Products and services dominate industry markets – but what if there was a way to combine both into a single entity? Enter ‘productised services’, a growing trend that package and present services as products.
Medium Corporation states that a productised service functions much like a product that comes with a fixed scope of work, delivery schedule and benefits, topped off with a fixed price. As compared to a service that is charged by the hour, the act of productising services only serves to help businesses shop efficiently and adequately.
Look at other companies who have productised their services and see how you can do the same for your own business. Take Scribe, for example, a productised service that offers various packages for entrepreneurs looking to write a book without getting down to the nitty gritty details. Their packages comprise options like guidance, editing, interviews or even a customised process catering to specific needs for a fixed price per month.
If productising your services sounds like a direction that your business will want to pursue, here are some tips on how to start the process:
It is easy to be overwhelmed by the sheer number of impending tasks as you start to productise your services. It’s hence imperative for businesses to take a step back, evaluate what they want to do and sketch it all out in a ‘product roadmap’ of sorts. GIST suggests starting with creating a ‘ladder’, where a business can segment their offerings into various tiers. To lure first-time clients in, Medium Corporation resonates with having a low-cost entry-level offering, followed by a dynamic sequence of services that build on each other so that you can tailor your services to each client’s specific needs.
Once this is done, a business can start zeroing in on the aspects that need work and invest their resources accordingly. For example, once the variety of offerings are identified, business owners can then choose to direct focus towards optimising or streamlining their processes.
That being said, your service should be catered to meet your customer’s needs. And how better to do so than to gather comments directly from clients? Ask for critical feedback from your clients and use this to improve your business offerings. Entrepreneur urges that by determining what your customers need, your business will be able to design and provide product-service packages that customers will “actually want”.
Based on the growing trend of productised services appearing on the market, know that your business is not alone in embarking on this journey. Canon has also taken to productising our services, complementing our software solutions such as uniFLOW and uniFLOW Express Online with our award-winning range of multi-functional devices, allowing our partners to streamline their document management processes by maximising the utility of their equipment.
Embarking on such a process can be intimidating but it doesn’t have to be – keep these tips in mind to ensure that your business stays competitive. Follow Canon Singapore on LinkedIn for more business insights!
Mention the word “millennial” and the perception of youth comes to mind. But did you know that “millennials aren’t kids anymore”? Studies show that some millennials will be turning 40 in 2020, with many of them now occupying senior and managerial roles in their companies.
More and more millennials are heading their own companies, giving rise to new and different leadership styles. Indeed, PeopleGoal claims that by 2025, millennials will make up 75% of the global workforce, with many of them occupying leadership roles. How then, does the millennial leadership approach differ from traditional methods, and how can organisations use this style to their advantage?
When it comes to millennials in general, leadership is of utmost importance. It’s often said that millennials leave bosses and not companies – as outlined by Forbes, millennials will leave their jobs without hesitation if they find the leadership falling below their standards. This, in turn, motivates them to be the leader that they desire or, to a certain extent, expect.
According to a survey conducted by Virtuali and WorkplaceTrends.com, 63% of millennials aspire to be a ‘transformational’ leader, which is evident from their leadership styles. 83% of respondents stated that they would prefer to be in a company with fewer layers of management, resulting in a desire for effectiveness as well as quality over quantity. This directly translates to how millennials lead – with purpose, and with a drive towards empowering others to succeed.
Building on transformational leadership, millennial leaders tend to be more inclusive in the way they lead. They embody a participative mentality, establishing open channels of communications within their teams. PeopleGoal sees millennial leaders frequently expressing their opinions and thoughts, freely sharing knowledge as well as both giving and receiving feedback. It’s no secret that they appreciate a collaborative work culture, where everyone can learn together in tandem. Inc also observes a trend of millennial leaders using social networks and collaborative tools to make this happen.
In addition, millennial leaders actively seek to outline a clear growth trajectory for their team. This often draws from their own experience – millennials are on a constant lookout for advancement opportunities and look to make a difference at what they do.
A Deloitte study reaffirms the emphasis that millennials place on work-life balance, citing flexible working conditions and work/life integration to be factors that improve work retention. In this light, millennial leaders generally look to implement a ‘work from home’ or ‘remote work’ policy. They believe in working effectively and productively within allotted work hours, preferring to focus on their family and friends once work ends. As stated by Entrepreneur, millennials have learnt to “work smarter, not harder”, and the same applies to millennia leaders who choose to lead smarter.
