SEPTEMBER 2019 CREATING MORE RESPECTFUL WORKING ENVIRONMENTS FINDING SUCCESS THROUGH FAILURE IS A DATA MANAGEMENT CULTURE THE KEY TO GROWTH IN 2019? JASON FAIRBANKS FOUNDER & CEO FAIRBANKS INSURANCE BROKERS INC.
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7 EDITOR’S NOTE https://twitter.com/ceotodaymag?lang=en-gb STAY CONNECTED! Follow us on: Editor LOUISA ROCHFORD Editor CEO TODAY Copyright 2019 Circulation details can be found at www.ceotodaymagazine.com The views expressed in the articles within CEO Today are the contributors own, nothing within the announcements or articles should be construed as a profit forecast. All rights reserved. Material contained within this publication is not to be reproduced in whole or part without the prior permission of CEO Today. Front cover photographer: Ivan Prochko EDITOR’S NOTE UniversalMedia Limited Hello and welcome to CEO Today’s September 2019 edition! As we venture further into the second half of the year, I am pleased to present this month’s collection of tips, expert analysis, immersive interviews and inspiration from some of the world’s top business professionals. This month’s edition will also be my last as Editor, so I want to thank you from the bottom of my heart for reading and to all those who have taken part so far. For this month’s cover story, we heard from Jason Fairbanks, Founder and CEO of Fairbanks Insurance Brokers Inc. Jason walks us through the incredible journey that brought his company to fruition, and how he learned from his mistakes to bring failure to complete success. Our special features section this month looks into how risk management can be used to accelerate decision making and growth in your business. We also look into how we can prepare for the workplace of the future and the rise of AI, the importance of creating a respectful working environment and much more! Make sure you check out the full list of CEO Today’s September features and exclusive interviews over the next pages. If you want to stay connected with us until our next edition, visit our website for more, join the conversation on our Twitter (@CEOTodayMag) and follow our LinkedIn, Facebook and Instagram pages. I hope you enjoy reading CEO Today’s September edition! Best wishes & all the best, Louisa Rochford Editor www.ceotodaymagazine.com
www.ceotodaymagazine.com 10 CONTENTS 12 THE MONTHLY ROUND-UP The stories everyone’s been talking about 22. Digital Media Privacy Would Be the Key to a Reward-Based Ecosystem Users Deserve 24. Practical Tips for Coaching a Top Team 26. Network Optimisation: The Key to Business Sustainability? 28. Is a Data Management Culture the Key to Growth in 2019? 30. Creating More Respectful Working Environments 32. How Can We Prepare For the Workplace of the Future and the Rise of AI? 34. Delivering Stability Within Instability 16. Finding Success Through Failure: Fairbanks Insurance Brokers’ Story CONTENTS 28 20SPECIAL FEATURES 16 FRONT COVER FEATURE PRACTICAL TIPS FOR COACHING A TOP TEAM 24 16 FINDING SUCCESS THROUGH FAILURE 37 EXECUTIVE INSIGHT 39. Darren Wright Wright Oversight & Organization HOW CAN WE PREPARE FOR THE WORKPLACE OF THE FUTURE AND THE RISE OF AI? 32
11 www.ceotodaymagazine.com CONTENTS 86APPOINTMENTS & UPDATES 60 DR. ANAS HASAN ALMULLA DISTRICT 7 PROPERTIES 79 THE CEO TRAVEL GUIDE 80. Investing in a Large Mansion: The Things You Need to Consider and How to Make It a Success 49 INSIDE BUSINESS 50. Ron Nersesian Keysight Technologies 54. Duncan Hughes-Phillips Base Quantum 56. Captain Arshad Bhat, Etihad Group 57. Chris Schroeder App47 59 HALL OF FAME 60. Dr. Anas Hasan AlMulla District 7 Properties 62. Julio P. Gonzalez Engineered Tax Services 63 GAME CHANGERS 64. Anne Krog Iversen TimeXtender 80 67 Business Shapers 68. Howard Edelstein BioCatch 72. Preston Moss Blanchard & Calhoun Insurance Agency, Inc 74. Richard Kleiner Gerald Edelman 76. Paola Diana The Diana Group INVESTING IN A LARGE MANSION 42. Jonathan Watt Improve B2B 46. Liz Ivens Journalist and Public Relations Consultant 48. Marty Johnson IBX
www.ceotodaymagazine.com 12 MONTHLY ROUND-UP The Stories Everyone’s been Talking about Hong Kong Protests Lead Cathay Pacific CEO to Quit and put our reputation and brand under pressure. This is regrettable as we have always made safety and security our highest priority. “We therefore think it is time to put a new management team in place who can reset confidence and lead the airline to new heights.” It is reported that Hogg also sent an email detailing “a zerotolerance approach to illegal activities” to employees, and that they could be fired if they supported or participated in the protests. When it came to his departure, he added: “These have been challenging weeks for the airline and it is right that Paul [Loo] and I take responsibility as leaders of the company.” Rupert Hogg, Cathay Pacific’s British Chief Executive, and Paul Loo, the company’s Chief Customer and Commercial Officer, tendered their resignations after a plunge in the airline’s share price amid protests in Hong Kong. It is reported that the firm was put under pressure from Chinese authorities after some of its employees supported the prodemocracy demonstrators. John Slosar, the airline’s Chairman and former Chief Executive, said: “Recent events have called into question Cathay Pacific’s commitment to flight safety and security Amazon Criticised For Packaging That Can’t Be Recycled After introducing a range of plastic packaging that cannot be recycled, Amazon has been criticised by environmental groups and customers across the UK. “My husband is disabled, and we rely a lot on Amazon and other home deliveries. Previously our small orders arrived in easily recyclable cardboard packaging, but a few months ago Amazon started using plastic envelopes. I diligently recycle all the packaging but can’t these,” said Adrian Fletcher, an Amazon customer from Glasgow. “The supermarkets have all been dropping carrier bags from their online deliveries, but Amazon is going the other way – it’s madness. I have asked them not to ship my orders using plastic packaging, but this falls on deaf ears.” In response, Amazon told the Guardian: “Our mission is to deliver the very best customer experience. We work with manufacturers worldwide to continuously improve packaging design and introduce new, sustainable packaging that delights customers, eliminates waste, and ensures products arrive intact and undamaged for our customers.”
