Categories
Business Trends

Cloud Computing The Next Big Thing

From rapidly transforming consumer behaviors to heavily affecting economies around the globe, the Covid-19 pandemic has created a plethora of challenges and continues to have a multi-sector impact on nations and citizens alike.

With the arrival of vaccinations, 2021 seems to bring a new ray of hope for economies worldwide but the fact remains: This year is going to witness the ‘survival of the fittest,’ implying that businesses that turn digital and adapt to the ‘new normal’ are likely to emerge out of the Covid-19 crisis in better position to succeed.

To begin with, cloud computing is arguably going to remain the staple of leading companies. To give a quick run-through, cloud spending grew by 37% in the first quarter of 2020 itself – ushering in a new era of digitization wherein companies look at cloud computing as the most robust way to tide themselves over during the Covid-19 challenge – at this time last year the world had just woken up to the viral effect of the novel Corona virus beyond China. Capitalizing upon the urgency to drive processes remotely and securely, cloud service providers had an unlikely successful year.

Even as total IT spending dropped by 8%, the cloud market grew substantially. Having worked on a number of cloud implementations, I pick the following three key trends in the post-Covid era.

Cost optimization was always a priority before the pandemic. However, disruptions afterward have further elevated its stature in the priority stack. Today, start-ups and enterprises are seeking intelligence to deploy flexible cost models, particularly those in pay-as-you-go services. As expected, the OpEx versus CapEx solutions debate has once again intensified.

In the pursuit of normalization, controlled costing is the first step. With OpEx, businesses can get the total of their costing parameters while achieving scalability with products & services. PwC, in its latest survey, found that 75% of finance decision-makers use OpEx cost modeling and are deferring CapEx for at least another year.

Cloud ecosystems assure total flexibility and scalability in developing and managing key enterprise processes. Using OpEx as a cost model and cloud as a deployment model, enterprises can:

  • Achieve faster installations, upgrades, and on-demand flexibility. Given the lesser time of approval in OpEx, businesses can leverage frequent product upgrades.
  • Cloud systems mean negligible maintenance hassles and site visiting. The OpEx model allows for seeking cloud hosting services that cover uninterrupted networking infrastructure and enterprise-grade security.

Entities, both government and private, are likely to upscale their infrastructure capacity in 2021. At the same time, they want to keep costs in control. Therefore, hybrid cloud systems backed by OpEx cost models will set the narrative for data storage and monitoring.

Rise of native clouds – containerization and serverless computing

In order to recover from the pandemic hangover, MSPs – Managed Service Providers, would want to enhance their Customer Experience (CX) quotient while keeping costs in check; exactly what native cloud computing delivers. Native cloud technologies through containerization empower digital transformation strategies for enterprises across the spectrum. Since Azure, AWS and Google Cloud have raised the green flags, at least 60% of service providers will offer containerization on public cloud platforms.

At their core, container management repositories perform workload transportation between multiple verticals such as on-premise, edge, and the cloud. Subsequently, platforms like Kubernetes, that lessen the complexity in container management, should gain explosive acceptance in 2021-22. In addition, serverless computing that was among the top five Platform-as-a-Service (PaaS) cloud services in 2020, is still likely to be a preferred paradigm for multi-cloud developments.

Edge computing gaining the edge

To put it simply, edge computing brings storage and processing closer to the geographic location of data consumption. Besides ensuring faster response times, it saves bandwidth (and infrastructure) while empowering the service providers to serve their customers locally.

There’s no doubt that Edge computing will grow stronger in 2021. Cloud service providers will experiment with new business models beyond humongous data centers and central control of public clouds. Nonetheless, it still seeks the innovation of computing in traditional clouds while enhancing business agility. Edge computing allows enterprises to improvise upon their real-time analytics and make smarter business decisions. Since predictive analysis in CRM and other ERP verticals is growing, edge computing will have a greater role in the process.

Per IDC research, by 2024 25% of organizations will look forward to using cases that integrate edge data with apps already hosted in the cloud. 2021 will also see a series of partnerships between traditional cloud and edge computing service providers. Also, telecom service providers will have a key role in driving these hybrid ecosystems.

Going forward, devices and applications closer to the consumer’s location will play an important role in the larger fabric of the Internet of Things (IoT) and hybrid cloud models.

Opportunity is in the eyes of the beholder

The cloud was already a dominating force. The pandemic only proved that most enterprise processes can be managed remotely if the right cloud implementation is backing them. Therefore, it is not incorrect to believe that cloud service providers are sitting on a gold mine of opportunity.

Cloud Computing Will Be a Goldmine in the Post Covid-Era [Entrepreneur]

About Our GE Network Expert - Min Tang

Categories
Branding

5 Ways That Charity Can Boost Your Business

There are two reasons to get your company involved in charitable activities: It’s good for the world and it’s good for business. 

