decide where to order new PSV ships, and when to sell, we came up with the following simple paradigm, that also was easy to track: tonnage of the PSV fleet presently “in the water”, relative to new tonnage on order. When new tonnage on order shot up, it was perhaps time to sell. When there were relatively few new ships on order on the other hand, then it might be time to order new buildings, or to buy secondhand tonnage.

At one point, new building orders could be rapidly rising. And the secondhand price for PSVs would thus also tend to be good, as might be expected, since the market would still be strong, with nothing of the new tonnage yet depressing the market. One might want to sell.

But there might be objections, say, from employees. Here are two factors to consider when it comes to exit decisions:

Timing decisions (“ins” as well as “outs”) should typically be taken by the CEO alone. If group-based decision-making is at work, then subsidiary factors, such as protecting one’s job, safeguarding one’s turf, etc., will easily lead to inaction. Also, more decision-makers involved can naturally risk slowing down the speed to decision.

It follows from the above that these types of decisions often tend to be relatively unpopular. A robust CEO is therefore needed. They must be ready to make unpopular decisions, anticipating questions, preparing replies, etc.

Example: A Medical Testing Firm

A decision to go public was raised by several minority shareholders, but this was rejected by the majority shareholder. For the majority owner, a more extreme long-term focus seemed acceptable, setting aside aspiration to take advantage of shorter-term positive movement in the firm’s share-value cycle. So how might one come up with lead indicators for a more specific indication of what may be good timing then, still as seen from the vantage point of the minority shareholders?

Here are some inputs that might be taken from our book. The book by Rosling (Part 3) offers important analytical support. And Sethi’s book (Part 4) discusses several of these issues directly. Carryou’s book is also relevant.

One important assertion should be made at this stage, namely that it is important that a firm’s top leadership be in a position to actually act when an opportunity comes up. The counterpoint might be more fundamental disagreement among leading stakeholders, such as between various shareholder groupings, top management, the board, and so on. Again, it is important that there is someone at the helm with clear decision-making authority.

Example: A Land-Owning Firm

The local political authorities have tentatively approved the building of several semi-detached dwellings on around one-third of a land parcel outside a European capital city, and the land-owning firm has provisionally sold this land parcel to a developer. A main condition from the local political authority to allow the construction to take place, however, is a requirement that the local access road should be improved. While the cost of this rests on the local community and county, there might be relatively low willingness by the authorities to go ahead, due to other, competing priorities for them. A large development project nearby seems to have led to increased pressure to start the road-improvement project, however. But when could the road construction take place, triggering the land development firm to receive its sales compensation from the developer?

While there are many inputs from our book that might shed light on this issue, several of the books reviewed in Part 1 may be particularly relevant. Andrew McAfee’s book appears to be particularly so. Also, the book by Sam Zell (Part 8) is also helpful.

Example: Purchase Of A Chemical Tanker

There was an opportunity to purchase a part of a secondhand chemical tanker, which was to be operated by a well-represented shipping group, considered to be a world leader with a pool of ships designated to the transportation of chemicals. There seemed to be signals that it was a good time to enter, with the price of the ship being relatively low, a somewhat low new-building order book, as well as an apparent global uptake for the transportation of chemicals.

The reviews and interviews in Part 5 could shed important light on the issues affecting the attractiveness of chemical shipping. Several of the book reviews in Part 3 are also relevant, perhaps above all that of Siilasmaa’s book.

A portfolio strategic perspective is also important here, however, that there should be enough free cash available to execute attractive investments. In-decisions/in-opportunities typically come about rather randomly. Cash is needed to be ready to act when such opportunities arise.

Conclusions

As we are always stressing, it is especially critical to be able to anticipate so-called breakpoints, to be able to take timely actions, typically ahead of “the rest of the flock”. By breakpoints, we mean business interruptions that can arise from a variety of reasons, including environment, process, people, and so on. Some breakpoints are expected, others not. For those not anticipated, being in tune with or alert to the not-so-easy-to-see data points or the weak signals can help leaders to catch them.

Cycle management is a key concept here too, namely, to anticipate low parts of a cycle and to “get in”, as well as upper parts of a cycle, and to “get out”. In most types of shipping, for instance, this is particularly important. Cycle management does of course apply to many other business areas, too. And we can turn to successful investors who have turned this almost into a science, for inspiration. Breakpoint understanding represents a central premise for successful cycle management!

Do not ignore the weak signals that indicate the existence or probability of breakpoints. In quick-paced environments, we acknowledge how critical speed is. Yet we suggest that you can be fast, and focused (see the review of Hoffman and Yeh’s book in particular – Part 5). You can accelerate forward, you can build an awareness level in such a way that even small, minute impulses can serve as moments of transformation.

Weak signals can indicate that change can occur, for example in leadership. While strong signals may stream almost automatically into actions, tiny data points, weak signals are often unseen, set aside or misinterpreted. Scientists, doctors, economists, and even security experts or detectives, are examples of professions whose work relies heavily on their ability to look for signals and breakpoints.

So, a “new” managerial discipline is emerging – the sensing of signals regarding breakpoints, not only strong, but also weak ones. Effective leaders must develop an approach to understand these themselves. For each business leader, these will be different! Business schools might also be useful here, by focusing more on (typically weak) signals; how to gain understanding and how to measure. But, in the end, it is all about the effective leader him- or herself. Observation, listening, reflection are part of this critical process and mindset.

In summary, in-out decisions can yield success if made with the highest degree of observation of patterns, capture of signals, analysis, and solid doses of clear decision-making. We must not only ask our teachers and guides to help us to acquire these skills, but we ourselves must shift our leadership mindsets to that of a “signal sensitivity” mindset.

About the Authors

Peter Lorange, Honorary President, IMD, is a successful entrepreneur and the former owner of a highly diversified family investment company.  He is regarded as one of the world’s foremost business school academics, having held the position of President at IMD, Lausanne (Switzerland) for 15 years, having also been President of Norwegian School of Business, as well as a Professor at Wharton and at Sloan School (MIT). He has had several positions on various boards. His entrepreneurial journey spans key areas such as education, shipping, investments, and real estate businesses.

Karin Mugnaini is the Head of the International Alumni Association at IMD (Lausanne, Switzerland), and has been involved in international business since 1989, with engagements across the United States, Europe, Hong Kong, and currently in Switzerland. She has held numerous leadership positions in corporations as well as in startups, with a particular emphasis on new business initiatives. Ms. Mugnaini was formerly President & COO of the Lorange Network, working closely with Peter Lorange.

The post A New Business Leadership Paradigm to Understand Signals and Timing: When to ENTER a Business and When to EXIT appeared first on The European Business Review.

As economic growth rates decline, many companies find opportunities by expanding to new markets and geographies. But how do companies ensure trust as they expand digitally? We spoke with Trulioo CEO Steve Munford about an evolution in identity verification that’s similar to what took place with security software 20 years ago.

How do companies secure themselves in today’s volatile markets, where growth is slowing and depending on only a few regions might be a risky strategy? The answer for many companies is international expansion, Trulioo CEO Steve Munford says.

While international expansion delivers benefits for many companies, it also raises complex questions about trust and customer identity verification.

Munford foresees a future when all goods and services might be transacted digitally. The key to that, he says, is establishing “that trust you saw in a village because you knew everyone.”

People typically build trust through in-person meetings with, for example, banks, retailers or service providers. As companies increasingly tap into global markets, Trulioo is there to help businesses create the trust of a village digitally.

The digital economy is a market driver, but it can also, according to the Trulioo website, “prove to be a breeding ground for serious crimes like money laundering and terrorist financing.”

Decentralized currencies offer a great example of how the digital economy provides powerful business opportunities while also presenting opportunities for fraudulent activities. Constantly evolving Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are necessary for businesses to make sure they’re engaging with lawful actors.

The key to global, digital expansion is trust, and Trulioo helps companies — including multiple Fortune 500 businesses — establish it through identity verification.

Some companies can handle identity verification in a few countries where they operate, but Munford says Trulioo helps companies answer the bigger question: “How do I perform identity verification around the world?”

“On average, if I look at our top 20 or 30 customers, they are doing business with us in 30 countries,” Munford says. “What I hear from them is that it would be nearly impossible to figure out how to do identity verification in each of those countries. Identity is nuanced and country-specific in terms of the data available to identify someone and the regulations governing verification. We are the global leader in doing that.”

Identity verification services build trust that allows people in remote regions to participate in global markets.

“Just think about people making products or providing a service somewhere in a remote region of Asia, Africa or South America,” Munford says. “Wouldn’t it be great if they could participate and sell their products directly?”

Bringing the signals together in identity verification

Munford, who has 25 years’ experience in online security, explains the market in identity verification services by comparing it to the evolution in the digital security industry. Consumers and companies once used multiple solutions from multiple providers: one for a firewall, another for anti-spam software and others for ad blockers.

Those scattered solutions led to a “desire to get a more comprehensive platform to do security,” Munford says. That desire stemmed from the gaps between products. Even if each product worked, they didn’t necessarily work well as a whole.

Today, identity verification services are in their early stages with siloed products, Munford says. That can make onboarding unnecessarily complex because many companies take new customers through KYC, AML, document checks and sanction screenings from several different providers.

Some companies, though, “bring the signals together,” Munford says.

“That’s the opportunity we see in the identity market,” he says. “I think identity is going to go through the same transformation that security did about 20 years ago.”

Trulioo is closing the gaps by providing a comprehensive identity verification platform. The platform extends to business verification and identifying the people behind the business entity.

Global events such as Russia’s war in Ukraine and the subsequent sanctions on Russian companies and individuals are helping drive the demand for business verification. The Trulioo Know Your Business and AML watchlist tools help ensure companies aren’t doing business with bad actors.

Trulioo is helping companies achieve regulatory compliance around the world, build trust with customers and provide easy, low-friction user experiences. For companies that wonder how they can reach those three goals, Munford advises they take a risk-based approach to the friction level they apply during onboarding and throughout the customer journey.

That approach varies depending on shifting regulations around the world, different industries and different customer bases. Trulioo identity verification services, though, provide the agility companies need to adapt to different circumstances.

Navigating uncertain times

The past few years have been unpredictable. In that volatile climate, how does a company that helps other companies grow internationally ensure its own health?

Munford advises to “eat when served, raise capital when you can. That will help you withstand the turbulent times ahead.”

Trulioo takes the approach of “be lean and lean in,” Munford says. He says the companies that do well are the lean ones that remain aggressive and keep their sights a couple years ahead. That approach has led Trulioo to foresee economic conditions and raise capital when the economy is booming.

Recent global developments favor the adoption of identity verification solutions. COVID-19 sped up digitization as face-to-face encounters, sales and services were limited globally. Parallel to that, cryptocurrencies grew in prominence and prompted heightened and shifting needs for global identity verification.

In a fast-paced, ever-evolving digital economy presenting new dilemmas and risks for globally expanding companies, Trulioo is prepared to help businesses meet whatever the future may hold.

This article was originally published on 1 November 2022.

Executive Profile

Steve Munford, Chief Executive Officer of Trulioo.
Steve is an accomplished leader in security and enterprise software with extensive experience leading companies through rapid growth. He is deeply engaged with product vision and execution, and his commitment to high standards has helped him lead companies to realize their maximum potential. Steve is active in the community as a board member at Covenant House, a development committee member for Social Venture Partners and a member of the Science World Advisory Council.

The post Re-creating the Trust of a Village in a Digital, Global Market: Insights From Trulioo CEO Steve Munford appeared first on The European Business Review.

People have always had a strong tendency to anthropomorphise inanimate objects. Who doesn’t know someone who gave a name to their first car? But perhaps we should give more thought to the relationships we enter into with AI systems.

From rocks to hammers to high-impact drills, for thousands of years, we’ve grown accustomed to holding tools in our hands. Now, more often, we’re holding them in our minds. AI-enabled tools are rapidly growing more powerful and precise, and part of their predictive prowess lies in the ability to communicate through written and spoken words. This puts us on the verge of interacting with machines in much the same way we interact with humans, conversationally. Very soon, we will be having meaningful, ongoing, human-like relationships with machines.

According to Gartner, by 2025, generative AI will be a workforce partner within 90 per cent of companies worldwide (Gartner, Gartner IT Symposium 2023 Presentation, “We Shape AI – AI Shapes Us”, Mary Mesaglio and Don Scheibenreif, 16-19 October 2023). Gartner is calling these partners digital teammates – I call them intelligent digital workers (IDWs) – and if we’re going to populate our daily lives with scores of them, there’s significant work to be done. Organisations need to develop clear strategies and build systems with intention. Designers need to poke lots of holes and develop the iterative chops to quickly plug them – or, better yet, quickly divert flows in safer directions. Users will need to be able to understand what kinds of systems they are interacting with throughout their days.

With the race already well underway to connect powerful generative models to organisations and end users, business leaders will need to move quickly but intentionally. Taking the long view and thinking solutions through to all possible ends will be difficult to balance against incoming waves of disruption, but it will be necessary. These early moments of intimacy with machines will define the very nature of our relationship with these powerful new allies.

Let’s take a look at the ways we can connect with this new class of tool and the careful steps we can take in getting there.

Anthropomorphism, Innate and Powerful

The most memorable cars I’ve owned or ridden in had names and a semblance of personality that emerged from the experience of being inside their cabins. Plus, their headlights looked like eyes and their grills grinned like mouths. Imagine how the dynamics will shift when we can have useful conversations with our cars. Or, when the IDW we speak with in the car is the same one that we can continue speaking with while walking into the kitchen.

The conversations we have with IDWs can take all kinds of forms, but in productivity settings it’s important to consider how human we want these interactions to seem – how much intimacy we want to create. With their ability to speak and write, to listen and read, large language models (LLMs) are already innately anthropomorphic. They pass the Turing test^1, with humanness to spare. They feel real.

With ChatGPT in particular, we’ve already seen people using conversational AI as an armchair therapist². I’ve also heard people who have intimate knowledge of how LLMs operate express surprise at how intelligent they seem. Their anthropomorphic nature makes them incredibly powerful from a design standpoint – power that is, of course, double-edged. These models can be made to delight or deceive.

It’s becoming much easier to use anthropomorphism to fool an end user into believing that they are interacting with a real person, which can happen by design or by accident. Obviously designs that are intended to fool people into thinking they are human are unethical (perhaps barring designs that are intended for entertainment). In the realm of armchair therapy, these systems have led people down dark and, sadly, deadly paths simply by virtue of being human enough to seem trustworthy3.

Bottom line, anthropomorphism can happen in designed and unintended ways. As we get our footing in the world of digital teammates and begin creating a new kind of intimacy with our tools, letting machines behave more like machines might be erring on the side of caution.

Getting Even Closer

OpenAI recently unveiled GPTs, customisable versions of ChatGPT that users can train without having to write code. According to their blog⁴, ”Creating one is as easy as starting a conversation, giving it instructions and extra knowledge, and picking what it can do, like searching the web, making images, or analysing data.” Even more recently, Google launched their Gemini model, which can understand text, images, video, and audio. Gemini can also perform impressive tasks relating to maths and physics, and it understands and generates high-quality code.

GPTs are shareable and deployable within organisations, which is a step forward in their evolution. Gemini’s multi-modal capabilities are also game-changing. Still, I wouldn’t classify either of these tools as an IDW or digital teammate on their own. A truly intelligent digital worker has shareable skills and can interact multimodally, but they also have the ability to communicate across an organisation’s departments, systems, and data. Make no mistake, IDWs are being used right now by forward-thinking orgs with full-blooded AI strategy^5. Companies that are still fiddling with siloed chatbots aren’t even on the same path.

This level of connectivity that IDWs provide, whether inside an enterprise or a household, is fertile soil for what the GPTs of the world are aspiring towards: personalisation. This personalisation offers opportunities to go beyond simply delighting users. Imagine if the voice interface I mentioned earlier can look through your email inbox to find the plumber you used a few years ago while also ordering you a ride to the airport, checking you into your flight, and sending a note to your friend in Chicago that your flight is on time.

That’s a home speaker use case loaded with high-value activity. The value of a truly smart speaker in a business setting is far greater. Well-orchestrated conversational AI can remove so much tedium from our work existence that the quality of our lives will take a dramatic upswing. I bring this up for two reasons.

Obviously there’s untold business value wrapped up in this level of personalisation. There’s also another layer of intimacy that bears consideration. If IDWs are radically improving your life in ways that the humans in your life aren’t capable of, how do we compartmentalise their existence? Are they best friends? Are they like family? Do IDWs become gods? The safe answer seems to be that they should be powerful yet benevolent machines working on the behalf of all of us.

Regardless, the temptation to view IDWs as human and to trust them more than we should will be great. The design choices we make in creating IDWs – including, and perhaps especially, how we anthropomorphise them – will dictate the kind of intimacy that emerges between humans and machines.

Value in Closeness

In removing the tedious tasks that take up so much of our time, conversational AI might allow us to have deeper interactions with the humans in our lives. Conversational AI also allows us to interact with machines in a way that’s far less distracting than glowing screens. If we can periodically ask machines questions and receive written or spoken responses, we can spend less time looking at our pocket computers, which might also allow us to deepen our connections with other humans.

At the beginning of this piece, I mentioned that we frequently hold out tools in our minds. You could also say that our most cutting-edge tools now hold our minds in them. The GPT models were trained on nearly all of the internet. That represents thousands of years of accrued human knowledge. So, in an abstract sense, if you’re asking ChatGPT a question on your phone, the tool is in your hand and in your mind. At the same time, your mind – or, more accurately, our collective mind – is in the tool.

I recently had a conversation with Blaise Agüera y Arcas⁶, AI researcher, author, and VP and Fellow with Google Research, and he reminded me just how collective human intelligence is. He spoke of the “islanding” effect, where small populations are cut off from the larger societies, and their level of innovation plummets. “It kind of shows you that people are a little bit like neurons in a bigger brain,” Blaise said. This realisation informs his take on AI, which he called a bit unorthodox.

“I think about [AI] more ecologically,” he said. “Their intelligence is our intelligence. The way we’ve arrived at AI is literally by training it on corpuses of human interaction. Their interaction with us is very, very human-like. I would argue it is human … It may be different from us in its implementation, but it’s not different from us in its culture or its intelligence.”

As Blaise sees it, in the way that there’s collectively more intelligence in a city than on an isolated island, AI can radically boost our capabilities. I agree, and can envision technology taking us to dizzying new heights – actually bringing us closer together as people and enhancing our collective intelligence to the point where even the most daunting problems we face (like climate change, widespread corruption, and inequality) can be solved.

While this might sound lofty or abstract in terms of things business can do right now, there are immediate choices that organisations are making right now that are setting trajectories in a moment of massive acceleration. There are pathways that business leaders can begin to follow that will foster a measured and responsible form of intimacy between conversational AI and users. The work won’t be easy, but it’s hard to think of a more critical time to get something right.

About the Author

Robb Wilson is the co-founder and CEO of OneReach.ai and the GSX creator / builder platform, the only platform in the space that’s named as a leader by all of the most respected analyst firms, Gartner, Forrester, IDC, Everest, etc. He co-authored Age of Invisible Machines, the first WSJ bestselling book about conversational AI, and co-hosts the Invisible Machines Podcast. Robb has spent more than two decades applying his deep understanding of user-centric design to unlocking hyperautomation. In addition to launching 15 startups and collecting over 130 awards across the fields of design and technology, he has held executive roles at several publicly traded companies. A trusted thought leader in the realm of conversational AI and hyperautomation, Robb has played a part in creating a wide variety of products, apps, and movies that have touched nearly every person on the planet.

References:

1. Turing test. Wikipedia. https://en.wikipedia.org/wiki/Turing_test
2. ChatGPT is giving therapy. A mental health revolution may be next. 27 April 2023. Aljazeera. https://www.aljazeera.com/economy/2023/4/27/could-your-next-therapist-be-ai-tech-raises-hopes-concerns
3. Man ends his life after an AI chatbot ‘encouraged’ him to sacrifice himself to stop climate change. 31 March 2023. Euronews.net. https://www.euronews.com/next/2023/03/31/man-ends-his-life-after-an-ai-chatbot-encouraged-him-to-sacrifice-himself-to-stop-climate-
4. Introducing GPTs. ChatGPT. https://openai.com/blog/introducing-gpts
5. Case Study: Global Fortune 50 Company achieves 83% CSAT Score By Automating Employee Experience. OneReach.AI. https://onereach.ai/portfolio/case-study-global-fortune-50-company-achieves-83-csat-score/
6. S2E23 Identity and Collective Intelligence with Blaise Agüera y Arcas, VP at Google Research. December 2023. YouTube. https://www.youtube.com/watch?v=xZ2EQgINEh4

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This is unfortunately a prevailing misconception that we’ve seen in the industry for many years now, and it’s often been the root cause of attacks targeted at the cloud. Cloud environments are dynamic and constantly evolving. With new services, updates, and configurations being added regularly, a static security approach is never enough. The belief that initial security measures are sufficient overlooks the need for continuous monitoring and updating to address emerging vulnerabilities and threats. Moreover, the cloud creates additional complexity with the lack of transparency afforded compared to on-premise deployments. 

The misconception that cloud service providers operate on a shared responsibility model that takes care of security is also a considerable issue. Clearly defining the area of responsibility for each party becomes crucial, particularly as we consider the burden for data controllers to manage the processing of personal data across the supply chain. 

Even if you implement robust perimeter security measures, you can’t just sit back, switch off, and expect your cloud systems to take care of themselves. Attack tactics are continuously evolving, which can make your existing cloud security measures almost immediately ineffective. At the same time, there’s also the risk of insider threats and human error. 

So, cloud security should never be treated as a one-time task but a continuous process. It requires ongoing vigilance, rigorous authentication, constant monitoring, regular training, and adaptation to new threats. 

In your view, what specific vulnerabilities or shortcomings in cloud security practices contribute to cyber incidents, and how can organisations better address these issues?

We recently conducted a mid-year threat review at Rapid7 and found that a shocking 40 per cent of incidents in the first half of 2023 were a result of poor multi-factor authentication (MFA) practices, particularly on cloud-based remote access systems like VPNs, virtual desktop infrastructure (VDI), and SaaS applications.  

Our report very clearly highlights the critical need for robust MFA protocols. However, it’s not just about having MFA in place; it’s also about implementing it correctly. MFA push fraud is on the rise as threat actors take advantage of notification fatigue, suggesting that organisations need to look beyond traditional MFA methods. Solutions like number matching can mitigate this fatigue and enhance security. 

Beyond the vulnerabilities in access controls, around 11 per cent of incidents were linked to cloud misconfiguration. In a race to deploy cloud applications quickly, if you leave behind misconfigured elements such as unrestricted ports, unvetted third-party connections, or excessive permissions, you’re basically giving an open invitation to the threat actors. Balancing speed with caution and vigilance should be the key to effective cloud implementation. 

Additionally, more than a third of widespread threat vulnerabilities were exploited in zero-day attacks, emphasising the need for routine patch cycles and prioritising patching on high-value assets. This includes putting network edge devices, like VPNs and file transfer appliances, on a high-urgency patch cycle. 

The best way to address all of these vulnerabilities is to focus on the security fundamentals. Businesses should implement and harden MFA, continuously monitor for unusual access to cloud storages like Google Drive and SharePoint, and establish clear, measurable deadlines for routine patch cycles, focusing on both OS-level updates and actively exploited vulnerabilities.  

You have been involved in cybercrime cases. How do you see the role of cloud security evolving in the context of cybercrime investigations, and what improvements are needed to enhance the security posture of cloud environments?

Broadly speaking, when we consider the evolving threat landscape, we have to consider the constantly evolving tactics being leveraged by threat actors. It has been said that we are in a constant game of cat and mouse to stay one step ahead of their next move. 

