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Employee Engagement as Vital Customer Centric Innovation
Kreston Menon
It’s no revelation when one hears many an industry leaders pronounce they will be putting their money in innovation. The real revelation probably could be why such investments are not delivering returns. Conventional ethos of most organizations has a nursery that not only provides a below par environment for customer-centric innovation, but also totally dampen innovative thinking. One thing we often come across at super markets, shopping malls, conferences and seminars is how customers are not concerned about the company but are more concerned about the product they wish to buy. Customers don’t go about their daily lives with labels on their minds, irrespective of how great the company is. Customers interact and engage with a particular brand only when it is suitable for them, based on capabilities the product allows them to do and the emotional satisfaction they get from engaging.
But countless companies confuse themselves over the idea of innovation with the product in spotlight. What could be the USP when all are selling identical products?
Amazon delivers same books that are available in our neighborhood bookstore. For Amazon their products are commodities, but they have innovated to create unforgettable impression on customer mind. Amazon with their innovation for delivering cheerful experiences has turned the market to its advantage and today the pure online portal with fiscal revenue of over $75 billion is all set to be among the top 10 global retailers. Amazon’s success stems from the way it caters to customers’ ever evolving needs and expectations.
Also Read: The Seven Essentials of Successful Business Innovation
The success of Amazon made the top boss of Wal-Mart instruct his top executives to examine minutely as to what is that makes Amazon the top online retailer and Wal-Mart’s online division the distant No.2 with just over $10 billion revenue. Wal-Mart market intelligence team came out with an eye opener report detailing the short comings. Innovations built around customers will not succeed if one department is not precisely briefed about what another department is doing to serve the customers. In fact, it could prove detrimental because staff working in brick and mortar store will feel threatened that success of online portal will hurt them as customers would avoid visiting physical stores and thereby affect their turnover based incentives. Encouraging transparency and open communication needs to be part of a customer-centric innovation strategy in order for it to be unbeatable. If everyone of the employee doesn’t feel engaged with the customer, that’s a problem in waiting.
Human beings tend to pull together with other humans who are most like them. Leaders of large diverse organizations tend to enfold themselves with like-minded people, that buttress conventional approaches but then the downside is that the sparks that ignite innovation simply will not detonate, rather it will become an albatross for the company that is striving for innovation.
We are aware that real life is always changing to suit current needs and adapt to the environment, so why must the customer experience be stagnant and comatose? The customer experience should be dynamic. We often see and read executives advice youngsters don’t try to be smart with untested ideas, even seniors got fired for espousing bad ideas. It is pearls of wisdom like these set the stage for an environment where no new ideas would ever be brought forward. Innovation gets killed swiftly at that very moment. The problem is when decision-makers are unwilling to take risks and have tolerance for a few mistakes in the process. Innovation at times can be messy and entail some risk. If everyone in the organization feels like their job may be on the line of fire for these types of errors, innovation will be sluggish.
Any avid observer of consumer centric news in social media routinely would have come across about someone’s grievance as a customer at a bank and most of the time, it would be due to a branch employee or group of employees. Inaccurate billing of POS transactions, confusing customer service number for ATM related issues, are among a few other things which are frequent causes for customer complaints.
Organizations need to receive feedback in a constructive way to make course correction so as to enhance better offerings to the customer. Not receiving honest feedback from line staff can put company at the mercy of a bunch of sycophants who only tell their bosses what they believe will please the boss not the real feedback that will benefit company or customers. Employees at times lack in confidence about reaction of the top management maintain silence and therefore, disengaged. When organizations provide anonymous ways for employees to offer suggestions and ask questions it is seen to receive frank and constructive feedback. Organizations need to keep the employees informed about the goals and achievements shared. This has to be done frequently and repeatedly. Attributing an individual employee’s tiny role even to the smallest improvement, will give employees more and more confidence about the course the company is heading for. Employee engagement will play a crucial role in creating customer experience.
Finally, connect with customers. Engaging with customers will help employees truly understand what is desired in market. Costco, Kroger, Home Depot, Target and Wal-Mart all have similar offerings, but Wal-Mart continues to innovate in both what they have to offer and how they serve it to their customers. Customers notice the difference. Today customers make their choices based on what suits their needs and lifestyles.
