DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 4517

Soaring Energy Costs, Recent Political Turmoils Have Made Britain Less Attractive to Investors

0

Following a recent industry survey, manufacturers in the U.K. disclosed that the country has become less competitive and less attractive to foreign investors, as a result of soaring energy costs and recent political upheaval.

43% of manufacturers disclosed that Britain has become less attractive, while 31% of workers think it is a competitive location.

Britain’s manufacturing industry is currently facing falling output, fewer orders, and higher prices in its worst monthly performance for two-and-a-half years, a new assessment disclosed.

Rob Dobson, director at S&P Global Market Intelligence, said: “Output contracted at one of the quickest rates during the past 14 years, as new order inflows weakened and supply chain issues continued to bite.

“The decline in new business was worryingly steep, as weak domestic demand was accompanied by a further marked drop in new orders from overseas.

“Clients are increasingly downbeat and reluctant to commit to new contracts, not just in the UK but also in key markets like the US, China, and the EU.”

He said that the number of workers employed in manufacturing had fallen for the third month in a row.

Following the survey of energy bills in the country, the number of UK households in arrears on their energy bills soared to record levels in the second quarter of 2022, with more than two million behind on their electricity payments.

A panel of lawmakers last year in December, disclosed that the UK government’s cost of living support for households struggling with sky-high energy bills may be contributing to labour shortages by discouraging people from seeking work.

On the other hand, the year 2022 was one of the most tumultuous years in modern British politics. The country went through three prime ministers, with its current prime minister Rishi Sunak coming into power after his predecessor Liz Truss resigned after just six weeks in office.

The director of the International affairs think tank Chatham house disclosed that the events of last year, with three prime ministers occupying No. 10 Downing Street, had shattered the country’s image.

Practical Solutions in Tackling Facilities Management’s Problems in Nigeria

0

Various tasks and services are used to support the organisation’s core operations to increase economic efficiency in companies or the country as a whole.

Facility management is responsible for ensuring that these support services are delivered in the proper form, correct quality, and at the right cost to produce the desired results for the organisation.

In this article, I will discuss how to tackle challenges in Nigeria’s Facilities Management Sector to unlock massive growth.

Importance of Facility Management in Nigeria

“Facility management is the integration of processes within an organisation to maintain and develop the agreed services which sustain and enhance the effectiveness of its principal activities,” according to an acceptable definition by European Standard (EN 15221.1).

Many firms see facilities management as a supplementary duty, and there is hardly any professional facilities management competence. As a result, few businesses make any impact on facility maintenance.

The operations of organisations are significantly impacted since facilities management tasks are frequently disregarded.

To boost performance, many organisations are changing their cultures.

Facilities management can play a constructive role by helping the organisation become a part of a comprehensive transformation initiative or by serving as a catalyst and paving the way for others to follow.

Furthermore, according to research conducted, organisations that employ performance assessment systems as the foundation for management to perform better. Effective performance measurement methods must be put in place by organisations if these advantages are to be achieved.

The point raised here demonstrates how facilities management performance assessment benefits the organisation.

Recent Challenges Facing the FM Industry

Recently, mixed reactions from professionals in the sector have pointed out challenges that should be addressed.

One of the articles published by Tekedia Networks on Tackling Challenges in Nigeria’s Facilities Management Sector to Unlock Growth gave a wide view of this.

One of the problems mentioned indicates that the industry’s yearly expansion is drawing quacks to it.

Furthermore, some organisations find it difficult to distinguish between property managers and providers of facilities management since the industry has a recognition difficulty.

Having a high influx of quacks and lack of recognition isn’t the only monumental endemic that has eaten deep into the fabric of the organisation; some FM providers do not always provide insightful issues on facilities to the clients, lack sustainable budget management, execute poor plan presentation and do not have sufficient supply management knowledge.

At Eliezer Group, we believe that one way to address this challenge is through better education on the effects of quacks and awareness about choosing qualified and certified professionals for facilities management services.

Effects of Quacks in the Facility Management Industry in Nigeria

Poor facility management has resulted in a number of dangers to health and safety and, in the worst cases, deaths.

