...Summary of ‘Avoid the Four Perils of CRM’ Different managers may define CRM in many different ways. Some may say it is the use of technology and software to achieve a better relationship with their customers, however the right way to define CRM is that CRM aligns business processes with customer strategies to build customer loyalty and increase profits over time. The difference here with this definition is that the terms technology and software don’t play an important role in defining CRM. Research has shown that many managers stumble upon one or more of the four perils while trying to implement CRM. All these perils are basically caused due to a basic assumption that CRM is a software tool that will manage customer relationship for us. The truth however is that it isn’t all about that CRM is actually the combination of customer strategy and processes, supported by the relevant software, for the purpose of improving customer loyalty and, eventually, corporate profitability. The following are the four perils of CRM. 1. Implementing CRM Before Creating a Customer Strategy 2. Rolling Out CRM Before Changing Your Organization to Match 3. Assuming that More CRM Technology Is Better 4. Stalking, Not Wooing, Customers 1. Implementing CRM Before Creating a Customer Strategy: It is very crucial to create and understand the strategies that the company plans to implement before trying to put a CRM system into practice.CRM will be very effective for an organization only...
Words: 620 - Pages: 3
...is linked with a process that creates power and motivation substantial enough to overcome all sources of resistance and is motivated by quality leadership, and not solely on excellent management (Ingram, 2012). John Kotter, over his career has evaluated both the successes and failures in change initiatives in business. "The most general lesson to be learned from the more successful cases is that the change process goes through a series of phases that, in total, usually require a considerable length of time” (Kotter, 1996, p. 3). As a result of his many evaluations, Kotter identified eight primary reasons that organizations are unsuccessful when implementing efforts to change. ERROR #1: Allowing Too Much Complacency One of the major pitfalls when attempting to change organizations is to rapidly initiate the change without conveying a high sense of urgency in peer leadership and employees. This significant error results in change failure due to high levels of complacency. ERROR #4: Under Communicating The Vision By A Factor Of 10 (Or 100 Or Even 1,000) Major change is usually impossible unless most employees are willing to help, often to the point of making shortterm sacrifices. But people will not make sacrifices, even if they are unhappy with the status quo, unless they think the potential benefits of change are attractive and unless they really believe that a transformation is possible. Without credible communication, and a lot of it, employees'...
Words: 1038 - Pages: 5
...Final Exam Review Questions Instructions A. Please be concise and precise in your answers. B. Practice answers for closed book, class room setting. C. Suggested length: minimum one page; maximum two pages per question. D. You would answer 5 questions or Problems in two hours in final exam. Questions 1. Ethical Standards a. Can a multinational firm adopt varying ethical standards [such as with regard to product safety (Pinto), employee benefits (Nike) and “kickbacks” to win business (HP)] in its global operations? Why or Why Not? Discuss in depth based on the goals of multinational corporations? (Be sure to identify the merits and demerits/pitfalls for both options). b. How do corporate governance and financial management differ for US based corporations and global multinational corporations?...
Words: 2200 - Pages: 9
...bond) and the only outflow of cash is the purchase price, the NPV is simply the PV of future cash flows minus the purchase price (which is its own PV). NPV is a central tool in discounted cash flow (DCF) analysis and is a standard method for using the time value of money to appraise long-term projects. Used for capital budgeting and widely used throughout economics, finance, and accounting, it measures the excess or shortfall of cash flows, in present value terms, above the cost of funds. NPV can be described as the “difference amount” between the sums of discounted: cash inflows and cash outflows. It compares the present value of money today to the present value of money in the future, taking inflation and returns into account The NPV of a sequence of cash flows takes as input the cash flows and a discount rate or discount curve and outputs a price; the converse process in DCF analysis — taking a sequence of cash flows and a price as input and inferring as output a discount rate (the discount rate which would yield the given price as NPV) — is called the yield and is more widely used in bond trading. Contents [hide] * 1 Formula * 2 The discount rate * 3 Use in decision making * 4 Interpretation as integral transform * 5 Example * 6 Common pitfalls * 7 History * 8 Alternative capital budgeting methods * 9 See also * 10 References Formula[edit] Each cash inflow/outflow is discounted back to its present value (PV). Then...
