Are CEOs Really Necessary Anymore?

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StrategyDriven Editorial Perspective Article |CEOs|Are CEOs Really Necessary Anymore?It seems like a ridiculous question to ask, somewhat like wondering whether cars really need drivers. Just imagine all the things a driver does every second in order to reach a specific destination: taking in vast amounts of inputs about current conditions of the vehicle’s motion, receiving thousands of changing data points from all the visual clues about lanes, traffic, signs, pedestrians and all the other moving vehicles in the vicinity, then comparing all this information to a previously set route, and making all the complex choices necessary to arrive safely.

You could almost think about that driver as being on the receiving end of a firehose of data, sorting out the most important patterns, and then turning all of that into a best course of action — the very definition of Intelligence. And that’s why we’ve come so close to going from data that one human can process, to Big Data, which requires dozens of sensors to process.

With increasingly vast bodies of knowledge about experiences, one can see how business Intelligence, with enough computing power, became Artificial Intelligence. And, so, before too long, the taxi you’re about to hail in Phoenix, shows up; Poof! No driver necessary.

Which brings us back to those folks in the corporate driver’s seat — the CEO. Doesn’t much of a CEO’s job consist of being on the receiving end of ever-increasing floods of data that can now be gleaned in real time from inputs around the globe? The tick of every sale quickly contributes to a pattern revealing how the marketplace is receiving our products at every given moment. Supply chains are linked to these inputs, as is every other variable the CEO needs to be concerned about, from available corporate resources to stock price.

And as AI begins to make choices based on mining Big Data, the role of the CEO as patchcord between data input and decision output seems destined to become smaller and smaller until, at some point, an organization is going to run autonomously. As futurist Ray Kurzweil observed in 2005, in the near future, machine intelligence is going to exceed human intelligence. He named that moment, the Singularity. Will there be a moment when the Singularity arrives in the C-suite? It seems inevitable.

AI or Human Agency?

Or maybe not. Maybe great organizations are not really machines, like some automobiles or even spacecraft, that can complete their journeys without human intervention. To find out, it may be worthwhile to make some sharp distinctions between what Big Data driving AI can do, and what it cannot. BDAI (for short) is excellent at making sense out of the current state. It’s also pretty good at making predictions about trajectories, given no black swan or other -unforeseen circumstances. So BDAI is pretty useful for management to be able to see where we are and where we might be headed.

But, what about agency, or intentionality, or what today we generally call strategy? If we have enough past information of competitive successes and failures, BDAI is capable of helping leaders develop options. In some instances, in a large consumer products organization, for example, it is not difficult to imagine letting BDAI decide the optimal number of versions of a toothpaste brand, which will maximize performance in the marketplace, and even continue to optimize those decisions over time.

Yet, what happens when there is a genuine disruption in a marketplace, when new inventions shuffle the whole deck? If BDAI had been in place at Olympus Camera on the day that Steve Jobs introduced the iPhone, would the company’s management information system have warned leadership that the pocket camera industry, at that moment, was entering an irreversible swoon?

CEO’s Role- Wisdom and Innovation

Finally, we come to the two basic responsibilities that a CEO can perform that, as yet, BD and AI together cannot. The first is to make wise decisions over time that express a coherent vision. The second is to lead innovation. Famously, Steve Jobs had no interest in market research when imagining where Apple needed to go next. He thought in broad terms about what human beings might do with powerful new tools, and went about creating them. Sometimes, it took a while for people to get what Jobs was giving them, but eventually, he re-ordered the world.

Same for Elon Musk. Musk’s long arc in guiding Tesla from highly-ignored sports car, which financed the luxury Model S, which, in turn, made possible the 3, is now crushing an entire global industry. And, underneath it all, still not widely-perceived, is that Musk is also transforming the global electrical grid with a complete infrastructure of vast battery capacity.

Jobs, Musk and other disruptive founders built their organizations to maximize the value-creating potential of their visions. Those organizations are no less than the living, breathing manifestations of their founders’ identities and are as unique as the founders themselves.

After the Founder

Once the founders have departed, subsequent leaders, in order to maximize the quality of their decision-making, will always need to be aware of the identity that still pulses at the heart of their organizations. Without this essential understanding, the dangers are ever-present that the easy persuasiveness of Big Data, married to the seemingly incontrovertible direction supplied by Artificial Intelligence will, eventually, lead even the most successful organization astray.

