Welcome to the second issue of TSI Info Source for 2008. In this issue, we strive to share some of the research and other “best practices” we have received in this tumultuous marketplace and highlight how you can find the upside to turmoil in today’s ever changing market. Simply look below for the whitepaper.
For our Higher Education Clients, TSI, along with one of our “partners” is leading a webinar titled ” Higher Education – Improving Advancement Performance and Results in Volatile Times”. This is coming right up on December 10, 2008 from 10:30-11:30 CST. If you are interested (note, this is a free webinar), please click here – Advancement Webinar
As many organizations need external expertise for the 2009 initiatives, we would like to remind you to please keep TSI in mind for your upcoming project needs. If your projects involve improving processes, training on process improvement, strategic planning (and other topics), defining strategic directions, assessing or evaluating technology or managing change, we can help your project succeed. Simply give us a call (847-705-0960 x202) or e-mail – info@transforming.com
Do you have ideas or questions that we should address in future Whitepapers? Let us know – we would enjoy hearing from you.
Please do not hesitate to provide us with feedback via e-mail: TSI E-mail
Kind Regards,
TSI
The Upside to Turmoil by Dan Feely, TSI – Managing Partner
Like many of our clients, fellow consultants and other constituents, we at TSI are equally frustrated as we watch our 401(k)s turn into 1ks. Right before our eyes we are seeing how truly fragile many of the companies are that we have, in some cases, admired for years.
These conditions and examples of failing organizations beg a number of questions including: how valid are the strategies and tactics that have seemingly worked for years or is there a responsible way that I can use this opportunity to improve my organization. If we truly believe that, whether it is in 6 months or 2 years and 6 months, we will survive the current market turmoil, there are a number of actions that you can initiate very soon that will likely your organization.
As we have an opportunity to participate on several boards, participate in focus groups and surveys and analyze improvement opportunities with our clients, in this whitepaper we list a number of pragmatic opportunities that have been discussed in recent weeks. Many of these relate to the questions above. As you will read, some of the experts that TSI greatly respects suggest taking a slightly contrarian approach and using this turmoil as a burning platform to drive needed organizational changes. Simply put, do not waste a disaster by failing to drive requisite change throughout your organization.
Based on our research, consulting practice and discussions with experts, listed below are the themes being implemented at a variety of progressive organizations:
FINISH WHAT YOU START – what is your organizations ratio of started projects to finished projects? Chances are it mirrors my ratio of started home improvement projects to finished ones. Now is the time to implement demonstrable change, not just start another improvement project that looses steam part of the way through. Pick something small, visible and achievable within 30 days. Give key project members some time to get the work done, then provide them with the other resources they need.
RETIRE duplicate software packages – many organizations have made acquisitions resulting numerous, redundant CRM, Financial, document management, warehouse management and other applications. While the 18-22% maintenance on these redundant packages adds up quickly, the hidden costs of the internal and external resources to support these redundant applications is often higher. But the limited technical depth that eludes many organizations that have so many software packages is often the primary reason they are aggressively striving to select their best of breed packages or implement a more vendor centric strategy across their entire enterprise.
ELIMINATE unnecessary business practices – how essential are those four spreadsheets that your previous VP-Sales required from you before you implemented SF.com? How about the redundant data entry you consistently perform between that legacy system and Oracle? Arguably, there is no better time than now to scrutinize the work being performed relative to the end results your organization needs to achieve in 2009.
UPGRADE talent – at the risk of stating the obvious, the volume of talented, motivated professionals seeking to work with a stable, thriving organization is extremely high. It is definitely a hiring managers market. Take advantage of the surplus in talent by attracting and hiring key personnel to help move your organization ahead in the top 2-3 under performing areas of your organization.
TRACK – it is common for us to see organizations abandoning their key performance metrics during volatile economic times. Now is the time that metrics need to be monitored and acted upon. For organizations without metrics, now is the time to define the critical COST, QUALITY, SERVICE and SPEED metrics that are important to running your business processes. Remember, monthly financials alone are inadequate since they only state what has already happened financially, not what is happening now.
EVALUATE your Real Estate needs – Do you have a lease coming up for renewal? Can you proactively begin the renegotiation process as real estate values have fallen and occupancy rates are very low? Organizations that do have the capital are started to look at acquiring properties versus leasing as the lease versus buy dynamics have changed significantly.
In summary, when you consider recent events that dramatically alter our view of normalcy and reality – events like September 11, current extreme market volatility, $100 (or $50) per barrel oil, threats to our investment strategies, many of our long standing paradigms are no longer valid. Yet many organizations and individuals have not fundamentally evaluated how they operate. Regardless of whether you require an “outsider” to assist you, we would suggest that now is the right time for your organization to do that!
Click these links to learn more about TSI’s services, TSI’s experienced consulting team, and how they can help your organization plan for, work around, and thrive in the face of market volatility.
