The Smell of Good Business

This Youtube video preview of Wave by the Google development team runs for around 80 minutes

Google has made no secret that it has been pursuing the highly defended corporate end of town for email communications.  Google has yet to succeed into the corporate sector, despite the widespread use of gmail and Google Docs by many individuals within companies.

The stronghold is of course Microsoft, whose strategy is to continue to integrate their products more and more tightly so that decoupling those products becomes increasingly difficult and harder for companies to justify. The strategy is to try to protect Office by extending its functionality Sharepoint for collaboration. Like any enterprise vendor, the stack of products create value for customers by creating more value for the investments previously made. The best part for the vendor is what is known in the industry as “lock in”. That is, you have spent a lot buying the product, you have spent a lot configuring the product, therefore you are highly likely to continue doing so.

Other products have offered different collaborative benefits attacking the same market space, like Sametime from IBM. However whilst software licence savings may be demonstrated and collaborative value may be present, the decoupling / recoupling effort is generally so significant that Microsoft’s virtual monopoly is holding up.

Building to a Better Platform

Part of the challenge with the way we communicate is that voice, text, instant messaging and email are currently separate spaces. And in many corporates this mix isn’t possible due to corporate restrictions on certain products.

So,  I  use Skype to talk with someone. I can instant message that person during the call to send files and hyperlinks. It also keeps a copy of the chat for future reference. I can use Twitter for mass instant messaging, or to catch up on conversations and activities of the people I follow, and an update of what I am up to. Then email for, well, email.

Google Wave offers the promise of actually putting all of this together into one web based application.

One of the neat features in Wave is the ability to to create an email conversation and thread which you can turn into an instant message - where both the recipient and the receiver can see character by character what the other is typing prior to hitting submit. If there is one thing that is frustrating about instant messaging it is precisely this - it doesn’t feel instant whilst you are waiting for the typing to finish…. the collaboration is much more real time. Images and videos can be embedded, providing a much richer  communication experience.

It is like a tree structure of messages, where messages can be selectively shared with participants, and viewed by history.

One of the things I love about this is the way it keeps a thread together. It reduces the volume and makes it so much easier to keep abreast of each communication.

Even better is the ability to add people in and out of the collaboration to. Suddenly need to invite a colleague in to the discussion? It is as simple as dragging their icon to the snapshots panel top right, and they can then see everything that has been covered before. No more trying to get together a bunch of emails or prepare a summary document.

Google Wave

Another of really neat features is the ability to embed Waves into any webpage, instantly providing a bloglike ability to add comments, track comments, add images and more. If the commenter and the web page author happen to be online and using Wave at the same time, they can instant chat and have it immediately publish. Each person can track future comments via their own  Wave client.

This will create a really changed way of thinking about creating agendas for meetings, for collaborating on tools like wikis and so on.

Further innovation that is coming which is a game changer is the automatic language translation. This is a really bit innovation for those companies that are global operaters and need to collaborate internationally with those colleagues that are not English native speakers, the traditional language of the web.

This product is another innovation being developed in Australia by the team that developed Google Maps. There will be plenty more to see when this goes live. Like iphone has created a environment for developers to thrive, my view is that the open protocol that will be available will also create a lots of innovation that will start to make its way into the enterprise.

Stay tuned… and please do comment on your thoughts on Google Wave.

WebForward-4284, originally uploaded by CeBIT Australia.

Cebit 2009 Webforward was a great conference covering the future of the web, search, mobility, usability and much more. It was a delight to have the opportunity to chair the conference, and in particular Stream 2.

For those that attended and want a recap of Stream 2, please take a look at Neerav Bhatt’s blog where he prepared a great high level summary. You can also check out the Flickr photos at Cebit Australia.

For those interested in the slide decks, they are available to all attendees and you should have received your email invite to access them. If not, please contact Cebit Australia

There has been a lot of comment in recent times about the levels of executive remuneration particularly in relation to companies that are underperforming. 

Taking a step back, we should understand the origins of the nature of directorship and ask a good simple clean and hard question: is this in line with the original intent?

As companies grew in the 1800’s it became apparent that a different style of manager was required to look after the interest of shareholders - those people were not active managers within the company. People appointed in this role of looking after the shareholders interests became known as company directors.

Today the same remains true - directors manage on behalf of shareholders, and they must put the shareholders first, with the obvious caveats of acting ethically and legally.

Executive remuneration is a touchy issue. Should the board not have the right to determine the correct market rate for a potential candidate? Is this not within the realm of directorship and corporate governance?

Unfortunately, reason has been lost sight of in some cases. Transparency of reporting has made it more difficult for boards to negotiate downwards. There is a frankly uncomfortable scenario in which boards end up determining their own remuneration and that of the executives - and frankly the higher the earnings of the executives, the greater that substantiates a higher remuneration for directors. There has been enormous criticism of audit companies with consulting divisions working with the same firm, yet isn’t the scenario very similar? Frankly the community and government in Australia have had enough of the sensationalist headlines with no action and have had enough. And so they should.

