TechCXO Returns to Inc 5000 List

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TechCXO, the pioneer of on-demand executive leadership services, returns to the Inc. 5000 list of Fastest Growing Private Companies. The company has been on the list for 15 of the last 16 years.

ATLANTA, AUGUST 28, 2024 – In an outstanding affirmation of its enduring excellence and growth, TechCXO, the pioneer in providing on-demand executive leadership, proudly announced its return to the Inc. 5000 list of America’s fastest-growing private companies for 2024. TechCXO’s consistent presence on the Inc. 5000 list for 15 out of the last 16 years is a testament to its unwavering commitment to empowering clients and fueling their growth. The firm appears on other Inc. lists: #199 in Georgia, #500 in Business Products & Services, and #187 in Atlanta.

TechCXO was founded in 2003 on the premise that companies can benefit from having the best executive talent available to serve as their CFOs, CTOs, CSOs, CMOs, CROs, COOs, CHROs and other executives on a fractional, part-time, or project basis. Companies might not otherwise be able to access the talent and experience level of a TechCXO partner and teams due to cost or availability.

Kent Elmer, Managing Partner of TechCXO, expressed his enthusiasm for the company’s latest accomplishment, “Being recognized once again on the Inc. 5000 list is a testament to the hard work and dedication of our team to excellent client service. Over the past 20 years, we’ve been committed to changing the game in fractional executive leadership, and our repeated inclusion in the Inc. 5000 underscores our success in this arena.”

Read Full Press Release

TechCXO Reports Full-Year Revenue Growth for 2023; 20th Straight Year of Top-Line Growth

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ATLANTA, MARCH 12, 2024 – TechCXO, a pioneer in providing industry-relevant, on-demand executives delivering fractional and interim professional services, reported an increase in annual service fees in 2023 over 2022 to $56 million. TechCXO has increased revenue every year since its inception in 2003.

“TechCXO is in the strongest position in our history. We now have more than 120 partners – the most ever. Our partners love our collegial environment and how our model enables them to impact their clients directly and positively,” said J. Kent Elmer, TechCXO’s Managing Partner.

“Today, we’re seeing staffing and search companies, consultants, and business coaches claim to provide fractional executive services. That’s a testament to the success of our model,” Elmer added. “However, we know after two decades in business that the depth of partners’ expertise – every one of whom has been in multiple c-suite roles – and the team of professionals supporting them is a big differentiator.”

TechCXO was founded in 2003 on the premise that companies can benefit from having the best executive talent available and serving as their CFOs, CTOs, CSOs, CMOs, CROs, COOs, CHROs and other executives on a part-time or project basis. Companies might not otherwise be able to access the talent and experience level of a TechCXO partner and teams due to cost or availability.

Read Full Press Release

TechCXO has assisted thousands of start-up and growth-stage clients in its history. In addition to executive support, companies can also outsource their entire Finance, Sales & Marketing, IT, HR, and Operations functions to TechCXO for 50-75% less than it costs to staff full-time, loaded salaries. All TechCXO partners and staff are U.S. and U.K.-based.

About TechCXO

TechCXO is a pioneer in providing high potential companies across the country with industry-relevant interim and part-time executives on-demand. More than 5,000 companies, from startups to the Global 1000, have entrusted TechCXO to help with their critical functions by calling on TechCXO executives and teams as their CFOs, COOs, CSO, CTOs, CMOs, CHROs and other executive roles. TechCXO has appeared on the Inc. 500/5000 Fastest Growing Private list every year since 2008. For more information about the firm, please visit https://www.techcxo.com.

TechCXO’s Paul Sansone Named 2024 Georgia Titan 100

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TechCXO’s Paul Sansone Named 2024 Georgia Titan 100


Atlanta, GA – TechCXO Atlanta Managing Partner, Paul Sansone, has been named a 2024 Titan 100 honoree, recognized as one of Georgia’s top CEOs and C-Level executives. The award, presented by Wipfli LLP, acknowledges executives with exceptional leadership, vision, passion, and influence who demonstrate expertise in their respective fields.

This year, hundreds of applicants vied to be of one of Georgia’s Titans of Industry. The 2024 Titan 100 honorees are chosen from various sectors, including technology, healthcare, banking/finance, construction/real estate, professional services, non-profit organizations, and other industries. The Titan 100 and their companies combined employ over 125,000 individuals and generate more than $30 billion in annual revenues.

