Accelerated Enterprise: The Key To Growth With A Hybrid Workforce

More than three-quarters also say that employee-facing and customer-facing digital programs are important for increasing revenue, cyber security, operating efficiencies and productivity over the next two years. Roman Tyukin - stock.adobe.com

Most organizations have developed workflows to manage the processes that run their business for decades. But as more and more businesses cope with remote and hybrid work situations, these low-key workhorses are becoming critical engines of growth. They face a slew of challenges that modern programs may be able to solve through streamlining and automation.

A new report based on a survey of 505 C-level technology executives, conducted by Forbes Insights in collaboration with Adobe, shows that few organizations anticipate a full return to the 9-to-5 office. They expect their workforce to become a mix of remote, in-office or a hybrid of the two in the next two years.

Managing these environments brings with it the risk of higher information technology costs and cybersecurity threats, as well as process delays and the loss of employee collaboration and innovation. And that’s where workflow solutions such as employee- and customer-facing programs can help. Here’s a look at how executives are approaching these solutions—including the benefits of streamlining processes and the challenges to implementing them.

Adapting To A New Landscape

“All of a sudden half the workforce was remote, and we had to automate workflows for the purpose of business continuity,” says Holly Muscolino, research vice president of content strategies and the future of work at IDC. “We needed to be able to perform processes that hadn’t been possible to do remotely. Nice-to-have features became mission-critical.”

Forbes Insights survey respondents agreed: An overwhelming majority (86%) believe workflow software and implementation will be very important to succeed in managing a distributed, hybrid work structure, including 32% who say workflow solutions are critical to success.

More than three-quarters also say that employee-facing and customer-facing digital programs are important for increasing revenue, cyber security, operating efficiencies and productivity over the next two years. That’s a powerful recipe for business growth through digital transformation.

Streamlining Systems Integration

Digital workflows simplify processes by enabling disconnected systems to “talk” to one another.  “The primary purpose of a workflow system is integration,” says Tom Rodden, senior vice president and chief information officer at Varian Medical Systems. “When your workflow is well-designed, cross-application integration becomes seamless to your users.”

In a supply-chain transaction, for example, revenue recognition can be a challenge when different accounting standards are involved. Here, workflow integration can simplify and automate the data exchange between the customer, transport provider and distributor, as well as the backend system. Tools, like Adobe Sign, can integrate the communicator’s process to provide proof of delivery to Varian from partners, Rodden says.

Other executives agree: 40% of executives from organizations with an annual revenue of $5 billion or more expect their workflow solution budget to increase 15% or more.

Improving Implementation

Most executives agree workflow transformation is key to driving a future competitive advantage for their organization. Achieving it, however, will depend on the implementation. Barriers to adopting workflow systems and running them smoothly include security concerns, IT staff bandwidth and the prevalence of legacy infrastructure.

It’s best to start with a customized strategy that targets specific issues, advises Simon Longbottom, vice president of product marketing digital media for business at Adobe.

“It’s really about trying to understand what the biggest pain points are and solving them,” he says. “We’ve typically found that problems fall into the two main buckets of employee or customer. For example, a company could be trying to hire and onboard tens of thousands of new employees or might want to move from a paper-based customer acquisition process to an electronic one.”

Companies also need to decide which solutions to prioritize and invest in. Advanced workflow programs based on artificial intelligence, machine learning or robotic process automation are still not widespread—representing, on average, only 15% of the work being done today, according to the Forbes Insights survey. That number will increase to 17% in the next two years.

“In the immediate aftermath of the pandemic, there was a knee-jerk reaction to get systems installed as quickly as possible,” says Muscolino. “Organizations now need to go back and evaluate what’s worked and what hasn’t to make sure they’re fully leveraging these technologies. It’s possible to simply digitize a manual process, which doesn’t mean that you’re fully leveraging digital technology.”

Muscolino adds that organizations now have a unique opportunity to examine what systems may need re-engineering and what should be eliminated altogether. “Workflow solutions should be codified so they’re not just an ad hoc solution to a crisis,” she says. “They need to be designed into an organization’s infrastructure and plans going forward.”

As more organizations adopt modern workflows, tools like Adobe Document Cloud with Adobe Sensei, will help teams streamline collaboration and boost their bottom line.

By Rama Ramaswami

Source: https://www.forbes.com

.

Critics by ThoughtFarmer

Back in 2020, employers found themselves at a crossroads, trying to ensure employees had all the resources they needed to maintain their productivity (and sanity), while still hitting organizational goals. This paved the way for the hybrid workplaceThe hybrid workplace is defined as a business model combining remote work with office work.

It may look different among organizations, but it typically includes the onsite presence of a core group, while others are free to come and go as they please, within reason. It may be the same employees mandated to be onsite, or it could include a staggering of different people present on different days or times. Or, there may simply be specific days where employees are requested to attend in-person meetings. 

The hybrid workplace generally allows employees the opportunity to fit work around their lives, rather than structuring work around fixed hours logged into an office. For many employees (and employers) it’s an optimal balance of productive work with reduced stress and less commuting.

A study by Boston Consulting Group revealed that 75 percent of employees who have transitioned to or remained remote during COVID-19, are at least as productive in performing their individual tasks as they were before the pandemic struck. And about half report that they are at least as productive on collaborative tasks that normally would be performed in conference rooms. 

Fuelling some of the anxiety about a return to office is the lack of safety associated with public transportation. In a study of 3,500 workers worldwide, 81 percent of participants said they used public transit to commute to work, and of this group, 67 percent were at least moderately concerned about commuting when they return to work during the pandemic.

Such anxiety is forcing many employers to either continue to allow employees to work remotely, or to implement a hybrid workplace model. Failure to do so could result in increased turnover, otherwise known as the turnover tsunami. In a study conducted by Fortune with Momentive, almost 50% of workers who are still remote or hybrid say they will look for a new job if their employer forces them back to the office after the pandemic ends.

A hybrid workplace prioritizes the employee, and encourages a stronger work-life balance. It additionally can help ease anxiety employees may have relating to returning to a public workspace, or commuting on public transit. This is particularly critical for those caring for, or who themselves, are immunocompromised.  A hybrid workplace is also a more economical workplace. With less reliance on large scale offices, organizations can save thousands of dollars in real estate and office maintenance costs. 

Organizations offering a combination of in-person and remote employees will also have a larger talent pool to work with, as they will no longer be confined to hiring employees in specific geographical regions. Additionally, a hybrid workplace can help build a crisis resilient culture by preparing organizations for potential future lockdowns. With many employees already working from home, your workplace can easily adapt back to a fully remote environment if necessary. 

Finally, a hybrid workplace can reduce the spread of contagious viruses, as employees can choose to work from home if they are feeling unwell. A hybrid workplace may also offer a solution to organizations with employees who aren’t—or perhaps cannot or have no desire to become—vaccinated. 

As some critics have pointed out, the hybrid workplace model isn’t without its flaws. Not all of us have the luxury of quality internet access, designated home workspaces, or distraction free environments. And obviously remote work or hybrid work isn’t an option for frontline workers (check out this post on how to engage your frontline workers) like many employed by hospitals, factories, and law enforcement. 

A hybrid environment may additionally put employees who cannot work in the office at a disadvantage of those that can. For example, consider a scenario where one employee is unable to attend an in-person meeting. Even if they join via video, there are potential side conversations they may miss out on. Female employees in particular may be at a disadvantage, as they are disproportionately expected to care for young children, and thus unable to return to an office environment. 

There is also concern that employees ‘seen’ in the office will be viewed as providing greater output. Remote employees may feel passed up for opportunities because they are less visible than those who return to the office. This could be especially problematic if leadership are the ones present in the office. In other words the physical office should not hold more power than a remote office. 

