Home Blog Page 800

Promoting Organizational Resilience with a Message of Hope

By David De Cremer

The pandemic has made one thing clear to organizations: In times of crisis and brutal changes, many companies and their employees are in need of an emotional boost to cope and re-vive their efforts and ambitions. Indeed, the COVID-19 crisis has proven to be a burden to many, up to the point where people have lost optimism. That most employees today are experiencing a wide mix of emotions is clear, but feelings have a bad reputation in business  because they are generally considered to complicate work relationships and decision-making. It is therefore no coincidence that the phrase “it’s not personal, it’s just business” is so often used when difficult decisions have to be made.

Emotions in the work place, however, are not all bad. In fact, emotions are part of work life, just as they are part of the experience of being human and therefore leadership should recognize employees’ affective states as realities they also have to work with. As a matter of fact, when it comes down to being an efficient leader, what matters is how we can deal with these emotions, and use them in creative and constructive ways. The latter is actually an important ability for leaders to acquire, as managing employees’ emotions is an important task when building the right work culture. Specifically, organizational cultures are not simply cognitive notions that are supposed to guide how employees should think and act. These cultures also represent shared emotional values and the feelings that employees during work hours express.

In times of crisis, the emotional underpinnings of an organization will surface easily and therefore need to be managed well by its leadership. Managing emotions are important to move a company forward and as such constitutes an important part of the vision that leaders communicate. By making use of this emotional route, leaders are effective in outlining a hopeful future and to energize their work force to follow the path of recovery as defined in their vision. As Napoleon Bonaparte said, “A leader is a dealer in hope.” 

By making use of this emotional route, leaders are effective in outlining a hopeful future and to energize their work force to follow the path of recovery as defined in their vision. As Napoleon Bonaparte said, “A leader is a dealer in hope.” 

A recent example where the emotional undertone of the organizational culture is being tapped into to stay afloat concerns the Chinese telecom giant Huawei. The company, which was founded in Shenzhen in 1987 by Ren Zhengfei, rose to global leadership when it surpassed then-world leader Ericsson in 2012 in terms of sales revenue and net profit (Tao, De Cremer, & Chunbo, 2017). Until 2020 the net revenue of Huawei kept growing, but in 2021 the financial consequences of the US sanctions have revealed itself. Specifically, Eric Xu Zhijun, Huawei’s rotating chairman, noted recently that these sanctions affected especially the company’s smartphone business by leading up to losses of US$30 billion a year. Furthermore, in the second financial quarter of 2021, Huawei reported a 38% decline in sales (Bloomberg, 2021). With the prospect of financial hardship and, as Eric Xu noted in April of this year, with no illusion that the US will lift the sanctions against the company, a grim and dark future seems to be lying ahead (Chen, 2021).  

However, the spirit of the company does not seem to be harmed, but rather uplifted. Indeed, Ren Zhengfei has repeatedly noted that “there has been no chaos within the company,” “Instead, the company is now more united than ever, and has even attracted more talent.” As such, the company leadership clearly has been effective in keeping spirits positive and high. Ren Zhengfei primarily did so by announcing several times that Huawei does matter and can contribute significantly to the world by means of their innovation. At the same time, while emphasizing the positive impact that Huawei has had and will continue to have, he also made clear that the Huawei identity was being attacked, but that this threat would be averted by their sense of unity within the company. This kind of communication sustained employees’ sense of confidence and that hope could be seen at the horizon as the company would remain impactful and continue to make progress; which is a strategy that brings emotions to the fore with the aim to promote employee engagement (Lencioni, 2015).

The founder’s communication style that appealed to the feelings of the employees to sustain and further strengthen their commitment to the company has so far thus been successful in keeping people motivated, despite the financial set-backs. But, the leadership spark that has uplifted spirits by improving feelings of pride and hope was the release of Meng Wangzhou, who is the daughter of Ren Zhengfei and CFO of Huawei. She was arrested in December 2018 in Vancouver (on 24 September 2021, prosecutors in the New York federal court communicated that she would be released). An international warrant, issued by the US government, charged Meng and Huawei with bank and wire fraud in violation of American sanctions on Iran. The then-president Donald Trump did not only issue this international warrant, but also dragged especially the Chinese technology company into the trade war that he started with China, making that Huawei became blacklisted by many Western countries (De Cremer, 2020). Her return was a morale booster hardly ever seen at the corporate level.  

What her return to China did was a few steps beyond Ren Zhengfei’s efforts, by eliciting a sense of companionate love within the company. Ren Zhengfei set the stage by bringing employees’ emotions to the surface in their battle with the US, but Meng’s return activated a degree of affection that companies only can appeal to in very rare situations. Companionate love has been defined as the degree of affection, caring, and compassion that employees feel and express toward one another. It is a deep emotional sense of commitment to the company where employees are careful about each other’s feelings, express compassion when things don’t go well and support and care about each other in such stressful moments. These emotional outbursts were indeed observed when Meng returned home as employees could be seen to be ecstatic, proud of their CFO, and hopeful that their resilience eventually will overcome everything. At this moment, Huawei employees clearly feel and believe that they belong to a special collective that takes care of each other and is united in their fight for a future where the company will grow again.  

Huawei employees clearly feel and believe that they belong to a special collective that takes care of each other and is united in their fight for a future where the company will grow again.

All of this makes clear that Meng Wanzhou has transformed herself into a beacon of hope and a capable leader who symbolically represents everything the company prides itself to be.  Such leadership able to touch the deepest feelings of its employees creates a work culture where there will be less burnout, higher job satisfaction and commitment, and lower levels of absenteeism (Barsal & O’Neill, 2014). These are conditions that have been demonstrated to lead to better work performance, and ultimately higher productivity (Barsal & O’Neill, 2016). For Huawei this is the best outcome possible at the moment. Why? Many do not expect that with the release of Meng, the tensions between the two countries will suddenly disappear. In fact, it is likely that Huawei will continue to walk down a difficult road and suffer financial hardship (Hu, Deng, & Pan, 2021). If this is the case, then this rise of companionate love may be a much-needed solution for the company, as it will help them to survive over the longer term.  

The presence of companionate love facilitates the condition where emotions are understood, accepted and experienced as mood boosters that will create the perfect conditions to perform in sustainable ways. Indeed, positive mood makes people almost 20% more productive and when it comes down to the sales department, this love-kind of work climate may even improve sales by 37% (Preston, 2017). And, especially relevant to Huawei’s situation, research also revealed that happy employees made the stock prices of Fortune’s “100 Best Companies to Work for” rise by 14% per year (based on data from 1998 to 2005; Preston, 2017).  

With Huawei moving out of the smartphone business and applying their tech know-how to other industries (De Cremer, 2021), these numbers indicate that the emotion-inspiring leadership styles of Ren Zhengfei, and especially Meng Wanzhou, may well be the medicine that the doctor ordered for Huawei to succeed in their new business endeavours – almost regardless of whether US sanctions stay in place or not. As Meng Wanzhou noted when returning to work “Over the last three years, although we have struggled, we have overcome obstacles and our team has fought with more and more courage,” (Deng, 2021), as such making clear that their emotional strength and spirit will be an important engine for their survival strategy.

