Business

Avi Ben Ezra explains How to Increase Business Confidence in the Digital World

Published

4 years ago

July 5, 2019

The CTO of SnatchBot, Avi Ben Ezra, recently provided guidance to hundreds of bot developers and tech professionals on practices that increase business confidence. Below are some extracts published with his authorization.

Security first: Overcoming the damage done by hackers

Despite high-level encryption, hackers constantly find new ways to exploit some of the most trustworthy enterprises and organizations such as Google, Facebook, British Airways and T-Mobile. This is resulting in a situation where consumers simply no longer have any confidence in businesses. At the same time, there has been an increase in the number of people who are willing to share their personal data with those companies whom they deem to be reliable and trustworthy. This also includes those businesses who are constantly providing people with excellent value. Based on these facts what can business owners and CEOs do? The obvious answer is that every business owner and CEO of an organization should consider trust between the business and the consumer as a very vital priority.

In fact, it should take precedence over everything else such as quality services or superior products and even delivery services. It must be remembered that people and businesses are part of a digital environment which is resulting in a situation where businesses are more visible than ever before. Although transparency can be a good thing it is also raising the stakes considerably. Even the slightest mistake instantly becomes public knowledge and this can have a serious impact on consumer confidence and trust.

Understanding the importance of trust

There are many professionals now who are able to analyze businesses and organizations and who can then proceed to formulate a strategy which will allow that business to earn the trust of the consumer. The best strategy will always be to have a long-term and proactive approach when it comes to the important issue of creating trust with consumers. Managing and steering that process can be one of the most important things which a CEO or business owner will ever do. Everything has to be done according to a carefully formulated plan.

The first step will be to analyze the business or organization since you need to know exactly what is happening in that business or organization. You need to determine how much the business or organization is currently trusted by the consumer. You need to take a careful look at exactly what the consumer is expecting and you need to determine how successful you are in providing in those needs. You also need to ask some probing questions from the consumer in order to determine whether they are comfortable to share their personal information with your organization or business. If there is any resistance it is important to determine what it would take to gain the confidence of the consumer.

It can be difficult for startup businesses

You might be running a business which is making use of relatively new technology. You may be in the situation where you’re trying to attract interest in that product. Many things have to be overcome such as the initial skepticism of your target audience. It can be an uncertain time before they will eventually gain trust in your business. It will be important to consider these issues and to determine the best approach in order to ensure some measure of success. One tool which is often used when it comes to things such as trust is known as a trust roadmap. This can be implemented as soon as the analyses of your business have been completed and those results can then be used to determine the areas in which your company might be lacking. There are five areas which have to be considered when it comes to issues of trust and they are privacy, transparency, security, reliability, and fairness. You will have to find a way to convince the consumer that you will be able to protect the user data. You will also have to have convince them that all of their sensitive information is a priority as far as your business is concerned.

Don’t promise more than you can deliver

Do you have the means and resources to deliver on your promises? It will be disastrous for your business to fail the consumer after you have made certain promises. You will require an excellent business model as well as well formulated policies and it’s important to be always transparent as far as your products and services are concerned.

It is also important to frequently request feedback from your customers because this information is essential to gauge how much has been accomplished and how far the business has progressed as far as the trust of the consumer is concerned. Accountability is a very important indicator of the reliability and trustworthiness of any business organization. Every employee in that business organization has to work together in order to create an organization which will be able to earn the trust of the consumer. This will require strong leadership that is able to set an example which will clearly indicate exactly what it means to earn someone’s trust.

On the deployment of AI and Chatbot Technology:

With this, Ben Ezra seems to think that not only will consumer confidence increase, but also predictability for businesses, followed by business confidence.

Business

The Ultimate Guide to the Essential Social Skills in Business

Published

6 hours ago

May 30, 2023

Matthew Wiles

Effective communication and strong relationships are essential for success in the workplace. One factor that can greatly influence these qualities is emotional intelligence, often abbreviated as EQ. EQ refers to the ability to identify, understand, and manage one’s own emotions, as well as the emotions of others. Research has shown that individuals with high levels of EQ are better equipped to handle stress, communicate effectively, and work collaboratively with others (Chamorro-Premuzic & Sanger, 2016).

Research has consistently shown that emotional intelligence (EQ) is an important predictor of job performance and success in the workplace. EQ is comprised of a set of skills that allow individuals to recognize, understand, and regulate their own emotions, as well as the emotions of others. In addition, individuals with high EQ are better able to communicate effectively, build relationships, and navigate complex social situations. As a result, they are often viewed as effective leaders and collaborators, and are more likely to achieve their personal and professional goals.