Time and time again, companies suddenly decide to start focusing on innovation when they realize they have fallen behind, and by then it’s often way too late. It’s time to look at the world around you objectively and with confidence. Be your own Customer Experience Investigator and face the facts. Everyone has too much on their plates these days. Nobody loves your brand enough to stay with you when someone else is offering an experience that makes more sense.
Have you destroyed your most vital customer-centric innovation before it even had a chance to be considered? Make it your mission to think about ways to keep employees engaged. Employee retention is directly related to customer retention and everyone wins! With plethora of alternatives available to the customer, innovation becomes an all-important arsenal for company in facing competition. Employee engagement could be the vital customer centric innovation.
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Summary of M&A in Healthcare and Pharma Sector(1st January, 2016 to 30th June, 2016)
Kreston Menon
Reported Deal Count and Value
The total number of reported deals across all regions was 180 covering nine sectors. The total reported deal value as on 30-Jun-2016 was approximately US$ 142 billion.
M&A report
Sector Split of Deals
Number of M&A Deals
M & A Report
Deal Values Across Sectors
DEal Value M&A
Note:
The summary report on M&A in the Healthcare and Pharma Sector including service providers to the sector has been collated from published information from sources such as company press release, quarterly reports and Reuters. All effort has been taken to ensure that the data is as accurate as provided by the original source document. I’m so embarrassed about my skin condition that I try to minimize any contact with the surrounding world. Someone says it’s stupid, but at least I can avoid people staring at me. Now, I go through the therapy of cystic acne with Accutane.
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Capitalizing from Internal Audits
Kreston Menon
Large and mid-size corporates consider internal audit as an adjuvant enzyme for improving an organization’s risk management, control and governance processes. Internal audits cater certain values to the governing bodies of an organization as an even-handed source of advices and suggestions. Majority of them have a system in particular to ensure that periodical audits are conducted as per company schedules.However, a keen observation is mandatory to conclude how many of them are capable of capitalizing from internal audits.
Scrutinizing through our prior experience in accomplishing internal and statutory audits across various organizations, we came across certain common attributes at the organization as well as auditor levels, which have assisted successful organizations in aiding maximum benefits from their internal audit process.
Let’s figure out those common traits that have endowed few organizations with legions of benefits from their audit process.
Perfect internal audits are born when it has applicable support from the top management and a robust commitment from auditor in protracting entire conscience from the audits. It’s also mandatory for the auditor and auditee to stick to proper deadlines. Besides, it’s inevitable for the performing internal auditor to follow certain traits in order for an organization to maximize its benefits from an audit.
What are those traits to be followed by the performing internal auditor?
Let’s have an inquest on this query.
A performing internal auditor should be trustworthy, possessing enduring confidence about bringing up considerable progress in the organization. He/ She should be able to mould optimistic expectations from the audits, emboldening auditee to come out with suggestions and criticisms that can improve various aspects of the organization and establishing a caring demeanour towards auditee. Most of the successful internal audit professionals have invested gobs of hours building trust throughout the organization. Additionally, the auditor should not be unduly flustered, in cases when audits were to end without a proper cessation. Usually, underperforming or non-performing internal auditors are of calumniator types, who will be imperious, criticizing processes, and rely on exhibiting a superior behaviour during the audit. Such auditors will lead to estrange the tenacity of the auditee.
Extensive ambits of internal audits entreat the need for spotting out the finest way to strategize and organize audits. Most auditors bestow majority of the available audit time in rushing through enumerable reports to pinpoint the arenas of compliance or non-compliance rather than riveting their concentration on to the main audit concerns. An expert internal auditor can assure in the improvement of 80% issues that arises from proper observations and probing while 20% concerns from inspection of documents and records. Excellent internal audit reports can be derived by keeping their priorities up to date.
An efficient internal audit procedure will include communicating with employees of different levels from the primary strategic level to top levels (starting from process operators, technicians, middle managers and finally ending up with top management). Generally, it’s seen that the employees at the very first level or ground level shares why they are not pursuing a process in particular. Auditing the lower level employees in an organization is the best way to raise the self-esteem of such people by making them feel involved in the entire organizational setup, encouraging them to bring enhancements in the organization from their end.
