Lim Chu Kang Ai Business Trade

A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Lim Chu Kang may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.

A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.

Digital Transformation Company Framework

Entering into a business partnership in Lim Chu Kang can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.

Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.

Artificial Intelligence: The Next Tech Bubble or the Changing Face of Technology

Marketing strategy is the primary key to business success. The No. 1 reason businesses fail is that they don't make enough money. And the No. 1 reason they don't make enough money is that they don't adequately understand and practice effective marketing strategy. Marketing strategy offers these powerful benefits:

- Concentrating your resources and efforts on your greatest opportunities for success

- Sharpening your competitive advantage so that your business is superior to your competitors' in ways that matter to customers

- Increasing the income of the firm more effectively than any other way

- Uniting the leadership team to all pull in the same direction, maximizing positive results

- Giving your brand a clearer focus so that it will be better known in the marketplace

- Stimulating demand for your products and services

- Improving the effectiveness of messages you send to customers and prospects

- Strengthening your ability to understand and meet the needs of customers

- Ensuring that your business will survive and thrive far into the future

"Marketing strategy" is one of the top-10 search terms related to marketing, used by Internet searchers about a half-million times a month. Many people are obviously interested in learning more about marketing strategy. That's why this article has been written, the first in a series that explain marketing strategy in detail. The author, Buck Lawrimore, has provided marketing strategy to hundreds of business, government and nonprofit organizations of all sizes for more than 27 years.

Definitions of Marketing

"Marketing" comes from the Latin word merx or mercis meaning merchandise. Originally a market was a large open space where merchandise was displayed for sale, like pictures we've seen of large open marketplaces in Third World countries, or today's farmer's market. Originally "marketing" involved selling products in a marketplace. And that's still the core meaning. But professional marketing has evolved to such a high degree of sophistication, like computer science and medicine, that it involves much more than just selling in a marketplace.

The American Marketing Association, the largest professional organization of marketers in the U.S., defines marketing as follows:

"Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders."

This definition makes no mention of generating sales and income, the primary aims of business marketing, perhaps in deference to the many nonprofit organizations which are members of the AMA and are more focused on "delivering value" and "managing customer relationships."

Another way to understand marketing is to view it as a mindset or orientation of the business or organization. The so-called marketing orientation means the organization as a whole is oriented to understanding and meeting the needs of customers. A company with this orientation is market-driven. It focuses its strategy and operations on understanding and meeting the needs of customers in a manner which is superior to competitors. Procter & Gamble is one of the largest and most successful companies in America, and it has a strong marketing orientation. SAS Airlines, FedEx and other leading companies around the world have a passion for understanding and meeting the needs of customers. That's how they became so successful, and that's how your organization can become more successful than ever before, whether you aim to be a world leader or just the best in your neighborhood at what you do.

Definitions of Strategy

"Strategy" comes from the Greek word strategos meaning general. Strategy defined by Webster's as "1 The science of planning and conducting military campaigns on a broad scale." More recently strategy has come to mean "skill in management" or "an ingenious plan or method."

There are two aspects or connotations to this idea of strategy. The first is, it's big picture. It involves consideration of all your available resources - people, money, time, physical resources etc. "on a broad scale." The second is, strategy involves winning some form of competition. Your opponent may be an enemy who is trying to defeat you, or a business competitor who is trying to get your customers to buy from them instead of from you, or an opposing athletic team in a sports event. In all these situations as well as your own real world, there is one key to all effective strategy. This is one of the most important things for you to learn from this book:

The key to all effective strategy is
concentrating your resources on your greatest opportunities,
where your competition is weak.

Definition of Marketing Strategy

So then, effective marketing strategy could be summed up this way:

"Concentrating the organization's resources on its greatest opportunities
to better meet customer needs, outperform competitors, increase income,
and achieve enduring success."

Implied in this practical definition is the key idea that you have or will develop a niche or position in the marketplace which you can dominate or at least be a top player in, by building on strengths which distinguish you from your competition. Also implied is that you will be most successful if you concentrate on better meeting customer needs (via the marketing orientation) as a path to increasing sales, rather than just focusing on outbound communications or a sales force to persuade potential customers to buy.

With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.

Legal structure of partnership will dictate many decisions as to how the business is run.

Main partnership types are:

  1. General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
  2. Limited Partnership: most often chosen when business partners in Lim Chu Kang are taking an uneven level of involvement in business.
  3. Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.

What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.

Accelerating AI For Local Businesses Smes

First, ask yourself do you really need a business partner to build a successful business in Lim Chu Kang? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.

Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.