In fact, a number of studies have demonstrated the significant impact that EQ has on job performance and success. For example, one study of 85 upper-level managers found that those with higher EQ scores were rated as more effective leaders by their subordinates (Law, Wong, & Song, 2004). Another study of 151 employees found that those with higher EQ were more likely to be promoted within their organization over a five-year period (Carmeli, Brueller, & Dutton, 2009). These findings highlight the importance of EQ in the workplace and suggest that developing these skills can lead to significant benefits for both individuals and organizations.

According to a study conducted by TalentSmart, a leading provider of EQ assessments, EQ is responsible for 58% of success in all job types (Bradberry & Greaves, 2009). In contrast, IQ only accounts for about 4% of success in the workplace. This suggests that EQ is a crucial skill set for individuals in any professional field. Fortunately, EQ is a skill that can be developed and honed over time with practice and awareness.

There are several key components of EQ that are particularly important for success in the workplace. These include:

Self-Regulation: This refers to your capacity to recognize and control your emotions. Sometimes treating them when they arise may be necessary. Understanding how to manage your anger is essential. However, it can also cover how to control the feelings you’ll experience.

Self-Awareness: This implies recognizing and understanding your own feelings. Do noisy places make you nervous? Do other people talking over you make you angry? Knowing these truths about yourself shows that you are working on your self-awareness. Being conscious of yourself is necessary for this phase, which can be more complex than it sounds.

Socialization: This category focuses on your capacity to manage social interactions and direct relationships. It doesn’t entail dominating others but knowing how to work with others to achieve your goals. This could entail presenting your ideas to coworkers, leading a team, or resolving a personal disagreement.

Motivation: Strong motivators include external forces like money, status, or suffering. Internal motivation, however, plays a significant role in Goleman’s concept. By doing so, you demonstrate your ability to control your cause and initiate or continue initiatives of your own volition rather than in response to external demands.

Empathy: It’s equally critical to be sensitive to others’ feelings. This may entail learning to identify different emotional states in individuals — for example, can you tell the difference between someone at ease and someone anxious? — but it also requires comprehension of how other people may react to their current situation. Empathy is one of the essential traits in business and business leadership.

A thought leader in this space, Michael Ventura has built a career advising organizations on the importance of emotional intelligence in the workplace. In his book, Applied Empathy, Ventura highlights the value of empathy in business and provides strategies for developing and applying this skill set. With two decades of experience as a leader, facilitator, and educator, Ventura’s work has made impact in with prestigious institutions such as Princeton University and the United Nations as well as corporate clients such as Google and Nike.

Through his work, Ventura advises leaders to focus on the development of EQ in order to help individuals improve their communication, collaboration, and leadership skills, ultimately leading to greater success in the workplace. Experts like Ventura continue to support the growing body of research on the value of EQ in business, and the evidence that organizations who invest in the EQ of their teams help to create a more empathetic and successful professional environment.

And it’s worth noting that EQ isn’t just important for individual success in the workplace, but also for overall organizational success. A study by the Center for Creative Leadership found that EQ was a better predictor of success than IQ or technical skills in the workplace, and that teams with higher levels of EQ tend to be more effective and productive (Boyatzis, Goleman, & Rhee, 1999). By cultivating a culture of empathy and emotional intelligence, organizations can improve their overall performance and create a more positive work environment for their employees.

In conclusion, emotional intelligence is a crucial component of success in the workplace, and individuals and organizations alike should prioritize the development of these skills. The ones that do not only develop a leading edge in their category, but also become a meaningful place to work for their teams. And in today’s rapidly changing talent landscape, the retention of highly capable, emotionally intelligent leaders is one of the greatest keys to unlocking success.

References:

Boyatzis, R. E., Goleman, D., & Rhee, K. S. (1999). Clustering competence in emotional intelligence: Insights from the emotional competence inventory (ECI). In R. Bar-On & J. D. A. Parker (Eds.), Handbook of emotional intelligence (pp. 343-362). Jossey-Bass.

Bradberry, T., & Greaves, J. (2009). Emotional intelligence 2.0. TalentSmart.

Chamorro-Premuzic, T., & Sanger, M. N. (2016). Does employee happiness matter? Journal of Organizational Effectiveness: People and Performance, 3(2), 168-191.