So, are CEOs really necessary anymore? Yes, if they realize that their main job is to ensure that the identity of their institutions provides the center of gravity around which Big Data and AI are reliably deployed. Otherwise, companies are in peril of becoming driverless, autonomous vehicles, subject to an uncertain future fraught with potentially lethal hazards.

About the Author

StrategyDriven Expert Contributor | Gerald SindellGerald Sindell is a partner of The Identity Dynamics Institute. He was the CEO of two New York publishing companies, Tudor and Knightsbridge. He has been instrumental in developing enterprise operating systems for EOS Worldwide, Accenture, and The Balanced Scorecard Institute.

Why Working On Your Financial And Economic Ability Will Boost Your Money-Making

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StrategyDriven Professional Development Article |Making Money|Why Working On Your Financial And Economic Ability Will Boost Your Money-MakingWhen it comes to your ambition and your ability to bring in money, you’re going to want to make sure that you have a lot in your locker with regard to skills surrounding it all. People who have the wherewithal to generate a large income don’t just get a little lucky. Sure, some might take a punt on a particular business and come out the other side a lot healthier, but there’s a method to it all. Whether you’re looking to raise your personal profile or create an amazing business, you need to have the skills to accompany the journey.

Certain things like confidence, the ability to lead employees and other important contacts, knowledge of the chosen field, and plenty of other aspects need to all be present. Your financial knowledge and ability need to be there, too, however. If you aren’t good with money and the numbers you’ll be working with, then you might not last long here. Fortunately, being good with money isn’t something you need to worry about. It’s something you can learn about as you work. If it was so difficult, hardly anyone would do it. Here’s why you might want to focus on your economic and financial ability:

Your Confidence Will Rise Overall

If you know what you’re talking about with regard to money, then you’ll get a big boost mentally. It’s quite an important facet of life, so you’ll get a kick out of knowing about this stuff. When you aren’t as aware, you may be quite reserved regarding it all.

It’ll Help You With Motivation

Motivation can be hard to come by when you aren’t as educated in terms of money. Not knowing where to go next or how it all comes about can leave you in the wilderness somewhat. Once you know a little more, it can give you lots of different options. You’ll know where to allocate your time and you’ll be more inclined to try new things.

You’ll Have Fewer Issues With Formalities And Legalities

The legal aspects of your money can be quite important – as you probably know by now. A lot of people get into trouble due to the way in which they declare their income. Some genuinely make mistakes while others actively look to cheat the system somewhat. If you know what you’re talking about then working on the likes of self-assessments and 1099-misc reporting can become more of a walk in the park. You’ll stay out of bother and become a lot more experienced in handling these kinds of essential formalities.

You’ll Appreciate The Value Of Money A Lot More

When you don’t know that much about your money, cognitive dissonance can occur, and veering away from the topic as a whole can also happen. You won’t rush to work on a financial plan and you won’t be interested in what’s to come for you financially. If you know what you’re talking about and you know how to act going forward, however, then it makes you understand just how important it all is. This can be excellent going forward as you’ll be more inclined to use your money wisely.

How to strategically plan for your business’s future

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StrategyDriven Strategic Planning Article |Strategic Plan|How to strategically plan for your business’s futureBusiness planning can save time and money in the long run. Refresh your fundamental values, key growth areas and sectors you want to target. Sharing your business plan with your employees can help to direct and motivate them as well.

A business plan should be a flexible and dynamic template that changes with the industry. Say goodbye to your static method, and hello to a continuous business planning cycle. Here are a few tips on how to create a strategic business plan for your future.

Keep it simple!

Employees and investors are unlikely to read your business plan if it’s long-winded and tedious. Keep it simple with a one-page document that is easily digestible and accessible. Use a list format to present your marketing aims, mission statement, objectives, strategies and action plan.

Update and change it

You should refresh and check in with your business plan every few months or so. Remind yourself of your goals and identify which direction you want to go in.

Potential investors will want to read your business plan to see how you would use the money and allocate resources. A business plan is not just for investors – it should forecast the lifespan of your business.

Consider taking out a small business loan to prepare for future expansion, equipment, refurbishments and any unexpected expenses. Preparation is essential.

Go digital

Two-thirds of managers reported an increase in productivity from their remote workers. Video conferences are great for having a personal face-to-face meeting without the added travel cost. Digital communication is an innovative industry that businesses need to invest in!

Going green is becoming more important

Consumers are starting to notice green companies and want to purchase products that have environmentalism at heart. More than 70% of consumers are willing to pay at least 5% more for sustainable products. Don’t get left behind – invest in green products now.

