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ThisEdition

EMBRACING PLACE:GOING LOCAL

DATA BYTES: THE IMPORTANCE OF CYBERSECURITY

DATA DRIVEN DECISION MAKING

THE NEW KNOWLEDGE ECONOMY

HEAR HER ROAR: THE RISE OF WOMEN IN SMALL BUSINESS

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Hear Her Roar THE RISE OF WOMEN IN SMALL BUSINESS

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Australia’s women are on the move and they’re shifting career ambitions away from corporate employers towards running small businesses.

The ABS reports that just over a third of Australia’s small businesses are now established and run by women (34%) - that’s up from a little over 20% a decade ago and their ranks are rising still.

Like most small business operators women are frequently lured toward small business because of a passion, but the other major draw lies in the control and flexibility offered.

Successful Business Chicks

Women are far from just making up numbers. On the whole, their business success stories are now also appearing more frequently in the media.

So what’s driving their successes?

THREE FACTORS:

THE TRUST QUOTIENT +

GAPS +

SUPPORT

Hear Her Roar

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The Trust Quotient Women are trusted in the community and as leaders. Research has proven that Women are intuitive when it comes to trust, they tend to be open to change and know what it takes to build trust with people. This innate expertise also makes them more mindful of trust in relationships, and as a result they are far more careful to ensure it isn’t broken - such intuition provides a strong foundation for any small business.

Hear Her Roar

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Women support one another.

In parallel to the growth of women entering the business arena, there has also been growth in the network of support for women in business. There are now hundreds of support organisations all offering networking and community building initiatives to motivate and empower success.

http://www.girledworld.com/ http://sheownsit.com/ http://hellofearless.com/ http://womengrow.com/

Gaps

Female entrepreneurs are adept at seeing gaps in markets and capitalising on those opportunities:

BeamAn online marketplace targeted at stay at home mums - Beam offers roles for Women who are free between 9:30 and 2:30.

Business ChicksA members community for women in business. A place to share passions, ideas and be creative.

The Fabulous Ladies Wine SocietyA website and online club created to provide women with wine information and reviews without the male centric focus that often dominates the industry.

Hear Her Roar

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Whilst women might rightfully be feeling empowered and confident about the prospects of running a small business or founding a start-up does the fem-bubble of support and momentum also present a negative side?

Is it possible that labels like ‘fempreneur’ might also place undue pressure and place unrealistic expectations upon women entering business to also be mouthpieces for a gender and movement? Does being part of the ‘girled world’ actually make it harder for women to compete equally? As if being is business isn’t tough enough already.

WHAT CAN A SMALL BUSINESS TAKE AWAY FROM THIS? Our overarching take out is that ‘Part-time’ is no longer a disadvantage. More flexible work options, more mobility, easier access to supply chains and digital connectivity mean that more people (more often women) can use the time they have to work in the ways they choose, in companies they created.

FOR BIG BUSINESSESWho’ve arguably been slow to adapt to this shift, that means missing out on the precious experience and a talent pool now drawn to alternative forms of work, and they might not ever look back to big business.

Applications and ImplicationsDouble-edged Success

Hear Her Roar

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The New KNOWLEDGE ECONOMY

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Knowledge For Sale

Broad platforms - SkillshareSpecific platforms - Typsy

Knowledge For Free

Open sourcing Meet ups

The New Knowledge Economy

“Teachers need to understand that 21st century skills are not

taught but modelled”

Disruption is a concept that might at once excite and worry small business owners. On the one hand, it means opportunities, on the other, it means keeping up with evolving business needs, technological advances, and new work structures. Among other factors all these elements are redefining what are considered to be valuable business skills for the future.

In this context, we see the so-called softer skills like problem-solving, team-working and communication as the skills that are currently most in demand. So where does one go to get such skills especially when traditional education systems seem slow to adapt to providing them?

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WHAT CAN A SMALL BUSINESS TAKE AWAY FROM THIS? Small businesses have limited time and resources. As such they have to be choiceful about what they choose to learn vs outsource. Taking on something new might mean sacrificing leisure or family time, and it definitely means finding the shortest route to a solution. That’s why small business are embracing new learning platforms and are undertaking micro-lessons and learning business hacks because these new skills empower them.

FOR BIG BUSINESSESFor big business fostering a culture of empowerment and learning is also important. Often in large organisations, it’s hard to give people an individualised sense of worth and growth - and this is something a generation of millennial workers in particular need to feel valued.

The way we consider education and training are changing. The current trends suggest that people are shifting away from traditional systems that favor content towards more flexible, personalized and experience-based systems that value skills and experience.

Navigating this new environment means embracing new ways of learning - short courses, collaborative learning opportunities, and online learning and technology platforms that blend lessons and courses with community, debate, and opportunities to apply what has been learned to projects and use cases.

