Posted by Mark Brousseau
Folks arriving this weekend for Fusion 2011 may be surprised to see alligators(!) in the atrium of the Gaylord Palms Resort and Convention Center in Florida.
Showing posts with label IAPP. Show all posts
Showing posts with label IAPP. Show all posts
Friday, May 6, 2011
Alligators at Fusion 2011
Posted by Mark Brousseau
Folks arriving this weekend for Fusion 2011 may be surprised to see alligators(!) in the atrium of the Gaylord Palms Resort and Convention Center in Florida.
Wednesday, October 20, 2010
6 tips for messages that resonate
Posted by Mark Brousseau
Today we are overwhelmed with messages. Some are just 140 characters long. Others are much longer, but they are constantly bombarding us—trying to lure us to acquire and consume information (then repeat the process over and over). Technology—social media specifically—allows for constant communication, but easy communication doesn't necessarily translate to messages that are received, understood, and capable of driving action.
At a time when people are tweeting, blogging, emailing, and more 24/7, the best way to genuinely connect and create change, says author and CEO Nancy Duarte, is via truly human, in-person presentations. She stresses that everyone in every company should know how to present and communicate that company's messages with clarity and passion.
"Great presentations are like magic," says Duarte, CEO of Duarte Design, author of the award-winning book Slide:ology, and author of the new book Resonate: Present Visual Stories That Transform Audiences.
"It takes a lot of work to breathe life into an idea. Spending energy to understand the audience and carefully crafting a message that resonates with them means committing time and discipline to the process. Think about it this way: You likely spend countless hours collaborating and innovating to put forth really good ideas. You should spend just as much energy ensuring they are delivered in a way that is impactful. The payoff is that learning how to present in a captivating way—be it at a formal event or to a client across the conference room table—can be your competitive edge in a business environment where too many companies are confusing communication with noise."
So how can you make sure you present information in a way that truly resonates?
"If people can easily recall, repeat, and transfer your message, you did a great job conveying it," says Duarte. "To achieve this, you should have a handful of succinct, clear, and repeatable sound bites planted in your presentation that people can effortlessly remember. A thoroughly considered sound bite can create a Something They'll Always Remember (S.T.A.R.) moment—not only for the people present in the audience but also for the ones who will encounter your presentation through broadcast or social media channels."
To help you get started creating presentations that really stick with your audiences, here are a few tips on how you can incorporate repeatable sound bites:
Create crisp messages. Picture each person you speak to as a little radio tower empowered to repeat your key concepts over and over. "Some of the most innocent-looking people have fifty thousand followers in their social networks," says Duarte. "When one sound bite is sent to their followers, it can get re-sent hundreds of thousands of times."
Craft a rally cry. Your rally cry will be a small, repeatable phrase that can become the slogan and rallying cry of the masses trying to promote your idea. President Obama's campaign slogan, "Yes We Can," originated from a speech during the primary elections.
Coordinate key phrases with the same language in your press materials. For presentations where the press is present, be sure to repeat critical messages verbatim from your press materials. "Doing so ensures that the press will pick up the right sound bites," explains Duarte. "The same is true for any camera crews who might be filming your presentation. Make sure you have at least a fifteen- to thirty-second message that is so salient it will be obvious to reporters that it should be featured in the broadcasts."
Use catchy words. Take time to carefully craft a few messages with catchy words. "For example, Neil Armstrong used the six hours and forty minutes between his moon landing and first step to craft his historic statement," says Duarte. "Phrases that have historical significance or become headlines don't just magically appear in the moment. They are mindfully planned."
Make them remember. Once you've crafted the message, there are three ways to ensure the audience remembers it: First, repeating the phrase more than once. Second, punctuating it with a pause that gives the audience time to write down exactly what you said. And finally, projecting the words on a slide so they receive the message visually as well as aurally.
Imitate a famous phrase. "Everyone knows the Golden Rule," says Duarte. "'Do unto others as you would have them do unto you.' Well, an imitation of that famous phrase might be 'Never give a presentation you wouldn't want to sit through yourself.'"
"The future isn't just a place you'll go," says Duarte. "It's a place you will invent. Your ability to shape your future depends on how well you communicate where you want to be when you get there. When ideas are communicated effectively, people follow and change. Words that are carefully framed and spoken are the most powerful means of communication there is."
What do you think?
Today we are overwhelmed with messages. Some are just 140 characters long. Others are much longer, but they are constantly bombarding us—trying to lure us to acquire and consume information (then repeat the process over and over). Technology—social media specifically—allows for constant communication, but easy communication doesn't necessarily translate to messages that are received, understood, and capable of driving action.
At a time when people are tweeting, blogging, emailing, and more 24/7, the best way to genuinely connect and create change, says author and CEO Nancy Duarte, is via truly human, in-person presentations. She stresses that everyone in every company should know how to present and communicate that company's messages with clarity and passion.
"Great presentations are like magic," says Duarte, CEO of Duarte Design, author of the award-winning book Slide:ology, and author of the new book Resonate: Present Visual Stories That Transform Audiences.
"It takes a lot of work to breathe life into an idea. Spending energy to understand the audience and carefully crafting a message that resonates with them means committing time and discipline to the process. Think about it this way: You likely spend countless hours collaborating and innovating to put forth really good ideas. You should spend just as much energy ensuring they are delivered in a way that is impactful. The payoff is that learning how to present in a captivating way—be it at a formal event or to a client across the conference room table—can be your competitive edge in a business environment where too many companies are confusing communication with noise."
So how can you make sure you present information in a way that truly resonates?
"If people can easily recall, repeat, and transfer your message, you did a great job conveying it," says Duarte. "To achieve this, you should have a handful of succinct, clear, and repeatable sound bites planted in your presentation that people can effortlessly remember. A thoroughly considered sound bite can create a Something They'll Always Remember (S.T.A.R.) moment—not only for the people present in the audience but also for the ones who will encounter your presentation through broadcast or social media channels."
To help you get started creating presentations that really stick with your audiences, here are a few tips on how you can incorporate repeatable sound bites:
Create crisp messages. Picture each person you speak to as a little radio tower empowered to repeat your key concepts over and over. "Some of the most innocent-looking people have fifty thousand followers in their social networks," says Duarte. "When one sound bite is sent to their followers, it can get re-sent hundreds of thousands of times."
Craft a rally cry. Your rally cry will be a small, repeatable phrase that can become the slogan and rallying cry of the masses trying to promote your idea. President Obama's campaign slogan, "Yes We Can," originated from a speech during the primary elections.
Coordinate key phrases with the same language in your press materials. For presentations where the press is present, be sure to repeat critical messages verbatim from your press materials. "Doing so ensures that the press will pick up the right sound bites," explains Duarte. "The same is true for any camera crews who might be filming your presentation. Make sure you have at least a fifteen- to thirty-second message that is so salient it will be obvious to reporters that it should be featured in the broadcasts."
Use catchy words. Take time to carefully craft a few messages with catchy words. "For example, Neil Armstrong used the six hours and forty minutes between his moon landing and first step to craft his historic statement," says Duarte. "Phrases that have historical significance or become headlines don't just magically appear in the moment. They are mindfully planned."
Make them remember. Once you've crafted the message, there are three ways to ensure the audience remembers it: First, repeating the phrase more than once. Second, punctuating it with a pause that gives the audience time to write down exactly what you said. And finally, projecting the words on a slide so they receive the message visually as well as aurally.
Imitate a famous phrase. "Everyone knows the Golden Rule," says Duarte. "'Do unto others as you would have them do unto you.' Well, an imitation of that famous phrase might be 'Never give a presentation you wouldn't want to sit through yourself.'"
"The future isn't just a place you'll go," says Duarte. "It's a place you will invent. Your ability to shape your future depends on how well you communicate where you want to be when you get there. When ideas are communicated effectively, people follow and change. Words that are carefully framed and spoken are the most powerful means of communication there is."
What do you think?
Friday, September 24, 2010
10 Pitfalls to Avoid When Going Social
If you were to make a list of up-and-coming business trends, social media strategies would probably be near the top. Actually, scratch that "up-and-coming" part—social media is already here. However, thousands of companies are rushing headlong into the profile-creating, news-tweeting, blog-posting frenzy...only to find that their valiant efforts are not getting the results they had hoped. If you're looking for fans, followers, and friends to build a Social Nation around your business, don't panic, says Barry Libert. There is simple advice that will help businesses avoid the pitfalls and make a strong online impact.
"It's true: there are countless benefits to joining what I call the Social Nation revolution—but just like any strategy for growth, social media isn't foolproof," points out Libert, author of the new book Social Nation: How to Harness the Power of Social Media to Attract Customers, Motivate Employees, and Grow Your Business. "If you don't want your company's social strategy to fall flat, there are some guidelines you'll need to follow."
Libert knows what he's talking about. After all, he's the Chairman and CEO of Mzinga, a company that provides social software to businesses. Quite literally, it's his job to be social media savvy. And he's adamant that before you start building your own Social Nation, you need to have a well-researched game plan.
"When it comes to building a successful social network for your company, you need to understand that there's a lot of prep work to be done," he explains. "You can't just set up a Facebook profile for your company, tweet once or twice a day, and expect public interest in your company to shoot through the roof. Far from it, actually."
Think about it this way: if you were in charge of your company's booth at a trade show or conference, you wouldn't just slap your company's logo onto a piece of poster board, place your business cards on the table, and hope for the best, would you? Of course not. Yet that's exactly how some companies approach social media—and that's why so many of these initiatives fail.
"If you want to become a meaningful part of social conversations and interactions," explains Libert, "you've got to know who your target 'fan base' is, where they spend their time online, and what sorts of content and programming is valuable and relevant to them, and will foster their continued interest and participation. You also need to make sure you have the wherewithal to commit to growing and sustaining your Social Nation, and you've got to make sure that you have buy-in from within your company. And that's just for starters."
Sure, it may sound intimidating, but don't give up yet. Half the battle is knowing which mistakes not to make, and Libert, in the book Social Nation, is eager to share the top 10 social media pitfalls he's seen organizations fall victim to in the past. Read on to discover what they are:
Pitfall #1: Running a Social Nation like a traditional business. If you want to run a social company, you first need to understand that almost everything you do is a two-way street. That is to say, you're not going to prosper if your products and services are designed solely by folks on the inside. You need to embrace the perspectives and contributions of your employees, as well as those of customers and partners.
Pitfall #2: Underinvesting in social initiatives and abandoning them too soon. Understand that a Social Nation is organic—it won't materialize with a proverbial snap of the fingers. Early on, you'll need to invest a good deal of time, thought, and money in attracting fans and followers—and your efforts will need to be sustained. Only after you've built a firm foundation will your social network begin to sustain itself through participant contribution and recommendation.
Pitfall #3: Neglecting to find ways to encourage and inspire your Social Nation's followers and fans. When you stop to think about it, you'll realize that your fans and followers are essentially volunteering their time and energy to serve as developers, sounding boards, and advertisements for your company. So for goodness' sake, respect what they have to say and take their input to heart!
Pitfall #4: Relying on a "build-it-and-they-will-come" mentality. Ummm...you don't really think that launching a new website and firing off posts at various online networking hotspots will bring fans and followers flocking, do you? Of course not! To some extent—usually a large one—you'll need to purposefully reach out to potential community members and make it worth their while to accept your invitation.
Pitfall #5: Delaying the process of going social. Contrary to what you may wish, your company doesn't have the luxury of waiting until it's "convenient" to go social. Why? Well, you have competitors, right? And if you don't start gathering loyal followers and fans now, there's a good chance that some other company will woo them first.