Furthermore, renewable energy is becoming more affordable and can save you high costs later down the line.

Think about automation where possible

Automation processes can drastically increase the productivity of your workforce. Automate mundane tasks that distract your workers from the more important, urgent work at hand. Many industries are using automation services to store email templates and perform tedious customer service responses.

Take the time to identify which processes need to be automated before launching into a new automation strategy—research how your competitors use automation to improve workflow and develop a strategic approach.

Online Reputation Management: What You Should Know

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StrategyDriven Online Marketing and Website Development Article |Reputation Management|Online Reputation Management: What You Should KnowHave you ever wondered how celebrities or big brands manage their presence on the internet? With the increase in people using online resources, social media, and reviews, one bad review can have a huge impact on a business’s success or reputation. Online reputation management helps those with larger public profiles to maintain a good online presence and representation in an age where everyone and anyone can use the internet to give their opinions. Here are some basic facts about online reputation management to help you understand what it is and how it works.

What is ORM?

ORM, or online reputation management, is the practice of using various strategies to help influence the public perception of an individual, brand, or business online. Obviously, if you, an individual, brand, or business, have genuinely done something wrong, then reputations should be damaged, and appropriate action should be taken, as covering things up can get you in a lot of trouble. However, if a person or business is under attack when they have done nothing wrong, for example, a competitor or jealous individual, this can have hugely negative consequences. This is where online reputation management can be used to push negative online content off of the first page of search engine results. It is hard to completely remove something from the internet, so managing your online appearances and presence can help to reduce the number of people who interact with negative content.

Who is it for?

Online reputation management is typically used by big brands, businesses, celebrities, or entities whose success can depend on what is online. One of the most common types is celebrity reputation management, which helps to put positive content onto the internet in order to make sure these are what comes up in search engine results when the name is searched.

Technically, anyone can use online reputation management to monitor and manage their online presence, and there are different levels and specialisms depending on how influential you or your brand is.

You can work towards managing your reputation yourself or enlist the services of a professional company. Typically, the average person will manage their online reputation much more simply than a large brand or celebrity by responding to reviews and comments, both positive and negative, and managing feedback. Many people trust reviews that are left online and will make decisions about individuals, companies, or services based on the reviews and ratings they see when they search the name in a search engine. Knowing when and how to respond to comments and reviews is just one of the many skills and methods involved in online reputation management. It becomes harder to manage your online reputation when you are more well-known or influential, or the challenges you are facing are increasing. You may then require assistance. There will be different factors to consider for this and various questions to ask yourself. These include:

  • Do you have time to generate and publish the content that is needed to push negative articles or search results to the bottom of result lists? Positive content that is high in keywords and other SEO techniques need to be created and published frequently. One great way to do this is by writing a blog, but you yourself may not have the time or skills to do this.
  • Can you write to a high level to create effective and engaging content that does the job it is meant to do? Including important keywords in your content will help it pop up higher on search engine results, and it is obviously important to make sure it is grammatically correct and well-written, as is it associated with you.
  • Are you technologically savvy, with a good understanding of techniques such as SEO? As well as SEO, you will need to manage a multitude of sites and social media platforms. Understanding how to build a good website is vital, and you may need some assistance with this task.
  • How large is the reputational problem you are dealing with? It is some small comments, reviews, or a few unwanted images, or is it something much bigger?

When considering managing your online reputation, find out what your current online presence looks like to an outsider. Searching various spellings of your name, or the name of your company or brand will bring up the currently most popular search results. Look through them and see if they present you in the way you wish. It is also a good idea to set up Google Alerts with various phrases so that you are constantly aware of any new material that is being created. This can help you save time, as you need to monitor the internet and be aware of what is appearing. Furthermore, you will need to learn when it is best to respond to comments or reviews, and when it should be left alone, as sometimes replying can push the comment further up search results, which is the opposite of what you are trying to achieve.

How does it work?

There are several methods and techniques involved in online reputation management. Generally, the aim is to push down negative content and get it off the first page of search engine results so that fewer people see it. Research has shown that around 95% of people only look at the first page of results when they Google something. The techniques used will vary depending on the client. For example, managing the online reputation of a celebrity is a big challenge because there is so much content being generated about them from different sources. These include news organizations and publications, social media, websites, and fan forums. If a publication is well known, then any information they publish will appear high up on SERPs, resulting in more people clicking on them.