“I’m honored and humbled to be recognized with this award. I’d like to congratulate all the recipients and applicants. It is such a blessing to be a part of the dynamic Atlanta business and technology community,” Sansone said. “TechCXO is so invested in the success of our clients, as they are the fuel that propels so much of our vibrant business community. I’m also grateful to work with so many wonderful colleagues, and I look forward to growing our local relationships in the years to come.”

Sansone has over 25 years of executive financial leadership experience in several industries, including e-commerce, enterprise broadband, hi-tech R&D and manufacturing, and non-profit sectors. He has an outstanding track record in establishing financial turnaround and restructurings for more established entities as well as implementing financial controls, processes, and organization for startups.

In his career, Paul has led financial, accounting, IT, real estate and facilities, human resources, legal, risk management, and regulatory compliance functions at both private and public organizations, domestically and internationally.  His prior roles include the CFO of Better World Books, an Atlanta-based e-commerce company and the CFO of The Boys & Girls Clubs of America, a $1.8B youth-serving federation.

Paul’s wealth of experience, coupled with his Certified Public Accountant and Certified Management Accountant qualifications, are essential assets that have enabled him to excel as a Chief Financial Officer.

TechCXO is a pioneer in providing fractional, part-time, and interim executive services, was founded in 2003 and has served over 7,000 clients, including some of Atlanta’s most valuable startups.

Congratulations to Paul Sansone and all 2024 Titan 100 honorees for their admirable achievements.

Read the full press release here.

Overcoming the #1 Obstacle for Newly Promoted Senior Executives

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Promoting team members to senior leadership positions is a significant achievement that showcases their performance and potential. It not only rewards their hard work but also demonstrates a commitment to further develop top talent, inspiring others in the organization. However, despite possessing the necessary functional skills, a track record of getting things done, and management experience, many newly promoted executives struggle to succeed in their new roles.

At TechCXO, our executive coaches are called into many situations where the new executive is struggling, feeling overwhelmed, and having issues dealing with the pressure and stress of the new role. In our experience, we’ve identified and believe the primary reason behind their failure: fear of failure itself.

Understanding the Culprit

Fear of failure is a completely normal and predictable response when individuals are thrust into unfamiliar and high-pressure situations. This fear often manifests as a nagging thought of “don’t fail” that constantly haunts their conscious and subconscious minds. It stems from the innate human desire to prove their worthiness and avoid any actions that might expose their vulnerabilities or jeopardize their new position.

Pitfalls Driven by Fear

The fear of failure can lead to two common scenarios. In the first scenario, new executives become hesitant in decision-making, second-guessing themselves and failing to assert their voices in senior team meetings. This overwhelming stress can paralyze them, impeding their ability to perform their responsibilities effectively.

In the second scenario, executives overcompensate by becoming aggressive, defensive, and siloed in their decision-making, which creates dysfunction within the senior team and isolates the new executive from their colleagues.

Resistance to Help

Even when support or mentoring is offered by peers and leaders, the fear of failure often prevents new executives from accepting assistance. They fear that seeking help might be perceived as a sign of weakness, potentially undermining their credibility. Consequently, they resort to toughing it out and adopting a “fake it until you make it” mentality. However, this approach becomes increasingly challenging under mounting pressure, making success almost impossible.

Hope is Not a Strategy

While fear is an inherent part of the human experience, effective support is crucial in helping newly promoted executives navigate their fears and succeed in their roles. Relying solely on hope and expecting them to figure it out on their own is a recipe for suboptimal outcomes. It is essential to proactively provide support and guidance to mitigate the negative impact of fear.

Here are a few tips that companies can employ to maximize the success of the newly promoted executive.

Putting Fear in its Place

Fear should be acknowledged as a risk detector rather than a predictor of failure. To support newly promoted executives, it is crucial to help them differentiate between genuine risks and irrational fears. This can be achieved through education, building emotional intelligence, and improving communication skills. Although it requires effort, significant progress can be made in managing fear’s influence.

How to Support the New Executive

To ensure the success of newly promoted executives, a comprehensive support plan is necessary. This plan should include internal support from senior team members, immediate supervisors, and HR leadership. Additionally, we strongly recommend engaging an external executive coach who can provide unbiased guidance and a confidential space for the new executive to work through their fears and challenges.