Go to top

About the Author

David De Cremer

David De Cremer is a Provost’s chair and professor in management and organizations at NUS Business School, National University of Singapore. He is the founder and director of the Centre on AI Technology for Humankind at NUS Business school. Before moving to NUS, he was the KPMG endowed chaired professor in management studies and current honorary fellow at Judge Business School, University of Cambridge. He is named one of the World’s top 30 management gurus and speakers in 2020 by the organization GlobalGurus, one of the “2021 Thinkers50 Radar list of 30 next generation business thinkers”, nominated for the Thinkers 50 Digital Thinking Award (a bi-annual event that the Financial Times deemed the “Oscars of Management Thinking”), and included in the World Top 2% of scientists (published in 2020). His latest book is “Leadership by algorithm: Who leads and who follows in the AI era?”  

References 

How To Choose the Best Crypto Exchange Platform

The buying and selling of assets are not only limited to stocks and bonds; with the rise of digital currency, trading platforms have also begun to increase to make transactions more seamless and easier for crypto users. These platforms are used to generate profit from the financial market, and for crypto exchange platforms, the volatility of the market is what’s being taken advantage of. Selecting an exchange platform can be complex, especially if you are a beginner.

So we have compiled some pointers for you in this article to choose the platforms that will work best for you.

Ease of Use

For a beginner, a lot of things may still be unclear to you. So if you are looking for a place to start, you should look at a platform that is simple and easy to understand. Since apps are used here, have a look at an app that has a user-friendly feature, offers a free wallet upon signing up, offers basic guides with regards to crypto, and has a feature where you can see price notifications or where you pay using different cryptocurrencies.

Transparency and Authenticity 

One way or the other, you may have to contact your exchange platform, so you have to look for one that offers customer care or support and one that is open to revealing the names of the company owner and their company team. You should also pick a platform that’s very responsive to inquiries.

Fees and other Charges 

Beware of platforms that have hidden charges. It is good to compare the fees from different platforms, and you should know that most platforms charge fees. 

In some countries like Australia, conversion fees may apply before you can do the exchange or before you can trade especially when it comes to known crypto such as Bitcoin. For this, we recommend that you see this review to know how much certain trading platforms charge for conversion fees in Australia. 

But wherever you are in the world, just remember that a platform should include knowledge of any fees that may apply before you sign up. 

Coin Selection 

With thousands of digital currencies out there, choose a platform that should have a vast selection of crypto coins.

Security

This should be seen as a paramount indicator of an exchange platform since you are dealing with notable prized assets. For this, choose a platform that offers cold storage or a cold wallet, especially if you have a substantial amount of digital currency. Also, look for KYC or the Know Your Customer policy — a secure platform should have this together with a web address that starts with HTTPS instead of HTTP. Lastly, look for a multilayered verification process, especially when withdrawing crypto.

Final Words 

With all the things mentioned that you should consider when looking for an exchange platform, the best thing you can do is do your research, and nothing beats that. Compare the platforms and check the reviews from good to bad. Read more on trading platforms so that you can be educated enough before trying a few exchanges. Plus, you can also try to do a few exchanges before you commit to one. Choosing wisely can help you achieve the best cryptocurrency experience.

Go to top

How to Claim Personal Injury: X Working Tips

A personal injury claim can get complicated if not handled properly. Since it has legal connotations, it’s best to take legal advice and proper legal steps to file a claim for personal injury.

But before we get into the tips on how to claim personal injury, we need to know what personal injury means in the legal world.

What is personal injury?

In legal terms, personal injury means any injury to your body, as opposed to any injury of property. It is a law of tort, and this injury can be done through negligence, reckless conduct, etc. The person filing for personal injury can demand compensation.

So, we know what personal injury means. Now, let’s get into how you can claim personal injury with these ten tips:

  1. Insurance policy– Before making any accusations on the person who might be responsible (legally) for your injury, check if that person has reliable insurance. This means that if you claim personal injury from a person who has insurance, it can say a lot about whether you will be able to collect compensation/damages for your personal injury.
  2. Finding out the culprit– This might sound like the most stupid question. Of course, you know who injured you. But in the legal world, that’s not enough. You might know who is responsible for your injury, but when claiming personal injury, you need to figure out who you are making your claim against. For example, you got injured by the machine used in your office. You might think your office/employer is responsible, but no. The claim will be against the company that produced the machine.
  3. Evidence– Your claims should be backed up by sufficient, believable proof.
  • Tell the basic “when and where” of the incident.
  • Were there any bystanders who saw the entire ordeal taking place?
  • How/why the incident happened, who, according to you, was responsible, and what happened after the incident.

These all things will make your claim more rooted and substantial.

  1. Injury assessment– Since you are claiming personal injury, you need to show evidence that your body was injured by the accused. Lawyers will also go through your medical records related to the injury, assess how this injury will affect you in the long run, and take other steps to ensure that you don’t come out empty-handed.
  2. Compensation amount– After the evidence has been collected and assessed thoroughly, you need to figure out how much compensation amount you will likely receive. Factors taken into account for compensation are; the extent of your injury, the cost of treatment/medical assistance for your injury, travel costs during your recovery from injury, etc.
  3. Settlement process– After all the information is laid before the other party, a settlement will be reached. The accuser’s party might negotiate, but it is entirely up to you to take that offer or decline it. You can tell your lawyers how much you are willing to settle for, and they will negotiate the amount on your behalf.
  4. Payment– Once the court has ruled in your favour, it is time to decide the payment process. You might get the entire amount paid to you when your claim ends, or you might get what we call “periodical payments“. These payments are made monthly/yearly and are opted for when the compensation is for a long term.
  5. Legal advice– It is highly recommended to take the help of professionals during this time. It is normal to generally not know how to claim personal injury, reach a settlement, and proceed with the whole situation. A lawyer will make you aware of your rights in this personal injury claim and also about the time this process can take. You can consult Hickey Lawyers for expert legal advice.
  6. Realistic expectations– You need to be realistic while claiming compensation. You will be compensated according to the extent of your injury. If you ask for an impossible amount, you might just end up with nothing.
  7. Lawsuits– Technically, most personal injury claims are settled before it goes to trial. Even a lawsuit is not filed sometimes. But if you think a lawsuit is necessary because of the gravity of the injury, then consult with your lawyer and go for it.

Final Thoughts

So, I hope this blog gave you some clarity about what to do while claiming personal injury. Just follow these tips, and you’ll be on the right track!

Go to top

Five Health Benefits of Cycling

Cardiovascular fitness is built by doing aerobic activities. Doing aerobic activity means putting the body through free oxygen. Activities like walking, jogging, cycling, swimming, rowing all are aerobic activities. Cardiovascular fitness enhances body strength and to be fit and healthy, staying physically active is necessary. Cycling is a very healthy exercise that can be easily fit into your routine. Investing time in riding can protect you from many health risks such as diabetes, obesity, some cancers and arthritis.

