The Practitioner is always interested in how new technologies can impact customer and client engagement. This week’s Media Watch explores the impact of technology in each of the core disciplines.
In Engaging Boards on the Future of Marketing from the McKinsey Quarterly, we see the importance of gaining the support of the board in new marketing strategies that keep the company competitive in the market place. Advisors/consultants may use many approaches with their clients. According to this article, one of the ways in which a board can learn, especially a family board where members may not be familiar with the day-to-day operations of the company, is to take them on a tour of the firm and its operations floor, whether that is a suite of offices or a manufacturing plant. Getting buy-in from the board on marketing plans is the first step to creating a collaborative unit with only the best interests of the family enterprise at hand.
Our second article, Growth: The great innovation debate, is from The Economist. As we all know, growth is what keeps a business strong, the economy moving forward and engages the minds of those who innovate and those who are the beneficiaries of the innovation. According to this article, …“Governments, universities and firms together spend around $1.4 trillion a year on R&D, more than ever before…yet nobody recently has come up with an invention half as useful as the common toilet. With its clean lines and intuitive user interface, the humble loo transformed the lives of billions of people.” What does this new perspective on growth through innovation mean for your clients and your own practices?
Managing the Challenges of the New Virtual Workforce: The use of personality data to build and develop high performing virtual teams takes a look at a particularly topical issue, especially with the recent decision by Yahoo CEO, Marissa Mayer, to stop her employees from working remotely. The Practitioner has published several articles on collaborative teams and how they can benefit the family enterprise client. What we see in this article from PI Worldwide is an examination of how to negotiate the virtual innovations that create a split workforce, either in the client’s business or in your own practice.
The editors of thisisreallaw.com bring us the final words in this issue in Lawyers and Technology: The present is prologue. They interviewed lawyers attending LegalTech New York 2013 and asked how technologies have changed the way they advise and communicate with their clients. Family businesses may not be as quick to latch on to new technologies, but their advisors need to be in order to stay ahead of the game. Watch the video.
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Coming up next week: Dean Fowler’s article, King Lear’s Fool: The role of advisors.
Yours in Practice,