I think a major concern going forward will be the misuse of commercial cloud service providers (CSPs). For example, threat actors are not always relying on infrastructure that has been known to host command-and-control servers and are increasingly leveraging CSPs to host malicious content. The reason behind this shift is clear: the growth of reputational feeds against known bad IPs demands a change in how attackers blend their malicious activities with legitimate services. 

To combat these threats, we have to reimagine our approach to cloud security. There’s a need for closer collaboration between cloud service providers, cybersecurity experts, and law enforcement agencies to effectively track and combat these evolving threats. For businesses, once they have the critical security fundamentals in place, they should look to implement more advanced detection systems, improve threat intelligence sharing among stakeholders, and continuously update and refine security protocols.

Your co-authorship of the “CSA Guide to Cloud Computing” indicates a deep understanding of cloud security. How can organisations transition from the traditional “install and forget” approach to a more proactive and continuous security model, and what are the key elements of the “assess, detect, respond, and automate” framework?

To move away from the “install and forget” mindset, businesses must first prioritise cloud security at the top of their security team’s agenda. This means making cloud security a continuous process, demanding a level of transparency against an often opaque deployment. Although the historical approach would be to drive periodic assessments such as audits of critical cloud resources, we have to consider frameworks that provide continuous cloud security assessments. This incorporates the key aspect of the “assess, detect, respond, and automate” framework, which is integrating real-time monitoring and analytics, enabling rapid detection and response to potential threats. 

“Assess” involves conducting these continuous assessments to identify risks against the deployment. This step is crucial for understanding the current security posture and planning improvements. “Detect” focuses on implementing advanced monitoring tools to identify potential threats and anomalies on the cloud in real time. Concurrently, organisations must have a robust incident response plan that can be rapidly activated in case of a breach or threat. This ensures minimal impact and quick recovery. 

There should also be a significant focus on training and awareness, ensuring that all employees understand the evolving nature of cloud threats and their role in maintaining security. At the same time, business leaders should look to make life easier for the security teams. Leveraging automation for routine security tasks can significantly improve efficiency and consistency, freeing up resources to focus on more complex security challenges. 

How can organisations leverage artificial intelligence and machine learning to enhance their cloud security measures?

The use of AI/ML within cybersecurity is not new; indeed, one can argue that the implementation of data science for driving stronger efficacy demonstrates how cybersecurity has been leading the charge well before it has become a mainstream topic. The demand to drive better detection is a perpetual challenge, particularly as we consider the evolving tactics by threat actors. This means investing in solutions that can detect and prioritise anomalous activities, as well as effectively distinguish between threats and genuine activities. This sharpens the focus on true threats, significantly reducing false positives and enabling security operations centre (SOC) teams to concentrate on active threat investigations and responses. 

It’s also important that businesses integrate AI and ML solutions for better cloud management, not just security. They should implement tools that can automate critical processes, such as adjusting configurations, right-sizing permissions and privileges, and streamlining collaboration across the SOC, engineering, and IT teams during incident investigations. Ultimately, the benefits of efficient management transition into better security. 

In advocating for constant monitoring as part of the security framework, how do you address concerns related to the potential impact on system performance and operational efficiency? What strategies can organisations employ to strike a balance between security and operational needs?
 
The best and perhaps the only way of balancing security and operational efficiency is by turning cybersecurity into a core business process. Organisations shouldn’t look at cybersecurity as an isolated responsibility; rather, it should come up in every single business process. There should be a centralised security strategy where cyber risk is collectively understood and managed by all stakeholders, from the CEO to the most junior team member. Every business component should work together like a well-tuned engine, balancing security needs with operational demands for optimal performance. 
 
CEOs play a pivotal role in achieving this integration of cybersecurity. They must lead the change, establishing security responsibility and accountability across the entire business. The key is open communication and a shared understanding between all parties. By engaging the entire workforce in cybersecurity, recognising it as a team game, and defining clear roles and responsibilities, organisations can decentralise cybersecurity. This approach not only improves security effectiveness but also aligns it with broader business objectives, ensuring operational efficiency. 

The notion of hackers lurking within networks for extended periods is alarming. What steps can organisations take to improve their ability to detect and respond to these prolonged threats in cloud environments?

A business’s detection and response capabilities often come down to how good its threat intelligence data is. The cyber domain is undoubtedly an ocean of threats, and you can’t possibly address every single one. So, the most practical approach is to address threats that are critical to your business and pose a high risk to your valuable assets. That’s why you need quality threat intelligence data, which will help to provide a deeper understanding of the tactics, techniques, and procedures (TTPs) used by attackers. 

Achieving this requires businesses to invest in tactics such as routine threat hunting for evidence of compromise, leveraging true actionable intelligence. This activity becomes a key component of continuous assessment within an environment, and it demands the integration of intelligence based on new findings and evolving attack patterns as well as ensuring that all relevant teams are trained to interpret and act on this intelligence effectively. 

As cloud security continues to evolve, what role do you see for collaboration between industry stakeholders, government agencies, and cybersecurity professionals in shaping effective security practices and policies? How can these collaborations contribute to a more robust defence against emerging cyber threats in the cloud?

The need for collaboration in cybersecurity is more critical than ever. This year alone, there have been several high-profile take-downs of dark web marketplaces and ransomware groups, such as PIILOPUOTI and Genesis Market, where collaboration between the private and public sectors helped the industry crack down on numerous malicious activities. Such collaborative efforts demonstrate that absolute anonymity for cybercriminals is increasingly a myth, and their activities on the dark web are not entirely risk-free. 

The key to effective collaboration lies in maintaining cross-industry transparency and communication. It’s about sharing information and working in unison to develop and implement effective security practices and policies. This synergy can significantly enhance our collective defence against emerging cyber threats in the cloud or anywhere else we conduct business. 

Executive Profile 

Raj Samani is a computer security expert with more than 25 years’ experience building a stronger, more resilient cybersecurity community through organisational leadership and industry activism. As Senior Vice President and Chief Scientist at Rapid7, Raj is responsible for extending the scope and reach of Rapid7’s research initiatives to further inform and equip business and government leaders. Raj has assisted multiple law enforcement agencies in cybercrime cases and is special advisor to the European Cybercrime Centre (EC3) in The Hague. 

The post Is Cloud Security Still an Install and Forget Job? Interview with Raj Samani, Chief Scientist at Rapid7 appeared first on The European Business Review.

The growth of remote working and migration to the cloud is providing cyber-criminals with an ever-greater target to aim at. At the same time, old vulnerabilities such as email exploits are very much alive and kicking. Here, SecurityHQ CEO Feras Tappuni gives us a glimpse into the response offered by his company.

Thank you for gracing us with your time, Mr Tappuni! Can we begin with a few words on what initially drew you into cybersecurity?

I am an engineer by training, so I was always into networks and systems, and SCADA networks in the old days, especially with respect to industrial controls. It became evident to me that the risks were already there with regards to security, but following the 9/11 attack, security became the issue at the forefront of most people’s minds. Towards the end of the Afghanistan campaign, you could see that new security risks were occurring with respect to cybersecurity. But in contrast to physical attacks that would target certain individuals and countries at any one time, cyberattacks had – and have – the ability, range, and breadth to affect everyone at the same time. Which is why, as a cybersecurity professional and with my system network background, it was a natural fit to move towards cyber. That was 15 years ago, and we could not even envisage the scale that attacks have reached today. 

While the emerging digital world is a fact of life today, it must have looked quite different back in 2003, the year SecurityHQ was established. What were some of your clients’ earliest concerns that you remember?

There are many of the same issues that clients have today as they did back in 2003 – it is all about capacity and capability. Businesses did not, and still do not have, the capability to handle cyber-risks and cyberattacks. They also have a serious lack of staff, as well as access to staff, and that has never really changed, it has only ever been exacerbated. 

In the early days, there was a lot more confusion around cyber and understanding the impact but, as the market has matured, there is a lot more clarity on that. 

Could you expand on what you meant when you spoke about your team “engineering solutions to threats and vulnerabilities that were largely physical in nature”?

Originally, in any form of security, physical security used to outweigh electronic security with regards to issues such as counterterrorism, for instance. Here we are talking about walls, fences, chains, which are all still highly relevant within the security world. But where it crosses over into cyber is that the same principles are followed, these being the three “Ds”: Deter – Detect – Delay. And, oddly enough, as we transitioned, and as I transitioned as a professional, those principles are still relevant in the cyber-world. You must deter with your firewalls, and your IPSs. You must make it very hard for the assailant to try and find the vulnerabilities. You certainly must detect. And then you must delay, which is containment. 

Those principles have never changed, and they have not changed since the Middle Ages, when security systems such as moats, bridges and guards were put in place when building a medieval castle, for instance.

In 2008, you set up your first Security Operation Centre in Pune. What was the driving force behind your decision to set up a more permanent platform?

With respect to building our first SOC, we currently have six Security Operations Centres dotted around the world. Our first SOC was created to take control of our own destiny, so we formed our first global SOC in Pune, India. Pune has a huge reputation with universities, and here we could harvest the greatest minds coming out of those top universities. It was clear even back then, and still is today, that accessing talent is a crucial element to our industry, so we wanted to have our own SOC based there. But that was the first SOC; there are five others now around the world. Pune is still a major part of our business; we are very proud of it, and we welcome customers to visit it. There is no outsourcing, we do everything in-house, and we will be announcing something quite special next year on that. 

For 18 years and counting, your company has been safeguarding the digital walls of some of the most influential companies today. You now have offices located in Australia, London, and Dubai, to name but a few. What would you say has been the greatest milestone in the journey of SecurityHQ thus far?

I don’t think we have reached our greatest milestone yet. I am always so proud of the journey that the team have gone through and are continuously going through. Year in, year out, we have seen successful growth, with no venture capital. This company is run and managed by engineers and led by extraordinarily talented people. I am just watching and enjoying the ride. 

SecurityHQ places great emphasis on client-centred, personalised services. Can you enlarge on what this means in practice? Can you describe your customers’ involvement in the process of developing services for them?  

Our customers want to deal with real people; they don’t want to deal so much with machines. Of course, they want all the technology, the capability to alert and detect and all the processes that come with that but, ultimately, they want people at the end of the phone from the very top all the way down. 

Not only do they want people, but they want people available to them day and night. Our services must be completely accessible all the time, every minute of every day. That will never change, and that is a major differentiator. This company will never have fully automated responses/processes; there will always be real people on the other end of the phone to help our clients, and that is very important to us.

The world of digital technology post-COVID is fast-changing. How do you approach R&D? Do you wait to be approached by a potential customer, or do you proactively research promising technologies in order to seek customers later?

The world is constantly changing but, regardless of COVID, all businesses must be ready to pivot and move in the event of any disaster. You have to be able to adapt and change with the times, regardless of the causes. What we used to offer and how we used to offer it five years ago are not the same offering we have now. And what we offer today will not be the same in five years’ time. It’s a metamorphosis of the original platform, but R&D is a major part of our business. We have significant investments with regards to SecurityHQ Response App, and that is something that we will continue to invest in and put some serious money behind, to make it the best that it can be. 

Some people argue that data is just as valuable a currency as gold these days. In view of the risks inherent in the cyberspace environment, how do you assure clients that their sensitive information is in good hands?

It is true that data is incredibly valuable. Risk is what we deal with and what we mitigate. You must have the capability to detect, and there is no point detecting if you can’t respond.

Has the increasing vulnerability of the cloud altered your approach to threat intelligence in any way?

What has changed with the cloud is that it has broadened the attack surface in many ways. With cloud, you have highly distributed networks, so the more you spread, the more accessible you are, because you need to be accessible to your staff and clients, and your staff and clients need access to your applications. While necessary, this does increase your risk level. This means that you need more coverage and more detection and response capabilities. 

Email vulnerability, in particular, has been a topic of debate. Not every employee is granted the same airtight data protection in a corporate setting. Do you have a specific model in place that caters to companies who are still on the fence over returning to the office?

Email is still the easiest way to deploy a ransomware attack. It does not matter where it comes in or how it comes in; once it is deployed and once the payload is exploited, you are done. People talk about email vulnerabilities as if it is an old-hat attack technique, but it is the prime way that ransomware is deployed, and you cannot put enough controls in place to mitigate the risk. Ransomware really does pay.

Trusting someone with highly confidential data is something that is not to be undertaken lightly. It presupposes a partnership that goes beyond ordinary professional commitment. How have you managed to foster long-term relationships with clients that span years? 

When you are dealing with the kind of services that we offer, it is very much built on trust. It is no different than if you were talking to your doctor. Confidentiality and trust are key. That code of professionalism is an element that all our staff absolutely adhere to. Of course, they are all security checked, of course they all have NDA contracts, but untimely the client’s data is the client’s data. It is not to be discussed, it does not belong to us, we are just custodians of it, and the professional trust must be there. If we were to compromise that, we would compromise the whole business. 

You’ve mentioned the events of 9/11 acting as a catalyst that ultimately led to your decision to launch the company. As the founder of SecurityHQ, how do you hope to shape the way the world thinks of cybersecurity in the future?

I was asked this weekend about dealing with a highly controversial client that a large majority of people would have objections to working with. But the truth of the matter is, regardless of the company, what it does or what it represents, ultimately, when an attacker attacks a network, they are committing a crime. I am more than happy to help people defend against crime. Be it governments, be it against private individuals, against mercenaries, regardless of who or where, cybersecurity is a right for everyone, and if someone is breaking the law, I am happy to help catch them. 

This article was originally published on 26 November 2021.

Executive Profile

Feras Tappuni is the CEO and founder of SecurityHQ and is responsible for overseeing all the technical and financial aspects of the company. With over 25 years’ experience, he has dedicated his life to cyber security and is driven by the desire to offer his clients the highest degree of protection against today’s cyber threats. Feras has delivered complex security and engineering projects to prestigious clients globally. From harnessing the right technology, processes and people, he ensures that SecurityHQ delivers a truly enterprise grade experience.

The post Deter, Detect, Delay: Thwarting the Digital Intruders appeared first on The European Business Review.

It’s been around for a while now but, arguably, email is still one of the the most powerful communications channels available. Nevertheless, as Liviu Tanase of ZeroBounce explains, its effectiveness for marketers doesn’t come without effort, and the onus is on companies to ensure that the quality of their emails is matched by that of their mailing lists.

Good day, Mr Tanase! It’s lovely to have you with us again. What do you most love about email?

Thank you so much for having me back. I’m honoured to be welcomed.
There’s so much to love about this communication medium that unquestionably connects the entire world. Pretty much wherever human beings roam, email goes with us. It’s personal, professional, informative, instant and – what I love most – it’s not intrusive.

Social media channels rise and fall, but nothing keeps you in the loop quite like email. Even social media channels send us alerts and notifications via email.

Our inboxes are great. Email puts information and interpersonal communication right in front of us, one message at a time, in a linear fashion.

What do I love just as much about email? It’s only begun. I feel it’s going to be the dominating communication method for a long time, with plenty of innovations coming.

You’ve created ZeroBounce, an email validation and deliverability platform. Can you tell us more about what the trigger was for such a product?

Bad data is antithetical to any kind of communication, whether transactional or marketing. It costs us to store it, but that’s not all. Bad data can prevent us from staying in touch with our customers and marketing audience.

Every email sender has a reputation with Internet service providers. A high bounce rate or too many spam complaints can affect your sender reputation, so your emails will go to spam. In some cases, when you fail to address bad data, your emails won’t get delivered at all.

What’s more, you can reach a point where you won’t even be able to send any emails. Email service providers care about their own reputation, and won’t hesitate to block senders who use unverified data. It happened to one of our customers, who was able to reinstate his account after he validated his email list.

With data degrading at an average rate of 25 percent every year, I knew there would be a tremendous need for a service to maintain email databases. Together with my team, we asked ourselves: “What kind of service could help people have the best shot at reaching the inbox?”

We wanted to build the most accurate and secure email validation service. That’s how ZeroBounce came to be.  

Aside from email validation, ZeroBounce offers several other email tools. What led to the development of these tools?

We started with just email validation, but over time ZeroBounce has expanded to offer an entire suite of email deliverability tools. As marketers have become more educated, they’ve learned how crucial email validation is.

After seeing its inherent value, they wanted to know if there was more they could do to increase their deliverability. We’re always trying to get better. Our goal is to anticipate these needs and develop the technology to address them.

As a result, we launched an email scoring service and followed that with an email deliverability toolkit. One of the more fascinating tools is our inbox tester; you can see whether your email will land in the inbox or spam, or if it won’t get delivered. You can know where it’s going to go before you hit send. 

Then there’s our blacklist monitor that can help you find out if your IP or domain is on any blacklists. Ending up on one of those can really derail your deliverability. 

The newest tool, Activity Data, pinpoints the most active subscribers in your email list – people who’ve opened, clicked, forwarded, or unsubscribed from an email in the past year. Seeing when a person was last active in their inbox gives you a great advantage when you’re running email campaigns. 

If someone could follow just three email deliverability best practices, what would be your recommendation?

If you learn about and prioritise the following, you’ll be in great shape:

1. Keep a fresh email list. That means making sure all your contacts are valid and there’s a real human being behind them. But it also means removing unengaged subscribers after three months and using double opt-in. This subscription method asks people to confirm they want to be on your mailing list.
2. Test your emails. This entails testing how it renders on both desktop and mobile devices and checking all links to ensure they are functional. Also, it means using reliable technology to test your email deliverability. Something as simple as using link shorteners can cause your campaign to go to spam. Knowing that allows you to make the necessary changes so that you can reach the inbox.
3. Send relevant content. Always search for ways to make your content better. Highly relevant emails get engagement. Not only does that give you more chances to convert, it also fosters healthy inbox placement. When people open and click through your content, Internet service providers are more likely to deliver your emails to the inbox.

How can marketers tell that their campaigns are going to the spam folder?

It’s tricky, because email service providers will report that a percentage of your emails were “delivered”. However, that doesn’t mean your emails went to people’s inboxes. It could very well be that they were “delivered” to the junk folder. So, many senders don’t suspect anything, since their reports usually show 95+ percent successful deliveries.

A good rule of thumb is to keep an eye on your engagement metrics. They paint a clear picture of how many people actually see your campaigns. Open rates are less reliable, but your click-through rates are a good performance indicator. If you get fewer clicks and you don’t suspect your content is the cause, then your emails may be landing in spam. 

The most effective way to tell if you have deliverability problems is to test your emails before sending. With all the technology available, it’s a shame to waste resources on campaigns that don’t land in front of people. Running an inbox test takes only minutes and can save you many headaches.

Aside from email deliverability, ZeroBounce also prioritises top-notch customer service. In what ways is outstanding customer service a critical aspect of an effective email solution?

People who have an email list sometimes need to send something out right away. If they haven’t cleaned their list in a while, they may realise they need to do this and be on a deadline.

Although ZeroBounce is as intuitive and user-friendly as possible, we also know that an issue can always come up. I wanted our customers to reach a live person who could help any time of the day or night and every single day of the year.

Every minute someone is unsure of anything is energy and time taken away from them doing what they need to do. Marketers and business owners are busy. We have people who can help with anything.

The past years were challenging for most businesses, and somehow the pandemic seems to stay a little longer. How do you think all these dynamic changes will affect email moving forward?

Email became more ingrained in business than it ever was. During and after the lockdowns, it has been a vital tool for communication. While everything was slowing down and changing in 2020, email was exploding. Bricks-and-mortar shops were either closing or reducing hours, but in the email world, the “on” sign was always flashing.

Furthermore, for some businesses, email was their lifeline. They transitioned from in-person interactions to relying on email to communicate and make sales. It helped many businesses survive.

So, what does the future hold? Everyone got more accustomed to email for receiving alerts or making purchases. As most places reopened, the efficiency and reliability of email hasn’t gone away. Businesses who didn’t use email newsletters and campaigns found out how much they needed them.

We know that entrepreneurs are prone to excessive stress and burnout. How do you stay efficient at work without neglecting your well-being?

I do it by following a set of rules I set for myself. For instance, every morning, I have a little time for myself and my family. Even 10 minutes will set a different mood for the day. I usually talk to my wife and we play with our dog outside. Getting in the sun first thing in the morning fills you with good energy.

My days are busy, with long working hours, but another rule I have is to work out at least three times a week. Aside from that, my wife and I take the dog for a walk on the beach in the evening.

Another important aspect is to trust your team. When you build a reliable team, you can focus on your work, because you know things are getting done. I have a solid team of people I can count on.

Start-up culture can be so intense. How do you check and support the well-being of your team?

It’s true, being a part of a tech start-up can be intense, even overwhelming at times. The interesting thing is that people who are drawn to it have an energy that resonates with this fast-paced environment. I’ve observed my team through the years; they tend to be people who feel stimulated by new ideas and ambitious goals.

That’s something any start-up founder appreciates. However, the massive shift to remote work can exacerbate the tendency to overwork. People found themselves unable to separate their work from their private lives. Many started working more than they did in the office.

We wanted to prevent exhaustion and burnout by letting our team know they can take time off whenever they need it. ZeroBounce offers unlimited paid time off and encourages the team to disconnect and refresh. Some of our employees need an occasional nudge to take that time off. It’s vital that they do.

Apart from this policy, we have excellent managers who are in constant communication with all team members. Whenever an issue arises, we address it right away. Preventing burnout is much easier than treating it.

What does the future look like for ZeroBounce?

There are so many changes that have taken place in the email space. ZeroBounce has always been on the pulse, in many cases leading the way. Our team is restless and always thinking of ways we can make email better.

There’s a new product we’ll announce at the beginning of 2023, so keep an eye on the website. It’s a useful tool many of our customers have asked for, and our team is stoked about the launch.  

ZeroBounce is always growing, and that motivates me tremendously. We want to be the natural choice people make to improve their email outreach. Being in the inbox is key. That’s where the magic happens, and it’s the only place anyone can read your great emails.

This article was originally published on November 29, 2022.

Executive Profile

Liviu Tanase is a serial entrepreneur and telecommunications executive with more than 17 years of experience. He founded five companies and has participated in three exits creating quadruple-digit returns. In 2015, he founded email validation and deliverability company ZeroBounce. ZeroBounce helps businesses maintain email data quality and offers several deliverability tools to ensure the successful delivery of emails to the inbox. Liviu Tanase is also an email deliverability thought leader. He’s a contributor to Inc., Entrepreneur, and countless other industry publications.

The post Delivering Deliverability: Your Email is Only as Good as Your Email List appeared first on The European Business Review.

The biotech industry, a realm of constant innovation and transformation, is driven by brilliant minds determined to revolutionise healthcare. One such entity making waves in the field is SR One Capital Management, a prominent transatlantic life sciences investment firm. In an exclusive interview with Dr. Simeon George, a seasoned investor and executive at SR One, we delve into the journey of this renowned venture capitalist into the biotech domain, the key qualities crucial for success in this ever-changing industry, and how the firm identifies potential investment opportunities.

The Journey into Biotech and Passion for Impact

Dr. Simeon George’s journey into the biotech sector began with an unwavering desire to become a physician. Reflecting on his early aspirations, he fondly states, “My earliest memories are wanting to be a physician, wanting to treat patients, wanting to basically problem-solve when people are going through some of the hardest challenges in their lives.” This innate drive to help others and solve complex medical challenges fueled his determination to study medicine. Throughout his medical education, Dr. George’s passion for making a difference in healthcare only grew stronger.

Interestingly, his career path took a unique turn when he decided to pursue an MBA alongside his medical degree. This decision was driven by an eagerness to explore the intersection of healthcare and business. “I also, frankly, was interested in the creativity and the sparks that come from bringing new products to patients that can impact at a much larger scale,” he shares. Combining medical expertise with business acumen opened up new avenues for him to create transformative impact beyond individual patient care.