Cycling is the most accessible form of exercise that can be put into your daily routine. Simply, if you wish to go somewhere, then instead of burning fuel, burn calories. Also, cycling is a fun and stress-relieving activity. Many people have achieved their dream body by cycling.

Cycling is something you can do at any age, no matter if you are a kid, young adult or older adult, you can always pick up a cycle and ride away from all your way.

So here are five benefits of cycling that can enhance your physical well being-

1. Burns calories

Cycling daily can help you a lot in managing your weight. Cycling involves the strength training of your muscles. Aerobic activity always increases the metabolism rate of the body. Increased metabolic rates build muscle, thereby allowing individuals to burn more calories to maintain ideal body weight.

You are not supposed to practice hefty workout sessions. Just riding for about half an hour a day can help you manage your weight ideally. It has been observed that cycling has helped people lose visceral fat who were once overweight and obese. Also, the bunch of hormones that your body releases produce happy hormones that make you more comfortable.

2. Build up strength

Cycling means doing a leg workout, usually the leg day of your Gym. Cycling daily improves the overall functioning of our body; it also strengthens leg muscles and tones them in the way you want, so if you’re going to bring cuts and tone your legs, cycling can be the best option to choose.

Cycling mainly targets the quads, glutes, hamstrings and calves. Doing exercise to tone these mentioned muscles of your legs can enhance your cycling performance. Cycling can be made easier and smoother by opting for cycling apparel that lets you have a swift riding experience.

3. Mental stimulation

Giving mental stimulation especially relieves stress and fights depression and anxiety. Cycling also enhances concentration; while cycling, the rider has to focus on the road and be present at that moment. This increases awareness and develops concentration. After a mentally tiring day going on a cycling tour releases endorphins, the relaxing hormones and lower stress levels and helps you feel better after a hectic day.

Cycling also reduces the chances of Alzheimer’s in older people. Not doing any activity improves the risk of osteoarthritis. Introducing cycling can enhance your balance and posture.

4. Kickstart your morning

Cycling is the best way to begin a workout session in the morning. Choosing to ride a bicycle in the morning can start your day in a healthy way. Cycling boosts the circulation in the body. Feeling good and energetic in the morning is the best thing you can accomplish as soon as you wake up in the morning.

When the stomach is empty, opting for a fasted morning ride can burn fats. Riding a bicycle produces lots of sweat in a short time. Production of work leads to better muscle wastage and fat burns.

5. Improves health

Cycling plays a significant role in improving health. Regular cycling leads to a healthy and rejuvenating body. Picking up the habit of cycling at an early age also enhances the health of your heart. People who have introduced cycling in their routine have observed good healthy changes in them. One of the best benefits provided by cycling is fat loss. Cycling eliminates many sorts of health problems. Cycling is an aerobic exercise that helps to fight issues such as overweightness and obesity.

Parting Thought

Doing exercise is better than doing no exercise, so why not choose cycling if you are not a workout lover. Also, when you already know that cycling has so many benefits, why not use it as your leisure time hobby. Cycling enhances the longevity of your life and also leads to slower ageing. Every exercise reduces stress and anxiety, so call up your friends, pick up your bicycles and go for mind refreshing rides.

Go to top

6 Hacks To Grow Your Hospitality Business in 2022

The hospitality industry is a highly competitive one. If you are looking to grow your business in this tough industry, here are some hacks for you:

1. Improve Your Customer Service

The hospitality industry is entirely focused on the satisfaction of customers. Offering good customer service is one of the most important factors that determine the success of any organization in the hospitality industry.

Whether you are a restaurant, a hotel or anything else, you must ensure that you work towards creating a great experience for all your customers. And that’s not where customer service ends.

Often, some people may face some problems or have some complaints about various things. It is important that you have a decent complaint redressal mechanism in place to tackle these issues.

Hire good customer service staff that can deal with any issues people face while being patient and polite. Not just that, you need to have a portal on your website and an email or phone line dedicated to resolving customer issues.

The easier it is for people to talk to your organization and resolve any problems or queries, the better relationships you will be able to make. The easier it is for people to talk to your organization and resolve any problems or queries, the better relationships you will be able to make. You can streamline the check-in process using a visitor management system to act as your digital receptionist. This can also help your customers feel safer in the post-covid world as it enables a contactless check-in process.

2. Build A Good Website

There is very little possibility that anyone in the hospitality industry can make good profits without building a strong website. Almost everyone who is going to visit a restaurant has access to the internet and would like to check out the place before they set foot in it.

If your online presence is not much and they don’t get a lot of information about your business, it is highly unlikely that they would want to visit your place. A good website will ensure that customers learn everything about your restaurant with a simple click of their fingers.

Include all the important information – address, working hours, offers, specialties and reviews on your website that can give a new customer better idea about what exactly your organization is and if it meets their tastes.

3. Build Social Media Presence

Almost everyone is present on social media by using some platform or the other. A number of people in the hospitality industry have created some really popular social media pages that promote their brand and attract more customers to their business.

If you want to compete with them and let more people know about what you have to offer, you need to have a good social media presence. Figure out which platform most of your existing customers use. It will give you a better idea of where you need to focus more of your energy.

Create fun content that highlights different aspects about your restaurant. You can also do things like offering a certain discount to someone who tags your restaurant on their social media profiles. This will help the word about your business spread faster and thus, help you grow.

4. Online Ordering System

Convenience is extremely important to all customers- existing and potential. While your restaurant may be in an ideal spot that is easily accessible by a large number of people, some of them may still find it difficult to visit due to time constraints. They might turn to ordering food online.

If your business does not have a good online ordering system in place, you will lose out on a lot of potential orders. Build an easy-to-use system on your website or a third-party app. It will also help you gain a lot of new customers.

To boost efficiency and streamline operations, hospitality businesses, especially food trucks, can greatly benefit from adopting a food truck POS system. This technology not only simplifies transaction processing but also integrates seamlessly with online ordering, inventory management, and customer loyalty programs. By using a reliable POS system, businesses can enhance customer satisfaction, speed up service, and track key sales metrics, leading to more informed business decisions and, ultimately, growth in a competitive market.

5. Offers and Discounts

What many business owners in the hospitality industry forget is that they need to offer some discounts and other offers to customers from time to time.

This helps customers feel like they are getting a better deal and saving money and also helps your business get some promotion as people discuss the offers with their friends and family.

Seasonal discounts and discounts on someone’s birthday or anniversary will help you build stronger relationships with customers.

6. Shake Up the Menu

If you see that some things you are putting on offer to your customer are not as good as you expected them to be, it might be time to replace them. Firstly, look at your pricing.

Most often, the reason why a particular service or dish is not doing well is because it is priced too high. If you can’t change the pricing, you should look at other reasons why it is failing.