Pitfall #6: Underestimating the power of a Social Nation. If you believe that social networking is just a window dressing that your company "needs" (but not really), then think again. Social media and community collaboration bring many benefits, including brand-building, customer loyalty and retention, cost reductions, improved productivity, and revenue growth.
Pitfall #7: Neglecting employees, partners, investors, or customers when building your Social Nation. Yes, set up a "focus group" of employees to serve as community leaders who will shepherd your company into the social networking world, but don't put all of the power in their hands. Social Nations are organic organizations, so the more people who are empowered to influence yours, the better.
Pitfall #8: Relying on traditional approaches when designing your Social Nation. A decade ago, you probably would have been horrified at the thought of releasing ideas and products into the hands of your customers before they were as complete as you could get them. With social networking, that monolithic approach is now becoming obsolete.
Pitfall #9: Developing your own social software and analytics solutions. You wouldn't dream of placing "remodeling the office" or "handling legal issues" in the Do It Yourself category, would you? Not too many would. Instead, you'd hire someone skilled in those areas. Do yourself a favor and use the same strategy when it comes to building your own Social Nation.
Pitfall #10: Getting caught without partners to help you succeed. Libert has alluded to this one before, but it bears specific emphasis: make sure that you truly treat your community members as partners, not just as fans or numbers. Yes, integrating into the social web (Facebook, Twitter, and other social networks) is key to your company's future success, but being connected to the social web is only a part of what you need to do. Shifting your business strategically, culturally, and operationally are key components to the equation.
What do you think?
"It's true: there are countless benefits to joining what I call the Social Nation revolution—but just like any strategy for growth, social media isn't foolproof," points out Libert, author of the new book Social Nation: How to Harness the Power of Social Media to Attract Customers, Motivate Employees, and Grow Your Business. "If you don't want your company's social strategy to fall flat, there are some guidelines you'll need to follow."
Libert knows what he's talking about. After all, he's the Chairman and CEO of Mzinga, a company that provides social software to businesses. Quite literally, it's his job to be social media savvy. And he's adamant that before you start building your own Social Nation, you need to have a well-researched game plan.
"When it comes to building a successful social network for your company, you need to understand that there's a lot of prep work to be done," he explains. "You can't just set up a Facebook profile for your company, tweet once or twice a day, and expect public interest in your company to shoot through the roof. Far from it, actually."
Think about it this way: if you were in charge of your company's booth at a trade show or conference, you wouldn't just slap your company's logo onto a piece of poster board, place your business cards on the table, and hope for the best, would you? Of course not. Yet that's exactly how some companies approach social media—and that's why so many of these initiatives fail.
"If you want to become a meaningful part of social conversations and interactions," explains Libert, "you've got to know who your target 'fan base' is, where they spend their time online, and what sorts of content and programming is valuable and relevant to them, and will foster their continued interest and participation. You also need to make sure you have the wherewithal to commit to growing and sustaining your Social Nation, and you've got to make sure that you have buy-in from within your company. And that's just for starters."
Sure, it may sound intimidating, but don't give up yet. Half the battle is knowing which mistakes not to make, and Libert, in the book Social Nation, is eager to share the top 10 social media pitfalls he's seen organizations fall victim to in the past. Read on to discover what they are:
Pitfall #1: Running a Social Nation like a traditional business. If you want to run a social company, you first need to understand that almost everything you do is a two-way street. That is to say, you're not going to prosper if your products and services are designed solely by folks on the inside. You need to embrace the perspectives and contributions of your employees, as well as those of customers and partners.
Pitfall #2: Underinvesting in social initiatives and abandoning them too soon. Understand that a Social Nation is organic—it won't materialize with a proverbial snap of the fingers. Early on, you'll need to invest a good deal of time, thought, and money in attracting fans and followers—and your efforts will need to be sustained. Only after you've built a firm foundation will your social network begin to sustain itself through participant contribution and recommendation.
Pitfall #3: Neglecting to find ways to encourage and inspire your Social Nation's followers and fans. When you stop to think about it, you'll realize that your fans and followers are essentially volunteering their time and energy to serve as developers, sounding boards, and advertisements for your company. So for goodness' sake, respect what they have to say and take their input to heart!
Pitfall #4: Relying on a "build-it-and-they-will-come" mentality. Ummm...you don't really think that launching a new website and firing off posts at various online networking hotspots will bring fans and followers flocking, do you? Of course not! To some extent—usually a large one—you'll need to purposefully reach out to potential community members and make it worth their while to accept your invitation.
Pitfall #5: Delaying the process of going social. Contrary to what you may wish, your company doesn't have the luxury of waiting until it's "convenient" to go social. Why? Well, you have competitors, right? And if you don't start gathering loyal followers and fans now, there's a good chance that some other company will woo them first.
Pitfall #6: Underestimating the power of a Social Nation. If you believe that social networking is just a window dressing that your company "needs" (but not really), then think again. Social media and community collaboration bring many benefits, including brand-building, customer loyalty and retention, cost reductions, improved productivity, and revenue growth.
Pitfall #7: Neglecting employees, partners, investors, or customers when building your Social Nation. Yes, set up a "focus group" of employees to serve as community leaders who will shepherd your company into the social networking world, but don't put all of the power in their hands. Social Nations are organic organizations, so the more people who are empowered to influence yours, the better.
Pitfall #8: Relying on traditional approaches when designing your Social Nation. A decade ago, you probably would have been horrified at the thought of releasing ideas and products into the hands of your customers before they were as complete as you could get them. With social networking, that monolithic approach is now becoming obsolete.
Pitfall #9: Developing your own social software and analytics solutions. You wouldn't dream of placing "remodeling the office" or "handling legal issues" in the Do It Yourself category, would you? Not too many would. Instead, you'd hire someone skilled in those areas. Do yourself a favor and use the same strategy when it comes to building your own Social Nation.
Pitfall #10: Getting caught without partners to help you succeed. Libert has alluded to this one before, but it bears specific emphasis: make sure that you truly treat your community members as partners, not just as fans or numbers. Yes, integrating into the social web (Facebook, Twitter, and other social networks) is key to your company's future success, but being connected to the social web is only a part of what you need to do. Shifting your business strategically, culturally, and operationally are key components to the equation.
What do you think?
Wednesday, September 22, 2010
From Healthcare to Baseball
Posted by Mark Brousseau
Chuck Garcia of BOK Financial, Kendall Brown and Gordon Sellers of Systemware, Serena Smith of FIS, Mark Brousseau of IAPP-TAWPI, and Alan Beaney of Systemware take in a Boston Red Sox game after attending the Healthcare Payments Automation Summit.
Chuck Garcia of BOK Financial, Kendall Brown and Gordon Sellers of Systemware, Serena Smith of FIS, Mark Brousseau of IAPP-TAWPI, and Alan Beaney of Systemware take in a Boston Red Sox game after attending the Healthcare Payments Automation Summit.
Health Reform’s Impact on AP Costs
Posted by Mark Brousseau
The new federal health reform law will drive accounts payable (AP) costs higher over the next two years according to industry stakeholders who responded to a survey at this week’s IAPP-TAWPI Healthcare Payments Automation Summit (HPAS) in Boston. The survey was conducted during the conference by IAPP-TAWPI, APQC and PRGX. Survey respondents included healthcare payers and providers; third-party services providers (such as medical billing firms); banks; and IT vendors.
More than half (51.9 percent) of the HPAS attendees who responded to the survey predicted that health reform will result in higher AP costs over the next two years, while 48.1 percent of survey respondents said that AP costs will remain unchanged. None of the conference attendees that responded to the survey believe that short-term AP costs will decrease as a result of health reform.
HPAS attendees who responded to the survey were more divided on the long-term impact of health reform on AP costs. More than one-third (36.2 percent) of survey respondents believe that health reform will drive AP costs higher long-term (defined in the survey as over two years from now), while an equal percentage of respondents believe AP costs will remain unchanged. On the bright side, 27.7 percent of respondents predicted that health reform will result in lower AP costs long-term.
Among the other findings of the HPAS survey:
… Data integration, processing performance, and integration of physician data were the top healthcare AP challenges identified by respondents, followed by cost pressures, manual data entry (which drives costs up), and the ability to track and report evidence-based improvements in cost.
… Most survey respondents (57.7 percent) believe that health reform will have no impact on AP processing performance over the next two years, while a plurality of respondents (39.6 percent) predicted that health reform will result in lower AP processing performance long-term.
… Nearly two-thirds (64 percent) of survey respondents believe that health reform will have no impact on AP late payments and error rates. Long-term, survey respondents were more divided, with a plurality (38.3 percent) predicting that health reform will have no impact on AP late payments and error rates, 31.9 percent predicting that health reform will result in more AP late payments and errors, and 29.8 percent predicting that health reform will help decrease AP late payments and errors.
… HPAS attendees are not optimistic about health reform’s impact on IT systems costs. Nearly two-thirds (62.3 percent) of respondents believe that health reform will drive IT systems costs higher over the next two years, while 37.7 percent of respondents predicted that systems costs would remain unchanged. None of the respondents believe that health reform will result in lower systems costs over the next two years. Long-term, half of the survey respondents believe that health reform will result in higher overall IT systems costs, while 18.8 percent believe IT systems costs will decrease. About one- third (31.3 percent) of respondents predicted that systems costs will remain unchanged.
“Big changes are coming in healthcare, and AP organizations must ask themselves if they are ready,” APQC Analyst Neville Sokol told HPAS attendees. “At times like these, organizations are turning to data and best practices to help them solve problems, improve processes, or design something better. These tools can help make sense of a complex world, and provide a roadmap for moving forward.”
The new federal health reform law will drive accounts payable (AP) costs higher over the next two years according to industry stakeholders who responded to a survey at this week’s IAPP-TAWPI Healthcare Payments Automation Summit (HPAS) in Boston. The survey was conducted during the conference by IAPP-TAWPI, APQC and PRGX. Survey respondents included healthcare payers and providers; third-party services providers (such as medical billing firms); banks; and IT vendors.
More than half (51.9 percent) of the HPAS attendees who responded to the survey predicted that health reform will result in higher AP costs over the next two years, while 48.1 percent of survey respondents said that AP costs will remain unchanged. None of the conference attendees that responded to the survey believe that short-term AP costs will decrease as a result of health reform.
HPAS attendees who responded to the survey were more divided on the long-term impact of health reform on AP costs. More than one-third (36.2 percent) of survey respondents believe that health reform will drive AP costs higher long-term (defined in the survey as over two years from now), while an equal percentage of respondents believe AP costs will remain unchanged. On the bright side, 27.7 percent of respondents predicted that health reform will result in lower AP costs long-term.
Among the other findings of the HPAS survey:
… Data integration, processing performance, and integration of physician data were the top healthcare AP challenges identified by respondents, followed by cost pressures, manual data entry (which drives costs up), and the ability to track and report evidence-based improvements in cost.
… Most survey respondents (57.7 percent) believe that health reform will have no impact on AP processing performance over the next two years, while a plurality of respondents (39.6 percent) predicted that health reform will result in lower AP processing performance long-term.
… Nearly two-thirds (64 percent) of survey respondents believe that health reform will have no impact on AP late payments and error rates. Long-term, survey respondents were more divided, with a plurality (38.3 percent) predicting that health reform will have no impact on AP late payments and error rates, 31.9 percent predicting that health reform will result in more AP late payments and errors, and 29.8 percent predicting that health reform will help decrease AP late payments and errors.
… HPAS attendees are not optimistic about health reform’s impact on IT systems costs. Nearly two-thirds (62.3 percent) of respondents believe that health reform will drive IT systems costs higher over the next two years, while 37.7 percent of respondents predicted that systems costs would remain unchanged. None of the respondents believe that health reform will result in lower systems costs over the next two years. Long-term, half of the survey respondents believe that health reform will result in higher overall IT systems costs, while 18.8 percent believe IT systems costs will decrease. About one- third (31.3 percent) of respondents predicted that systems costs will remain unchanged.