Millennials were born into a world where technology runs rife; it’s hence natural for technology to play a big part in millennial leaders’ leadership style. It might sound preposterous but Entrepreneur declares that 53% of millennials prefer to lose their sense of smell than their digital devices – playing homage to the quintessential role of technology in today’s day and age.
As such, millennial leaders will naturally, and inevitably, entwine technology with their day-to-day proceedings. This, in turn, benefits the company by ensuring that the organisation keeps up with – or even stays ahead of – their competition.
Millennials are hungry for success; those that turn into leaders are even more so. As more and more millennials enter the workforce and assume leadership roles, it’s pertinent for organisations to capitalise on their leadership styles and use them to their advantage.
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What impact does the Trade War between the US and China have on your business? How can businesses best prepare themselves to stay ahead and in the face of looming uncertainties? What role will digitalisation play in the midst of all of these?
Held on 23 and 24 May 2019 at Marina Mandarin Singapore, Canon’s Think Big Leadership Business Series 2019: Building Your Super Highway to 2020 saw a panel of esteemed speakers tackling such questions along with an array of topics from trade war impact to the changing nature of the workforce. As specialists in their field, speakers were also not shy in doling out advice to the audience in this two-day event.
This event also saw a showcase of Canon’s technologies, such as our newest printers: the new PIXMA G series, imageCLASS Laser Printers, WG Business Inkjet Series, and imagePRESS C910 series Production Colour Printers, as well as Canon’s first full-frame mirrorless cameras, the Canon EOS R & RP. The latest in Canon’s innovations were put on display at exclusive booths outside the Marina Mandarin Ballroom, allowing participants to mingle around and learn more about their business solutions before the conference began.
Day 1 of the Think Big business conference focused on Leveraging Technology in Business Transformation. Speakers Dr Tan Kee Wee, Independent Economist of Waveney Economics, Mr Teo Ser Luck, Entrepreneur and Member of Parliament, Mr Devadas Krishnadas, CEO of Future-Moves Group and Mr Philip Lim, CEO of A*ccelerate Technologies Pte Ltd, A*STAR, shared keen insights on how digital transformation has the potential to change and disrupt businesses.
After a warm welcome by Mr Vincent Low, Canon Singapore’s Director and General Manager of Business Imaging Solutions, Dr Tan Kee Wee got the ball rolling by touching on the topic of the US-China trade war. He gave a deeper insight on the import and export situation between two of the world’s largest economic giants, sharing how the implementation of trade tariffs would impact businesses and the economy.
Mr Teo Ser Luck added his take on how to survive continuous economic shifts, and making use of technology to improve business processes and workplace efficiency. Using his food e-commerce business as an example, he emphasised the need for companies to embrace change to keep up in our dynamic economy, exploiting business strategies that can adapt to the ever-changing tastes, patterns and needs of the consumer.
Mr Devadas Krishnadas underscored that everyone is a stakeholder in the future. He urged business leaders to become more involved in contributing expertise and shared knowledge, reiterating that while technology is an important tool, the human element is the main driving force of the future economy.
This was followed up by Mr Philip Lim, who gave advice on productising services, sharing insights on where and how businesses can seek help in doing so. He appealed for businesses to adopt the ‘start-up mentality’, encouraging them to produce something fresh and new in order to create impactful change.
Day 1 concluded with a panel discussion moderated by Dawn Tan from CNA, who led the panelists through a series of thought-provoking questions which unveiled more insights related to digital solutions, its impact, and the importance of embracing technology for business success.
After an opening address by Mr Vincent Low, Day 2 speakers Mr Song Seng Wun, Economist, CIMB Private Banking, Mr Ang Yuit, Vice President of ASME, Mr Abraham Thomas, Managing Director of IBM Singapore and Mr Patrick Tay, Assistant Secretary-General, NTUC and Member of Parliament came together to provide a greater understanding on the topic of the pros and pitfalls of digitalisation.
Mr Song Seng Wun kickstarted the day’s seminar by providing brief insights on our economic outlook. Besides addressing the concerns of a possible economic downturn as an effect of the US-China trade war, Mr Song was also quick to point out a silver lining in the form of increased job opportunities and improved investment flows.
Mr Ang Yuit spoke next on how businesses need to go beyond low-hanging fruit in order to attain large-scale transformation. He acknowledged that SMEs make up the heart of the Singapore economy, and in order to keep that beating and thriving, business leaders must be ready to scale up and welcome digitalisation. He also emphasised the need for businesses to build on their own core-competencies instead of relying on instant solutions.