Importance of Supply Chain Management in Modern Businesses

When I was ten years old at a summer camp I was leading in the potato sack race. To check on my competitors I looked over my shoulder and suddenly tripped and fell. I came in last place. Even the slowest person, Marsh Mellow Matt beat me. It was humiliating. But in the end I gained a good learning experience.

When a bargain-brand product attacks your premium-brand space, is it still healthy to look over your shoulder? Will you trip over too?

In a robust economy it's relatively easy to maintain profitable growth of a premium-brand product. Conversely, in today's economy, the competitive forces are testing the best of us. We are entering a new paradigm of business and the days of conspicuous consumption are quickly receding. Since 2007 over 8 million jobs have been lost. We have chronic unemployment at 10%, or in reality its 17% when you add the people who gave up looking for a job. As fear, insecurity, and the need to be frugal enter the consciousness of consumers, companies are responding by introducing lower price bargain-brand products. What's a premium-brand to do?

There are three strategies a premium-brand can consider; (1) Introduce your own bargain-brand, (2) Innovate a new value product category (3) Or, maintain status quo. Let's consider the ramifications of deploying your own Bargain-Brand.

As Jacqueline Kennedy once said, "I don't react, I respond."

There's a saying, "Never fight a pig because you'll get muddy and the pig will enjoy it." The same goes for a premium-brand looking to protect its market share against a bargain-brand. Every day we see new bargain airlines, bargain consumer products, bargain cars, bargain food, and bargain electronics. Be careful of the panic reaction when you deploy short term tactics in price discounting and couponing. It may only deplete profits. You can hold the line, but can you afford customers who defect to lower price brands. As Jacqueline Kennedy once said, "I don't react, I respond."

Seek your uniqueness

There are no right answers, but a journey of discovery will help determine your strengths, weaknesses, and uniqueness. In a recent book by Dr. Caroline Leaf, called, The Gift In You, this PhD. Researcher discovered there are seven layers of thinking processes in our minds. The seven layers of thinking processes are: Intrapersonal, Interpersonal, Math/Logic, Visual/Spatial, Music, Kinesthetic, and Linguistic. Starting from the most dominant thinking process, when a new thought enters our mind it will loop into the seven layers in a different sequential order. For example, someone who thinks first in music will be able to read between the lines to give meaning to it. While a logic/math dominant thinker performs pattern recognition in huge numbers and reasons in a precise order. We all see the world differently and think differently. We are all unique and so are our companies and the way we collective process our thinking. As such it's fruitless to be like someone else such as Steve Jobs. None of us can think like him and nor do we want to. We must learn to be ourselves by knowing our uniqueness and using it to your advantage.

Are you an elephant or a cheetah?

As Shakespeare once said, "To thine own self be true." In other words, do you have the competencies to compete as a Bargain-Brand?

When launching a new product you'll have to adjust and adapt quickly. Is your company a cheetah that can move quickly and adapt to consumer and market changes? Or, are you a slow moving elephant that makes decisions at a sluggish pace? A slow moving elephant should think twice when competing against fast moving bargain-brand cheetahs.

GM was slow to introduce Saturn to compete against the Japanese, but Intel was quick to respond to constant AMD attacks. At first, Intel's bargain-brand chips (Celeron) performed poorly, but they responded quickly to the market and beat AMD at their own game.

Will you divide and conquer yourself?

Julius Caesar's strategy to overcome the enemy was to divide and conquer. When launching a Bargain-Brand, you might be dividing your resources and placing your entire organization into a weak position. Without sufficient resources, people, and focus, both your premium and bargain brand products could become diluted and fail. If the Bargain-Brand fails then you'll have the added cost and time of cleaning up plus the cost and time to rebuild the Premium-Brand.

It cost GM $15 Billion to launch and maintain the Saturn division. Delta Airlines launched Ted Airlines and lost billions too. These two elephants didn't understand their uniqueness nor able to response quickly to market changes. Rather they copied the competition thinking that would satisfy the market.

On the other hand, fifty years ago, Anheuser-Busch was facing a low-price assault from regional players which opened up a whole new market category. Anheuser-Busch responded by opening up another company that was completely separate from the parent company; perhaps you've heard of Busch Beer.

Are you looking at your customers or just your competition?

The famous basketball coach John Wooden won more college basketball championships than anyone else. Part of his success was to never allow one player to be compared to another. Rather, each player was judged by his own skills, performances, and productivity. Companies trying to copy Bargain-Brands don't have the same competencies, people, collective thinking processes, and experiences like their competition. Look at Steve Jobs and his string of successful products; iPod, iPhone, iTunes, etc. Therefore, don't copy your competition, rather seek what is good for the customer and use your uniqueness to develop your product.

Know thy customer

This is a key time to study your customer to determine their true needs and the perceived value of your offering. Advances in Neuromarketing have discovered that traditional marketing research can fall short in truly understanding how a customer receives your message. Each year billions of dollars are spent on traditional market research and still 80% of new product launches fail. Neuromarketing will give you insight on the emotional needs of your audience and how they will perceive your messaging and marketing.

The power of Neuromarketing starts with the engagement of our seven senses; (1) Taste, (2) Smell, (3) Hearing (4) Touch, (5) Sight, (6) Humor, and (7) Intuition. To make it all work one must understand the power of association that directly impacts our emotional brain and how past experiences are recalled when we encounter a brand experience. Walk into a Whole Foods Store and you're bombarded with a cornucopia of beautiful food, fresh baked bread, brewed coffee, and desserts turned into art. You're flooded with emotions of mom, home, security, abundance, and happiness. The experience is frequently joyful and you're willing to pay premium prices for their products.

The power of association will engage our senses to recall positive experiences that we will tie to the brand. Called somatic markers, they represent a total compilation of emotions, negative associations, and positive associations. When a woman is given a light blue box with a white ribbon, the Tiffany brand and blue color evoke strong feminine emotions. When we think of a well branded product, such as Coach, Chanel, Harley Davidson and Tiffany, many of us experience an emotional and somewhat sensual positive response. A good brand tied to Neuro-marketing should offer:

o A great experience that exceeds customer's expectations
o A clarification of the value of the product
o A decision by the prospect to consider purchasing it

How we associate products with past experiences can determine our purchasing considerations. Mr Lindstrom in Buyology highlighted a few examples such as;
o Light blue for a woman can be associated with engagement, marriage, babies, and fertility. Pink is associated with luxury, sensuality, and being feminine.
o Color will increase brand recognition by 80% and represents up to 50% in the decision making process to choose a brand product.
o People will buy more out of love (53%) versus sex (26%).
o Be authentic, transparent, and real. We buy from people we can relate to.

Don't let your Bargain-Brand cannibalize the profits of your Premium-Brand.
If you decide on launching a Bargain-brand be sure you are capturing the right revenue. If one part of your target audience is not profitable with your premium-brand and your bargain-brand can capture that profit, then go for it. On the other hand, if your Bargain-brand is going to cannibalize your premium-brand profits then reconsider your options.

It's essential that your bargain-brand have a different perceived value, messaging, and pricing. Years ago Kodak came out with a bargain-brand film that had little distinction from the premium brand. Customers went for the lower price product cannibalizing profits from the premium-brand. On the other hand, when P&G purchased Luv's Diapers brand, it repositioned it as a bargain-brand. Their Pampers brand was given greater features and advertising thus creating a higher perceived value.

Must Develop a Difference in Perception and Value
If you offer a bargain-brand, then your goal is to offer two products with much separation in value and messaging. You'll want to consider using Neuromarketing research techniques. It is essential that the premium product maintain its true value benefits while the lower-price brand act and look like a bargain-brand one. By acting like a bargain-brand, you'll be able to cut costs on marketing, support, operations, and production and thereby creating the gross margin to compete effectively on price. You may want to use a hot button here to connect people to your article on Neuromarketing.

When Anheuser-Busch rolled out Busch Beer they created a whole new company and identity. They invested in new distribution, new trucks, and new sales people to ensure that the Premium-brand and Bargain-brand were not confused but optimized.

Don't recreate the wheel or build a new organization unless there's a market for it
GM invested $15 Billion in Saturn and it failed. Is your goal to market a Bargain-Brand or build a new company?

Consider your resources, sales volume, and gross margins. Your goal is to make a profit. If your Premium-brand cannot serve another large market, then a new organization, such as starting up a discount airline division or Busch Beer may be an answer. On the other hand, if your premium-brand can cover the market then re-consider your options. As I mentioned earlier, GM spent $15 Billion on the new Saturn division, when their existing product lines at Buick and Chevy reached the same target audience.

The Final Strategy to Consider: Innovate a new product category
A recent book called Blue Ocean Strategy stated that it is sometimes better to innovate a new product than to compete in blood thirsty waters or Red Ocean. Look at the crowded fields of electronic consumer products, automobiles and food. When you launch a new product in these categories how do you stand out?