“Big changes are coming in healthcare, and AP organizations must ask themselves if they are ready,” APQC Analyst Neville Sokol told HPAS attendees. “At times like these, organizations are turning to data and best practices to help them solve problems, improve processes, or design something better. These tools can help make sense of a complex world, and provide a roadmap for moving forward.”
Monday, September 20, 2010
Tommy Thompson Addresses HPAS
Posted by Mark Brousseau
This morning, former Wisconsin Governor Tommy G. Thompson delivered the opening keynote address at IAPP-IARP-TAWPI's Healthcare Payments Automation Summit (HPAS) in Boston. Weaving his experiences as a four-term governor and the Secretary of the Department of Health and Human Services with his recent experiences in the private sector, Thompson told the standing-room only crowd that it's unlikely that healthcare reform will achieve the cost-saving objectives advertised by the Obama Administration, or that hospitals will be ready to meet new federal mandates for health information exchanges, without financial support from the federal government.
WAUSAU Financial Systems Executive Vice President and member of the IAPP-IARP-TAWPI Board of Directors Kathy Strasser greets former Wisconsin Governor Tommy G. Thompson before his keynote presentation this morning at HPAS.
IAPP-IARP-TAWPI President and CEO Tom Bohn greets former Wisconsin Governor Tommy G. Thompson before his keynote presentation at HPAS this morning.
Eric Jones (right), chairman of the IAPP-IARP-TAWPI Board of Directors, and Kathy Strasser, executive vice president at WAUSAU Financial Systems and member of the IAPP-IARP-TAWPI Board of Directors, greet former Wisconsin Governor Tommy G. Thompson before his keynote address this morning at HPAS.
Former Wisconsin Governor Tommy G. Thompson addressing HPAS this morning.
This morning, former Wisconsin Governor Tommy G. Thompson delivered the opening keynote address at IAPP-IARP-TAWPI's Healthcare Payments Automation Summit (HPAS) in Boston. Weaving his experiences as a four-term governor and the Secretary of the Department of Health and Human Services with his recent experiences in the private sector, Thompson told the standing-room only crowd that it's unlikely that healthcare reform will achieve the cost-saving objectives advertised by the Obama Administration, or that hospitals will be ready to meet new federal mandates for health information exchanges, without financial support from the federal government.
WAUSAU Financial Systems Executive Vice President and member of the IAPP-IARP-TAWPI Board of Directors Kathy Strasser greets former Wisconsin Governor Tommy G. Thompson before his keynote presentation this morning at HPAS.
IAPP-IARP-TAWPI President and CEO Tom Bohn greets former Wisconsin Governor Tommy G. Thompson before his keynote presentation at HPAS this morning.
Eric Jones (right), chairman of the IAPP-IARP-TAWPI Board of Directors, and Kathy Strasser, executive vice president at WAUSAU Financial Systems and member of the IAPP-IARP-TAWPI Board of Directors, greet former Wisconsin Governor Tommy G. Thompson before his keynote address this morning at HPAS.
Former Wisconsin Governor Tommy G. Thompson addressing HPAS this morning.
Thursday, August 5, 2010
Optimizing document scanning
Posted by Mark Brousseau
In spite of the tremendous growth of document imaging over the past decade, half of the companies that responded to a recent TAWPI Question of the Week (www.tawpi.org) admit that their organization images 30 percent or less of their documents and forms that could be usefully scanned.
Based on the survey results, these organizations are badly lagging their peers that have adopted document imaging in a big way: 17 percent of survey respondents indicated that they scan 75 percent of their documents and forms while 33 percent of respondents said they scan all of their documents.
Overall, the survey results illustrate that there is plenty of potential growth for document imaging, explains Derrick Murphy (dmurphy@ibml.com), president and CEO of ibml (www.ibml.com).
Murphy attributes the slow adoption of scanning by some companies to the perceived (or actual) complications of deploying an integrated document imaging solution, and the change management associated with it. "Process change scares some people more than new technology," he explains.
But Murphy believes that more companies will take a fresh look at their document imaging initiatives as the economy emerges from the recession. "They'll re-evaluate imaging for all of the reasons vendors like ibml have talked about over the years: accelerating access to critical information, re-balancing their labor force, improving customer service, and lowering operating costs," Murphy says.
"Now is a good time to invest in capital assets that better position your organization to take advantage of the inevitable economic turnaround," Murphy concludes. "Companies that aren't prepared to take advantage of the turnaround risk falling behind their forward-thinking competitors."
What do you think?
In spite of the tremendous growth of document imaging over the past decade, half of the companies that responded to a recent TAWPI Question of the Week (www.tawpi.org) admit that their organization images 30 percent or less of their documents and forms that could be usefully scanned.
Based on the survey results, these organizations are badly lagging their peers that have adopted document imaging in a big way: 17 percent of survey respondents indicated that they scan 75 percent of their documents and forms while 33 percent of respondents said they scan all of their documents.
Overall, the survey results illustrate that there is plenty of potential growth for document imaging, explains Derrick Murphy (dmurphy@ibml.com), president and CEO of ibml (www.ibml.com).
Murphy attributes the slow adoption of scanning by some companies to the perceived (or actual) complications of deploying an integrated document imaging solution, and the change management associated with it. "Process change scares some people more than new technology," he explains.
But Murphy believes that more companies will take a fresh look at their document imaging initiatives as the economy emerges from the recession. "They'll re-evaluate imaging for all of the reasons vendors like ibml have talked about over the years: accelerating access to critical information, re-balancing their labor force, improving customer service, and lowering operating costs," Murphy says.
"Now is a good time to invest in capital assets that better position your organization to take advantage of the inevitable economic turnaround," Murphy concludes. "Companies that aren't prepared to take advantage of the turnaround risk falling behind their forward-thinking competitors."
What do you think?
Wednesday, August 4, 2010
The power of social media
Posted by Mark Brousseau
There’s a lot of buzz around the power of social media as a tool companies can use for demonstrating their thought leadership, and engaging – and potentially empowering – their target audiences.
To be sure, effectively using social media can help companies:
… Generate visibility, name recognition and credibility for their business
… Boost Google Search Engine results and increase Web traffic
… Strengthen business partnerships
… Generate qualified leads
But what’s the most effective ways to use social media?
Broadly speaking, there are 5 key steps for successfully using social media:
1. Develop a strategy
2. Establish a presence (Twitter, LinkedIn, Facebook, etc.)
3. Look for ways to expand the reach of your message
4. Look for ways to nurture existing and new relationships
5. Properly maintain your social media presence
For instance, Twitter, with its 140-character limit, can help drive prospects to your company (in fact, many companies think of Twitter as a search engine like Google). With Twitter, companies can promote contests, share timely information, distribute useful (read: educational) links, personify their brand, build credibility and influence, and even follow their competitors (it does work both ways!).
The key to successfully leveraging Twitter is for the user to sound more like someone who just happens to work at your company, rather than someone whose sole purpose is to push your company. You can accomplish this by personifying your company, answering and posting questions/issues, announcing sales, deals and corporate updates, and generally building buzz around your company.
What you don’t want to do is sound like a press release, or “spam” followers with links to your company website (don’t worry: with the right buzz, followers will seek out the site on their own!).
These are some ideas to get companies started.
So, which social media strategies are working – or not working – for your company?
There’s a lot of buzz around the power of social media as a tool companies can use for demonstrating their thought leadership, and engaging – and potentially empowering – their target audiences.
To be sure, effectively using social media can help companies:
… Generate visibility, name recognition and credibility for their business
… Boost Google Search Engine results and increase Web traffic
… Strengthen business partnerships
… Generate qualified leads
But what’s the most effective ways to use social media?
Broadly speaking, there are 5 key steps for successfully using social media:
1. Develop a strategy
2. Establish a presence (Twitter, LinkedIn, Facebook, etc.)
3. Look for ways to expand the reach of your message
4. Look for ways to nurture existing and new relationships
5. Properly maintain your social media presence
For instance, Twitter, with its 140-character limit, can help drive prospects to your company (in fact, many companies think of Twitter as a search engine like Google). With Twitter, companies can promote contests, share timely information, distribute useful (read: educational) links, personify their brand, build credibility and influence, and even follow their competitors (it does work both ways!).
The key to successfully leveraging Twitter is for the user to sound more like someone who just happens to work at your company, rather than someone whose sole purpose is to push your company. You can accomplish this by personifying your company, answering and posting questions/issues, announcing sales, deals and corporate updates, and generally building buzz around your company.
What you don’t want to do is sound like a press release, or “spam” followers with links to your company website (don’t worry: with the right buzz, followers will seek out the site on their own!).
These are some ideas to get companies started.
So, which social media strategies are working – or not working – for your company?
Thursday, July 29, 2010
Network like it’s your job
Posted by Mark Brousseau
Finding a job in today’s job market can be like conquering a new frontier for many job seekers. With the unemployment rate still over 9 percent, the job market has been flooded with tons of competition for job seekers—many of whom are experiencing a culture shock when they send out their résumés. After all, the days of mailing in your résumé and receiving a phone call to set up an interview are over. Today, everything is done online, from sending in your résumé to setting up your first interview—and nine times out of ten, you’re lucky to receive any kind of response, even if it’s an automatic one thanking you for your submission.
It doesn’t take long to discover that in a virtual world it can be very difficult to get noticed by the decision makers whom you need to impress in order to land the job. Maribeth Kuzmeski says there are three easy steps to getting noticed in today’s digitally dominated job market—networking, networking, networking.
“Today you need more than a résumé and a cover letter to get that dream job,” says Kuzmeski, author of The Connectors: How the World’s Most Successful Businesspeople Build Relationships and Win Clients for Life. “Think of yourself as CEO of Me, Myself, and I, Inc. You need to be doing everything you can to get the word out about your brand. That means networking.
“Great networkers are capable of leaving something behind with everyone they encounter—a thought, a memory, or a connection. This is exactly what you need to do if you are in the job market. You need to make strong connections, become a relationship builder. You want to be the first person who comes to mind when someone in your network hears about a great job opening.”
Kuzmeski offers advice for how you can network your way to a great new job:
... Rejuvenate your résumé.
... Build your online résumé using LinkedIn.
... Get face-to-face with potential employers!
... Make an impact by using video.
... Become a contrarian networker.
... Let them do the talking.
... Be prepared to pitch yourself in fifteen seconds.
... Network to the people you know.
... Get involved in organizations that are connected to your profession.
... Volunteer.
... Be a mover and a shaker.
... Always be networking.
“Trying to find a job in such an overcrowded job market can be a daunting task,” says Kuzmeski. “But by placing a renewed focus on networking, you open yourself up to many more opportunities than just the ones on the job boards or those being offered at your local job fair. I truly feel that there are only six degrees of separation between everyone in the world—or at the very least the U.S. Every time you make a new connection you get that much closer to a great new opportunity.”
What do you think?
Finding a job in today’s job market can be like conquering a new frontier for many job seekers. With the unemployment rate still over 9 percent, the job market has been flooded with tons of competition for job seekers—many of whom are experiencing a culture shock when they send out their résumés. After all, the days of mailing in your résumé and receiving a phone call to set up an interview are over. Today, everything is done online, from sending in your résumé to setting up your first interview—and nine times out of ten, you’re lucky to receive any kind of response, even if it’s an automatic one thanking you for your submission.