Key Qualities for Success in the Biotech Industry

Success in the biotech field demands a combination of critical qualities. Dr. George emphasises the importance of passion and patient focus as fundamental motivations for anyone working in the industry. He states, “You really have to be passionate about working in this field. I think it has to start, at least for me, with this patient focus and orientation of wanting to really bring important new products to patients.” A deep-seated commitment to bringing groundbreaking products to patients can be a powerful driving force.

He also stresses the significance of innovation and continuous improvement, seeking to challenge the status quo. Dr. George explains, “I talk about this idea of rewriting the medical textbooks, of wanting to do things differently, thinking about innovation, continuing to improve what we’re doing today.” This commitment to pushing the boundaries of medical science is a driving force in his work. By constantly seeking novel solutions to medical challenges, he embodies the spirit of innovation that characterises the biotech revolution.

Identifying Promising Investment Opportunities

SR One Capital Management’s success lies in its ability to identify and invest in emerging trends in the biotech industry. To accomplish this, Dr. George and his team maintain a strong network and stay at the forefront of scientific developments. Dr. George explains that “(…) it’s a combination, I’d say it’s maybe two or threefold. One is the networking piece, you need to be in the network, understanding what’s happening at the scientific forefront. Regularly engaging with experts, staying updated on research papers, and attending conferences are all part of our commitment to staying informed about the latest breakthroughs in the field.”

Navigating Economic Uncertainties

Like any industry, the biotech sector faces economic uncertainties from time to time. Dr. George offers valuable advice to biotech-focused venture capital firms on how to navigate through these challenges. He believes that their primary focus should be on the aspects within their control. “The job of a venture capitalist isn’t to necessarily focus or worry about things that they can’t control at the macroeconomic level,” he advises. Instead, they should concentrate on securing capital, building a strong investment thesis, and having confidence in the teams they back.

By maintaining a clear vision and staying steadfast during unpredictable economic situations, venture capital firms can better weather the storms and continue driving innovation in the field.

Advice for Biotech Companies Seeking Private Investment

For biotech companies seeking private investment, particularly during uncertain times, Dr. George offers valuable guidance on how to attract investors. Having a clear value proposition is essential. “You have to have the conviction, the courage of what you’re doing, your beliefs around why you’re doing it,” he advises. Investors are more likely to be drawn to companies that demonstrate a strong sense of purpose and conviction in their goals.

Additionally, being open to feedback and continuously refining their approach is vital for companies looking to secure investment. Networking relentlessly and engaging with potential investors allow entrepreneurs to showcase their passion and expertise, increasing the likelihood of successful partnerships.

Advice for Aspiring Biotech Entrepreneurs

For aspiring biotech entrepreneurs, Dr. George’s advice centres around two key aspects: conviction and talent acquisition. He again emphasises the importance of unwavering conviction in one’s vision. In a field where challenges are abundant, it is this sense of purpose that will drive entrepreneurs forward even in the face of adversity.

Moreover, he highlights the significance of building a talented team to support the realisation of their vision. “You need to be able to recruit talent around you, and retain talent,” he stresses. An exceptional team with diverse expertise and a shared passion for the company’s mission is crucial for success in the biotech industry.

Defining Success in the Biotech Industry

Success in the biotech industry, according to Dr. George, is a culmination of several factors. At its core lies resilience and a refusal to give up when confronted with challenges. In Dr. George’s perspective, success is marked by resilience and never giving up in the face of challenges. He states, “Success for me… starts with never giving up, no matter what happens. You try, you fail, you try, you fail, you try, you fail, you just keep going.”

Ups and downs mark the journey in biotech, and it is this steadfast perseverance that propels individuals and companies forward. Beyond perseverance, Dr. George also emphasises the importance of maintaining exceptionally high standards of excellence and holding oneself accountable to those standards. Learning from failures and being open to serendipity, or “increasing your luck surface area,” as he terms it, are also crucial elements of success.

SR One Capital Management’s journey in the biotech landscape is a testament to their passion for innovation, patient impact, and unwavering commitment to excellence. Dr. Simeon George’s insights provide valuable guidance to aspiring entrepreneurs and biotech companies seeking private investment. By staying at the forefront of scientific developments, focusing on patient needs, and embracing innovation, the firm continues to be a key player in the biotech venture capital space.

As the biotech industry reshapes healthcare, SR One Capital Management remains dedicated to partnering with visionary entrepreneurs and bringing transformative therapies to patients worldwide. Dr. George and the team at SR One embody the spirit of innovation that fuels the biotech revolution. Through resilience, strategic vision, and an unwavering commitment to making a positive impact on patients’ lives, they navigate the complex biotech landscape, driving positive change in healthcare on a global scale.

Executive Profile

Simeon George, MD is CEO and Managing Partner of SR One. Simeon co-founded SR One Capital Management following its spin-out from GSK in 2020, raising over $1 billion across two venture funds in that time. Previously, he worked in management consulting (Bain & Co.) and investment banking (Goldman Sachs). Simeon led SR One’s investments in several marquee deals including CRISPR Therapeutics (CRSP), Principia Biopharma (PRNB), Turning Point Therapeutics (TPTX), Progyny (PGNY), and he co-founded both Nkarta Therapeutics (NKTX) and Arcellx (ACLX).

The post Pioneering Biotech Investment with Patient-Centric Vision appeared first on The European Business Review.

To stay relevant and achieve resilience, company leaders need to focus not only on speed but also innovation. In this article, the authors discuss how the right combination of these two parameters will make your company a top performer.

In the many workshops that the MIT Center for Information Systems Research (CISR) conducts with senior executive teams globally, we often hear senior leaders say “If only we could go faster.” So we decided to research what happens if a company goes faster, and the answer was surprising: speed alone doesn’t differentiate performance much. In our research, companies that were top performing in both growth and margin relative to their industries not only went faster to market but also innovated more effectively.

The Need for More Than Speed

To better understand the impact of speed on performance and what it takes to get there, we surveyed 721 companies at the end of 2022. We asked a series of questions regarding speed and innovation and the technologies (for example, APIs and automation) and management mechanisms (such as management-style dashboards and data access) that companies used. We adjusted for industry differences and ran a series of regressions and other statistical analyses to create a management framework illustrating how top performers operate.

The management framework divides companies into two dimensions: innovation and time to market. We measured innovation based on the percentage of companies’ revenues from new products and services introduced in the last three years; respondents self-assessed speed, based on time to market, relative to competitors. We found that companies in our survey fell into four quadrants, which we named somewhat provocatively: Slow and Steady (32% of companies), Innovative but Slower (17%), Fast but Incremental (24%), and Fast and Innovative (27%). The Fast and Innovative companies performed much better with 9.8 and 11.6 percentage points higher on net profit margin and revenue growth respectively, compared to industry averages. The worst-performing companies were the Slow and Steady group, with 4.8 and 8.2 percentage points of growth and margin respectively, below their industry averages.

Surprisingly, the Fast but Incremental companies performed only marginally better than their Slow and Steady counterparts. And the Innovative but Slower companies performed significantly better than the Slow and Steady companies, with performance around the industry average on both growth and margin suggesting not only that speed is not enough but that innovation is typically more important.

The Drivers of Being Fast and Innovative

To better understand what enables a company’s pursuit of both innovation and speed, we looked at the enabling technologies and management mechanisms used most effectively by the companies in each quadrant in our framework. Statistically, we found four drivers of top performance:

In a digital world, no company can thrive on its own. Companies that are above average on innovation and speed collaborate more effectively, contributing to growth; and they are very effective at creating value from ecosystems and getting above-average revenues from channel partners. To keep innovation flowing, they provide suppliers with access to real-time data. They perceive a greater threat from digitisation, which drives them to innovate faster and focused on creating more value with digital for and from their customers.

Additionally, these companies have simplified work and organisation to succeed, shifting their management orientation from the more traditional command and control to coach and communicate. They understand there is no longer time to pass decisions up and down the hierarchy and instead empower local teams to make decisions within guard rails, with accountability supported by shared dashboards. The dashboards articulate value creation goals, identify the current levels of capabilities to achieve them, and measure if they are achieving them – for all to see so that when needed, people can make course corrections.

High Performance at Mercedes-Benz

Mercedes-Benz is a premier luxury car brand with a heritage of employing leading-edge technology. Mercedes-Benz’s strategy is focused on building dedicated electric vehicles, developing leading in-car software, and adhering to the highest standards of operational excellence. Following this approach, in 2022, Mercedes-Benz Group AG increased its earnings before interest and taxes by twenty-eight percent year-over-year and showcased the technical feasibility of a 745-mile-range electric vehicle with the company’s Vision EQXX car that relied on a less than 100kwh battery. Mercedes-Benz aims to be the leader in luxury mobility and to achieve this along with some of the most ambitious sustainability goals in the industry. The top management team is focused on the four drivers identified in this research—but with a Mercedes-Benz flavour.

Leadership while Simplifying Work

Leadership around technology at Mercedes-Benz is focused on creating digital mastery and entrepreneurial accountability to deliver on both speed and innovation. For all of its digital roles, Mercedes-Benz has established specific training paths to help people excel and continuously improve on their way to achieving expert status. As becoming a digital company requires more than employing experts, Mercedes-Benz has built communities of practice throughout the entire company, including for the production teams, to ensure digital fitness. The company accomplished this by moving to a coach-and-communicate leadership approach, which was especially necessary as the communities of practice are not reflected in the formal organisational structures.

Providing clear direction on what should be done is good—but explaining the why of doing things that way is better because it creates entrepreneurial accountability. At Mercedes-Benz, people are encouraged to think beyond the boundaries of their own responsibilities to care about and contribute to the overall result. Mercedes-Benz is in the process of introducing a product orientation for everything in the digital space. Going forward, work will be focused not only on project input parameters such as timelines and resources but also on the outcomes of the digital products, with the product owner fully accountable and empowered. This new orientation has thus far enabled Mercedes-Benz to implement a full-fledged online commerce suite for more than forty markets in less than one year—an innovation that is driving revenue. The company set the ambition for its online commerce suite of “five clicks to buy, three clicks to finance,” which requires that the suite is backed by a significantly streamlined business model.

Leading-Edge Technology

Everyone talks about cloud technologies, and yet they are often referring to a narrow application of cloud focused on hyper-scale infrastructure. Mercedes-Benz, by comparison, employs cloud native as a technical ecosystem to develop and run software.

To achieve advanced software capabilities, Mercedes-Benz relies on modular applications rather than monolithic, inflexible systems to allow for more flexibility and maintainability. The company also uses highly automated tools for the delivery of new code to facilitate continuous deployment. To additionally enable speed and innovation via enhanced software capabilities requires on-demand infrastructure, which provides computing power that can scale as required; and reliability, by leveraging scaling to create redundancy so that faulty components do not become a single point of failure.

In a cloud-native environment, one team is in charge of development and operations (DevOps), producing an end-to-end understanding and accountability. This is the driver for simplifying and automating business processes—which in turn drives speed and innovation. Mercedes-Benz’s cloud-native approach to digital shop floor management enables a high level of resilience in production, even with an increasing number of disruptions in global supply chains. Every impact is displayed in real-time dashboards, supporting a zero-delay production programme. During the worldwide bottlenecks of certain semiconductors, these capabilities enabled Mercedes-Benz to optimise its production within a very short time, focusing on high-margin vehicles and thus protecting profits.

The Mercedes-Benz Operating System (MB.OS) allows for frequent updates to the in-car software, both for control units and entertainment features. All updates go through one cloud-native vehicle backend, which not only verifies the technical viability and release conformity of the update but also ensures compliance with different certification requirements in different countries. In addition, the cloud-native vehicle backend gathers data from vehicles in the field, allowing for feature or quality improvements. Under GDPR governance and provided that the customer has given consent, vehicle data can also be used to directly enrich the customer experience through additional digital services.

Data as the Guide

Mercedes-Benz uses data in various ways, including to make better decisions based on comprehensive data—targeting the development of predictive action (for instance, predicting maintenance needs for capital-intensive shop floor equipment) and the creation of improved customer services through knowing customers better—while observing all relevant data protection principles. For example, having customer data available at every touchpoint, whether physical or digital, allows Mercedes-Benz to make a “next best offer”—an action identified using predictive analytics—which contributes to revenue growth. Mercedes-Benz can use data from a customer’s interactions with the company and the telemetry of their vehicle to predict and notify about the car’s maintenance needs. For example, if you are a sporty driver, they can contact you at a less-than-standard interval to visit a Mercedes-Benz repair shop to change your tyres or brake pads. Mercedes-Benz’s customers decide for themselves which services they want to use and which data to pass on to the company and not.

Also, Mercedes-Benz is establishing a comprehensive digital representation (a digital twin) of vehicles throughout their entire life cycle, starting with the order of the vehicle and extending from production through recycling of the used vehicle. The target is to radically speed up the time to market, reduce costs in development and operations, and further enhance the customer experience. For example, when developing a quick or even predictive reaction to potential issues on the road, the digital twin can help Mercedes-Benz go faster and innovate. Mercedes-Benz’s ambition is that the first physical vehicle built will be the one used for certification.

An Innovation Ecosystem

Mercedes-Benz has created an ecosystem around its customers. The company combines the data from sources such as online and offline touchpoints and car usage to not only make the next best offer but also to interact with customers more often, in particular through the Mercedes me connect app or other digital services based on MB.OS. These interactions create even more data that help in many ways including a first-class charging-and-driving experience. By aggregating all available vehicle data like state of charge and energy consumption, including environmental information such as wind speed, a whole new level of individual range prediction can be achieved. Additionally, Mercedes-Benz has partnered with a number of other companies, such as hotels, to create special offers for Mercedes-Benz customers. Customers can rely on the fact that data protection is of great importance to Mercedes-Benz and that the company ensures a responsible and transparent handling of data.

What It Takes to Succeed

We found that in today’s digital world, top performers are both faster to market and innovating to generate new revenue. We suggest you have a conversation about where your company is today and where you’d like to be on our 2×2 framework. Being excellent at both enabling technologies like APIs and management mechanisms like value-tracking dashboards was common in the top-performing companies in our research. Digital enablement of both speed and innovation is a great opportunity for you to reinvent how your company does business—to become the company you have always wanted it to be.

This article is based on “Going Faster Is Not Enough; Add Innovation To Outperform,” MIT CISR Research Briefing, April 2023 by Peter Weill, Jan Brecht and Stephanie L. Woerner.

About the Authors

Peter Weill, PhD, is an MIT Senior Research Scientist and Chairman of the Center for Information Systems Research (CISR) at the MIT Sloan School of Management, which studies and works with companies on how to transform for success in the digital era. MIT CISR has approximately 75 company members globally who use, debate, support and participate in the research. Peter’s work centres on the role, value, and governance of digitisation in enterprises and their ecosystems and has coauthored 10 books. Ziff Davis recognised Peter as #24 of “The Top 100 Most Influential People in IT” and the highest-ranked academic.

Jan Brecht presently serves as the CIO of Mercedes-Benz Group AG and Mercedes-Benz AG, overseeing global IT operations across divisions, brands, and markets. Prior, he held roles at Adidas Group, culminating in CIO and Head of Global Supply Chain. Beginning at Daimler-Benz AG in 1997, he’s led various IT roles, including management positions in automotive sales, financial services, production, and engineering. Brecht holds a Master’s in Communications Technology and is associated with the German National Scholarship Foundation. Outside work, he’s a family man who enjoys hiking, skiing, and 20th-century novels.

Stephanie L. Woerner, PhD, is a Principal Research Scientist at the MIT Sloan School of Management and Director of MIT CISR. She is a renowned researcher and speaker, and coauthor of Future Ready: The Four Pathways to Capturing Digital Value and What’s Your Digital Business Model? Six Questions to Help You Build the Next-Generation Enterprise, both published by Harvard Business Review Press. Stephanie studies how companies use technology and data to create more effective business models as well as how they manage the associated organisational change and governance and strategy implications. Stephanie’s research has appeared in MIT Sloan Management Review, Harvard Business Review, CNBC, Forbes, Chief Executive, and CIO.

The post Going Faster Is Not Enough Add Innovation to Outperform appeared first on The European Business Review.

In a previously published Q&A with European Business Review, Bitwarden CEO Michael Crandell stated “Improving corporate security starts at the personal level, where employees are not only educated and aware of best practices, but also have the necessary tools to follow similar practices in their personal and home lives…If you educate your employees about password management and multi-factor authentication and give them tools that improve their workflows and daily lives in and outside of work, you’ll see much less resistance.” 

This perspective continues to hold true and will remain the case as employees – especially those who operate within a distributed workforce – toggle between the personal and professional, intermixing devices and (sometimes) data. Businesses who have a vested interest in seeing their employees observe security best practices in the workplace should also encourage them to do the same at home. One of the best places to start is with cybersecurity education and awareness, as it can lead to better outcomes in both the professional and personal sphere. And there’s certainly room for improvement. According to the Bitwarden 2023 World Password Day Survey, a global survey of internet users, one fifth (20%) were affected by data beaches in the past 18 months. If we were to broaden that timeline to encompass the last couple years, one can easily assume that number would be larger.  

Another survey, the Bitwarden 2023 Password Decisions Survey, also took stock of how businesses are faring. The survey found that 60% of IT decision maker respondents reported their organization had experienced a data breach in the past year. With these data points in mind, and with the encouragement of their employers, below are steps employees can take to bolster their online security.  

Use a Password Manager and Two-Factor Authentication 

A password manager, used in tandem with two-factor authentication (2FA), should be the foundation of a strategy geared toward helping users create secure and private profiles online.   

Our online world revolves around passwords and will for some time, even with the growing popularity of passwordless, biometric-oriented solutions. Users keen on staying safe from data breaches need to create strong and unique passwords for every account, both at home and in the workplace. While it’s tempting to write things down or lean on Excel spreadsheets, these tactics often lead to extensive password reuse and/or the creation of weak passwords. A few other telling stats from the Bitwarden 2023 World Password Day Survey: 

• Most (85%) reuse passwords across multiple sites and 58% rely on memory for their passwords 
• A little over half (52%) use easily identifiable information in their passwords, such as company/brand names, well-known song lyrics, pet names, and names of loved ones 
• More than half of respondents forget and reset their passwords on a regular basis 

Password managers are ideal because most of them, including Bitwarden, generate, store, and secure user data in an end-to-end encrypted vault. A good password manager should allow for integration with 2FA. As a reminder, 2FA refers to the technology that requires users to utilize two separate methods of verifying their identity in order to access an account. The first method is typically a password; the second, something one has, such as an authentication code or hardware token.  

In the Bitwarden 2023 Password Decisions Survey, 71% of respondents said they’d be very likely to use a work-provided (complimentary) password manager family account.  

Search safely with DuckDuckGo, Startpage.com, and Qwant 

The majority of the population uses Google to conduct online searches. While the search engine is popular for a host of good reasons, it’s not necessarily the most secure. Users who are concerned about the privacy of their online searches and how the content of those searches could be used in the future should opt for private search engines that keep search activity anonymous, avoid selling data, and do not track activity for advertising sale purposes. While there are a few private search engines out there, a poll of the Bitwarden community found preferences for DuckDuckGo, Startpage.com, and Qwant.  

Choose a Privacy-Centric Email Option 

In the same survey for Data Privacy Week, the Bitwarden community selected Tutanota as one of the leading privacy-centric email options. Chances are that you – and most of your employees – are using Gmail, Outlook, AOL, or Yahoo. The difference between these popular services and a service like Tutanota is that it does not profit off its service by selling ads and does not log information from its users. Additionally, the information stored on its servers is end-to-end encrypted (a concept very familiar to GDPR-governed European businesses). Tutanota is also ad-free, open source, and available on any device. 

Utilize an Encrypted Service When Messaging 

A quick refresh: encrypted data means it is rendered useless to anyone that does not have the decryption key. Encryption is especially critical for those who desire to send messages with sensitive or personally identifiable information.  

Most of your employees probably use WhatsApp, a Meta-owned business that is estimated to have around 2 billion monthly active users. But this is, again, a case where the most popular tool isn’t necessarily the most secure. Users who desire security over popularity should use messaging alternatives, such as Signal, Threema, Element, or Session. For more on the privacy drawbacks of WhatsApp, check out this Washington Post article. 

Deploy Random Usernames 

As discussed above, creating strong and unique passwords helps isolate and limit the impact of a data breach. Applying unique usernames can carry that protection even further. For example, Bitwarden includes the ability to generate secure usernames and passwords in every plan within the Bitwarden desktop app, web client, mobile, and browser extensions. Find out more here.  

Consider an Email Alias 

Email aliases, also known as masked or anonymous emails, allow for the use of unique addresses that forward personal email. For example, if a newsletter you enjoy requires your email, you can use an alias. You will still receive missives, but the newsletter will not have your email address – keeping your privacy and identity all the more secure. For more (a lot more) on email aliases, check out the blog ‘Add Privacy and Security Using Email Addresses with Bitwarden’. 

Add Extra Protection with a VPN 

VPNs, or Virtual Private Networks, add an extra layer of privacy by masking a user’s internet service provider (ISP). As defined by the publication TechTarget, a VPN “…is a service that creates a safe, encrypted online connection. Internet users may use a VPN to give themselves more privacy and anonymity online or circumvent geographic-based blocking and censorship. VPNs essentially extend a private network across a public network, which should allow a user to securely send and receive data across the internet.” 

While VPNs aren’t perfect, they can give users even more peace of mind. Mullvad VPN is one of the services recommended by the Bitwarden community. Understandably, VPNs are popular with businesses, especially those that have a large remote workforce.  

Parting Words 

In a culture governed by GDPR, some of these recommendations may be familiar to business readers. Nonetheless, they’re worth emphasizing. While it may take time, patience, and in some cases, a financial investment, encouraging security-centric habits at home will pay off in dividends in the workplace.   

About the Author

Matt Bishop is the principal architect at Bitwarden investing in technology initiatives for core company operations, security, deployment, and infrastructure. Before Bitwarden, Matt was a senior engineering leader at Olo where he managed online and mobile ordering software delivery. Olo grew from 150 to over 700 employees and went public during his time there. Before Olo he was the CTO and co-founder of iMobile3 where he managed technology strategy for 10 years before the company was acquired by TSYS, now Global Payments. Matt holds a bachelor’s degree from the Georgia Institute of Technology. 

The post Encouraging Your Employees to Create Secure and Private Profiles Online appeared first on The European Business Review.

It’s common to refer casually to a company’s “culture”. But what does that really mean anyway and, more importantly, is it really relevant to the success or otherwise of an organisation? As Ian Johnston of Heidrick & Struggles explains, business leaders would be well advised to pay attention to “shaping” their companies’ culture.

Can you summarise what a) company culture is and b) what good company culture looks like?

Culture is a powerful invisible force, the set of unspoken assumptions that shapes the everyday experience of people connected to an organisation, both inside and out. When tightly linked to strategy, with leaders as role models, culture is a potent component of performance and competitive advantage. Culture is not a programme or an initiative – it’s a drumbeat that runs through an organisation.

Good company culture looks like an environment where every person is informed and guided by the same shared values and goals. The most effective cultures are the delivery system for an organisation’s strategy and a key driver for financial performance. The phenomenon of the “Shadow of the Leader” means that the most senior leaders in an organisation have a disproportionate influence on the everyday working experience of all employees. Good company culture includes those leaders being the positive role models for the shared values and goals.

Why / how does intentionally building company culture positively impact financial performance?

Good company culture looks like an environment where every person is informed and guided by the same shared values and goals.

If you do not intentionally build the culture you want, you will get the culture you deserve. Our survey, Aligning Culture with the Bottom Line: How Companies Can Accelerate Progress, shows that 82% of CEOs said they had made culture a key priority over the past three years. Out of a range of organisational priorities, only 31% picked improving financial performance as their primary goal.

