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How to Make Business IT Work for your Company

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IT can sometimes feel like a necessary evil if you’re a decision maker in a business. Without it, you’d have no business at all – but the structure that it provides comes at significant cost.

The truth is, IT is far more than just a necessary evil – but, if you want to make the most from tech, you need to be willing to explore what it can do for you – rather than how you can best work around the limitations that your spend or experience put on your company.

You don’t have to break the bank to make IT work for you, instead, you’ve just got to explore the options and find the smartest way of working…

Hosted telephones

Generally speaking, the human part of any IT process is the most insecure and inefficient; if you needed proof, a recent study discovered that around 59% of downtime is due to human factors. Compared to computers, we’re slow, and we make random errors – which is exactly why hosted telephone systems stand to revolutionise the efficiency that we get from both our computers and our staff.

A hosted telephone system does away with the need for copper line technology and exchanges – instead using your IT network and Voice over IP tech. As a result, phones become input devices with which your customers can directly interact with your systems – safely of course.

If you spend a lot of time on the phone to your customers, hosted phone services may be able to automate a lot of what you do. From automated card payment services that your customers can connect with without the need to engage staff, to auto-transcription services that will prevent the need for your team to spend a long time inputting details into a CRM system – hosted phones don’t just unlock time for your staff, they’re often far cheaper than there less-sophisticated predecessors.

SD WAN

Software-Defined Wide Area Networking (SD WAN for short) is a revolutionary new kind of network component that lets you control your business IT infrastructure without necessarily having to get an engineer to roll their sleeves up.

Traditionally, devices require some element of engineer contact to operate – whether that’s adjusting physical switches or simply reorganising connections and layout. An SD WAN system is a software overlay that operates as an additional layer to your infrastructure, providing a portal that allows you to adjust settings on virtually every networked device from anywhere you can get online access.

The result? Well, since you or your IT team can virtually get ‘hands on’ with your network from anywhere in the world, SD WAN opens up a world of possibility relating to your location, your network locations, and bringing additional services online quickly – expanding the possibilities of what’s feasible for your company.

Effective collaboration

A recent study into collaboration discovered something surprising. While we might expect to work better as part of a team if we’re in an office with those other people, the opposite is actually true – we are found to work more effectively as part of a team if we’re collaborating remotely – with individuals becoming up to 10% more effective.

This is an exciting revelation – since it increases staff working flexibility – especially for businesses who offer work from home positions or work with freelancers and contractors making up part of their workforce.

Fortunately, there’s a world of online collaboration tools that make this kind of teamwork possible. From project management tools to instant messenger features, cloud-computing makes the world a much smaller place for any team you manage.

Software as a Service

In day gone by, we had to rely on licences to unlock the software we wanted to use. Microsoft was a big player in the licence game – if you bought workstations for your team, you then had to follow that up with thousands of dollars of ‘keys’ – passwords that would allow you to unlock and access the Office suite.

Cloud computing has changed this model – and, thanks to these changes, even small businesses can get onboard with high-quality software for a fraction of the overall price. How does it work? Well, the model is called Software as a Service (SaaS) – and it’s essentially a subscription service that gives you access to the programs you want as long as you’re paying the monthly rate.

The real beauty of SaaS is the agility it gives your IT set up. Expanding and taking on more people? Simply add them as users to the package you currently pay for. If money’s tight and you need to scale things back a little – just cut down on the amount of users you have – or reduce the access they have to certain applications.

There’s no right way or wrong way to handle SaaS – instead, you get the flexibility to make the applications that underpin your team’s day work for your business.

Customer relationship management

Many companies don’t use a CRM (customer relationship management) tool – but, when you understand quite how powerful they can be, it seems extremely short-sighted that anyone would pass up the opportunities they make possible.

A CRM system essentially logs every opportunity your business sees – then tracks them through their full lifecycle. Typically, a CRM will have ways of interrogating your customer data, so you’ll be able to find opportunities that are yet to convert, existing customers, previous customers, customers who are in the process of ordering – and so forth. You can adapt a good CRM to meet your needs and reflect your workflows perfectly – so they become second nature for you team to use.

In 2018, a study into the use of CRM systems showed that they can improve conversions rates by up to 300%; reduce lead generation costs by almost 25%, and up customer satisfaction levels by over 75%. Since an online CRM system is likely to cost you just a few dollars per user each month, it could represent the kind of ROI that you simply will not see anywhere else.