It doesn’t take long to discover that in a virtual world it can be very difficult to get noticed by the decision makers whom you need to impress in order to land the job. Maribeth Kuzmeski says there are three easy steps to getting noticed in today’s digitally dominated job market—networking, networking, networking.
“Today you need more than a résumé and a cover letter to get that dream job,” says Kuzmeski, author of The Connectors: How the World’s Most Successful Businesspeople Build Relationships and Win Clients for Life. “Think of yourself as CEO of Me, Myself, and I, Inc. You need to be doing everything you can to get the word out about your brand. That means networking.
“Great networkers are capable of leaving something behind with everyone they encounter—a thought, a memory, or a connection. This is exactly what you need to do if you are in the job market. You need to make strong connections, become a relationship builder. You want to be the first person who comes to mind when someone in your network hears about a great job opening.”
Kuzmeski offers advice for how you can network your way to a great new job:
... Rejuvenate your résumé.
... Build your online résumé using LinkedIn.
... Get face-to-face with potential employers!
... Make an impact by using video.
... Become a contrarian networker.
... Let them do the talking.
... Be prepared to pitch yourself in fifteen seconds.
... Network to the people you know.
... Get involved in organizations that are connected to your profession.
... Volunteer.
... Be a mover and a shaker.
... Always be networking.
“Trying to find a job in such an overcrowded job market can be a daunting task,” says Kuzmeski. “But by placing a renewed focus on networking, you open yourself up to many more opportunities than just the ones on the job boards or those being offered at your local job fair. I truly feel that there are only six degrees of separation between everyone in the world—or at the very least the U.S. Every time you make a new connection you get that much closer to a great new opportunity.”
What do you think?
Thursday, July 15, 2010
New Survey -- Trends in Healthcare Payments Automation
Posted by Mark Brousseau
As an industry expert and healthcare provider, TAWPI and HIMSS’ Medical Banking Project would like to invite you to participate in a brief electronic survey designed to help healthcare organizations benchmark their payment operations.
The study will provide unbiased information to help healthcare organizations understand how their peers are using paper-based and electronic payments technologies and processes. Our objective is to help healthcare payments executives gain deeper insights about the adoption and effectiveness of these technologies and processes so they can make better informed strategic and tactical decisions.
Visit here to take the survey: http://www.surveymonkey.com/s/FHLFDN6
Full results on the survey will be published later this summer. The survey includes about three dozen questions and takes about 10 minutes to complete.
Participant Benefits:
Survey participants will receive a complimentary copy of the study, as well as special access to a Webinar on the results of the survey. In addition, you can choose one of the following incentives:
A $25 American Express Gift Card
A more than 50% discount on a full registration to TAWPI's Healthcare Payments Automation Summit (HPAS), scheduled for September 19-21 in Boston (a $395 savings!)
The study’s insights on how other healthcare organizations are using paper-based and electronic payments technologies and processes will be worth the 10 minutes or so you will spend completing the survey.
Confidentiality:
Participation in this survey is voluntary and anonymous. No individual results or information about individual organizations will be reported or recorded; only group/industry results will be reported.
How to Participate:
Click here: http://www.surveymonkey.com/s/FHLFDN6 to complete the survey. If you are not the correct person to fill out this survey please forward along to the proper person within your department.
You may complete the survey any time between now and August 1, 2010.
Your input means a great deal to us and we want to thank you for your time.
As an industry expert and healthcare provider, TAWPI and HIMSS’ Medical Banking Project would like to invite you to participate in a brief electronic survey designed to help healthcare organizations benchmark their payment operations.
The study will provide unbiased information to help healthcare organizations understand how their peers are using paper-based and electronic payments technologies and processes. Our objective is to help healthcare payments executives gain deeper insights about the adoption and effectiveness of these technologies and processes so they can make better informed strategic and tactical decisions.
Visit here to take the survey: http://www.surveymonkey.com/s/FHLFDN6
Full results on the survey will be published later this summer. The survey includes about three dozen questions and takes about 10 minutes to complete.
Participant Benefits:
Survey participants will receive a complimentary copy of the study, as well as special access to a Webinar on the results of the survey. In addition, you can choose one of the following incentives:
A $25 American Express Gift Card
A more than 50% discount on a full registration to TAWPI's Healthcare Payments Automation Summit (HPAS), scheduled for September 19-21 in Boston (a $395 savings!)
The study’s insights on how other healthcare organizations are using paper-based and electronic payments technologies and processes will be worth the 10 minutes or so you will spend completing the survey.
Confidentiality:
Participation in this survey is voluntary and anonymous. No individual results or information about individual organizations will be reported or recorded; only group/industry results will be reported.
How to Participate:
Click here: http://www.surveymonkey.com/s/FHLFDN6 to complete the survey. If you are not the correct person to fill out this survey please forward along to the proper person within your department.
You may complete the survey any time between now and August 1, 2010.
Your input means a great deal to us and we want to thank you for your time.
Wednesday, June 30, 2010
3 growth risks that are harmful to your business's health
Posted by Mark Brousseau
What do Lehman Brothers, AIG, Merrill Lynch, Washington Mutual Savings, Arthur Andersen, Starbucks, and Toyota all have in common? All went gunning for business growth but instead ended up with self-inflicted wounds. Each of these companies pursued the wrong kind of growth for the wrong reasons. If you are considering trying to grow your business to beat the economic pressures of the down economy or are caving to the popular "grow or die" influence of Wall Street, Ed Hess asks that you think before you grow.
"Most business executives accept without question the belief that growth is always good, that bigger is always better, and that the healthy vital signs for a public company include growth that is continuous, smooth, and linear," says Hess, a professor at the University of Virginia's Darden Graduate School of Business and author of the new book Smart Growth: Building an Enduring Business by Managing the Risks of Growth. "The problem with those presumptions is that there is no scientific or business basis for them."
Hess, a leading authority on business growth, knows this to be true because he's conducted extensive research of his own with both public and private companies. Based on his research, Hess has found that the hard data shows that above-average, long-term growth (five years or more) by public companies is an exception, not the rule, occurring in less than 10 percent of the companies studied.
"For the vast majority of companies, growth is often pursued in a way that brings with it as many risks of failure as chances of success," notes Hess. "Combine unquestioned strategic presumptions with bad judgment—and sometimes a fair share of greed and arrogance—and the results can be serious or fatal to the viability of a business."
What are some of the self-inflicted wounds premature growth can leave on your company? Hess outlines a few:
Growth can create new business risks. Growth is a business strategy that can require investments in people, equipment, raw materials, space, and supplies. As these cash outlays occur before new revenues kick in, many businesses find themselves exhausting their cash reserves—a risky tightrope to walk.
"Starbucks is a great example of a company that learned this lesson the hard way," says Hess. "Previously the poster child of a successful, well-respected business, a new executive team decided that continuous, quarterly store expansion was necessary to prove to Wall Street how committed the company was to growth. Aggressive plans did indeed increase the number of new stores being opened each month, but many were in unprofitable locations that eventually had to be closed. The result was bad press, a diluted customer value proposition, and, equally troublesome, the sudden need to take on massive and unprecedented short-term debt. A change in senior management and a public mea culpa showed that, in the pursuit of growth, Starbucks had instead weakened itself as a business, at least for a time."
Growth can force you into the big leagues before you are ready. Growth can match companies up against more experienced players before they truly know how to handle the competition.
Growth can strain your operations. Growth can pose huge challenges for your people, processes, controls, and management capacities, resulting in quality problems and the increased potential for damaged customer relationships and diminished brand perceptions.
"Toyota learned this lesson the hard way," says Hess. "The company maintained an unbridled pursuit of growth over the past decade or so even though it was already a market leader in quality and dependability. It wanted more—to be #1 in sales. That shift in mindset set Toyota down a path where controls were stretched beyond capacity. The results: massive recalls, hundreds of lawsuits, and a damaged brand. Even Toyota's current CEO has acknowledged that the company's problems can be traced to growing too quickly."
Hess's solution for overcoming the risks associated with growth is a concept he calls Smart Growth. Smart Growth accounts for the complexity of growth from the perspective of organization, process, change, leadership, cognition, risk management, employee engagement, and human dynamics. It recognizes that authentic growth is a process characterized by complex change, entrepreneurial action, experimental learning, and the management of risk. It is a strategy that requires companies of all sizes to follow what Hess calls the "4Ps of Growth":
Plan for growth before kicking the strategy into gear. Think about how growth will change what you need to do. What new processes, controls, and people will be needed at what cost?
Prioritize what changes or additions to the business have to be made to accommodate the growth. This is a way to make the essential investments first, so as not to deplete cash reserves before new income starts rolling in.
Processes must be put in place to ensure there are adequate financial, operational, personnel, and quality controls for a bigger business. These are like dams on a river: if the water starts flowing faster and with more volume, those dams need to be reengineered to handle it.
Pace growth so as not to overwhelm yourself, your people, and your processes. Growth can be exciting, but it is also almost always stressful. If you underestimate the need for effective change management, and for a phased approach to implementation, you increase chances for failure.
The tools and rigorous governance methods outlined in Smart Growth can help companies along all four parts of the process. For example, Hess's Growth Decision Template can help leaders analyze, illuminate, and devise a plan to manage their growth risks.
Hess also advises all public companies to conduct an annual Growth Risks Audit to review the stresses that growth is placing on the organization, its people, and its processes. Avoiding conflict of interests and striving for objectivity are critical. This annual Audit should be conducted by a senior multi-disciplinary team made up of members who are not rewarded for producing growth results but are rewarded instead for preventing growth risks from creating serious damage to the business.
"CEOs and Boards of Directors face a unique kind of challenge when it comes to planning for smart growth," says Hess. "Sometimes the right decision when it comes to growth is not to pursue it, but it takes a special kind of team to make that decision when shareholders and analysts are clamoring for higher returns each quarter. But smart growth is possible. Successful high-growth companies—such as Best Buy, SYSCO, Walgreens, and Tiffany & Company—have grown through constant improvement in their organizations' DNA, executed by a highly engaged workforce in a positive learning and performance environment.
"What's important to remember is that the goal is not necessarily growth," concludes Hess. "The goal is continuously making your organization better. When you achieve that, growth will happen naturally in due course. That's the way to achieve smart growth."
What do Lehman Brothers, AIG, Merrill Lynch, Washington Mutual Savings, Arthur Andersen, Starbucks, and Toyota all have in common? All went gunning for business growth but instead ended up with self-inflicted wounds. Each of these companies pursued the wrong kind of growth for the wrong reasons. If you are considering trying to grow your business to beat the economic pressures of the down economy or are caving to the popular "grow or die" influence of Wall Street, Ed Hess asks that you think before you grow.
"Most business executives accept without question the belief that growth is always good, that bigger is always better, and that the healthy vital signs for a public company include growth that is continuous, smooth, and linear," says Hess, a professor at the University of Virginia's Darden Graduate School of Business and author of the new book Smart Growth: Building an Enduring Business by Managing the Risks of Growth. "The problem with those presumptions is that there is no scientific or business basis for them."
Hess, a leading authority on business growth, knows this to be true because he's conducted extensive research of his own with both public and private companies. Based on his research, Hess has found that the hard data shows that above-average, long-term growth (five years or more) by public companies is an exception, not the rule, occurring in less than 10 percent of the companies studied.
"For the vast majority of companies, growth is often pursued in a way that brings with it as many risks of failure as chances of success," notes Hess. "Combine unquestioned strategic presumptions with bad judgment—and sometimes a fair share of greed and arrogance—and the results can be serious or fatal to the viability of a business."
What are some of the self-inflicted wounds premature growth can leave on your company? Hess outlines a few:
Growth can create new business risks. Growth is a business strategy that can require investments in people, equipment, raw materials, space, and supplies. As these cash outlays occur before new revenues kick in, many businesses find themselves exhausting their cash reserves—a risky tightrope to walk.