Equally important are the challenges associated with collaboration and communication. With two different experiences to manage, there is increased risk that one group may feel excluded in crucial conversations. Such scenarios highlight the importance of a robust hybrid workplace plan and a hybrid workplace assessment. If not properly executed, a hybrid workplace could create a divide between those who work in the office and those who don’t.

he hybrid work environment may be new, but the challenges associated with connecting and communicating with employees aren’t. The good news is that these problems were solved a long time ago with intranet software. Long before COVID-19, organizations around the world depended on their intranet to increase knowledge management, communication, innovation, efficiency, and resilience. Modern intranets take it one step further by automating a variety of business processes, like those involving paper forms

Intranets also make it easy for communicators to understand if employees have read important announcements, as well as to instantly broadcast critical news to employee employees through their mobile phones.  Finally, intranet software enables asynchronous collaboration, so employees can stay focused and on-task…..

.

Related contents:

Seeking to be hybrid work all-in-1 platform, Envoy acquires Worksphere VentureBeat

16:45 Fri, 16 Sep
05:32 Fri, 16 Sep
19:00 Thu, 15 Sep
18:46 Thu, 15 Sep
17:41 Thu, 15 Sep
17:32 Thu, 15 Sep
10:39 Thu, 15 Sep
21:56 Wed, 14 Sep
21:51 Wed, 14 Sep
18:31 Wed, 14 Sep
16:33 Wed, 14 Sep
15:39 Wed, 14 Sep
11:32 Wed, 14 Sep
22:31 Tue, 13 Sep
18:52 Tue, 13 Sep
18:33 Tue, 13 Sep
17:20 Tue, 13 Sep
16:33 Tue, 13 Sep
14:28 Tue, 13 Sep
08:37 Tue, 13 Sep
10 Bold Actions In Positive Life & Work                https://jvz3.com/c/202927/383942/
360Apps                https://jvz2.com/c/202927/263380
3D Pal Toons                https://jvz6.com/c/202927/381689/
4brandcommercial        https://jvz1.com/c/202927/375487
7 Minutes Kit                    https://jvz8.com/c/202927/374505/
9 figure Success                        https://jvz8.com/c/202927/384653/
Ad Raven                       https://jvz4.com/c/202927/382796/
Ada leadz                           https://jvz8.com/c/202927/376381
ADA Web                        https://jvz3.com/c/202927/383751/
AdRaven                          https://jvz3.com/c/202927/382851/
Adsense Machine                  https://jvz2.com/c/202927/290487
Adtivate Agency                   https://jvz3.com/c/202927/383706/
AdzHero                      https://jvz2.com/c/202927/366972/
AffiliateMatic                 https://jvz3.com/c/202927/381148/
Agency Client Finder                        https://jvz3.com/c/202927/384619/
AgencyScale                          https://jvz4.com/c/202927/383111/
Agencyscale                      https://jvz1.com/c/202927/383113/
AIWA Commercial              https://jvz2.com/c/202927/365061
AIWA22                           https://jvz6.com/c/202927/377907/
ALL-in-One HD Stock                   https://jvz4.com/c/202927/381560
Animaxime                   https://jvz2.com/c/202927/383307/
Appimize                            https://jvz8.com/c/202927/370227
Appoint B Agency                     https://jvz1.com/c/202927/384630/
Appointomatic               https://jvz6.com/c/202927/374258
Appowls                     https://jvz4.com/c/202927/381231/
AppOwls                https://jvz4.com/c/202927/381976/ Bundle
Art Of Living                       https://jvz4.com/c/202927/382425/
Audiencetoolkit              https://jvz6.com/c/202927/302715
Aweber Crash Course                     https://jvz6.com/c/202927/383057/
Backlinkindexer           https://jvz6.com/c/202927/88118
BevTraders                               http://www.bevtraders.com/?ref=arminham
Big Audio Club                       https://jvz6.com/c/202927/380087/
BigAudio Club                   https://jvz2.com/c/202927/380877/
Boost Optimism                    https://jvz2.com/c/202927/380692/
BrandElevate                  https://jvzoo.com/c/202927/381812
BrandElevate                https://jvz4.com/c/202927/381807/
Bybit Crypto Trade                  https://www.bybit.com/en-US/invite?ref=ALEXP
CanvaKitz                     https://jvz4.com/c/202927/379051/
ChatterPal Commercial                 https://jvz8.com/c/202927/324615
Clientfinda                     https://jvz8.com/c/202927/370806
Clipsreel                             https://jvz3.com/c/202927/372682
Commission smasher          https://jvz3.com/c/202927/376879
Content Gorilla              https://jvz2.com/c/202927/330783
Content Tool Kit                     https://jvz3.com/c/202927/329145/
CourseAlly eLearning                      https://jvz4.com/c/202927/384759/
CourseReel                          https://jvz6.com/c/202927/355256/
CourseReel                        https://jvz2.com/c/202927/355249
Courserious                       https://jvz8.com/c/202927/360397/
Coursova                         https://jvz1.com/c/202927/376527
Creaitecontentcreator          https://jvz1.com/c/202927/376986
Credit Repair                        https://jvz8.com/c/202927/377815/
Crypto Kit                     https://jvz8.com/c/202927/383809/
Crypto Rocket                     https://jvz6.com/c/202927/378113/
Crypto Underworld                           https://jvz8.com/c/202927/374345/
Dealcheck                                  https://dealcheck.io?fp_ref=armin16
Design beast               https://jvz6.com/c/202927/371547
Designa Suite License                  https://jvz2.com/c/202927/297271
Develop Self Empowerment                 https://jvz6.com/c/202927/383094/
DFY Content Club                 https://jvz6.com/c/202927/381337/
DFY Suite                                    https://jvz2.com/c/202927/337292
DFY Suite                      https://jvz2.com/c/202927/381194/
DFY Suite                    https://jvz3.com/c/202927/381194/
Diabetes Guide                       https://jvz2.com/c/202927/358870/
Diddly Pay’s DLCM                  https://jvz2.com/c/202927/315596
Diet fitness diabetes              https://jvz1.com/c/202927/286851
Domainname                  https://jvz6.com/c/202927/377005
Dropshiply                   https://jvz3.com/c/202927/383483/
DUX Forex Signals                        https://jvz3.com/c/202927/128215/
EBook Agency                        https://jvz2.com/c/202927/384573/
Ejaculation Total                     https://jvz2.com/c/202927/75989/
Email Monetizer                     https://jvz2.com/c/202927/386337/
EngagerMate                         https://jvz8.com/c/202927/328172
EngageYard                     https://jvz2.com/c/202927/383051/
Extreme Adz                 https://jvz8.com/c/202927/379244/
Extreme Coupon                  https://jvz1.com/c/202927/216101/
EZ Local Appointmen                            https://jvz2.com/c/202927/385180/   t
Ezy                https://jvz1.com/c/202927/381935/
Ezy MultiStores               https://jvzoo.com/c/202927/381935
Facebook Cash Machine                 https://jvz4.com/c/202927/382333/
Facedrip                          https://jvz1.com/c/202927/376325/
FaceSwap                 https://jvz4.com/c/202927/381768/
Fade To Black                   https://jvz2.com/c/202927/344541
Fanpage                          https://jvz4.com/c/202927/144349
Fitness Nutrition                    https://jvz4.com/c/202927/353334/
Followup Builder                         https://jvz3.com/c/202927/386313/
Forex Atlatian                        https://jvz8.com/c/202927/25069/
Forex Blizz                             https://jvz8.com/c/202927/144577/
Forex Blue Stark                      https://jvz3.com/c/202927/47481/
Forex expert                   https://jvz1.com/c/202927/376877
Forex Hybrid Scalper                        https://jvz6.com/c/202927/95037/
Forex Joustar                     https://jvz8.com/c/202927/381617/
Forex Joustar                  https://jvz6.com/c/202927/381617/
Forex Mastery                    https://jvz2.com/c/202927/144621/
Forex Scouts                         https://jvz6.com/c/202927/132677/
forrk                                              https://jvz1.com/c/202927/373449
FusionMT4                             https://jvz2.com/c/202927/372523/
FX Goldminer                      https://jvz1.com/c/202927/381439/
Galactic                         https://jvz1.com/c/202927/188236/
Gaming job                    https://jvz2.com/c/202927/184902  s
Genesis Mining                         https://www.genesis-mining.com/a/2535466
Givvy Mobile Lottery             https://givvy-numbers.app.link/qNDZMGGbhsb
Gluten free                              https://jvz4.com/c/202927/296191
GMB Magic                        https://jvz2.com/c/202927/377194
Graphic Alta           https://jvz2.com/c/202927/324492/
Heal Your Emptiness                         https://jvz6.com/c/202927/384848/
High Converting Emails                  https://jvz3.com/c/202927/386305/
HostLegends                       https://jvz4.com/c/202927/384755/
Hostley Domain Creator                        https://jvz1.com/c/202927/379223/
Human Synthesys Studio                      https://jvz8.com/c/202927/367353/
ImageX                      https://jvz6.com/c/202927/363237/