Words: 3175 - Pages: 13
...The Travels of a T-Shirt in the Global Economy The opening of this story begins with an organized student protest at Georgetown University, where author Pietra Rivoli, who is a professor of finance and international business, is watching the students arguing statements. This immediately captures my attention as it begins to describe a common characteristic of a major University that I live near and attend many events at. The University’s organized peaceful protest allowed the public speaking through protesting on the topic of the evils of big corporations and the explanation of how these big corporations, Globalization, The World Trade Organization (WTO) and the international Monetary Fund (IMF) are exploiting workers all around the world. One speaker alluding to “sweat shops” particularly caught the attention of the author by exclaiming, “Who made your T-Shirt”? This statement sparked Rivoli’s intrigue that is a great use of foreshadowing for what the story will lead to. The traveling of thousands of miles and across multiple continents to find out “who” really did make these shirts. We all wear our everyday cotton “tee’s” without giving a second thought about the journey each T-Shirt had to go through in order to make it here to the United States. This sets the foundation for the rest of the book and explains its purpose. The first stop in this journey isn’t on foreign soil where I expected the book to lead off, but rather here in the Continental United States at the Reinsch...
Words: 3386 - Pages: 14
...Italian Quality: Campagnolo Bicycle Components Introduction Campagnolo is renowned for producing some of the most innovative, highest quality, and best performing bicycle components available today. They also provide a benchmark for original design as evidenced by winning the prestigious Compasso d’Oro award from the Associazone Design Italiano and has been recognized by the Wall Street Journal as one of the most prominent sports brands in the world. ‘This reputation has been earned not only through its countless racing successes, but also by virtue of the attention given to quality and to service that sets this company apart from all others.’ ("Focus," 2011, para. 6) Tullio Campagnolo, an amateur bicycle racer who was frustrated with current technology to change gearing on his bicycle, founded Campagnolo S.r.l in Vicenza, Italy in 1933. At the time, changing gears required the rider to dismount, remove the rear wheel and then flipping the rear wheel around so a different sized cog on the opposite side of rear wheel could be used, then reattach the wheel to the bicycle frame, and finally remount the bicycle and resume the race. This required tools and a bit of time off the bicycle to complete as derailleurs and quick releases had not yet been invented. Tullio Campagnolo spent three years designing, perfecting, and producing what has become one of the ubiquitous components on a modern bicycle – the quick release skewer. ‘The company soon expanded, focusing on the three...
Words: 2940 - Pages: 12
...White Paper THE BUSINESS CASE FOR COMPENSATION TECHNOLOGY C ompensation accounts for nearly 70 percent of operating expenses for most organizations,1 and is one of the main reasons employees join and leave organizations. Yet despite the foundational role compensation plays in any talent strategy, most organizations continue to manage compensation market analysis, strategy development and program administration using spreadsheets. The perils and pitfalls of handling complex compensation tasks in spreadsheets are well known:2 spreadsheets are prone to human error, require a high-level of skill and expertise to move beyond simple analysis, and are not a scalable solution across decentralized groups. For this reason, most discussions on the use of spreadsheets in compensation and HR focus on productivity loss and risk of error. However, beyond these important but tactical gains, the compensation function and the organization at large have far more to gain by reducing reliance on spreadsheets than reduced risk and greater efficiency. This paper will explore the five areas in which organizations can improve via the adoption of compensation technology solutions: efficiency, consistency, visibility, transparency and trust. the highest salaries in the market, but it does require a deep understanding of the pay landscape in which the company operates so organizations that choose to place a lower emphasis on base salary understand the need to balance this approach with non-salary...
Words: 2870 - Pages: 12
...Expert Systems with Applications PERGAMON Expert Systems with Applications 20 (2001) 1±6 www.elsevier.com/locate/eswa Knowledge management and its link to arti®cial intelligence J. Liebowitz* Robert W. Deutsch Distinguished Professor of Information Systems University of Maryland±Baltimore County, Department of Information Systems, 1000 Hilltop Circle Baltimore, MD 21250, USA Abstract Knowledge management is an emerging area which is gaining interest by both industry and government. As we move toward building knowledge organizations, knowledge management will play a fundamental role towards the success of transforming individual knowledge into organizational knowledge. One of the key building blocks for developing and advancing this ®eld of knowledge management is arti®cial intelligence, which many knowledge management practitioners and theorists are overlooking. This paper will discuss the emergence and future of knowledge management, and its link to arti®cial intelligence. q 2001 Elsevier Science Ltd. All rights reserved. Keywords: Knowledge management; Arti®cial intelligence; Expert systems 1. Introduction 2. Knowledge management and its underlying concepts Business process reengineering (BPR), Year 2000 (Y2K), and now knowledge management (KM). Is knowledge management something as a fad that the consultants dreamed up to keep themselves gainfully employed in the coming years or should knowledge management be treated as a strategic goal in organizations for better capturing...