A survey from just two years ago shows that 88 percent of consumers want their favoured companies to help them make a difference. 

Your business will receive several advantages in partnering with a charitable organization, including improving image, more productive employees, boosting your brand, building a network, and a healthier bottom line. 

Improved image

The internet is a busy place, and any kind of traffic, especially positive comments, will improve your SEO and visibility in the online marketplace. Also, clients and community members are more likely to remember your business positively and spread the news to others. 

Happier, More Productive Employees

Everyone wants to feel like their work makes a difference in the world. Getting your employees involved in the charitable process means that you’ll have a happier and more productive workforce that believes in your company’s mission and values.

Boost Your Branding

There’s no publicity quite like charity and philanthropy. Not only will donating money and/or time improve your standing in the local and business communities, but you’re likely to see new opportunities as a result. 

Network, Network, Network

When clients see that a business cares about the world as well as their bottom line, they want to patronize that company. You’ll end up not only with more clients as a result of charity, but potentially more loyal customers that will spend more money patronizing your business. 

More Money

For all you CEOs and CFOs out there wondering why you shouldn’t just spend that money on advertising, the bottom line is that donating to charity almost always brings in more profits than you lose. 

There are several ways of going about your charitable work. It doesn’t always have to be a giant check at a fundraiser. There are so many ways to get involved in charitable work, whether it’s asking employees to volunteer, or donating a portion of a certain product’s profits. 

How to Do It

Here are some other smart ideas from successful business-charity partnerships. 

Partner with Similar Organizations

There are major benefits to joining nonprofit organizations or businesses with parallel goals, as this CEO learned firsthand. 

Judd Schoenholtz, CEO of Open Listings, said this: “The mission of Open Listings is to make homeownership more affordable. Our service makes this possible by vastly reducing the real estate fees incurred when buying a home through a 50 percent commission refund. To date, we’ve saved California homebuyers nearly $5 million.

“As our company and team has grown, we’ve also begun to support local organizations working on affordability by donating resources and energy to groups that share our mission. One example is Abundant Housing LA, an organization “committed to advocating for more housing… lower rents and a more sustainable and prosperous region, where everyone has more choices of where to live and how to pursue their dreams.” 

Donate Skills

This is an easy and wonderful way to connect with your local community, get some good press, and maybe grow your business. 

Ask your managers and employees to donate some time to teaching skills. This could be at a high school or college, a free class at the library, or even an open house where you invite people to see your business and learn from your employees. 

You and your employees have valuable knowledge that they can share. Why not spend one day a month sharing it with others?

Let Givers See The Impact

Many charities now understand the importance not only of transparency but creating systems that allow donors to see exactly where their money is going and what it’s doing.

If you offer a way for clients and donors to see the impact of their generosity, they’re more likely to come back and to spread the word to others about your business’ good deeds. 

A great example of this is the Track Your Impact function at WE Charity, which founder Craig Kielburger said has been crucial for donor trust. 

From Craig Kielburger: “The beauty of Track Your Impact is that it shows you what your purchase will do. And with sharable content that customers can take to social media. Shoppers buy the product, make an impact, meet the community affected, and share the story, like pictures of clean-water projects or facts about drought and small-hold farmers. The social media halo amplifies the brand and invites other consumers to join. And when consumers opt-in to receive information about their impacts, at the bottom of the message they see additional products and services that deliver more impacts to change the world. All of this amplifies the cause, inspiring others to shop with impact.”

Categories
Business Trends

Paypal’s Vision For The Future

PayPal CEO Dan Schulman recently spoke to Bloomberg about the company’s growth last year and its ambitions for the future.

Here’s what you need to know:

  • PayPal processed $936 billion in total payment volume (TPV) in 2020 and says it’s on track to reach $1 trillion a year. Digital payment usage surged during the pandemic, with 43% of US consumers saying they used mobile apps like PayPal and Venmo more in 2020, according to a report by CouponFollow. To meet that demand, PayPal launched new products like Pay in 4—its buy now, pay later solution—and its cryptocurrency service. PayPal also expanded Xoom, its remittance business, into more countries to make it more widely available. These efforts may have bolstered TPV by tapping into new demand
  • The payments giant expects to reach 400 million global users by June, but it’s setting its sights on one day reaching 1 billion. In 2020, PayPal added72.7 million net new accounts to reach a total of 377 million accounts globally, a 24% increase from 2019, when net new accounts increased by 37.3 million. Merchants were a driving force behind PayPal’s user growth thanks to its core products, from its one-click online checkout button to in-store innovations like its QR code payments, which helped meet consumer needs during the coronavirus pandemic. Indicative of merchant growth is PayPal’s merchant services volume, which grew 33% YoY, up from the 27% YoY growth it posted in 2019, suggesting that these offerings likely brought in new sellers.