IMSyndicator                   https://jvz1.com/c/202927/370769
Inboxr                            https://jvz2.com/c/202927/312692
Insta Keyword                https://jvz6.com/c/202927/351606/
Instant Website                https://jvz2.com/c/202927/377557
InstantWebsiteBundle          https://jvz6.com/c/202927/377557
iTraffic X                          https://jvz2.com/c/202927/320466
keysearch                                    https://jvz3.com/c/202927/194909
Klippyo Kreators                         https://jvz8.com/c/202927/327447
KoinCart                            https://jvz2.com/c/202927/383555/
Leadvalet                         https://jvz3.com/c/202927/385580/
Levidio Royal Podcasting                        https://jvz6.com/c/202927/384025/
Linkable DFY                       https://jvz6.com/c/202927/385873/
Linkomatic                            https://jvz2.com/c/202927/380937/
LiteTrading                                 https://www.litefinance.com/?uid=929237543
Live Your Truth                       https://jvz6.com/c/202927/379020
Living An Intentional Life              https://jvzoo.com/c/202927/382455
Living an International Life                  https://jvz8.com/c/202927/382455/
Local Leader                   https://jvz4.com/c/202927/383751/
Local Sites                  https://jvz4.com/c/202927/380543/
LocalAgencyBox                 https://jvz2.com/c/202927/359468
LocalCentric                            https://jvz2.com/c/202927/379339/
Marketingblocks             https://jvz6.com/c/202927/374934
MarketPresso                  https://jvz2.com/c/202927/369837
Mat1 Simple Funnel                            https://jvz2.com/c/202927/380197/
Maxslides                         https://jvz8.com/c/202927/376842
Mech Forex Robot                           https://jvz6.com/c/202927/383447/
MediaCloudPro                 https://jvz2.com/c/202927/343635
Megasuite                         https://jvz3.com/c/202927/383953/
Mobi First                          https://jvz2.com/c/202927/353694/
Motion Kingdom Studio                    https://jvz4.com/c/202927/383177/
Movid Animation                     https://jvz6.com/c/202927/380385/
MT4Code System                  https://jvz2.com/c/202927/376925
My Passive Income                  https://jvz1.com/c/202927/384099/
MyMailIt                              https://jvz3.com/c/202927/292919
MyTrafficJacker               https://jvz2.com/c/202927/353558
Next Drive                      https://jvz4.com/c/202927/371095/
NichBox               https://jvz2.com/c/202927/370705/
Organic Life Guide                 https://jvz8.com/c/202927/366872/
Photokit                           https://jvz4.com/c/202927/373207/
PicsAds                         https://jvz2.com/c/202927/385468/
PigMoney Metho                     https://jvz4.com/c/202927/377665/   d
PigMoneyMethod                        https://jvz2.com/c/202927/377665/
Pitchdeck                      https://jvz3.com/c/202927/347847/
Pixal                     https://jvz2.com/c/202927/378775/
Pixivid                           https://jvz6.com/c/202927/385213/
PlanB Muscle Growth              https://jvz1.com/c/202927/36517/
PlayerNeos                 https://jvz2.com/c/202927/376962
Podcast Advantage                        https://jvz8.com/c/202927/379995/
Podcast Advantage              https://jvz1.com/c/202927/379995/
Podcast Masterclass               https://jvz3.com/c/202927/379998/
PodKastr                 https://jvz1.com/c/202927/369500/
Postradamus                              https://jvz6.com/c/202927/108695
Power Reviews                     https://jvz8.com/c/202927/384625/
Powrsuite                       https://jvz1.com/c/202927/376361
PR Rage                        https://jvz4.com/c/202927/343405
prime stocks                              https://jvz8.com/c/202927/369164  prime stocks
Profile mate                           https://jvz4.com/c/202927/358049
Promovidz                      https://jvz8.com/c/202927/375692/
Push Button Traffic         https://jvz2.com/c/202927/301402
QR Verse                      https://jvz3.com/c/202927/383865/
Quintex Capital                         https://quintexcapital.com/?ref=arminham
Quit Smoking                           https://jvz3.com/c/202927/359081/
Reputor                 https://jvz8.com/c/202927/380159/
ReVideo                     https://jvzoo.com/c/202927/381761
ReviewReel                        https://jvz6.com/c/202927/382663/
Rewriter                      https://jvz4.com/c/202927/353373/
RSI SEO                              https://jvz6.com/c/202927/384381/
Scriptdio                       https://jvz4.com/c/202927/385387/
Seniors Income                        https://jvz2.com/c/202927/383888/
Senuke                                  https://jvz6.com/c/202927/279944
ShopABot                           https://jvz2.com/c/202927/291955
ShopFunnels                        https://jvz3.com/c/202927/384069/
SocialAgency360                 https://jvz1.com/c/202927/385357/
SociCake                       https://jvz2.com/c/202927/321987
Socifeed                          https://jvz6.com/c/202927/375706
SociJam                    https://jvz2.com/c/202927/309649
Soronity                                 https://jvz6.com/c/202927/368736
SqribbleEbook                 https://jvz6.com/c/202927/283867
Stackable Picture                        https://jvz1.com/c/202927/385046/
Steven Alvey’s                      https://jvz2.com/c/202927/351754
Stoodaio                                    https://jvz1.com/c/202927/372094
Storymate                         https://jvz3.com/c/202927/320972
StreamPilot                        https://jvz2.com/c/202927/385431/
Studioninja                       https://jvz1.com/c/202927/374965
Sunday Freebie                             https://jvz1.com/c/202927/267113/
Super backdrop                https://jvz8.com/c/202927/376524
Superbackdrop                 https://jvz8.com/c/202927/376524
Survai                      https://jvz8.com/c/202927/380933/
Syndranker                          https://jvz3.com/c/202927/378143/
Talkingfaces                      https://jvz2.com/c/202927/375358
Talkingfaces                    https://jvz3.com/c/202927/375550
The Internet Marketing                https://jvz2.com/c/202927/289944
Tonai Voice Content           https://jvz8.com/c/202927/383119/
Toon Video Maker                   https://jvz2.com/c/202927/357201
TrafficFor                https://jvz8.com/c/202927/381950/
TrafficForU                   https://jvz3.com/c/202927/381950/
Trendio                       https://jvz3.com/c/202927/381003/
TubePal                        https://jvz6.com/c/202927/379863/
Tubeserp                        https://jvz3.com/c/202927/370472
TubeTargeter                   https://jvz6.com/c/202927/377211
TV Boss Fire                https://jvz6.com/c/202927/379480/
Ultrafunnels A.I                 https://jvz2.com/c/202927/381129/
VIADZ Ad Template                    https://jvz4.com/c/202927/379307/
Vidcentric                             https://jvz4.com/c/202927/376095
Viddeyo                                https://jvz6.com/c/202927/382326/
Videevolve                       https://jvz4.com/c/202927/381011/
Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games                            https://jvz3.com/c/202927/184902/
VideoEnginePro                https://jvz2.com/c/202927/372916
VideoGameSuite                     https://jvz3.com/c/202927/366537/
VideoRobot Enterprise                https://jvz8.com/c/202927/291061
VidKreate                        https://jvz6.com/c/202927/386029/
VidMingo                           https://jvz6.com/c/202927/378359/
VidSnatcher                           https://jvz3.com/c/202927/342585
VidVoicer                      https://jvz1.com/c/202927/379983/
Vidzura                       https://jvz4.com/c/202927/385754/
Viral dash                            https://jvz6.com/c/202927/375959
Viral Quotes            https://jvz2.com/c/202927/386984/
VirtualReel                       https://jvz8.com/c/202927/376849
Vocalic                    https://jvz2.com/c/202927/383848/
VoiceBuddy                      https://jvz1.com/c/202927/342854
WebCop                         https://jvz4.com/c/202927/378683/
Webinarkit                       https://jvz3.com/c/202927/383937/
Webprimo                   https://jvz1.com/c/202927/379455/   Website Builder
WordPress Mastery                       https://jvz1.com/c/202927/386249/
WOW Backgrounds                      https://jvz3.com/c/202927/381615/
WowBackgraounds                       https://jvz2.com/c/202927/381556/
WP GDPR                                https://jvz8.com/c/202927/299907
WP Simulator                    https://jvz3.com/c/202927/46987/
Writer Arc           https://jvz1.com/c/202927/386602/
writing job                                  https://jvz8.com/c/202927/213027
XBrain Forex                           https://jvz3.com/c/202927/372305/
XFUNNELS                         https://jvz2.com/c/202927/310335
Xinemax                    https://jvz1.com/c/202927/381749/
YoDrive                    https://jvz2.com/c/202927/384700/
Your 3DPal                https://jvz2.com/c/202927/381685/
YTSuite                       https://jvzoo.com/c/202927/381179