If your restaurant does not have a website, it can be difficult for customers to find you online. Thankfully, there are many restaurant website builders available that make it easy to create a professional-looking website for your establishment. With a restaurant website, you can display your menu, hours, location, and other important information that can help attract new customers and keep your regulars up-to-date.

Generally, changing some things and adding new recipes is a great way to generate buzz about your business. Promoting new items on your website and social media would lead to more people coming in or ordering online just to get a taste of the new item.

These hacks will ensure that your business beats out the competition and makes it big in hospitality.

Go to top

Reach for the 5 Stars in Google: the Best 5 Tools To Build Reviews For Google My Business Account

If earlier a good plumber or a restaurant was found by the word-of-mouth method, today everything is found on the Internet – in Google, to be more exact. Hence, Business Profiles in Google make you more visible to your local customers and showcase the services or goods you supply in the best possible light – but under certain conditions. Your business profile needs to abound in reviews from customers, preferably satisfied ones. Then it will be ranked high in local search and your place will be on top of the list offered to people looking for this particular kind of service in the nearby area.

Yet, the point is that a literal key to your Business Profile is a separate Google My Business account, and it is through this account that you claim, edit and update the Business Profile and manage the reviews. The more reviews and your answers to questions that people ask – the higher the Google ranking and trustworthiness of your business, especially among locals.

So, to stay on top and be competitive according to the Google rules, you need to:

  1. Set up a Google My Business account,
  2. Manage with its help the Business Profile carefully, that is, keep the info correct, upload new photos, add new features, etc.
  3. Get Google reviews regularly and manage them – reply, deal with negative ones, answer questions, and so on.

Getting More Reviews: Limitations Of Google My Business Tool

However, the Google My Business account has a limited toolkit for managing reviews, and you will need some assistance to boost the process. There are dedicated tools that help you ask (and remind) customers to leave reviews, make this process streamlined and fast, and let you interact with these reviews in time and in the best possible mode, depending on the situation. Moreover, such tools can search the web, find reviews mentioning your company on third-party sites and integrate them all into your Business Profile, thus making it fluffed up and competitive on the market. 

Finally, such tools have you covered in case you need to detect and respond to negative reviews ASAP. These systems have internal alerts about 1-star ratings and bring suggestions on dealing with problematic reviews for the best outcomes (like templates of civil apologizing responses, etc.). Remember that a company is evaluated 

not only by the sheer number of reviews but also by the number of negative reviews and responses you provide. 

Below, we have compiled the list of the 5 best tools to use for getting more reviews for Google My Business (GMB) and for managing these reviews better and faster. Mind that we do not advise you to buy Google My Business reviews because the harm to your reputation may outweigh the potential gains. Just nicely remind customers to write a couple of warm words about your services and the results will be more than positive.

1. Trustanalytica.com End-To-End Business And Reputation Management Tool

TrustAnalytica is a powerful tool that combines business management, CRM functions, and reputation management under one roof. So, together with Get Reviews campaigns, you get communication tools, a convenient dashboard, contacts manager, messenger, marketing kit, and more useful options. The standard package includes multichannel review requests linked to your customers’ database, signature Review Reminder emails, badges, a widget, and supporting features to streamline reviews management. With this tool, you can generate, display, and respond to reviews in a smooth and efficient way.

  • Pros: an accessible and capacious tool.
  • Cons: somewhat limited number of reviews per campaign in a starter package, but with an upgrade, this problem is solved.
  • Pricing starts at $99 per month for the whole end-to-end business management solution, where reputation management and reviews building come for less than $10 monthly.

2. BrightLocal Reputation Manager

BrightLocal offers a decent reputation management solution that can be purchased alone or as a part of a local digital marketing kit. The reputation management tool includes Get Reviews campaigns rolled out via SMS, emails, in-store devices, and an analytical tool for measuring impact, etc. With help of this tool, you can display reviews sourced from other sites, and you can also ask customers to post reviews on sites other than Google. All in all, the toolkit is basic but robust and will be a good choice for beginners.

  • Pros: you can ask for reviews to be posted on other reviewing platforms and display them in the Google account. Google My Business Audit is included in the end-to-end package.
  • Cons: if you want to buy a whole local marketing kit, you will need to buy the reputation manager kit as a separate unit, because the number of reviews included in offered comprehensive packages is very low (not to say shockingly low).
  • Pricing: when purchased as a standalone reviews-generating tool, it costs around $8 dollars per month. End-to-end solutions start from $29 monthly, but a workable reputation management kit needs to be purchased separately.

3. Podium GMB Review Manager

Podium is a big CRM tool for local business-making with a separate package for reputation management. As comprehensive and efficient as it is, its costs may seem a bit too high for really small businesses. However, overall, the company has lots of positive reviews, so if you need to get more reviews on Google you can give it a try. The reputation management package includes standard options of asking customers to write Google reviews for my business (and not only Google ones), managing reviews (i.e. responding to them), analyzing the progress and the state of the company’s online reputation. In addition, you get an app for managing reviews on the go, templates for different needs and situations, a switchboard, good reporting tools, and the feature of comparing your progress to that of your key competitors.

  • Pros: availability of the app, a switchboard, benchmarks, and tools for comparison across the industry.
  • Cons: pricing that may look extreme for a standard kit of tools and services. 
  • Pricing: $350-$450 per month for a whole toolkit for a small business, but prices may go up depending on the number of users and locations to manage. It is unknown if you can purchase the reputation manager tool separately.

4. Grab Your Reviews Reputation Management Platform

The platform is a basic but efficient tool focused solely on ‘grabbing and managing’ reviews. Pricing is moderate, so it will be ideal for micro- to small businesses. The platform promises to facilitate ‘grabbing’ more reviews automatically, with your minimal involvement, and offers tools for managing reviews coming from various sites (an ideal option if you don’t plan to get reviews on Google solely). In addition, the platform enables you to interact with reviews and share the best testimonies in your Business Profile account and on socials.

  • Pros: includes only the necessary tools to manage online reputation and reviews, so you don’t have to buy unnecessary features.
  • Cons: a toolkit is very limited for the cheapest Basic package (you can work with only 3 review platforms, for example), so if you need to ask for a Google review from customers regularly and in bulk, you’ll have to pay more.
  • Pricing: the limited Basic package costs $29 per month, the Standard package costs $49 per month, and Premium costs $89 per month. 

5. Swell Review Management Product

Swell positions itself as a toolkit built and priced for local businesses, yet it lives to this promise only partially. Its pricing strategy approaches that of Podium, so this toolkit is on the expensive side. However, its comprehensive approach compensates for the price. The platform offers functions for managing and promoting businesses locally, including reviews management, payment, messaging, scheduling with customers, monitoring, and chatting with potential clients. All tools can be used on the web or via smartphone. 

The Swell Review toolkit includes all options you may need including automated reviews request campaigns, reviews management and integration, filtering, tracking, and even customizable Send Request rules. No matter what plan you choose, all features of the Swell Review will be open to you.