There was a small group, 11 per cent of the total, which we labelled the “Culture Accelerators”. They achieved growth over a three-year period that was twice that of the other 89 per cent. Of all the variations that were examined (22 different iterations), there were three correlating elements that appeared each time that were common to the culture accelerators. These were that CEOs had to:

1. Have a strong personal belief that culture is either very important or crucial to the financial performance of their organisations;
2. Embed culture front and centre in their strategy early, and see culture as the foundation to the delivery of their strategy, and do not leave it until later as a “nice to have”;
3. Put in place a robust delivery process to reach all employees and communicate to their organisations the importance of culture to give it credibility.

The financial performance of these culture accelerator companies was more than double that of other companies surveyed (CAGR of 9.1 per cent over three years vs 4.4 per cent for the others). CEOs can’t be passive in their efforts and expect culture to take care of itself or delegate it to someone else.

In a recent survey that your company carried out, you found that while most executives prioritise culture, often to improve financial performance, most of them aren’t particularly intentional in pursuing it to reach that goal. Why do you think this is, and how can you encourage leaders to be more proactive in seeking out a stronger organisational performance?

Only 70 per cent of British CEOs said they had actually made culture a key priority over the last three years, compared to 82 per cent of CEOs surveyed overall. This might explain why CEOs in the United Kingdom also deviated from the global standard when asked what they believed were the most important drivers of financial performance, with the vast majority answering that agility and innovation were. The findings of our survey suggest that there is a disconnect between intentional culture and strategy building in the leadership of the UK CEOs surveyed.

There was also a significant difference between the things that CEOs saw as the most important culture drivers of financial performance and those that they felt were commonplace in their own organisations, suggesting that CEOs are less intentional than one might think on how to address financial performance through the lens of culture.

The CEO respondents were asked to look at eight essential drivers of culture and to rank those that they considered most important in creating a positive impact on financial performance. Later in the survey, they were asked which of the same eight essential drivers were most commonplace in their own organisations. Over 80 per cent of the respondents had only one or no matching items. This suggests that, whilst CEOs recognise the importance of culture, they are not as intentional as they might be on promoting characteristics that directly influence financial performance

The findings of the survey highlight the tendency of many UK CEOs to prioritise engagement with their employees, and they do this far more than their global counterparts. UK CEOs are keen to personally promote organisational culture and systemic alignment between culture efforts and other company processes. They are therefore more concerned with culture that encourages growth mindsets, with long-term focus on customer and quality service, and believe these elements to be vital for yielding the most positive financial outcomes.

It is pretty clear that CEOs with a strong personal belief that culture drives financial performance, that culture is the delivery platform for strategy and who also create a strong delivery process to engage their entire organisation significantly increase the probability that they are going to have two things, irrespective of geography sector and size:

1. Increased financial performance (in this case over a three-year period)
2. Greater collaboration and trust and an environment where each employee knows how their day-to-day work contributes to the performance of the organisation

In the study, who were the greatest and least “culture accelerators” by nation?

The table below shows the distribution for the nine countries that were included.

Based on the findings, is strategy and leadership a better foundation for increased financial performance than agility and innovation?

This is not a case of one or the other, especially if agility and innovation are core to the strategy. It is more about the ways that CEOs focus on culture, strategy, policies and processes or operating model to drive improved financial performance. We all know that digital transformations are ultimately successful not for the technology that is at the core, but rather the culture that enables the change to happen. CEOs face a blend of many things that matter and have to prioritise what they believe to be the right combination of those priorities.

Your company has been advocating for a marriage of culture and strategy to accelerate financial progress. For people who might not be familiar with the term, what exactly does “culture-shaping” entail?

The culture of a particular organisation or group consists of the habits of the people in it and the way they generally behave. Organisational culture is the collection of habits and beliefs of how things “ought” to be. Anytime you hear the words, “That’s just how things are done around here,” that’s culture. While leaders can’t fully control a complex entity like culture, you can do your part to shape it.

Conversely, when it feels really hard to get things done, when everything seems to take too much effort and people are not acting in the best interests of the organisation, that is the culture acting as a drag on progress. It is a bit like trying to drive a car with the brakes on.

As CEOs seek to help their companies thrive in the current hybrid, fast-changing environment, a thriving culture will be their best tool. The survey results reinforce the benefit companies can see when they link their culture to their strategy and create broad engagement with the culture. Our four principles of culture-shaping suggest how they can get started.

Is “culture” a subjective concept in leadership? Can there ever be unified understandings, or will there always be variances with leadership styles and locations?

Leadership and culture are intertwined. Leaders can fail in the short term because of a lack of culture fit in a strong legacy culture, yet in the long term, leadership is the single most important element and influence on culture.

Leadership needs to be aligned with culture, so that people’s energy and effort are pointed in the same direction. By having an agreed and common set of culture principles (not rules), leaders can bring their own experience and beliefs to bear, yet still be aligned with the organisation’s culture

The impact of culture is an invisible force that can be a powerful experience for good, or a toxic influence that can create misery. Leaders need to be aligned around a clear set of positive influences on culture. These are centred around a common language that supports the values and purpose of the organisation. This creates an experience of being led that transcends  geographies, local culture and language, yet still gives respect to local differences and individual  characteristics in leaders

How do you think the current hybrid and fast-paced working situation will affect organisational culture? What will leaders need to do more or less of, in order to keep nurturing thriving, high-performing company cultures?

Shaping culture in an organisation full of geographically dispersed people working together in virtual/hybrid teams is another challenge. It’s particularly important to focus on intentionally creating an organisational culture that’s shared when you’re trying to shape a remote work culture.

Whether leaders will have to do more or less will depend on the state of the organisation’s culture to begin with. If a company has a strong culture from prior to the pandemic and not too much churn, it may continue as normal. If the company did not dedicate time to nurturing and creating the culture, then leaders may need to do more to create a unified vision and culture.

Purposeful leadership

In the past year, we have seen data from other surveys and a great deal of anecdotal evidence showing that having a socially meaningful purpose has become a crucial characteristic of organisational leadership and culture across the globe. Key aspects of being purposeful as a leader are being inclusive, leading with influence instead of authority, and adapting leadership approaches to the way people work. Inclusive leaders also foster collaboration by involving many people in implementing new ideas, instead of operating in a silo and dictating change.

Personal change

Leaders who can live the culture and challenge others to do so will help build a leadership team of culture accelerators and connectors. Leaders who don’t currently make the links between culture and financial performance will benefit from shifting their mindsets in that direction.

Broad engagement

Many of the tactics used by culture connector CEOs, such as ensuring that employees at all levels of the organisation are appreciated and challenged, can help drive broad engagement. The more energetic and communicative leaders are about the culture-shaping process, the more likely it is that this momentum will spread throughout teams.

Systemic alignment

Along with recognising that culture-shaping must be reinforced across all parts of the organisation, leaders must ensure that talent development and review processes, onboarding, and training include ways to develop and bolster the aspects of culture that are most important to driving financial performance.

It goes without saying that remote working is very much to the fore these days. What are the challenges that these organisations may face and how would you address them?

Every company is grappling with the future of work and return-to-office scenarios. Few are settled. With COVID-19 variants still spreading, we remain in a prolonged period of uncertainty and vacillation for all leaders whose employees can work remotely.

Every company is grappling with the future of work and return-to-office scenarios. Few are settled. With COVID-19 variants still spreading, we remain in a prolonged period of uncertainty and vacillation for all leaders whose employees can work remotely.

I strongly believe that the hybrid model is the future of work. But, for leaders, it is also the most challenging of all possibilities to navigate. Getting hybrid right will require pausing and thinking about building on the gains of the past 18 months, rather than trying to recreate a past that is no longer viable, and it will require leaders to be agile and thoughtful in addressing five particular aspects of work that have undergone fundamental reassessment: inclusion, communication, career development, productivity, and innovation.

Leaders who create new paradigms for how we work can create thriving cultures with high engagement and performance, a critical advantage in an exploding war for talent. Four examples of challenges and possible solutions would be:

Inclusion: The prevailing view is that hybrid work (given that it is partly remote) and inclusivity are at odds, and that an organisation’s culture will erode in a distributed work environment. People who work remotely may feel excluded from key office-based activities.

Get to know team members as people, including their aspirations, preferences, and needs. On a broader scale, understand various employee personas to appreciate the breadth of needs across the organisation. Reach out to remote as well as in-person colleagues on a regular cadence to stay up-to-date on their needs and challenges. A unified purpose drives a sense of belonging and inclusion across the organisation.

Communication: Most leaders have communicated more transparently, frequently, broadly, and with more empathy since the beginning of the pandemic, yet have had to balance people’s desire for information with the information overload many people have felt.

Communicate early and often, even if you do not have all the answers. Transparently share the rationale behind leadership decisions to promote understanding, resilience, and loyalty, even when information is incomplete or still evolving. Seek organisational input and engagement more frequently via one-on-one engagement, pulse surveys, and virtual interactions.

Productivity: A big concern many leaders have with remote work is the loss of control that comes with the lack of visual line of sight to their workers. In the early days of COVID-19, we received numerous questions about how to manage performance virtually. Now, the best leaders have started to focus more on tracking output and outcome.

Design fit-for-purpose solutions. Have leaders evaluate different types of work or tasks and take a fresh, hard look at what will be required for maximum effectiveness. The nature of the work should define the way of working. Some tasks are best done remotely; others are enhanced by in-person collaboration. Others benefit from the broad, dispersed team that hybrid enables.

Innovation: Perhaps executives’ most common concern about hybrid work has to do with innovation, creativity, brainstorming, and collaboration. We used to come together for “whiteboarding” sessions. We would “huddle” when we needed to ideate, innovate, explore, learn, debate, discuss, or decide strategy. We can’t do that when everyone is remote.

Challenge old models and innovation assumptions. Take a fresh look at what work configurations, including remote ones, really stimulate creative disruption and design thinking. Design new innovation spaces and methods for in-person and virtual brainstorming. Encourage diversity of thought, talent, and teams both in terms of composition and tone of brainstorming sessions and seek out contrarians to whom you have more access virtually. Intentionally use digital tools to ensure every innovation team is diverse.

Technology is now seen as a necessary channel to cope with this new dimension of work. How do you think this trend will affect the dynamic of seeking out talent on demand?

It is clear that the technology that is now available enabled organisations to continue functioning during prolonged lockdown. This would not have been possible 10-15 years ago and it is hard to speculate how the world would have responded and the likely impact on economies and society without that technology.

What was clearly demonstrated was that remote working is a viable and, for many, preferable way of being employed. Many roles are now advertised and offered as remote and many have taken advantage of that to live in places that suit their lifestyle, not the needs of their employment.

This has become a core factor for some.

What leadership characteristics do you see as being the most needed in a post-pandemic world?

Organisations have radically altered how they work during the COVID-19 pandemic and, crucially, the changes have shifted perceptions of how work can be, and needs to be, done. Through the immediate crisis and continuing to the present, I’ve overwhelmingly heard, in conversations with leaders about habits from the past that have little place in the future: control, hierarchy, rigidity, certainty, and silos, for example.

Peoples’ experience of life dramatically shifted in a world suddenly rendered uncertain and unfamiliar. Faced with the biggest intractable problem in a generation, organisations dealt with disruption, discontinuity, and extreme challenges to their operating models. We had truly entered the realm of the “unknown unknown”, an environment with problems which we did not understand, and of which we were not even aware.

Leaders had to make major decisions quickly, based upon limited or ambiguous information. Leadership demanded courage, a strong sense of purpose, and a capacity to demonstrate the confidence needed to engage and inspire a workforce filled with worry and uncertainty. Inclusive leadership and cultures of inclusion become the keys to unlocking thriving organisations. Words like “empathy” became very important; some leaders needed to fundamentally re-evaluate their personal style of leadership. Many CEOs found themselves leading their organisations while having no physical connection with their people, products, or customers.

The crisis has tested leaders, and it is clear that disruption will continue. Upheaval will test our agility. Discontinuity and working from home will require us to deploy more strategies for inclusion in a hybrid environment. In this moment, we must all be learners – figuring out not how to simply make the best of it, but how to make it the best it can be. Leaders who make that mindset shift can propel themselves and their organisations forward to optimise their success now and in the future.

Heidrick & Struggles takes pride in serving clients as trusted advisors across the full suite of leadership needs. Is there a general, overarching end goal you wish to achieve?

Heidrick & Struggles was formed under the premise that helping organisations and their leaders allows us to create meaningful change within the world.

The firm provides integrated leadership solutions to help our clients change the world, one leadership team at a time.

We are passionate about serving the senior-level talent and leadership needs of the world’s top organisations as a trusted advisor across executive search, leadership assessment and development, organisation and team effectiveness, and culture-shaping services. Today, the firm provides integrated leadership solutions to help our clients change the world, one leadership team at a time.

In the past 20 years, you’ve worked in over 63 countries and guided some of the biggest names in business today. What is the most valuable lesson you picked up along the way that leaders can benefit from today? 

Aside from the three key factors that are mentioned elsewhere, if I had to pick one thing, it would be that the CEO and the executive team have to let their organisation know how much the culture of the organisation matters to them, be role models for that culture, and keep that message consistent over the long term. Far too many senior leaders create a lot of noise around the culture and then get busy with the “next thing”.

If you could leave CEOs with some words of advice about how to start intentionally building a better workplace culture, where would you suggest they start?

I would start with Purpose. If leaders are not clear about why their organisations exist, beyond generating returns for shareholders, then it is hard to create a meaningful environment. An effective and well defined Purpose is the central organising thought that sits at the heart of the organisation. The strategy and the culture that supports it should be firmly rooted in the Purpose.

It is also clear that the culture accelerators not only create increased financial performance, but also more positive cultures that are focused on collaboration and trust and communication, and also demonstrate a higher level of engagement in DE&I.

Shifting the focus to their people first, building collaboration and trust, and putting DE&I efforts front and centre is how they will see better financial performance.

It is worth noting, again, the three things that the survey identifies as defining the culture accelerators, which were that CEOs had to:

1. Have a strong personal belief that culture is either very important or crucial to the financial performance of their organisations;
2. Embed culture front and centre to their strategy early and see culture as the foundation to the delivery of their strategy, not leave until later as a ‘nice to have’;
3. Put in place a robust delivery process to reach all employees and communicate to their organisations the importance of culture to give it credibility.

This article was originally published on November 18, 2021.

Executive Profile

Ian Johnston is a partner in Heidrick & Struggles’ London office and a member of Heidrick Consulting’s global leadership team. He has more than 25 years’ experience working with CEOs and senior leaders to support the transformation of their organisations with a focus on purpose, growth mindset, and culture. Previously based in Singapore, Ian led and built Heidrick Consulting in APAC.

The post Want to Succeed in Business? Get your Culture in Good Shape appeared first on The European Business Review.

As Stephan Kudyba explains, generative AI affects companies in different ways….it all depends on the data that they rely on.

As the rollout of generative AI gains momentum, the debate about its effect on the labour force is intensifying. Automated document and code creation and the production of innovative images has industries of all walks on the edge, perplexed about how this technology can be used to enhance operational efficiencies and work productivity through reduction of time, and possible labour inputs.

Before we throw in the towel on the importance of humanity, we’ve got to conduct a reality check on what the process entails to use generative AI, and what the task of operationalising this platform to be part of everyday activities involves. The technology has introduced dramatic functionality in disseminating user prompts to access and process established data resources, creating content corresponding to user directives, all in a matter of seconds. Although this functionality seems cutting edge, the reality is that versions of it have been in existence for years. The truly impressive elements of current large language models (LLMs), however, is the speed and processing capabilities of extremely large data resources.

The Driver of Disruption

The key element to determining how generative AI will impact the viability of a company’s strategic focus and the corresponding underlying workforce relies on the data that it utilises to provide value to its customers. Remember, AI gains its value by the data it can access and analyse to produce output. The platforms that have been released to the marketplace so far access available data resources that exist in the digital, open space and those created by data gathering entities as well.

Organisations that largely rely on these data can gain greater value from generative AI, since it can process and produce custom output that addresses worker and consumer needs quickly. Unfortunately this increases a company’s exposure to greater disruption from competitive forces. The logic follows that LLMs can produce creative output at a fraction of the time of humans. Jobs that are grounded in leveraging open data resources to produce content for consumers are at risk, given that a general user base can access generative AI and create content themselves.

Disruption…the Driver of Innovation

This may be the reason behind Chegg Inc. claims that ChatGPT has disrupted its business recently, as the company leverages available online data along with expert input to produce content that aids educational activities for students.¹ Students may now look more to generative AI themselves to create the desired information. The response to this disruption, however, has been a pulse of innovation, as the company seeks to produce its own generative AI-based system and add proprietary data resources and advanced interaction with customers.

The driver of disruption and innovation is also illustrated in CARMAX, who took a proactive initiative to work with generative AI providers to optimise available data resources, adding additional data, to produce valuable web content for their customer base in a fraction of the time it previously would have taken.² This proactive approach helps mitigate the potential disruptive force that arises from simply relying on open data resources (data on used cars) which is accessible to general users of generative AI.

Both of these examples describe the exposure to the disruption of organisations that depend on open data resources. These disruptions can cause a reduction in labour inputs for producing custom content for consumers. However, the innovative reactions can cause increases in work in the form of:

1. generative AI prompters to create custom output
2. Editors of output that is created by generative AI
3. SME work groups that seek to optimize data inputs to enhance information output.

The Net Creation of Work if Internal Data Is Essential

A major task that must be examined at this juncture regarding the effects on displacing jobs revolves around the operationalisation of LLMs in organisations. LLMs have shown their value in creating limited text- and code-based content, where users need to edit the output generated.

This can no doubt replace more routine-based job functions (e.g., creating blogs, preparing marketing blurbs, producing code for a particular application, creating images). However, the process of operationalising generative AI as an integral part of an organisation’s technical infrastructure may actually introduce more work and human input. Two potential tactics that have currently evolved to address this issue include fine-tuning and in-context learning.

The true balance of work creation verses disruption is evident when organisations require not only open/public data resources to produce relevant content, but data that is internal to the organisation. Existing generative AIs have been designed to leverage data that is open to the marketplace, but not the more sensitive internal resources of particular companies. This introduces a significant hurdle to operationalising LLMs, or in other words, using generative AI technology for everyday use to produce value to the company and to the market it serves. These companies need to devote significant work resources to organising existing and real-time data that is integral to creating credible output.

Consider the financial/investment industry (e.g., Morgan Stanley) that is looking to leverage LLMs to create custom information regarding wealth management issues.3 In order to create credible content, generative AI must access and process a multitude of market data, including data residing on the open market and data produced internally through the work activities of systems and employees, where the currency or timeliness of data is essential. Will generative AI result in significant job reduction in this industry by replacing the ability to produce credible wealth management content? Or will the result be a creation of work and corresponding labour inputs to accomplish new and augmented work tasks to operationalise generative AI?

Organisations that intend on using generative AI as an operational platform that requires the access of internal and open/public data may be faced with increased work involving the reorganisation of internal data resources (e.g., categorisation, storage, naming, codification, etc.) to be accessed by generative AIs. This involves data professionals and SMEs or individuals with technical skills and domain knowledge. Other, new work that is required entails prompt engineers or individuals that have the skills to optimise generative AI prompts to create desired output. Additionally, this output has to be verified according to relevance, accuracy, and timeliness, which again requires SME domain knowledge of content produced. These jobs are content editors.

The Degrees of Disruption and the New Effect on Work

The key message to emphasise is that generative AI can no doubt disrupt and reduce the human element in conducting basic tasks. This may render certain jobs obsolete or may augment previous job roles to higher value creating activities.

Organisations that heavily rely on data resources in the open digital market that are re-bundled by generative AI to provide value to their consumer base are at risk of disruption, as generative AI can automate much of this. The response in this case is to innovate and enhance the value of content it produces to consumers. Again, this is disruption balanced against innovation, or the loss of some jobs and the creation of others.

The last example illustrated involves the case of companies who require the input of custom internal data and operationalising LLMs in its workflow. The balance for this sector seems to favour an increase in work and human input in the form of optimising internal data resources, prompt engineers, and content editors to maintain a quality workflow which is measured by the production of relevant, accurate, and timely information.

Will the world experience dramatic reductions in the need for the human element? Don’t count out the knowledge and innovation of individuals.

About the Author

Stephan Kudyba is a professor of analytics and information systems at the Martin Tuchman School of Business, New Jersey Institute of Technology. He has held senior management positions at prominent organisations and has been a researcher, professor, and practitioner of AI applications in business for over 20 years. Dr Kudyba has written articles for Harvard Business Review, MIT Sloan Management Review, InformationWeek and The Wall Street Journal to name a few, and has published eight books addressing technology, analytics, and organisational performance. Email: SKudybs@gmx.com

References

1. 1Singh, M.“Edtech Chegg tumbles as ChatGPT threat prompts revenue warning”, Reuters, May 2, 2023.
2. 2 Rooney, P. “CarMax drives business value with GPT-3.5”, CIO Magazine, May 5, 2023.
   3 Davenport, T. “How Morgan Stanley Is Training GPT To Help Financial Advisors”, Forbes Magazine, May 20, 2023.

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As a leading global password manager, Bitwarden enables customers all over the world to protect, store, and share their sensitive data. Protecting customer data is also paramount to the Bitwarden company mission, which is why Bitwarden complies with industry standards including the General Data Protection Regulation (GDPR).

Remaining in compliance with the GDPR gives Bitwarden customers the assurance that data is handled with the proper precautions. Beyond the business and ethical considerations that make this an imperative, there are practical considerations, too: password managers like Bitwarden enable businesses themselves to protect data under GDPR.

How password managers empower data protection

GDPR Article 32 requires businesses to “implement appropriate technical and organisational measures” to ensure data is processed securely. Password managers help fulfill this requirement. Among other recommendations, this includes “the ability to ensure the ongoing confidentiality, integrity, availability and resilience of processing systems and services.”  Simply put, organisations need to ensure the data they store and process is secure. One way to do that is to utilize an enterprise-wide password manager.

Password managers serve as a simple and fundamental tool to secure sensitive data. In a world that revolves around passwords, businesses must remain vigilant in mandating the use of strong and unique passwords for all systems that might hold critical customer data. But, remembering them all without help can get quite challenging. That’s where a password manager comes in. Bitwarden, for example, generates, stores, and secures credentials to user data in an end-to-end encrypted vault.

An enterprise password management solution ensures both productivity and security by enabling teams to share passwords among colleagues easily and securely. It establishes a first line of defense against data breaches by enforcing strong password policies for employees. It can also integrate with existing SSO and directory services, to help keep workflows seamless and efficient.

The data security reality

In the 2023 Bitwarden Password Decisions Survey, which polled independent IT decision makers globally, 84% reported using password management software at work. A majority (60%) also said ‘security’ was the most important attribute for a good password manager. The findings are encouraging, especially when considering the 60% who also reported their organisation had experienced a cyberattack.

One need only look to the endless parade of data breaches to understand why high-profile senior executives and government officials worldwide continue to characterize the likelihood of cyberattacks as a matter of ‘when, not if’. Organisations that fail to pay heed to this reality and engage in sloppy data security practices will be met with consequences. According to the GDPR Fines and Data Breach Survey from the major global law firm DLA Piper, in 2022 data protection authorities in Europe issued a total of EUR 1.64bn in fines for data breach violations.

There are thousands of cybersecurity tools available to organisations seeking to protect their data and comply with the GDPR. With the advent of AI and machine learning, one can reasonably expect to see thousands more in short order. They fall under various umbrellas such as network security monitoring, antivirus, penetration testing, and more. Picking the must-have tools from this landscape can be challenging. However, simple facts help guide the decision-making process: Passwords are prolific, they are used to protect sensitive data, and the best way to ensure that protection is as robust as possible is to use a password manager.