13 www.ceotodaymagazine.com MONTHLY ROUND-UP US Delays Huawei Trade Ban Wilbur Ross, the US Commerce Secretary, confirmed that the trade ban on Huawei would not take effect for another 90 days. The ban was originally conceived due to concerns of national security. “As we continue to urge consumers to transition away from Huawei’s products, we recognize that more time is necessary to prevent any disruption,” Ross said. He explained that the extension would help US customers, adding, “We’re giving them a little more time to wean themselves off.” In response, Huawei said in a statement: “Today’s decision won’t have a substantial impact on Huawei’s business either way.” Earlier this year, Huawei had predicted sales of around $125 billion for 2019, however sales dropped in light of the US ban and it was expected to remain at $100 billion in 2019 and 2020. Optimistic, Ren Zhengfei, Huawei Founder, said the company would “regain [its] vitality” in 2021. When the ban was first announced, Song Liuping, Huawei’s Chief Legal Officer, said: “This decision threatens to harm our customers in over 170 countries, including more than three billion consumers who use Huawei products and services around the world. By preventing American companies from doing business with Huawei, the government will directly harm more than 1,200 US companies. This will affect tens of thousands of American jobs.” Johnson & Johnson Fined Amid Opioid Crisis Drugmaker Johnson & Johnson has been fined $572 million (£468 million) for its part in the opioid addiction crisis in Oklahoma. Between 1999 to 2017, it is reported from the US Centers for Disease Control and Prevention that 400,000 overdose deaths took place as the result of opioid addiction, 6,000 of which in Oklahoma alone since 2000. Purdue Pharma was similarly pressed for legal charges and settled for $270 million, and Teva Pharmaceutical for $85 million. It has been argued that Johnson & Johnson minimised the risks and emphasised the benefits of the addictive drug in a yearlong marketing campaign that led to the drug being misused. “Those actions compromised the health and safety of thousands of Oklahomans. The opioid crisis is an imminent danger and menace to Oklahomans,” Judge Thad Balkman, of Cleveland County District Court in Norman, Oklahoma, said in his ruling. In its defence, Johnson & Johnson said that its painkillers had accounted for less than 1% of the US market. “The decision in this case is flawed. The State failed to present evidence that the company’s products or actions caused a public nuisance in Oklahoma,” it said. Sabrina Strong, the lawyer representing Johnson & Johnson, added: “We have sympathy for all who suffer from substance abuse, but Johnson & Johnson did not cause the opioid abuse crisis here in Oklahoma, or anywhere in this country. “We do not believe that the facts or the law supports the decision today. We have many strong grounds for appeal, and we intend to pursue those vigorously.”
