I think I am finally more clear in SOA. I still have a hard time understanding the practicality of the concept but actually the 7-minute video that we watched on a previous session made a huge difference. I finally saw everything that we had been talking about graphically represented through a video….the dynamism and flexibility that the portlets provided to those employees was amazing and if it is truly all built in a standardized way, the interaction possibilities among different stakeholders are endless. Definitely caught my attention.
On a side note, regarding the discussion about knowledge management vs. knowledge exchange. Knowledge management is more stagnant, always the same methods are used for solving a problem (provided they worked in the past). There is no capturing of tacit knowledge of new ways of looking at issues, so knowledge exchange definitely adds more value than knowledge management. The information exchange is crucial to be able to take businesses to new levels. The word “exchange” itself spells out dynamism, the possibility of obtaining insights that can lead to wisdom in an information based enterprise.
Monday, February 23, 2009
Monday, February 16, 2009
Worst assignment ever
I hate this assignment. I still don't get SOA and don't see where we are going with it in practical terms. I guess it probably doesn't help that I am in a terrible mood but I guess I can vent out part of my frustration here, isn't that what blogs are also for? I am hating school, really really really hating it. Good night.
Wednesday, February 11, 2009
Tuesday, February 10th
I have to admit that on Tuesday’s class when I had to ask Doug what he meant by “intimacy” in business before I could lay out my argument for it, I felt a bit stupid after he answered my question. After all, it was a very simple concept that had been temporarily twisted by my Latin mind. But then, after class, when I asked the rest of the Latin gang to tell me their respective positions on “intimacy” (no pun intended) in business they all asked the same thing that I asked in class: mmmm, what exactly do you mean by “intimacy”? (some even gave me a naughty face). So, enough said, I am not alone. Plus we had been talking about Masters & Johnson and the fact that they watched 10,000 sexual acts so I guess it was OK that I was slightly confused…oh, and I am sure everybody checked but, just in case, Persian Kitty is still alive.
Anyway, now let’s move on to the important stuff. For me, some of the most interesting slides were the ones with the Retail Value curve because in a way they highlight the increasing importance of intimacy. It is a concept that is applicable across most industries. As a former Private Banker I can certainly relate to the importance of intimacy. In that industry, I quickly learned that it’s all about intimacy and developing a good relationship with the customer. Most bankers have access to very efficient operations and can buy any stock or bond in the blink of an eye. Sometimes you might even be charging slightly more for a similar level of efficiency and returns but there’s a myriad of intangibles that determine whether a client stays with you or goes to another Financial advisor. After all, how can you put a price on trust? As an example, in 2006, during my first year as a Private Banker, a client gave me $ 2 million to manage and he gave the exact amount to a competitor. He told me that by the end of the year he was going to have only one consolidated account. A year went by and the client came for a visit with a portfolio analysis from the other bank. We had been outperformed by them, not by a very wide margin, but outperformed nonetheless. Therefore, I was sure I had lost the account. To my surprise, he then showed me a copy of the letter he had given his other advisor asking for all his funds to be transferred to the bank I was working at. I guess he noticed my surprise because he immediately added, with a smile in his face: “Martin, I just trust you a whole lot more, keep up the good work”. Some years from now (maybe decades who knows), efficiency and accessibility will be almost standard, everybody will operate in a highly efficient environment. When that time comes, what will truly make a difference will be the ability to differentiate ourselves from the rest on a personal and emotional level. I just hope I will be ready for it!!!.
Anyway, now let’s move on to the important stuff. For me, some of the most interesting slides were the ones with the Retail Value curve because in a way they highlight the increasing importance of intimacy. It is a concept that is applicable across most industries. As a former Private Banker I can certainly relate to the importance of intimacy. In that industry, I quickly learned that it’s all about intimacy and developing a good relationship with the customer. Most bankers have access to very efficient operations and can buy any stock or bond in the blink of an eye. Sometimes you might even be charging slightly more for a similar level of efficiency and returns but there’s a myriad of intangibles that determine whether a client stays with you or goes to another Financial advisor. After all, how can you put a price on trust? As an example, in 2006, during my first year as a Private Banker, a client gave me $ 2 million to manage and he gave the exact amount to a competitor. He told me that by the end of the year he was going to have only one consolidated account. A year went by and the client came for a visit with a portfolio analysis from the other bank. We had been outperformed by them, not by a very wide margin, but outperformed nonetheless. Therefore, I was sure I had lost the account. To my surprise, he then showed me a copy of the letter he had given his other advisor asking for all his funds to be transferred to the bank I was working at. I guess he noticed my surprise because he immediately added, with a smile in his face: “Martin, I just trust you a whole lot more, keep up the good work”. Some years from now (maybe decades who knows), efficiency and accessibility will be almost standard, everybody will operate in a highly efficient environment. When that time comes, what will truly make a difference will be the ability to differentiate ourselves from the rest on a personal and emotional level. I just hope I will be ready for it!!!.
Tuesday, February 10, 2009
Last Thursday...
