Doing business in today’s rapid change and globalized environment, we no longer can just depend on ordinary business principles. Technology is an enabler for business innovation, and it’s probably the most accessible strategy to innovate the way how your business works. But the question is: What technology is applicable to you? Which one is the best? Will they create more work and headaches for me? This presentation is carefully designed for business owners who are non-tech savvy. A framework is presented to help you in your business planning process to incorporate technological elements that can innovate your business model. This will allow you to be more objective when choosing the right technology for your business.

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Business technology
Is it your secret weapon or baggage?
Thomas Cheah
Principal CTO On Demand
25-Nov-11

2. Why am I doing this?
• Doing business is not as easy as before.
• Need to keep thinking of new ideas to grow
our business.
• Employees are given big task to look for better
solutions.
• For those who can’t hire me. (Or can’t afford to hire a CTO)
• To make you a CTO. (And avoid common mistakes in tech implementations)
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Common sense is uncommon
Until someone pointed it out to you!
25-Nov-11

4. What is business innovation?
“Why do you carry a
spoon in your pocket?”
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5. Innovation starts from observing
the details of our everyday life.
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6. Why innovate your business?
• Differentiate your business and
bypass competition
• Diversify and develop new
profitable growth markets
• Inspire employees and partners
to add value to your business
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7. A game for the big boys?
Innovations can help small
companies to act big, and
help big companies to act small
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8. The Mirror Test
Do your company need
to innovate now?
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9. Dimensions of business innovation
• Not just product or technology innovation.
• Process innovation can maintain a flexible
and durable organization.
• Innovation need not be major R&D
breakthroughs.
• Technology is the one of the most
accessible way to innovate your business.
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10. Dimensions of business innovation
Product Process Marketing Management
• Introduction of • Improved • Different • Better workplace
new product production distribution collaboration and
method PR.
• Improved services • Different delivery
method • New pricing • Enable knowledge
strategy sharing among
partners
• More effective
promotion
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11. How can technology help?
Product Process Marketing Management
• Increase sales • Reduce errors and • Gain better market • Increase employee’s
revenue rework insights performance
• Explore new • Reduce time per • Improve quality of • Improve job
market transaction service satisfaction
• Offer new • Eliminate • Increase sales • Better
experience and redundant tasks conversion communication &
value collaboration
• Eliminate process • Increase price
bottlenecks competitiveness
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12. Poor tech planning will lead to...
• Why are we only using 20% of the features that
we paid for.
• Why is this system creating more work for us?
• Why is this system so awkward or difficult to
work with?
• Why do I have to re-enter the same data on
multiple systems?
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13. Poor tech planning will lead to...
• Why no one (or not everyone) is using the
system that we purchased.
• Why no one is visiting our e-commerce site?
• Why is our system does not talk to (compatible
with) each other?
• Why technology is so expensive?
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14. Some myths about technology
• Myth #1: The more features it has, the
better.
• Myth #2: Change business process to
suit technology.
• Myth #3: Follow what my neighbors use.
• Myth #4: It will work out-of-the-box
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15. Understanding the facts
• Fact #1: Your people and process are the key
drivers.
• Fact #2: Packaged solutions are not 100%
effective.
• Fact #3: Customized solutions are not 100%
practical.
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16. The Business Technology Framework
• Develop process plan and strategy.
• Define and prioritize requirements.
• Shortlist potential technologies.
• Invite vendors to present a customized demo.
• Identify the functionality gaps and bridging
plans.
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17. Interviewing your vendors
• How can your products or services help my
business?
• Do you resell any hardware or software?
Who are your partners?
• How big is your programming team?
• Do you have any experience in programming?
• What is your fee structure?
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Really Simple Case Study
Process innovation for consistent profit
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19. Process Innovation For Consistent Profit
Number of customers = Number of leads x
Conversion rate
Revenue = Number of customers x Average $
purchase x Number of trips
Profit = Revenue x Profit margin
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20. Process Innovation For Consistent Profit
Number of customers = Number of leads x
Conversion rate
Revenue = Number of customers x Average $
purchase x Number of trips
Profit = Revenue x Profit margin
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21. Process Innovation For Consistent Profit
Collect Leads
Track Conversion
Develop your process plan
and strategy.
Project Profit
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22. Process Innovation For Consistent Profit
Collect Leads: Depends on
the nature of your business,
leads can be coming from
various sources, such as POS,
website, events, etc.
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23. Process Innovation For Consistent Profit
Collect Leads:
Record the
potential sales for
each new leads.
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24. Process Innovation For Consistent Profit
Track Conversion:
Once the sales is
closed, flag it as a
successful deal to
track conversion.
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25. Process Innovation For Consistent Profit
Project Profit: Have the system
work out your sales pipeline and
calculation of conversion rate to
project your revenue and profit.
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Thanks you!
Send your questions to
thomascheah@procto.biz
25-Nov-11