Effective Communication and Support Structure

Open communication is essential from the beginning. Inform the new executive that fear of failure is universal and discuss the potential pitfalls they may encounter. Establish a regular schedule of one-on-one sessions involving both internal and external support teams and commit to the schedule.

Ground rules should be established to promote a judgment-free environment, emotional security, and encourage vulnerability. These sessions should focus on clarifying the difference between stress and actual problems, fostering confidence and clarity.

Lead by Example

Addressing the fear of failure should not be limited to the new executive alone. The entire senior executive team must be aware of their own behaviors that may contribute to the new executive’s stress. By managing their own fears, demonstrating emotional intelligence, vulnerability, and seeking help when needed, the senior team can create an environment where the new executive feels supported and open to accepting assistance.

Conclusion

Fear of failure is an omnipresent force that can either be harnessed positively or become a destructive obstacle for newly promoted executives. Companies that fail to provide a robust support plan for these new executives are likely forced to replace them within 18 months. The economics of lost productivity, recruiting fees, internal disruption, and failure to meet objectives is more than enough to encourage senior teams to put fear in its rightful place.

By following the recommended tips, such as proactive support, open communication, and establishing a strong support structure, organizations can significantly increase the likelihood of their new executives’ success, contributions to the senior team, and overall impact on the company.

Email Matt| LinkedIn

AI with a purpose: Driving Success through Actionable Intelligence

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Recently companies have been asking for assistance regarding where to start their AI journey. Which is understandable with all the hype around AI and the continuous ads about the latest and greatest capabilities it’s hard to determine where to start. Unfortunately, many of them rush to implement AI tools without understanding how they will integrate with their existing solutions, what key decisions will they enable, and most importantly how they will help drive growth. As a result, they end up with very impressive new AI powered solutions but are not realizing the business value from the insights/improvements they were designed to deliver.

In the rapidly evolving world of software solutions, delivering actionable intelligence is increasingly critical. Actionable intelligence refers to the ability to collect, analyze, and present data in a way that empowers data-driven decisions with a focus on providing meaningful insights and recommendations that can be acted upon immediately. Resulting in increased success for individual users and growth for businesses.

As with many operations-focused projects start with the end in mind. What data do you need to optimize growth for yourself or your customers? And where can AI deliver the data as actionable intelligence. Here are examples of where you can start and quickly realize value:

  • Improved Decision-making: Enable users to make more informed decisions based on real-time insights leading to better outcomes, increased efficiency, competitive advantage, and reduced risks. For example, evaluating overall customer sentiment to help drive product market fit.
  • Enhanced User Experience: Providing relevant information in a concise and accessible manner empowering users to quickly identify trends, anomalies, and opportunities, facilitating faster and more accurate decision-making. Such as engagement and intent data to help sales and marketing teams decide where to focus for optimal results.
  • Operational Efficiency: Streamline processes and improve efficiency by automating data analysis and presenting information in a user-friendly format allowing users to focus on critical tasks and eliminate the need for manual data processing. Using Chatbots and Conversational AI to help customers get answers 24×7 to common questions improving customer response times while reducing the workload on customer service reps.
  • Proactive Issue Resolution: Monitoring key metrics and delivering real-time insights to identify potential issues or anomalies early on enabling users to take proactive measures to resolve problems before they escalate. Using tools to help achieve uptime reliability by continuously scanning systems, networks, and processes for inefficiencies, potential disruptions, and to identify any looming threats.

In summary, carefully selecting and implementing AI tools based on the actionable intelligence that will be delivered is no longer a luxury but a necessity for businesses seeking to thrive in the ever-evolving digital age.

TechCXO Exec Operations team can help you ensure you are focused on the actionable intelligence that will result in maximum positive impact to your business and more importantly your clients. Schedule time with us to discuss the strategies for starting your AI journey and what to consider.

The Critical Role of Product-Market Fit in Growth Optimization

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Software companies continually strive to achieve sustainable and scalable growth that drives revenue, expands their user base, and solidifies their position in the market. At the same time, software buyers, in most cases, do not contact sales representatives until they have done their own research via reviews, testimonials, case studies, and talking with friends and colleagues. As a result, in today’s increasingly competitive market, one critical factor often determines the success or failure of growth optimization efforts in early and growth-stage companies: product-market fit.  

Software product-market fit represents the alignment between a software product and its target market. It signifies the degree to which the product effectively addresses the pain points, needs, and preferences of the intended users. When a software product achieves a strong product-market fit, it delivers exceptional value, enjoys high user satisfaction, and experiences rapid growth.