There is a strong likelihood that when a property is inadequately managed, residents are at the mercy of faulty utilities, which pose a considerable risk if not addressed.

Additionally, it has been argued that good facility management lengthens the economic lives of buildings.

On the other hand, poor facility management causes building flaws and reduces building economic lifespans. This effect has been seen in building collapse, which is common in Nigeria due to substandard materials, inadequate supervision in constructing multi-storey structures, poor building practices and code violations, quackery, and lack of adequate maintenance.

Collapses were noted in some significant areas of Lagos in recent years due to poor facility management. The same had happened in the Jabi and Garki districts of Abuja, the rapidly expanding Federal Capital City.

In terms of the number of people lost and injured, property damage, and financial losses, some of the disasters were truly colossal.

Possible Solutions To Facility Management Pressing Problems in Nigeria

Find Certified Professionals

Buildings, like the first skyscraper in West Africa, the cocoa house, were primarily administered by firms and people who provided janitorial services.

This pattern persisted for a long time before some experts realised that there was a need for a specific intervention that would promote comprehensive management of the built environment regardless of the kind of building.

A unique group of professionals from the built environment, including architects, civil engineers, electrical engineers, and builders, was assembled in 1995 to give Nigeria a chance to create a maintenance culture that will influence the future of the nation.

The International Facility Management Association’s (IFMA) Nigerian Chapter was started to establish quality improvement objectives with a focus on applying global facility management standards to infrastructure maintenance.

With several initiatives and activities with both public and private organisations, IFMA Nigeria has not let up on its impact on society.

Finding certified individuals to provide facilities management services is the first step to eradicating this issue.

To ensure that the professional can perform the services, it is crucial to confirm that they are certified and qualified.

This can be accomplished by requesting documentation of credentials and certifications and then verifying them with professional associations. Some of the associations to look out for are:

  • International Facilities Management Association (IFMA)
  • World Corporate Facility Management Alliance
  • Nigerian Environmental Society (NES)
  • Nigerian Institute of Safety Practitioners (NIS)
  • Cleaners Practicing Association of Nigeria (CPAN)

Also, look out for safety standard bodies such as ISO (International Organization for Standardization) and British Safety Council.

Not only will this help to guarantee that the expert is qualified and certified, but it will also show that they are current with the rules of the industry.

Ask for References

Asking for references is another step in the right direction in locating suitable personnel for facility management services.

You can do this by requesting suggestions from professional associations in Nigeria. In addition to those listed above, the Council of Registered Engineers of Nigerian (COREN), Nigeria Employers Consultative Association (NECA), Nigerian Institute of Management (NIMN), and Hospitality and Tourism Management (HATMAN) are related associations from which you may be able to get recommendations.

Conduct Research

You should conduct thorough research before making a hiring decision. This can include reading reviews and feedback from previous customers, checking the professional’s portfolio of work, and asking for references from former clients.

This will help to ensure that the professional is experienced and knowledgeable in the field and can be trusted to provide quality services.

Furthermore, check to see if they follow a data-backed approach. Facility Management companies must adopt a data-driven culture to unlock sector development and capture necessary benefits.

Big data can be used in various areas to improve customer-focused services, minimise corporate risks, maximise asset and equipment performance, and stay competitive.

Ask Questions

Finally, it’s imperative that you ask the professionals or organisations you are considering questions before moving forward with them.

Asking these specific questions can help you determine if they have the knowledge, skill, and experience to ensure the longevity of your facilities and the safety of your employees or building residents.

As you do that, it is important to prioritise quality over cost. While it may be tempting to choose the lowest bidder, it is important to remember that the cheapest option may not always be the best. Qualified professionals may charge more upfront, but their expertise and attention to detail can result in cost savings in the long run.

Conclusion

The FM industry is one of the industries contributing to Nigeria’s human and national development.

By using these proposed solutions, businesses and individuals can increase their chances of hiring qualified professionals who will provide cost-saving approaches and value-added solutions. On the other hand, facilities management companies that aren’t up to par will be forced to sit up or leave the market, thus mitigating the possibility of experiencing inadequate facilities management.