Starting My Own Bigi Cola to Challenge Coca Cola in Nigeria

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By  

How do you overtake Toyota company in car production?  Well, I’ll tell you a secret. Go to the moon or some planet, make some dollars of dollars and buy it off. Good idea right?

Let me tell you another big secret: You might not be able to overtake Toyota company if you start your own car company in the world.

So this post isn’t about how you want to overtake Toyota company. It is about how you can start a car company today and still make your profits, and who knows you could still overtake Toyota in sales.

Maybe not a car company, maybe just a company! However, I will use this Toyota company and starting a car company as an example throughout. You are free to add: How do you build Bigi Cola to overtake Coca Cola?

So, here I am, I have some billions of dollars and I have investors (in summary some money) and I want to start a car company (any business).

The first thing to look out for is a place where there are no cars, they need cars and they can afford cars. That’s my target market. Funny enough, no such place exists.

What does this mean? It means it’s almost impossible to start a business without having a competitor already in position or already thinking about the same thing. For every idea that pops us in your head, other people have it or have done it or doing it.

A factory

So, let’s agree you have competitors and you are quite aware of them. Chances are you will have issues scaling in that business and when I mean business, I’m not talking about all these un-scalable businesses.

I mean real businesses which are very few in Africa though. So how do you enter into the heart of your target audience who already belong to someone else?

It’s either you build your own audience and focus on a small niche, or compete with the existing audience just like Bigi Cola is doing to Coca Cola. Can Bigi Cola get its own niche? Tough; they need to compete with the likes of Coke and Pepsi which is like going to the lion’s den with a broom.

Do they have a chance? Yes! They need to apply what I call Design Thinking.

Now, let’s go back to the car company and assume it’s the same scenario. Hey! Young billionaire, that you have billions doesn’t mean you do as you like, in such a fixed situation as this is; you need to consult someone like me, make someone like me the CEO, and let me handle the rest.

So how do I apply Design Thinking to manufacture our own cars? At least the company needs to succeed so I’d keep being paid one million dollars salary monthly.

I need to consider some very important factors before even employing workers:

  1. I need to know everything about the customers of Toyota: Why do they buy Toyota? Is it for speed or for comfort? Is it for its affordability or its portability? I will draw a long list of reasons why they buy. Mind you, I’m the CEO; someone will be employed to do such. I’m just speaking generally.
  2. I need to know everything about Toyota cars. Like I have noted, a lot of our businesses are not scalable. They can only bring enough money to feed the family and after a few years buy a small car, and send the kids to private schools. Largely, we do not plan to build industrial empires here in Africa. The Igbos do though! I really need to know what Toyota stand for, what philosophy they have been selling and how they have been selling it.
  3. Lastly, I really need to pay all attention to design, distribution, cost etc. This is the most crucial part. What’s the distance covered per hour at top speed? What’s the fuel consumption at that same speed?

Mind you, I have already begun designing the model of the car for my billionaire boss based on all these.

The CEO Desk – Design Thinking

As the CEO of this new company, I will not want to ruin the company; I mean who wants to go home broke and suffering? My wife and kids will complain.

I need to do everything possible to make sure we succeed in the market place despite the fact that Toyota has been in market for a long time and it seems like everyone is using it. So back to the application of Design Thinking!

I earlier talked about studying Toyota brand and knowing their philosophy, selling point, and brand style. Now pay attention: If everyone in the country bought cars for convenience sake and not because of ostentation, I need to know as the CEO. You will see me yelling at Peter for not yet sending the research details about Toyota to my drop box.

Me: Peter, what the hell is wrong with you, are you crazy, it’s been three months and you haven’t sent the research document to me. Do you want to lose your job?

Well, I wouldn’t say this out loudly, I will treat my employees right but common, we are talking about selling good cars and not releasing an irrelevant product in the market. We just need to succeed.

Now here’s the point, as the CEO, I must be very vast, I must know trends, I must know the past, present and the future of the automobile world. I must know the past, present and the future of the road networks, I must know about the economy.

I must be damn vast in knowledge and insights. Personally, I am; I spend hours daily learning. If there’s any 23-year old going Nigerian who spends hours learning most, it’s me. I spend hours on LinkedIn reading papers on the African economists, I watch videos on the future of Africa, future of tech, read publications, journals, read books (read about 30 already this year), discuss with entrepreneurs across Africa.

Now back to my role as the CEO. Remember, there are other car brands like Mercedes, Ford, BMW, and a host of others. I will study them but in order to make things easier for you to read, I need to just consider Toyota.