www.ceotodaymagazine.com Photographer: Ivan Prochko
FINDING SUCCESS THROUGH FAILURE 17 www.ceotodaymagazine.com Finding Success Through Failure: Fairbanks Insurance Brokers’ Story How many of us would risk stepping out of bed in the morning if we knew we would slip and fall, thus breaking an ankle walking to the bathroom? How many of us would risk driving to work if we knew we would crash our vehicle leaving the driveway? Moreover, how many of us think construction workers would risk erecting a multimillion-dollar structure if they knew a simple construction-defect error would result in a costly lawsuit, potentially bankrupting their business and causing them to lose the roof over the heads of their wife and kids? When tragic outcomes are guaranteed, we tend to play it safe by avoiding risks altogether. Unfortunately, we cannot predict the future and sometimes we gamble with fate only to find ourselves in regrettable, life-altering situations. I have personally been here before, which is why I devoted my second career towards providing contractors with a safeguard to protect them against businessrelated dangers of risk. With Fairbanks Insurance Brokers, our policies allow you the peace of mind to not worry about what’s outside of your control, but to take advantage of what’s in your control. And that’s our promise to you. Jason Fairbanks, Founder & CEO of Fairbanks Insurance Brokers Inc. What I do My name is Jason Fairbanks. I am the Founder and CEO of Fairbanks Insurance Brokers Inc., a commercial-insurance brokerage specializing in contractor’s insurance coverage for builders and tradesmen working within the construction industry. From your neighborhood handymen to the corporate CEO’s, my main objective is to provide as many contractors and artisans the quality coverage they require at unbeatable rates, while offering a service that keeps them coming back job after job, year after year. My specialty services include general liability, worker’s comp, commercial auto, surety bonds, and tool coverage. I cover all kinds of trades such as drilling, electrical, plumbing, roofing, landscape, carpentry, and much more. My Purpose Having previously worked within the construction industry myself, I have a high respect for construction workers and grew to believe they play an irreplaceable role in building the America we see and live in today. Through their sweat and tears and by their bare, blistered hands, sun-burnt faces and strained backs, they build America’s great infrastructures from the ground up and risk a great deal when doing so. For example, they risk their lives floating in the air, thousands of feet high building our skyscrapers and God forbid if in any situation their measurements are off, because a simple mistake can cost them a fortune in the courtroom. I made the decision that I would have the backs of these brave, well-meaning professionals when things go wrong. These incredibly hard workers deserve it. In addition to having a high respect for contractors, I strongly value the wellbeing and prosperity of families. Family is the foundation of our society and the source giving meaning to our lives. Where construction work makes up about 20% of the US workforce, that means over 15 million American families benefit from insurance coverage and suffer consequences from the
FRONT COVER FEATURE www.ceotodaymagazine.com 18 lack thereof. So, it kills me to hear about a family struggling for resources due to hair-line construction-defect errors, consequences of which could have been avoided with proper insurance coverage. What are the benefits of being an independent brokerage, and how does this benefit your clients in turn? As an independent brokerage, we have the liberty to approach a national marketplace without breaking any strict guidelines or commitments duly obligated to a directly appointed insurance carrier. This means we work directly for you, our clientele, and save ourselves the trouble of appeasing the needs of the insurance companies working with us. This benefit provides us with complete liberty to shop for the best coverage available on the national market for the lowest rates possible. Consequently, our competitive rates are hard to beat. In addition, we can develop human relationships with our clients without a conflicting interest. When push comes to shove, we are known for putting our clients first and have proudly attracted a marketplace that seeks our success because we have sought theirs first. Since we believe your gain is ours, and the road to prosperity is wide and large, we want to travel this road with you and build a lifelong business relationship based on trust and commitment. So, if you’re just now hearing about us, give us a call! Where is your business span of operations? Fairbanks Insurance Brokers have licensed operations spanning throughout the continental US to serve contractors and their families nation-wide. Our family-run operations are home-based within the city of Irvine on the beautiful coastline of South Orange County, CA. Hours of operation are Monday-Friday from 9-6pm to serve current clients, perfect the science of our trade and, overall, appreciate being passionate about what we do. Our work begins when we get a call from a prospective client and through asking a series of questions, we are able to carefully analyze the details obtained, underwrite the data to the finest detail, and produce a customized combination of products and services which enable our clients to succeed with the highest-quality protection available, and with unparalleled customer satisfaction. Our team is dedicated to providing the most educated and knowledgeable service out there so we may retain your business, hold you and your company as a long-term client, and most importantly, keep you as a valued friend. How would you describe the current state of the US insurance sector for contractors, builders and tradesman given today’s economy and political landscape? From our perspective, the US insurance sector is currently experiencing a growth spurt generated by a booming economy. I see that new business opportunities have produced heavy competition and therefore an oversaturated market. This, in turn, has created scarcity which generally leads to innovative and ambitious business practices on the one hand, and desperate and deceptive business-practices on the other. Where innovation can produce ambition, desperation can produce deceitful behavior which ultimately leads to unethical strategies requiring discipline and the need for change. This is an unfortunate way to do business. At Fairbanks Insurance Brokers, we opt for the moral high ground by following the noble path of innovation vigorously, without fail or wavering from our diehard conviction to ethical practices. We attribute our unshakable foundation to having habituated ourselves to thinking more creatively as our only option for thriving. Consequently, we have earned ourselves a trusted reputation which we believe leads us to being recognized by this reputable magazine you currently read. How do you maintain your exceptional level of market penetration? We ensure our clients have access to the world’s best carriers and insurance products available for asset protection, while providing excellent customer service. This duo accounts for our exceptional level of market penetration. In order to provide our client’s with exceptional access, we constantly make time to introduce ourselves to new carriers that show up on the market and develop meaningful, professional relationships with them. This enables us to serve as fitting match-makers between carriers and clients, especially as we listen intently to our client’s needs. Our clients further experience our excellent customer service practices as we begin our conversations with, “I will,” I do,” and “I can” as opposed to “I can’t,” “I don’t” and “I won’t.” These phrases communicate that their needs will be prioritized regardless of circumstance, even if the sting of losing money to uphold our standards is necessary. Our core values of honesty, integrity and commitment push us to follow through on our word so we may stay consistent at all times. Sometimes the best marketing strategies are just to be a good person, and we have experienced that firsthand. You were named as one of the top specialty brokers in the US in 2016 by Insurance Business – what did this achievement mean to you? I am grateful to be recognized as a Top Specialty Broker within the United States. My journey was not easy considering 8 years ago, I began this company with a broken computer, magic jack phone, and $245 borrowed from a Pay Day Advance Check Cashing store. My only wealth was a treasure trove of “If you want something badly enough, you need to go out and make it happen.”