Developers Trying to Take Advantage of ChatGPT by Creating Bogus Apps

0

Recent reports reveal that some mischievous developers are trying to take advantage of ChatGPT by creating an app for it.

Knowing full well that the ChatGPT is currently a hot topic, these developers have gone ahead to create dubious apps and placed them on both the Play Store and the App Store, with an aim to make money off the countless so-called pro versions.

Meanwhile, the OpenAI Chatbot ChatGPT, which was launched in November 2022, hasn’t released any official mobile app yet and is also free for anyone to use on the web.

Although it offers a weekly fee of $7.99 and a monthly fee of $49.99 for users to have unlimited chat with the AI bot.

Last week, co-founder and CEO of an Edtech startup Bloomtech, Austen Alfred took to his Twitter handle to reveal that the iOS store is currently saturated with ChatGPT, which is filled with ambiguous languages.

He wrote,

The iOS App Store is full of folks putting ChatGPT into a paid wrapper with ambiguous language that would let you believe you’re paying for ChatGPT.

“Learned about this from my dad saying, ChatGPT seems really cool but I hate that I have to pay for it to try it out. Wonder how much money people are making wrapping free/open-source software in a paid UX”

Meanwhile, Google Play Store is also filled with sketchy ChatGPT apps with thousands of downloads that don’t offer any usable functionality.

The playbook of these apps is to include ChatGPT in the app name and appear favorably in search results by bolstering their ratings. Some folks are also developing multiple apps with similar names in hopes that one of them catches users’ attention.

Recall that the ChatGPT came into existence in late November and has quickly turned into a viral sensation, with people tweeting so many things about the chatbot.

The technology was developed by San Francisco-based OpenAI, a research company led by Sam Altman and backed by Microsoft, LinkedIn co-founder Reid Hoffman, and Khosla Ventures.

ChatGPT automatically generates text based on written prompts in a fashion that’s much more advanced and creative than the chatbots of Silicon Valley’s past.

Early users have described the technology as an alternative to Google because it is capable of providing descriptions, answers, and solutions to complex questions including ways to write code and solve layout problems and optimization queries.

There have been a lot of hot topics and debates over concerns that the chatbot could replace humans, which a lot of people feel content production could be rendered obsolete.

Also, its ability to generate human-like written text has prompted suggestions that the technology could replace journalists.

However, the chat currently lacks the nuance, critical-thinking skills, or ethical decision-making ability that are essential for successful journalism as well as content creation. Its current knowledge base ends in 2021, rendering some queries and searches useless.

The ChatGPT can also give entirely wrong answers and present misinformation as fact, writing “plausible-sounding but incorrect or nonsensical answers”, the company concedes.

The company however disclosed that fixing this issue is difficult because there is no source of truth in the data they use to train the model and supervised training can also be misleading “because the ideal answer depends on what the model knows, rather than what the human demonstrator knows”.

Amid Slow Circulation of New Naira Notes, CBN Says No Going Back on Jan 31 deadline

0

The Central Bank of Nigeria (CBN), on Sunday said there is no going back on the January 31 deadline it gave for the return of old N200, N500 and N1, 000 notes to the banks.

The apex bank said it has directed banks to stop over-the-counter issuance of the new naira notes, limiting the dispensation to ATM withdrawals only, as part of efforts to ensure adequate circulation of the redesigned notes before the deadline.

In allaying concerns over the closeness of the deadline, the CBN said it has made provisions for the newly redesigned naira notes to be circulated nationwide, including in rural areas.

Part of the provisions is its partnership with the National Orientation Agency (NOA) and various market associations.

It said the partnership would begin an aggressive enlightenment and public awareness campaign on the naira redesign project as well as the need to properly handle the naira notes from Tuesday.