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Skilled internal auditors can also applaud their auditee to improve the working environment by revamping their behaviours and spotting out their issues to the management. In most of the cases, internal audits assist employees to diagnose various concerns that prevail amidst them, before they are audited.
These also assist companies to remit felicitous corrective measures on time. Management has an important role in ensuring that the root cause of the issues is determined and proper improvement actions are scheduled in a timely manner. If this is not done, then audits are not worth carrying out.
Performing an internal audit for acquainting an improved working environment requires prerequisite commitment from the auditor. It’s an act of revelation and motivation. However, strategizing audits for detecting areas of con-compliance is like carrying on a game from a position of weakness.
Most management and Internal auditors might have moved through a quandary of whether to perform audits in all area spending huge span of time or to persuade audits in small area of activities yielding a higher quality audit. This is quite similar of asking a child whether he would prefer his father playing with him every week for two hours of scheduled cricket but not interacting with him during rest of the week or he would prefer his father to spend more time with him without any commitment on playing time, but knowing well that a quality time is spent!! But actually, the fact resides as median; auditor need to spend more time with the auditee resulting in improved quality audits offering more choices of benefits to the management undoubtedly. Cutting corners by reducing time and staff on audit is a sure recipe for disaster and is not a good practice for management to out vie.
Process objectives and metrics clasp of greater importance in internal audits. Auditors should fathom the individual process objectives, verifying if the same have been achieved using the metrics and output to make sure that their audits are worthwhile. Using metrics to validate process objective can lead to cogent audits, sending the fact of beacons that audit is not about reporting non-compliance but to judge whether the planned results are being achieved efficiently.
Internal audits should succor as a value addition tool to bring persistent improvement in the organizational working. It is also relevant that the results of audits are disclosed in timely manner without undue delay and proper correcting remedies are instantly undertaken. To cinch applicable suitability of the system, periodical internal audits are mandatory.
Finally, let’s culminate that, to continuously benefit from internal audit, organization needs to showcase the success achieved through internal audit which would spur both auditors and auditee in perceiving audits seriously and acquainting the maximum benefits in subsequent audits.
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DEMYSTIFYING VAT Series 1 – VAT Basics
Kreston Menon
By now most of you must be aware that the government will be implementing VAT in UAE (value added tax) from Jan-2018. The rate of VAT would be about 5%. Amongst the GCC member countries, UAE is not alone to go ahead with implementation of VAT.Other GCC members have also agreed to implement the VAT around the same time as UAE. I plan to share with our readers through our quarterly newsletter about various aspects of VAT rollout in the UAE as it unfolds.
In this Series, I begin with basic outline of VAT and in subsequent issues will be covering the regulatory and procedural aspects of VAT, similarities and differences between the VAT that is implemented in EU versus what is being unfolded in the GCC and the UAE, impact of VAT on certain categories of business, notably the gold business in the UAE and lastly a VAT primer which will help our clients to transition to VAT regime with ease.
VAT in simple terms is:
A tax that applies, in principle, to all commercial activities involving the production and distribution of goods and the provision of services
A consumption tax because it is borne ultimately by the final consumer
Charged as a percentage of price (in UAE it will be 5%), which means that the actual tax burden is visible at each stage in the production and distribution chain
Collected fractionally, via a system of partial payments whereby taxable persons ( VAT-registered businesses) deduct from the VAT they have collected the amount of tax they have paid to other taxable persons on purchases for their business activities. This mechanism ensures that the tax is neutral regardless of how many transactions are involved
Paid to the revenue collection agency of the government by the seller of the goods, who is the “taxable person”, but it is actually paid by the buyer to the seller as part of the price. It is thus an indirect tax
As of now, the GCC countries such as Saudi Arabia, UAE, Qatar, Oman and Bahrain do not have VAT or sales tax as part of their indirect tax kitty. The indirect taxes currently levied by these countries include customs duty (GCC), excise duty (GCC) and in some cases tourist/ hotel tax and few other indirect taxes. In the UAE only customs duty is levied on CIF value of import of goods which varies based on the nature of goods imported and averages to about 5%. One of the key reason for the GCC countries to implement VAT is to converge with the international tax regime on indirect taxes and be in line with the suggestions of the IMF.