FAIRBANKS INSURANCE BROKERS INC. 19 www.ceotodaymagazine.com ambition born out of painful regrets from prior business experiences. It’s amazing what happens when a little faith meets relentless ethical devotion and tremendous discipline. As my story unfolds, I hope to show others that with a little hope and change, anything is achievable if you put your mind to it. What landed you in the insurance industry? I came into the insurance business as the product of a crippled economy, a failed job interview, no money, little education, and a freight train full of multi-syllable “tion” -ending adjectives: determination, desperation, motivation, frustration, inspiration, rejection, and my all-time favorite word - aspiration. As we all may remember, a little over a decade ago, our world’s economic system collapsed ensuing a sequence of events brought on by a doomed housing market. I had become a broken, defeated man, further burnt to the ground by a greedy business partner who took what little I had left. I was forced to leave California and return to my family’s home-state which forced me to sleep on the floor of my mother’s home. I worked as her housecleaning assistant scrubbing toilets and earning just enough pennies to keep food in our stomachs and gas in my tank to take us to our next house to clean. Staying alive and getting by for the next day became my only focus. Needless to say, the economic collapse of 2008 negatively impacted the lives of millions, myself included, and a poor business partnership kicked me when I was already down, but something quite amazing happened to me during all of this that would never be undone. With brutal delivery, I received a hardline reminder, a street lesson of pure grace and gratitude which would slap a stark reminder straight across my face for the rest of my life. Nothing is given nor certain. Everything in life is a gift, and for the first time in my life, I have truly discovered the experience of authentic gratitude. I promised myself I would never forget this, and to this day I haven’t. A Turning Point With the economy now in free fall and seemingly no improvement on the near horizon, I remember thinking, “Man, this is the textbook definition of hard times. I’ve got to break out of this! I must do something, anything, to improve our living situation and quick.” It was time to get my mother and I into a better living situation by seeking a new means of financial stability. I knew that it wasn’t going to happen cleaning toilets. I needed to find something where I could utilize more of my head and less of my hands. During those tough times, it would have been pure insanity to leave the safety net of my mother’s home, had it not been for one day in particular on a job when I overheard my mother was being mistreated and belittled by a job-owner. To me, this was the final straw. I began with a basic Google search, “What is a great way to make money in sales without a college degree?” Google answered, “Sell Insurance.” Me: “What type of insurance is incredibly difficult to sell to where most agents avoid it altogether?” Google: “Contractor’s Insurance.” Me: “That’s the one I’m going to do!” Eight years and twenty-five hundred clients later, I am doing exactly that! My mother, my first employee, left her cleaning business and now works side by side with me to this day. My Second Greatest Gift Looking closer at how my Insurance career began, I initially struggled a great deal to get hired by an insurance brokerage. Getting someone to believe in a person without a college diploma or high school education was very difficult. I remember a friend of mine constantly bragging about his success within the industry and asking him to get me an interview with his manager. To this day, I remember the smirk on his face when he laughingly joked that his boss would not even take my call if I was inexperienced, not driving a 911 or already making six figures a year. I replied, “I may not have a fancy car, or any car, nor do I have a penny to my name, but I have something far more valuable than money or cars. I have absolutely nothing! I’m desperate, I’m starving, and I am willing to start from the very bottom to learn.” A man like myself, filled with ambition and absolutely nothing to lose has only one place left to go - up! And at lightning speed. I told him, “Get me in the door and I will not let you down. I will grow your company; I promise you I will change your life.” And with those words, I never heard from him again. I thought to myself, this is bittersweet, but great blessing in disguise. In life, nothing is handed to you. If you want something badly enough, you need to go out and make it happen. And that is exactly what I did. Two weeks later and with a little under $300 to my name, I was on my way back to California. Shortly after, I filed as an s-corporation with the secretary of state and founded Fairbanks Insurance Brokers Inc. Two years later, I have made back everything I lost and then some. When it comes to seeing out new talent, what key factors do you look for in your hiring practices? First and foremost, I tend to stray away from hiring brokers who hold previous experience within the insurance industry as they tend to be difficult to re-train. I believe you “can’t teach an old dog new tricks.” To me, an “old dog” represents anyone of any age unwilling to be malleable. Yes, old dogs tend to have a great deal of experience, however that doesn’t always mean they will adopt the ethical standards which are non-negotiable requirements for working with me. Old dogs can also have expectations that I will not care or try to accommodate. We are “Safe business builds longevity and a concrete foundation. If people believe in you, they will stay with you not only in business, but in life.”