Everyone Wants To Be An Entrepreneur But Not Everybody Has a Plan

As news continues to break that Snapchat defied the odds and raised over $1.8 billion in funding, many people have been reminded of the money to be made in technology and other entrepreneurial start-ups.

Yet, some become preoccupied with the perks of being a lone ranger. From working independently at home to freedom of thought, the benefits of going it alone can be enticing.

However, one of the major constants in the world is that businesses fail, especially new ones. Dun and Bradstreet identified over 13,000 failed business in Australia during the first quarter of 2016. Entrepreneurs, like all business leaders, must have a plan to ensure they stay focused on the idea and goals they set.

Knowing your customer

The first question all good entrepreneurs must ask themselves is what’s the problem to be solved. Founder of Alltopstartups.com and Entrepreneur contributor Thomas Oppong pointed out that consumers currently face a ‘paradox of choice’ and thus, an entrepreneur must focus on building a must-have [product], not a nice to have the product’.

The next step is to create a good or service that offers something above and beyond what is currently available. One only has to look at the way Google reinvented search, or how Netflix solved on-demand media streaming to see that resolving customer pain points is a successful strategy.

This will become your value proposition and drive why you do what you do. Can you offer a product with a zero-carbon footprint? Can you add more features, while making it smaller? These are the questions you will have to answer.

However, before you can attend any of this you need to understand your customer. Analysing the size of the targeted market or the number of potential customers is a good place to start, but entrepreneurs should not stop here.

Take the success of Skullcandy, which makes earphones and other accessories, for instance. In a Forbes article, investor Alan Hall said that founder Rick Alden knew his customers down to a tee.

‘He knows what they wear from their toes to the tops of their heads. He knows they are or want to be, cool and accepted by their peers. He knows what they watch and where they shop. He knows what apps they have on their cellphones and iPads,’ Hall argued.

Knowing yourself

Among the major lessons never taught in business school is that your enterprise will only be as strong as you are. So it’s important to evaluate who you really are. Knowing your own strengths and weaknesses can offer a starting point to understand why you want to be an entrepreneur.

It doesn’t matter if you’re a millennial who is looking to build your own destiny or a baby boomer who is financially secure but continues to seek success. Your background, age and other characteristics will impact how you can approach the venture.

You need to make an effort to understand who you are, as working to your strengths and compensating for your weaknesses can be a beneficial strategy. It’s also essential to play to your passions.

‘The happiest and most successful people I know don’t just love what they do, they’re obsessed with solving an important problem, something that matters to them,’ Dropbox co-founder Drew Houston said during the 2013 MIT commencement address. ‘They remind me of a dog chasing a tennis ball: Their eyes go a little crazy, the leash snaps and they go bounding off, ploughing through whatever gets in the way.’

No matter who you are or where you come from, knowing yourself and your customer base is essential to starting a business. It’s not just about having a good idea or product, you have to be passionate about it and so do your customers.

By: TEC Alumni Chair, CEO mentor and coach Richard Appleby

Source: Everyone wants to be an entrepreneur but not everybody has a plan – TEC

.

Related contents:

Business Strategy and Management Consulting Market Research Report [2022-2029] | Industry Size, Share, Growth Rate|… GlobeNewswire (Press Release)

15:07 Thu, 03 Nov
08:34 Thu, 03 Nov
07:38 Thu, 03 Nov
Wednesday
22:54 Wed, 02 Nov
18:32 Wed, 02 Nov
11:48 Wed, 02 Nov
11:27 Wed, 02 Nov
00:59 Wed, 02 Nov
In the last month
15:16 Tue, 01 Nov
19:49 Mon, 31 Oct
13:39 Mon, 31 Oct
07:24 Mon, 31 Oct
16:02 Fri, 28 Oct
14:35 Fri, 28 Oct
11:47 Fri, 28 Oct
10:10 Fri, 28 Oct
15:41 Thu, 27 Oct
11:24 Thu, 27 Oct
10:35 Thu, 27 Oct
12:57 Wed, 26 Oct
16:35 Tue, 25 Oct
15:50 Tue, 25 Oct
09:34 Tue, 25 Oct
15:37 Mon, 24 Oct
21:21 Fri, 21 Oct
17:28 Thu, 20 Oct
13:34 Thu, 20 Oct
17:56 Wed, 19 Oct
11:31 Wed, 19 Oct

10:10 Wed, 19 Oct

Marketing Programs To Buy:

10 Bold Actions In Positive Life     https://jvz3.com/c/202927/383942/
3D Pal Toons     https://jvz6.com/c/202927/381689/
4brandcommercial        https://jvz1.com/c/202927/375487
7 Minutes Kit      https://jvz8.com/c/202927/374505/
9 figure Success        https://jvz8.com/c/202927/384653/
Ad Raven      https://jvz4.com/c/202927/382796/
Ada leadz     https://jvz8.com/c/202927/376381
ADA Web      https://jvz3.com/c/202927/383751/
AdRaven       https://jvz3.com/c/202927/382851/
Adsense Machine      https://jvz2.com/c/202927/290487
Adtivate Agency      https://jvz3.com/c/202927/383706/
AdvertSuite     https://jvz1.com/c/202927/335011/
AdzHero     https://jvz2.com/c/202927/366972/
AffiliateMatic     https://jvz3.com/c/202927/381148/
Agency Client Finder    https://jvz3.com/c/202927/384619/
Agencyscale      https://jvz1.com/c/202927/383113/
AgencyScale      https://jvz4.com/c/202927/383111/
AIWA Commercial     https://jvz2.com/c/202927/365061
ALL-in-One HD Stock    https://jvz4.com/c/202927/381560
Animaxime    https://jvz2.com/c/202927/383307/
Appimize      https://jvz8.com/c/202927/370227
Appoint B Agency     https://jvz1.com/c/202927/384630/
Appointomatic      https://jvz6.com/c/202927/374258
Appowls    https://jvz4.com/c/202927/381231/
Art Of Living    https://jvz4.com/c/202927/382425/
Audiencetoolkit     https://jvz6.com/c/202927/302715
Audika  https://jvz8.com/c/202927/383635/
Aweber Crash Course     https://jvz6.com/c/202927/383057/
Backlinkindexer    https://jvz6.com/c/202927/88118
BettingMaster      https://jvz2.com/c/202927/387079/
BevTraders    http://www.bevtraders.com/?ref=arminham
Big Audio Club     https://jvz6.com/c/202927/380087/
BigAudio Club    https://jvz2.com/c/202927/380877/
Boost Optimism   https://jvz2.com/c/202927/380692/
BrandElevate   https://jvz4.com/c/202927/381807/
BrandElevate   https://jvzoo.com/c/202927/381812
Bybit     https://www.bybit.com/en-US/invite?ref=ALEXP
CanvaKitz    https://jvz4.com/c/202927/379051/
ChatterPal    https://jvz8.com/c/202927/324615
Clientfinda   https://jvz8.com/c/202927/370806
Clipsreel   https://jvz3.com/c/202927/372682
Commission smasher   https://jvz3.com/c/202927/376879
Content Gorilla   https://jvz2.com/c/202927/330783
Content Tool Kit   https://jvz3.com/c/202927/329145/
ContentGenie   https://jvz8.com/c/202927/387717/
CourseAlly eLearning   https://jvz4.com/c/202927/384759/
CourseReel   https://jvz2.com/c/202927/355249
Courserious   https://jvz8.com/c/202927/360397/
Coursova   https://jvz1.com/c/202927/376527
Creaitecontent  https://jvz1.com/c/202927/376986
Credit Repair   https://jvz8.com/c/202927/377815/
Cryptokit    https://jvz8.com/c/202927/383809/
CryptoRocket    https://jvz6.com/c/202927/378113/
CryptoUnderworld     https://jvz8.com/c/202927/374345/
Dealcheck     https://dealcheck.io?fp_ref=armin16
DesignaSuite      https://jvz2.com/c/202927/297271
DesignBeast    https://jvz6.com/c/202927/371547
DevelopSelfEmpowerment     https://jvz6.com/c/202927/383094/
DFYappBiz   https://jvz1.com/c/202927/388099/
DFYContentClub     https://jvz6.com/c/202927/381337/
DFYSuite   https://jvz3.com/c/202927/381194/
Diabetes Guide    https://jvz2.com/c/202927/358870/
Diddly Pay’s    https://jvz2.com/c/202927/315596
Diet fitness diabetes   https://jvz1.com/c/202927/286851
Domainname    https://jvz6.com/c/202927/377005
Dominate Email   https://jvz4.com/c/202927/386980/
Dropshiply   https://jvz3.com/c/202927/383483/
DUX Forex Signals   https://jvz3.com/c/202927/128215/
EBook Agency    https://jvz2.com/c/202927/384573/
Ejaculation Total   https://jvz2.com/c/202927/75989/
Email Monetizer    https://jvz2.com/c/202927/386337/
EngagerMate  https://jvz8.com/c/202927/328172
EngageYard   https://jvz2.com/c/202927/383051/
Explaindio    https://jvz1.com/c/202927/123757/
Extreme Adz   https://jvz8.com/c/202927/379244/
Extreme Coupon  https://jvz1.com/c/202927/216101/
EZ Local Appointment  https://jvz2.com/c/202927/385180/
Ezy  https://jvz1.com/c/202927/381935/
Ezy MultiStores  https://jvzoo.com/c/202927/381935
Facebook Cash Machine   https://jvz4.com/c/202927/382333/
Facedrip  https://jvz1.com/c/202927/376325/
FaceSwap   https://jvz4.com/c/202927/381768/
Fade To Black   https://jvz2.com/c/202927/344541
Fanpage  https://jvz4.com/c/202927/144349
Fitness Nutrition   https://jvz4.com/c/202927/353334/
Followup Builder   https://jvz3.com/c/202927/386313/
Forex Atlatian   https://jvz8.com/c/202927/25069/
Forex Blizz   https://jvz8.com/c/202927/144577/
Forex Blue Stark  https://jvz3.com/c/202927/47481/
Forex expert   https://jvz1.com/c/202927/376877
Forex Hybrid Scalper    https://jvz6.com/c/202927/95037/
Forex Joustar   https://jvz6.com/c/202927/381617/
Forex Mastery   https://jvz2.com/c/202927/144621/
Forex Scouts   https://jvz6.com/c/202927/132677/
forrk  https://jvz1.com/c/202927/373449
FusionMT4    https://jvz2.com/c/202927/372523/
FX Goldminer  https://jvz1.com/c/202927/381439/
Galactic  https://jvz1.com/c/202927/188236/
Gaming job   https://jvz2.com/c/202927/184902  s
Genesis Mining   https://www.genesis-mining.com/a/2535466
Gluten free   https://jvz4.com/c/202927/296191
GMB Magic  https://jvz2.com/c/202927/377194
Grafikky  https://jvz4.com/c/202927/383879/
Graphic Alta  https://jvz2.com/c/202927/324492/
Heal Your Emptiness   https://jvz6.com/c/202927/384848/
High Converting Emails  https://jvz3.com/c/202927/386305/
HostLegends    https://jvz4.com/c/202927/384755/
Hostley Domain Creator   https://jvz1.com/c/202927/379223/
Human Synthesys Studio  https://jvz8.com/c/202927/367353/
ImageX   https://jvz6.com/c/202927/363237/
IMSyndicator  https://jvz1.com/c/202927/370769
Inboxr   https://jvz2.com/c/202927/312692
Insta Keyword    https://jvz6.com/c/202927/351606/
Instant Website   https://jvz2.com/c/202927/377557
InstantWebsiteBundle          https://jvz6.com/c/202927/377557
iTraffic X  https://jvz2.com/c/202927/320466
keysearch  https://jvz3.com/c/202927/194909
KlickCourse   https://jvz3.com/c/202927/385006/
Klippyo Kreators  https://jvz8.com/c/202927/327447
KoinCart   https://jvz2.com/c/202927/383555/
Leadvalet   https://jvz3.com/c/202927/385580/
Levidio Royal Podcasting   https://jvz6.com/c/202927/384025/
Linkable DFY   https://jvz6.com/c/202927/385873/
Linkomatic  https://jvz2.com/c/202927/380937/
LiteTrading   https://www.litefinance.com/?uid=929237543
Live Your Truth  https://jvz6.com/c/202927/379020