Whilst I fundamentally believe in free market economies and ensuring decision makers are free to make the decisions they need to with delegation from an accountable board, I cannot reconcile remuneration packages that are equivalent to the full profit figures of mid sized companies. A simpler model and principle that was shared with me at a discussion last night suggested that no person will receive remuneration in excess of 30 times the most junior employee. Some will argue it should be higher or lower, but either way it is a more modest, albeit simple principle at play.

AICD, an organisation I have a great deal of respect for, have lost the opportunity to lead the issue. By refusing to criticise the practice, they are being seen to endorse it. I understand the difficulty of their position, however, falling back to a stance of more education - when clear greed is at play - is proven through history to be unsuccessful. As a result, I have no doubt legislation will be brought it much more extensive and onerous than could have been negotiated - and potentially interfering in areas outside of remuneration. Being a company director is a very difficult exercise, more red tape isn’t the answer. But perhaps by more shareholders taking an active part, they will put an effective brake on these practices.

Have I got this right or wrong? Your comments are welcomed….

Webforward at Cebit 2009 Sydney Australia

Cebit 2009 in Sydney is shaping up to be the best yet, with a fantastic program of events, and excellent speakers.

I am delighted to be attending again, and in particular to be chairing the two days of Webforward. The agenda for Webforward ensures that everyone with an interest in the web is covered. There is a wide range of speakers that are thought leaders in the space.

I do hope to see you there….

There are many ways you can use Twitter for business advantage (as opposed to just interest). There is a right way and wrong way to do this - blatant self promotion isn’t entertaining or interesting for followers, so you need to add value with your tweets. 

1. Research - to keep up to date with new information, views and ideas in your industry. Twitter users often share links to presentations they deliver
2. Promote your knowledge - share IP and information you have created by posting links to your own presentations (an easy way to share the presentation is using Slideshare) and announce to followers
3. To rapidly get news in your  industry and stay up to date - most of the current events happening now, including Oracle’s acquisition of Sun, I heard first via Twitter
4. To get access to thought leaders in your industry. For example, one of my favourite writers in the Web 2.0 space is Dion Hinchcliffe whom I follow on Twitter at twitter.com/dhinchcliffe. I can find out not only what he is writing about, but information he is coming across that he finds interesting.
5. To build a personal profile in your industry as knowledgeable
6. To keep up to date with what your colleagues are up to - without having to email them or ring them
7. To win business. The way to do this is to find people who are tweeting about issues they have that you can help with. You then provide help. In many cases I have found these people then either want to promote you as someone that is helpful and adds value, or engage you to solve the next problem
8. To promote posts on your blog
9. To provide real time updates on crisis issues within a company
10. To offer clearing stock deals (Dell did this very successfully)
11. To get insight into potential staff

There are many more ways of using Twitter to add value to a business. So, what works for you? Please add your comments, I look forward to your input.

I recently gave a presentation to business people who have never used Twitter on what it is, and how to use it. Enjoy!

Twitter For Business By Justin Davies Emergination

Recently many people have been asking how to harness the power of social networking in a business context. An example of how to do it right is a group called Next Director, a group for emerging and current company directors to share information, founded by Michael Field. I asked him about his experience in creating this group, and what he found worked for him in doing so.

Justin: What is it about being a company director that interests you?

Michael: Being a company director for me is about the opportunity to apply your skills toward enhancing the performance of an organisation. Of course there is a great deal more to the role and responsibility of a company director, but the opportunity to influence and guide strategy to deliver performance is what drives me personally. 

My experience on not-for-profit (NFP) boards has to some extent provided greater challenges, with even greater rewards. The opportunity to work with exceptionally talented people, grapple with complex problems and focus on a common objective is intellectually stimulating and personally rewarding. 

Justin: What sparked the idea for this group?

Michael: The idea for Next Director developed as a result of my observations of the Australian director community. My views were further informed through connecting with directors in other countries through social networking sites such as LinkedIn. 

Analysis of the director market shows that there is a significant number of company directors whose needs are not being met by traditional member services organisations. There are many reasons for this, but the evidence is in the tragically low membership of director organisations compared to the total director population. Some research indicates that market penetration is as low as 4% in Australia.

The idea behind the group is to harness the collective expertise of a global director market, deliver meaningful services,  information & interaction and utilise technology to increase participation and reduce cost.

Justin: What has been the most surprising thing for you about the group to date?

Michael: The surprises have mostly been pleasant and to some extent were hoped for but not expected. The stand-out experience for me has been the incredible generosity of the group when it comes to answering questions posted by another member. Although it is common for people to experience this in social networking sites such as Twitter, I had not yet tested it in the professional, member services market and was pleasantly surprised by the outcome.

Justin: How do you manage the issue of people self promoting?

This is an interesting question and a significant challenge for all social networking sites and open groups or forums. While it is difficult (and often counter-productive) to be excessively restrictive with rules, the general approach is:

1. Membership is not automatic. The CV, work history and/or educational experience of the applicant needs to demonstrate their suitability to the group. For example, if there is inadequate information on the applicants LinkedIn profile, they are asked to update their profile to reflect their director interests.

2. All posts, questions and answers are monitored and moderated regularly to ensure that they are focused on director issues. Where a post is obvious self-promotion, or completely off-topic for directors, the group member is asked to remove the post or it is deleted by a moderator.