in the business of earning an honest wage for hard work, and cheap work we will not do. Secondly, I am always open to hiring the “under-dog” or the broker with little experience (as you might guess). One of my current employees initially worked his way into our company because he wouldn’t stop calling me until I hired him, promising that he would drive across the country tomorrow with his duffel bag If I would give him a chance. He even offered to fly if I needed him sooner than his commute would allow and get his belongings later. I told him that his intention of willingness to drive across the country to earn the position was the key factor that landed him the position, and the importance of honoring your word in business no matter how painful the cost, that is exactly what you said you would do, “so start driving and I’ll see you in a week.” And he did. A week later he started and now sits in the office directly next to me. It was his first company lesson about “Honor and Commitment” (and an exhausting one, I must say). Another employee of mine was a busboy from a restaurant in Laguna Beach. He told me, “Anything you tell me, I will do it – anytime, anywhere, for any amount – if you will give me the opportunity to learn.” I didn’t need him at the time, but for guys like this, you make room for them. He is with us today and a great employee! Skills can be taught, but character must be brought. Like a mound of clay, you can mold them into the perfect bronze statue. Employees like the ones I mentioned above aren’t easy to find, but they are out there if you look carefully. What advice do you have for an up-andcoming broker new to the insurance industry? Hold firm to core values! Be honest with people and take the long, safe route – the one where you can safely see the light at the end of the tunnel and can accomplish that journey in a safe, secure and sound manner. Safe business builds longevity and a concrete foundation. If people believe in you, they will stay with you not only in business, but in life. We can all take the easy shortcut through a dark alley and yes, we may reach our destiny or goal much easier and more quickly. However, you never know just what kind of evil may lurk within that dark alley. A man can easily be blinded by the overwhelming darkness, the root of which is money leads to greed. Once a person falls prey to that dark abyss, it becomes incredibly difficult to find your way back to light again. Always take the long, safe route, where you can never lose sight of that light at the end of the tunnel. The insurance industry is a financial industry, or a money industry. There is a lot of other people’s money involved. It could be very tempting for greedy, dishonest individuals or even a desperate man dishonestly trying to feed a family with an infant who are willing to take that type of chance. I can tell you firsthand as being a man of desperation coming into this financial industry: where there is a lot of other people’s money involved, it is far better to take that risky chance and to succeed honestly than to take the riskier chance and to succeed dishonestly where, yes, you may get by for a while, but in the end, failure is ultimately inevitable. Even if you are that desperate individual taking the long, honest route and you do fail, that’s ok. You get right back up, you learn from your previous mistakes and keep doing it again until you ultimately succeed, and eventually you will. It’s a numbers game. Like an axe hitting the side of the tree, if you hit it enough times, it will fall over. Eventually it will happen. I was the guy that fell to the very bottom, the guy that had little to begin with and lost absolutely everything but with the grace of God, a little bit of honesty and ethics, made it back. Gratitude, whom I met at rock bottom, was my friend all the way back to the top. It’s important to remember that nobody cares to hear just how the rich guy got richer. It’s always the ones who fall flat on their face and get right back up that people care about. Those are the stories that matter. Today, I am a very fortunate man. Not because of what is in my bank account, but because of what is in my heart: A treasure trove of unconditional gratitude. Thank you for letting me share my story. 20 FAIRBANKS INSURANCE BROKERS INC. Left to Right: Stephen Kim, Jason Fairbanks and Troy Koennecker Photographer: Ivan Prochko
www.ceotodaymagazine.com 22 SPECIAL FEATURES 2017 has been the year of protocols and community led rounds to fund the latest, fastest, newest next-big-protocol project. Bitcoin peaked at an all-time high of $19,000 after an average trailing price of $1,000 to $2,000 in the last market cycle. Back then, many blockchain enthusiasts punted on which infrastructure protocol will be the next big thing. Some wanted to genuinely facilitate adoption. Some, conversely, wanted to grow their holdings of the alternate coins they had accumulated when such infrastructure protocol projects issued and listed their tokens on a variety of token exchanges. 2018 was a year of corrective market forces in many ways. Funding dwindled, and volumes of shorts peaked with introduction of margin trading capabilities on exchanges such as Bitmex and Kraken. Projects slowly folded one by one when they either could not manage their treasury or failed to achieve more traction in technology development or business application. The community was obsessed with the idea of institutional validation—every rejection of futures trading / ETF proposal for bitcoin sent ripples through the market. But the projects which have preserved through the crypto winter of 2018 will have their moment in 2019. If all this sounded familiar, it is because this has happened before. The internet protocol wars happened while fledging companies focused on the ordinary customer, quietly building user friendly interfaces on the internet for the everyday user to search, shop, or engage easily in small interest groups. These fledging companies have since become household names and established their own monopolies within their domain — think Google, Amazon, or Facebook. Consumer applications are needed for the blockchain to be adopted by the masses. But for it to gain momentum, the blockchain community must move from being a decentralised tribe in motive, to an inspired movement of vision that will allow the Blockchain to become part of the everyday vernacular. Imagine now a version of these companies on the blockchain- but one equipped to actually reward the community. Digital Media Privacy Would Be the Key to a Reward-Based Ecosystem Users Deserve By Christel Queck, Co Founder of BOLT