"Starbucks is a great example of a company that learned this lesson the hard way," says Hess. "Previously the poster child of a successful, well-respected business, a new executive team decided that continuous, quarterly store expansion was necessary to prove to Wall Street how committed the company was to growth. Aggressive plans did indeed increase the number of new stores being opened each month, but many were in unprofitable locations that eventually had to be closed. The result was bad press, a diluted customer value proposition, and, equally troublesome, the sudden need to take on massive and unprecedented short-term debt. A change in senior management and a public mea culpa showed that, in the pursuit of growth, Starbucks had instead weakened itself as a business, at least for a time."
Growth can force you into the big leagues before you are ready. Growth can match companies up against more experienced players before they truly know how to handle the competition.
Growth can strain your operations. Growth can pose huge challenges for your people, processes, controls, and management capacities, resulting in quality problems and the increased potential for damaged customer relationships and diminished brand perceptions.
"Toyota learned this lesson the hard way," says Hess. "The company maintained an unbridled pursuit of growth over the past decade or so even though it was already a market leader in quality and dependability. It wanted more—to be #1 in sales. That shift in mindset set Toyota down a path where controls were stretched beyond capacity. The results: massive recalls, hundreds of lawsuits, and a damaged brand. Even Toyota's current CEO has acknowledged that the company's problems can be traced to growing too quickly."
Hess's solution for overcoming the risks associated with growth is a concept he calls Smart Growth. Smart Growth accounts for the complexity of growth from the perspective of organization, process, change, leadership, cognition, risk management, employee engagement, and human dynamics. It recognizes that authentic growth is a process characterized by complex change, entrepreneurial action, experimental learning, and the management of risk. It is a strategy that requires companies of all sizes to follow what Hess calls the "4Ps of Growth":
Plan for growth before kicking the strategy into gear. Think about how growth will change what you need to do. What new processes, controls, and people will be needed at what cost?
Prioritize what changes or additions to the business have to be made to accommodate the growth. This is a way to make the essential investments first, so as not to deplete cash reserves before new income starts rolling in.
Processes must be put in place to ensure there are adequate financial, operational, personnel, and quality controls for a bigger business. These are like dams on a river: if the water starts flowing faster and with more volume, those dams need to be reengineered to handle it.
Pace growth so as not to overwhelm yourself, your people, and your processes. Growth can be exciting, but it is also almost always stressful. If you underestimate the need for effective change management, and for a phased approach to implementation, you increase chances for failure.
The tools and rigorous governance methods outlined in Smart Growth can help companies along all four parts of the process. For example, Hess's Growth Decision Template can help leaders analyze, illuminate, and devise a plan to manage their growth risks.
Hess also advises all public companies to conduct an annual Growth Risks Audit to review the stresses that growth is placing on the organization, its people, and its processes. Avoiding conflict of interests and striving for objectivity are critical. This annual Audit should be conducted by a senior multi-disciplinary team made up of members who are not rewarded for producing growth results but are rewarded instead for preventing growth risks from creating serious damage to the business.
"CEOs and Boards of Directors face a unique kind of challenge when it comes to planning for smart growth," says Hess. "Sometimes the right decision when it comes to growth is not to pursue it, but it takes a special kind of team to make that decision when shareholders and analysts are clamoring for higher returns each quarter. But smart growth is possible. Successful high-growth companies—such as Best Buy, SYSCO, Walgreens, and Tiffany & Company—have grown through constant improvement in their organizations' DNA, executed by a highly engaged workforce in a positive learning and performance environment.
"What's important to remember is that the goal is not necessarily growth," concludes Hess. "The goal is continuously making your organization better. When you achieve that, growth will happen naturally in due course. That's the way to achieve smart growth."
Sunday, June 27, 2010
Migraines costly to productivity
Posted by Mark Brousseau
Employees suffering from Chronic Migraines (CM) experience increased lost productive time (LPT) in the workplace, according to new analysis from the American Migraine Prevalence and Prevention Study. Lost productive time (LPT) is estimated as the average weekly time lost due to an employee being absent (absenteeism) and reduced performance while at work (presenteeism).
Migraine is a neurological syndrome characterized by severe, painful headaches that are often accompanied by nausea, vomiting, and increased sensitivity to light and sound. Headaches may last for hours or even days. The pain is often on one side of the head and pulsating. Headaches may be preceded by aura: sensory warning signs such as flashes of light, blind spots, tingling in the arms and legs. Migraine can be divided into those experiencing headache on average 15 or more days per month (CM) and episodic migraine (EM): headache on average fewer than 15 days per month. Of the estimated 30 million Americans who suffer from migraine, approximately one million – mostly women – suffer from CM.
Chronic Migraine (CM) sufferers experience greater LPT in the workplace than those suffering from EM. This study showed that in the age interval 35-44 years, the LPT of CM sufferers was 215.3 hours higher per year than those suffering from EM. The amount of LPT among CM increased over age groups while it remained relatively low and stable among EM.
Cost estimates increased for CM across age cohorts while remaining relatively constant for EM. On an annual basis for those aged 35-44 years, this translated to the LPT for CM sufferers being $5,352.36 higher per year than those with EM. The average cost of LPT per week was based on 2005 census median income estimates.
According to Dr. Dawn Buse, one of the study's authors and Assistant Professor at Albert Einstein College of Medicine and Director of Behavioral Medicine at the Montefiore Headache Center, "The burden of CM is significant in terms of LPT and related costs. The results from these analyses may even underestimate that burden as these data do not capture those who are unemployed and may have exited the labor force through disability or early retirement, representing a significant loss of trained and skilled people who may exit the labor force early due to the burden of CM."
According to Dr. Richard Lipton, one of the study's authors and Professor of Neurology and Epidemiology and Population Health at Albert Einstein College of Medicine and Director of the Montefiore Headache Center, "The cost of treatment, whether it be to prevent a headache attack or to treat during an attack, may be considerably lower for employers than the costs associated with LPT. Additionally, treatments may ease the suffering of employees, while recovering the labor value of experienced and knowledgeable employees burdened by the symptom and work-related impacts of CM."
Dr. Buse advised, "By understanding the findings of this study, assessing the amount of lost work time their organization is experiencing due to migraine, and taking measures to educate and encourage migraine sufferers to seek treatment, organizations could reduce the amount of LPT and related costs due to migraine, and improve the health and quality of life of their employees."
What do you think?
Employees suffering from Chronic Migraines (CM) experience increased lost productive time (LPT) in the workplace, according to new analysis from the American Migraine Prevalence and Prevention Study. Lost productive time (LPT) is estimated as the average weekly time lost due to an employee being absent (absenteeism) and reduced performance while at work (presenteeism).
Migraine is a neurological syndrome characterized by severe, painful headaches that are often accompanied by nausea, vomiting, and increased sensitivity to light and sound. Headaches may last for hours or even days. The pain is often on one side of the head and pulsating. Headaches may be preceded by aura: sensory warning signs such as flashes of light, blind spots, tingling in the arms and legs. Migraine can be divided into those experiencing headache on average 15 or more days per month (CM) and episodic migraine (EM): headache on average fewer than 15 days per month. Of the estimated 30 million Americans who suffer from migraine, approximately one million – mostly women – suffer from CM.
Chronic Migraine (CM) sufferers experience greater LPT in the workplace than those suffering from EM. This study showed that in the age interval 35-44 years, the LPT of CM sufferers was 215.3 hours higher per year than those suffering from EM. The amount of LPT among CM increased over age groups while it remained relatively low and stable among EM.
Cost estimates increased for CM across age cohorts while remaining relatively constant for EM. On an annual basis for those aged 35-44 years, this translated to the LPT for CM sufferers being $5,352.36 higher per year than those with EM. The average cost of LPT per week was based on 2005 census median income estimates.
According to Dr. Dawn Buse, one of the study's authors and Assistant Professor at Albert Einstein College of Medicine and Director of Behavioral Medicine at the Montefiore Headache Center, "The burden of CM is significant in terms of LPT and related costs. The results from these analyses may even underestimate that burden as these data do not capture those who are unemployed and may have exited the labor force through disability or early retirement, representing a significant loss of trained and skilled people who may exit the labor force early due to the burden of CM."
According to Dr. Richard Lipton, one of the study's authors and Professor of Neurology and Epidemiology and Population Health at Albert Einstein College of Medicine and Director of the Montefiore Headache Center, "The cost of treatment, whether it be to prevent a headache attack or to treat during an attack, may be considerably lower for employers than the costs associated with LPT. Additionally, treatments may ease the suffering of employees, while recovering the labor value of experienced and knowledgeable employees burdened by the symptom and work-related impacts of CM."
Dr. Buse advised, "By understanding the findings of this study, assessing the amount of lost work time their organization is experiencing due to migraine, and taking measures to educate and encourage migraine sufferers to seek treatment, organizations could reduce the amount of LPT and related costs due to migraine, and improve the health and quality of life of their employees."
What do you think?
Saturday, June 19, 2010
Tips to reduce risk and liability using EMRs
Posted by Mark Brousseau
According to the 2010 Healthcare Information and Management Systems Society (HIMSS) Analytics Report: Security of Patient Data, the number of healthcare organizations that reported a breach in data security increased by 6 percent in 2010, totaling 19 percent. As more healthcare organizations migrate to electronic medical records (EMRs), it’s important to take the proper steps to reduce risk and prevent medical liability suits.
Cintas offers the following tips for maintaining secure and compliant EMRs:
1. Collaboration. The most successful, secure medical healthcare record programs are the result of a collaborative process. In hospitals, it’s critical to include the chief security officer, chief financial officer, chief medical officer and medical records director to outline and define a comprehensive program that meets the needs of the entire organization and provides maximum security for patient files. Likewise, smaller healthcare organizations must include relevant senior staff members to develop and execute a successful program.
2. Digitize information. Digitizing healthcare records is the first step to ensure compliance with evolving industry regulations. By partnering with a vendor that provides secure document imaging and scanning services, physicians and clinicians will have real-time access to a patient’s entire medical history. Further, healthcare organizations will increase security through unique user identification to prevent unauthorized access and minimize risk of regulatory exposure, fines and penalties.
3. Create a strict security policy with password restrictions. Ensure authorized physicians and staff members have their own passwords and are unable to share. This will ensure an accurate audit trail if an incident is to occur. It’s also important to limit access to records. Create different levels of security based on the job functions of staff members. Only those working directly with the patient should have the ability to modify records.
4. Protect healthcare records throughout their entire lifecycle. Since medical records require long-term retention with a low volume of retrieval, it’s important to utilize a secure document management provider that has the capability to protect patient data information from the cradle to grave. By selecting a vendor that provides imaging, storage and shredding services, a healthcare organization can ensure both their electronic and physical medical records live in a secure environment and can be properly destroyed if required.
5. Train staff regarding proper documentation and retention practices. Incomplete and improper documentation and retention may lead to damaging financial and compliance issues. In addition, a staff member associated with improper documentation may be held liable in a malpractice case. To protect oneself, the organization and staff against allegations of negligent care and compliance violations, it’s important to provide continuous training to ensure that files are always complete, securely maintained and properly destroyed if required.
6. Have a disaster recovery program in place. Catastrophic events can and will take place. It is critical to ensure a hospital’s digital repository is backed up and can be recreated if necessary.
“As more healthcare organizations adopt EMR systems, it’s important to identify and work to alleviate potential risks before they occur,” said Tom Griga, Global Healthcare Manager, Cintas Document Management. “Healthcare Risk Management Week is an optimal time to reflect on your organization’s practices to ensure it is using up-to-date efficient and secure processes to protect patients and the organization from falling victim to a data breach.”