“Banks are barred from distributing the new notes over-the-counter. All new notes must go to the ATMs. The directive to the banks from the central bank is that as they must dispense through their ATMs nationwide and people can go to the ATMs to collect the money. They cannot dispense the new notes across the counter for now until they exhaust the new notes. And when that happens, they can then upload the old notes. Until they get another supply of new notes,” ThisDay quoted a CBN source as saying.

“That is the only way to ensure that the new notes are being circulated. Otherwise, what the banks were doing from our intelligence was that they were holding the cash and giving it to high profile individuals and customers over-the-counter and not circulating it to ordinary customers. So, we decided they must only dispense it through ATM machines for now until it fully circulates in the financial system,” the source said, adding that banks caught breaching this directive would face stiff sanctions.

However, the general public are lamenting that 21 days to the deadline, banks’ ATMs are still dispensing old naira notes, which suggests that the CBN and banks are not speaking the same language regarding the circulation of the redesigned naira notes.

Although some banks, like the United Bank for Africa (UBA), have announced that their ATMs have commenced dispensing the new naira notes, a lot of others are still stuck with the old ones.

The situation has created doubt in the minds of the public that the CBN deadline will be successfully met across the country. With the challenge of the new naira rejection still in play, many have called on the central bank to extend the deadline.

The distribution of the new naira notes were originally billed to take effect from 15 Dec 2022, but it has taken nearly a month.

Unfriendly Crypto Market Forces Coinbase to Slash About A Fifth of Its Workforce

0

Cryptocurrency company Coinbase is set to carry out a second round of layoff, following a decline in its revenue. The exchange platform has proposed to cut 950 jobs, which is equivalent to a fifth of its workforce. The second round of layoff at the company was necessitated as the company seeks to bring down operating expenses down by 25%.

Coinbase is laying off 950 employees, or 20% of its staff, after admitting it grew too quickly during the crypto bull market. Along with cost-cutting measures such as shutting down projects, the crypto exchange says the cuts will drop operating expenses by 25% for the quarter ending in March. The collapse of FTX has triggered a wave of layoffs in the industry, including at crypto lender Genesis, which shed a third of its staff last week. Coinbase CEO Brian Armstrong told CNBC that the FTX situation was a “black eye for the industry.” Coinbase previously cut 18% of its workforce in June and had about 4,700 employees as of the end of September. More than 100 potential buyers are eyeing the four companies that will be up for auction during FTX’s bankruptcy proceedings.

The company also disclosed that it expects adjusted EBITDA losses for the full year to be within a prior $500 million “guardrail” set last year.

Speaking on its proposed layoff plan, the company CEO Brian Armstrong said,

With perfect hindsight, looking back, we should have done more. The best you can do is react quickly once information becomes available, and that’s what we’re doing in this case.

After looking at various stress tests for Coinbase’s annual revenue, it became clear that we would need to reduce expenses to increase our chances of doing well in every scenario” and there was “no way” to do so without reducing head count. The company will also be shutting down several projects with a “lower probability of success.”

The company said it expects to incur about $149 million to $163 million in restructuring expenses. Its shares reversed course to fall 2.7% premarket after rising more than 5% on the layoffs announcement earlier.

Recall that Coinbase announced layoffs in November last year, and slashed the jobs of around 60 employees. This is coming after it wiped out 1,100 jobs, which is about 18% of its workforce, in June same year.

Along with Coinbase, other crypto companies like Genesis have also laid off employees. Crypto lender Genesis slashed 30% of its workforce in a second round of layoffs in less than six months.

The collapse of one of the largest crypto trading platform, FTX has been attributed to the recent crisis rocking several crypto exchange platforms.

The CEO of Coinbase disclosed that the FTX collapse and the resulting contagion have created a black eye for the industry, adding that there are likely more “shoes to drop”.

“We may not have seen the last of it there will be increased scrutiny on various companies in the space to make sure that they’re following the rules. Long term that’s a good thing. But short term, there’s still a lot of market fear”, he added.

Despite the industry’s domino effect of bankruptcies and a marked drop in trading volume, several investors have argued that the industry isn’t going away.

Rather, they disclosed that most of the best companies around the world got even stronger by having rigorous cost management and have at one point gone through an uncertain period.