23 www.ceotodaymagazine.com SPECIAL FEATURES None of Facebook’s super profits are accorded to the everyday user. Users have diligently supplied data and engagement time to platforms but received none of the revenue benefits or a utility-based reward system that goes beyond the actual access of the platform. This model of playbor – where the user community is equated to a voiceless labour force toiling on to the digital platform and driving their revenues - is a decade old now and is ripe for change. We have seen how existing social media and video content platforms such as YouTube fail to deliver the services required by most of the world’s population. Their centralised business models which collect your data and “sell you” to advertisers is increasingly unattractive. They are unable to mobilise the community to selfcensor and moderate to community-determined standards. In short, many centralised social media platforms of today exist to profit from their users, not to serve them. This is where decentralisation of our current media and finance sectors can assist in remodelling the industry. In short, many centralised social media platforms of today exist to profit from their users, not to serve them. Therefore, when Mark Zuckerberg claims to be the true upholder of privacy, it does not change the model of Facebook’s personal profits – user data owned, controlled, packaged and targeted by the ad engines for the benefit of the company. The social media company which controls a vast pool of user data across its multiple free to use platforms – Facebook, messenger, WhatsApp and Instagram, reported annual earnings of $55.838 Billion in 2018, a formidable 37.35% increase from the year before – revenue funded primarily by targeted advertising. This data driven profit model is part of the wider industry that reaps benefits from users’ contribution of personal information (akin to digital shares and stocks), to generate revenue, without reward sharing. For this to change, we need to create a decentralised ecosystem which places consumers and platform participants in the core of business. This is where the blockchain can support in fostering a community centred around the values of transparency, collaboration and innovation. Platforms which place emphasis on a sharing economy can also benefit from the application of cryptocurrencies or digital tokens in creating a thriving rewards-based ecosystem. This is where the failures of the crypto-bubble of 2018 can be reversed. Fostering a digital rewards economy would require a common acceptable currency to transact – and by assigning tokens a value on the platform, where by users are rewarded a share of ABOUT THE AUTHOR Christel Queck is the Co-Founder and Chief Commercial Officer at BOLT – the decentralised mobile focused, video content ecosystem serving Emerging Market interest users, founded in 2017 with global tech-entrepreneur and innovator, Jamal Hassim. The company recently launched the BOLT Token, paired against the US dollar, Bitcoin and Ethereum on the BitMax.io Exchange, for decentralising the financial model for their unbanked and underbanked users, and rewarding content creators and platform participants. the profits, and content generates are provided a due for their work, we can bring a value and purpose from digital currencies. Otherwise they stand redundant and useless as a 2013 Canadian penny in 2019 Bali. The value wouldn’t last. I truly believe the digital content economy will now have to reinvent their model to include the users as stakeholders, not free contributors. By injecting digital tokens on platforms, there can be a new stream of exchange rate mechanisms that can allow for token exchanges and parities – a new digital financial ecosystem by itself. The possibilities are endless. www.bolt.global
www.ceotodaymagazine.com 24 SPECIAL FEATURES Coaching now accounts for around 12% of the average learning and development budget and many organisations now have well established programmes. This is a testament to the outstanding results achievable and yet in spite of its popularity, coaching still tends to be positioned as a corrective intervention, something that a person requires as a ‘fix’. Even for individuals, the more positively positioned the coaching, the greater its impact and this is especially true for investments in team coaching. Teams are working to deliver a shared purpose, so coaching a team provides its members with an opportunity to enhance existing skills, develop greater awareness, collectively learn and grow and ultimately, to achieve the group’s maximum potential. According to Patrick Lencioni, the author of ‘Five Dysfunctions of a Team’, top performing teams have certain traits in common. They share a sense of humility and with this comes the ability to sustain positive conflict. There is mutual trust between members and the common desire to become a learning team, reflecting on past actions and whether they could have been improved upon. All these traits require the team to accept a certain level of vulnerability, to be able to collectively question whether they are doing the right things and if they could be doing things better, all of which can be developed through team coaching. From Good to Great Identifying when to offer team coaching is not cut and dried, but there are some indicators to be mindful of. Firstly, it’s arguably human nature for wellestablished teams to become complacent - especially at the top of an organisation - in terms of what they are learning and how they push each other on. Through team coaching, established groups can unlearn what no longer serves them and accelerate learning new capabilities, not just individually but as a team. They also re-learn how to hold each other to account, individually and as a single entity and do so in a systemic way. The resulting ‘connectedness’ and ‘groundedness’ they develop gives them the capacity to avoid any associated ‘blindness’ to external issues that can set in and other common ‘CEO disease’ traps. For HR leadership, it can be difficult to identify when to introduce team coaching. In many situations, there are no tell-tale signs that a team has ‘gone off the rails’ and rather than simply correcting existing Practical Tips for Coaching a Top Team Helen Battersby, Executive Coach Aziz Corporate
25 www.ceotodaymagazine.com PRACTICAL TIPS FOR COACHING A TOP TEAM dysfunction, team coaching provides the chance to take a good team and make it even better. As a rule of thumb to identify where to focus efforts, if your organisation has transformation programmes underway (and a large proportion currently do), identify which teams are crucial to these efforts and support them with team coaching. In addition to improving performance, this also creates an opportunity to use insights learned as L&D best practice models for elsewhere in the organisation. Passion vs. Objectivity Commonly, an executive coach working with individuals is external to the organisation, but should team coaches be insourced? According to ICF research, a large proportion of team coaching is conducted internally, often by senior HR professionals within the organisation. From experience, the dilemma of whether to use an internal or external coach is not clear cut. Whereas some organisations believe their HR leaders are ideally placed to deliver team coaching, because they better understand the culture and values, there are many other aspects to consider too. Internal coaches do bring knowledge of the system and a passion for the wider organisation, but they may lack objectivity and the legitimacy to critically challenge that an independent outsider will bring. Giving a team the opportunity to experience an external influence, with someone who is completely free of bias and corporate agenda, is really beneficial. Then at a later