Words: 4561 - Pages: 19
...Fragility In Global Supply Chains Name: Institution Affiliated: Executive Summary The fragility of worldwide supply chains gets identified with rising risks, however, this is additionally identified with supply and system plan methods. The coordination of risk administration in supply chain administration has frequently been restricted, particularly for associations that have concentrated on lessening expenses and constraining working capital levels as a reaction to troublesome economic situations. Progressively, numerous organizations are re-creating the harmony in the middle of risk and expense center as they deal with their worldwide supply chain. In addressing these risks, organizations ought to consider their working models, in an exertion intended to characterize an ideal harmony between budgetary proficiency and assuredness of a stable supply chain (Ballou, 1993). Organizations that once kept up reinforcement stock and assembled offices may have presented themselves to risk as they focused on living up to expectations with fewer redundancies. Utilizing the "Kaizen" model calling for "without a moment to spare" or even "just in arrangement" generation with insignificant procedure inventories. Numerous organizations have changed from "nearby" suppliers to "ease" (and regularly far off) suppliers on the premise of expense, without considering the full cost of risks connected with these progressions. Accordingly, the expanded supply chain now has numerous extra purposes...
Words: 3893 - Pages: 16
...London School of Commerce Chaucer House, White Hart Yard, London SE1 1NX, Tel: 020 7357 0077, www.lsclondon.co.uk MODULE TITLE: Managing Human Capital PROGRAMME: MBA SEMESTER: Semester Two ACADEMIC YEAR PERIOD: June 2012 – August 2012 LECTURER SETTING ASSESSMENT: David Hall/ Dr Rajendra Kumar STUDENT: Mauro Persic STUDENT ID: L0296IAIA0212 London, August 2012 P A R T A TALENT RECRUITMENT PROGRAMME Report Executive Summary This report aims point out advantages and disadvantages of talent management strategy in compared with more traditional human resource management which is often seen as an administrative department dealing with forms and applications. In particular, we will focus on the framework for the talent management which constitutes of five elements: attraction, selection, engaging, retention and development of employees. This strategy can be useful not only for recruitment and management of higher ranked employees but also for complete workforce. After all employees are the key element and most valuable asset of an organisation and investment and development of employees can only give rise to company’s reputation, competitiveness and many other benefits. Moreover, situation on the labour market is highly competitive, therefore asks for serious well-developed approach. In conclusion, old human resource management approach has not been suitable for the present economy, therefore we strongly recommend you to consider introducing more sophisticated...
Words: 4861 - Pages: 20
...Copyright © The British Psychological Society Reproduction in any form (including the internet) is prohibited without prior permission from the Society 57 Legal and Criminological Psychology (2010), 15, 57–75 q 2010 The British Psychological Society The British Psychological Society www.bpsjournals.co.uk The truth about lies: What works in detecting high-stakes deception? Stephen Porter* and Leanne ten Brinke University of British Columbia Okanagan, Kelowna, British Columbia, Canada In this paper, we provide our view of the current understanding of high-stakes lies often occurring in forensic contexts. We underscore the importance of avoiding widespread pitfalls of deception detection and challenging prevailing assumptions concerning strategies for catching liars. The promise and limitations of each of non-verbal/body language, facial, verbal/linguistic, and physiological channels in detecting deception are discussed. In observing the absence of a single cue or behavioural channel that consistently reveals deception, a holistic approach with concurrent attention to multiple channels of a target’s behaviour (ideally videotaped for review) and changes from baseline behaviour is recommended whenever possible. Among the best-validated cues to be considered together include: illustrators, blink and pause rate, speech rate, vague descriptions, repeated details, contextual embedding, reproduction of conversations, and emotional ‘leakage’ in the face. While...
