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When it comes to digital transformation it’s no longer a question of if you should do it, but when. According to global market intelligence firm IDC, 85% of enterprise decision makers say they have plans to embark on a digital transformation within the next two years, with more than a third (37%) saying they’ve already started executing one and nearly half (45%) saying they’re in the early stages of adopting one.

Investments back this, with funding of digital transformation worldwide topping $1.2 trillion in 2019, up 18% from the previous year. With the ability to increase revenue, reduce operational costs, and provide enhanced experiences for both staff and customers, investing in a digital-first strategy seems like the best course to take. 

Despite this, only 3% of enterprises complete their digital transformation projects, most attributing failure to either a fear of change, lack of cloud resources, or lack of agility. But by looking at the explosive growth in the automation space — 100% YoY for RPA and 72% YoY for iPaaS, for example — it’s clear what role automation will play in the digital enterprise. Investing in a pervasive automation strategy and a related platform that provides end-to-end solutions is crucial to breaking through the noise and succeeding in any transformative efforts.

There will, of course, be a learning curve when implementing such a strategy, but many organizations have no idea how to start – or where to start – and what immediate value (if any) they will receive once they adopt such a platform. Here’s what we see working for enterprises today when it comes to an automation strategy.

Overcoming the Initial Barriers of Digital Transformation

Forward-thinking enterprises recognize that in order to remain competitive, they must continuously evolve their culture, processes, data and technologies – and this won’t be easy.

Though 83% of IT decision makers say workflow automation is essential to digital transformation, a large number of manual processes still remain active in many companies.  

Unfortunately, even the most dedicated IT teams can’t manage the optimization of thousands upon thousands of processes across the business.

Because of this, only certain processes will get prioritized for automation, meaning only a small number of users will reap the benefits.

For example, workflows critical to keeping the lights on will always be prioritized, while processes in lines of business (LOB) including HRfinance and marketing that could drastically improve with automation may sit on the backburner. This results in an increasing number of inefficiencies across business. 

Automation Platforms that can be used by non-coders like Business Systems teams, analysts, and App Admins democratizes the process of integration and automation. This is key to actually achieving Digital Transformation goals: when bottlenecks prevent progress and automation projects are not agile, there is no way an organization can transform at scale.

Is the Platform Flexible and Secure?

The key to enterprise-wide adoption of automation is that it should be something that can be used by both your IT team and other players like business systems, app admins, MarketingOps, and SalesOps teams. Spreading this skill set out across groups is the only way to scale. However, you still need to ensure that the platform has enterprise security and governance capabilities.

The IT team and security team should be able to monitor everyone’s activity on a single platform.

On the business side, employees often want to use the tool they prefer for their job function.

While IT/business systems teams will want to ensure the tool fits in well with their infrastructure, LOBs will often drive tech purchases without their oversight. To avoid conflict, it’s best to invest in an automation platform that is agile enough to enable LOB to choose whatever technology and tools they prefer.

This, combined with an emphasis of time-to-value or an ability to build agile integrations quickly, makes a no-code solution the best choice. 

 

Early-Stage Digital Transformation

Once a tool is selected, there are several steps you must take in the first stage of adoption to ensure your investment doesn’t go dead in the water, according to HubSpot:

  • Use cases: The decision makers of your team now must identify what use cases they want to implement first. Consider the processes across your business that could use the most help — is it Order-to-Cash or Employee Onboarding and Offboarding? Could your organization use a virtual helpdesk to answer employee inquiries upon command, led by a bot-based protocol which uses ML to improve based on the feedback it receives? Whatever they decide, the right (and wrong) use cases must be identified at the very beginning, which may take a few trials given the amount you have.
  • Change management – Part 1: Automation is going to change the way you work drastically, which is different from the typical business-as-usual (BAU) change management. Therefore, it may be necessary to involve additional planning and implementation tools to ensure a smooth transition. The first step should be examining the extent or degree to which change can occur with said adoption. 
  • Operations & IT strategy: When testing the functionality of a tool, it needs to be able to support the load of several use cases (hence the selection of use cases in a previous bullet). This will help gauge what’s necessary for scaling in the future and help build an infrastructure for your platform. 