  • Pros: a comprehensive and sell-working platform for running and managing local businesses online. 
  • Cons: it is rather pricey, and the review management toolkit cannot be purchased separately.
  • Pricing: $199 per month for access to all functions of the platform if paid in bulk annually, and $249 per month for the same access if billed monthly. 

FAQ Section

Is Google My Business worth it? – Yes, the site that nurtures its Google My Business reputation has a higher ranking when searched by local keywords.

How do I create a Google review? – It’s pleasantly easy. Find a place or business you want to review on Google Maps (you need to be signed in to your Google Maps account to do it). To the left of the actual map, you’ll see a list of options, scroll and find the Write a Review field. Click it and write what you need in the open box (please be civil, though). That’s all. You can also give a score to a place/business by clicking the desired number of stars. You can add a review to a score as well. A review will be visible to anyone until you remove it. People will also see the name stated in your Google Maps account under which you write this review.

Is it illegal to buy Google reviews? – It depends. If you pay for Google reviews and use them for your private enjoyment, it’s your business. But if you post them (or have them posted for your business) as real ones, it’s a deliberate breach of the trust of your customers. That’s why professional reputation management services like TrustAnalytica do not create and sell fake reviews. Instead, they design and operate an efficient system that reminds customers to write reviews about the positive experience and gathers such reviews scattered across the web under one roof. 

How much does it cost to buy Google reviews? – Prices may vary on the market, from $5 to $25 per review. More creative and true-to-life reviews will cost more per entry, and those sold by hundreds cost less per entry because they do not look like trustworthy reviews, to begin with. But this information is provided as an example only, no offers to buy or pay for Google reviews here. 

Can you fake reviews on Google? – Yes, you can, but Google removes them upon detection. Sanctions against your business account may ensue. 

Can I pay for fake reviews? – It’s not the best idea because Google deletes fake testimonies and reviews and your site may lose its high ranking positions because of suspected fraud.

Go to top

10 Undeniably Perfect Ideas to Make Your Podcast Stand Out

Podcasting is now a favored medium. It started in the mid-2000s, yet it does not show any signs of slowing down. The platform itself provides informative and entertaining content suitable for its target audience. So, if you opt to have your own, make sure to make your podcast stand out. Follow these top 10 ideas to keep your audience engaged. 

Set your goals

Before you start with your podcast, set out your main goals and objectives. Make sure to establish your aims. Then, keep your focus on them and stick with them. Also, it allows you to deliver to the audience what you want to say. 

By doing this, it makes your podcast stand out among others. Plus, it will help you develop a reputation for your listeners and be more visible to other audiences. Moreover, it boosts your reliability. Therefore, ensuring your listeners keep coming back. 

Create your content

With established goals, you can move forward with your content. A majority of great-sounding podcasts include continuous content flow. You can either make a wholly free-form or a fully scripted one. Or you may opt to any point between the two. 

Whichever you prefer, make sure to create a plan. Before recording, know the points you want you and your guests to hit. Keep a steer of ideas. It avoids unnecessary fillings of “ers” and “ums.” Plus, it saves you from unnecessary repetition. 

Watch your time

In making a podcast, there’s no specific length per episode to follow. It can run for as short as three minutes or as long as three hours. The appropriate length depends on the ongoing conversation, the topic, and the audience. 

Nevertheless, make it known to yourself at a target time. Set out a record about the length of an episode you want to be. Stick to it. It is feasible to keep every recording session tight. Or edit it strictly. 

Most importantly, allocate time to introduce yourself. Do it in your first podcast episode. Your audience needs to know a bit about you. Also, indicate the value of your podcasts. Your listeners need to understand what’s it in for them. Finally, don’t forget to discuss the frequency briefly. It sets the expectation from your listeners. No worries. It won’t take much time in your first episode. It usually takes less than ten minutes to tackle it all. 

Showcase your personality

Most podcasters struggle to find their voice when starting. Being familiar with the medium as well as the podcast setup takes time. Becoming comfortable with the new routine does not happen overnight. So, accept the challenge. But, don’t pressure yourself too much. 

The best advice to make your podcast stand out is to be yourself. Showcase your personality in the show. It speeds things up. Also, listen back to your previous podcast episodes. Analyze and criticize yourself. Ask yourself these questions. 

  • How do I sound? 
  • Am I a natural while in front of the mic? 
  • Do I overuse phrases and fillers?
  • Will I tune in more into the podcast if I am a listener? 

Afterward, decide if changes or upgrades are necessary. Nevertheless, don’t forget to be you while recording. 

Engage with your listeners

Engaging with your listeners is the best way to make your podcast stand out. It provides priceless insights to the audience. It gives them a chance to overcome their pains and struggles. Thus, making you more relatable to them. 

At the same time, it offers you feedback from them. You have an idea of what most of your listeners like. Keep it up to make them stay with you longer. Also, listen to what the audience dislikes about the episodes. Make a constant improvement to cater to both sides’ needs. 

Start your engagement through an intro and outro of a podcast episode. Then, invite listeners to sign up with a one-on-one chat. No worries. It does not necessarily need to take up much of your time. In addition, utilize other platforms such as email and social media. A continuous conversation leads to gold. 

Maintain consistency

On top of content and episode length, a consistent podcast format makes your podcast stand out. So pick a form and settle onto it. For example, if you started with a stereo, don’t shift to mono. Avoid changing every time. Or else, it makes your podcast less reliable. 

Furthermore, provide a release schedule and abide by it. Decide whether you’ll publish it daily, weekly, fortnightly, or monthly. Most importantly, stick to it. A regular release schedule encourages listeners to become loyal. Plus, they have an idea when to come back. 

Don’t forget branding.

A podcast is like a discussion of a particular subject for about 30 minutes or less. However, it still needs a little more input to become a show. An introduction is a must before you begin talking. Adding a piece of music as an intro or outro makes it livelier. But be cautious. A licensed song requires a budget. Don’t fret. Many are available for free, like Free Music Archive, Jamendo, and Bensound. Find a jingle that suits the style and tone of your brand and podcast. 

Moreover, pick an excellent cover art. It makes a difference, especially to a passing listener. Dedicate a specific cover for each episode. It helps your audience to differentiate the various podcast episodes in just a glimpse. Plus, it looks so cool. 

Keep it fresh

Although being consistent makes your podcast stand out, you have to keep it fresh as well. It sounds contradictory, but it’s beneficial. Introduce new segments to your listeners. Or occasionally change the format for variation. 

Putting a little spin on a fan favorite makes your episode innovative. Having an inventive show entices more listeners to tune in. They might even recommend your podcast to some of their friends. 

Have fun

Above all the top ideas, enjoy while recording. Every podcast reflects your mood. So have fun while gaining more experience. It makes you talk more passionately. You won’t even feel like recording yourself for your listeners. The audience can feel how much you enjoy making the podcast. That’s why it is the key behind a successful episode. 