We had a very interesting visitor last Thursday who shall remain unnamed so that said individual won’t pop-up in his/her employer’s web searches.
There were several elements of the presentation that certainly attracted my attention but in particular I would like to highlight two of them:
1 – The hardware exhibition was awesome. He probably needs a special workout to develop the shoulder strength to carry all that around. I liked how despite the constant multiplication of information in today’s world, there’s always some interesting concept developed to keep all that information safe. Additionally, as a technology inclined person, I always find it fascinating to listen to people talk with such passion about what they do.
2 – How important it is to understand the underlying business need that will be satisfied through the adoption of innovative technologies i.e. don’t just implement technology for the sake of it. From past experience at a large multinational corporation, I can certainly confirm this. Around the year 2000, it was obvious that a new consolidation and reporting system was needed. However, instead of focusing on what the Financial Planning and Analysis department needed to do their job and developing a solution that would work for that and not against it, the company forced everbody to adapt to a software that was top of the line but unfortunately not aligned with what the company and in particular Financial Planning needed. The end result: planning continued in Excel and the implementation project that started in 2001 is not fully finished as of today. Even after it is fully implemented, around 60% of its intended functionalities are not being used by employees. The company is already starting a new and very expensive project to change the systems yet again within the next 2 to 3 years, this time apparently making sure that the underlying needs are heard and met. However, millions of dollars and working hours have already been wasted.
There were several elements of the presentation that certainly attracted my attention but in particular I would like to highlight two of them:
1 – The hardware exhibition was awesome. He probably needs a special workout to develop the shoulder strength to carry all that around. I liked how despite the constant multiplication of information in today’s world, there’s always some interesting concept developed to keep all that information safe. Additionally, as a technology inclined person, I always find it fascinating to listen to people talk with such passion about what they do.
2 – How important it is to understand the underlying business need that will be satisfied through the adoption of innovative technologies i.e. don’t just implement technology for the sake of it. From past experience at a large multinational corporation, I can certainly confirm this. Around the year 2000, it was obvious that a new consolidation and reporting system was needed. However, instead of focusing on what the Financial Planning and Analysis department needed to do their job and developing a solution that would work for that and not against it, the company forced everbody to adapt to a software that was top of the line but unfortunately not aligned with what the company and in particular Financial Planning needed. The end result: planning continued in Excel and the implementation project that started in 2001 is not fully finished as of today. Even after it is fully implemented, around 60% of its intended functionalities are not being used by employees. The company is already starting a new and very expensive project to change the systems yet again within the next 2 to 3 years, this time apparently making sure that the underlying needs are heard and met. However, millions of dollars and working hours have already been wasted.
Thursday, January 29, 2009
A globalized world
OK, I promise this is the last time I talk about Uruguay and the rest of South America. However, the discussion in our last class only reinforced my belief on what I said on my previous entry about Chile as compared with the rest of the countries in Latin America. Granted, Uruguay is an extremely small economy and will always be somehow dependent on what their big brothers do, especially Argentina. But, if we look at the different approach Argentina and Chile have taken towards globalization we can understand the importance of the three laws of global integration. Chile has chosen to compete based mainly on openness by stimulating competition and the free flow of goods and ideas. The have created alliances with the main powers and have stayed away from what most of Latin America was doing (with the exception of Brazil which has a completely different set of problems). In sharp contrast, Argentina has chosen to partially ally with Venezuela and run their country with an archaic model destined for economic stagnation, if not failure. They have chosen to almost deny globalization, become more government dependent and "defend" their borders as if the countries wanting to have a business exchange with them were enemies. Who is "winning" so far? As per the latest Global Competitiveness Index from the World Economic Forum, Chile is ranked number 28 in the world. You have to go down to 64 to find Brazil and all the way down to 88 to find Argentina and 105 to find Venezuela. Seems to me that, if approached correctly, globalization doesn't hurt at all.
Sunday, January 25, 2009
Uruguay and Value 2.0
Coming from a developing country where bureaucracy rules and successfully doing business requires an extreme exercise in patience, I found the Value 2.0 article to be very interesting. More often than not, the people's and especially the federal government's inability to recognize and fully understand the importance of this new set of rules for business, culture and society, makes local companies miss great opportunities to capture market share away from larger regional companies who operate under more flexible conditions.
Additionally, I found a statement in Rule #8 to be the most significant one since it completely goes against what standard business practices are in Uruguay. The part reads: "...large enterprises need to shift their thinking and learn a great deal from multiple inexpensive, rapid failures, rather than learning a little from a single launch event". Even if a particular project or idea is already very good it will be analyzed and re-analyzed so many times to the point that when it finally comes to fruition it will most probably be already too late for it to become competitive in a globalized environment. If this mentality could be changed, I am sure Uruguay would be at least on par with Chile in terms of economic development within South America, if not better. Hopefully soon I will be able to help my country with this new paradigm.
Thursday, January 22, 2009
What makes me interesting?
I come from a very small country of only 3 million but a very big family of 8 brothers and sisters of which I am the youngest. I was the first and only one to finish High School and I first became an uncle at the age of 8 :-)
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