First thing first, if I really pay attention to trends as a smart thinker, I will be able to play some safe risks. Actually in business there are no safe moves. The only safe moves are for those who want to remain at the bottom, and make some few pennies.

However, if you want to dominate, then you need to take different types of risks. There are calculated risks, safe risks and stupid risks. This post isn’t about defining risks!

I actually gave the attributes of a CEO so as to understand why it’s important to not just be a rash thinker as a CEO or even an entrepreneur. You cannot afford to think irrationally.

Let’s take a look at the Tesla car by Elon Musk. Elon is a great guy, and I think he’s my most respected tech guy, and if you understand tech well, you’d know that he is a god of tech. He is super-intelligent.

Tesla people wanted to start their market and they were starting in the U.S. where other great car companies were and making crazy sales.  Why not travel to another country with lesser brands and see if you will dominate? Elon took what I call a safe risk and here it is.

If I want to sell cars, I definitely needed a better selling point. And if there’s any place to win, it should be in all areas. I will talk better on that later but let’s see how Elon got a market for himself.

Prior to Tesla cars, all other cars used fuel and emitted carbon monoxide. Why don’t we build electric cars instead that will not emit green house gases. I mean let’s help save the world from green house effect. The world will soon end, let’s not end it now.

That’s the selling point!! Clean energy product!!!

Firstly, that’s very ridiculous. How do you plan to figure this out? I believe this must have been the internal argument. However, externally, it was a good selling point.

Nobody has used that selling point before! Finally, a loop hole in the automobile industry!

Does this automatically guarantee the success of Tesla cars? No! There are still so many things to consider: Cost, Distribution, Layout, Price, and Strength.

Let’s take it one at a time. Let’s talk about distribution.

Toyota has already a strong distribution system which means Tesla cars cannot combat head on with them. They needed to start with a small niche and the sport-racing industry was one. Why not make clean energy cars for the sport industry?

They still have a chance there than for the normal road transport. The biggest mistake you will ever make is to combat head on in distribution with a bigger competitor. How much do you have?

Except if you have a lot of money. Look at Bigi Cola making huge sales in Nigeria. They cannot win Coca Cola in distribution, they will fail. But they can win in other things. Bigi Cola cannot be a beverage sector player since Coca Cola owns that’s space. Bigi Cola has to invent something new.

Lacasera keeps selling because they have found a niche (fast drink for traveling). If they want to combat Coca Cola drink as best beverage brand, then, they need more power, strength, money, etc.

All Together

There are many things that go into building companies. Most of those elements do not change whether you want to build a new Toyota or Bigi Cola. The key is understanding the mission and purpose, and then executing them. I want to wish you good luck if you want to begin that journey. Simply, spend time to master the mechanics of business. And you can start your own Bigi Cola to take up Coca Cola in Nigeria. Begin with a clear differentiation and niche – and thrive.

History of Sesame Seed

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By Sani Nahuche

You’ve probably enjoyed Sesame seeds with your food or if not you’ve at least had a chance to hear or use the famous phrase ‘open sesame’ generated from the distinguishing feature of the sesame seed pod, which bursts open once the seeds are mature. Loaded with so much power, organic minerals and nutrients, the sesame seeds are tiny.

The word sesame originates from the Latin word sesamum; Greek sesamon and Arabic word semsem which all draw toward the meaning ‘oil or liquid fat’. It is a of a flower plant with yellow tubular flowers. The flowers may also occur in white, purple or blue colors.  The plants fruit is a capsule that holds the seeds and on maturity bursts open to release them. The most famous seeds are off-white but they also occur in colors like buff, golden-brown, reddish, gray and black. Sesame is considered one of the seeds with the highest oil contents.

There is an Assyrian myth that states that the gods has sesame wine the night before they creates the earth. This story is the earliest documentation of use sesame as a spice. Sesame is considered the oldest oilseed crop known to humanity. There are charred remains of sesame recovered from archeological sited dating back to between 3500- 3050 BC. However, the domestication of this distinct nutty flavored is stated as 3,000 BC. There are also claims that there was sesame trading between Mesopotamia and India back in 2000BC. The cultivation of sesame seeds is considered to have begun in India even though most wild species of sesame were found in sub-Saharan Africa.

The historic origin of sesame and drastic spread other parts of the world is linked to it being a survivor crop. Sesame is one of the crops that will survive in different conditions including drought and high heat, limited rain or moisture and even in excessive rains. Where other crops fail, Sesame thrives. Being a robust crop, it also requires little farming support making it easy to farm.