In Preparation For The Future

“To thrive in business people need to have the skills to creatively interpret their environment, to solve problems and critically consider options”

Applications and Implications

The New Knowledge Economy

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Data Driven DECISION MAKING

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Data is something every business should be taking advantage of. Data is simply another tool that businesses need to embrace to help them understand customers, to optimise processes and use their time better.

The latest factor to be considered in this emerging data story is Machine Learning (MI), which includes things like bots and Artificial intelligence, powerful algorithms and technology stacks that can help the humans make sense of all this information and even automate some processes and outputs. Not without a helluva a lot of work.

Help Is HereOne of the biggest challenges faced by small businesses when it comes to data are the perceived gaps in technical skills and experience required to deal with data.

To help, a new range of services to support small businesses, in particular, have sprung up. And, for a small fee, these services can do a lot to help businesses with everything from identifying the value of customers to helping them optimise their marketing efforts.

AMY - X.AI is a personal assistant who schedules meetings for you. A smart app office assistant that is able to manage the back and forth involved in setting up a meeting.

TEXTIO is an advanced machine learning platform for writing better job postings. Textio instantly predicts the hiring performance of your post by comparing it to more than 60 million others, and provides clear guidance on how to improve it.

Data Driven Decision Making

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Machine intelligence is one aspect of data that will affect sectors and verticals in the coming years.

A key question is not if, or even when, but instead how are you preparing?

Data Driven Decision Making

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REAL EYES Measures how people feel as they watch videos so brands can make better business decisions about content and context.

BEYOND VERBALAnalyses emotions from vocal intonations. Emotions Analytics change the way we interact with our machines and ourselves – forever. By decoding human vocal intonations into their underlying emotions in real-time.

Beyond Business Intelligence (BI)

If the foundation of good business is knowing your customers,then how well do we really know them? Much of what we know is actually gut feel and research that is limited to external observation, behavioural analytics and sentiment analysis.

Until now. Because an emerging field of research powered by machine learning that is now providing the ability for business to engage individuals in a way that explores the emotions they are feeling in the moment of purchase intent, consideration or usage.

It’s called emotional analytics and it’s able to pick up nuances in expression, voice and non-verbal cues to help brands and organisations fine tune their services to create the optimal customer experience.

Data Driven Decision Making

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WHAT CAN A SMALL BUSINESS TAKE AWAY FROM THIS? Now that the tools big business are using to solve and address problems are more quickly trickling down to small business you no longer have to be a specialist or even outsource services. Rapid dissemination and ready access - you simply have to stay on the innovations and advances and access a myriad of online services and technologies that can help any business compete more effectively.

FOR BIG BUSINESSESSmaller businesses can actually now not just claim to be able to move and innovate more quickly. They can and will. That means a loss of competitive advantage - of which the democratisation of data servicesis but only one example.

Welcome The CMIO To The C-suite

CHIEF MACHINE OFFICER

Growing innovative online business seeks Chief Machine Officer for newly created role.

Applicants need to have experience in the following capability areas:

Organisational Archeology. Leading a team of analysts the CMIO will identify business imperatives, urgencies and opportunities - uncovering critical and largely hidden business insights from our data to t identify opportunities and efficiencies.

People Power. Working with COO and Human resources teams the CMIO will help identify and drive workforce efficiencies by making the most of our people. Using design thinking methodologies, behavioral insights, and Machine Intelligence technology they will design processes to help our staff to do their jobs better, service customers better, and plug gaps in the value and supply chains.

Autonomy and Automation. One clear expectation of the CMIO would be that they use MI to automate typical, frequent and low-value tasks - such that would free up resources to focus on other areas of the business.

Learning. MI systems only work once they have been instructed. It will be the responsibility of the CMIO and their team to instruct and to continue to nurture an MI fostering its understanding of the context in which it performs tasks through collaboration and collective learning to ultimately enhance its capability.

At a time when machines are learning how to run brick-and-mortar retail stores, starting to beat doctors in diagnoses, and even inventing their own secret languages, machine intelligence is starting to raise questions and issues.

Businesses in the near future are going to need to embrace this technology or risk falling behind. At this early stage, there are very few experts and even fewer Chief Machine Intelligence Officers (CMIO’s).

YData Driven Decision Making

Applications and Implications

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Data Bytes: THE IMPORTANCE OF CYBERSECURITY

Y

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When it goes wrong

Ransomware and Cyrpotlocks

It’s a worrying trend - 60% of hacks are on small business. Cybercrime is estimated to cost Australian businesses up to $1 billion every year, and the report claims 60 per cent of all businesses hit by a cyber attack went out of business within six months.

Ransomware and Cyrpotlocks are the latest in malicious software. Viruses that stealthily infect via a desktop or laptop computer, sometimes locking up the machine, but more often encrypting data and files and even accessing the network machines rendering them unusable. It’s only then that victims receive an ominous message from an attacker, demanding a ransom be paid in order to unlock the computer or decrypt the data. Sadly many businesses can’t recover from such attacks.