Mid-Stage Digital Transformation

At this point in your digital-first, automation-driven strategy, at least one use case should be actively in production. Now, the hard work begins.

  • Cost-benefit analysis – Part 1: Your initial use case(s) will help determine high level/unnecessary costs in the first year of your program. This analysis will be refined later in an integration “playbook.”
  • Gap assessment – Part 1: By using automation to eliminate manual, repetitive work, you’ll quickly see areas of improvement for other processes prior to applying automation. It’s best to consult with your IT/business systems team and designated LOBs to determine how to reengineer these processes before applying automation.
  • Integration playbook: Building upon your initial use case(s), you will need to deploy a large-scale integration playbook across LOBs and/or timelines. This will allow projection into your pipeline, and act as a primary input into your second cost-benefit analysis.
  • Cost-benefit analysis – Part 2: As you build upon use cases, you will continue to identify unnecessary costs, lessons learned, and value received versus expectations. Continue to apply this knowledge as adoption continues, marking it for any future implementations.

Growth Stage of a Digital Transformation

At this point, you will have several use cases in deployment that lack enterprise cohesiveness. Here’s what to do next:

  • Gap assessment – Part 2: If there are any reengineering techniques you’ve found successful at this point, now’s the time to apply them. This would also be the time to identify any other areas of improvement to ensure your automation footprint is sound. 
  • Power user program – Part 1: The power users, in this case, will be non-technical staff. Sure, IT and business systems need to be able to use the platform, but it’s the extent to which LOBs and other non-technical staff use the platform that’ll make the case for this clear.
  • Identify a few LOB champions and assess how to scale and reduce costs based on their usage.
  • Scaling IT: At the Growth stage, you will have learned enough to be able to make informed decisions that significantly impact cost, such as the use of on-prem versus cloud systems. 
  • Change management – Part 2: In adopting an automation platform that changes the way you work, you will impact every customer, employee and department in your business. Be prepared to launch any change management plans at this point, preparing your enterprise for transformation.
  • Power user program – Part 2: As you begin to transition developers and LOB users, you will start to iron out the kinks of your platform. This is necessary before establishing a center of excellence (CoE) or distributing the platform as an end-user computing (EUC) model for the larger enterprise.

Mature Stage of a Digital Transformation

By now, your platform has completed development and you have a centralized program ready to scale. At this point, you’ll want to implement:

  • Portfolio management of best practices: Your integration “playbook” is now mature. You will have experienced enough refinements, shifts, and digital transformation on a scale that requires you to apply business intelligence. We recommend getting ahead of the game and investing in warehouse tools like Snowflake and visualization tools like Tableau and integrating them into your platform.
  • Modernize IT: As technology changes, so do the available options for automation support. Your company may have since moved to a cloud platform, leaving on-prem systems in the past. Be sure to integrate (or determine the availability of integration) of any new apps or processes.
  • Thought leadership: When your business is ready to perform in a new way both internally and externally, this presents an opportunity to reach out to a matured network to leverage the best practices of others. Implementing a seasoned approach, or using it to validate your own, is a necessary last step in becoming a truly intelligent enterprise.

source: .workato

 

Completing digital transformation initiatives can place organizations well above others in the industry, according to an Avanade report.

Digital transformation is undoubtedly a priority for business leaders, with 66% of leaders saying they have plans for a digital business transformation, according to a recent Gartner report. However, only 11% of leaders admitted to achieving the transformation at scale, Gartner found. 

While reaching that level of success with a digital transformation is difficult, the payoff is well worth it. Companies that have successful digital transformation initiatives can expect to see a 17% return on investment (ROI) over the next year, according to an Avanade report. 

The report, conducted by Vanson Bourne, surveyed 1,150 global decision-makers to gain insight into the various impacts of digital transformation in the enterprise. 

Almost all respondents (96%) said they have a digital transformation strategy in their companies, the report found. However, 43% of professionals said their organizations are becoming fatigued by the digital transformation efforts, resulting in fewer completed projects. 

This fatigue is a result of many factors, the report found.

Some 46% cited hiring and training people in the skills as the biggest challenge, while 35% said they are struggling to modernize legacy systems. 

Regardless of the obstacles, organizations expect digital transformation projects to reduce costs by 10%, increase productivity by 11%, and increase business growth by 10%, according to the report. 

