miércoles, 28 de agosto de 2013

3 Core Capabilities for Privacy Adherence

by Dale Renner in Technology

Where does the responsibility lie for customers' privacy in terms of data used for marketing?

While customers have responsibility for deciding what information they provide to companies, the responsibility for protecting that data lies squarely with the company collecting and using the information. Once data is given, customers don't have the power to ensure privacy adherence. And if one does not possess the power to ensure adherence then certainly, one cannot have the responsibility for that adherence.

With that said, the more challenging questions to answer are: 1) how can a company ensure adherence to privacy commitments made to customers; and 2) are companies using data only in the context of a customer's expectation? With the exponential growth in digital activity customers are beginning to demand transparency into a company's use of their data and whether that data is shared with others. One needs to look no further than pending legislation in California, The Right to Know Act of 2013. If passed, consumers will be able to monitor how personal information, including health, finances, location, politics, religious, sexual orientation, buying habits, and more, is being collected and disclosed in unexpected and potentially harmful ways. And this is just the start. The White House, Federal Trade Commission, and California Attorney General all call for data transparency and access for consumers.

What's coming, and sooner than one might expect, is the need for companies to collect, manage, and provide access to all data collected about each customer. The processes, tools, and rigor required to create and sustain the level of transparency both expected by the customer and perhaps dictated by law will be both expensive and time consuming. There is little reason to believe that consequences for companies not adhering to privacy commitments will be anything except painful, perhaps punitive, and certainly damaging from a customer relationship standpoint.

There are, at a macro level, three core capabilities companies will need to ensure privacy adherence regarding customer data used for marketing.

1. Identity resolution: The first challenge is to identify each person. It's easy if a company has one channel and customers' names and addresses. But it gets complicated quickly when the same customer interacts via some combination of, say, Web, mobile, social networks, and physical mail. Each of those channels has its own identifying key (e.g., mobile is the phone number), separate databases, and varying access rules. Changes to names, phone numbers, and multiple email addresses just add to the complexity mix. Companies must be able to bring all of this disparate data together in an efficient way to resolve customer identity and sustain that identity over time with all interactions through all channels. Without the ability to resolve and sustain identity, companies will find it extremely difficult to adhere to customer privacy commitments.

2. Preference management: Part of a company's ability to adhere to its privacy commitments is also directly related to its ability to effectively manage customer preferences. Every customer has preferences regarding how they want companies to market to them, service their account, and maintain their privacy. Customers should be able to choose their preferred contact method and the frequency and type of communication desired across all channels. The goal is for companies to satisfy customer preferences while ensuring regulatory compliance. Furthermore, managing preferences helps create a single view of a customer's contact and privacy preferences, which eliminates data silos and helps with identity resolution. Companies using effective preference management processes and systems significantly reduce the risk of violating privacy commitments. Furthermore, a company increases its likelihood of using data about the customer in the context the customer expects.

3. Customer data disclosure: If your company was asked to disclose what data it has about the customer, how that data is being used, and where that data was shared, could it do it? The Right to Know Act of 2013, if passed, will require companies to do exactly that at the request of any individual at least once per year. Similar laws already exist in several European countries. Looking to the future, it's not unreasonable to assume that companies may even be required to allow customers to self-serve tracking their data usage.

Companies must have the ability to efficiently access and disclose complete and accurate data about any customer. This will require systems, processes, and presentation of data most companies don't have today. In an odd way, these very processes may inadvertently create new privacy issues. This could be the ultimate conundrum.


Dale Renner has more than two decades of experience in the analytics software field. As CEO of RedPoint Global Inc., Renner has driven the company's strategic direction since its founding in 2006. Prior to founding RedPoint, Renner was a global managing partner at Accenture where he founded the fi rm's CRM practice and helped grow the business to $1.5 billion in revenue. Renner holds a B.S. in Business Administration from Iowa State University. Despite years of experience in corporate America, Renner grew up on a farm. “I like working outside with my hands in the dirt,” he says. Were he not building a company, he'd be cultivating a modest vineyard focused on boutique cabernet wines mostly for specialty restaurants. “There is something rewarding about having a hand in watching things grow, whether that is your kids, your company, or your garden,” he says.

Email address: dale.renner@redpoint.netWebsite: www.redpoint.net Seguir leyendo

Noticias

Emisiones

Segunda emisión del Primer Programa de Papeles Comerciales de Los Portales hasta por PEN 50`000,000.00

Emisor
 : Los Portales S.A.
Monto de subasta
 PEN 6´000,000.00 ampliable a 12`000,000.00
Valor nominal
 PEN 1,000
Plazo
360 días calendario
Fecha de redención
 24 de agosto del 2014
Sistema de subasta
 Subasta holandesa de precios
Recepción de ofertas y adjud.
28 de agosto del 2013
Emisión y pago
 29 de agosto del 2013
Estructurador
 BBVA Continental
Colocador
 Continental Bolsa SAB S.A.

Bonos de arrendamiento financiero Banco Financiero

Emisor
 MIBANCO
Monto de la emisión
 PEN 100´000,000.00
Monto a subastarse
 PEN 30´000,000.00 ampliables hasta 50´000,000.00
Valor nominal
 PEN 10,000.00
Plazo
 3.5 años desde la fecha de emisión
Precio de colocación
 A la par
Tasa de interés
 Será establecido según lo indicado en el prospecto informativo
Cupón
 Monto a ser pagado cada semestre vencido
Amortización
 100% del principal en la fecha de redención 1 de marzo del 2017
Lugar y agente de pago
CAVALI
Fecha de subasta
 28 de agosto del 2013
Fecha de emisión
 29 de agosto del 2013
Colocador
 Credibolsa SAB S.A.
Estructurador
Banco de Crédito

Noticias

Mivivienda emitirá bonos

El Fondo Mivivienda se apresta a realizar una emisión de bonos corporativos hasta por PEN 1,000 millones o su equivalente en moneda extranjera, para lo cual el directorio ha contratado como estudio encargado de la asesoría legal en la estructuración de la emisión de bonos al Rebaza, Alcazar y De Las Casas.

Cofide venderá USD 500 millones de bonos en dólares a 15 años

Adolfo Zulueta, gerente de negocios de la Corporación Financiera de Desarrollo (Cofide) en Bloomberg, informó que Cofide intentará vender unos USD 500 millones de deuda (bonos) denominados en dólares con plazo de maduración a 15 años; ya que necesita financiamiento para su portafolio de USD 900 millones, monto que espera incrementar el próximo año en la adjudicación por parte del gobierno, de contratos para construir metros, carreteras, plantas de energía.

Economía habría crecido 5% en julio

Según el banco Scotiabank, el Producto Bruto Interno (PBI) habría registrado en julio de este año un crecimiento cercano al 5%, lo que implica una mejora marginal respecto del 4.4% reportado en junio.
Fuente:Diario El Peruano

S&P ubica al Perú como el segundo país mejor calificado en la región

Lus Castilla, ministro de economía y finanzas, indicó que la mejora en la nota crediticia del Perú, otorgada por Standard & Poors (S&P), coloca al país como el segundo con mejor calificación en América Latina e incluso por encima de países europeos que también tienen grado de inversión.
Fuente:Diario El Comercio
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lunes, 15 de julio de 2013

A Simple Rule to Eliminate Useless Meetings

Jeff Weiner

CEO at LinkedIn

Ask your team to identify their biggest productivity killer and inevitably two issues will rise to the top of the list: managing their inboxes and their meeting schedules. I'll tackle the former in a future post. For now, I'd like to focus on increasing the value of meetings by sharing a practice our team has implemented to great effect.

At LinkedIn, we have essentially eliminated the presentation. In lieu of that, we ask that materials that would typically have been presented during a meeting be sent out to participants at least 24 hours in advance so people can familiarize themselves with the content.

Bear in mind: Just because the material has been sent doesn't mean it will be read. Taking a page out of Jeff Bezo's book, we begin each meeting by providing attendees roughly 5-10 minutes to read through the deck. If people have already read it, this gives them an opportunity to refresh their memory, identify areas they'd like to go deeper on, or just catch up on email.

If the idea of kicking off a meeting with up to 10 minutes of silence strikes you as odd, you're not alone. The first time I read about this practice it immediately conjured up images of a library or study hall, two of the last forums I would equate with meeting productivity. However, after the first few times you try it, not only won't it be awkward -- it will be welcome. This is particularly true when meetings end early with participants agreeing it was time well spent.

Once folks have completed the reading, it's time to open it up for discussion.There is no presentation. It's important to stay vigilant on this point as most people who prepared the materials will reflexively begin presenting. If you are concerned about appearing insensitive by not allowing individuals who worked hard on the materials to have their moment, constructively remind the group this is a new practice that is being applied to the entire company and will benefit all meeting attendees, including the artist formerly known as The Presenter.

With the presentation eliminated, the meeting can now be exclusively focused on generating a valuable discourse: Providing shared context, diving deeper on particularly cogent data and insights, and perhaps most importantly, having a meaningful debate.

If the material has been well thought out and simply and intuitively articulated, chances are the need for clarifying questions will be kept to a minimum. In these situations, you may be pleasantly surprised to see a meeting that had been scheduled for an hour is actually over after 20-30 minutes.

Of course, even the best prepared material may reach a highly contentious recommendation or conclusion. However, the good news is meeting attendees will now be able to dig into the subject matter and share their real opinions rather than waste time listening to an endless re-hashing of points they're already familiar with, or worse still find irrelevant or redundant.

In addition to eliminating presentations in favor of discussions, the following are a few additional practices I've learned along the way when it comes to running effective meetings:

1. Define the objective of the meeting. Asking one simple question at the onset of the meeting, "What is the objective of this meeting," can prove invaluable in terms of ensuring everyone is on the same page and focused on keeping the meeting on point, rather than allowing it to devolve down endless ratholes unrelated to the matter at hand. I've seen some companies go as far as including the meeting objective on the cover sheet of the materials.

2. Identify who is driving. Each meeting needs one person behind the wheel. More than one driver and it's going to be prohibitively difficult to keep the car on the road. The primary role of this point person is to ensure the conversation remains relevant, that no one person ends up dominating the discussion, and that adjunct discussions that arise during the course of the meeting are taken offline.

3. Take the time to define semantics (and first principles). It never ceases to amaze me how often meetings go off the rails by virtue of semantic differences. Picture a United Nations General Assembly gathering without the real-time translation headphones and you'll have the right visual. Words have power, and as such, it's worth investing time upfront to ensure everyone is on the same page in terms of what certain keywords, phrases, and concepts mean to the various constituencies around the table.

4. Assign someone to take notes. This should not be the equivalent of a court stenographer documenting every word uttered, but rather someone who is well versed in the meeting's objectives and who has a clear understanding of context that can capture only the most salient points. This not only avoids the classic Rashomon effect -- multiple people recalling one event in multiple ways -- but also creates a plan of record for what was discussed and agreed to. This can also be particularly valuable for invitees who weren't able to make the meeting.

5. Summarize key action items, deliverables, and points of accountability. Don't end the meeting without summarizing key conclusions, action items, and points of accountability for delivering on next steps. This summary is usually the first thing to suffer if the meeting has run long and people start running off to their next scheduled event. However, it's arguably the single most important thing you'll do at the meeting (and is ostensibly the reason for the meeting to begin with). Have the discipline to ensure attendees sit tight and remain focused while next steps are being discussed and agreed to.

6. Ask what you can do better. I like to gather feedback at the end of meetings I'm responsible for (particularly if it's a new standing meeting) by asking whether or not the attendees found it valuable and what we can do to improve it in the future. There is no better way to ensure the meeting is necessary. If it's not, either change the objective and/or format, or take it off the calendar.

I look forward to hearing your thoughts and the best practices you use to run meetings more effectively.

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domingo, 10 de marzo de 2013

Claves para interpretar los ciclos del mercado bursátil

Andrés Cardenal, Sala de Inversión América

Identificar correctamente las diferentes etapas de los ciclos de mercado puede resultar de enorme provecho a la hora de maximizar los retornos del portafolio. Si bien se trata de una tarea compleja, y no puede esperarse un alto grado de precisión, el tono emocional de los medios de prensa, analistas e inversores puede ayudarnos a analizar las diferentes fases del ciclo y sus posibles consecuencias en base al ánimo general de los participantes de mercado.

En términos generales, podríamos identificar cuatro fases principales: la inicial es la de acumulación: cuando luego de una caída pronunciada los inversores más sagaces comienzan a comprar posiciones anticipando la fase alcista. Generalmente en esta etapa los precios de entrada son especialmente atractivos y la opinión generalizada es mayoritariamente pesimista, esta fase del ciclo habitualmente se extiende durante algunos meses.

A la etapa de acumulación la sigue la fase alcista, generalmente de más larga duración. Esta etapa suele durar varios años y, aunque tiene sus vaivenes de corto y mediano plazo, la tendencia general de precios es principalmente ascendente desde una perspectiva de largo plazo.

Durante esta etapa el ánimo negativo de los medios de prensa y del público en general va dando paso a una visión más optimista sobre la evolución de los precios. Aunque las oscilaciones de mercado generan volatilidad en las opiniones de los analistas a corto plazo, en términos generales se observa una mejora paulatina y gradual en las expectativas de mercado.

Una máxima muy popular al respecto de esta etapa dice que los mercados alcistas trepan sobre un muro de preocupaciones. Esto significa que mientras existan motivos de dudas que mantengan alejados a los inversores más temerosos, esto implica que hay dinero esperando para entrar, y por lo tanto existe combustible para nuevas subidas de precios en caso de que la tendencia de largo plazo se mantenga en positivo.

En muchos casos estas etapas suelen dar paso a un optimismo excesivo, lo cual genera burbujas de precios cuando las cotizaciones de los activos se alejan de cualquier cálculo razonable sobre el valor fundamental de los mismos en base variables como ganancias, flujos de caja o dividendos. Las alzas acumuladas generan la sensación de que el mercado bursátil es una inversión extraordinariamente conveniente, con alto potencial de ganancias y bajo riesgo de pérdidas.

En esta última etapa de la fase alcista la opinión generalizada es definidamente optimista y la mayoría de los inversores, incluso los más reticentes al riesgo, se apuran a tomar posiciones de compra antes de que los precios sigan subiendo.

La tercera fase del ciclo, la de distribución, es en general la de más corta duración, no más de unos meses, y se produce cuando los avances se paralizan dado que los inversores más expertos comienzan a salir, mientras que otros menos conocedores se encuentran todavía en proceso de compra. En esta etapa la opinión de la mayoría es dominantemente optimista, pero comienza a crecer la atención sobre los riesgos que enfrenta el mercado.

También puede observarse en la fase de distribución un aumento de la volatilidad dado que crecen las tensiones entre las visiones alcistas y bajistas del mercado, al mismo tiempo las variables fundamentales como los datos sobre la marcha de la economía o los resultados de las empresas generan un aumento de la incertidumbre al respecto del escenario.

A la fase de distribución la sigue una tendencia bajista, en general son de más corta duración que las alcistas, pero suelen estar caracterizadas por un marcado aumento de la volatilidad. Los mercados bajistas generalmente se extienden durante varios trimestres, y los movimientos diarios de precios son sensiblemente más abruptos que durante las tendencias ascendentes.

En esta etapa la opinión generalizada va tomando un tono marcadamente pesimista, habitualmente los precios de los activos se acercan a niveles que parecen claramente atractivos desde una perspectiva de largo plazo, pero pocos se atreven a comprar dado que no hay expectativas de un cambio de tendencia a mediano plazo.

Cuando el pesimismo es máximo, y casi nadie tiene buenas perspectivas sobre el futuro del mercado, esta última etapa de la fase bajista paulatinamente va dejando espacio a un proceso de acumulación que será el inicio de un nuevo ciclo de mercado.

Por supuesto que no se trata de categorías infalibles, y siempre existen cuestiones propias de cada ciclo de mercado que deben ser tenidas en cuenta, sin embargo el análisis del ánimo general de los diferentes participantes en los mercados puede ser de gran utilidad para diferenciar las diferentes fases del ciclo bursátil.
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viernes, 8 de marzo de 2013

Cómo se financian las empresas en los mercados

Gustavo Neffa, Sala de Inversión América

Las empresas son unidades económicas deficitarias, necesitadas de fondos para cumplir con su objetivo básico: maximizar el valor de sus accionistas de largo plazo mediante la concreción de proyectos de inversión con una tasa de retorno superior a su costo de capital o de fondeo.

Por eso, no sólo deben enfrentarse a decisiones de inversión para determinar cuáles son los mejores programas para analizar, decidir y llevarlos adelante, sino que, también, deben tomarse decisiones de financiamiento para elegir cuál es la mejor opción en cada caso.

Los empresarios, accionistas e inversores deben considerar el ciclo de vida de las compañías, en qué etapa evolutiva se encuentran. No es lo mismo ser una recién formada que una madura y con un flujo de caja constante para seleccionar entre una u otra alternativa de fondeo.

Las decisiones sobre financiamiento de largo plazo se ven determinadas por atributos asociados a cada una de las etapas identificables en el ciclo de vida de las empresas:

En sus comienzos, el perfil de riesgo es muy elevado ya que existen posibles pérdidas y flujos negativos. Allí, los Instrumentos financieros típicos son el capital propio, el de familiares y de amigos. Ni bien comienza a funcionar y requiere de efectivo en serio para concretar las primeras inversiones, que es cuando aparece el dinero más profesional, ya sea el denominado "inversor ángel" o Venture Capital. Es en ese momento cuando las áreas relevantes - además de la financiación - son el management, el producto y el mercado.

La segunda etapa es la de crecimiento, en la que el riesgo es más moderado. Además de sus directores, la relevancia está en el financiamiento. Todavía el cash flow es muy pobre y el crecimiento se debe dar sobre la base de una inversión creciente.

Allí es donde aparece el crédito bancario con algunas garantías. Es importante la calidad y cantidad de alianzas estratégicas que pueda llevar a cabo y que le permitan alcanzar el crecimiento. La emisión de acciones aparece como alternativa para permitir el crecimiento.

La etapa siguiente es la de la madurez, donde la firma profesionaliza todas sus áreas. A pesar de que el riesgo es muy inferior al de las dos anteriores, la competencia aumenta y trata de adueñarse de sus ideas y mercados.

Allí el financiamiento proviene de préstamos bancarios, alquileres, participaciones privadas y públicas, alianzas estratégicas, así como Private Equity y la emisión de instrumentos en el mercado de capitales como Obligaciones Negociables o bonos corporativos, y acciones.

El fondeo puede ser una mezcla de diversas fuentes en función de una arquitectura adecuada al plan empresario: la decisión de financiamiento propia de esta instancia está referida a la elección de una combinación (o relación) entre pasivo (deudas) y capital propio (patrimonio neto). O sea, entre costos fijos y variables.

Finalmente, la última etapa es la de declinación o reingeniería, que es en la que la compañía puede caer, o no, pero tarde o temprano puede correr el riesgo de hacerlo si no toma las medidas adecuadas. Tiene un riesgo elevado, y el financiamiento así como el management siguen teniendo un papel importantísimo, además de la estrategia con visión a mediano plazo para sortear los problemas de la mejor manera.

Allí la rentabilidad está en baja y los instrumentos financieros típicos en la etapa de declinación es la apertura del capital mediante emisión de acciones y la obtención de dinero de reconversión, es decir líneas de préstamos destinadas a reestructurar la empresa. De salir mal la combinación de herramientas empleadas para volver a la etapa de madurez, la empresa puede quebrar.

La existencia de un momento óptimo para la decisión de endeudarse está más que analizada por Solomon (1963), Robicheck-Myers (1966), Brealey-Myers (1993), en el que se plantea un trade off o una combinación de ventajas debido a beneficios fiscales y de apalancamiento por un lado vs. el costo de dificultades financieras crecientes por el otro. Pero si bien existe, se cumple para un determinado rango de relaciones entre endeudamiento y capital propio.
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miércoles, 6 de marzo de 2013

How to Train People and Make It Work!

As a Professional Sales Trainer, prospective clients often ask me, "I sent my people to a one day, or two day seminar and nothing changed. We had no improvement or change in them at all. Why?" If this has happened to you, you are probably asking "why" no change in my people or me either. Well if you are asking this, it's not uncommon. The answer to why no change is simple. You didn't involve them or yourself in what we call "ongoing, repetitive, reinforcement of the subject material."

  All studies show people learn gradually through repetitive reinforcement. Studies don't even need to tell us this. We know it's true deep down inside. Think about that reinforcement statement. . Do most of us complete our early school years or even a college degree in one day? Does a doctor or lawyer go to medical school or law school for just one day? Does a plumber or electrician learn his trade in one day? Would you want any professional to assist you that hasn't had "continual" education and reinforcement in their chosen field? Hopefully the answer is a resounding no! I wouldn't want a doctor operating on me that tells me he/she has had no further training since medical school 20 years ago. Ongoing, gradual, incremental reinforcement and repetition are what makes training work.

 Regular, spaced repetition is a retentive method of learning a subject by listening to it through a gradual, ongoing, repetitive fashion. Studies show that when you are exposed to an idea one time, after one day you have forgotten 50% of it, after two days you have forgotten 75% of it, and the percentage continues to decrease until after sixteen (16) days, it is estimated that you only retain about 2% of that original idea. You may have experienced this with listening to the news. Do you listen to the news or read a newspaper on a regular basis?

 Researchers say that listening to a subject once per day, for six consecutive days, results in 62% retention of the subject for 15 years up to life.  We are really talking about long-term development and not just short-term training. Long term development creates permanent, long lasting change.

To illustrate this, complete the phrase: "Two all beef patties, special sauce, lettuce, cheese…pickles, onions on a…………." Were you able to complete this without even thinking? How many of you made a conscious effort to memorize what is on a McDonald's Big Mac? It was through repetition that we learned this and we use the same concept in our sales and management training programs.
Another example of this would be the multiplication table.
How much is four times five?
Eight times three?
Six times four?
 Did you have any trouble with answering these questions? Did you have to get a calculator out and use it to do the math? Probably not and the reason is you had ongoing, repetitive, reinforcement of the multiplication tables for years in school. How long has it been since you studied the multiplication tables? If you're like me, years. However, you still remember them…probably up to the multiples of 10 or 12. That is the point. You learned the multiplication tables through repetition.

 If you have ever watched the Olympics and observed the skill that many of these athletes display is inspiring. How did they do it? Well no doubt, many have some basic, inherent talent. But all of them go to "regular" repetitive, reinforcement coaching to be the best at their sport. They didn't sign up for a one -day class on how to win a gold medal.

 In the Sales Training business, all too often I see companies send their salespeople to a one or two day training without follow-up reinforcement. No wonder people's behaviors and beliefs never change and sales don't increase. We all know that one-day trainings don't change people, nor does it create any ownership of the subject matter. But in our fast paced, microwave world, we want instant success and instant knowledge "now."

 So you want your sales to increase on a permanent basis? Not a spike in sales after the one-day seminar and then back to where you were at before the seminar. Stop attending the one-day seminars that you know in your heart never works and never changes people, without the commitment to have it reinforced. Start now with what all studies prove that people learn gradually, incrementally, through ongoing, reinforcement training. That is what makes the subject matter stick and that is how to train people and make it work!



Gary Harvey is the founder and president of Achievement Dynamics, LLC, a high performance sales training, coaching and consulting company. His firm is consistently rated by the Sandler Training as one of the top 10 training centers in the world. He has been awarded the David H. Sandler Award by Sandler Training, the highest award by Sandler Training given to the top Sandler trainer worldwide. He can be reached at 303-741-5200, or gary@achievemoresales.com .

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jueves, 10 de enero de 2013

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