According to the 2010 Healthcare Information and Management Systems Society (HIMSS) Analytics Report: Security of Patient Data, the number of healthcare organizations that reported a breach in data security increased by 6 percent in 2010, totaling 19 percent. As more healthcare organizations migrate to electronic medical records (EMRs), it’s important to take the proper steps to reduce risk and prevent medical liability suits.
Cintas offers the following tips for maintaining secure and compliant EMRs:
1. Collaboration. The most successful, secure medical healthcare record programs are the result of a collaborative process. In hospitals, it’s critical to include the chief security officer, chief financial officer, chief medical officer and medical records director to outline and define a comprehensive program that meets the needs of the entire organization and provides maximum security for patient files. Likewise, smaller healthcare organizations must include relevant senior staff members to develop and execute a successful program.
2. Digitize information. Digitizing healthcare records is the first step to ensure compliance with evolving industry regulations. By partnering with a vendor that provides secure document imaging and scanning services, physicians and clinicians will have real-time access to a patient’s entire medical history. Further, healthcare organizations will increase security through unique user identification to prevent unauthorized access and minimize risk of regulatory exposure, fines and penalties.
3. Create a strict security policy with password restrictions. Ensure authorized physicians and staff members have their own passwords and are unable to share. This will ensure an accurate audit trail if an incident is to occur. It’s also important to limit access to records. Create different levels of security based on the job functions of staff members. Only those working directly with the patient should have the ability to modify records.
4. Protect healthcare records throughout their entire lifecycle. Since medical records require long-term retention with a low volume of retrieval, it’s important to utilize a secure document management provider that has the capability to protect patient data information from the cradle to grave. By selecting a vendor that provides imaging, storage and shredding services, a healthcare organization can ensure both their electronic and physical medical records live in a secure environment and can be properly destroyed if required.
5. Train staff regarding proper documentation and retention practices. Incomplete and improper documentation and retention may lead to damaging financial and compliance issues. In addition, a staff member associated with improper documentation may be held liable in a malpractice case. To protect oneself, the organization and staff against allegations of negligent care and compliance violations, it’s important to provide continuous training to ensure that files are always complete, securely maintained and properly destroyed if required.
6. Have a disaster recovery program in place. Catastrophic events can and will take place. It is critical to ensure a hospital’s digital repository is backed up and can be recreated if necessary.
“As more healthcare organizations adopt EMR systems, it’s important to identify and work to alleviate potential risks before they occur,” said Tom Griga, Global Healthcare Manager, Cintas Document Management. “Healthcare Risk Management Week is an optimal time to reflect on your organization’s practices to ensure it is using up-to-date efficient and secure processes to protect patients and the organization from falling victim to a data breach.”
Thursday, June 17, 2010
Organizations focus on process improvement
Posted by Mark Brousseau
There is a “huge uptick” in the number of companies evaluating document management solutions – particularly when it comes to enterprise content management (ECM), KeyMark CEO Jim Wanner told attendees at the KeyMark Horizons Conference 2010 at The Hyatt Downtown in Greenville, SC.
“If you look at the data from Wells Fargo, the amount of software sales was negatively effective by the recession in the fourth quarter of 2008 and the first quarter of 2009,” Wanner said. “Then you see a massive swing in software sales, largely driven by companies looking for improved processes.”
Today, with the economy showing signs of improvement, and companies making the first moves toward hiring more staff, buyers are looking hard at their core systems to figure out ways to improve business processes, Wanner said. One primary area of focus: reporting. “Companies don’t want to be caught off guard anymore. They want to know exactly what’s going on at each moment in time. We’ve always had departmental reporting. But companies want executive reporting via dashboards, with Sharepoint as a portal that interfaces with a lot of different systems,” Wanner told attendees.
There also is a huge push towards enterprise automation. “We have had more conversations about ECM in the last six months than at any time in our company’s history,” Wanner said. “This is a significant change. It is being driven by new hardware that makes it easier to do distributed scanning, and by software with streamlined interfaces that make it easier to push out applications.”
“People do not view ECM as a departmental solution anymore,” Wanner concluded.
Document classification, which automates document identification, also is gaining traction. “This is the wave of the future,” Wanner said. “It is good for most core applications, such as financial, insurance and government, and is delivering accuracy greater than 80 percent in many cases. When combined with mailroom equipment – document classification makes the digital mailroom a reality.”
There is a “huge uptick” in the number of companies evaluating document management solutions – particularly when it comes to enterprise content management (ECM), KeyMark CEO Jim Wanner told attendees at the KeyMark Horizons Conference 2010 at The Hyatt Downtown in Greenville, SC.
“If you look at the data from Wells Fargo, the amount of software sales was negatively effective by the recession in the fourth quarter of 2008 and the first quarter of 2009,” Wanner said. “Then you see a massive swing in software sales, largely driven by companies looking for improved processes.”
Today, with the economy showing signs of improvement, and companies making the first moves toward hiring more staff, buyers are looking hard at their core systems to figure out ways to improve business processes, Wanner said. One primary area of focus: reporting. “Companies don’t want to be caught off guard anymore. They want to know exactly what’s going on at each moment in time. We’ve always had departmental reporting. But companies want executive reporting via dashboards, with Sharepoint as a portal that interfaces with a lot of different systems,” Wanner told attendees.
There also is a huge push towards enterprise automation. “We have had more conversations about ECM in the last six months than at any time in our company’s history,” Wanner said. “This is a significant change. It is being driven by new hardware that makes it easier to do distributed scanning, and by software with streamlined interfaces that make it easier to push out applications.”
“People do not view ECM as a departmental solution anymore,” Wanner concluded.
Document classification, which automates document identification, also is gaining traction. “This is the wave of the future,” Wanner said. “It is good for most core applications, such as financial, insurance and government, and is delivering accuracy greater than 80 percent in many cases. When combined with mailroom equipment – document classification makes the digital mailroom a reality.”
Wednesday, June 2, 2010
Mirror, mirror on the web
Posted by Mark Brousseau
Although some may dub it "egosurfing," others might call it a wise career move to conduct a web search to see what information about you is available online. After all, what is visible to you also is visible to potential employers. In a recent survey by Accountemps, 69 percent of workers interviewed said they have entered their name in one or more search engines to see what results were displayed.
"While all professionals should protect their reputation by monitoring their online presence, this is especially critical for job seekers," said Max Messmer, chairman of Accountemps. "Many employers now routinely perform Internet searches to quickly learn about applicants' interests, experience and industry involvement. Job seekers need to pay attention to what they share online -- including contributed content, article comments and photos -- and take steps to ensure the image they project is professional."
Accountemps offers the following five tips for making your online footprint work for you:
1. Know what's out there. Set alerts using Google or other tracking services to receive a notification each time something new is said about you, and delete any content that could be seen as unprofessional or controversial. If you find unflattering material you cannot remove, be prepared to explain if a hiring manager asks about it.
2. Take advantage of privacy settings. If you belong to social networking sites or have a personal blog, adjust your privacy settings so you control who has access.
3. Contribute to the conversation. As appropriate, comment on articles of interest to you and your field, and consider writing columns for industry organizations.
4. Exercise discretion. Be aware that whatever you post may be seen by potential employers, and give careful consideration to how statements you make may be interpreted. While you want to show you have a well-informed opinion, keep your comments constructive, and avoid disparaging others.
5. Keep your profiles current. Make sure your professional profiles on sites such as Google and LinkedIn are up-to-date and highlight your experience
Although some may dub it "egosurfing," others might call it a wise career move to conduct a web search to see what information about you is available online. After all, what is visible to you also is visible to potential employers. In a recent survey by Accountemps, 69 percent of workers interviewed said they have entered their name in one or more search engines to see what results were displayed.
"While all professionals should protect their reputation by monitoring their online presence, this is especially critical for job seekers," said Max Messmer, chairman of Accountemps. "Many employers now routinely perform Internet searches to quickly learn about applicants' interests, experience and industry involvement. Job seekers need to pay attention to what they share online -- including contributed content, article comments and photos -- and take steps to ensure the image they project is professional."
Accountemps offers the following five tips for making your online footprint work for you:
1. Know what's out there. Set alerts using Google or other tracking services to receive a notification each time something new is said about you, and delete any content that could be seen as unprofessional or controversial. If you find unflattering material you cannot remove, be prepared to explain if a hiring manager asks about it.
2. Take advantage of privacy settings. If you belong to social networking sites or have a personal blog, adjust your privacy settings so you control who has access.
3. Contribute to the conversation. As appropriate, comment on articles of interest to you and your field, and consider writing columns for industry organizations.
4. Exercise discretion. Be aware that whatever you post may be seen by potential employers, and give careful consideration to how statements you make may be interpreted. While you want to show you have a well-informed opinion, keep your comments constructive, and avoid disparaging others.
5. Keep your profiles current. Make sure your professional profiles on sites such as Google and LinkedIn are up-to-date and highlight your experience
Tuesday, May 25, 2010
Getting a raise at work – not as hard as you think
Posted by Mark Brousseau
With the ever-increasing cost of living, employees at all levels would love to get a raise. But how do you make your pitch to the boss and succeed in the face of today’s economic difficulties?
Diane L. Katz, Ph.D., a Tucson, Arizona based organization consultant and author of the new book, Win at Work! The Everyone Wins Approach to Conflict Resolution, offers a strategy for resolving workplace conflicts such as debating the merits of a raise. You need a game plan that allows you to be professional, assertive but not confrontational, and clear about what you want. Diane Katz’s time-tested approach speeds up decision-making, blends intuition and logic, and leaves everyone comfortable with the solution.
To get a raise, she recommends thinking carefully about what you want and how your performance compares to the other employees around you. Next, research the wage rates and ranges of other workers in your profession and with your level of experience and responsibility.
Determine what is negotiable. Identify all the possible forms of compensation that can be given to you. In addition to your hourly rate or salary, consider vacation time, paid health leave, travel and per diem, and the ability to work at home. Can you get paid for key product or service deliverables by the unit or by the job? Bonuses and commissions may also be something you can negotiate.
After doing your homework, ask your boss for a meeting. At the start, present the key data that support your case. Describe what you have accomplished and any promises made to you, then state what you want. Assure the boss that you like the work and the challenge, but expect to be fairly and appropriately compensated.
Be prepared to receive a tough or even a negative response. Accept criticism, but say what you have you learned from mistakes and misunderstandings and remain firm.
If you get yes, show appreciation but don’t leave without asking for confirmation or at least a timeframe for when you will have the details on your new compensation and the effective date.
If the answer is no, assess what you learned. Focus on how your work performance is viewed, and what you need to do to protect your future there or elsewhere.
No matter what the outcome, you win by standing up for yourself, making your feelings known, demonstrating your commitment and ability, and maintaining your self-respect.
With the ever-increasing cost of living, employees at all levels would love to get a raise. But how do you make your pitch to the boss and succeed in the face of today’s economic difficulties?
Diane L. Katz, Ph.D., a Tucson, Arizona based organization consultant and author of the new book, Win at Work! The Everyone Wins Approach to Conflict Resolution, offers a strategy for resolving workplace conflicts such as debating the merits of a raise. You need a game plan that allows you to be professional, assertive but not confrontational, and clear about what you want. Diane Katz’s time-tested approach speeds up decision-making, blends intuition and logic, and leaves everyone comfortable with the solution.
To get a raise, she recommends thinking carefully about what you want and how your performance compares to the other employees around you. Next, research the wage rates and ranges of other workers in your profession and with your level of experience and responsibility.