Amidst the talk of technology and solutions, Mr Abraham Thomas’ speech made a refreshingly important point on the importance of employee loyalty for success. Mr Thomas shared that loyalty can be rewarded through 3 easy steps: by making sure employees are empowered, engaged and enthusiastic. He also declared that a business may have the best strategies in the world, but all would account for nothing without the right employees, as people are the ones who make all the difference.
Finally, Mr Patrick Tay wrapped up the day’s speeches by shedding light on how the Labour Movement is dedicated to helping business enterprises take off and reach their potential. Like Mr Ang, he also called to attention the role of the individual and the mindset of lifelong learning in order to stay ahead and be ready in the uncertain times ahead.
Day 2 concluded with a panel discussing the pros and pitfalls of digitalisation, which apart from the day’s speakers also included Ms Lillian Koh, Chief Executive Officer of Fintech Academy. It was a fruitful discussion, with members of the audience engaging speakers with challenging questions that gave way to profound responses.
Participants departed with a treasure trove of learnings, eye-opening perspectives, gentle reminders and confidence on how to stay abreast. We’re already looking forward to the next edition of the Think Big Leadership Business Series!
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Skydiving tops many bucket lists; but for some, it remains a lofty ideal due to the extravagant cost. Fortunately, iFly Singapore offers the same experience with all the trappings at an affordable price while staying true to their promise and motto that “Anyone can fly”. Hailed as Singapore’s first indoor skydiving attraction, iFly Singapore is currently the world leader in indoor skydiving simulation, as well as the world’s largest themed vertical wind tunnel.
So, what was the inspiration behind this unique idea and how does Canon factor into their daily work processes? We sat down with Lawrence Koh, Founder and CEO of iFly Singapore, to find out more.
Lawrence: I was in the Singapore Armed Forces where I was in charge of the parachuting school. On a trip to America, I witnessed how their skydivers and parachuters trained in commercial wind tunnels and that sparked my interest in indoor skydiving. It made me think outside the box of expanding these wind tunnels for commercial use.
The main motivation behind this was to offer the skydiving experience to both young and old while providing convenience, safety and affordability at the same time. Currently, skydiving isn’t available in Singapore and one would have to travel overseas in order to experience the activity. There is also an age restriction when skydiving overseas – only those above the age of 18 are permitted to skydive. With these barriers in mind, I came up with the idea of bringing the wind tunnel concept to Singapore, offering the same experience purely for amusement. This turned out to be a hit – 80% of our current clientele are first-time flyers, the youngest flyer being 7 years old and the oldest, 96 years old! In a nutshell, iFly Singapore offers a novel experience like no other accessible to everyone, and at only one-fifth of the cost of an actual skydive.
Lawrence: We use many Canon devices in our daily operations, the most notable of which are the Canon cameras and imageCLASS LBP351x printers. These are used for one of my high-revenue generators – the cameras capture images of our visitors’ flight experience and the printers churn out souvenirs of their skydiving experiences. Out of 10 people that fly, at least three-quarters of our guests will definitely purchase a photo as memorabilia. If you do the math, this amounts to a large number of photos being taken and printed every single day.
Other than these, we also use Canon’s projectors and Internet Protocol (IP) cameras. The projector is used to screen videos of flyers’ flight experience and we’ve received good comments about the projected image; visitors are generally impressed with the clarity of the image despite being heavily backlit.
The IP cameras allow us to monitor the happenings in the wind tunnel and boost the flyer’s overall flight experience. We have four cameras stationed on the second floor where flyers will be able to watch their flight experience, recorded with Canon cameras that are placed strategically inside and around the wind tunnel. The footage will be released almost immediately and flyers are able to review their performance, which is especially useful for competitive flyers who participate in competitions.
Lawrence: I would say that Canon offers a very good overall package. We first chose Canon due to its reputation as we were assured of their quality. Their cameras and projectors have also impressed me with their high clarity and long durability. For example, we sent our cameras for servicing after four years, and that’s only after we had accumulated over a few million clicks! Over the years, our team has also built a good rapport with the Canon team, and we place a lot of trust in their customer service as they are always there to offer their assistance at any moment. This is something that we don’t experience with other brands. Our highly collaborative relationship benefits us immensely, and we’re grateful to have Canon as a partner.
For more success stories on business solutions Canon has provided for our valued customers, follow Canon Singapore on LinkedIn for the latest updates!