The other key motivations for the GCC countries to implement VAT is to help improve revenue side of the respective countries’ budget, provide cushion against volatile hydrocarbon pricing and as a consequence bring stability to non-oil revenue. For the UAE government the revenue from VAT is expected to about AED10 billion to AED12 billion in 2018, according to the Ministry of Finance. The introduction of VAT can also be expected to improve the ratio of non-oil to oil revenue from the present ratio of 1:2.
The history of VAT began in Europe in the 50’s. VAT was first adopted by France in 1954. By the 1990’s VAT had been adopted throughout the European Union and in many countries in Africa, Asia, and South America. At present, over 150 countries have included VAT as part of their indirect tax collection. About 70 countries in Africa and Asia have implemented VAT. However, one may note that two notable exceptions are the USA and Canada which have not implemented VAT. VAT as stated earlier is a consumption tax, as it is a tax on commodities purchased, ultimately for consumption, rather than on the income of an individual or corporate entity.
The idea behind the VAT is that each step in the production chain pays a tax on how much value it added to the product. It is a levy on the amount a business adds to the price of goods during the stages of production and distribution. The tax is levied on the value added to the product at each stage of its manufacturing cycle as well as the price paid by the final consumer. Commonly, the seller at each stage subtracts the sum of taxes paid on items purchased from the sum of taxes collected on items sold; the net tax liability due to VAT is the difference between tax collected and tax paid.
VAT is collected by the tax credit method; each firm applies the tax rate to its taxable sales, but is given a credit for VAT paid on its purchases of goods and services for business use, including the tax paid on purchases of capital equipment under a consumption-type VAT. As a result, the only tax for which no credit would be allowed would be that collected on sales made to you and me as individuals, rather than to business.
Let me illustrate the mechanism of VAT with a simplified transaction involving production, processing and sale of Dates to end consumer. I have chosen VAT rate of 10% (UAE VAT would be 5%)
Many economists believe that VAT is a regressive tax and impacts the lower income people harshly. Countries that have implemented VAT have learnt from their experience and have come up with improvements that lighten the burden on lower income people. As a consequence in many countries, necessities are often taxed at a lower rate than luxury items. Advocates of the VAT contend that it is an efficient method of raising revenue. In the UAE the proposed VAT rate of 5% from 2018 would exempt education, healthcare and about 94 common consumption food items.
I believe that the competitiveness of the UAE as preferred destination for global business entities would not be affected by the implementation of VAT. However, in the case of few businesses such as gold trade in the UAE, there may be a marginal impact on trade volumes though this may need further analysis. I shall be covering such select aspects subsequently in my series of writings on “Demystifying VAT.”
This article was originally published in Kreston Menon April- June 2016 Newsletter.
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Capital Raising – A Key Challenge for Business
Kreston Menon
For any typical business, access to appropriate funding is a major challenge. Many businesses struggle due to cash flow, lack of access to working capital, or probably due to wrong funding solution not suited to the nature or cash flow profile of the business. Many businesses struggle to grow beyond a threshold due to sub-optimal funding strategy.
Global financial uncertainty continues to cause anxiety amongst issuers and providers of capital. Corporates fear that future funding needs may not be met, while providers of finance worry about their capital positions and are not confident about funding corporates in fast changing business environment.
We have seen recently in UAE number of trading business houses “running away” leaving behind significant amount of bad loans for the banks. Bankers, Financial Institutions and Investors are becoming more and more cautious thereby choking flow of funds to even genuine business houses. Broadly speaking, capital needs for a typical business can be categorised into Debt and Equity Capital with each of them having their merits and demerits. I will outline a few guidelines that can help to prepare your business for efficient capital raising (Debt / Equity) and tapping diversified pool of liquidity:
A.Think BIG -> Plan your funding roadmap: Relying purely on Private Sources for capital needs limits the business growth. Many successful large business houses could not have grown to their present size without being able to raise capital through multiple and large liquidity pockets i.e. Financial Institutions (Banks / NBFCs) and further through Capital Markets (Debt and/or Equity)
FUNDING ROADMAP to fuel your Business Growth
B. Clearly Define your Funding Strategy: While developing and defining a Funding Strategy for a business, Management must deliberate on following major factors:
What is the most appropriate Capital Structure for the business?
What is the optimum level of leveraging / gearing for the business?
Rely purely on debt solution or expand through diluting equity stake?
What sort of debt instrument or combination of debt instruments is best suited for the business?