About the Author

Gary Orenstein is the chief customer officer at Bitwarden leading the go to market efforts across customer success, marketing, and sales. Before Bitwarden, Gary served in executive marketing and product roles at enterprise infrastructure companies Yellowbrick Data and MemSQL, and flash memory pioneer, Fusion-io which went public during his tenure there. Earlier in his career he led marketing at Compellent which after its IPO was acquired by Dell. Gary holds a bachelor’s degree from Dartmouth College and a master’s in business administration from The Wharton School at the University of Pennsylvania.

The post Maintaining Compliance and Security: How Password Managers Protect Data under GDPR appeared first on The European Business Review.

Investors are more than ever on the lookout for companies that demonstrate commitment to sustainability. However, as Claudio Cisullo of CC Trust Group explains, investors should remember that the fact that a potential investment target has green credentials does not absolve it from the requirement to represent a long-term value proposition.

Thank you for sitting down with us today, Mr Cisullo! You had quite a career before focusing on “green investing”. Was there a specific moment which influenced you to make this change?

Thank you and, indeed, I already had many years of experience in listed and private equity investing and management prior to getting involved with the topic of sustainability and green investing. First of all, when I started my activities as an internationally active investor in the late nineties, sustainability was not an investable space and only reached a mature stage in recent times. And second, I never join trends just for the sake of being a part of them. I prefer to take my time, evaluate the underlying long-term value-creation potential and select my investments after thorough exploration. But if I do invest, it is with significant funds and my whole heart – I prefer to have fewer, quality engagements than many superficial ones. The ultimate moment was when I started learning about green construction and property development, and all the untapped possibilities there are in this space.

What makes you passionate about ensuring that more people adopt these investment practices?

It is important to understand that I would not invest in a business only because it is green; there needs to be a long-term value proposition which can remain valid and generate profits for the long term. If you marry that with green standards, it makes perfect sense in so many regards, including cost reductions, efficiency gains, and more. Recently, with my CC Trust Smart Energy Group, I have secured the exclusive rights for a franchise in the field of energy efficiency in buildings, which can significantly reduce electricity costs for a large property such as a hospital or a government building. It is a no-brainer and I never had to convince anyone of the power of such a business concept.

For over twenty years, CC Trust has been the driving force behind many successful names in different fields. You said the entrepreneurial spirit is not bound to a specific industry, but can you tell us how single-family offices are looking at global investing post-pandemic?

In terms of industry trends, many family offices have turned to more stable types of investment and increased their exposure to real estate, for example. The advantage we have is access to capital and highly efficient decision-making structures. We can therefore move ahead dynamically and bypass traditional entry barriers, such as funding. Other than that, just like any other investor type, family offices closely watch the interest environment as well as currency fluctuations.

What are your strategies for convincing other investors or funds to follow your lead and support the “green industrial revolution”? Why do you think there’s been pushback to find people to support sustainable business ventures thus far?

To my knowledge, there has been political pushback and some response especially among the US-based venture capitalist community when it comes to funding green businesses. If you are invested in sustainable businesses because it is trendy, you will probably see less of the hype going forward. But if you are like me, invested because you profoundly believe in the value these companies generate, then there is no issue. As I am not involved with politics, I can only comment that investors have been asking for a more unified way of measuring and comparing sustainability-related performance. Standardisation efforts should therefore not come as a surprise. But of course, as with any new reporting by corporations, they tend to generate additional costs, which should be prevented.

Given the record-high CO₂ emissions from construction and the sharply rising energy prices, how does your company plan to address these concerns?

This is a crucial observation and one of the most pressing issues globally, as the buildings sector indeed consumes 30 per cent of global energy and produces nearly 15 per cent of the world’s direct CO₂, and building sector emissions have reached their highest level in history. Accordingly, property developers, investors, and managers need to urgently rethink their approach to the whole lifecycle of buildings, if they haven’t done so yet. I am convinced that the energy performance of buildings is key to the low-carbon transformation, notably in view of the current global shortage of energy commodities and steeply rising wholesale prices for heating oil, natural gas, and electricity. The energy efficiency franchise I mentioned earlier is one of the key measures I have taken. We not only help reduce the carbon footprint of large buildings, but of course I have also included an energy-efficiency review across my property portfolio, as well.

Let’s talk about information asymmetry. Many investors have good intentions but lack a standardised metric to analyse whether companies are sustainable or not. What do you think could be done to bridge this gap between uninformed investors and the sustainable energy movement?

It is true that data accessibility and comparability is a challenge, especially when it comes to areas which have not been quantified in the past. That being said, each company can decide on their own how far they want to understand, monitor, and standardise any area of their operations. One of the most internationally successful businesses I have developed is Chain IQ, a professional services provider in the area of indirect procurement. We know first-hand how challenging it can be, for example, to find and monitor contractors and their sustainability-related claims. As investors and business owners, we are trying to capture the entire value chains, which is a highly complex undertaking. There is no perfect market, and information asymmetry is something we need to face, reduce, and manage to the greatest extent possible, as it is not going away.

CC Trust examines about 100 investments every year. Other than positive impact, which other parameters do you take into consideration?

Our investment criteria have evolved over the years. Recently, I have significantly reduced involvement in early-stage ventures, unless they are mine or founded by someone I regard highly. For me, it’s a matter of optimising the use of my time and energy. Generally, I focus on EBITDA-positive companies in mature and developing markets who have proven their value to the customers and need expertise and/or capital for expansion. I have no interest at all in speculative investments or following hypes.

Since last year, you are the Chairman of the Board of Directors at One United Properties, a leading green property developer. What can we expect from you out of this role?

Correct. I first joined One United Properties as an investor, later as a board member and, a year ago, I was elected Chairman of the Board and re-elected again this year. I am truly fascinated by this company, which is, by the way, the leading green property developer in Romania, and by what its founders have been able to create over the past two decades. My initial objective was to facilitate its development towards world-class best practices when it comes to corporate governance, while at the same time accelerate its access to international funding. Meanwhile, we have expanded our portfolio of activities and we will see what happens next. We are only at the beginning of this new chapter.

Mr Cisullo, you are second to none when it comes to being truly “self-made”. You have worked your way from the ground up and are now one of Switzerland’s 300 wealthiest people. What are the words you live by?

One of the key principles I have made sure to follow for many years is to create win-win situations. I have no interest in short-term deals or benefiting from situations at other people’s expense. If you can create a win-win situation, you can be sure that all parties will keep their promise, or even over-deliver on what was agreed.

This article is originally published on September 15, 2022.

Executive Profile

Claudio Cisullo is a serial entrepreneur, venture capital investor and ranks among the 300 wealthiest people in Switzerland. Among other mandates, he is the Founder and Chairman of the single-family office CC Trust Group AG, the Founder and Executive Chairman of the globally active procurement services provider Chain IQ Group AG, Chairman of the leading green property developer One United Properties, Chairman of the property investment company ACC One Holding AG, member of the Board of Directors of Europe’s leading media group Ringier AG, member of the Law and Economics Foundation at the University of St. Gallen, and member of the Board of the Swiss Entrepreneurs Foundation.

The post Sustainable Investment: Marrying Greenness with the Traditional Values appeared first on The European Business Review.

In a world where Generative A.I. has become ubiquitous, Riversoft‘s CTO, Claude Shen, discusses how the technology can be effectively incorporated into the business world. With A.I. market projected to reach nearly 2 trillion U.S. dollars by 2030, Claude explores the potential of ChatGPT-like models and emphasizes the importance of understanding their limitations. Discover how Riversoft aims to delve deeper into the power of A.I. to provide customised solutions while preparing society for a future where A.I. plays an increasingly prominent role.

Game Changers with Promising Futures

The emergence of Generative A.I. and applications like ChatGPT has transformed what was once a seemingly distant technology into an integral part of our daily lives. People from all walks of life, including researchers and laymen, were both shocked and impressed by its capabilities. The question now arises: How can we harness its potential and effectively incorporate it into the business world and our daily work?

“It’s a question of a ubiquitous technology that penetrates every industry. So with this generic model that can easily be adapted into all different kinds of industry”, according to Riversoft’s Chief Technology Officer, Claude Shen.

Claude is a Natural Language Processing (NLP) expert educated in Taiwan and further in Germany in the discipline of computational linguistics and NLP. With a professional career built on NLP-related research and development in leading companies such as Philips and Nuance, he later founded an NLP-led company Lingtelli, which Riversoft acquired, for whom Claude now works as the Chief Technology Officer. 

Riversoft is a Taiwan-based software development company that specializes in generative A.I. chatbots and Natural Language Processing (NLP) technology. They serve a broad client base spanning from Travel, Healthcare to E-commerce. Today, we are privileged to have Claude sharing his insights on the A.I.-dominant era and the core value of Riversoft.

Current Status and Prospects of the A.I. market

A.I. market is predicted to experience robust growth in the next decade. According to Next Move Strategy Consulting, its current value of nearly 100 billion U.S. dollars is projected to increase twentyfold by 2030, reaching almost 2 trillion U.S. dollars.

Before the advent of ChatGPT, notable advancements in A.I. were already observed in specific fields. For instance, AlphaGo, an A.I. software, achieved remarkable success by defeating top-level players in the game of Go with minimal learning time. The emergence of ubiquitous technologies like ChatGPT has transformed A.I. into a tool that permeates every aspect of our lives. OpenAI, the renowned company behind ChatGPT and GPT4.0, is a major player in this field. Anthropic, founded by former OpenAI engineers, is its primary competitor. Anthropic recently announced that they had expanded their chatbot’s context window to 75,000 words. To put it into perspective, their chatbot can process an entire novel in just one minute, while a human would require approximately five hours to do the same.

These generic models can now be readily applied across various industries by anyone. Students can utilize them for homework assistance, doctors can employ them to analyze clinical notes, and companies like Riversoft can leverage their presence to enhance customer service.

According to Claude, we can anticipate industry giants focusing on developing cutting-edge and general A.I. models. At the same time, downstream companies will build upon these foundations, tailoring and applying them to specific domains.

“It takes a huge amount of resources to create and build those models. So it’s not for small and middle-sized companies. We have to think about (is that) now we have ChatGPT and GPT-like models, what can we do more to go deeper into our domains? We have to know our real value instead of just using ChatGPT. This is a huge opportunity.”  Claude explains.

Natural Language Processing (NLP) & Generative A.I.

Claude explains that NLP is a broad term encompassing various technologies and applications. The transformer model is one of the NLP models with inherent features making it particularly well-suited for processing language data. The “GPT” in ChatGPT stands for “Generative Pre-trained Transformer.” The neural network structure of a transformer draws inspiration from the intricacies of the human brain, which may explain why interacting with transformer-based models feels akin to engaging with humans in conversation.

“Everything converges down to a Transformer based architecture to tackle different kinds of problems, especially now that we have ChatGPT and GPT-like things that seem to solve every aspect of NLP. “

Riversoft’s Edge and Core Values

“ChatGPT and similar technologies can significantly enhance our ability to serve customers, but rather than relying solely on them, we need to identify our values and advantages,” emphasizes Claude.

In Claude’s view, the essence of research and application in NLP technology lies in understanding meaning. People desire machines to communicate, read, and write like humans, and this hinges on comprehension. Although GPT and similar models can generate articles that appear human-like, the extent to which they truly understand their output is still debatable.

“ChatGPT and similar models are super capable of generating human-like patterns, but we still cannot say that they understand what they produce. Maybe it’s a philosophical issue; I mean sometimes you think you have free will you think you have consciousness but some would argue that it’s illusion.”

Presently, one of Riversoft’s products in the medical field involves analyzing clinical notes written by doctors, extracting relevant information, and presenting it in a structured manner.

Riversoft’s goal is to delve deeper into information generated by A.I. models and humans. While such information is easily comprehensible for humans, it is not readily accessible to computers. By developing a system capable of processing unstructured data for further use, Riversoft aims to offer highly detailed and personalized travel itineraries by scouring travel sites and blogs. In the medical realm, the system can analyze medical records, alerting healthcare professionals to any cautionary factors when prescribing treatments and medications. This system streamlines necessary checks and reduces the risk of inappropriate treatments.

“We want to generate a core that can process through all the content and put it back to the system where the system can orchestrate all the information, be it structured or unstructured, and put them all into a very systematic process. So that we can serve our client,” states Claude.

Consciousness of A.I.

“If you don’t have the knowledge to verify if what’s been generated (by A.I. models) is hallucination or facts, you will be misinformed. I think we provide here that no matter what kind of generation models, we will have a way to go through the content and modify and deletions.” “It’s dangerous to rely only on one source. So it’s important to have a mechanism to correct and modify the output of those models.”

The technology employed by Riversoft strives to increase solution autonomy and flexibility. Through a combination of deep learning models and semantic mechanisms, human intervention can be minimized within the system. This is how small and medium-sized companies can thrive in the era of the A.I. revolution.

Here to help or here to replace? Possible changes that A.I. might bring about

The disruptive breakthrough of A.I. has sparked diverse perspectives among scholars and researchers. While some express optimism, others raise concerns about its implications. Geoffrey Hinton, widely regarded as the godfather of A.I., even resigned from Google to adopt a more neutral stance on the matter. He shares several major concerns.

Firstly, Hinton highlights the issue of misinformation. With programs capable of generating words, pictures, and videos, discerning reality from fiction on the internet will become increasingly challenging. Secondly, he emphasizes the impact on the job market. While A.I. currently complements human work, there is growing apprehension that as A.I. capabilities expand, it will disrupt the labour market on a large scale. Lastly, although still hypothetical, Hinton worries about the existential risk that may arise when all human work is replaced by A.I.

In contrast, Claude adopts a more optimistic view of the issue, focusing on the practical implementation of these technologies. “It’s less about controlling the research and more about how we put these technologies to use,” he states.

While the ability to generate information is currently in the spotlight, Claude emphasizes the importance of appropriateness. Generated information can be either factual or mere fabrications. Without domain-specific knowledge, distinguishing between the two can be challenging. This underscores the need for mechanisms to modify and correct the output of A.I. models. Humans possess ethical, legal, and societal constraints that guide us in distinguishing between good and evil. Similarly, it is crucial to establish similar systems to exercise control over A.I.

Claude reassures, “We are not yet at the stage of sci-fi scenarios where machines are trying to eradicate the human race.” However, we can already witness A.I. making significant changes in various fields. For instance, as autonomous driving technology matures, human driving—the source of many uncertainties—can be eliminated, making roads safer for everyone.

Since we are still far from a world where machines entirely replace humans, worrying about such scenarios is unrealistic. Instead, Claude suggests that we prepare society for a future where A.I. plays an increasingly prominent role in our lives.

Regarding the impact on the job market, Claude offers a more positive perspective. “Currently, many people perform mundane, repetitive work not because they want to, but out of necessity.” He envisions a society where labor-intensive jobs are replaced by machines. Claude proposes that as firms’ personnel costs decrease due to A.I., the resulting excess profit could be redistributed by the government through initiatives like universal basic income—an idea advocating for regular cash transfers to citizens without conditions.

Furthermore, with A.I. taking over tasks such as handling emails and questionnaires, individuals will have more time and resources at their disposal. They can spend quality time with family and friends or just look at the stars. “A.I. can make humans more human by liberating them from industrialized processes,” Claude asserts.

Overall, while acknowledging the potential changes brought about by A.I., Claude maintains an optimistic outlook, emphasizing the importance of responsible implementation and preparing society for a future where A.I. increasingly shapes our lives.

How ChatGPT-like Models Improve Collaboration in Workplace  

ChatGPT-like models have the potential to enhance collaboration in the workplace significantly. Their consistent and reliable nature eliminates fluctuations and forgetfulness that humans may experience. This is reflected in the significant increase of 44% in the use of collaboration tools between 2019 and the present, as reported by Gartner. While collaboration is becoming increasingly prevalent, managing and tracking teamwork can be demanding and time-consuming.

With systems like ChatGPT, all communication and organization needs can be efficiently coordinated and consistently followed. “You can imagine having an omnipotent assistant standing next to you, telling you things to beware of, to take care of, and making sure everything stays on track,” said Claude.

Moreover, ChatGPT and similar systems act as connectors within teams. Previously, companies relied on fixed systems that required strict adherence to established procedures and disciplined execution. However, ChatGPT-like models function as proactive agents, identifying missing elements and contacting individuals to ensure tasks are completed. “The old system required rigid disciplines from everyone. But sometimes it doesn’t work because people failed to follow up.” This new system effectively coordinates and controls the workflow, automating various office processes.

Importantly, the applications of such models extend beyond the workspace. Claude gave a scenario when planning a trip to London; it is essential to confirm the availability of desired attractions and restaurants and check the weather and traffic conditions. Here, an agent working in conjunction with other models can simplify and streamline the process for tourists, providing coordinated assistance and relevant information.

The Challenges

When discussing the challenges faced by Riversoft, Claude acknowledged the intense competition within the A.I. industry as a significant hurdle. Competitors are constantly striving to outperform and replace each other. However, he expressed confidence in Riversoft’s technological advantage in deep learning models and semantic technology, which, when combined, serve as their competitive edge.

Financial and market-related challenges are also prevalent, including the need to attract investments and establish a presence in the market. The impact of the pandemic has led to a slow recovery of capital, making it more difficult to secure the necessary funding. Additionally, as these technologies are relatively new, there are no established models to follow, necessitating significant time and effort to communicate with customers and educate them about the benefits. Acquiring customers in this landscape can be costly, and Riversoft aims to address this challenge by exploring strategies to reduce customer acquisition costs.

Currently, Riversoft’s client base extends across Taiwan, Japan, Singapore and Europe. Their strategy involves partnering with major players in different domains, enabling them to gain valuable insights and identify the essential features required in each market. As the technology continues to mature, Riversoft intends to expand its market share and explore new opportunities.

Keeping up with the Trend 

As the CTO of Riversoft, Claude emphasized the importance of staying updated with the latest trends and advancements in the field. Platforms like YouTube and Google serve as valuable sources of general information, allowing individuals to discover experts who provide insights into specific areas. This enables them to keep abreast of the latest developments. While academic papers are a valuable source of information, Claude acknowledged their limitations in terms of speed and relevance to the market. “I spend lots of time keeping myself updated. In such an ever-changing field, if you don’t survey for a week, you find yourself missing out on important things,” said Claude.

Embracing Innovation, Collaboration, and Endless Possibilities 

ChatGPT and similar A.I. technologies have brought about a transformative change in our daily lives. From the astonishing growth of the A.I. market to the intense competition among industry players, it is clear that A.I. is here to stay and will continue to shape the future.

While the challenges of financials, market-entry, and customer acquisition persist, companies like Riversoft leverage their technology edge and strategic partnerships to carve a niche in specific domains such as travel and medicine.

As we embrace this A.I.-prevalent era, it becomes crucial for individuals and organizations to adapt and make the best use of A.I. tools. “The most important aspect of human intelligence is creativity,” said Claude. By understanding the potential of A.I. and harnessing its capabilities, we may be able to navigate the evolving landscape and unlock endless new possibilities for innovation, collaboration and beyond.

References

• https://www.theverge.com/2023/5/12/23720964/chatbot-language-model-context-window-memory-anthropic-claude
• https://www.statista.com/statistics/1379027/chatgpt-use-us-companies-money- saved/
• https://lilianweng.github.io/lil-log/assets/images/transformer.png
• https://www.statista.com/statistics/1365145/artificial-intelligence-market-size/
• https://www.nytimes.com/2023/05/01/technology/ai-google-chatbot-engineer- quits-hinton.html

The post Navigating the A.I. Era: How Riversoft from Taiwan Harnesses the Power of Generative A.I. appeared first on The European Business Review.

KEY TAKEAWAYS

It’s great having you around again, Mr Crandell! In our last interview, you mentioned that a common challenge for teams and enterprises is also a great opportunity – to empower employees to improve their personal security practices. What has Bitwarden done in 2023 to achieve this?

It’s wonderful to speak with you again as well. We’ve focused on two areas: ubiquity, and convenience.

• Ubiquity: Digital security, for most of us, spans both our professional and personal lives. We’ve addressed this for a long time at Bitwarden by providing everything from a fully featured free version of our password manager for individuals up through an enterprise version for large organisations that includes, as a perk, a free family plan for every employee. We also keep adding to the platform support we offer – most recently adding an Apple Watch app that’s super handy. Our users need to be able to access Bitwarden regardless of the OS or device they’re using.
• Convenience: We were one of the first to offer integration with enterprise SSO systems, and we continue to innovate in the area by adding biometric capabilities into Bitwarden, as well as a variety of password-less options. Just recently, we announced that we acquired Passwordless.dev, which allows developers to incorporate the latest password-less authentication technology – called FIDO2 and WebAuthn – into their applications in minutes.

What are the company’s chief aims and missions this year?

Our mission is to empower individuals, teams, and organisations to safely manage their sensitive information online. This year, we’ll continue to innovate as a leader in the password management space and will expand our product offerings to include the password-less technology I just mentioned plus our Secrets Manager product – designed to help developers manage all the secrets that are used day to day in their coding, with the same level of protection we offer for password management.

Bitwarden is one of the biggest password managers in the world. I’m sure that makes you a target for hackers. How do you balance the security you need in order to keep businesses safe, while also making it easy for people to use?

Our first step from day one was to make Bitwarden open source. In our view, there is no more secure way to develop software than to allow the full security community to review and improve your work. We have contributors from all over the world, including security researchers, constantly reviewing our code, as well as regular audits, penetration tests, and compliance efforts run by third-party security professionals. All of this is documented in our security white paper (https://bitwarden.com/help/bitwarden-security-white-paper).

People should not be worried about using Bitwarden; they should be worried about not using Bitwarden.

When people think about storing their passwords inside of a browser add-on, they might have reservations through fear of the browser or computer getting hacked. Is this a misconception? How is Bitwarden safer than other options out there?

Well, for starters, everyone should always be aware of the fact that we are all targets of a variety of malicious attacks, from phishing and smishing to social engineering to malware and viruses. We all see the reports on the ever-increasing rate of breaches and intrusions. But one of the best ways to protect yourself is by using a password manager to create and store strong, unique passwords for each website you use, and to turn on 2FA wherever you can. That, along with a healthy sense of awareness and vigilance, is the first and most important level of protection available.

Verizon’s 2022 Data Breach Investigations Report attributed 82 per cent of breaches to leveraged credentials. How can you encourage companies to prioritise password security as one of their main cybersecurity initiatives?

I think you just did with that statistic! Actually, we’ve seen very strong growth since our founding, based on the growing awareness of the risk of not using a password manager. So it’s a pretty well known solution for a well-known risk.

One area we’ve invested in is helping companies with employee training and rollout assistance. Basically, we make it easier for IT teams to integrate Bitwarden with their existing systems, like SSO and employee directories, and then provide self-service training and education materials to help people get up to speed fast.

With billions of stolen passwords on the dark web, companies need to be mindful of the risks. How can you figure out what’s behind these dangers? What mistakes do organisations make when it comes to IT security?

To your first point, we have a handy report in Bitwarden that will compare your list of usernames and passwords in a secure way with what’s on the dark web and flag any credentials you’re currently using that have already been breached, so you can update them.

Hackers are very sophisticated and well funded, so the biggest mistake people make is underestimating the risk or falling victim to inertia in mitigating it. The cost of a password manager for all your employees is a tiny fraction of the average cost of a breach in ransomware – not to mention the damage to your brand. Plus, when you can offer the perk of protecting your employees at home with the same investment, it’s hard to argue why companies should not do it!

Bitwarden was recently awarded a Gold Medal in the 2022 Password Management Data Quadrant Report and was a recipient of CNET Editors Choice Awards: The Best Products and Services for 2023. What do you attribute this success to?

By being an open source product, we have always naturally put our community and our customers first. That is deeply ingrained in our DNA at Bitwarden, and impacts how we do our work and what we’re trying to contribute to make a difference in the world.