The Impact of Product-Market Fit on Growth Optimization:

  • Accelerating Revenue Acquisition: A software product that fits its target market is most attractive to potential users as it continually displays its value proposition, resonates with user needs, and establishes a compelling reason for users to adopt and engage with the product. This leads to increased user acquisition rates as satisfied customers recommend the product to others, refer friends, or share positive reviews and experiences. A strong product-market fit fuels organic growth and helps with profitability by lowering user acquisition costs.
  • Enhancing Retention and Engagement: When a software product genuinely solves users’ problems and delivers a superior, intuitive experience, it fosters long-term loyalty. Satisfied users are more likely to stay engaged, become power users, and advocate for the product. 
  • Fueling Revenue Growth: A well-aligned product attracts a target audience willing to pay for the value it provides. Users who understand the value of the product and see it as a “need to have” solution are more likely to become long-term paying customers or subscribe to premium features or services. A strong product-market fit allows for effective pricing strategies that maximize revenue while maintaining user satisfaction. 
  • Enabling Scalability: A well-addressed target market allows companies to focus on scaling their operations, investing in marketing initiatives, and expanding into new markets with confidence and without sacrificing profitability.
  • Informing Data-Driven Decisions: Through user feedback, analytics, and market research, companies gain a deep understanding of user preferences, pain points, and behaviors. This knowledge helps optimize growth strategies, prioritize feature development, and identify opportunities for product expansion and deeper market penetration. 

Product-market fit is an increasingly critical factor in growth optimization for software companies and acceptance by software buyers. It serves as a foundation for accelerated user acquisition, enhanced user retention and engagement, increased revenue growth, and scalability. By striving for a deep understanding of the target market, actively seeking user feedback, and continuously iterating the product based on customer insights, software companies can achieve a strong product-market fit that fuels sustainable and scalable growth, setting both software companies and software buyers on the path to longer-term success.

TechCXO’s team of experienced Executive Operations partners can help you determine the best strategies for optimizing your growth through product-market fit. Schedule a call with us to learn how we can help.

Download a Quick Product/Market Fit Guide

Product-market fit is an increasingly critical factor in growth optimization for vendors and acceptance by buyers. It serves as a foundation for accelerated user acquisition, enhanced user retention and engagement, increased revenue growth, and scalability. Click to download a quick, two-page guide that includes an initial phase and follow-on keys.

Commercial Lighting Factory

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Commercial Lighting Factory

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THE CHALLENGE

In its new location, a commercial lighting company wants to continue its double-digit, year-over-year growth for the next three years. The company will remap their newly relocated, 100,000 square foot factory within the state of New York. LEAN manufacturing initiatives will the support this growth objective, as well as some additional vertical operations capabilities.

The company needs a local expert in manufacturing experience to support the start-up of the new factory in the areas of staffing, processes, procedures, capacity planning and quality systems.

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THE SITUATION

  • Ambitious growth targets
  • Remapping a newly relocated, 100,000 sq. ft. factory in New York state
  • Focus on Industry 4.0 initiatives and recently completed shop floor visual manufacturing metrics
  • Expertise needed in staffing, processes, procedures, capacity planning, and quality systems
  • During the operations relocation and consolidation, on-time delivery (OTD) dropped significantly.

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TECHCXO INTERVENTION

  • Claus Kinder acted as a fractional Director of Operations, bringing his experience in architectural LED lighting manufacturing in these needed areas
  • Claus completed actual production time analysis to provide a baseline for production planning.
  • Created a 3-year operations organization road map to support the business’ accelerated growth plans
  • Examined expected product assembly times and developed more realistic times used in the capacity planning.
  • An overall quality system template was established, and Claus assisted in recruiting an experienced quality manager.
  • Supported analysis of the shop floor data reporting and visual implementation.
  • Provided the layout for the new internal Powder Coating line Coordinated with the TechCXO Human Capital group which successfully recruited a new permanent Director of Operations.

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THE OUTCOME

Based on input plus other supply chain improvements, the On Time Delivery (OTD) resumed to its previous levels of 95%.

The company was able to transition more rapidly in establishing a functional operations team. TechCXO provided visibility into a capacity planning model that was deficient and needed to be overhauled, which supported returning to pre-move on-time delivery KPI levels.

Lastly, TechCXO supported the executive team in transitioning underperforming employees, which is critical in “getting the right people on the bus.”