PayPal is hoping to become a super app as it explores innovations that’ll help morph it into a “one-stop shop for all consumer financial needs.” PayPal is already moving beyond its existing offerings and inching toward other financial services, such as crypto, which it noted as a key growth area in 2021: Schulman recently said that PayPal’s new dedicated crypto unit will focus on helping increase the utility of digital currencies. PayPal has also expressed interest in expanding into banking and stock trading. These could be the logical next steps for the payments giant considering that Square, a major competitor, is reaching into the space with new stock trading options and recently debuted its industrial bank, Square Financial Services. Doing so could aid PayPal’s one-stop financial services shop ambitions and perhaps help the company increase its user base and volume.

 

PayPal CEO talks company growth and its vision for the future [E-Marketer]

About Our GE Network Expert - Min Tang

Categories
Branding

How to Brand Your Business

You’ve put in many hours of work and late nights filled with anxiety as you’ve built your business from the ground up. You know that your business is producing a service or product that is high-quality and in-demand, but how can you make sure that your business brand stands out and attracts consumers?

Identify Your Target Audience

No matter what kind of business you’ve built, you probably can’t expect everybody to be a potential customer. Finding out exactly who is most likely to interact with your company and why it’s absolutely essential in developing a successful business. 

Personality marketing is a superb way to understand your target audience and build a brand that will attract them. Personality marketing analyzes five essential personality traits of your potential target audience to help you learn what kind of brand they are most likely to respond to.

Be Honest

It can be tempting to try to make your business into whatever your customers might want it to be, but your target audience is likely to see through this attempt. You want to adapt your branding to your target audience, but don’t abandon who you are and what you want for your business. 

Being honest and transparent in your branding makes it more likely that your target audience will trust your business, even if they do not identify entirely with every aspect of your marketing.

Keep it Simple

One of the most common pitfalls that people fall into when branding their business is making it too complicated. You have many hours to think about exactly what you want your business to portray. However, you only have seconds to make an impression on your potential customers and encourage them to make the decision to do business with you. Be direct, straightforward, and stay on message with all of your branding efforts.

Be Unique

There are thousands of brands within any given industry. Even in a relatively narrow target demographic or zip code, you may be competing with dozens or even hundreds of other brands trying to do something similar to what you’re trying to do. 

If you want to get repeat business, you need to stand out. If your branding is too similar to another company’s branding, your customers may not remember which company they saw advertising for or had a good experience with last time. That means you may lose business to your competition.

Have Fun Branding Your Business

Branding your business can have some anxiety attached, but it should also be an exciting experience. The brand you build now will hopefully go on for many years to come and may even survive you. Take time to think your branding through and know who you’re marketing to, and you will likely have a great time building highly effective branding.

Categories
Human Resource

4 Tips to Avoid, Reduce, and Resolve Conflict in the Workplace

A little healthy competition can help professionals improve their performance and develop new skills. However, there’s a difference between work environments that allow employees to thrive, and workplace cultures that are toxic. Unfortunately, conflict between employees –– or between employees and management –– can stifle production and cause numerous other problems for business leaders. Thankfully, you can use these four tips to avoid, reduce, and resolve conflicts that may occur around the office. Check them out here: 

Take Care of Your Team

Happy, fulfilled employees are certainly less likely to lash out at each other than professionals who are uncertain about their finances or future. As such, it’s up to business leaders to take care of their team members in order to foster a positive work environment. This can include, but is not limited to, paying good wages, promoting team members from within, and communicating well with employees. Additionally, giving your employees time off to address personal issues will likely improve office morale as well. For example, it’s a good idea to grant team members time off if they need to undergo bunion surgery or visit an ailing grandparent. A little empathy can go a long way in this regard!

Make Smart Hires

Sometimes, the most qualified candidate for a job isn’t actually the best person available for it. Rather, business leaders would do well to identify individuals who represent a good fit for their company’s culture when they pull the trigger on a new hire. Making quality hires that your team members connect with will ensure everyone on staff is on the same page moving forward. Remember, even one bad hire can ruin team chemistry –– so be careful when you next have an opening on staff. 

Keep Your Door Open

When an employee has a problem, they should feel comfortable speaking to management about it. If, for whatever reason, professionals don’t feel comfortable airing their grievances with you, then work to win their trust back ASAP. Business leaders need to know about their employees’ concerns and frustrations if they want to improve their company culture. 

Give & Expect Respect

Employees may not always agree with each other –– or with their boss. Still, there’s no reason for any employee to behave in a disrespectful or threatening manner. As a business leader, it’s your job to always treat your team members with respect. And, it’s your job to ensure your employees  always behave with respect to others as well. Professional disagreements don’t need to devolve into personal grudges or arguments. By setting a high standard for yourself and your team –– and sticking to it –– you can avoid negative energy in your office and build a better organization.