You also recently acquired Passwordless.dev, an API that uses cutting-edge FIDO2 WebAuthn standards. What can we expect out of this partnership?

For starters, Passwordless.dev is available now for anyone to try out. We will continue to add functionality that enables developers to incorporate password-less authentication into their apps and websites in minutes, to enable users to wield it more easily, and to also enable IT teams to better monitor and track the usage of password-less technology. Over time, we will continue to incorporate password-less technology into everything we do.

The company operates on the belief that protecting organisations’ data requires human behavioural change through a strong security culture. What steps are you taking to make sure your systems are robust enough to deal with this level of server load in the future?

Our founder Kyle Spearrin was a cloud systems architect when he started Bitwarden, so he’s built scalability and resiliency into the system from the start. We are well prepared for orders of magnitude more load than what we see today.

History is littered with supposedly unbreakable products that were eventually hacked; the Enigma machine during the Second World War is a classic example. If that happens to Bitwarden, what will your response be as CEO?

The ultimate answer here is that we have architected Bitwarden so that even if a bad actor were to gain access to our systems, it’s impossible for them to get user data. This is called zero-knowledge architecture, which we implement using end-to-end encryption. User login credentials – like usernames, passwords, the URLs that they visit – are all encrypted locally on user devices. We simply don’t have access to them. And then we add additional layers of encryption on the system side to the already-encrypted vaults, which we call multi-factor encryption.

Why do you think companies are now recognising the importance of password management for their employees?

As we continue to see breaches occur, we further see that a frequent cause is weak or reused passwords. Over the last decade or so, companies focused on SaaS apps, and login use proliferated. While some companies can implement single sign-on, many small companies do not have it yet. And even when companies do have SSO, it rarely provides 100 per cent coverage.

So companies realise that they need to empower employees from the start with the ability to create and manage strong and unique passwords. It has become an imperative for corporate safety.

How do you see companies deploying password management and what are some of the best practices?

We see a range of deployment options but the ones that have the most impact are those where companies empower every employee to stay secure. This guarantees that the full value of Bitwarden, and the use of password management, permeates throughout the organisation.

We see some companies start with an executive rollout, since those individuals can be high-value targets. Others begin with knowledge workers who have a range of devices. Departmental rollouts are popular, as well as focusing on front-line service or operational technicians to enable field productivity and security.

By far, we see the most important attributes of a rollout being the buy-in from employees and management to make security a priority. With so many Bitwarden users already benefiting from password management individually, bringing these options to work is often seen as a huge benefit.

What is your favourite way to use Bitwarden?

Oh, I have a few! First, I love using FaceID on my mobile device. It makes logging in and unlocking my vault a breeze.

I also like using the Bitwarden Send feature, which allows me to transmit a file or text with end-to-end encryption to anyone, regardless of whether they are a Bitwarden user.

At work, I like how we have implemented Bitwarden Groups and collections to segment system access. We use a least-privilege access mechanism at Bitwarden, and implementing this with our password manager gives us solid security and controls.

What is your vision for Bitwarden in the long term?

At Bitwarden, we imagine a world where no one gets hacked. That’s a pretty big vision, and one that will keep us busy for a long time.

And lastly, how would you define success?

We receive customer emails all the time thanking us for our products and the security and convenience they provide. Each and every time we help someone breathe easier because their sensitive information is kept safe, that’s success for me. 

Executive Profile

Michael Crandell is the Chief Executive Officer at Bitwarden. Before Bitwarden, Michael was the CEO and co-founder of RightScale, where he led the cloud management platform during the first decade of cloud computing. Michael received his bachelor’s degree from Stanford University and completed graduate studies at Harvard University. He began his career as a software engineer, self-taught, coding in assembly language. 

The post Cybersecurity: The Future of Passwords and Passwordless – Interview with Michael Crandell, the Chief Executive Officer at Bitwarden appeared first on The European Business Review.

KEY TAKEAWAYS

The Programme grants a 3-year residence permit to founders, co-founders, core employees and their respective immediate family members. The permit may then be renewed for a further 5 years by founders and co-founders, and for a further 3 years by core employees, given that the business is still ongoing and on track, and that the applicants still meet the Programme’s eligibility criteria.

Malta is an ideal breeding ground for new businesses to flourish. Its strategic location and concentration of industry players and talent offer the right conditions for startups to launch, grow and scale up products and services.

The investment requirement for the Malta Startup Residence Programme is a minimum of €25,000 in a tangible investment or paid-up share capital. Beneficiaries of the Malta Startup Residence Programme would need to have a tangible presence in Malta and pay taxes locally.  After completing five years in Malta, beneficiaries will be able to apply for long-term residency.

Kurt Farrugia, CEO of Malta Enterprise, Malta’s economic development agency, co-managing the programme with Residency Malta, is upbeat about this new proposition. “Malta is building the ideal ecosystem for startups.  We boast a diverse economic landscape from high-end manufacturing to robotics, pharma, aviation, maritime, R&D, and medical devices, among others; a dedicated and talented workforce and a strong expatriate community who finds communication easy since English is an official language. This is not to mention that Malta is one of the safest and most beautiful countries to live and raise a family in Europe with a world-class healthcare service and an education system that is second to none.”

“The Government is putting innovative startups at the heart of Malta’s economic vision. Malta Enterprise offers a dedicated package for startups, including grants, loans, and other non-dilutive assistance that can significantly boost startups seeking early-stage financing.

The Mediterranean Island of Malta hosts booming industries like financial services, fintech, i-gaming, digital games, life sciences, pharma, R&D, maritime, aviation, and other niche sectors such as medical cannabis, AI, Internet of Things, cyber security and big data.

The country constantly scores high and stable credit ratings and positive forecasts. Although small in size, Malta’s connections are not limited to the EU’s single market but extend to African and Middle Eastern markets.  It’s size also makes it the ideal test base for new products and services since it is also a fully developed market.

Charles Mizzi, CEO of Residency Malta, the agency which grants the residency permits said: “Our product offering for this Programme offers founders, co-founders and core employees of highly innovative startups the peace of mind that comes with a medium-term residency permit, as this enables entrepreneurs to fully focus on their business.”

“Our other offering is Malta. Malta is a country that has a lot to offer.  From a pleasant climate to rich history and heritage, hospitable people, top-notch education and world-class health services, beneficiaries of this Programme and their families can feel safe and at ease from the moment they land.” 

More information about the Malta Startup Residence Programme may be found at https://startup.residencymalta.gov.mt/

The post Malta Invites Non-EU Entrepreneurs to Start Up in Malta appeared first on The European Business Review.

In many parts of the world, women still face significant challenges. They’re denied equal opportunities in education, employment and political representation. Some of them are subjected to violence, discrimination and harassment. Despite these challenges, women continue to make their mark in the world. They are breaking down barriers and shattering stereotypes that have long been enforced in society. Women are leading businesses, running for office, and making their voices heard despite all the forces preventing them to do so.

This year, the International Women’s Day 2023 campaign theme is #EmbraceEquity, which aims to get the world talking about ‘Why equal opportunities aren’t enough’. It  focuses on creating a more inclusive world, challenging stereotypes and addressing discrimination.

In line with this, we asked a few female leaders in their respective leading industries to impart their wisdom to our readers, hoping to inspire others to do the same.

Kathleen Enright, Global Managing Director of Salterbaxter on Gender Equality

“Gender equality needs to evolve towards values-led, empathy-based leadership – regardless of gender. This (traditionally female) leadership delivers inclusive social policies and a collaborative workplace. For sustainability, gender-equitable leadership drives a holistic view of environmental and social issues and will unlock a just transition. What an opportunity!”

Kathleen Enright is the Global Managing Director of Salterbaxter, the creative consultancy pioneering business progress for the global agenda and Publicis Groupe’s global centre of excellence in sustainability.

Takayo Takamuro, Managing Director of Telehouse Europe on Aspiring Leaders

“My advice to women considering leadership roles is not to be discouraged. Accept there will be hurdles but know they can be overcome by remaining hungry and eager to learn. It’s also important to have mentors, either inside or outside of your organisation who can support you, and to always communicate openly with your peers.”

Takayo Takamuro is the Managing Director of Telehouse Europe. With over a decade’s worth of experience in the telecoms industry in Japan, she moved to Europe to further her career. Aside from being a strong advocate of female mentorship in tech spaces, she’s also responsible for staff welfare, client satisfaction, and the company’s ongoing sustainability efforts.

Rachel Delacour, Co-Founder and CEO of Sweep on Self-motivation

“Women aiming for leadership roles have to understand this: The only one that can best serve you is yourself. Once you start thinking like this, you’ll start fighting for the role you deserve. Your intuition won’t fail you and you shouldn’t wait either for the offer to come. Go get it.”

Rachel Delacour is the co-founder and CEO of Sweep. A strong advocate for climate change, she used her previous expertise in SaaS to help clean the climate mess with Sweep. Delacour is a leading female figure in European tech, and through her platform, she has backed several female-founded US and French startups.

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Any day of the year is a perfect opportunity to support and celebrate the women in your life. But on International Women’s Day, we celebrate the progress that has been made and recommit ourselves to the work that still needs to be done. We choose to challenge gender stereotypes, promote gender equality, and create a world where every woman can reach her full potential.

The European Business Review celebrates women who have come before us, who have fought for equal rights and paved the way for success. We hope this inspires you to commit yourselves to creating a future where every woman can thrive, where every woman is valued and where every woman is empowered to reach her full potential.

The post #EmbraceEquity on International Women’s Day 2023 appeared first on The European Business Review.

Vancouver, British Columbia, Jan. 31, 2023 – Trulioo has launched an industry-defining global identity platform for person and business verification. The Trulioo platform showcases the company’s expertise and innovation in helping businesses worldwide build trusted user experiences while achieving regulatory compliance and optimizing growth. 

Trulioo continues to evolve its identity verification capabilities by combining a full suite of global person and business verification solutions with no-code workflow building, low-code integrations and more, all in one platform. With one contract Trulioo customers can access personally identifiable information matching, Identity Document Verification, Utility Data for proof of address, Business Verification for in-depth person-of-significant-control and ultimate-beneficial-owner verification, watchlist screening and ongoing monitoring, and anti-fraud capabilities.

“Trulioo is the identity platform businesses turn to in order to solve the inherent complexity in onboarding customers globally,” said Steve Munford, Trulioo CEO. “We enable businesses to offer their goods and services in nearly every country in the world and remain compliant. We provide our customers with industry-leading capabilities backed by best-in-class customer success so they can focus on their business and customers.” 

Combating Digital Distrust and Fraud

The surge in online shopping, mobile payments and digital currencies in recent years presents opportunities for innovation and growth. But it also poses challenges for businesses to mitigate fraud and meet evolving regulations such as Know Your Customer, Know Your Business and Anti-Money Laundering requirements around the world. 

“The identity and regulatory worlds are complex, especially for businesses who are multi-national,” says David Mattei, Strategic Advisor at Aite-Novarica Group. “Meeting KYC, KYB, and AML requirements across multiple countries, numerous identity data sources, and country-specific regulatory environments is a significant challenge. On top of that, companies need customizable workflows to deploy these types of solutions within their ecosystems. A solution that combines identity verification and compliance on a global scale while also being client-configurable is a much-needed capability in the industry.”

One Platform. One Contract. One Unified Experience for Trulioo Customers. 

With one platform and one contract, companies can deliver streamlined onboarding and create intuitive user experiences that build trust and inclusivity. Trulioo leverages extensive expertise, customizable identity verification workflows and comprehensive global data sources to empower customers to take their business anywhere in the world.  

In addition to global person and business verification services, Trulioo delivers: 

• The Trulioo Portal, providing single sign-on access to all verification services, no-code and low-code integration methods, auditable reporting and performance analytics
• Workflow Studio, a no-code workflow builder allowing users to rapidly build, configure and deploy logic-driven identity workflows
• API Direct, providing the option to connect any Trulioo service to an existing system through a single low-code API
• Connection to third-party applications and first-party, external data sources
• Navigator, an online education hub making solution and industry expertise accessible with guided workshops and training for best practices 
• White-glove service and ongoing support from trusted experts, including data source research and process optimization

“We built a platform that solves for the numerous identity verification challenges global enterprises face every day,” said Michael Ramsbacker, Trulioo chief product officer. “Trulioo is the only company that delivers an integrated, high-performance platform with comprehensive capabilities, out-of-the-box processes and models, easy no-code configurability, and the ability to customize and amend functionality. We are giving our customers the power to create verification workflows that best meet their needs with just one contract and in one intuitive platform.”

The Trulioo platform launch marks an important milestone for the company. In less than two years, the Vancouver-based Trulioo has nearly doubled its staffing to 430 employees, assembled an impressive executive leadership team of industry experts, expanded into new vertical markets and broadened its corporate footprint to the United States, Ireland, Denmark, Romania and Singapore. In June 2021, Trulioo secured $394 million in Series D funding, led by TCV, one of the world’s largest growth equity firms. Additional investors include Goldman Sachs, American Express, Citi Ventures and Blumberg Capital.

Trulioo has created a platform that simplifies regulatory compliance across industries while enhancing the customer experience and building trust. For more information, visit www.trulioo.com. 

The post Trulioo Launches New Global Identity Verification Platform appeared first on The European Business Review.

Hello, Alex. Let’s talk about your recent collaboration with the Japanese tech company SCSK in developing the travel app Payke. Payke is a popular app, currently ranked number one in the app store for Taiwan and Hong Kong, with over 4 million users and growing. Please tell us what type of services and benefits the Payke app offers.

Payke is an app designed for travellers to Japan, with a unique product translation technology that translates all the details of a product by scanning the barcode and locating many products in Japan. It makes Payke one of the most popular apps for travellers to Japan.

Payke recently launched Payke Travel Support (PTS) as a travel service, combining insurance, portable Wi-Fi, and concierge service (chat support service). Compared to other travel insurance without coverage for the first day of the traveller’s visit, PTS can activate the day the traveller arrives in Japan. PTS also covers notifiable diseases that other travel insurance does not cover, such as COVID.

The portable Wi-Fi included in PTS’s services are Vision Inc. devices, which are high-quality, stable and fast-sharing. It is common for people to have multiple 3C products (phones, tablets, laptops, etc.) per person. That’s why we choose portable Wi-Fi instead of the e-SIM network.

Chat service support is SCSK’s speciality. SCSK’s call centre consists of 5,000 employees, supports seven languages (Japanese, traditional and simplified Chinese, English, Korean, Vietnamese, and Thai) and assists with restaurant reservations, sightseeing advice, interpretation, and even lost and found items.

With these three services included, travellers only need to purchase PTS before their trip and solve most of the problems encountered during their trip.

Riversoft and SCSK have partnered to make the Payke app even more powerful. Can you tell us more about this partnership? What role does Riversoft play?

By collaborating on Payke, SCSK has integrated many services into a complete tourist service for travellers. Riversoft mainly plays the role of bridging Payke to Lion travel by API. Riversoft also assigns YC Health, its subsidiary, to act as an agent to distribute PTS in Taiwan. YC Health will start to promote PTS from December 2022 and build up a fulfilment centre to enhance customer satisfaction. In the near future, YC Health will create a marketing plan with Payke/SCSK to enlarge the market share in Taiwan.

SCSK chose to collaborate with Riversoft over many other IT companies. What do you think is the unique know-how or technical edge that distinguishes Riversoft from the others?

Riversoft has a powerful booking engine that can categorise and label users based on their behaviour, recommending relevant content to users, extending their time to browse, and increasing their interest and willingness to purchase. The technology can also be applied with CRM included.  Riversoft also uses this technology for social software robots to help travel agencies manage customers and remarketing.

Payke has a recommendation function for products with Japanese barcodes, but not for travel products. Therefore, Riversoft will apply this technology to Payke and upgrade Payke’s shopping system to recommend related products according to users’ interests. The two technologies are integrated to recommend shopping orders and arrange shopping routes for users. This service can provide a smooth shopping experience.

In addition to shopping in Japan, we invite local travel agencies in Taiwan to join this cooperative project.  We plan to build a travel product platform on Payke and include itineraries and tickets from local travel agencies in Taiwan, so travellers can purchase itineraries and tickets directly on the app. In the future, we will further extend our cooperation to flight and accommodation packaged dynamically through joint efforts between the three parties.

Did you encounter difficulties working with SCSK in adding value to Payke?

Riversoft has a comprehensive vertical integration capability, dedicated to tourism for over ten years. With the project with SCSK, the most challenging point is not the interconnection of data and technologies but the conception and development of a complete set of tourism services across Taiwan and Japan. 

In the Payke app, they already have insurance, Wi-Fi, and call centre services, and we add medical care to provide a second-opinion service for travellers to Japan. On the other hand, we wish to establish the same model for inbound travellers to Taiwan. To Riversoft, the most difficult part is finding a service centre in Taiwan that complies with SCSK’s SLAs. We are now dealing with Lion Travel, Far Eastern Group, Formosa TV, etc., to establish the Payke Taiwan version. 

What can we expect in the future for Riversoft and Payke?

We are ready to start the next phase of cooperation after the launch of PTS. We are also ready to make the products of local travel agencies available on the Payke app, so travellers can purchase itineraries and tickets on the Payke app.

In the future, we will further invite local travel agencies in Japan to offer their in-depth itineraries, so travellers can have a deeper travel experience. We also plan to design a new process with GFAI Robot Travel Agency to provide a tour service using LBS.

Other proposals under discussion include the weather recommendation system Netzero to recommend suitable travel dates for travellers, Airline Holiday providing Peakwork’s dynamic packaging system to SCSK’s customers, and Peach Airline for an online Travel Agent service.

Related articles: 

• What’s Next for TravelTech? Insights from Riversoft CEO, Alex Kuo
• Riversoft Makes the Connection: From Travel Services to Medical Data Via NLP

Executive Profile

The post Payke: High Tech to Enrich the Japan Experience appeared first on The European Business Review.

Merck is well known as a vibrant science and technology company. But the company’s drive to improve the well-being of humanity doesn’t stop there; it is also the originator of a series of awards and programmes designed to motivate, facilitate and stimulate current and future scientific endeavour globally. Here, Ulrich Betz fills in some of the detail of Merck’s initiatives in that regard.

Merck is a leading science and technology company with a 350-year history of scientific achievement. Advancing human progress has always been at the heart of everything we do. Much of our work to make the lives of people around the world longer, better and more sustainable is done in conjunction with a global network of partners. 

To help stimulate innovative research that has the potential to address unmet needs in areas of current or emerging importance, we provide a series of research grants: http://researchgrants.merckgroup.com.

In preparation for the “Curious 2022 – Future Insight” global scien-
tific conference  (http://curiousfutureinsight.org), which takes place from 12–14 July, Merck and AAAS/Science have published an updated edition of the “Milestones of science” poster (https://www.science.org/content/resource/milestones-science), which summarises many of the most significant scientific milestones in the history of humanity.

The posters description reads: “Through a process of education and learning, building upon the previous generations’ advances, humans have evolved intellectually at a rapid pace, going from mapping celestial bodies to sending robotic rovers to Mars, and from detecting the first microscopic creatures to developing vaccines to mitigate pandemics. This vibrant poster clearly demonstrates how the accumulation and synthesis of knowledge has accelerated in recent decades, particularly with the advent of computers and the ability to more rapidly share large amounts of data. We invite you to join this voyage of discovery and marvel.”

As most of these milestones of science build upon the achievements of previous generations, it is important to take a long-term perspective towards innovation and the value that it can create moving forward. Scientists and, more broadly, we as a society should strive to harness the power of science and technology to ensure we hand the planet over to the next generation in a better state than we inherited it.  

For us at Merck, innovation and sustainability go hand in hand (https://www.merckgroup.com/en/sustainability-report/2021/). For example, we are committed to a 50 per cent reduction in our direct and indirect greenhouse gas  emissions by 2030, compared to 2020. In 2021, these emissions decreased by 9 per cent compared to the previous year. Converting 80 per cent of our purchased electricity to renewable sources by 2030 is one way we will achieve these targets. In Brazil, our sites are already fully powered by renewables.

One central element to help facilitate a more sustainable way of life for current and future generations is peace. On the occasion of the 350^th anniversary of Merck, we launched the Darmstadt Science Declaration – “Make science, not war” – calling on all nations, organisations and societies to invest more resources in the advancement of science and technology to solve the challenges of today and to enable the dreams of a better tomorrow (http://make-science-not-war.org). 

Identifying key opportunities and threats is a central task in ensuring the well-being of current and future generations. What is the next big thing, the next amazing opportunity with the potential to add key new milestones of science and technology in the future?

Also to mark its 350^th anniversary, Merck launched the Future Insight Prize (http://futureinsightprize.merckgroup.com/, https://link.springer.com/chapter/10.1007/978-3-030-16061-6_3) to honour and enable pioneering scientists whose contributions can help solve some of the biggest challenges facing humanity. The prize, which comes with a €1million research grant, is to be given out annually by Merck for 35 years. Each topic aligned to the prize so far has been very visionary, identifying key issues years before they became critical. For example, the first topic of the Future Insight Prize in 2018 was pandemic preparedness, two years before the COVID pandemic began. Subsequent prizes on antibiotic resistance (2020), sustainable nutrition for a growing world population (2021) and energy – CO₂  conversion (2022) followed. The topic for the 2023 Future Insight Prize will be announced at the conclusion of this year‘s conference. 

 People from all over the world are cordially invited to contribute with their dreams for a bright future and their visions on how science and technology could contribute towards that goal by contributing to the Dream Board, accessible at http://curiousfutureinsight.org.

Additional awards and prizes offered by Merck include the Emanuel Merck Lectureship (https://www.merckgroup.com/en/research/grants-and-awards/emanuel-merck-lectureship.html), the Johann-Anton Merck Award (https://www.merckgroup.com/en/research/grants-and-awards/johann-anton-merck-award.html), the Heinrich Emanuel Merck Award (https://www.merckgroup.com/en/research/grants-and-awards/heinrich-emanuel-merck-award.html) and the Alfred R. Bader award (https://www.merckgroup.com/en/research/grants-and-awards/alfred-r-bader-award-for-student-innovation.html). 

A key area of research focus for Merck and its partners is bioconvergence, where technologies from across biotechnology, digitalisation and material science merge together. Steve Jobs was one early predictor of the potential of bioconvergence when he said: “I think the biggest innovations of the twenty-first century will be at the intersection of biology and technology. A new era is beginning.” The topic was also emphasised in surveys conducted by Merck in collaboration with Nature, Science and Harvard Business Review (https://hbr.org/sponsored/2018/03/breakthrough-innovation-in-the-21st-century,    https://www.sciencedirect.com/science/article/pii/S0040162518316354).

One example of bioconvergence being put into action by Merck is bioelectronics. Here, bioelectronic medical devices are being developed that can selectively stimulate distinct nerves to potentially treat and monitor chronic diseases. Combining nerve signals with other accessible physiological datasets can help create a holistic understanding of disease conditions. This understanding will support better, personalised treatment regimes in the future. Applying our long-standing material and healthcare expertise will help us to advance this future pillar of medicine, with the aim of bringing new hope to patients with severe and chronic diseases.

To leverage the power of digitalisation for R&D, Merck for example runs the annual Merck Compound Synthesis Challenge (http://compoundchallenge.merckgroup.com), a competition to identify the most efficient synthetic route for a given small molecule, supported by our SYNTHIA retrosynthesis software. AI is set to transform chemical synthesis, providing opportunities to shorten one of the longest steps in the drug discovery process: getting new medicines to patients faster. Engineered by chemists and computer scientists for more than 15 years, SYNTHIA retrosynthesis software is powered by sophisticated algorithms that can help experts access and make use of the vast amounts of data on chemical synthesis collated over decades of research. The tool works by harnessing the potential of advanced algorithms powered by more than 100,000 hand-coded reaction rules – painstakingly sifting through retrosynthetic possibilities – while at the same time examining what has been done, what could be done, and what starting materials are available.