Data Bytes: The Importance Of Cybersecurity

This is something many small businesses tend to overlook. Recent research suggests that as many are 82% of small businesses critically underestimate their threat level when it comes to hacking and cyber security. Unfortunately whilst the large majority of headlines in this space belong to celebrities, politicians and big business, it’s actually small businesses that hackers are going after. This is mainly because they have lax security, and that means easy wins for phishers and scammers looking to make a quick buck from customer credit information and data.

In an increasingly digital world, there is little that’s more importantthan the safety of data and information.

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A ransom demand soon followed, demanding $50,000 in exchange for a decryption key. The company’s backup systems had not been working for months, and with the virus proving impossible to remove without the loss of crucial company data, the company had no choice but to pay up.

Sadly the decryption key didn’t work. Business came to a standstill. The owner could not afford to pay to rebuild the network systems. Six months later the company closed its doors, strangled by lack of sales and cashflow.

One errant click is all it takes...

It seemed like just another ordinary day for a small online retailer in the Eastern Suburbs. Little did they know that a simple click of an e-mail link was about to threaten the entire business. One of the company’s employees received an e-mail with a link to a seemingly benign catalog.

One click and the company’s system was infected with Crytowall malware that affected accounting software, customer account files, including credit card numbers, social security numbers, customer names and addresses among other information.

The accounting software and customer files did not live on the employee’s computer; it lived on the company’s network drive, so the malware was able to encrypt 15,000 accounting and customer files.

Data Bytes: The Importance Of Cybersecurity

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WHAT CAN A SMALL BUSINESS TAKE AWAY FROM THIS? Previously a big business problem, now it’s an enormous small business problem.

Some relatively simple things to do include: • Undertaking a security audit • Ensuring your records are safely backed up regularly• Exploring secure cloud-based networks and server solutions• Having a plan for dealing with a hack or cyber security threat• including a potential PR plan

But ultimately and most importantly businesses need to institute a culture of awareness around the topic of data security; ensuring employees, partners and suppliers are aware of the risks and know how to identify potentially malicious communications like emails.

THINKING FORWARDSWhat’s the next problem big business is dealing with that you might need to be concerned about?

Applications and ImplicationsA secure future

Now that the focus of hackers has turned toward the more vulnerable yet valuable small business segment - it’s time to get serious about security.

This is not a threat or topic that’s going away and the downsides and losses are potentially significant.

Data Bytes: The Importance Of Cybersecurity

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Embracing Place GOING LOCAL

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It’s Good To Be Local

Taking inspiration from placemaking theory we know that what ‘makes a place’ is how 4 essential elements fit and work together.

It’s pretty clear that anywhere one cares to consider, these elements are going to be unique. So the onus is on small businesses to figure these elements out and make the most of their spaces and communities.

PEOPLEThe diversity and community of users, their unique needs and how they collaborate and socialise.

PHYSICAL ENVIRONMENTThe design, look, and feel of the place which informs how people use a place.

PROGRAMThe rituals, behaviors and engagement shaped by organised events and activities or spontaneous interactions.

PRODUCT The mix of uses and amenities that are contextually specific, including retail, civic and social ones.

Embracing Place: Going Local

https://crowdcarnivore.com.au/

http://thisisstory.com/

Welcome to Thornbury

http://www.rabbithopfilms.com/ Grill’d local matters

Thinking Local

As geopolitical attitudes toward globalisation appear to stutter, small businesses are digging in their heels and deepening their roots and connections to their local communities.

Embracing provenance and their roles as connectors for people, small business is enhancing their localness with IOT technology, rejuvenating life in formerly abandoned strip malls and re-energising local high-streets with products, services, and experiences that consumers love.

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WHAT CAN A SMALL BUSINESS TAKE AWAY FROM THIS? Using the local environment and having a deep local knowledge businesses can really embrace and inspire love and loyalty from local consumers. After all who wouldn't prefer to visit a store that’s authentically local, cares about its community and where they probably know your name?

FOR BIG BUSINESSCustomers are looking for more tangible, local and personal experiences. As big business it’s actually hard to compete with small connected local businesses. Perhaps it’s time to reconsider one size fits all approaches and to start taking the time to listen to staff and customers who are aware of the local nuances of place.

Applications and ImplicationsThe Physical & Digital of place

Embracing place can also mean observing and taking advantage of what’s happening around you with the assistance of technology.

QSIC, for example, is a commercial music streaming offering that can merge sales and customer traffic about a hospitality venue with what playlists and songs were on to see what music drove drink sales.

Alternatively, new technologies like Internet of Things (IOT) sensors or social listening services can be used to create sympathetic pricing to offer spot discounts on hot drinks when it gets cold or to cheer up unhappy tweeters in local catchment zones.

Embracing Place: Going Local

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