Some 83% of respondents said employee engagement, and customer experience solutions should have equal priority when planning these initiatives; and 88% agree that integrating innovation into business systems is necessary for agility and continued improvement.

source: techrepublic

Oman’s net foreign assets increased by close to one billion rials in 2018, thanks to an upswing in petroleum prices and a greater volume of goods exported from the Sultanate.

The Central Bank of Oman said in its 2018 annual report that the country’s net foreign assets, which are jointly owned by the CBO and the State General Reserve Fund (SGRF), have increased by OMR 990 million.

“The overall balance of payments was in surplus, leading to an accretion of OMR 990 million in the country’s foreign assets,” said Tahir Salim Al Abri, Executive President of the Central Bank of Oman, in the organisation’s annual report.

"The Central Bank of Oman (CBO) continued to pursue policies and implement measures that support growth in the economy. Adequate liquidity was ensured in the banking system so that credit availability remains supportive of productive activities.



“The CBO also relaxed some regulatory requirements to create additional space for credit with banks,” he added.

“The banking sector remained resilient and healthy, with adequate capital, a low delinquency rate and sufficient liquid assets, supporting financial stability on a sustainable basis.”

Oman’s foreign assets in part grew due to foreign direct investment in the oil and gas sector, with the Sultanate also issuing international bonds to finance its fiscal deficit.

Net inflows in the capital and financial accounts led to a surplus in the overall balance of payments, augmenting foreign exchange reserves by OMR 990 million.

However, the report said that despite an improvement in oil prices in 2018, there still remained challenges for the Sultanate’s external sector.



In this regard, the report added, “The total net foreign assets (CBO and SGRF together) increased by OMR 990 million, alleviating pressure on the adequacy of external buffers.

Import cover of CBO’s net foreign assets increased to 7.4 months from 6.3 months a year before. The current account deficit of OMR 1.671 million in 2018 far exceeded the net inflows of OMR 2,949 million under the capital and financial accounts.”

This is the first time in three years that Oman has been able to report an overall positive in its balance of payments, while the amount present in the country’s foreign reserve is also the highest it has been in the last five years.

In 2014, the overall balance stood at OMR 429 million, dipping to OMR 235 million in 2015. In 2016 that figure plunged to a negative OMR 3.61 billion, before rising significantly to negative OMR 1.06 billion in 2017. It then climbed to a positive balance of OMR 990 million in 2018.

The report said, “Both foreign direct investment (FDI) and foreign portfolio investment (FPI) witnessed large net inflows, while other investments had net outflows during 2018.

In view of the above, the nonpetroleum activities offer promising prospects in 2019.

Considering the prospects of petroleum and non-petroleum activities, the macroeconomic outlook for 2019 appears reasonable but fraught with challenges, especially on the back of expected range-bound oil prices and uncertainty surrounding them.

“The outlook however looks to be robust over the medium-term, with expected recovery in oil prices and accelerated traction in non-oil economic activities,” added the CBO.

source: timesofoman

Digital transformation is a top priority for asset managers, according to a new report published by banking software company Temenos investigating the views and intentions of the asset management industry over the coming 12 months. 

Significant constraints imposed by legacy technology systems however were cited by 54 per cent of respondents globally as a major problem holding them back.
 
The report entitled: “Digital transformation in fund administration: The road ahead”, delves into responses from over 150 asset managers, fund administrators and custodians across Europe, the United States and Asia.
 
The global asset management industry is experiencing fundamental shifts that will shape its future.

The report shows that digital transformation is set to play a large part in this future.

The survey found that investment in new technology and digital transformation is the number one focus in asset management, with 38 per cent of respondents saying it will be their firm’s biggest focus over the next 12 months.

Digital transformation is followed by a focus on investment in product development (19 per cent), operational efficiency (16 per cent) and distribution (12 per cent).

An overwhelming majority of respondents, more than 90 per cent of those surveyed, also said that investment in operational systems is now essential for asset managers to improve efficiencies and reduce costs.

29 per cent of respondents cited data analytics as the highest priority for investment.
 
Despite the imperative to digitally transform, nearly a quarter of respondents (23 per cent) said asset servicers, such as fund administrators and custodians, are not currently keeping pace with the changing requirements of asset managers.