Post episode transcriptions

Providing transcriptions is a bonus tip to make your podcast stand out. It squeezes more value about the content tackled in the episode. Also, it is beneficial for those who have hearing problems. 

Moreover, audio and video transcription services will help you in attracting new listeners. And your podcast will show up in the search results when they search for engaging podcast content. Thus, it will eventually scale your audience.

So, partner up with trusted podcast management tools for your podcast like Transcribe by Wreally. It converts interviews, videos, meetings, and podcasts from speech to text. Plus, it is available in more than 80 languages. What a great idea to make your podcast stand out, isn’t it? 

Go to top

5 Common Challenges When Considering International Business Expansion

There is nothing as exciting as global business expansion, but it is never straightforward and you are likely to encounter major barriers. In this guide, we look at the top five challenges that companies experience when targeting expanding globally. We also outline key solutions to the challenges.

1. Compliance with Local Regulatory Requirements

When expanding into new markets, the compliance responsibilities are likely to be different from what you are used to back home. This means that compliance with local tax rules and related tax-obligations can get pretty complex. For example, if you want to do business in Brazil, it is a good idea to know the tax regulations in Brazil.

Solution: Put more focus on due diligence and work with experts

Due diligence is very important because you are able to identify the actual challenges, but it is the expertise that can help to solve the issue at hand. By working with professionals such as Hawksford, it becomes pretty easy to comply with local employment laws and adhere to all licensing requirements. This will help you in saving time and mitigating risks.

Another useful thing is investing in tech-infrastructure. Although expensive, it can go a long way into helping you comply with the latest regulations. When looking forward to outsource a good firm for compliance, consider the one that is already established in the targeted region to keep the costs as low as possible.

2. Hiring the Right Talent

When expanding your business abroad, scouting for talents and retaining a company’s unique culture is never easy. The challenges, including compliance with local laws, meeting the set quotas for local hires, and local rules, can make it pretty challenging for any talent hunting strategy.

Hiring Right TalentsSolution: Create connections

Working with local Chambers of Commerce can be an excellent way to find talents. Another very effective method is working with a specialized consultancy with advanced talents. One such firm is Hawksford. Here, we can connect your firm with different government departments, professional organizations, and chambers of commerce to build a reliable network. This might be all that you need to build useful connections and net the best talents.

3. Comprehending the Local Language, Culture and Business Etiquette

If you want your business to be successful, it is paramount to understand the local language, culture and etiquette. However, it is never easy.

Solution: Get a personal touch

Having staff, at least one who speaks and understands the native language might be all that you need to make a difference. Notably, many customers are at ease when dealing with people from the same region and speak their language. Based on your targeted jurisdiction for expansion, your firm might be eligible for financial benefits or more incentives to promote the employment of locals. Hawksford can guide you on this.

4. Travel Restrictions

This problem became prevalent when the COVID-19 pandemic struck, and a lot of countries imposed containment measures, such as lockdowns and quarantines. Even for top executives, who required travelling because they dealt with essential services or products, the movement was never easy. Now that COVID-19 is getting wrestled down, there are still so many restrictions that can make movement or timely travel challenging.

Solution: Work with a partner on the ground

Yes, the COVID-19 pandemic might have brought limitations, but that should not stand on your success. With an appropriate partner on the ground, your business can continue unhindered. One such example is Hawksford.
In one of the case examples, our experts helped a large company in Germany where its management had a tight schedule for expansion into APAC. They knew that all they needed was to get the right business administrative components, and we helped with them, including company incorporation, immigration requirements, and bank account opening. Hawksford exceeded the expectation of the client by making the entire expansion process seamless

5. Managing Supply Chains in New Markets

If you will use supply chains that cross national boundaries, managing them during expansion can be pretty tricky. For example, managing the storage facilities can be expensive and shipping costs can easily skyrocket.

Solution: Regionalize and Prioritize

When you regionalize your company’s supply chain, it becomes pretty easy to take advantage of the most convenient routes and tech-driven models for higher efficiency. At Hawksford, we have experts who can help you easily identify risks and opportunities for more informed decisions. They are also familiar with the most common routes, investment treaties between different APAC and western nations, and taxes that you need to meet for efficient movement of cargo.

In Conclusion

We have to say that international business expansion can be pretty complex but amazingly rewarding when done well. To achieve the growth you want, the expansion requires good planning, timing, and ample resources. When planning your expansion, make sure to factor in the above challenges and bring a trusted partner on board. Hawksford can hold your hand by offering all the expertise that you need to support your focus on growth.

With our network of offices in key financial hubs and network of partners in various APAC locations, Hawksford can help you with all aspects of company set-up and management, from entry to compliance with different regulations.

Go to top

China’s Leadership at an Inflection Point – What Does it Mean for Trade?

By Andre Wheeler

With much of the world’s attention being focussed on Glasgow and the Climate Summit, not much is being said about China’s absence. With Xi Jinping not attending, does it mean that China is not committed to reducing its emission’s or is it an indication that something much more profound is happening? Is there a greater significance to the CCP’s 6th Plenum taking place between the 8th and 11th November?

Typical of China’s use of deflection, supporters of Xi Jinping argue that nothing untoward should be read into Xi’s absence from Glasgow. They distract by pointing out that he has not left the Country for up to two years. However, what they do miss in their assessment are two important dimensions. Firstly, they ignore that other global leaders have confined their movements due to Covid19, but this summit is different in that Glasgow is the first opportunity for all leaders to have face to face meetings on an issue that impacts the global economy. Secondly, supporters of Xi and China continually posit the notion that China is the global leader in “going green”. This begs the question, if this is true, why would he give up such an opportunity to showcase China’s ‘sharing a common human destiny” philosophical framework under the climate change umbrella?

Getting back to the conundrum – why is Xi Jinping not attending a global summit that has international importance?

The answer lies in the increasing importance of the CCP’s 6th Plenum in November. Essentially there are two intertwined themes emerging, both of which will have a significant impact on global trade and security. The two themes or subplots to the narratives are: socio-economic development and Xi Jinping’s leadership. These two themes are not suggesting that there is a questioning of the existence of the Party but is more around how the Party delivers socialism with Chinese Characteristics. What policy framework is best suited and who should be leading the implementation of these policies.

The 6th Plenum is taking on the shape of the 3rd Plenum of the 11th Central Party Congress in 1978, in which Deng Xiaoping ascended to power and effectively changed the Party direction by undoing much of what Mao had done in the name of the Party. The 6th Plenum has all those characteristics in that significant policy shifts must be made with regards economic and monetary policy, whilst simultaneously having to deal with increasing tensions within the Party.

Supporters of Xi argue that the review of the leadership is typical and normal during a Plenum. Once again, there are a number of critical differences this time as the internal debate within the Party leading up to the Plenum resembles that which took place in 1978 as Deng Xiaoping introduced the policy approach “seeking truth based on Facts’. This plenum will have significant ramifications in that it will either cement Xi Jinping as leader life or there will be a soft coup in which Xi Jinping will step down. Either way, business and trade will need to be flexible and be able to adjust. 