Determine what is negotiable. Identify all the possible forms of compensation that can be given to you. In addition to your hourly rate or salary, consider vacation time, paid health leave, travel and per diem, and the ability to work at home. Can you get paid for key product or service deliverables by the unit or by the job? Bonuses and commissions may also be something you can negotiate.
After doing your homework, ask your boss for a meeting. At the start, present the key data that support your case. Describe what you have accomplished and any promises made to you, then state what you want. Assure the boss that you like the work and the challenge, but expect to be fairly and appropriately compensated.
Be prepared to receive a tough or even a negative response. Accept criticism, but say what you have you learned from mistakes and misunderstandings and remain firm.
If you get yes, show appreciation but don’t leave without asking for confirmation or at least a timeframe for when you will have the details on your new compensation and the effective date.
If the answer is no, assess what you learned. Focus on how your work performance is viewed, and what you need to do to protect your future there or elsewhere.
No matter what the outcome, you win by standing up for yourself, making your feelings known, demonstrating your commitment and ability, and maintaining your self-respect.
Wednesday, May 19, 2010
10 tips to better pricing
Posted by Mark Brousseau
Rafi Mohammed, Ph.D, the author of The 1% Windfall: How Successful Companies Use Price to Profit and Grow, says organizations can start generating new profits and growth tomorrow morning. Here's how:
Pricing is one of the most powerful – yet underutilized – strategies available to businesses. A McKinsey & Company study of the Global 1200 found that if companies increased prices by just 1%, and demand remained constant, on average operating profits would increase by 11%. Using a 1% increase in price, some companies would see even more growth in percentage of profit: Sears, 155%; McKesson, 100%, Tyson, 81%, Land O’Lakes, 58%, Whirlpool, 35%. Just as important, price is a key attribute that consumers consider before making a purchase.
The following 10 pricing tips can reap higher profits, generate growth, and better serve customers by providing options.
Stop marking up costs. The most common mistake in pricing involves setting prices by marking up costs (“I need a 30% margin”). While easy to implement, these “cost-plus” prices bear absolutely no relation to the amount that consumers are willing to pay. As a result, profits are left on the table daily.
Set prices that capture value. Manhattan street vendors understand the principle of value-based pricing. The moment that it looks like it will rain, they raise their umbrella prices. This hike has nothing to do with costs; instead it’s all about capturing the increased value that customers place on a safe haven from rain. The right way to set prices involves capturing the value that customers place on a product by “thinking like a customer.” Customers evaluate a product and its next best alternative(s) and then ask themselves, “Are the extra bells and whistles worth the price premium (organic vs. regular) or does the discount stripped down model make sense (private label vs. brand name). They choose the product that provides the best deal (price vs. attributes).
Create a value statement. Every company should have a value statement that clearly articulates why customers should purchase their product over competitors’ offerings. Be specific in listing reasons…this is not a time to be modest. This statement will boost the confidence of your frontline so they can look customers squarely in the eye and say, “I know that you have options, but here are the reasons why you should buy our product.”
Reinforce to employees that it is okay to earn high profits. I’ve found that many employees are uncomfortable setting prices above what they consider to be “fair” and are quick to offer unnecessary discounts. It is fair to charge “what the market will bear” prices to compensate for the hard work and financial risk necessary to bring products to market. It is also important to reinforce the truism that most customers are not loyal – if a new product offers a better value (more attributes and/or cheaper price), many will defect.
Realize that a discount today doesn’t guarantee a premium tomorrow. Many people believe that offering a discount as an incentive to trial a product will lead to future full price purchases. In my experience, this rarely works out. Offering periodic discounts serves price sensitive customers (which is a great strategy) but often devalues a product in customers’ minds. This devaluation can impede future full price purchases.
Understand that customers have different pricing needs. In virtually every facet of business (product development, marketing, distribution), companies develop strategies based on the truism that customers differ from each other. However, when it comes to pricing, many companies behave as though their customers are identical by setting just one price for each product. The key to developing a comprehensive pricing strategy involves embracing (and profiting from) the fact that customers’ pricing needs differ in three primary ways: pricing plans, product preferences, and product valuations. Pick-a-plan, versioning, and differential pricing tactics serve these diverse needs.
Provide pick-a-plan options. Customers are often interested in a product but refrain from purchasing simply because the pricing plan does not work for them. While some want to purchase outright, others may prefer a selling strategy such as rent, lease, prepay, or all-you-can-eat. A pick-a-plan strategy activates these dormant customers. New pricing plans attract customers by providing ownership options, mitigating uncertain value, offering price assurance, and overcoming financial constraints.
Offer product versions. One of the easiest ways to enhance profits and better serve customers is to offer good, better, and best versions. These options allow customers to choose how much to pay for a product. Many gourmet restaurants offer early-bird, regular, and chef’s-table options. Price sensitive gourmands come for the early-bird specials while well-heeled diners willingly pay an extra $50 to sit at the chef’s table.
Implement differential pricing. For any product, some customers are willing to pay more than others. Differential pricing involves offering tactics that identify and offer discounts to price sensitive customers by using hurdles, customer characteristics, selling characteristics, and selling strategy tactics. For example, customers who look out for, cut out, organize, carry, and then redeem coupons are demonstrating (jumping a hurdle) that low prices are important to them.
Use pricing tactics to complete your customer puzzle. Companies should think of their potential customer base as a giant jigsaw puzzle. Each new pricing tactic adds another customer segment piece to the puzzle. Normal Norman’s buy at full price (value-based price), Noncommittal Nancys come for leases (pricing plans), High-end Harrys buy the top-of-the-line (versions), and Discount Davids are added by offering 10% off on Tuesday promotions (differential pricing). Starting with a value-based price, employing pick-a-plan, versioning, and differential pricing tactics adds the pricing related segments necessary to complete a company’s potential customer puzzle. Offering consumers pricing choices generates growth and increases profits.
Since pricing is an underutilized strategy, it is fertile ground for new profits. The beauty of focusing on pricing is that many concepts are straightforward to implement and can start producing profits almost immediately.
What better pricing windfall can your company start reaping tomorrow morning?
What do you think?
Rafi Mohammed, Ph.D, the author of The 1% Windfall: How Successful Companies Use Price to Profit and Grow, says organizations can start generating new profits and growth tomorrow morning. Here's how:
Pricing is one of the most powerful – yet underutilized – strategies available to businesses. A McKinsey & Company study of the Global 1200 found that if companies increased prices by just 1%, and demand remained constant, on average operating profits would increase by 11%. Using a 1% increase in price, some companies would see even more growth in percentage of profit: Sears, 155%; McKesson, 100%, Tyson, 81%, Land O’Lakes, 58%, Whirlpool, 35%. Just as important, price is a key attribute that consumers consider before making a purchase.
The following 10 pricing tips can reap higher profits, generate growth, and better serve customers by providing options.
Stop marking up costs. The most common mistake in pricing involves setting prices by marking up costs (“I need a 30% margin”). While easy to implement, these “cost-plus” prices bear absolutely no relation to the amount that consumers are willing to pay. As a result, profits are left on the table daily.
Set prices that capture value. Manhattan street vendors understand the principle of value-based pricing. The moment that it looks like it will rain, they raise their umbrella prices. This hike has nothing to do with costs; instead it’s all about capturing the increased value that customers place on a safe haven from rain. The right way to set prices involves capturing the value that customers place on a product by “thinking like a customer.” Customers evaluate a product and its next best alternative(s) and then ask themselves, “Are the extra bells and whistles worth the price premium (organic vs. regular) or does the discount stripped down model make sense (private label vs. brand name). They choose the product that provides the best deal (price vs. attributes).
Create a value statement. Every company should have a value statement that clearly articulates why customers should purchase their product over competitors’ offerings. Be specific in listing reasons…this is not a time to be modest. This statement will boost the confidence of your frontline so they can look customers squarely in the eye and say, “I know that you have options, but here are the reasons why you should buy our product.”
Reinforce to employees that it is okay to earn high profits. I’ve found that many employees are uncomfortable setting prices above what they consider to be “fair” and are quick to offer unnecessary discounts. It is fair to charge “what the market will bear” prices to compensate for the hard work and financial risk necessary to bring products to market. It is also important to reinforce the truism that most customers are not loyal – if a new product offers a better value (more attributes and/or cheaper price), many will defect.
Realize that a discount today doesn’t guarantee a premium tomorrow. Many people believe that offering a discount as an incentive to trial a product will lead to future full price purchases. In my experience, this rarely works out. Offering periodic discounts serves price sensitive customers (which is a great strategy) but often devalues a product in customers’ minds. This devaluation can impede future full price purchases.
Understand that customers have different pricing needs. In virtually every facet of business (product development, marketing, distribution), companies develop strategies based on the truism that customers differ from each other. However, when it comes to pricing, many companies behave as though their customers are identical by setting just one price for each product. The key to developing a comprehensive pricing strategy involves embracing (and profiting from) the fact that customers’ pricing needs differ in three primary ways: pricing plans, product preferences, and product valuations. Pick-a-plan, versioning, and differential pricing tactics serve these diverse needs.
Provide pick-a-plan options. Customers are often interested in a product but refrain from purchasing simply because the pricing plan does not work for them. While some want to purchase outright, others may prefer a selling strategy such as rent, lease, prepay, or all-you-can-eat. A pick-a-plan strategy activates these dormant customers. New pricing plans attract customers by providing ownership options, mitigating uncertain value, offering price assurance, and overcoming financial constraints.
Offer product versions. One of the easiest ways to enhance profits and better serve customers is to offer good, better, and best versions. These options allow customers to choose how much to pay for a product. Many gourmet restaurants offer early-bird, regular, and chef’s-table options. Price sensitive gourmands come for the early-bird specials while well-heeled diners willingly pay an extra $50 to sit at the chef’s table.
Implement differential pricing. For any product, some customers are willing to pay more than others. Differential pricing involves offering tactics that identify and offer discounts to price sensitive customers by using hurdles, customer characteristics, selling characteristics, and selling strategy tactics. For example, customers who look out for, cut out, organize, carry, and then redeem coupons are demonstrating (jumping a hurdle) that low prices are important to them.
Use pricing tactics to complete your customer puzzle. Companies should think of their potential customer base as a giant jigsaw puzzle. Each new pricing tactic adds another customer segment piece to the puzzle. Normal Norman’s buy at full price (value-based price), Noncommittal Nancys come for leases (pricing plans), High-end Harrys buy the top-of-the-line (versions), and Discount Davids are added by offering 10% off on Tuesday promotions (differential pricing). Starting with a value-based price, employing pick-a-plan, versioning, and differential pricing tactics adds the pricing related segments necessary to complete a company’s potential customer puzzle. Offering consumers pricing choices generates growth and increases profits.
Since pricing is an underutilized strategy, it is fertile ground for new profits. The beauty of focusing on pricing is that many concepts are straightforward to implement and can start producing profits almost immediately.
What better pricing windfall can your company start reaping tomorrow morning?
What do you think?
Removing the Model T mentality from SAP hosting
Posted by Mark Brousseau
At one time or another, most people have heard Henry Ford’s famous quote about his revolutionary Model T automobile: “Any customer can have a car painted in any color so long as it is black.” Today, we look upon his inflexible, non-customer service-oriented attitude as quaint, a mindset from a bygone era that would never fly today.
But the reality is that attitude is still very prevalent. Not in our vehicles, thankfully – you can get a car or truck painted in just about any crazy color, or combination of colors you want. Instead, it’s the common mindset for IT hosting in the SAP world.
