Rick Yvanovich/Founder & CEO/
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Gartner’s 2008 CIOs survey highlighted that Business Intelligence (BI) is now one of the top priorities in business. BI is known to have positive impact on business performance of an enterprise, dramatically improving the ability to accomplish the mission by making timely and smart decisions at any level of the business.
In the previous posts of this “Managing your business in a volatile climate” blog series, we discussed about a renewed focus on risk management, business forecasting and new technologies that businesses can leverage to stay competitive in a volatile market. In this articles, the last post of this series, we will discuss about improvement of businesses responsiveness to volatility by capitalising on core processes and technology investment.
In our last post on how to manage your business in a volatile climate, we mentioned that organisations can focus on measuring the right things, forecasting accurately and managing risks to its advantage and achieve their goals. In this articles, the second post of the series “Managing your business in a volatile climate”, we will discuss how new technologies can help businesses maintain their competitive advantages.
The millennial shopper has been characterized as an elusive being -- we know they exist, but we seem to have trouble catching them, at least for a prolonged period of time. Predicting their actions is an even greater challenge. As a result, retailers have formed a number of myths around millennial shopping preferences -- some that border on superstition -- and many approach these myths as reality.
For many companies, especially those that have multinational operations, complying with International Financial Reporting Standards (IFRS) is synonymous with extra workload. Whether the company has already begun the adoption process or are bracing themselves for a major change, they should know that IFRS, in fact, are not as scary and daunting as they seem. Businesses should develop a mindset that faciliates IFRS transition by understanding key benefits of IFRS. The two primary groups that can benefit from IFRS adoption are:
Nowadays, travellers are also becoming more tech-savvy. Hence, self-service technology namely mobile apps, check-in kiosks and lobby touchscreen become the important tools that bring opportunities to increase sales and bookings for hotels. According to Taylor Short, who researches hotel management systems for Software Advice, hotels are figuring out that meeting a tech-savvy travellers’ expectations for connectivity and independence not only increase customer satisfaction, but also open up new revenue channels that didn’t exist before. In this article, we will walk you through how these self-service technology can help hotel boost revenue and increase customer satisfaction.
Knowledge is power. Knowledge is everything to make things happen, and eventually, going smooth and strong, straight to success! For many years, knowledge has been an eternal goal and target of mankind, not to mention businesses. Without knowledge, which in this context is business visibility and insights, companies cannot know if they are succeeding or failing, and may get lost forever.
Organisations that seek globalisation inherently face the challenge of managing their business operations in various locations. Hence, visibility into overall financial data and performance is of utmost importance. According to a study by Aberdeen Group in 2011, improving visibility is the most popular strategy companies use to aid their global expansion quest.
The finance department is facing mounting pressures to not only increase process efficiency but also rise to a more strategic level. A finance transformation is even more urgent when it comes to international expansion. In fact, a study by Aberdeen Group in 2012 indicated that the need for agility to account for market volatility is the top pressure impeding global expansion.
“The only predictable thing about life is its unpredictability” – Unknown
In the last decade, so many events had happened that brought unbridled change and volatility to the world’s economy. Business have been facing wildly fluctuating rates of decline and recovery across the globe. A “Growth markets forecast” done by Ernst & Young in 2013 has pointed out that insolvencies rose by 178% during 2008-9 recession in the US versus a 57% rose in the UK. Fortunately, during the past years, insolvencies has dropped fast and the rate in the US is falling 20% faster than that of in the UK. In addition to these changes and volatility, over-regulation, constant imposition from regulators and global standard-setters have brought complication and complexity to the systems and information that organisations need. This leads to the need to absorb and synthesise information so to manage risk more effectively. So, how companies should respond to volatility and what they need to do to enhance their competitiveness, financial performance, productivity in a volatile business climate?
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