Today, the world produces over 6.1 million tons of sesame seeds with countries like Tanzania Myanmar, India Sudan, China and Nigeria producing the highest quantities of Sesame seeds in the world. It is among the highest valued cash crop among the countries that have taken the farming and production of sesame seed seriously.

To get to your favorite cake or burger or meal, for those tiny nutty flavored seeds it has been a journey and to date, their flavor and nutritional benefits still remains intact if not better.

Jumia Deploys Double Play Strategy with Jumia Prime

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Jumia launches Jumia Prime, mimicking Amazon Prime, on a brilliant double play strategy where it promises to offer free shipping to customers, in Lagos and Abuja, who pay subscriptions to use Jumia. Here are the terms.

 

  • Jumia Prime subscriptions are available through prepayment only.

  • Jumia Prime subscription plans are limited in quantity and when all available subscriptions have been purchased no more shall be available.

  • Usage of your Jumia Prime subscription shall be individual and limited to your family.

  • Jumia Prime cannot be used for professional usage. Professional usage is qualified when more than 50 orders per month are placed.

  • Jumia Prime subscription is non-refundable and non-cancellable.

  • Jumia Prime’s free delivery applies to Jumia Global products however doesn’t cover International Delivery Fees.

  • Jumia ensures that the Jumia Prime services will be maintained during the whole duration of the subscription however doesn’t ensure the permanent availability of Jumia Prime subscription.

Jumia Prime subscription is priced as follows under the terms above;

  • 1-Month (Lagos) subscription — ? 1,999
  • 3-Month (Lagos) subscription — ? 4,999
  • 1-Month (Abuja) subscription — ? 2,499
  • 3-Month (Abuja) subscription — ? 6,499

All Together

If Jumia makes this work, it will add great value in its valuation. Investors typically like digital companies with subscriptions as subscriptions make revenue predictable. Because Jumia is offering free shipping on this subscription, this is not a “tax” on users. Jumia has simply modeled its marginal cost, and found out that even if customers place 50 orders in a month, the cost of shipping will not be more than the subscription fee + value created by simply being a Prime member. If you write Jumia case study, you will notice this company has tried anything possible in the African ecommerce market: very dynamic people there.

 

Bitcoin Rises on Basic Supply Economics, Not Just Facebook Libra Waves

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People, Bitcoin is on a roll – now excess of $11,500 per unit. TC Daily summarized excellently thus:

The price of Bitcoin has surged to more than $11,000 for the first time in 15 months. The cryptocurrency gained more than $2,000 over the past week; up from $8,500 at the start of June 2019. Coinbase chart shows the currency traded around $11,100 on Monday. Although the digital currency has been gaining value in recent months compared to last year, the latest bull run is buoyed by news of Facebook’s new digital currency, Libra. Libra has been dubbed a game changer for the finance world, and its announcement has made cryptocurrency traders optimistic about Bitcoin’s future. (TC Daily newsletter)

Sure, there is hard truth there that Facebook Libra has brought legitimacy to the whole construct of cryptocurrency and blockchain even though Libra is not necessarily a Bitcoin ‘competitor”, rather Naira, US dollars and other fiat currencies.

But if you really want to know why Bitcoin is rallying, look at economics. By 2020, there will be the great “halvening”  Simply, the supply of Bitcoin will drop by a factor of two. When that happens in any instrument, price typically rises. Under this construct, Bitcoin is viewed from the angle of an investment asset, not as a means of exchange. In other words, you buy and hold for it to appreciate in value before you sell.

  • Bitcoin traders are anticipating an event known as “the halvening,” where the rewards to so-called bitcoin miners are cut in half.

  • Currently, the number of bitcoins rewarded to miners stands at 12.5. By May 2020, the reward will be cut in half to 6.25 bitcoins.

  • Traders see the potential for upside with such an event, as it causes supply to dampen, bumping up the price of the digital asset

This deviates completely from Facebook Libra which does not have that characteristic as Libra does, nor appreciate in value, since it is pegged to a basket of fiat currencies which are largely stable. So, linking Bitcoin rise to Libra, while evident, is largely technically uncorrelated when you consider that Libra and Bitcoin do not belong to the same asset class. Bitcoin is like your IBM stock while Libra is your US Dollar: within a short time window, that dollar retains its face value while the stock can rise and fall.

Bitcoin price today