How much of working capital is required?
CAPEX Funding v/s Working Capital Funding
Cash flow Management – debt profile or maturity is in sync with operating cash flow generation of the business?
C. Identifying right level of debt for the business : Both Under leveraged Balance sheet and Over Leveraged Balance sheet are not considered good for the business
The degree to which a business is utilizing borrowed money is defined as Financial Leverage. Companies that are highly leveraged may be at risk of bankruptcy if they are unable to make payments on their debt; they may also be unable to find new lenders in the future. Financial leverage is not always bad, however; it can increase the shareholders’ return on investment and often there is tax advantages associated with borrowing. Generally business owners with very low risk mind-set ends up in an underleveraged business. A Behavioural argument suggests that a business may also become inefficient due to under leveraging, as the lenders may also help and create appropriate checks and balance for the business and bring financial discipline which is very important for the continued growth of the business.
D. Identification of Right Funding Solution / Instruments
Many businesses fail due to implementation of poor funding strategy / solution. For e.g. an Infrastructure project with a payback profile of say 10 years should not ideally be funded with a Term loan with three years of maturity. Cash flow profile of the business should be matched with the debt maturity profile. We have seen number of countries / businesses getting into financial crisis due to wrong funding solution. Also, optimum cost of funding can be achieved by applying the right funding solution. For e.g. an equipment purchase may be cost efficient if financed through lease financing compared to business loan. Similarly procurement of a Capital Asset with ECA backed financing can be more cost efficient compared to normal business term loan.
E. Continuous Planning and Financial Discipline:
Ability to raise capital (debt or Equity) to fuel business growth is a virtue. This requires years of planning and financial discipline. It cannot be an overnight solution. Careful planning and preparation is critical for successful capital raising initiative. Companies have to plan well in advance and put in place dedicated resources and advisors to work in focused manner. This includes but not limited to following key considerations and preparations:
Implementation of Corporate Governance Mechanism
Documentation of policies and procedures
Transparency – Keeping Investors / Potential Investors Informed
Audited Financial Statements
Clean Audit Reports; Working with right set of Auditors and Advisors
Clean Financial History of the company as well as promoters; Management Profiles
Banking Relationships
Management Accounts and reports
Public Profiling of the company
Risk Management framework, Internal Controls
Market Timing: Keep yourself ready and approach the market when the market is right for you
F.Clear demonstration of the usage of the Capital :
When a company issues new Debt or Equity, the borrower/ Issuer should be able to clearly articulate the specific purpose of the required new capital. The most common purposes of new debt include the following:
To Fund CAPEX;
To Fund OPEX / Working Capital;
To Fund Growth / Expansion;
To Acquire New Asset;
To REFINANCE existing loan with a relatively cost efficient loan;
To REFINANCE existing Debt with a better structured debt more suited to the cash flow profile or capital structure;
Be Transparent and Truthful: The financial markets are becoming more and more intelligent to see through any “Smart Accounting” or “Window Dressing”
Audited financial statements are subject to series of judgement. Bankers, Investors or Analysts rely on Audited Books of Account, along with other due diligence which they generally perform. For those reason – bankers, financial institutions and Analysts are more and more willing to accept reports from reputed Audit Firms and Advisors only.
Bubble, crisis, contraction and recovery are stages of the business cycle that keep repeating. Capital flow is closely linked to economic cycle. In stricter market conditions, a robust business model, strong balance sheet, readiness to embrace greater investor scrutiny and accepting higher financing costs might be required. You can certainly achieve your objective with thorough planning and careful execution. Better get this right the first time, it becomes more difficult after one failed attempt. “Timing is Key” – Pitch it carefully. Keep your financial history clean and make it a competitive process by networking with right set of bankers, financial institutions, and investors.
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Startup Challenge: Importance of MVP
Kreston Menon
Minimum Viable Product (MVP) helps a startup team begin to learn the process of learning as quickly as possible. MVP should not be confused with the smallest imaginable product. MVP allows you to test an idea by exposing an early version of your product to the target users and customers,to collect the relevant data, and to learn from it. Contrary to traditional product development, which involves throwing tons of money on building a product to perfection, the goal of MVP is to come up with the ultimate product. MVP unlike a pilot project is designed not to just test the product design or feature but to test the fundamental business postulate.