There are different ORM methods that are utilized depending on the client and the situation, but some general methods include:

  • Generating new content frequently. The more positive content you create, the more likely it is to be engaged with and land higher up in search results. The whole idea is to flood results with content that is positive in order to push negative articles further down. This is where using an agency to manage your online reputation can be helpful, as you may not have the time, means or ability to create the volume and frequency of online content that is required.
  • Maintaining a positive online presence. Having a good website is one way of doing this and is especially useful if you, your brand, or business relies on a website over other platforms such as social media. A high-quality website will help it to appear higher up in search results, will be informative, grammatically, and technologically correct, with links and an easy to navigate layout. Writing a blog that you regularly update, interacting with reviews and comments, and encouraging people to leave reviews will help build your site. Furthermore, having your or your brand or business’s name in the website URL is important as it can help the site rank high for keyword content.
  • Claiming online properties. This involves making accounts and profiles on the various forms of social media, as well as a Wikipedia page and domain name for your website. These are popular and established platforms and websites to have accounts on, and are therefore more likely to appear on the first page of a search engine result. Furthermore, by having accounts on these platforms and sites, it is harder for people to create fake accounts and pretend to be the individual or brand.
  • Creating links. Links on your website or other accounts need to be functioning and up to date. Linking to other webpages that you want readers to see can help the flow of internet traffic between the two sites, as well as giving credibility to the receiving website. Links to your socials should be on your website and vice versa.

Jobs

If you would like to work in online reputation management, it is generally seen as a type of digital marketing. There are plenty of digital marketing agencies all over the world, and many offer online reputation management services. Other services they may offer include content creation, SEO, and website design. You need to have a good level of understanding of digital techniques such as SEO and have a great eye for detail. There are many skills you need to succeed in digital marketing, and online reputation management is a great way to combine many of them, such as SEO and content creation.

Managing your own reputation is a good way to save money, but it can be time-consuming, and you may not have the skills required to complete the job effectively. As previously mentioned, there are many factors to take into consideration that will affect whether you choose to do it yourself or work with an agency that can manage it for you. If you or your brand or business have been negatively impacted when you have genuinely done nothing wrong, ORM can help to rebuild your reputation online.

3 Key Strategies To Enhance Small Business Success

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StrategyDriven Entrepreneurship Article |Small business success|3 Key Strategies To Enhance Small Business SuccessThe truth is most small businesses are currently fighting to establish themselves after facing a heavy blow from the Coronavirus pandemic. The virus saw many ventures close down while others sold out after failing to withstand challenges ranging from lack of finances, stiff competition, unskilled staff, and lack of disaster preparedness mechanism.

As the world moves towards the post-COVID-19 recovery phase, it is essential to take necessary measures to uplift this sector as it plays significant roles in the economy, such as helping tap and utilize local resources and employment creation.

The first step towards enhancing your small business success is realizing that your venture competes with other well-established businesses and serves the same customers. Moreover, don’t forget to implement these three key strategies that are crucial to your business success.

Be a Risk-Taker

It generally requires a risk taker to make it in life and more so in business. As a business person, you must be willing to get out of the comfort zone and make risky decisions. For instance, you will require making a substantial financial investment such as taking a loan to sustain your business.

Additionally, you will need to expand your customer base by reaching new markets and retaining your existing customers. All this requires hard work and taking risky actions in the unforeseen future.

Maintain Your Business Privacy

Stiff competition is one of the main challenges facing many small businesses in the 21st century. To counter this, keep your business rivals from knowing what is happening within your organization.

Most times, your competitors will use what is not working for you to their benefit. They will occasionally spy to identify your strengths and weaknesses and do their best to beat you at your lowest.

Therefore do everything possible to prevent information leakage by doing away with employees likely to betray you to your rivals and improve your venture’s cyber security service.

Additionally, you should also avoid gossip within the organization by developing and sticking to a formal communication model.

Have a Well Laid Out Business Plan

Knowing where you need to go and what is needed to get there is vital for the success of your business. Having a well thought out plan in your business makes this possible.

Moreover, a business plan helps you track progress and take necessary steps early to change the situation when things get out of hand. Through a business plan, one can also identify possible risks that may harm the business and prepare for them beforehand.

A plan will enable you to minimize the wastage of resources in the business. This is because a plan helps you stick to what is essential and devise effective ways of getting things done faster and in a more efficient way.

It requires hard work, commitment, self-confidence, and sacrifice to grow a small business to remarkable heights. The truth is many small ventures do not cross the third-month mark.
Despite this, you can succeed and build a name in the small business world by following the above vital recommendations.