Conversely, companies will innovate new products developing a new category where there is no competition; hence Blue Ocean. Years ago Sony launched the Walkman. Apple introduced the iPod and iPhone. An example in Blue Ocean Strategy was the Casella Winery from Australian who wanted to launch a new wine in a very crowded and snooty category.

A strategy based on innovation will look at different customers with shared commonalties. In the crowded wine business, more wineries did not think of looking for low budget beer drinkers. The Casella winery saw things differently and believed beer drinkers would want wine if the purchase decision was made simple and fun. Out came Yellow Tail wine in simple red and white versions.

A blue ocean is created when a company achieves value innovation that creates value simultaneously for both the buyer and the company. The innovation (in product, service, or delivery) must raise and create value for the market, while simultaneously reducing or eliminating features or services that are less valued by the current or future market.

The lesson I learned in the potato sack race was easy, keep your eye on the goal line not what your competition is always doing. John Wooden's success was doing the best he could possibly do every day. As you consider your premium brand, think about the best you can do every day with it. As any typical SWOT (Strengths, Weaknesses, Opportunities, Threats) and PESTEL analysis (Political, Economic, Social, Technology, Environmental, Legal) you should consider:

Are you an elephant or a cheetah organization?
Will your Bargain -Brand cannibalize your Premium -Brand profits?
Do you have the resources to run two brands simultaneously at a profit?
Are you able to clearly define and communicate the different unique selling proposition for each brand?
Will the customer perceive the differences?
Will your current Premium-Brand cover this market? Or is the Bargain-Brand a new demographic?
Lastly, do you innovate a new product to create a new category and target audience?

As Jacqueline Kennedy once said, "I don't react, I respond." Panic and fear should not be part of your tactics, but a well thought out response that optimizes your resources, strengths, and uniqueness in meeting the needs and wants of your customer.

Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.

Lim Chu Kang Marketing Strategy

A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Lim Chu Kang may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.

A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.

Focus Group Discussion Methodology

Entering into a business partnership in Lim Chu Kang can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.

Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.

Importance of Supply Chain Management in Modern Businesses

What is a Brand? Put simply, it defines the identity of an organisation, product or service. It's more than just names and logos. The identity needs to be based on a unique idea and told through a compelling story. It needs to connect with potential customers and form positive emotional bonds. The idea needs to be distinctive from the competition and relevant to the target markets worldview. It also needs to be authentic, meaning that it's not enough to simply make empty claims. The organisation needs to actually live its brand.

Brands increase the value of products and services by differentiating them from the competition, creating positive mental associations and forming emotional relationships with the customer. Philip Kotler from the Kellogg School of Management famously said that "if you are not a brand, you are a commodity. Then price is everything and the low cost producer is the only winner."

Competing on price may increase short-term sales, but is a dangerous strategy for anyone serious about building a profitable, sustainable business. Brands provide businesses with the means to free themselves from constant price competition, increase the value of their services, reduce their marketing costs and develop long-term customer loyalty.

Building a successful, sustainable brand requires careful planning and consistency. It needs a strategy. Brand strategy is the plan that defines defines the ideas and stories behind the brands, the structure and relationship of the brands within the organisation and the core identifying elements. These can include elements such as company and product names, tone of voice, logo's, colour schemes etc. It also provides the framework for implementing the brands throughout the organisations operations and for using them to efficiently work towards the businesses goals. It's not just a cosmetic exercise; it's a key element of business strategy.

With a clear strategy in place, managers can make appropriate, co-ordinated, informed decisions not just in marketing, but in all departments from product development through to customer service and recruitment. This process of embodying the brand idea throughout the organisation is what we call branding.

The beauty of branding is that by telling your customers authentic, compelling stories, you not only make your goods more attractive and valuable, you give your customers something to talk about. Humans naturally love to tell and share stories. By giving them good stories to tell, you gain access to what is by far the cheapest and most effective form of promotion - word of mouth.

Few organisations manage to achieve the full benefits of word of mouth, and worse still, for many organisations it spreads more negative stories than positive. To compensate for a lack of positive word of mouth, organisations spend huge sums of money on ineffective marketing exercises. Without an effective brand strategy these exercises are often unfocussed, inconsistent and unauthentic. Consequently, they rarely pay for themselves, let alone make a profit.

So what is the role of marketing? To a large extent, branding is the antithesis of marketing. Branding is the most effective way of generating positive word of mouth, making it both cheaper and more effective than traditional marketing techniques.

Marketing without a clear brand strategy is a chaotic, costly exercise that in essence is little more than shouting and showing off about your products and services. People don't like or trust show-offs. If you want to make an impact, you need to talk to them like grown ups. With exposure to thousands of marketing messages every day, consumers have become largely immune to meaningless promotional messages, filtering them out and filing them in their mental recycle bins.