What is a Plenum?

A Plenum is similar to that of annual performance review. There are seven plenums between each Party Congress. Party Congresses take place every five years and  sets the CCP policy direction and leadership. – colloquially known as China’s 5 year plan. This performance review is behind closed doors and is attended by 370 full and alternate members of the Central Committee. It includes Party Leadership, Ministers, Regional Party Chiefs, Senior Generals and executives of State Owned Enterprises. The 19th Central Committee was elected at the last Congress in 2017 and the 6th Plenum / Review in any cycle looks at what leadership changes are needed and what policy platform will shape the next 5 year cycle commencing after the 2022 National Congress.

Why is it likely that a “soft coup is underway”?

This idea has been building since 2017, starting with Xi initiating a crackdown on the Politburo’s executive, reducing it from 9 to 7 members. In the process he silenced his opponents and detractors under the guise of anti-corruption, broadly defined as anything that harmed the integrity and solidarity of the Party. This was done via arrests and executions. Internal dissatisfaction with Xi’s leadership was further exacerbated by the 2018 decision to allow Xi’s leadership to extend beyond two terms.

Former political insiders, such as Chellaney and Roger Garside have formulated the view that this 2018 revision of the leadership terms was an important catalyst for those within the Party executive to question whether the Party was reverting to the Mao style history, in a sense reversing the 1978 Plenums assessment that the Cultural Revolution had been a mistake. This is an important inflection point as the Party looks to create a blueprint to deliver on its new century theme of a common prosperity. Deng Xiaoping introduced trickle down wealth creation, but this has created a significant wealth gap, and China’s Gini co-efficient being a lowly 38.5.

Adding fuel to the fire is the significant slowdown of the China’s economic growth, anticipated to be slow to 4.9%. This slowdown may be accelerated as China experiences significant power shortages creates havoc with the manufacturing sector. It is also getting much attention on social media, which increasingly is becoming more vocal with regards the Evergrande property failure as well as Hong Kong based Fantasia property group. Questions are being asked by locals whether these major employers are being allowed to fail because they are seen as a threat to the Party, just as Jack Ma and technology companies are.

As a source within Beijing states” Here on the ground in Beijing the common people are generally happy about the progress and improvement in their living conditions. However, cracks are starting to emerge, and local social media cannot be silenced everywhere, all the time and in time. The real estate crisis is a scar which can be a big problem moving forward, the carbon neutrality policy may bump into some production and heating hurdles, the local governments lack of funding may start biting and the social net may not see the improvements which the people are expecting”.

Senior and influential leaders within the Party are agitating for change. Several internal factions have emerged. with Premier Li Keqiang and Wang Yang of the politburo lead one such faction, but it is the Shanghai faction that is causing the most concern for Xi. The main protagonists within the Shanghai faction are Zeng Qinghong and Wang Qishan. Zeng Qinghong is of interests because of his family connections with the Hong Kong based Fantasia property group that is facing financial collapse.

Xi Jinping admitted in a press briefing on October 2, that there is indeed a power struggle. The briefing went on to clearly identify that the “disruptor” was the Shanghai faction led by Jiang. A consequence of this has seen the arrest of Sun Lijing, the Public Security Vice Minister, to eradicate the poisonous influence of Sun and others.

There are several EU diplomats sensing this change in the wind and express the view that the next 12 months will see China go through a speedy rejuvenation. But what they caution, is that this may well be under a new leadership. The question to be answered is what style of new leadership will emerge. Further indications of a potential soft leadership change or coup gaining momentum is the recent EU delegation going to Taipei. Significantly, this seven-member group is from the EU’s special committee on foreign interference. It is also noteworthy that this has all happened despite China’s threats of “dire consequences” should this delegation proceed with its meeting with the Taiwanese political leadership.

All indications are that the 6th plenum will perhaps be even more interesting to follow than the “electoral” one planned for 2022, as the leadership die would have been cast.

The 6th Plenum Issues that will affect Business

There are several policy issues that are scheduled for debate. All have a direct bearing as to how the Party will deliver its second anniversary common prosperity policy direction that will shape the Party for the next 100 years. All will have a direct bearing on how trade and business will engage with China’s economy.

 The first debate will be around the One China, Two Systems policy framework, particularly to its applicability to the new century. Central to this debate will be Taiwan. It has been argued that Xi is using the Mao based One China policy to stir up Nationalistic fervour that facilitated Mao and the CCP to grasp power. With sustained military pressure on Taiwan, 149 violations of the ADIZ in the first four days of October alone, there has also been political and economic coercion of those seen to be recognising Taiwan as independent.

These incursions do not line up with the November China Department of Defence report referring to PRC’s armed forces 2027 modernisation plan. This is a plan that would provide China with more credible military options for Taiwan. What purpose do these incursions play?

Companies that have supply chains dependent on Taiwan, will need to develop contingency plans to secure services and products should there be some form of intervention by China. These should be executable at short notice as there is potential for Xi to fully invoke the Art of War’s mantra that you can only win through the barrel of a gun as he tries to shore up his leadership. Fortunately, there are factions within the Party that do not subscribe to this view and could be the ultimate catalyst for leadership change.

There will also be debate and discussion around the recently introduced Dual-Circulation policy. Xi has been masterful in how he has taken this standard macro-economic policy and spun it into an initiative that appeals to nationalism. Whilst the policy looks to boost China’s self sufficiency as well as to address the middle-income trap, it needs to be seen within the context of the country’s debt. Currently China has reached maximum debt capacity and has to re-balance from investment in the economy to growth through domestic consumption and at time of slower growth. Fuelling the problem is that between 2010 and 2020, China’s GDP doubled but its total debt tripled to $43 trillion – 280% of GDP. Furthermore, there is a structural debt imbalance. Whilst commentators highlight that China’s foreign debt ratio to GDP is at a lowly 15%, the total debt ratio is now approaching 300%. Further increases in domestic debt will make the dual circulation policy impossible.

This structural imbalance means that keeping the two revenue circulations separate, will become increasingly difficult.

To make dual circulation work, China will need access to greater international finance. However there are indications that direct investment into China is slowing. Commentary from business groups within China suggest for this to happen there to be greater transparency in government as well as a reversal of the current trend to convert private enterprise into SOE’s.  In recent weeks Xi has seemingly accelerated this trend, as seen with its handling of Evergrande. This internalisation of China’s desire to move from a manufacturing based economy to that of a consumption based economy could see the introduction of onerous import, foreign exchange, and domestic consumption controls. Business needs to be monitoring this space intently as it may well present opportunities for investment but there are also significant threats.