Living An Intentional Life    https://jvzoo.com/c/202927/382455
Living an International Life    https://jvz8.com/c/202927/382455/
Local Leader   https://jvz8.com/c/202927/383715/
Local Sites   https://jvz4.com/c/202927/380543/
LocalAgencyBox  https://jvz2.com/c/202927/359468
LocalCentric   https://jvz2.com/c/202927/379339/
LocalioAI    https://jvz6.com/c/202927/378310/
MarketAll      https://jvz2.com/c/202927/386971/
Marketingblocks     https://jvz6.com/c/202927/374934
MarketPresso   https://jvz2.com/c/202927/369837
Massfluence  https://jvz4.com/c/202927/386885/
Mat1 Simple Funnel   https://jvz2.com/c/202927/380197/
Maxslides  https://jvz8.com/c/202927/376842
Mech Forex Robot   https://jvz6.com/c/202927/383447/
MediaCloudPro   https://jvz2.com/c/202927/343635
Megasuite   https://jvz3.com/c/202927/383953/
Mobi First   https://jvz2.com/c/202927/353694/
Motion Kingdom Studio  https://jvz4.com/c/202927/383177/
Movid Animation  https://jvz6.com/c/202927/380385/
MT4Code System   https://jvz2.com/c/202927/376925
My Passive Income   https://jvz1.com/c/202927/384099/
MyMailIt   https://jvz3.com/c/202927/292919
MyTrafficJacker   https://jvz2.com/c/202927/353558
Next Drive  https://jvz4.com/c/202927/371095/
NichBox  https://jvz2.com/c/202927/370705/
Organic Life Guide  https://jvz8.com/c/202927/366872/
Pcommerce   https://jvz6.com/c/202927/372265/
Phemex  https://phemex.com/register-vt1?referralCode=D8HUS2
Photokit  https://jvz4.com/c/202927/373207/
PicsAds   https://jvz2.com/c/202927/385468/
PigMoneyMethod   https://jvz2.com/c/202927/377665/
Pipstock    http://pipstockexchange.com/register?ref=204
Pitchdeck   https://jvz3.com/c/202927/347847/
Pixal  https://jvz2.com/c/202927/378775/
PixaStudio    https://jvz1.com/c/202927/373089/
Pixivid   https://jvz6.com/c/202927/385213/
PlanB Muscle Growth   https://jvz1.com/c/202927/36517/
PlayerNeos   https://jvz2.com/c/202927/376962
Podcast Advantage   https://jvz8.com/c/202927/379995/
Podcast Masterclass  https://jvz3.com/c/202927/379998/
PodKastr    https://jvz1.com/c/202927/369500/
PopLinks    https://jvz2.com/c/202927/368095/
Postradamus     https://jvz6.com/c/202927/108695
Power Reviews    https://jvz8.com/c/202927/384625/
Powrsuite   https://jvz1.com/c/202927/376361
PR Rage  https://jvz4.com/c/202927/343405
prime stocks   https://jvz8.com/c/202927/369164  prime stocks
Profile mate    https://jvz4.com/c/202927/358049
Promovidz   https://jvz8.com/c/202927/375692/
Push Button Traffic   https://jvz2.com/c/202927/301402
QR Verse   https://jvz3.com/c/202927/383865/
Quintex Capital     https://quintexcapital.com/?ref=arminham
Quit Smoking    https://jvz3.com/c/202927/359081/
QuizMatic   https://jvz6.com/c/202927/387116/
Reputor   https://jvz8.com/c/202927/380159/
ReVideo  https://jvzoo.com/c/202927/381761
ReviewReel   https://jvz6.com/c/202927/382663/
Rewriter   https://jvz4.com/c/202927/353373/
RSI SEO   https://jvz6.com/c/202927/384381/
Scriptdio   https://jvz4.com/c/202927/385387/
Seniors Income    https://jvz2.com/c/202927/383888/
Senuke  https://jvz6.com/c/202927/279944
ShopABot   https://jvz2.com/c/202927/291955
ShopFunnels   https://jvz3.com/c/202927/384069/
SocialAgency360   https://jvz1.com/c/202927/385357/
SociCake  https://jvz2.com/c/202927/321987
Socifeed   https://jvz6.com/c/202927/375706
SociJam  https://jvz2.com/c/202927/309649
Soronity  https://jvz6.com/c/202927/368736
SqribbleEbook   https://jvz6.com/c/202927/283867
Stackable Picture   https://jvz1.com/c/202927/385046/
Steven Alvey’s   https://jvz2.com/c/202927/351754
Stoodaio   https://jvz1.com/c/202927/372094
Storymate    https://jvz3.com/c/202927/320972
StoryReel   https://jvz3.com/c/202927/387813/
StreamPilot   https://jvz2.com/c/202927/385431/
Studioninja   https://jvz1.com/c/202927/374965
Sunday Freebie  https://jvz1.com/c/202927/267113/
Super backdrop   https://jvz8.com/c/202927/376524
Survai    https://jvz8.com/c/202927/380933/
Syndranker    https://jvz3.com/c/202927/378143/
Talkingfaces   https://jvz3.com/c/202927/375550
The Internet Marketing   https://jvz2.com/c/202927/289944
Tonai Voice Content   https://jvz8.com/c/202927/383117/
Toon Video Maker    https://jvz2.com/c/202927/357201
TrafficForU   https://jvz3.com/c/202927/381950/
Trendio  https://jvz3.com/c/202927/381003/
TubePal   https://jvz6.com/c/202927/379863/
Tubeserp   https://jvz3.com/c/202927/370472
TubeTargeter  https://jvz6.com/c/202927/377211
TuneMingo    https://jvz3.com/c/202927/386556/
TV Boss Fire  https://jvz6.com/c/202927/379480/
Ultrafunnels A.I   https://jvz2.com/c/202927/381129/
VIADZ Ad Template  https://jvz4.com/c/202927/379307/
Vidcentric   https://jvz4.com/c/202927/376095
Viddeyo    https://jvz6.com/c/202927/382326/
Videevolve   https://jvz4.com/c/202927/381011/
Vidently   https://jvz2.com/c/202927/387798/
Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games   https://jvz3.com/c/202927/184902/
VideoEnginePro     https://jvz2.com/c/202927/372916
VideoGameSuite    https://jvz3.com/c/202927/366537/
VideoRobot Enterprise   https://jvz8.com/c/202927/291061
VidKreate   https://jvz6.com/c/202927/386029/
VidMingo   https://jvz6.com/c/202927/378359/
VidRaffle   https://jvz2.com/c/202927/386840/
VidSnatcher    https://jvz3.com/c/202927/342585
VidVoicer  https://jvz1.com/c/202927/379983/
Vidzura   https://jvz4.com/c/202927/385754/
Viral dash   https://jvz6.com/c/202927/375959
Viral Quotes      https://jvz2.com/c/202927/386984/
VirtualReel   https://jvz8.com/c/202927/376849
Vocalic  https://jvz2.com/c/202927/383848/
VoiceBuddy    https://jvz1.com/c/202927/342854
WebCop  https://jvz4.com/c/202927/378683/
Webinarkit   https://jvz3.com/c/202927/383937/
Webprimo   https://jvz1.com/c/202927/379455/
WordPress Mastery   https://jvz1.com/c/202927/386249/
WowBackgraounds   https://jvz2.com/c/202927/381556/
WP GDPR    https://jvz8.com/c/202927/299907
WP Simulator    https://jvz3.com/c/202927/46987/
Writer Arc   https://jvz1.com/c/202927/386602/
writing job   https://jvz8.com/c/202927/213027
XBrain Forex   https://jvz3.com/c/202927/372305/
XFUNNELS   https://jvz2.com/c/202927/310335
Xinemax  https://jvz1.com/c/202927/381749/
YoDrive   https://jvz2.com/c/202927/384700/
YoSeller   https://jvz4.com/c/202927/387544/
Your 3DPal   https://jvz2.com/c/202927/381685/
YTSuite   https://jvzoo.com/c/202927/381179
Zappable   https://jvz3.com/c/202927/367328/