However, there is still a place for marketing and in many cases, marketing is part of the branding process as it provides a means by which to spread the brand story. This explains why there is so much confusion regarding the difference between them. Marketing used to be about the promotion of products and services. Successful marketing now focuses on the promotion of brands.

If an organisation developed a perfect brand idea but did nothing to promote it, then no one would ever have heard about it. The story would never spread and the strategy would be unsuccessful. It's therefore important to combine the strengths of both branding and marketing in order to reach your target market.

The most successful organisations combine a confident and forward thinking idea with a robust and organised strategy. They then use carefully targeted marketing to help get their story out. The success of their brands means that as time goes on, the need for formal marketing reduces and the effectiveness of any existing marketing increases, thus paving the way for increased profits and organisational growth.

In conclusion, brands are a key element of building profitable businesses with long-term sustainability. When executed well, they increase sales, add value to products and services and reduce marketing costs. They also give focus to a business, boost staff morale and increase share value.

Building successful brands is not simply a cosmetic exercise. They need to be consistent, true to the organisation and embodied throughout their activities. This is only possible when a clear brand strategy is in place to act as a framework for their implementation, and to ensure that they are always working towards the business goals. Marketing has its place as a tool for promoting brands, but once they have made a connection with the core of their target market, successful brands can sell themselves through word of mouth.

With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.

Legal structure of partnership will dictate many decisions as to how the business is run.

Main partnership types are:

  1. General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
  2. Limited Partnership: most often chosen when business partners in Lim Chu Kang are taking an uneven level of involvement in business.
  3. Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.

What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.

Building Emotional Resilience Right Way

First, ask yourself do you really need a business partner to build a successful business in Lim Chu Kang? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.

Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.

3 Surprising Ways Artificial Intelligence Can Push Marketing and Advertising to the Next Level

Keeping a watchful eye on technical innovation is vital to develop a clear vision for the future of any business. But effective strategies for success depend on managers and executives avoiding hidden blind spots and investment decisions that obscure the way forward. Last year, according to World Economic Forum figures, private sector global spending on digitizing business operations exceeded $1.2 trillion dollars, yet just 5% of executives reported being satisfied with the results. In most industries the transition from analog to digital is one of the biggest challenges facing business leaders today. There are 8 common mistakes executives make.


Finding the best way: As with most human activity, planning is everything. The digitization process is a unique opportunity for executives to take a good hard look at their enterprise and ask some important questions:


What digital activities are already underway?


What will the industry look like in 5, 10 or 20 years?


What strategies can the company employ to succeed in a digital future?


What is the end goal of the transition from analog to digital?


Understanding where the business is attempting to go should help avoid some of the following bumps and wrong turns in the journey. Most of the common mistakes executives make with the digitization process relate to investment. Nearsighted investments focus too heavily on the short term, giving insufficient consideration to an organization’s long-term needs. While, farsighted investments focus on future needs with scant attention given to immediate development, which undermines current performance and impacts future goals.


Even when the current and future needs of a business are given equal consideration blind spots can occur, as parts of the business are overlooked by investment and turn into points of weakness that disrupt overall performance. Putting a coherent strategy in place directs funding to areas of the business most in need. As well as scheduling where and when to invest, this strategy prevents executives making “scattershot” small investments without an overall funding plan.


Mind your own business As each organization is unique, no two paths to a digital future are the same. The structure of a business can influence its digitization journey, with heavily centralized companies at risk of suffering from a rigid chain of imposing policy from on high. Similarly, command structures that encourage parts of the business to operate as independent units, or islands, can duplicate investments which also duplicate costs. Every six months the management should ask these questions:


How the digitization of work affects us all?


Why a futuristic digital healthcare system, might not be out of reach?


How can we build a workforce for our digital future?


Enabling change Aside from investment decisions, another common area where mistakes are made relates to the balance of resources and their application. A company’s data, technology, operating model and talent either work to enable digital progress or hinder it. Some companies focus too heavily on building up these enablers, without considering if additional staff, technology and data capacity add value to the business. Whereas, the digital transformation of other companies suffer from a lack of resources to accommodate spending on new business applications.


The new digital reality Image: WEF The pace of technological change is impacting the business and social worlds faster than ever before. A new digital reality is emerging where 85% of customer interaction will take place without humans and where 65% of today’s young will grow up and work in industries or jobs that don’t yet exist. Companies that successfully bridge the gap from analog to digital are in prime position to fully embrace the opportunities offered by a digital future.

Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.