54 per cent of respondents globally cite legacy technology as a major problem holding asset management firms back from delivering high quality services through digital channels. In the US, this problem is even more exacerbated, with 60 per cent of respondents saying that legacy systems remained a major problem.
 
The survey also highlighted that outsourcing of functions to asset servicers is set to narrow, with over two-thirds of those surveyed (68 per cent) saying it was important to have one strategic service provider who can support all outsourcing requirements.

Many respondent firms are already moving in this direction, with more than half (55 per cent) saying that they have a single provider in place or will do so within three years.

source: institutionalassetmanager

The Swiss subsidiary of Arab Bank, a banking giant in the Middle East, is starting to provide trade and storage services for BTC and ETH.

Thanks to this initiative, large-capital clients serviced by Arab Bank Switzerland, including business leaders and family entrepreneurs, can now access digital assets.

“We strongly believe that the blockchain will dramatically change the financial industry, and we intend to be one of the first banks to offer digital asset services for customers in a safe and regulated environment,” said Arab Robin CEO Serge Robin .

Regarding custodial services, the bank has partnered with Taurus Group, which has integrated its cold storage solution called TAURUS-PROTECT with the bank’s infrastructure.

Taurus notes that the solution uses the Federal Information Processing Standard (FIPS) 140-2, Certified Equipment Security Modules (HSM) Level 3, and “some of the safest hardware in the world”

“We now have a fully regulated and scalable infrastructure that we will use to provide our clients with institutional-grade digital asset services in addition to our traditional asset and credit management solutions,” said Rani Jabban, a member Board of Arab Bank Switzerland.

In February this year, the Swiss bank Julius Baer and SEBA, with the participation of the cryptocurrency company SEBA Crypto AG, began offering digital asset services.

source: omnia

The contribution of Oman’s aviation industry, as an enabler of the nation’s pivotal tourism and logistics sectors, is projected to surge in value terms to RO 1.4 billion by the year 2040, up from RO 170 million in 2016, according to the head of Oman Airports.

Shaikh Aimen al Hosni (pictured), CEO, said the company — part of Oman Aviation Group — continues to leverage investments made by the Omani government in the development of modern airports and other associated infrastructure to add value to the national economy.


Apart from the accent on efforts to drive tourist inflows, Oman Airports is focused on the development of Airport Cities, Airport Free Zones, Airfreight Services, Premium Airport Services, and Cargo Handling distributed across three key pillars: Tourism, Aviation, and Logistics, he said.


Al Hosni made the comments in a presentation on the ‘Role of Airports in Driving Inbound Tourism’, which he delivered during a seminar hosted by the Modern College of Business and Science at the Muscat InterContinental Hotel yesterday.


Oman Airports currently oversees a portfolio of seven airports in the Sultanate, comprising the international airports in Muscat and Salalah, regional airports in Suhar and Duqm, and the three airports of Petroleum Development Oman (PDO) in Marmul, Qarn Alam and Fahud.

These seven airports handled a total of 17.2 million passengers last year, up from 6.2 million in 2010, representing a three-fold jump over the period. The tally is projected to cross 18 million passengers in 2018, he said.

Muscat International Airport, a landmark in its own right, will be expanded in a further three phases to reach an optimum capacity of 100 million passengers in the future, he said.


As an important enabler of the tourism and logistics sectors, Oman Airport is also looking to attract new airlines to the Sultanate, said Al Hosni.

Besides national carrier Oman Air, as many as 35 carriers from around the world currently fly through airports in the Sultanate, with the number growing incrementally at the rate of 2-3 airlines annually.


The goal now is to attract airlines from Asia, Africa and parts of Europe to ensure adequate connectivity with promising tourism markets, he said.


Oman’s strategic location in the Middle East, according to the CEO, effectively brings within its reach 34 per cent of the world’s population within a four-hour flying time, rising to 86 per cent within eight hours.


By capitalising on this potential, the Sultanate can serve as a hub for aviation, he noted.

source: omanobserver

Many countries in the region have launched their own funds in order to fund certain industries or types of companies such as startups.

Saudi Arabia has its world-famous Public Investment Fund (PIF), Bahrain launched two $100 million funds in order to spur innovation and entrepreneurship, Jordan launched a similar fund and Egypt has announced that it will launch a fund as well.

In short, there is no shortage of government funds in the region to stimulate the economy and make strategic investments. Often, these investments are in areas that have the highest impact on the economy, which is most likely to be technology or technology-enabled startups and corporations.

On 20th January, 2019, Kuwait was the latest country to announce a government fund, amounting to $200 million, one of the largest in the region. Kuwaiti Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah stated, the fund was set up to invest in technology companies, which is necessary when moving toward a more digital economy.

source: sme10x

تختلف الأهداف والغايات من عملية التحول الرقمي من دولة الى أخرى الامر الذي يؤدي الى اختلاف في مسارات التحول ونتائجه، وينجم هذا الاختلاف عن ضرورات موضوعية تفرضها الحالة الاقتصادية لكل دولة، ففي حين تأتي عملية التحول الرقمي في دول مجلس التعاون الخليجي في سياق سياسة تنويع النشاط الاقتصادي والكف عن الاعتماد على الثروات الطبيعية كمورد شبه وحيد للثروة، فإن التحول الرقمي في الدول غير النفطية يأتي كضرورة للإحداث عملية التنمية المستدامة اللازمة لرفع المستويات المعيشية وامتصاص البطالة وجذب الاستثمارات الاجنبية، وان كانت عملية التحول الرقمي تتم عبر استراتيجية عامة توضع عبر الأجهزة الحكومية، فإن متطلبات السوق هي العنصر الأساسي الذي يفرض شكل ومسار التحول الرقمي الذي قد يسبق رؤية واجراءات الحكومة لعملية التحول الرقمي ليأخذ دوراً ريادياً في هذه العملية، وهي حالة المغرب حينما التقط القطاع الخاص زمام المبادرة مبكرا حيث عرفت الشركات الرقمية الناشئة في المغرب نجاحات كبيرة على المستوى القارة الافريقية، ومن امثلة ذلك ما حققته شركة buzzfeed بالعربي للمحتوى الترفيهي و "شييبلي" المتخصصة في أغراض النقل قليل التكلفة و تطبيق "دابادوك" الذي يقوم بالربط بين الأطباء والمرض بغرض حجز المواعيد الطبية، وشركة ميدتراكس Medtrucks  المتخصصة في العيادة الطبية المتنقلة، بالإضافة الى منصات البيع الالكتروني المتنوعة والتي كان اخرها منصة بيع الاعمال الفنية eldon& choukr. 

   ساهمت الشركات الرقمية و منصات البيع الالكتروني وتطور وسائل الدفع الرقمية في رفع تصنيف المغرب في مؤشر التجارة الالكترونية الصادر عن الأمم المتحدة لتحتل المرتبة 81 عالمياً والخامسة افريقيا حيث سجلت التجارة الإلكترونية بالمغرب نمو مطردا، فبعد أن كانت مجمل المعاملات التجارية لا تتخطى حدود الـ 120 مليون دولاراً في عام 2014 وصلت في عام 2017 إلى أكثر من 200 مليون دولاراً بنسبة نمو تصل الى أكثر من 60% لتحقق قفزة جديدة في عام 2018 حيث بلغت حجم المعاملات التجارية الالكترونية حوالي ال300 مليون دولار بمعدل نمو يصل الى 50% عن عام 2017 وفقاً للبيانات الرسمية الصادرة عن وزارة الصناعة والاستثمار والتجارة والاقتصاد الرقمي المغربية التي تفيد أيضاً بان 12% من المغاربة قد قاموا بعمليات شراء عبر الانترنت خلال السنة نفسها، ومرد هذا النمو، بالإضافة الى توسع منصات البيع الالكتروني والتشجيع والتسهيلات الحكومية للتجارة الالكترونية، هو ارتفاع نسبة المشتركين بخدمة الانترنت في المغرب حيث تجاوز عدد المشتركين المغاربة في خدمة الانترنت ال 22 مليون مشترك بنسبة 61% من اجمالي عدد سكان وبمعدل نمو 30% عن عام 2016.

 

اما عن الدور الحكومي في عملية التحول الرقمي فيبرز بعدة اتجاهات لعل أهمها الدعم المالي للشركات الناشئة في قطاع التكنولوجيا الحديثة عبر تخصيص صندوق مالي "صندوق المغرب الرقمي" الذي رصد 100 مليون دورهم لدعم الشركات الناشئة، وذلك في اطار استراتيجية "المغرب الرقمي 2020" التي اطلقتها الحكومة المغربية لغرض احداث التحول الرقمي، والتي يمكن تلخيصها أهدافها بما يآتي:

  • إثراء صافي الناتج المحلي ب27 مليار درهم.
  • خلق 26 ألف فرصة عمل جديدة في النشاط الرقمي.
  • تعزيز القدرة التنافسية للمقاولة المغربية.
  • المساهمة في تشجيع نشاط المقاولات في مجال الاقتصاد الرقمي.
  • المساهمة في تنشيط سوق العمل.
  • تشجيع نشر الأدوات الرقمية.

اما على صعيد الخدمات الحكومية الرقمية وفي سياق الاستراتيجية الموضوعة للتحول الرقمي عملت الحكومة المغربية على رقمنة عدد مهم من الخدمات والإجراءات الحكومية كالتصريح الضريبي الإلكتروني للشركات الكبرى والمتوسطة، ومنح ترخيص البناء، ورقمنة الأعمال الجمركية المتعلقة بالاستيراد والتصدير.

رغم تواضع الأرقام السابقة بما يخص التحول الرقمي في المغرب بالمقارنة مع الدول الغربية المتطورة ودول الخليج كالإمارات والسعودية إلا انه يجب الاخذ بالحسبان عامل حجم السوق والامكانيات المادية بالإضافة الى وتيرة النمو المتسارعة حيث يمكن القول ان المغرب يسير بخطوات سريعة في عملية التحول الرقمي يقودها رواد اعمال من الفئات الشابة، وعليه فان الأفق يبقى مفتوحا لتحقيق المزيد من التقدم على هذا الصعيد لا سيما مع ارتفاع الاستثمار الأجنبي المباشر في المغرب وخصوصاً في قطاع التقانة وصناعة السيارات والطاقة البديلة التي تحتل فيها المغرب مكانة ريادية في منطقة الشرق الاوسط الأمر الذي يحتم القيام بالمزيد من الإجراءات لإنجاز عملية التحول الرقمي ويدفع باتجاه زيادة الاستثمار في القطاع الرقمي.

There's a misconception that keeps those with dreams of owning their own business from following their dreams.

It's a misconception that's not only false but dangerous to the small business community.

It's not true that every entrepreneur sits in a rundown apartment somewhere in Silicon Valley, eats boxes of cheap mac-and-cheese and stays up all night building the next big startup.

Most entrepreneurs aren't living in poverty hoping to someday sign the papers for millions of dollars in funding only to see their dreams become the next worldwide craze.

The real landscape of entrepreneurship is much different and more mainstream than the model seen in the movies. According a Kauffman Foundation study, entrepreneurs are more likely to be between the ages of 45-54 and of minority descent. They may be starting businesses as second careers, but even those entrepreneurs don't fit the stereotype.

Another misconception is the notion that businesses have to start with a "bang," which translates to lots of time, quitting your day job, sacrificing family time and taking a big personal and financial risk on a dream that may not succeed and could burden you with large amounts of debt.

In fact, many business owners start their businesses as side ventures. They don't quit their day jobs, but instead use the skills they've learned to start that side business.

They aren't expecting these businesses to pay the bills, but they don't limit themselves on growth either. Starting small keeps the startup costs low. If it does fail, they have lost very little. How do you start a side business? Here are a few tips.

Make It Scaleable

So you love to cook? You could start a restaurant that will take a full-time commitment and a lot of money – or you could start a weekend catering business or a mobile food truck.

A business where you provide small services on your own schedule can grow as much or as little as your time allows. Look for those opportunities while you're starting out.

Limit the Formal Marketing

You want to gain business, but investing in large marketing efforts could have two negative effects: You could waste a lot of money on a campaign that produced very little business or it could produce so much business that you don't have the time to handle all of the orders.

Instead, focus on word-of-mouth advertising and let the business grow debt free.

Compartmentalize

If you're going to keep your day job, try not to mix the two businesses.