The final policy decision will revolve around the debate of the 2018 initiated “Community of Shared Future”, now embodied in the Chinese Constitution. This has been integrated into both the Digital Silk Road and the BRI. Included in this debate will be what is meant by ’socialism with Chinese characteristics “and the role Deng Xiaoping played in adopting market economics to grow wealth and the middle class. Central to this discussion will be whether China needs to engage in further economic growth to realise an egalitarian society, and how best to achieve economic growth.

There will no doubt be heated discussion around the role of private property ownership, SOE’s and the public sector. Encompassed in this is the use of higher progressive individual, inheritance, and corporate taxes to share wealth. This is a discussion that Xi has been avoiding as the outcomes could have devastating effects on innovation and development within China. Speaking to locals in Shanghai there is already a feeling of dissent shown through the passive “lying flat” protest. It comes as no surprise, therefore, that a new tax policy document has been sitting with Xi since 2018.

There is one reality that business needs to have. The CCP will not collapse. The Party has reached an important infection point and the 6th Plenum will address where they want to take the country in the next decade as they enter the new century of their existence. All indications are that the Party, after a review of its key policies and leadership during the 6th Plenum will make changes to its current structure. This is in part driven by the younger generation, that has increased access to social media and the West, and that are looking for a more liberal and interconnected society.  It is also driven by Party pragmatists that see that elements of the market economy are still needed to create an egalitarian society.

Businesses need to be aware of these changes coming as well as be nimble enough to embrace or adapt to the new China era.

Go to top

About the Author

Andre wheelerBased in Perth, Western Australia, Andre Wheeler runs the Asia Pacific Connex consultancy. With more than 20 years’ experience in international business, he maintains a diverse network of personal contacts throughout the USA, Asia, SE Asia , Africa and the United Kingdom.

Holding a B.Science (Hons) degree and an MBA, he is currently researching the Impact of the China’s One Belt One and Digital Silk Road initiative on infrastructure, logistics and trade in the ASEAN Region. This is the topic of his next book.

Author of the book : “China’s Belt Road Initiative: The Challenge For The Middle Kingdom Through A New Logistics Paradigm”.

Contributing Author to the : The Digital Transformation of Logistics: Demystifying Impacts of the Fourth Industrial Revolution.

He has also published and presented a number of papers concerning China’s Belt Road Initiative and the changing Eurasian trade paradigm.

References:

China Big Idea, October 2021, Historic 6th Plenum of the 19th Central Committee

China Briefing , October 2021, Understanding the Significance of China’s Sixth Plenary Session

David Shambaugh, 2021, China’s Leaders – From Mao to now.

Desmond Shum, 2021 Red Roulette

George Magnus , 2019  Red Flags – Why Xi’s China is in jeopardy

Richard McGregor, 2019 Xi Jinping – The backlash

Roger Garside, 2021, China Coup

Discussion with Diplomats, local China residents and business leaders who wish to remain anonymous – used as corroboration of issues raised in the above texts.

How Data Is Transforming the Banking Landscape

Like in every industry, data plays a significant role in day-to-day banking activities. It changes how banks think about risk and interact with customers. It helps them in targeting new markets, strategic planning, and decision-making. Above all, the fast transformation processes are forcing financial institutions to constantly search for new ways to leverage data and predictive analytics to enhance business growth.  

Now, suppose you want to know more about how these transformative processes are influencing the banking world. In that case, this article will show you how data changes and improves the banking landscape. So let’s get into it. 

Aspect #1: The future of trading is rooted in data

As trading has always been about information, many banks nowadays are spending increasing money on data management technologies. Bank trading desks that facilitate trade executions in markets such as equities, fixed-income securities, commodities, and currencies rely heavily on data to blend trading workflows. 

Trading desks, for example, might use historical option prices to gain accurate insights and make data-driven decisions when estimating an asset’s price movement. Also, many financial institutions are already routinely combining transaction records with customer data for deeper analysis. 

Thanks to these activities, they can spot trends in customer activity and determine from where their most profitable business is coming. It is simply impossible to trade in institutional markets without access to high-quality market and reference data for the market you are trading. 

Aspect #2: Better risk management

The focus of the risk management modes in the banking industry is to manage the institution’s exposure to losses or risk and protect the value of its assets. By collecting and using as much data as possible, banks have more actionable information at their disposal. 

As a result, they can create an environment where they can be more aware of how their activities impact customers, business, and the economy. The benefits are apparent: banks secure a better and proactive approach to risk management, lower costs and enhanced customer experience. 

Aspect #3: Enhanced customer experience

Data is also fundamentally changing the way banks interact with their customers. By using data and deep analytics, banks are in a more favorable position to serve their customers better. To name a few examples:

  • As most customers have multiple financial accounts with numerous features, banks are securing increased efficiency through better access to data via apps, mobile devices, and the internet;
  • Banks can offer personalized experiences to different customers’ preferences;  
  • It enables them to quickly answer questions that would previously have taken years to respond, resulting in reduced costs. 
  • Automated data collection and analysis help operational departments to more adequately serve their customers.

TradingAspect #4: More efficient fraud detection  

According to PwC’s Global Economic Crime and Fraud Survey 2020, fraud is a growing issue with profound consequences (financial losses and loss of credibility) for the banking industry. And as most banking transactions are now digital, there is a clear need for better fraud detection models and robust fraud management systems. 

Here is where data-driven analytics can help. By using data to speed up fraud detection systems, banks can better adapt to their clients’ evolving risk behavior. It also helps minimize small acts of wrongdoing by employees or clients that slip through the net. Most importantly, it reduces operational costs by preventing costly and time-consuming investigations that can take months or even years to complete. 

Aspect #5: Targeted marketing and sales

As in any industry, data-driven marketing and sales are becoming huge in banking. By optimizing their brand communications based on customer information, bank marketing departments can use customer data to predict their needs, desires, and future behaviors. 

The gained insights help them develop personalized marketing strategies for the highest possible return on investment. Moreover, they can make more informed decisions about marketing campaigns and sales channels with the right data analytics.  

The bottom line

The ongoing technological advancements profoundly affect every aspect of banking: operational costs, staffing strategies, customer experience, and more. As a result, financial providers can offer better services through intelligent data, improve their efficiency, and ultimately increase profitability. 

Moreover, the improved use of analytics software has upgraded the way data is processed, making it possible for banks to identify trends and patterns and bring better business decisions at scale.

Go to top

1...799800801...1,130Page 800 of 1,130

EDITOR'S PICK OF THE WEEK

CFO's new mandate. CFO explaining the presentation

The Performance and Transformation Orchestrator: The CFO’s New Mandate in the Age of AI

Anglea 0
By Terence Tse CFOs are evolving into AI-driven transformation orchestrators, balancing finance, technology, and strategy while upskilling teams, managing risks, and driving measurable business value. A key insight from this year’s AI for CFOs event, organized...
Read more

WISE DECISION MAKER GUIDE

POWER INFLUENCERS

Emerging Trends

BUSINESS AND INNOVATION

FINANCE & BANKING

The Future of Global Trade

© 2025 The World Financial Review | Empowering communication globally