Reducing Risk When Migrating Mission-Critical Applications To The Cloud

Over the last decade, significant strides have been made in cloud computing, and today’s enterprises have substantial data and application footprints in the cloud. Many organizations are moving toward implementing cloud-based operations for their most crucial business applications.

A cloud-first mindset is usually a given for new companies and continues to gain traction for established enterprises. Still, existing legacy infrastructures and large on-premise footprints that don’t map easily to cloud architectures are slowing and even blocking faster adoption.

Organizations are poised to prioritize cloud investments over the next five years, according to the results of IDC’s Future of Operations research. The appeal includes the potential for an improved experience for customers, employees and suppliers/partners, better development agility, improved time to market and increased operational efficiency across organizations.

Although a pivot to the cloud could complete the evolution of the business from an operational and capital perspective, significant barriers to broader adoption still exist.

Cloud spending is on track to surpass $1 trillion by 2024, partly due to urgent changes to business operations driven by the pandemic, which accelerated cloud adoption timelines for many companies. And the results of recent research find that optimizing cloud costs tops companies’ 2021 priorities for the fifth year in a row.

Increasingly ambitious migration timelines are driving important decisions about moving critical applications without fully understanding the risks. Organizations are addressing application and data migration with largely ineffective one-size-fits-all solutions that don’t always meet expectations, often causing more problems than they promise to solve.

Others are moving with extreme caution when deciding which applications to keep on-prem and which to move, migrate or refactor. Mission-critical apps remain on the legacy infrastructure to assure control over the foundational data and safely maintain business as usual.

Moving from massive, on-prem data centers to the cloud presents a future filled with possibilities but also a level of risk due to the various unknowns within this significant paradigm shift. After all, a mission-critical app can be essential to the immediate viability of an organization and fundamentally necessary for success.

Although moving to the cloud is the way forward for many modern companies, migration can prove time-consuming and highly challenging, often with incomplete or unacceptable results. Successful migration can further business opportunities, but the risk of failure is considerable, and the high visibility that accompanies these major initiatives increases the level of exposure and consequences of said failure.

Mission-critical initiatives often cross the length and breadth of organizations, across low-level operational groups up to the C-suite and beyond. But just as all data is not created equal, neither are clouds or migration strategies.

Data Mobility Matters

With increasing cloud investments comes a growing need for more accessible data mobility. As more data moves to the cloud and strategies expand to occasionally include multicloud environments, there’s an expectation that underlying cloud resources deliver about the same level of performance as on-prem. But, often, the required type and volume of cloud resources are not available and deployment is difficult or impossible.

Performance is instrumental in determining where a mission-critical application should live and drives myriad scaling considerations and challenges. Sometimes, particular features, functionality and capabilities are lacking.

Perhaps the data primarily resides in a private or hybrid cloud to engage in cloud bursting on the public cloud when capacity needs to balloon. Longtime legacy challenges of architecting for the peak versus the average persist. Still, cloud decisions have forced IT leaders to relinquish a level of control over the physical infrastructure, significantly increasing risk.

Managing data mobility is challenging. To increase success, plan an approach that minimizes workflow disruptions of critical processes while ensuring sufficient capacity to support expected workloads and providing enough scalability to handle unexpected workloads. Managing random workload fluctuations requires a solid plan and a scalable, flexible and agile architecture to avoid those black swan events that are all too threatening.

Cloud Migration Considerations

Successful migration is not easy, but for many applications, it’s pretty simple to migrate to a platform as a service (PaaS) or managed service and be up and running fairly quickly. But for those performance-sensitive vertical stack monolithic applications running on the most expensive hardware for decades, moving can prove challenging and even impossible.

Ideally, refactoring enhances an application without negatively modifying external behavior and improving the internal architecture, as well as perhaps gaining cost efficiencies, maintenance or performance. But not all mission-critical applications are a fit for a refactor. Complexity, cost and the risk of disrupting a mission-critical app that’s performing as expected are valid reasons to leave some apps on-prem.

Others are constrained by performance requirements that aren’t achievable in the cloud with current offerings. There are fundamental limitations to the types of applications and databases that can quickly move to the cloud, and overhauling those solutions introduces significant risk, possibly resulting in critical delays and higher costs.

Solving Migration Problems

The best plan to mitigate the risks and improve the odds for cloud migration is to eliminate silos between multiple clouds and on-prem — regardless of type or location — facilitating a free flow of information in a simple, resilient, well-understood fashion. The next truth can’t be overstated:

Data is the new oil and should be treated as such. Just as trained specialists are leveraged to find and extract oil, specialized experts should be utilized when performing high-risk, business-changing moves regarding mission-critical data and the application stacks that access it. Ideally, the team migrating mission-critical applications should be proficient in enabling data mobility across environments without refactoring to reduce risk.

The question of cloud migration in 2021 is often no longer “if” but “when and how.” The material risk of maintaining the status quo can be significant, and avoiding moving mission-critical applications to the cloud is often no longer an option. A wise man once said, “What’s dangerous is not to evolve,” and this truism fully applies to an organization’s journey to the cloud.

Follow me on LinkedIn. Check out my website

Source: Reducing Risk When Migrating Mission-Critical Applications To The Cloud

Bank Of America Listed Among Heavyweights Invested In $300 Million Blockchain Funding Round

On Thursday trading

Originally announced in April, the bank joins other well-known investors such as PayPal PYPL -2.1%, crypto derivatives exchange FTX, and Coinbase. The round was led by Oak HC/FT and gives Paxos a $2.4 billion dollar valuation, with it having raised $540 million across multiple rounds of funding.

This investment comes to light after the May 2021 announcement that Bank of America joined the Paxos Settlement Service, which allows for same-day settlement of stock trades. Other partners on the network include Credit Suisse and Japanese bank Nomura Holdings.

In announcing the new investors Paxos CEO Charles Cascarilla noted, “We’re at the beginning of a technological transformation where new market infrastructure is needed to replatform the global financial system. Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible and digital economy. We’re defining this space and are excited to grow our enterprise solutions beside these market leaders.”

Additionally, Bank of America appears to be warming up to digital assets and cryptocurrencies. The bank created a research team in July to analyze the emerging asset class and its various applications. On July 16th it was reported that the bank would allow bitcoin futures trading for select clients.

By taking this step, it appears that Bank of America is following the lead of its fellow financial services brethren, who are increasingly engaging with the space, often in response to consumer demand. Bank of America is following the lead of its fellow financial services brethren, who are increasingly engaging with the space, often in response to consumer demand.

State Street STT -0.8% recently created an entire digital assets division, and in an interview with Forbes Jenn Tribush, Senior Senior Vice President & Global Head of Alternatives Product Solutions said, “We’re going to bridge between the innovation that’s happening within the digital world with solving the need for clients to be able to operate in this new paradigm so for me it’s incredibly important to have this level of focus within a dedicated division.”

Source: Bank Of America Listed Among Heavyweights Invested In $300 Million Blockchain Funding Round

.

Critics:

Paxos – a provider of blockchain infrastructure – said Bank of America, crypto exchange FTX, Founders Fund and Coinbase Ventures were among a heavyweight list of investors in its $300 million Series D funding round, the firm disclosed on Thursday.

Oak HC/FT led the funding round, which the nine-year-old company announced in late April at a valuation of $2.4 billion. The round also included PayPal Ventures and Mithril Capital, among others. The firm has raised more than $540 million over multiple funding rounds.

The company noted that Bank of America joined the Paxos Settlement Service earlier this year. The platform uses blockchain technology to achieve same-day settlement of stock trades. Paxos started providing infrastructure for PayPal’s crypto service last year, which has extended to PayPal’s Venmo payments app. Credit Suisse, fintech Revolut and Societe Generale are among other customers.