The job that pays the bills and offers health insurance and a retirement package deserves the bulk of your time and energy, even if you've lost some of the passion for that position.

After work, when you get back home, concentrate on your side business.

Don't Expect It to Be Easy

Before starting your side business, consider your expectations. If it's going to be a part-time effort, expecting to rival your full-time competitors in the first few years is unrealistic.

You don't have to be the biggest to find fulfillment. Expecting to do something you enjoy while making a little extra money is a healthy and appropriate goal.

The Bottom Line

If you dream of starting a business, don't fall for the misconception that you have to quit your job and put all of your time and money into your idea.

Instead, start small and see where the business takes you. Launching a business for the enjoyment of doing what you love is just as noble as being a Silicon Valley entrepreneur starting a dotcom.

source: investopedia

Brands have embraced automation to help them carry out a spectrum of everyday tasks.

According to a recent survey published by Social Media Today, 75 percent of marketing teams use some form of an automation tool. However, with growing popularity, there are growing concerns.

The same survey reports that 61 percent of marketers are concerned about the lack of personalization due to automation. Likewise, a global study by PWC found that as technology advances, most consumers want brands to use technology as a tool for increasing personalized support. 

Put simply, customers want more human interaction, not less.

That's why it’s vital that today’s businesses find the right balance between automation and personalization. Companies that go overboard on automation can come across as detached and generic. On the other hand, those that get too personal with customers can come off as intrusive and creepy. Brands need to get it right to maintain a trusting relationship with their customers. 

Here are ways marketers can successfully balance automation and personalization.

Offer Timely, Valuable Content

Email campaigns are an effective, low-cost way to leverage automation and personalization, but marketers need to be careful not to clog consumer inboxes. Instead, they should focus on offering relevant and valuable content that doesn’t involve using intrusive data.

Most consumers are familiar with receiving personalized content based on an action, such as an online purchase, that features a related product or service.

Using transactional data to send automated, personalized emails can be less intrusive since it’s a natural, and at this point expected, component of the relationship.

Marketers can also use geographical data, such as a customer’s zip code or address, to deliver personalized content, like creating a segmented list of customers and offering them discounts to nearby events. Although consumers dislike when brands bombard them with irrelevant, generic messaging, they also don’t like overly personal messages that infringe on their privacy.  

Respect Consumer Privacy

Research shows that 81 percent of consumers want brands to get to know them and understand when to approach them, but not at the expense of their privacy.

There is a fine line between highly relevant content and tactics that take marketing personalization too far. 

For example, sending mass emails to consumers with the same promotions or offers isn’t an effective strategy. Consumer interests vary significantly.

Marketers should pay attention to their target audience and consider whether the interaction will make them feel special or unsettled.

Customer data can be used effectively, but content that’s too personalized can disturb customers, thus putting them off the brand. 

Enhance the Customer Experience

It’s crucial that marketers use technology to improve the consumer experience, rather than eliminate the human touch. For instance, British grocery chain Sainsbury’s delivered an exceptional customer experience with its “This Time It’s Ultra Personalized!” campaign.

The store used smartphone location data to provide personalized offers to customers through their mobile devices as they walked around the store.

Not only did the campaign promote in-store offers, but it helped the company gain insights about how people navigated the aisles. As a result, Sainsbury’s was able to make better merchandising decisions and improve its in-store customer experience. Marketers must remember that relationships are crucial in business and that automation tools provide additional support.

Combine Automation and Human Touch

There are many ways marketers can mix automation and personalization, such as inserting tags to add customers’s names in emails to make them feel like the message addresses them individually.

Going a step further, marketers can encourage team members to interact with potential customers by making calls, sending emails or requesting a connection on social media.      

For example, if a visitor downloads content from the brand’s website, it’s a good idea to have someone on the team reach out personally, immediately.

According to an oft-cited Lead Response Management Study, waiting more than 10 minutes to follow up decreased the odds of securing a lead by as much as 400 percent.

If automation and personalization are going to be effective, it's important to find a way to balance the two.

Overdoing automation can make brand messages seem robotic and irrelevant. Likewise, getting too personal can overwhelm consumers.

A successful relationship between consumers and brands ultimately relies on the right blend.

source: entrepreneu

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