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What Is 5G Technology And How Must Businesses Prepare For It?
In some circles, there's been much talk about 5G technology and its imminent arrival. However, most individuals and companies haven't experienced it, although there's a lot of work being done behind the scenes to build, trail, and launch the infrastructure. When 5G does become widely available, we can expect immense opportunities for the technology just like we have with the launch of every generation of mobile networks. Here’s what 5G technology is and how businesses should prepare for it. What is 5G? Called 5G, the fifth generation of mobile wireless communications promises to lower latency, offer greater stability, the ability [...]
Balanced Scorecard: Implementation Pitfalls (Part 1)
Balanced Scorecard Implementation Pitfalls to Avoid (part 1) There are many Balanced Scorecard implementations where companies don't seem to get all the benefits described above. Research and experience have identified various traps and pitfalls main ones to avoid are listed below. Taking Strategy Design shortcuts. Many companies take a balanced scorecard that has been designed by a similar organisation in their industry and just copy it. Others take the four box BSC model and hold a brainstorm session to map objectives into each of the perspectives without ever reflecting on the strategy. Both of these can lead to a BSC that [...]
The Most Significant AI Milestones So Far
Many people assume artificial intelligence is a new technology, but the concept has been around for a long time. There have been several significant milestones in its history that helped catapult artificial intelligence capabilities over the years. Here we look at some of the key milestones achieved so far. You might be surprised to discover that artificial intelligence (AI) really isn’t all that new. The concept that one day machines would be capable of thinking and making decisions was first contemplated by mathematician Rene Descartes in 1637 in his book Discourse on the Method. He was also the first to [...]
Balanced Scorecard: Implementation Pitfalls (Part 3)
Balanced Scorecard Implementation Pitfalls to Avoid (part 3) There are many Balanced Scorecard implementations where companies don't seem to get all the benefits described above. Research and experience have identified various traps and pitfalls main ones to avoid are listed below. Inflating the Balanced Scorecard with Externally Imposed Indicators. There is an increasing amount of performance indicators which are imposed on organisations by external regulators or stakeholders such as the government. It is important to separate these indicators from the Balanced Scorecard unless they match the strategic objectives identified in the BSC. Otherwise, they will dilute the strategic message and inflate [...]
6 Simple Steps To Great Key Performance Questions (KPQs)?
Key Performance Questions (KPQs) help companies develop better and more meaningful and useful performance indicators. Like with most things, there are right and wrong ways to go about creating your KPQs. Here I want to outline 6 simple steps that will help you develop great KPQs for your organisation. 1. Start with strategy KPQs should derive from your strategy. Once you have clarified your strategic objectives and ideally mapped them into a one page strategic map you can start developing KPQs. My suggestion is to design between one and three KPQs for each strategic objective. Obviously, the fewer KPQs the [...]
Balanced Scorecard: The Evolution
Since its inception in 1992 the Balanced Scorecard has changed and evolved. This is important as Robert Kaplan and David Norton have managed to keep the concept fresh and aligned with current management thinking. The downside of this is that the understanding of the Balanced Scorecard concept varies widely depending on when individuals learnt about the Balanced Scorecard. The Changing Nature of the Balanced Scorecard The Balanced Scorecard was first introduced as a performance measurement framework but was quickly positioned as a strategic performance management tool. The Balanced Scorecard concept is much more than a collection of performance indicators in [...]
The Revolutionary Way Of Using Artificial Intelligence In Hedge Funds — The Case Of Aidyia
The integration of artificial intelligence and the financial industry has always been a match made in heaven—high volumes, the quantitative aspect of finances, need for expediency and accuracy are ideal for the unique skill-set of AI. But, can it impact the high-risk, high-return world of hedge funds? Several companies think so including Hong Kong-based Aidyia. What is a hedge fund? Today, there are more than 10,000 hedge funds that manage approximately $3 trillion in assets. A hedge fund is an investment partnership between a professional fund manager and “limited partners” or investors. The limited partners contribute funds, while the general partner manages the fund according [...]
KPIs: A Quick Overview
Love them or loathe them, KPIs are everywhere. We hear about KPIs in businesses, schools and hospitals. Indeed, many of us have KPI targets in our jobs, others have to report on KPIs, but what really is a KPI? In simple terms a KPI is a way of measuring how well we as individuals or how well entire companies or business units are performing. KPI is short for Key Performance Indicator. A KPI should help us understand how well a company, business unit or individual is performing compared to their strategic goals and objectives. I often use a sailing boat [...]
Are You A Likeable Leader? Here Are The Top 12 Timeless Habits
Think back to the leaders in your life that you liked. They were also the ones who were most successful, right? According to an article in Harvard Business School’s Working Knowledge, “Fool vs. Jerk: Whom Would You Hire?” research shows that no matter the organization or industry, everyone wants to work with a “loveable star” who combines competence and likeability. Leaders with a high emotional intelligence are also those that significantly outperform those who aren’t able to manage emotions—their own and others—according to research data from TalentSmart. Although we always sensed it, leading with an iron fist is not the strategy for [...]
Balanced Scorecards: Improving B&B With The BSC
Balanced scorecard delivers improvements to the Indiana bed and breakfast industry - starting with its websites. Anyone staying in a bed & breakfast operation in Indiana might notice a marked improvement in future - in their website, at least. And the new commitment to quality improvement in the state's B&Bs is thanks to one thing - the balanced scorecard. The Journal of Travel & Tourism Marketing reported in 2004 that an exploratory study had been carried out involving the balanced scorecard (BSC). Authors used accepted balanced scorecard theory They study's authors used the balanced scorecard approach to conduct a study [...]