stage, once the team is able to self-manage, independently increase its learning capacity and take common responsibility for development, switching to an internal coach maintains the momentum. There is an arc of maturity development that happens over time. Coaching a board or C-level team merits a slightly different approach and skillset to working with individuals and having an external coach from the outset, someone who has previously held P&L responsibility or faced many of the same challenges, is particularly valuable. Although an internal coach may have the technical capabilities to coach an ‘ex-co’ team, they may lack relevant direct experience and be unable to ask the right questions. This issue may not arise when an internal coach is working with a less senior team. Potential confidentiality breaches, or a conflict of interest, are other factors to consider when evaluating the merits of internal vs external team coaches at the highest levels in an organisation. It can be difficult to find a senior HR professional internally who can coach a top team without these issues getting in the way of achieving results. Finally, when dealing with top executives, there tends to be an expectation that the more senior the team needing coaching, the more they ‘deserve’ the inputs of an external coach. Wider Benefits for All Overall, one of the best aspects of team coaching in terms of return on investment, is the ability it brings to widen access to the many benefits of coaching traditionally experienced by executives. Typically, coaching is reserved for a small number of highly privileged individuals. When broadened to teams, especially when done systemically across an organisation, it ultimately benefits a far greater number of people and is highly cost effective. Just as a team delivers far more than the sum of its individual members, so team coaching has a greater impact on more people within an organisation beyond the immediate team. Individual coaching does benefit teams and the wider organisation in the long term, but focusing on a team is an approach that guarantees this by its very nature from the outset. Moreover, individual coaching of team members to support team coaching also becomes systemic as members are encouraged to identify strengths and developmental areas. This accelerates the capacity of the team to deliver its purpose. Key commercial scenarios where team coaching delivers clear ROI • Navigating tough market conditions due to economic uncertainty • Developing new ways of thinking leading to greater innovation when profits are under pressure from challenger brands • Successfully leading change, overcoming resistance, decision- making inertia and indecision • Re-energising and refocusing long standing teams to try new things • Resolving leadership and relationship challenges within an existing team • Re-balancing senior leadership to focus on strategy rather than tactical details • Modelling best practice teamwork in the organisation for others to emulate • Supporting teams heading new initiatives or leading key change projects. ABOUT THE AUTHOR As a highly experienced global executive coach with more than 3000 hours of coaching experience over 12 years, Helen Battersby has over 20 years’ experience in global leadership roles (executive board level) with large multinational manufacturing, sales and distribution organisations. She supports her clients with team coaching to develop their leadership potential so they can positively impact and inspire others. Notably, she held full P&L responsibility for a European holding company with a group turnover of 50 million euros. Helen has overseen acquisitions, building trust, setting common goals and growth strategies and has also formulated and implemented a recovery programme, successfully controlling spiralling overheads and implementing efficiency measures to increase profitability. www.azizcorp.com
www.ceotodaymagazine.com 26 SPECIAL FEATURES In the current political and ecological climate, there is mounting pressure on businesses to achieve greater levels of sustainability from a variety of stakeholders. Not only do a massive 81% of consumers now prefer to buy from brands with a commitment to environmental sustainability, but it has also been shown that environmental, social and governance (ESG) issues are of increasing importance to the investment community, with more than half of global asset owners currently incorporating ESG considerations in their investment strategy. However, the challenge is finding practical ways to work towards becoming a more sustainable organisation, that won’t have a negative impact on the business as a whole. Many have come to associate the concept of sustainability with expense, but this doesn’t have to be the case. In fact, studies from the likes of Deloitte and Harvard have found that companies that have embraced it are financially outperforming their competitors. Fortunately, for businesses looking to reduce their environmental impact, there are a number of steps they can take that will also have a positive effect on profitability and productivity, helping to keep all stakeholders satisfied. One of these steps is ensuring that their end-to-end supply chain and logistics network is truly optimised. using a range of digital modelling tools to work out how to minimise logistics and supply chain costs, while also maximising levels of customer service. This can involve looking at everything from raw material supply through to customer delivery, taking into account sourcing and manufacturing locations, customer service and inventory levels, in order to clearly evaluate all possible network choices. The network modelling tools are used to assess a variety of “what if” scenarios, demonstrating the effects of trade-offs between costs, service, stock, warehousing and transport. They can also be used to assess the impact of completely new, “greenfield” logistics options, compared with retaining some or all of the current facilities. This process enables businesses to diagnose their supply chain’s current state, then identify (and make a convincing case for) infrastructure changes that will ensure their facilities are sized right, and in the best locations to enable them to meet customer demands at the lowest cost for How to achieve network optimisation? Many supply chain and logistics networks evolve gradually, as a result of individual decisions made over extended periods to satisfy specific business needs in a given moment. However, these siloed decisions create inefficiencies that compound over time. Businesses therefore need to make a conscious effort to regularly pinpoint these areas of inefficiency, in order to create a more effective, streamlined network. It’s important not only to look at the supply chain and logistics aspects, but also consider cross-functional involvement that could range across sales, marketing, finance, IT systems, manufacturing and procurement, to ensure solutions are robust and resilient to future business changes. One of the best ways of fully assessing all the potential options is known as supply chain network design, which entails By John Perry, Managing Director, SCALA Network Optimisation: The Key to Business Sustainability?