Eric Ries in his book ‘The Lean Startup’ came up with the BuildMeasure-Learn feedback loop. The core of the startup models can be fitted into this Lean Startup model outlined by Eric Ries. In startups, an idea is turned into a product. As customers use the product, the feedback and data generated becomes useful learning for the product developer to further refine the product in the least possible time.
Startup face immense challenge in identifying features that are not essential when rolling out the MVP considering that the goal is to come with version of the product that enables a full turn of the Build- Measure-Learn loop with minimum effort and least amount of development time. The product development team should be able to ensure that customers do not face any issues when using the minimum features of the product.Simply stated,the product may not necessarily have all the features in the first release but the features provided should work without any issues and be able to achieve the intended usage of the customer. The product team should not fall into the trap of rolling out their best product idea or best designed product. The focus of the product team should be to launch the first version of the product without any bugs in the least possible time, get feedback of the users and incorporate the key learnings into the product in the subsequent release. The product team should realize that the MVP launched for customers may deliberately lack many advanced features that may be useful at a later stage, for an expert user of the product.
Startups need to realize that despite the merits of MVP, there is certain amount of risk in adopting the MVP strategy. The risk is especially from those customers who use the product after paying and find that it does not meet even their basic requirements or it has bugs that are irritating for them to use the product. In such cases the users may not return to buy the subsequent release of the productor even may not use the product even when the subsequent version of the product is given free.
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The concept of MVP can be sacrilege for many entrepreneurs and quality professionals who believe in perfection of end product when rolled out to customers. Their expectation about their product is very high, state-of-the art and that catches attention of the users. They will spend huge effort and resource in developing a product which would meet their expectation but may struggle to get customer validation. Such a scenario is a sure disaster for a startup that plans to launch a successful product. To quote Eric Ries: “If we do not know who the customer is, we do not know what quality is.” Many early stage startups in the beginning of 2000 startup boom suffered because of the entrepreneurs trying to come with a perfect product spending huge effort and time without trying to get early customer feedback and validation, thereby becoming financially unviable.
There is no readymade formula that can help to decide essential features for a MVP. Deciding how complex a MVP should be requires judgment which many a times, the startup entrepreneurs may lack. The best way to arrive at MVP is to simplify as much as possible and have only those features that are essential to validate initial assumptions and that can be quickly built into the product.
How many features the product should have to appeal to early adopters is a tough but critical question which will need a good understanding of the domain for which the product will cater. Every extra feature that is provided in the product which is not useful for early user of the product is a wasted effort which would inflate the product development cost. The important lesson of MVP is that any additional work of the product development to add features beyond what is required to learn customer requirements is a waste, no matter how important it may seem to the product development team.
Also Read : DIGITAL MARKETING FOR BETTER DEMAND GENERATION
The focus of the product development team needs to be creating the MVP that helps them to test and get answers about few assumptions of theirs from their target customer. Eric Ries illustrates the example of Zappos, the biggest online retailer on how they went with a small scale experiment to validate their assumption about target customers. The founder of Zappos, Nick Swinmurn felt that there was no online store where one could get great selection of shoes. He began his experiment not by creating huge inventory of shoes and investing in an e-commerce backend. Instead, he went to local shoe shops asked shop owner’s permission to take photos of shoes and put them online. Once the orders were received from retail customers, he went to the shop, bought the pair that was ordered, shipped it, handled payments, returns… all of it himself. Obviously it was not a scalable business model, but it was an experiment designed to answer one question: is there already sufficient demand for a superior online shopping experience for shoes? Nick was able to validate most of his assumptions with a very little investment in shortest possible time.
For startups that need to be successful and grow, the MVP model can be very effective to avoid getting into the trap of being satisfied with limited set of customers. MVP model allows startups to bring out successive versions of the product at minimum development cost and release product in minimum time. If one studies the pattern followed by successful product companies, many of them admit that their initial mistake was to develop the product with too many features. Successful ones soon realized that they can’t be everything to everybody. Startups should not confuse less-features product with lowquality product. When MVPs are perceived as low-quality product by customers it becomes an opportunity for startup to learn about attributes that customers care about. Such an approach to product development would be much better than merely speculating about customer needs and will provide a solid basis to build future products that are successful in the real world.
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