Dan Wilhelms (dwilhelms@sym-corp.com), president and CEO of Symmetry Corporation (www.sym-corp.com), explains:
By now you’ve probably seen all the articles and heard the Webinars talking about IT infrastructure as a commodity rather than a strategic advantage. They tell you how, in this day and age, managing your own infrastructure makes about as much sense as manufacturing your own electricity on a day-to-day basis, and that you’d be better off moving to a hosted model. And they tell you how IT costs to manage SAP average three percent to five percent of revenue, whereas an integrated technical managed services solution incorporating hosting reduces this figure to only one percent of revenue. All of which is true.
Unfortunately, they tend to leave out one small detail. The act of moving your infrastructure to a 20th Century-style hosting provider can be very expensive and time-consuming, especially for a mid-market organization, before it ever becomes smooth and cost-efficient.
The reason is that Henry Ford mentality. The typical 20th-Century hosting provider has a giant server farm full of equipment onto which it will move your applications. Essentially, they tell you that you can run your applications on any hardware you want – as long as it’s the hardware they already have. If you’re running on the same hardware – say your current system is IBM and so is the provider’s – that part will probably transition fairly smoothly. But if your applications are set up to run on HP servers and they’re using IBM, it’s going to take a lot of work to make the changeover. And guess who has to make the change?
The other big problem with the 20th Century model is sharing resources. Back in Ford’s day, when running water was still a rarity, families often shared bathwater (or even baths) because filling a bathtub was a time-consuming, labor-intensive task. They didn’t want to waste the effort on providing clean water for each bath.
In the traditional hosting world, the resources you’re sharing are servers. In order to operate as efficiently (and profitably) as they can, hosting providers try to fill every micron of disk space on every server with data. That means they’ll often mix data from two or more organizations to increase utilization.
It makes sense from their standpoint. But it’s not so good from yours. If a problem with some other organization’s application takes down the server you’re sharing, you are just as out of luck as they are – even though your applications are running perfectly fine. In addition, if you’re working with a government agency and have to show compliance with laws requiring separation of data, it’s going to be pretty tough to prove when your supposedly secure data is running alongside that of an organization with different (or no) compliance requirements.
There is a solution, however. Rather than settling for a “Model T” type of hosting environment, look instead for a provider using a 21st Century hosting model.
With a 21st Century hosting provider, you don’t have to make your applications fit their hardware. Instead, they will host your applications on whatever hardware you want – whether that means purchasing all new hardware of your choice as part of an upgrade, or actually packing up and shipping your current hardware to their locations. If you’re buying new hardware, a good hosting provider will even give you a choice of procuring it yourself or taking that burden off your hands – whatever method works best for you.
Moving to a hosted system dedicated specifically to your organization instead of one that is carved out of a general storage area network also solves the concerns regarding data separation. Since your hardware operates as separately as if it were in your own facility, there is no chance someone else’s application problems will affect your business. It also makes proving separation of data a very simple task.
A 21st Century hosting provider will also tend to be more specialized. In the early days, hosting meant setting up equipment and running whatever applications its customers sent its way. There was little on-staff expertise to draw from if there was a problem with, say, SAP or another complex system. In the new world of hosting, providers specialize in particular technologies and have deep expertise on staff, which allow them to do what you really want them to do – manage and maintain the system completely, including overcoming any issues immediately rather than having to call an outside specialist.
While moving to a 21st Century hosting provider makes sense for virtually any organization, it is particularly well-suited to mid-market organizations that are increasingly finding more time being spent on IT maintenance and less on actually deriving more value out of their applications. It’s a lot like those early Model Ts. Back then, if you were going to own a car, you had to know how to fix it, too.
Today, most car owners don’t know what’s under the hood and don’t want to know. They just want to get in and drive. Rather than adding IT staff (and finding themselves in the IT business instead of whatever business they’re actually in), these mid-market organizations can stay focused on the reasons they installed their applications in the first place.
When it comes to hosting, why settle for a Model T mentality? Using a 21st Century hosting provider will give you complete control over your environment and keep your data separate, all while saving you as much as 30 percent over traditional hosting. Even Henry Ford would approve of that.
What do you think?
At one time or another, most people have heard Henry Ford’s famous quote about his revolutionary Model T automobile: “Any customer can have a car painted in any color so long as it is black.” Today, we look upon his inflexible, non-customer service-oriented attitude as quaint, a mindset from a bygone era that would never fly today.
But the reality is that attitude is still very prevalent. Not in our vehicles, thankfully – you can get a car or truck painted in just about any crazy color, or combination of colors you want. Instead, it’s the common mindset for IT hosting in the SAP world.
Dan Wilhelms (dwilhelms@sym-corp.com), president and CEO of Symmetry Corporation (www.sym-corp.com), explains:
By now you’ve probably seen all the articles and heard the Webinars talking about IT infrastructure as a commodity rather than a strategic advantage. They tell you how, in this day and age, managing your own infrastructure makes about as much sense as manufacturing your own electricity on a day-to-day basis, and that you’d be better off moving to a hosted model. And they tell you how IT costs to manage SAP average three percent to five percent of revenue, whereas an integrated technical managed services solution incorporating hosting reduces this figure to only one percent of revenue. All of which is true.
Unfortunately, they tend to leave out one small detail. The act of moving your infrastructure to a 20th Century-style hosting provider can be very expensive and time-consuming, especially for a mid-market organization, before it ever becomes smooth and cost-efficient.
The reason is that Henry Ford mentality. The typical 20th-Century hosting provider has a giant server farm full of equipment onto which it will move your applications. Essentially, they tell you that you can run your applications on any hardware you want – as long as it’s the hardware they already have. If you’re running on the same hardware – say your current system is IBM and so is the provider’s – that part will probably transition fairly smoothly. But if your applications are set up to run on HP servers and they’re using IBM, it’s going to take a lot of work to make the changeover. And guess who has to make the change?
The other big problem with the 20th Century model is sharing resources. Back in Ford’s day, when running water was still a rarity, families often shared bathwater (or even baths) because filling a bathtub was a time-consuming, labor-intensive task. They didn’t want to waste the effort on providing clean water for each bath.
In the traditional hosting world, the resources you’re sharing are servers. In order to operate as efficiently (and profitably) as they can, hosting providers try to fill every micron of disk space on every server with data. That means they’ll often mix data from two or more organizations to increase utilization.
It makes sense from their standpoint. But it’s not so good from yours. If a problem with some other organization’s application takes down the server you’re sharing, you are just as out of luck as they are – even though your applications are running perfectly fine. In addition, if you’re working with a government agency and have to show compliance with laws requiring separation of data, it’s going to be pretty tough to prove when your supposedly secure data is running alongside that of an organization with different (or no) compliance requirements.
There is a solution, however. Rather than settling for a “Model T” type of hosting environment, look instead for a provider using a 21st Century hosting model.
With a 21st Century hosting provider, you don’t have to make your applications fit their hardware. Instead, they will host your applications on whatever hardware you want – whether that means purchasing all new hardware of your choice as part of an upgrade, or actually packing up and shipping your current hardware to their locations. If you’re buying new hardware, a good hosting provider will even give you a choice of procuring it yourself or taking that burden off your hands – whatever method works best for you.
Moving to a hosted system dedicated specifically to your organization instead of one that is carved out of a general storage area network also solves the concerns regarding data separation. Since your hardware operates as separately as if it were in your own facility, there is no chance someone else’s application problems will affect your business. It also makes proving separation of data a very simple task.
A 21st Century hosting provider will also tend to be more specialized. In the early days, hosting meant setting up equipment and running whatever applications its customers sent its way. There was little on-staff expertise to draw from if there was a problem with, say, SAP or another complex system. In the new world of hosting, providers specialize in particular technologies and have deep expertise on staff, which allow them to do what you really want them to do – manage and maintain the system completely, including overcoming any issues immediately rather than having to call an outside specialist.
While moving to a 21st Century hosting provider makes sense for virtually any organization, it is particularly well-suited to mid-market organizations that are increasingly finding more time being spent on IT maintenance and less on actually deriving more value out of their applications. It’s a lot like those early Model Ts. Back then, if you were going to own a car, you had to know how to fix it, too.
Today, most car owners don’t know what’s under the hood and don’t want to know. They just want to get in and drive. Rather than adding IT staff (and finding themselves in the IT business instead of whatever business they’re actually in), these mid-market organizations can stay focused on the reasons they installed their applications in the first place.
When it comes to hosting, why settle for a Model T mentality? Using a 21st Century hosting provider will give you complete control over your environment and keep your data separate, all while saving you as much as 30 percent over traditional hosting. Even Henry Ford would approve of that.
What do you think?
Monday, May 10, 2010
'One Person Can Make a Difference'
“One thing I have learned over the past 27 years is that one person can make a difference,” says John Walsh, the opening keynote speaker of Fusion 2010, at the Gaylord Texan Resort & Convention Center in Grapevine, Texas. Motivational speaker Walsh, who also hosts the long-running FOX weekly television series “America’s Most Wanted,” was speaking specifically about his successful efforts to raise awareness about America’s epidemic of missing and exploited children in the wake of the murder of his own son, Adam, by a serial pedophile in 1991.
Since then, despite the frequent reluctance of state and federal officials, Walsh and his wife have succeeded in honoring the memory of their slain son by spearheading creation of the National Center for Missing and Exploited Children (NCMEC) and the National Child Sex Offender Registry (NCSOR). The former organization facilitates distribution of information about missing children to law enforcement officials and the general public; the latter requires convicted sex offenders to be registered in a national database and their whereabouts made known to the general public. Currently, Walsh is lobbying Congress to enact legislation requiring DNA samples to be collected from those arrested for alleged felonies.
Walsh’s audience call to action was primarily intended to encourage advocacy for this pending legislation. However, he also encouraged attendees to advocate within their organizations for proactive embrace of the many changes sweeping the global business community. Many of those changes were detailed at the opening session by IAPP Executive Director and CEO Tom Bohn. For example, members of the so-called Millennial generation entering the workforce toady will hold an estimated 10 to 14 jobs --- by the time they are 38 years of age. This is having a huge impact on training and management practices.
Since then, despite the frequent reluctance of state and federal officials, Walsh and his wife have succeeded in honoring the memory of their slain son by spearheading creation of the National Center for Missing and Exploited Children (NCMEC) and the National Child Sex Offender Registry (NCSOR). The former organization facilitates distribution of information about missing children to law enforcement officials and the general public; the latter requires convicted sex offenders to be registered in a national database and their whereabouts made known to the general public. Currently, Walsh is lobbying Congress to enact legislation requiring DNA samples to be collected from those arrested for alleged felonies.
Walsh’s audience call to action was primarily intended to encourage advocacy for this pending legislation. However, he also encouraged attendees to advocate within their organizations for proactive embrace of the many changes sweeping the global business community. Many of those changes were detailed at the opening session by IAPP Executive Director and CEO Tom Bohn. For example, members of the so-called Millennial generation entering the workforce toady will hold an estimated 10 to 14 jobs --- by the time they are 38 years of age. This is having a huge impact on training and management practices.
Good morning Rock Stars!
Ladies and gentlemen, supervisors and CFOs, welcome to FUSION 2010! IAPP/IARP Chairman Eric Jones and Robert Lund, Chairman of the TAWPI board of Directors, officially announced the merger of the two organizations, which will continue to operate as autonomous organizations with a shared staff and shared board of directors. Keynote Speaker John Walsh has just taken the podium . . . but the question of the morning was: Who were those masked, um, thingies, in flaming red and green who opened the show, T-shirt cannons blazing? Your inside source has it on good authority it was FUSION staffers Ken Brown and Diane Sears, morphed by the power of FUSION. Never fear. They have promised to only use their superpowers for good – and to never wear tights in public again.
Subscribe to:
Posts (Atom)