But the opportunities do not stop there. For example, Merck also aims to enable participants of the healthcare industry to unlock the power of big-data analytics and collaboration across their respective sector ecosystems. To achieve this goal, the Syntropy company was created in partnership with Palantir Technologies. Syntropy represents a data integration and analytics environment in which healthcare organisations can contextualise and analyse infinitely diverse data types securely across their entire ecosystem, enabling experts to collaborate in the fight against cancer and many other diseases.

The question of where the road will lead to for this and additional future game changers is certainly difficult to answer (https://www.sciencedirect.com/science/article/pii/S0040162517309733), but additional hot topics are the utilisation of RNA as a new therapeutic, synthetic biology, and advancements in the understanding and prevention of ageing, as well as advances in artificial intelligence and quantum computing.

The generation of a positive outlook into the future in the face of all the issues and challenges is important, particularly in the light of the results of a recent survey in which, for the first time ever, young people responded that they would prefer to live in the past than in the future (https://www.zdf.de/nachrichten/panorama/jugend-vergangenheit-zukunft-umfrage-100.html).

We are also investing in the future scientific education of the next generation of scientists, not only via research grants (http://researchgrants.merckgroup.com), but also, for example, with the Merck Innovation Cup (http://innovationcup.merckgroup.com), the Merck Grants for Education (https://www.merckgroup.com/en/research/grants-and-awards/grants-for-medical-education.html), the JuniorLab (https://www.juniorlabor.de/), the Curiosity Cube (https://thecuriositycube.com/), and other educational programmes.

In order to ensure a bright future now and for generations to come, there is, of course, the prerequisite that these generations should first of all be born. Birth rates are declining globally at an alarming rate (https://www.cia.gov/the-world-factbook/field/total-fertility-rate/country-comparison) and are now, in almost all countries, with very few exceptions, below the level of 2.1 children per woman required for replacement. Some countries are way below that rate; for example,  the US: 1.8, China: 1.4, the EU: 1.5, and South Korea: 1.1. While an analysis of the underlying reasons is beyond the scope of this article, the problem needs to be taken seriously and is a turnaround from previous fears of overpopulation.

Merck is active in the fight against infertility and, with our broad portfolio of treatment options, devices and advanced fertility technologies, we aim to contribute to improved treatment outcomes that will help couples fulfil the dream of parenthood.

It is important to combine the iron rule of science (“observation and data can be the only evidence”) with the golden rule of ethics (“do unto others as you would have them do unto you”). 

United by science for a better tomorrow – now and for generations to come. 

About the Author

Ulrich A.K. Betz, Senior Vice President of Innovation Merck, is an accomplished R&D manager with >20 years of experience in the pharmaceutical and chemical industry, including positions in the President’s Office Merck Biopharma and positions reporting directly to the Heads of Research and Development at Bayer and Merck. In his current role for example he designed and implemented the Merck Innovation Cup, the Curious-Future Insight Conference, the Merck Future Insight Prize, the Darmstadt Science Declaration, the idea competition innospire and the BioMed X Outcubator.

The post Innovation – now and for generations to come appeared first on The European Business Review.

vidaXL was founded in 2006 and since then the business took off remarkably well. The brand is popular for its eclectic and affordable selection of home and garden furniture, toys, sporting goods, and baby products, among other items.

Proudly based in Venlo, in the south of the Netherlands, today vidaXL, and its dropshipping platform, dropshippingXL, operates in 32 countries across the globe, including the US, the UK, and Australia.

Live it up, for less

Enjoy more, without spending a fortune. The concept behind vidaXL is to provide online shoppers with the biggest assortment of items at the best possible price.

Customers of the brand love the amazing value for money they get on trending and fashionable products. Buyers can style their first flat, enjoy a new outdoor sport, refurbish their homes, spoil the kids, and spruce up the garden on a shoestring budget.

By the end of 2018, vidaXL’s marketplace had over one million products listed. As the company expands, it remains committed to providing a wide choice of affordable products to its customers.

Committed to the local community

Proud of their home city of Venlo, and home region of Limburg, vidaXL invests in local initiatives. This year they became partners of the VVV-Venlo Foundation, Venlo football club’s social charity. vidaXL collaborates with the charity’s Street League and School Tour programs, two initiatives that promote healthy living among children of all backgrounds and abilities.

It’s not just social causes that vidaXL is interested in supporting. Last month, the Dutch company gave two of their transport lorries a makeover with the Limburgs Museum branding. The museum, and fellow neighbour of vidaXL, is home to a historical and cultural exhibition of Limburg, from Prehistoric to the Middle and Modern Ages. Visitors can see artwork, traditional costumes, items of curiosity, interactive sections, and educational games that are suitable for all ages. The lorries promoted Limburgs Museum as they travelled thousands of kilometres across Europe, attracting the attention of anyone who saw the massive vivid purple vehicles.

Environmental sustainability is also a top priority at vidaXL. To reduce their carbon footprint, two of vidaXL’s distribution centres were kitted with 50,000 solar panels. It’s the equivalent of 13 football fields. The panels will generate enough electricity to power 7,500 homes, making them a good investment for the community.

Business expansion

While rebranding its dropshippingXL programme, vidaXL has also expanded in the last year. The construction of two additional fulfilment centres in Europe is planned, one in the Netherlands and the other in Poland.

These fulfilment centres are hugely beneficial for dropshippers. Shorter delivery times for customers can be met with warehouses across Europe, the US, and Australia. The United Arab Emirates is the latest country to join dropshippingXL, a dropshipping program with plans to expand to more countries.

Today, dropshippingXL has over 90,000 products to choose from, API integration support, real-time data feed, bulk order import, fast shipping and returns, VAT invoicing, and dedicated customer service.

The programme supports dropshippers in growing their business and doesn’t charge any commission on sales, a unique feature that sets them apart from competitors.

Dropshippers who sell vidaXL products simply subscribe to the programme for a flat rate of €30 per month. Regardless of sales made by the dropshipper, this fee remains the same.

Join dropshippingXL

Any business can start dropshipping with vidaXL without any prerequisites, no warehouse space, or inventory needed. To learn more, sign up, and get started with your eCommerce store, visit dropshippingxl.com.

Check vidaXL.com and corporate.vidaxl.com to discover more about the company as a retailer and a supplier.

The post VidaXL: Pioneer and eCommerce Business Giant appeared first on The European Business Review.

Where can managers turn for help in navigating the vast sea of data that is available to them in the digital age? And, when they have the right data, how can it be translated into answers that are relevant to their decision-making? Fleur Hicks, award-winning CEO of management consulting firm onefourzero, explains how it’s done. 

Good day, Ms Hicks! Thank you for gracing us with your time despite your busy schedule. Let’s start simply. How have you been faring so far in this new year? 

Very well, thank you. A new year is always a nice opportunity to embrace a fresh year with fresh energy.  

Did you always see yourself having an executive role in management consulting?

No. I studied Sociology (with Philosophy) at university and wanted to be a film director/script writer! My career followed an obscure path from independent film production via TV to multi-platform advertising and then digital consulting. Twenty years after graduating and I’m a shareholder and CEO of a global management consulting firm. Go figure!

Since its foundation in 2015, onefourzero has provided unique insight to private equity, investors and commercial brands through its top-notch digital due diligence. What do you think are the primary advantages of this modern medium compared to traditional consultancy?   

I think there are advantages to this approach and they lie not only in the efficiencies gained through the ability to gather and analyse digital and digitised data sets, but also in the robustness of data by volume and objectivity. We don’t discount the old way of doing things (such as surveys and expert opinion) but, rather, use data to form our initial hypotheses and then revert to the old school to add layers/context/human-sense checking. 

What is the inspiration behind the name “onefourzero”? Is it a name that holds sentimental value for the team?  

Ha ha! That was actually a nod to digital, as it represented the number of characters allowed in a tweet… until about two months after we launched the branding, when Twitter upped the character limit to 280! When we have our own complex in Silicon, Valley we’ll have to name the address 140 Data Street, so that it gains relevance again.

Making commercial sense of digital metrics can be quite intimidating. What are the common problems your clients bring up and how do you address them? 

Actually you’ve hit the nail on the head with regard to the daunting nature of data. I think what puts people off initially is that there is so much data available, from so many different sources, that it is difficult to know where to begin. In part, that’s what we are here to resolve: we know what data is needed and where to get it from, to answer common and specific commercial questions. The art actually lies in translating that data into something meaningful and actionable. So we give them comfort that the data maps to their questions, that we will handle everything from aggregation to analysis to compliance, and that the output will be tangibly helpful. The comfort ongoing being our long list of highly reputed funds returning for more. 

Was there one engagement or client you had early in your career that made a big impact on you?

Great question! I was always delighted that Bridgepoint had faith in our idea without any real prove-casing and commissioned our work. Innovative thinking remains just that: thought – unless someone is brave enough to trial it. They did. They gave us some great feedback and have been involved in feeding back to us regularly on new product trials. And I’d say they’ve been formative in giving us the confidence to expand ever further. Now, their ex-head of consumer is one of our major shareholders! 

You’ve mentioned that with digital data, one can stress-test commercial assumptions and model growth without much commitment to any framework. With the world as your focus group, what kind of problems do you often run into?

Surprisingly few. The reason we look for correlations between live digital data and historical filed commercials is so that we can deliver an as-live view of the market against key competitors. So, with clever AI looking at correlations and causations historically, we can start to map what the future looks like, based on various scenarios. The only issues arise when we don’t have a huge amount of digital proxies to leverage – but that is typically only in very niche industrials sectors. For most verticals and sub-verticals we’ve had a lot of success.

In terms of digital security architecture, many firms adopt a zero-trust approach to protecting their systems. onefourzero’s “Data Dashboard”, its famed one-stop digital dashboard, deals with a massive volume of data daily. How do you assure clients that their sensitive information isn’t at risk of being auctioned off on the black market? 

Good question! For a start, it sits within our policy terms not to, so you know that any client data isn’t going to be sold off or reused. But, in terms of security, we uphold the strongest CDPR and CSRB compliance and are fully ICO-licensed. This means that our data storage, transmission and usage systems, policies and protocols are globally approved. 

On a lighter note, we also believe congratulations are in order on being given the “CEO of the Year 2021” award by CEO Monthly recently. What was it like hearing the news for the first time and sharing it with the team? 

Thanks! Yes, CEO of the Year 2021 in the UK, and also in Europe. Yes it was…surreal, actually. You sit in your little corner of the world quietly trying to make things a bit better and, well, most leadership roles come with little praise, and even less thanks. So it was really nice to be recognised by my peers and the industry. The team were so happy for me, which was absolutely lovely and it was lovely to share the joy. And the champagne!  

What would your staff say is your management style?

I imagine they’d probably say that I lead with trusting kindness, nurturing ambition, pioneering focus and a lot of empathy. At least that’s how I try to lead. Staff retention would indicate that they agree, but you never know until you get them drunk in the pub, eh?!  

Like many other sectors, M&A consulting could be considered a traditionally male-dominated arena. How would you characterise the current situation in the industry in terms of progress towards achieving an equitable gender balance? Are you optimistic? 

I think the current situation is hopeful. There is a lot of work being done by many leaders to attract female talent to the industry, and organisations such as Level 20 (of which I am a member) do a lot to empower those already in the industry. The needle is shifting, faster now than before, which is a good thing. A lot of the voluntary mentoring that I do is centred around empowering women and teens to pursue their career dreams, encouraging them to smash those barriers down – be they perceived or real.

What do you see as the main challenges faced by women today embarking on careers in this industry? What advice would you give them? 

I think there are two challenges really: 1) the qualifications needed for graduates tend to have traditionally been STEM subjects that naturally attract more boys and young men, so the entry pool is already skewed; 2) the demands on time can make it very difficult to manage the demands and desires of balancing a family life with a career life. And I think it puts women off, to think that they might ever have to make the career vs family choice. It’s very tough, I’m not going to lie. As a single mum myself, I am the first to admit that you have to be very organised and considered in order to manage it all. But it can be done, trust me.  

Bearing in mind the forthcoming International Women’s Day 2022, onefourzero boasts of having a senior team 40 per cent composed of women. Why are you personally passionate about embedding inclusion and belonging into your company culture? 

Well, some might argue that 40 per cent is still not population-representative. But it outweighs the approximate 15 per cent representation within our industry and is a great measure if we take into consideration how many women are in work. But in answer to the real question as to why we push for this? Because businesses work better when there is fair representation. That goes for all types of diverse representation. A more dynamic conversation (and in our case, insights and strategy) can be created when there are more people representing differing needs at the table – Board table or otherwise.  

Given the unpredictable nature of the global market, what are you most afraid of regarding the future success of your company?  

I’d say that the industry itself is growing fast, so I have no doubts there. We are in a good position and we are growing the business and the proposition of a tech-enabled, data-led consulting approach at a great rate. I worry more about what’s happening outside of the industry with regard to inflation and energy price hikes. All businesses will struggle if we have to match astronomical basic-living inflation rates, and most businesses would rather take the hit on margins to keep their staff warm and fed than the alternative. But, happily, that’s not a problem we face currently, so we’ll keep the positive momentum going.  

As a CEO, how do you measure success? 

Requests to be interviewed by you might be a good measure of success. ? But really, a growing business with happy, engaged staff is the true measure.  If people regard onefourzero and its staff highly and in good repute and the staff themselves are proud of their contributions, then I’ve done my job.

Executive Profile

Fleur Hicks is a strategic Marketing and Operations professional with over 19 years’ experience managing blue chip digital and broadcast brands with 7 figure commercial success in the B2C and B2B2C sectors. With key experience across web, mobile, TV and print, Fleur has delivered industry-leading marketing and operations analysis strategy at the board level in consultative and client side roles. Fleur joined the company in autumn 2015 and has overseen its growth from a two man consultancy to a world leading Fintech-Consulting hybrid. Fleur is also a member of Level 20 and a mentor with MIgrant Help, encouraging diversity within the finance and technology space.

• https://www.europeanceo.com/profiles/fleur-hicks-of-financial-consulting-firm-onefourzero-wins-ceo-of-the-year-in-the-consulting-industry/  

The post Not Lost in Translation: Making the Data Make Sense appeared first on The European Business Review.

With investors looking towards Europe as a hotspot for business acceleration, the need to get in touch with talented executives who are up to today’s challenges is right at the top of many companies’ agendas. But are traditional means of executive search adequate for that purpose? Wendy Colvano of Daversa Partners thinks not. Here, she tells us more.

Thank you for sharing your time with us, Ms Colvano! Can we begin with a few words on what initially drew you into executive search?

Like many others who have built a career in executive search, I stumbled into this industry. After interning at Daversa during university, I realized this was a unique opportunity to combine my desire to be in business, passion for emerging technologies, and my curiosity and passion for people. Over time, the visibility of my own impact and challenge of the rigour required to be successful really made this industry one I knew I would go on to build my career in.

Founded in 1993, Daversa Partners has established itself as a household name in executive search. What’s it like working for a company that is responsible for building the leadership teams of some of the most successful brands today?

Honestly, it’s a privilege. Having the opportunity to start my career and learn from and be supported by the most seasoned leaders, including Paul, who have worked with the best in our industry has been a springboard to so many opportunities. We are truly entering an era where the companies conceived in the next decade will change the world we live in, and to say I have been a part of so many of these journeys is humbling to think about. I also think it’s important to recognize that, while we’ve been in business for almost 30 years, the entrepreneurial mentality we all possess set us apart in the industry.

I’m sure that making the move from New York to London was no small undertaking. You’ve gone on to be an indispensable key player who has helped to build Daversa Partners’ European practice. What do you think are the specific qualities that led you to this success and what were the opportunities you saw on a global scale?

Five years ago, I started coming out to London regularly and I consistently noticed a palpable energy around the massive opportunity in EU tech. There was a sense of inspiration, community and ambition that I was immediately drawn to and I saw the opportunity to be a meaningful player in a developing ecosystem and to support entrepreneurs through our unique understanding of one of their most critical barriers to success: talent. In taking the leap from inspiration to action, two qualities come to mind. The first was obvious from the day I decided to move, and that’s trust. I trusted my team and peers, the leaders at this firm and myself implicitly; this fuelled my conviction on our vision. The second is fearlessness; I give the same advice to my clients and candidates, which is that it can be hard to embrace the “unknown”, yet that’s where true growth happens.

We hear all the time in the European market that Daversa Partners brings a different style and brand of recruiting. What is that and why?

Traditional EU search firms use the shortlist model, which both extends the search and hinders results. We believe that getting out of the gates quickly in the first week of a search is absolutely crucial for ensuring successful outcomes. Our process results in rapid acceleration and focuses on fluidity, agility, and precision. Speaking candidly, the shortlist model has no place in modern recruiting. It’s an archaic practice and the EU market is ripe for disruption; we are doing just that. Our brand of search is one that has been building some of the most successful companies in Silicon Valley for nearly 30 years, and we have brought this style here to Europe. Additionally, the majority of other firms who grew their EU and global presence did so by way of acquisition, whereas Daversa was built 100-per-cent organically, ensuring that our learned approach to search and the quality of service we deliver remain consistent every single time.

What is Daversa’s perspective on the current state of the European venture and private tech markets now vs the last decade?

There is no denying that we are at an inflection point in Europe, especially when you look at the sheer influx of capital from funds looking to diversify their portfolios and repeat success in new and untapped markets. The amount of VC dollars flowing into Europe reached $28 billion for just last quarter and showed an overall increase of 138 per cent year over year in the third quarter. Ten years ago, we never would have seen this geographical spread and reach that we are seeing today, mostly because the majority of global investors were focused primarily on US-based tech companies. Based on what we are seeing, I believe the companies here may accelerate faster than any other geography, following Silicon Valley to date.

What does the talent pool look like in the EU now compared to the last 5–10 years?

I think for the past several years, there has been this preconceived notion that to attain great talent on a global scale, these individuals would need to relocate from Silicon Valley; this is false. While relocations are a natural part of our industry, the EU talent pool is on a tear and “homegrown talent” is flourishing (as is the entire EU ecosystem), like I mentioned earlier. As it relates to Daversa, our horizontal and vertical depth, coupled with our ability to pattern-match, uniquely positions the firm to track the flow of high-impact talent moving across Europe and the globe.
Our data analysts focus on cultivating the top 10 per cent of future executives that we believe will drive unparalleled results. Our analysts identify this talent and initiate introductions with our leadership team to develop relationships with current and next-gen operators and founders. This is KEY, as it relates to unearthing the ever-growing talent pool in Europe.

What is the overall vision / strategy / outlook for Daversa? What are your predictions around the future of EU search?

At our core, our strategy is based on the fact that Daversa moves together as one, and our firm is built on collaboration and connectivity. So, what does that mean? We’re not a search firm that is HQ’d in the US and happens to have an international arm. Instead, we have built this firm around a global standard of recruitment, meaning we have access and reach, and are able to deliver material impact executives from San Francisco to Singapore. Looking ahead, we believe that over the next decade, our beachhead in London has a chance to supersede our current stronghold in the US.

As it relates to the future of EU search, and I know mentioned this earlier, but the time for change is now. The stakes are higher and the competition is fierce. The ability to bring efficiency, access and quality is what sets us apart from more traditional EU search models and firms. Simply put, the old playbook won’t win.

How much of your recruitment process have you altered to fit the changing landscape of a post-pandemic workforce?   

In my opinion, the fundamentals of how we recruit has not changed. Instead, the pandemic showed us that this was a watershed moment for hiring executive talent, which speaks to Daversa’s rigorous process. That being said, I think tech as a whole has seen radical transformation; this industry rallied and learned to adapt quickly to a new “normal”. For the first time, companies were making key executive hires having never met these candidates in person. As a firm, we made 750+ successful placements during the thick of COVID-19, proving that you can make and build successful relationships over Zoom.

Daversa Partners’ global workforce is 64 per cent women, with 58 per cent working across senior leadership teams, giving the company one of the largest percentages of women in leadership roles. Can you tell us how it feels to work for a company that actively works toward diversity?

For the last five years, the #womenintech movement has made incredible strides and has undoubtedly moved the needle for women in Silicon Valley and tech as whole. Daversa Partners has been around for nearly 30 years, and from the start this was deeply ingrained into the company’s ethos. Paul, along with the entire leadership team, has always advocated, supported and championed all women at this firm. I think this is so important given our position in industry; we have an obligation to make sure the “needle” never stops moving. I’m proud of the impact we have had internally, and how our own commitment to diversity also extends to the leadership teams we’ve built externally.    

Executive Profile

A fiercely driven and passionate individual, Wendy Colvano learned that hard work combined with a fast pace is what it takes to become a relentless headhunter. She operates with a level of urgency and organization that delivers game-changing talent. A key member of Daversa’s international practice, Wendy moved from Manhattan to London to build out Daversa’s office there and has worked with some of the most disruptive start-ups across Europe. Her results set a global standard for recruitment with C & VP-level placements for Deliveroo, Farfetch, GoCardless, Coupang and Trainline. Wendy transferred from the University of Connecticut to the University of Miami where she studied English Literature with a concentration in British Literary History.

The post Refining the Search for Executive Talent in Europe appeared first on The European Business Review.

Does compliance with the data protection regulations have to represent a huge and costly burden to organisations? Not if you have the right team on your side. Rob Masson, CEO and founder of The DPO Centre, explains how, with a little help from the experts, compliance can be a differentiator that actually builds trust and promotes growth.

Thank you for gracing us with your time, Mr. Masson! Given your seasoned experience in entrepreneurship, could we begin with a few words on what inspired you to go in the direction of data protection?

In 2016, I was in the process of completing an exit from the e-commerce agency I had run for the previous 18 years.  During the 12-month earn-out period, discussions around the upcoming introduction of the GDPR were becoming increasingly frequent.  By the time my exit was complete in March 2017, it had become obvious that significant opportunities were being created by the rapidly expanding data protection market.

Given that the UK market alone would require in excess of 15,000 data protection officers to meet the new regulatory requirements, but with only around 5,000 in existence at the time, demand was clearly going to be high for personnel with the necessary expertise.

What was the transition like from being a serial entrepreneur to being the founder of one of the leading data protection companies today?

Being dynamic and willing to “fail fast” is inherent within our planning. We do not shy away from taking risks, making big bets and being bold in our approach.

Even though The DPO Centre is into its fifth year, we are still entrepreneurial in our approach.  Being dynamic and willing to “fail fast” is inherent within our planning. We do not shy away from taking risks, making big bets and being bold in our approach. Some of our initiatives have failed, but they have each provided greater understanding and market intelligence, and exposed new opportunities. These have subsequently reaped far greater and longer-term rewards than any losses realised by these failures.

A primary example is when COVID first hit. Whereas others seemed to retreat and pull down the shutters, we used this period of lower client engagement to double down on our marketing and branding, introduce new initiatives that had been stuck on the drawing board, and to switch entirely from our face-to-face event-led marketing to a digital one.  As a result, a year later, our July 2021 full-year results showed 91% growth in revenue, 102% growth in EBITDA and 106% growth in headcount.

You launched The DPO Centre in 2017, back when the concept of data protection and privacy had only just begun to take root. What were some of the initial hurdles you overcame?

It is fair to say that the GDPR was introduced along with considerable hype and hyperbole, which led to significant confusion in the marketplace as to what organisations were required to do prior to the law coming into force on 25 May 2018. Confusion and misconception reigned, so providing access to knowledge and sound expertise was key to our early success.

We have been very fortunate to be able to build a great team of experts. However, maintaining the steady stream of the great people we need to fuel our growth remains our biggest hurdle.

Since its founding, The DPO Centre has established itself as one of the most trusted names in the field of data protection today. Being awarded the “Professional Services Firm of the Year” at the British Data Awards 2021 proves just that. What was it like hearing the news for the first time?