Words: 11532 - Pages: 47
...Unit: Comparative and Global Social Policy (SP1) Assignment Title: How and to what extend has the EU become a social policy regime? Submission Date: 28/01/2014 Table of Content 1. Introduction 3 2. Definition of Social Policy 3 3. Key characteristics of social policy in the European Union 4 4. How has the European Union become a social policy regime? 5 5. To what extend has the European Union become a social policy regime? 7 6. Conclusion 9 Reference List 9 Introduction Every European Union member states have their own social policies yet the European Union has a significant influence on the member state’s social policies development as the EU tries to align and harmonise policies within the EU to achieve same or similar standards and levels in the member states. This assignment discusses the main characteristics of the EU social policy and explains how and to what extend has the European Union becomes a social policy regime. Definition of Social Policy It is fairly difficult to define social policy as there is no agreed, unified and specific definition of social policy. But the term is more defined by its traditional content and areas it contains, and it is associated with welfare. Yet scientist, researchers and authors attempt to...
Words: 2675 - Pages: 11
...is largely a matter of speculation, since we are just now beginning to per- ceive its effects. Speculation, though often interesting and occasionally useful, presents some obvious hazards. One hazard, of course, is that predictions may prove wrong. This is not as great a danger as one might suppose, however, since the dramatic developments in the field of information technology make it likely that any prediction, if it is sufficiently imaginative and glamorous, will eventually prove correct. In any event, suitable hedging can minimize the probability of error, and faulty memories will reduce the penalty of an error if the prognosticator is indiscrete enough to make it obvious. A more serious and immediate pitfall trite and commonplace. is that the speculation may be This hazard is particularly treacherous when dis- cussing information technology and organization, since we already have been * presented with such a rich abundance of speculation on the subject. I do not claim that I have avoided this hazard altogether, but I have tried to reduce the risk by confining my discussion to some of the less explored issues in- volved. * Among the earliest and most perceptive, and Whisler (1958) I think, is the work of Leavitt - 2 - As I view the topic, information technology will affect organizational structure primarily through the improvements it brings in the planning process...
Words: 4898 - Pages: 20
...AS History: Enquiry Paper Guidance Question (a) – The Comparison. In question (a) the focus is on the direct comparison of two sources. Without explicit comparison candidates will not get above Band IV. A substantial number of candidates still adopt a sequential approach, and others limit themselves to a low Band III by confining their comparisons to a brief conclusion after a sequential analysis of the two Sources. A continuously comparative approach is required. Candidates should, however, not assume that a comparison is established simply by the introduction of comparative words and phrases such as ‘whereas’, ‘on the other hand’, ‘by contrast’, or by setting points from the Sources alongside each other. Similarity or difference of content has to be demonstrated in relation to a point which is genuinely comparable, either because both Sources refer to it or because one draws attention to it but the other ignores it. Likewise comparison of qualities other than content requires assessment of the same qualities in both Sources. Another common weakness is a failure to realise that comparisons are only relevant if they relate to the issue raised in the question. * Sequencing is a major problem. There is a reluctance to select issues and themes from the two Sources and build the comparison around these. Many candidates, often able, prefer paraphrase. Two separate accounts are provided with perhaps a final paragraph making a few belated comparisons. * Not focusing...
Words: 5255 - Pages: 22
...“Privatizing conflicts”. Concerns with restorative justice Table of content Introduction 2 1 The appeal of restorative justice 3 2 Privatizing conflicts 5 2.1 Legal sphere concerns with privatizing conflicts 5 2.2 Feministic concerns with privatizing conflicts 8 3 Underexplored pitfalls 11 Conclusion 12 References 14 Introduction This paper is written within the framework of the master course ‘Restorative Justice’. It aims to be an academic reflection on some of the concepts educated throughout these classes.[1] The literature on restorative justice is extensive and therefore the case for it will not be made again here. Basic notions will not be repeated in this paper. The majority of criminologists already accept the letdown of the current criminal justice system on certain accounts; problems have been solidly exposed and opponents of restorative justice have been constantly defending the need for their rationale. Perceived advantages are well-known and have been documented soundly. But this work attempts to look beyond the reform minded and optimistic spirit that most of the restorative body of thought (rightfully) carries. Certain less obvious aspects of the theory might be underconceptualized, overlooked or taken for granted. Taking the concern of some more critical authors that restorative justice processes ‘privatize’ conflicts as a starting point, it will be explored whether or not this privatizing...
Words: 5573 - Pages: 23