.

Related Stories:

AS Roma Football Club Signs $42M Deal With Blockchain Fintech Zytara Labs

Amazon: No, We Have No Plans to Accept Bitcoin Payments

Binance’s CZ Is Looking for His Replacement as Exchange Gets Regulatory House in Order

Ripple On-Demand Liquidity Corridor Opens Between Japan and Philippines

Uniswap Says It’s Talking With PayPal, Robinhood and More in Deleted Video

Crypto User Numbers Double in 6 Months

Lending Platform Vauld Raises $25M in Round Led by Peter Thiel-Founded Venture Firm

Bitcoin Overbought at $40K Resistance; Support at $34K-$36K

EU-Backed Investment Fund Puts $30M Into Crypto VC Firm’s New $130M Vehicle

Argo CEO Named Interim Chairman With US Share Sale Planned

Why Wall Street Is Afraid of Government-Backed Digital Dollar

Imagine Imagine logging on to your own account with the U.S. Federal Reserve. With your laptop or phone, you could zap cash anywhere instantly. There’d be no middlemen, no fees, no waiting for deposits or payments to clear.

That vision sums up the appeal of the digital dollar, the dream of futurists and the bane of bankers. It’s not the Bitcoin bros and other cryptocurrency fans pushing the disruptive idea but America’s financial and political elite. Fed Chair Jerome Powell promises fresh research and a set of policy questions for Congress to ponder this summer. J. Christopher Giancarlo, a former chairman of the Commodity Futures Trading Commission, is rallying support through the nonprofit Digital Dollar Project, a partnership with consulting giant Accenture Plc. To perpetuate American values such as free enterprise and the rule of law, “we should modernize the dollar,” he recently told a U.S. Senate banking subcommittee.

For now the dollar remains the premier global reserve currency and preferred legal tender for international trade and financial transactions. But a new flavor of cryptocurrency could pose a threat to that dominance, which is part of the reason the Federal Reserve Bank of Boston has been working with the Massachusetts Institute of Technology on developing prototypes for a digital-dollar platform.

Other governments, notably China’s, are ahead in digitizing their currencies. In these nations, regulators worry that the possibilities for fraud are multiplying as more individuals embrace cryptocurrency. Steven Mnuchin, former President Donald Trump’s treasury secretary, said he saw no immediate need for a digital dollar. His successor, Janet Yellen, has expressed interest in studying it. Support for a virtual greenback cuts across party lines in Congress, which will have a say on whether it becomes reality.

At a hearing in June, Senators Elizabeth Warren, a Massachusetts Democrat, and John Kennedy, a Louisiana Republican, signaled openness to the idea. Warren and other Democrats stressed the potential of the digital dollar to offer free services to low-income families who now pay high banking fees or are shut out of the system altogether.

Kennedy and fellow Republicans see a financial equivalent of the space race that pitted the U.S. against the Soviet Union—a battle for prestige, power, and first-mover advantage. This time the adversary is China, which announced this month that more than 10 million citizens are now eligible to participate in ongoing trials.

The strongest opposition to a virtual dollar will come from U.S. banks. They rely on $17 trillion in deposits to fund much of their core business, profiting from the difference between what they pay in interest to account holders and what they charge for loans. Banks also earn billions of dollars annually from overdraft, ATM, and account maintenance fees. By creating a digital currency, the Federal Reserve would in effect be competing with banks for customers.

In a recent blog post, Greg Baer, president of the Bank Policy Institute, which represents the industry, warned that homebuyers, businesses, and other customers would find it harder and more expensive to borrow money if the Fed were to infringe on the private sector’s historical central role in finance. “The Federal Reserve would gain extraordinary power,” wrote Baer, a former assistant treasury secretary in the Clinton administration.

Some economists warn that a digital dollar could destabilize the banking system. The federal government offers bank depositors $250,0000 in insurance, a program that’s successfully prevented bank runs since the Great Depression. But in a 2008-style financial panic, depositors might with a single click pull all their savings out of banks and convert them into direct obligations of the U.S. government.

“In a crisis, this may actually make matters worse,” says Eswar Prasad, a professor at Cornell University and the author of a book on digital currencies that will be published in September. Whether a virtual dollar is even necessary remains up for debate. For large companies, cross-border interbank payments are already fast, limiting the appeal of digital currencies. Early adopters of Bitcoin may have won an investment windfall as its value soared, but its volatility makes it a poor substitute for a reliable government-backed currency such as the dollar.

Yet there’s a new kind of crypto, called stablecoin, that could pose a threat to the dollar’s dominance. Similar to the other digital currencies, it’s essentially a string of code tracked and authenticated via an online ledger. But it has a crucial difference from Bitcoin and its ilk: Its value is pegged to a sovereign currency like the dollar, so it offers stability as well as privacy.

In June 2019, Facebook Inc. announced it was developing a stablecoin called Libra ( since renamed Diem). The social media giant’s 2.85 billion active users worldwide represent a huge test market. “That was a game changer,” Prasad says. “That served as a catalyst for a lot of central banks.”

Regulators also have concerns about consumer protection. Stablecoin is only as stable as the network of private participants who manage it on the web. Should something go wrong, holders could find themselves empty-handed. That prospect places pressure on governments to come up with their own alternatives.

Although the Fed has been studying the idea of a digital dollar since at least 2017, crucial details, including what role private institutions will play, remain unresolved. In the Bahamas, the only country with a central bank digital currency, authorized financial institutions are allowed to offer e-wallets for handling sand dollars, the virtual counterpart to the Bahamian dollar.

If depositors flocked to the virtual dollar, banks would need to find another way to fund their loans. Advocates of a digital dollar float the possibility of the Fed lending to banks so they could write loans. To help banks preserve deposits, the government could also set a ceiling on how much digital currency citizens can hold. In the Bahamas the amount is capped at $8,000.

Lev Menand, an Obama administration treasury adviser, cautions against such compromises, saying the priority should be offering unfettered access to a central bank digital currency, or CBDC. Menand, who now lectures at Columbia Law School, says that because this idea would likely require the passage of legislation, Congress faces a big decision: to create “a robust CBDC or a skim milk sort of product that has been watered down as a favor to big banks.”

By: Christopher Condon

Source: Cryptocurrency: Why Wall Street Is Afraid of Government-Backed Digital Dollar – Bloomberg

.

Critics:

Wall Street is warming up to the idea that the next big disruptive force on the horizon is central bank digital currencies, even though the Federal Reserve likely remains a few years away from developing its own.

Led by countries as large as China and as small as the Bahamas, digital money is drawing stronger interest as the future of an increasingly cashless society. A digital dollar would resemble cryptocurrencies such as bitcoin or ethereum in some limited respects, but differ in important ways.

Rather than be a tradable asset with wildly fluctuating prices and limited use, the central bank digital currency would function more like dollars and have widespread acceptance. It also would be fully regulated and under a central authority.

Myriad questions remain before an institution as large as the Fed will wade in. But the momentum is building around the world. As the Fed and other central banks work through those logistical issues, Wall Street is growing in anticipation over what the future will hold.

“The race towards Digital Money 2.0 is on,” Citigroup said in a report. “Some have framed it as a new Space Race or Digital Currency Cold War. In our view, it doesn’t have to be a zero sum game — there’s a lot of room for the overall digital pie to grow.”

There, however, has been at least the semblance of a race, and China is perceived as taking the early lead. With the launch of a digital yuan last year, some fear that the edge China has ultimately could undermine the dollar’s status as the world’s reserve currency. Though China said that is not its objective, a Bank of America report notes that issuing digital dollars would let the U.S. currency “remain highly competitive … relative to other currencies.”

References:

%d bloggers like this: