Management by Objectives Increases Effectiveness

What does it mean to be a manager? While the skills to be an effective manager are many and the exact mix of skills necessary will vary from job to job and sector to sector, most writers on business and management agree that successful management involves the planning, organising, leading and controlling of resources, including personnel, to efficiently and effectively achieve organisational aims.

If you do any of these things, then you are a manager, whether or not the word “manager” appears in your official job title. However, many managers, especially ones new in the role, don’t feel well-prepared for the job and consequently, need advice and guidance in how to begin to fulfill their new role in a way that is effective and satisfies the requirements of superiors.

Know that, although there are no absolute measures of managerial effectiveness, nevertheless there is broad agreement that when a manager satisfies the aims and goals of the organisation he or she works for, effectiveness has been achieved. The problem is in defining exactly what these aims and goals are and then laying out a format of standard operating procedures that managers can follow to become more effective in achieving them.

One such way is the KPI, or Key Performance Indicator, a well-known approach where the job requirements of a management role are specified in a list of qualities, skills and outcomes written down on paper, with important ones subdivided into smaller subgoals with a numerical target attached, such as number of units sold, percentage increase achieved or number of times completed in order for the manager’s performance to be deemed satisfactory.

In particular, one of the most famous versions of the KPI solution is the “Management by Objectives” approach of Peter Drucker, the renowned writer on management issues. This is where the aims and goals of the organisation are arranged and presented as “Objectives” that must be fulfilled and then managers are evaluated on how well they contributed to the achievement of those objectives.

The downside to this approach is that it is often very difficult to apply in the real-life workplace. Typically, many problems arise and a whole range of issues complicate the achievement of these objectives, which can sometimes suggest that the idea itself is not all that great. However, the general consensus in business is that it is felt to be a practical construct and a useful description of “how things ought to be done”, even if things do not actually always end up being done exactly as the model describes. So, despite its difficulty in application, Drucker’s Management by Objectives remains an excellent way to envisage the goals of an organisation and create a template of performance for managers to strive for, while also acting as a map that guides the organisation in the achievement of its aims and the development of its future business trajectory.

In addition, Drucker also delineates eight practices that all effective managers follow -

1/ They ask “what needs to be done”

2/ They ask “what is right for the enterprise”

3/ They develop action plans

4/ They take responsibility for decisions

5/ They take responsibility for communicating

6/ They focus on opportunities

7/ They run productive meetings

8/ They think and say “we” rather than “I”

These eight practices of effective managers can be grouped into 3 areas – the first two practices give them the knowledge they need to do their job; the next four allow them to change this knowledge into action; the last two make sure that the whole team or organisation is responsible and accountable (not just the individual manager).

So a commitment by organisations to implement, at least as a broad framework, Drucker’s Management by Objectives and a commitment by managers to perform the eight practices described above will lead to greater movement towards organisational goals and a marked increase in managerial effectiveness.

Why Business Analytics Is Essential for Running a Successful Business

WHY IS BUSINESS ANALYTICS IMPORTANT?
The foremost goal of any organization is profitability, and customer satisfaction is a huge component of the success of a business. When an organization innovates and stays ahead of its competition, it fulfills and goes beyond customer expectations. Many businesses still rely on ineffective, time-consuming traditional techniques for decision making processes that cannot keep pace with the competition.

The use of “Gut feel” in taking strategic decisions still plays an important role among business leaders. But does reliance on “Gut feeling” and “Traditional techniques” make for smart decision-making? What’s the best approach?

The technology boom has given rise to innovations in how data is used. Business analytics is the solution and the best move to ensure competitiveness in today’s era. To define the term: “Business analytics, one of the emerging fields in the data science, refers to the methods and various statistical and quantitative techniques used by an organization for informed decision making and business modeling”.

Analytics is the change that helps you to get your business on track. It assists the businesses to convert the humongous amount of generalized data into observation, patterning and vision.

BENEFITS OF BUSINESS ANALYTICS
What was discussed above is just an academic definition. Now let’s discuss why one needs to adopt it in business operations:

Fast decisions are easily taken, but what matters is smart decisions taken in a short period. It helps to inculcate faster and smarter decision making into business culture of your organization. With the help of business analytics, the company can empower a team for data analysis to extract targeted information. When a company accesses accurate and essential data, undoubtedly, it will take the right decisions.
Analytics helps in quantifying business values.
Most businesses provide training programs for fresh recruits or older employees where the core business values are imparted or refreshed. Instead, companies should go a step further and undertake the help of business analytics to translate business values into numbers. This is a more cost and time efficient undertaking.

CAREER PATH OF A BUSINESS ANALYST
A business analyst is one who assists organizations in the process of business analytics. The career path of a business analyst is not strictly defined as there are several options based on industry, qualifications, interests, preferences etc.

Training provides trainees with the skills and knowledge needed for a proper understanding and interpretation of data.
Training courses help students in getting exposed to data systems and tools like R, SAS, Python etc. making them eligible for various analytical jobs.
The best incentive for undergoing a course is that the industry-best average salary of a business analyst is Rs 491,522 a year. There are various skills that can increase the pay scale of a business analyst like project management, SAS etc.

CONCLUSION

The role of a business analyst is often seen as one that bridges the gap between different departments in an organization. There are various business analytics courses which can help you achieve all the benefits mentioned above. Candidates with these skills can help an organization to strategically improve operational efficiency.

12 eCommerce Legal Issues to Consider in Operating an Online Business

The following article provides a high-level summary of some key eCommerce law issues online business operators face in running a website or other eCommerce business. Conducting business online or maintaining a website may subject companies and individuals to unforeseen legal liabilities. The following is a brief survey of 12 key eCommerce law issues to consider:

1. Internet Business & eCommerce

A good starting point is analyzing a company’s online presence and auditing their procedures to determine how to grow their brand and online influence. As part of this, the company’s agreements and websites should comply with the myriad of laws and regulations affecting websites and online businesses, such as COPPA.

2. Domain Name Acquisition

Domains are often the key to an online business, but can present a number of problems. Domain name issues include securing a domain name initially, as well as protecting domain names from adverse parties that attempt to trade off the goodwill associated with the company’s brand. Sometimes, the company needs defense, retrieval, and protection of domain names on the Internet.

3. Digital Millennium Copyright Act (“DMCA”) Compliance

Companies operating websites, particularly where third-party content may be uploaded directly, should consider adopting agreements and procedures to shield themselves against claims of liability and copyright infringement. This procedure is sometimes referred to as a “copyright policy” or “DMCA takedown” procedure. Compliance with the DMCA can provide the online operator with a safe harbor from liability.

4. Online Privacy

Online privacy continues to become a bigger issue. With the spread of mobile devices, tablets, and apps, privacy issues are becoming more complex. Companies should consider composing or updating their privacy policies as well as adopting internal security protocols aimed at protecting the online privacy of customers and website users.

5. Social Media Law

While a powerful vehicle to build brand strength and interact with customers, social media can create a number of legal issues for online businesses. A social media policy provided to employees as well as guidelines can be effective steps to reduce risk. A few key areas to consider are employment related use of social media, confidentiality, sponsorship, and branding guidelines.

6. Privacy Policies

Privacy policies should not be copied from online templates or rival companies. They should be drafted comprehensively to address unique issues of a specific online business and to accommodate future growth. Whether a company looks to collect analytics or more personalized information, the company should focus on its specific business needs and risk factors. Privacy policies should be updated as a business evolves.

7. Terms of Use Agreements

Terms of Use (TOU) agreements can limit liability for companies that maintain an Internet presence. These agreements should be optimized to address a company’s specific business and should not be simply cut and pasted from the Internet. What works for one company may not work for another company.

8. eCommerce Agreements

eCommerce agreements come in many forms such as licensing, advertising agreements, and payment processor agreements. eCommerce agreements should be drafted to address the primary legal risks involved in a particular eCommerce contract or business transaction.

9. Online Sweepstakes & Games

Online sweepstakes, contests, and games create a number of legal pitfalls. Depending on the sweepstake, contest, or game, compliance with the laws of all 50 states as well as the federal government may be required. Registration in specific states may also be required. Online businesses may benefit from guidance as to whether a particular new initiative is considered a sweepstake, contest, or game.

10. Domain Theft

Recovering hijacked domains can often be difficult and time-consuming. Typically, avoiding domain theft in the first place is much easier than attempting to recover a stolen domain. While difficult, it is possible to recover a hijacked domain.

11. Website Agreements

Website agreements can be customized to limit legal liability and reduce risks of disputes by analyzing an online business’s intellectual property portfolio, business processes, and brand objectives. Website agreements can be used for mobile applications in addition to websites.

12. Impersonation and Username Squatting

Impersonation and username squatting can occur when a third party registers a social media account using someone else’s identity. This can result in harmful posts and information being published in social media. Username squatting can also prevent a trademark or brand owner from controlling their trademark. Typically, registering usernames in advance is the best strategy to avoid impersonation or username squatting.

Mobile Marketing, The Way To Succeed!

Would you be interested to know that there is a better way to succeed in marketing without having to invest big money? Want to know the quickest method to start an own business? Here’s how!

A lot of people have tried to invest in different Internet business opportunities without any success and I am no exception! The truth is that it is hard to have a good success rate on the Internet because the cost to advertise is bigger than it was when the Internet was new. However, if you turn to mobile marketing, the cost for every click from a potential customer will only be from 1 cent! And you donĀ“t even have to use a mobile to send advertisements, your regular computer will do the job.

The fact is that if you are still relying on the Internet, you are missing the train! Or the boat! How many people in the world have access to a mobile phone? The answer is 5 billion mobile users! This is for sure incredible! Think what a big market to connect to! The market is so big that it does not matter if there will be one thousand new mobile advertisers. (To compare with 1.8 billion Internet users).

What is the best way to market to potential mobile customers? Well, maybe you have heard the big boom with applications to iPhone? There are several thousands of applications. You can for example get help from an expert to create your own application that you can sell.

Or you can sell products as an affiliate, that means that you do not need to have an own product, you can promote someone else’s product.

You can help local business to go mobile by helping them to get new customers. It will for sure be a win-win situation for both of you.

Or what about to help a music artist to promote her/his great talent and get more listeners worldwide?

There are several ways that most people do not think of first. In fact, the mobile business has only been started and there will be more ways in a near future to offer your customers help.

You may wonder if your customers need to live in the same country as you? The answer is no, you have the whole world as your working place.

And there is also ready campaigns you can use by copy them, in that way you do not have to reinvent the wheel, just do as the instruction says from point to point.

Just make sure that you choose the right mobile marketing course so you get a course that educate you to be the successful mobile marketer in the shortest time.