27 www.ceotodaymagazine.com SOLVING THE GENDER PAY GAP the desired service level. What are the benefits of network optimisation? For businesses, one of the main benefits of supply chain and logistics network design is a reduction in overall supply chain costs. Rationalising regional, national and global distribution and manufacturing networks helps to identify the most costefficient supply chain network. Another key benefit is an improvement in customer service. Optimising the balance between shipping/warehouse costs and service level requirements usually results in better delivery times. This greatly increases the ability to respond to customer pressures and competitive threats. The exercise also helps businesses to perform effective contingency planning, by showing the impact of unexpected events in the supply chain. They can gain an understanding of the effects of various possible events on costs, service levels, revenues and profits, allowing them to develop and evaluate alternative plans to mitigate overall risk. Network design is particularly useful following a merger or acquisition, as it enables businesses to consolidate their distribution and manufacturing networks. This can help them to more quickly realise return on investment. What are the environmental benefits? A key aspect of supply chain and logistics network design is transport optimisation. Modelling alternative transport options helps businesses to determine the optimum solution for their current activity, identifying how and where costs can be reduced and service levels improved by reconfiguring the operation. This is done by looking at • Whether their fleet could be better optimised. • Whether their customer order profiles and delivery requirements have changed since the original transport operation was designed. • Whether a recent business acquisition has provided opportunities for consolidation. • Whether a dedicated transport operation is still optimal, or if it would be more economical to use subcontractors. • Whether fleet size, type and geographic spread is still optimal. • Whether distribution centres are in the right place. Optimising fleet utilisation in this way not only helps to ensure that the supply chain can operate as smoothly as possible, but also reduces empty miles and carbon emissions, which has a significant positive effect on a business’s environmental impact. How to achieve successful network optimisation? Every company is different, and consequently there is no onesize-fits-all approach. Instead, a combination of modelling tools should be used to evaluate and quantify a wide range of potential scenarios, taking into account all of the individual factors concerned. Ideally, this should be combined with the input of highly experienced expert consultants who understand and can advise clients on the implications of these assessments, which will include stock policies, numbers and geographical locations of depots, logistics and environmental costs. Businesses must also bear in mind that identifying the optimal network is only a starting point. The key to success is then establishing a clear roadmap to facilitate the necessary changes. To do this, many factors need to be considered, such as contract and lease commitments, people changes, and systems development. It’s clear that for businesses, sustainability responsibilities and profitability goals needn’t be mutually exclusive. Carefully designed supply chain and logistics networks can benefit both the environment and their bottom line.
www.ceotodaymagazine.com 28 SPECIAL FEATURE Steve Whiting, COO of Agile Solutions GB LTD, looks at why a data management culture offers huge opportunities to businesses. The business landscape has completely changed in a short period of time owing to the fast-paced integration of technology solutions that have come with the digital age. Due to this change, our personal lives have also changed – we interact with companies in a more seamless manner and our experiences with brands are different. As such businesses operating across both B2B and B2C worlds now have a golden asset that is often not being used to its full potential: data. Data has been heralded as the new gold by some influential figures, including the CEO of Siemens. As people start to scratch the surface of what data can do it’s going to become clearer that the investment in data will bring many returns that ensure your business can transform, survive and thrive. What can data do for you? Through my experience many companies are currently doing data management well. They have good analytic solutions and robust, secure storage to prevent it become vulnerable to attacks. However, it typically doesn’t go beyond this and herein lies the missed opportunity. Data is a hugely valuable tool that can help companies grow by identifying new services, trends, respond and adjust quickly and it can also be sold to third parties as a ‘side hustle’. In fact, the element of the thirdparty buying data is something that many companies should be looking at as a way of generating income for data they have available to generate additional revenue and enhance their offering. For example, a car manufacturer could share GPS data with weather companies to make for accurate, real time weather information. Data management shouldn’t just be looking at analytics but should shift towards real time reporting that provides a business with agility to respond quickly. This will be hugely important for many companies as they face an unknown future with Brexit. It also means that responding to an unforeseen need or situation is able to happen quickly. Data can also help drive Is a Data Management Culture the Key to Growth in 2019?
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