Receiving this award was testament to the incredible team we have created at The DPO Centre.  There have, of course, been standout contributions, but any such award is never down to the efforts of any single individual. They are the product of the hard-working, enthusiastic and committed team of professionals that I have the absolute pleasure to be working alongside.

The DPO Centre takes pride in its #ONETEAM philosophy, which you’ve said is one of the fundamental elements of your success. Could you tell us a little bit more about this mindset and why it contributes to the company’s achievements?

The DPO Centre exists not to “win” by being “the best” or “the biggest” or “the most successful”. Our purpose is to “inspire and develop one remarkable team, that delivers the extraordinary”.

#ONETEAM is our philosophy that encourages every member of our team to have respect, adapt and deliver, to grow and to enjoy their journey.

We put the needs and development of our team first, above even those of the client.  We firmly believe that if you have a respected, inspired, empowered and trusting team, it is almost a given that you will cultivate happy, delighted clients who show gratitude for the quality and professionalism of the work you deliver and who gladly recommend your services to others.

As an Accelerator of Data Protection Services, how would you advocate for a culture of clean data and embrace compliance as a trusted tool for innovation and business growth?

Compliance with data protection laws should not be seen as a barrier to the introduction of new technologies and innovation. They ensure that innovation occurs responsibly and respectfully. This, in turn, builds trust, loyalty and engagement between organisations and their customers, which forms the fundamental building blocks for business growth.

We saw failure in this regard earlier in 2021, when WhatsApp informed its users that it would be sharing their personal data with its parent company, Facebook, an organisation that has built a questionable reputation when it comes to data protection compliance and respecting the rights of individuals. Almost overnight, there was a mass migration away from WhatsApp and toward other apps, such as Signal and Telegram, that presented greater transparency and assurances in respect of protecting their users’ personal data.

Data subjects are now more aware of their rights than ever before, and they are far less likely to tolerate the misuse of their personal data.

From the healthcare sector to public bodies, your client portfolio is impressively diverse. How would you say the privacy concerns of each industry differ, if at all?

Privacy concerns and challenges vary considerably from sector to sector. This can be due to the types of data subjects whose personal data is being processed.  For example, education deals with large amounts of children’s data, so requires additional safeguards.

For others, it is due to the type of personal data processed. If there is a lot of sensitive “special category” data, as in healthcare, this brings further challenges.

There are also industry-specific rules and regulations, like Financial Conduct Authority (FCA) regulations in financial services, that add an additional layer of complexity.

At The DPO Centre, across our team, we are fortunate to have a range of industry experts who have the knowledge and experience of dealing with the different concerns that each of these challenges present.

What do you think are the challenges for organisations implementing a data protection system in this new normal, and how would you address them with your services?

A key impact that the pandemic has had on our working lives is that many of us now work from home for some or all of the time. We have gone from coming into the relatively secure environments of our workplaces, where we work on devices that are under the direct control of our IT teams, to now working from home on our personal equipment and over our home Wi-Fi. Facilities such as VPNs and remote access can reduce the risks but, in many cases, data processing is occurring at home, making it much harder to apply the appropriate “technical and organisational measures” that the law demands and to respond fully to individuals’ rights requests, such as DSARs.

Mitigating these issues starts with implementing appropriate policies and procedures, and delivering tailored training that ensures that employees are aware that it is everyone’s responsibility to comply with data protection law, especially when working remotely.

You’ve mentioned that The DPO Centre continuously exists for the purpose of lightening the burden of the pressures that come with data protection laws and privacy concerns, especially in the EU and the UK. What steps have you taken in this direction?

Our service delivery is based upon a “continuous support framework” whereby we assign a “primary” DPO to deliver the number of days of support per month to proactively meet the client’s needs.  This is then supported by a “secondary” DPO, who is provided entirely at our cost, to ensure continuity of service, should their primary DPO ever be unavailable.  And then, finally, we provide access to our advice line, which acts as a “concierge” service to triage issues as they arise and mobilises the necessary mitigation resources.  This therefore delivers a full month-round service, but far more cost-effectively than maintaining an in-house team.

If you were to look at it as a glass-half-full situation, what would you say were the opportunities the pandemic provided for the data protection industry that would otherwise not have been accessible?

The transition to working from home threw up a host of data protection issues that privacy professionals suddenly had to deal with. Whilst this was challenging, it did reinforce how dynamic and adaptable data protection practices and frameworks need to be, so has led to significant improvements for many.

The pandemic also created issues such as the UK government’s decision to develop their “Track and Trace” app using a centralised, rather than decentralised, approach to data processing.  This highlighted all manner of privacy-related issues in the mainstream news that significantly raised the profile and importance of data protection to the public and focused the attention of a great many more organisations that it would otherwise have passed by.

The switch from face-to-face to online data protection events and conferences has made them far more accessible to people working in data protection all over the world, providing greater opportunities to connect with other privacy professionals and facilitating valuable networking and knowledge-sharing.

What can we expect to see from The DPO Centre in the coming years?

The DPO Centre has a focus on growth, not because we want to become the dominant force in the market commercially, but because with growth comes greater opportunity for everyone within the organisation. This includes creating opportunities to work with ever more interesting and complex clients, to develop deeper specialisms and be further recognised for our expertise.  It is also to create an entity of sufficient scale that is able to have a progressively greater and more positive influence on the direction of the industry and the significance of the role of data protection officer.

We believe that our current growth trajectory, supported by the exceptional range of initiatives we have in development, will enable us to have an increasingly profound and highly positive impact on the future of the privacy sector.

What new services is The DPO Centre looking to launch over the next 12 months?

We believe that our current growth trajectory, supported by the exceptional range of initiatives we have in development, will enable us to have an increasingly profound and highly positive impact on the future of the privacy sector.

One of the rights afforded to us by data protection law, coupled with the increase in data protection awareness during the pandemic, has meant that many organisations have seen a significant rise in Data Subject Access Requests (DSARs).  DSARs are valuable, as they enable you to request a copy of all your personal data being processed by an organisation to ensure it is accurate and is being processed lawfully.  The downside is that they can be used vexatiously and submitted unnecessarily frequently, and have become standard requests that pre-empt employment tribunal cases.

DSARs present clients with significant challenges, both in terms of having the necessary expertise to respond appropriately, but also to have the resources available to complete the response within the statutory one-month time frame.  Some contentious HR-related DSARs can run to 10,000 pages or more.

In response to this, The DPO Centre launched its new DSAR response service, which provides the requisite expertise and resources, reducing or entirely removing the burden that these requests pose.

Thinking globally, are countries now offering similar levels of data protection? 

The global data protection landscape is constantly evolving, with new legislation being introduced and case law influencing the decisions that need to be made. The GDPR is still considered the global “gold standard” for data protection law, so many other jurisdictions have replicated it to some degree.

However, all countries have their own interpretations and variations, which is even the case across the 27 EU member states.  Being able to understand and remain up to date with the requirements in these varying jurisdictions and apply the correct law is a complex task, so is generally outside the capability of a single person.

The DPO Centre solves this issue by providing clients with a DPO who has specialist knowledge of their sector, but also one that has access to the broad pool of knowledge available across our large team.

Executive Profile

As founder and CEO of The DPO Centre, Rob Masson is actively driving innovation, transformation and thought leadership in data protection and privacy. With over 30 years of business experience, Rob has been involved in delivering solutions to some of the world’s largest and most respected companies.

Rob set up The DPO Centre to assist organisations of all sizes to identify how evolving Data Protection legislation will affect them, the steps they need to take to comply, and how when implemented well, compliance builds trust, confidence, loyalty and engagement.

The post Data Protection: Lightening the Load of Compliance appeared first on The European Business Review.

How did these companies succeed at email? What are some of the things you could learn from them – and apply to your own business?

As the Chief Operating Officer of ZeroBounce, Brian Minick lives and breathes email. With his team of 36 people, he helps more than 125,000 customers around the world improve their email list quality and sales. 

Here, he talks about email marketing best practices, what successful marketers have in common, and his favorite part of the job. Plus, he gives you three simple things you can do today to boost your email results.

How to make email marketing work in 2021 and beyond

Brian, let’s talk about the companies that have succeeded with email in the past year and a half – what do you think they knew that the others didn’t? 

In the last year and a half, there have been so many changes in marketing and especially email. Lots of new players have joined the space as they were forced to shift marketing efforts more towards digital channels.

The companies that have succeeded are the ones that have followed best practices and are not taking shortcuts. 

To sum up a few rules: double opt-in your contacts, verify the emails each quarter and only mail them content they’ve signed up for. It sounds easy but it’s also very easy to jump off course and do something wild. 

If you’re the daredevil type, just make sure you test with small audiences first. Don’t test on your entire database.

In general, what would you say successful email senders have in common?

They’re putting out content that readers want. How do you increase your open rate? Give the reader content they signed up for, don’t try to fool them with one thing then deliver another. Sure, you will get sign-ups, but you will also get lots of spam complaints.

What’s the most common reason people reach out to ZeroBounce? 

They are reaching out because they are having deliverability issues. They’re getting lots of bounces due to outdated data and they never really grasped the concept of removing bad contacts until it’s too late. 

Many of our customers are reacting to an event. An event such as their email service provider has threatened to remove them from the platform due to too many bounces.

Why do so many emails land in spam – and what would you say are the first steps to improve deliverability?

One of the biggest reasons is that people are marking your emails as spam. We are in a world where decisions get made by computers based on behavior. So mail servers see lots of ‘marked as spam’ and then say, well, we should probably just put all of these in spam then. 

Your reputation is the key to inboxing. Don’t jeopardize this with silly practices.

Not only do you help people to get their lists and emails in shape, but ZeroBounce also sends a newsletter. What type of emails seems to appeal to people the most?

The emails that perform best address common pain points or desires. For instance, everyone who sends emails wants higher click rates – this is a topic that always gets attention. We talk about it quite often by approaching it from different angles. 

Also, anything relating to deliverability does well and it makes sense since this is our bread and butter. Then, people like content that comes from other trusted sources, such as well-known companies. We interview marketers and entrepreneurs on the blog and then share those interviews via our newsletters. You must sum up the best thing about your email in the subject line and preview text. 

As for direct marketing emails, our Black Friday promos are the most successful. In fact, most promotional email series perform well. Everybody loves a good deal.

Please share three tips for those who feel like their email marketing isn’t working.

1. Take a step back and really outline your plan. What are you trying to accomplish?
2. Don’t force promotions down people’s inboxes time after time. Give them value of some sort, show them a trick that might help them. Your offers should coincide with the topic.
3. Test to make sure you are landing in the inbox. This might seem simple but so many people overlook this step and just assume it’s ok. If you’re not performing, this is probably why. You need open rates that are in your favor. Without opens, the rest of the funnel will break. And you don’t get opens in the spam folder.

What’s your favorite part about what you get to do?

Helping so many companies in so many countries. 

Some of the brands we work with are so large and well-known that it’s especially satisfying to see them come to us for help. These are the best of the best companies that I thought really knew marketing – and in fact, they do. The issue is they’ve been collecting and aggregating their data for so long that they never thought about a clean-up effort, or the concept of clean-up is broken in their eyes. 

Email has so many nuances, things that people aren’t thinking of. It’s not a bad thing, we are just on the cutting edge of what’s out there. 

Most people think that an email is either “good” or “bad.” Well, there’s so much more to it, and we love educating people on email and how to market better.

The post ZeroBounce COO Brian Minick on Getting Better at Email Marketing appeared first on The European Business Review.

We cannot produce more time for ourselves. We can only improve what we do with our time. This is the essence of business technology… helping us become more efficient during our workday.

Becoming more efficient is a primary objective for companies when it comes to managing the plethora of data they possess and will gather in future years. But lots of companies really struggle and lose precious time trying to figure out the best course of action to manage their data volume. As the old saying goes, “time is money,” and this business maxim has never been more true than when it comes to the management of corporate data.

Years back, when businesses started to understand the value of data, they began exploring ways to manage their valuable information. To do so, they turned to having a data warehouse built for their company. One problem: classical data warehouses were very expensive and took too long to implement. Often, once the data warehouse was finally up and running, the business needs for the organization had completely changed or the data warehouse was far from being the intended solution needed to help the company become more profitable — despite the significant investment allocated for consultants, developers and programmers.

Removing Lengthy Delays to Access Data

After the data warehouse became functional, companies expressed concern about security and privacy and exhibited caution about who could access specific data sets. This apprehension led to management requiring that users submit a job ticket to the IT department to seek permission for data access. With an approval process in place, long delays occurred, from the period at which they needed the data to the time they were actually granted permission to view the data. This became known as “the battle between IT and business.” When users were finally allowed access, many had moved on to another initiative without having the benefit of analyzing the needed data weeks back.  Similarly, users would have to put in a job ticket to make minor upgrades at their local desktop.

TimeXtender recognized these problems back in 2006. The company significantly improves the time equation by removing this approval barrier and subsequent delay by providing data democratization for business users, enabling them to have instant access to data at their point of work. But TimeXtender does much more.

TimeXtender technology also provides easy-to-use, drag and drop functions so that users can make minor modifications on their own without seeking assistance from IT. While these advancements save time and money, they help the organization become more productive from another perspective:  IT is freed from manual coding, reviewing data-access requests, and providing minor modifications; thereby empowering IT to concentrate on more strategic endeavors that will have a greater impact for the business.

Speeding Up Process to Manage Data

It has been an axiom for many years that data scientists spend as much as 80% of their workday doing data preparation – identifying, collecting, cleansing, and aggregating data. That’s a lot of hours allocated to complete these tasks, but with TimeXtender, these undertakings are simplified, automated and optimized.

Using TimeXtender, companies can easily build and manage a modern data estate up to 10 times faster than manual coding. They can implement and operate data lakes, data warehouses and data marts to then automate processes to get data ready for AI and analytics. All this can be done without assigning resources to handwrite code – achieving what is called “no-code simplicity.”

TimeXtender software also automates code generation, orchestration and version control across multiple environments, automatically delivers end-to-end data lineage and impact analysis, and automates generation of complete documentation from project metadata. This saves time by helping a business automate these activities and supports their efforts to become compliant in meeting government regulations.

Eliminating Wasted Hours on Numerous Tools

TimeXtender also helps businesses save time and money through its integrated toolset. Today, there are various software packages on the market that support data management, data infrastructure and a cloud deployment, but many of these technologies require multiple tools or the bundling of various vendor toolsets so that a company can manage its data systems. TimeXtender technology allows a business to accomplish all this and to build and manage their corporate data estate with only one tool. Using a single toolset translates into less hours spent on: training on how to use the various tools, keeping these tools current with its latest version release, and figuring out how to synchronize the tools together.

Maximizing Productivity with Centralized Data Estate

TimeXtender helps improve the quality of data used for reporting, analytics, machine learning, AI, and the cloud. Historically, organizational business units such as HR, finance and marketing have built their own systems within their departments so that they could have local access and control to the data needed to perform their specific business functions. This movement led to the proliferation of data silos.

Over the years, many companies have worked diligently to break down their silos. However, businesses were still left with then trying to determine how best to manage their data and provide for enterprise-data governance. TimeXtender plays a keen role for businesses in this area as its modern data estate delivers a unified data platform that becomes the centralized home for data. Within its technology is a built-in layer that enables a company to differentiate who can access what data. Having this type of centralized data estate saves more time by establishing a “single version of the truth,” which eliminates executives scheduling wasteful meetings to determine which data and which numbers are most accurate.

With greater data quality, and by permitting instant access to data, companies are inspired to make faster, more strategic business decisions, helping them reduce costs and improve revenue-generating opportunities. They’re better prepared for the cloud, instill greater clarity in reporting, more suitable for AI, more formidable for advanced analytics.

Businesses are hungry for a cost-feasible, highly efficient platform and methodology to build, deploy and manage their corporate data for the present and the future, for on-premises or the cloud. They want technology that assists them in becoming more time efficient and productive, and helps them harvest more from their data. All of these capabilities as mentioned in this article, when added up together, substantially improve or extend the equation of time. Maximizing the time equation of work is the core deliverable that TimeXtender provides to 3,300+ global customers and is crucial for one very important business reason: Because time matters.

The post Extending The Time Equation: How TimeXtender Helps Businesses Save Considerable Time, Money by Automating Data Management Efforts appeared first on The European Business Review.

Good day, Kleber Bacili! Thank you for joining us today. Let’s start at the beginning. Would you mind giving us some background on why you founded Sensedia and sharing its history so far?

Thank you for reaching out to me.

I have a technical background in computer engineering. In fact, the first code I created was at age 12, when I wanted to manage the Formula 1 season. I was a huge fan of Ayrton Senna. That sparked a passion.

I founded Sensedia as an integration-focused technology company when service-oriented architecture (SOA) was becoming a valuable concept for the enterprise market. Initially, we learned how to work within complex integration environments. In 2013, we launched our API management platform to help organisations design, secure and deploy APIs to support mobile applications and external partners that need to connect to internal legacy systems.

Did you always envision the company would be a connectivity and integration platform supporting clients’ digital transformations? What were your initial goals for Sensedia when you started out?

We always wanted to help our clients streamline their application integration processes and be able to speed up their digital initiatives. At the time, we focused on the technical side of integrating applications and paid little attention to what was happening in relation to broader digital activity. The digital transformation journey has accelerated greatly in recent years and new technologies, such as cloud computing and the massive mobile presence, went mainstream and contributed enormously. We then realised that our expertise and technology was fundamental to our clients’ digital journeys.

From an internal perspective, before creating the API management platform, Sensedia’s business model was pretty much based on consulting. When we created our platform, we also adopted the software-as-a-service (SaaS) business model. In the beginning, it was very challenging, because a software subscription business has a totally different set of metrics – which we had to learn. On the other hand, the scalability and business potential is amazing.

It is no small feat that Sensedia has successfully transitioned itself from a humble start-up in 2007 to becoming one of the key global players in the field. It’s trusted by clients worldwide and was recently named the Best Open Banking Solutions Provider in the 2021 Fintech Awards. What kind of hurdles did you have to overcome as a company to get here?

When we look back, it is much easier to connect the dots, but at first we had to find a product/market fit that offered a scalable proposition. An API management platform combined with our expertise in integration was the answer.

We then had to earn the trust of our initial clients and create a resilient operation that could support mission-critical business.

Very soon, we learned the potential of the ‘open mindset’. Our very first open-banking project was in 2015, with one of the largest banks in Latin America. It never went live, and it was then that we learned that prioritising the business operation and addressing concerns around an ‘open’ environment are more important than technology.

We can only imagine how stressful it must have been to cope with the challenges of being a new player in this sector, but Sensedia offered unique and original services within an evolving digital landscape. Could you tell us how Sensedia’s multidisciplinary solutions contribute to this new ‘open’ world?

We were seen as pioneers – sector leaders – promoting the importance and power of APIs in Latin America.

Our goal was, and is, to ensure that our clients understand that technology is only one part of a successful API strategy and that they must align their business operation and strategy with a renewed mindset.

And this is why we give our clients comprehensive support; ranging from strategy sessions to help them understand why they need to invest in APIs and micro-services, to technical services, advising on best practice regarding API design and security.

What aspects did you take into consideration when developing integration solutions across diverse industries? Do you follow a one-size-fits-all method or do you work on a case-by-case basis?

Given that we work with such a broad range of clients across different sectors, covering various topics, there is no one-size-fits-all solution. There are, though, some similar cross-industry elements, for example techniques on how to secure and monitor APIs. Others are sector-specific, for example open-banking APIs and consent management usually follow specific recommended guidelines. And some are individual to each client, such as how to connect a specific API to a custom legacy application.

The development of the digital landscape has grown exponentially in the past decades. As the demands of the industry continue to change, how will Sensedia address these challenges and others yet to come?

Our technology is cutting-edge, so we’re very open to testing new components and technologies and we embrace failure as part of the technology development process.

Additionally, we’ll be investing more in technical alliances, particularly as most of our clients have a best-of-breed approach to implementing new technologies. It’s therefore becoming increasingly important to easily connect to and offer a broad range of specialist infrastructure solutions.

The company is involved in many digital disciplines, from API management to legacy integration. What would you say are the vital components of a truly modern multi-cloud framework for organisations today?

Organisations and enterprises going forward will need to take a ‘composable’ approach to their architecture. This means embracing a modular philosophy, adding new components to existing legacy systems and reinventing businesses so they become ‘composable enterprises’. This will maximise an organisation’s ability to build, assemble and reassemble core business elements, rapidly seize market opportunities and respond to disruptors and threats, while maintaining resilience.

The definition of compose is to ‘form by uniting parts’, and a modular strategy does just this; it allows businesses to connect to new ecosystems, exposing them to new markets and, eventually, new revenue streams.

In the short time since its launch, the company has managed to work with major names, including SOAINT. You recently announced a large-scale investment deal with Riverwood Capital, another respected high-growth equity firm. Would you mind telling us how this partnership was initiated?

Since its foundation, Sensedia has been a bootstrapped company and, so, very efficient in capital. In 2018, we started our international expansion, first to other countries in Latin America, then to Europe. In recent years, as the digital transformation accelerated pace, we saw an opportunity to speed up our expansion plan. In addition, the technology landscape is rapidly evolving and, in order to meet our current clients’ needs and create new products and services, we wanted to accelerate our product roadmap.  

What can we expect from this alliance between Sensedia and Riverwood Capital in terms of driving geographic expansion, as well as digital transformation?

From a business perspective, we hope to expand more quickly into LatAm and Europe and have a greater presence in the United States. This new investment also enables us to extend our customer service and product development areas.

In just over two years, Sensedia has almost quadrupled traffic on its API platform. Were there any specific factors that contributed to this great achievement?

Sensedia is growing at an awesome pace. While we’re welcoming new enterprise clients, at the same time our current clients are moving forward in their digital journeys, particularly during 2020, when many physical experiences were replaced by digital interactions. This trend was reflected by the amount of API traffic using our platform.

For example, Iguatemi is a leading shopping centre administration company. It launched Iguatemi 360, a digital marketplace that allows customers to buy the same main brands they would when visiting their bricks-and-mortar locations. So, same client, new digital experience, much more API traffic.

Sensedia prides itself on not just being a catalyst for digital transformation, but also teaming up with like-minded organisations in its industry, as evidenced by this recent partnership. Are there any particular trends you’ve noticed within the digital sector?

We see a lot changing very fast – specifically three trends which we’re keen to help   clients with:

(i) Accelerating digital transformation can, at the same time, create some architectural challenges. As the number of APIs and micro-services continue to grow, it’s crucial to have new governance elements in place to maintain consistency and increase resilience.

(ii) In a bid to become more agile and adaptable, companies are becoming more hybrid and multi-cloud. Being able to better handle services’ connectivity between on-premise applications to full SaaS, and manage how that evolves over time, is a key capability.

(iii) Open banking is a key step towards a more ambitious open-finance landscape. If we fully understand the drivers within the banking sector, we’re better placed to help clients maximise their potential in other ‘open’ sectors, as well (did I hear ‘open insurance’?).  

You stress that Sensedia’s vision is to support a more open, connected and digital world through multi-cloud architectures. In a post-pandemic world, what do you believe are the steps the company, and society at large, should take in order to achieve this?

The trends I mentioned earlier relate to digital, connection and openness. Digital brings experiences to a much broader audience, so it’s related to ‘reach’. Connection makes the experiences data-rich, while openness allows us to blend those experiences and make them frictionless and more meaningful.

It would seem this partnership with Riverwood Capital is only the first of many great milestones for the company. What can we expect from Sensedia in the coming years?

We’re aiming to become one of the top API management players in the market and to continue to help our clients become more digital, connected and open, and enable them to thrive in the next chapter of their journeys.

For more information, please visit https://www.sensedia.com/

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