Justin: What tips do you have for others that want to create similar groups online?

Michael: Be clear about the audience that you want to attract and the specific subject matter that you wish to focus on. General information groups tend to get flooded with self-promotion and irrelevant clutter. The key to success I believe is having a clearly defined objective and then managing closely to that objective by eliminating content that is not relevant to the group.

Although you run the risk of occasionally offending an individual (if you remove a post for example) there is greater damage done by allowing the groups focus to be diluted with irrelevant material. 

Justin: What is your experience with other social networking group tools, such as Facebook, Twitter and any others?

I use different social networking sites for different audiences and different businesses. 

Twitter has been an excellent networking tool to connect with key influencers in the technology,  online, marketing and innovation space. As an example, I recently connected with an iPhone application developer and we are now collaborating on a different project.

LinkedIn has been the test-bed for the Next Director project and has been enormously successful. I have used facebook for more consumer-focused businesses with a degree of success, although it has been less successful for next Director.

Justin: How frequently do you need to post?

Michael: The Next Director community is very active and to a large extent self-sufficient. It is not uncommon for me to log-on and notice a dozen detailed response to a members question from other members. Although this does not reduce my responsibility to keep the group active and continually provide new information, it does however supplement it and allows the group to choose their own topics of interest and post accordingly. 

I log on every day, approve new members, monitor and moderate posts and submit new news articles or add to discussions where I can add value.

Justin: Has this generated any business for you?

Michael: My intention with the Next Director was not to develop business for my strategy consulting business, but rather to build a platform where aspiring and emerging company directors could engage with each other, seek & contribute advice and share ideas & information. To that extent it has been a great success, however I have started to  develop more direct relationships with the group members to enhance the experience of social networking.

Justin: How has this helped your profile?

Michael: I see the benefits of participating in selected online communities more as an opportunity to connect with interesting people, be at the leading edge of information exchange and technology developments, and enhance the community experience by contributing ideas and expertise.

Justin: Thanks for your insights

For more information see:

Next Director

Michael Field website

Contact: michael@michaelfield.com.au 

Goal setting can be fun. Yet there is a conflict in setting goals which can lead to a loss of balance - family goals can have an impact on career and so on.

The sheer act of contemplating primary goals for the various facets of your life then writing those goals down often provides a enormous amount of clarity and focus. It sometimes creates an almost mysterious clarifying beacon that helps to focus effort and energy. The more focus on your goals, the more likely they are to materialize.

The most clever systematic approaches are often the most simple.

Foundation areas of your life to consider goals for are:

1. Education
2. Relationships
3. Health
4. Finances
5. Career
6. Values and beliefs
7. Social Contribution

And there are other experiential areas as well, such as travel, entertainment, and arts and culture.

I recently was invited to participate in and contribute to the Beta of a new goal setting tool called LifeGoalBoard created by a friend of mine, Michael Field. Michael is a very successful marketer in Sydney, Australia, and attributes part of his success in achieving a balanced and fulfilled life to using the process contained within LifeGoalBoard. It makes for an interesting story to find out how it was created, how it is used, what results have come out of it, and why Michael is keen to share it.

As a master practitioner in NLP, Michael has been developing some neat concepts and tools which will be available in LifeGoalBoard that will help people achieve their goals.

Disclosure: The author has undertaken a consulting engagement for LifeGoalBoard. As a result, the author is pretty pumped about the potential of it, but rest assured is not getting any kickback for referral traffic from this blog. If your online solution could do with some help, contact me.

“In a bull market, be a bull” - sage advice given to me by one of Western Australia’s leading brokers 24 months ago. Of course this approach works fine up until the point that it doesn’t work, and this broker to his credit picked up on nervousness in the market which led to more conservative thinking.

Those that picked the calamity to follow were considered naysayers by many - but the extent of the crash caught so many by surprise. Australia is in relatively good shape - thanks to a rigorous process of debt reduction achieved by the Liberal government, and the stronger regime that we have had in place to regulate the banking sector in comparison to other markets.

If you are a director of a company then the savage effect of removing the wind from the companies that were heavily geared and sails sheeted full into the wind is cause for concern everywhere. Recent news reports indicate a great likelihood of class actions, insolvency practitioners are struggling to cope with demand, and there is a domino effect from companies that fail.

For those that have had portfolios halved in value, the obvious target is boards of companies.

Smart companies already have comprehensive programs in place - policies, reporting, delegations and systems - to cover risk. In addition, smart boardroom practice is to have a structured approach to decision making. It serves two purposes - firstly to ensure that factors are considered rigorously, and secondly, it provides a record for how the decision was arrived at, which factors were considered important at the time. Decisions of the past are often judged on the facts of today. A documented framework allows insight into how the decision was arrived at - and a defense in case of litigation (in the absense of anything else).

For those members of the AICD, the Feb 2009 issue of The Boardroom Report includes “10 ways to bolster risk management”. which covers board composition, governance structure, risk as a standing agenda item, the issue of compensation, and most important of all, setting the tone from the top - the appetite for risk.