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“Small businesses can figure it out on their own, or they can work with someone like Claus at TechCXO who has done it in other organizations or in their career, and be able to do it right the first time.”

–

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For more information, contact TechCXO Partner Claus Kinder.

[/fusion_title][/fusion_builder_column][fusion_builder_column type=”1_1″ layout=”1_1″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” center_content=”no” column_tag=”div” target=”_self” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” order_medium=”0″ order_small=”0″ padding_top=”0px” padding_bottom=”0px” hover_type=”none” border_style=”solid” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ z_index_subgroup=”regular” background_type=”single” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ lazy_load=”avada” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ transform_type=”regular” transform_scale_x=”1″ transform_scale_y=”1″ transform_translate_x=”0″ transform_translate_y=”0″ transform_rotate=”0″ transform_skew_x=”0″ transform_skew_y=”0″ transform_scale_x_hover=”1″ transform_scale_y_hover=”1″ transform_translate_x_hover=”0″ transform_translate_y_hover=”0″ transform_rotate_hover=”0″ transform_skew_x_hover=”0″ transform_skew_y_hover=”0″ animation_direction=”left” animation_speed=”0.3″ last=”true” border_position=”all” first=”true” min_height=”” link=””][fusion_person name=”Claus Kinder” title=”Principal” picture=”https://www.techcxo.com/wp-content/uploads/2022/05/Claus_Kinder_200x200-3.png” picture_id=”10019|full” linktarget=”_self” show_custom=”no” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” pic_style=”none” pic_bordersize=”7″ pic_bordercolor=”var(–awb-color1)” pic_borderradius=”20″ hover_type=”none” content_alignment=”center” animation_direction=”left” animation_speed=”0.3″ /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

CEOs Are Like Fine Wine

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During my 30+ years as a CFO, I’ve worked directly with roughly one hundred CEOs. They are a unique and fascinating breed and over the years, I’ve started to discern some patterns and have tried to segment them into categories. Using the analogy of fine wines, below is a short and wholly unscientific compendium of the personalities you are likely to find in the corner office.

Beaujolais Nouveau – aka the first-time CEO

These CEOs are relatively light in terms of experience but make up for it with their can-do attitudes. They are often the founders of their companies and may have been thrust into the role by default. As with the producers of the young wine, they may race to get their products and services out to the market, sometimes before they are ready (sacré bleu!). Beaujolais nouveau is a wine that celebrates the harvest, and these (often young) CEOs are avid cheerleaders and find ways to celebrate wins with their teams. Best paired with a strong C-Suite or Executive Board member to mentor and lend credibility.

Rosé – aka the sales-oriented CEO

These CEOs range from the light and frivolous to the structured and complex. They’ve had success in the sales function and bring a competitive, goal-oriented approach to their jobs. With notes of hubris and aromas of exaggeration, these CEOs can be highly successful leaders. Much like the wine that can be drunk at any time of day or night (please don’t judge my day drinking tendencies) the Rosé CEO is a hard charger and ready for all challenges. Best paired with a strong CFO/COO who can apply some discipline and realism to the company’s business plan.

Chardonnay – aka the engineering or scientific CEO

Deep sector experts and often polymaths, these CEOs come in a broad range of skills and talents. They are well balanced and sometimes too smart for their own good (think too much oak or buttery taste). The Chardonnay CEOs are confident, well respected and have been aged on the frontlines of their industries. They do not have long shelf lives because the very attributes that make them successful (deep knowledge of the science or technology) also mean they will struggle to delegate and take a broader view of the business. They are meant to be drunk early. Best paired with outward-focused executives such as business development or sales.

Cabernet Sauvignon – aka the mature, serial CEO

These CEOs are respected for their laser focus and seasoning. Though sometimes acidic, they exude confidence, both with their gravitas and experience. They can be expensive, but the right CEO, like the right wine, is priceless.

These CEOs come in with a plan, an established network, including investors, and command respect. Heavyweights in their industries, the Cabernet Sauvignon CEOs have experienced success over their careers and made a lot of people a lot of money. Best paired with an executive team that will execute on the plan and sweat the details.

Port – aka the dictator

The port wine CEO is highly complex with notes of authoritarianism and control. They often build a cult of personality and demand total loyalty. Key to this phenotype is the use of fear as a management tool to drive results. The port CEOs can be successful but have a short shelf life because of their inevitable negative impact on employee turnover. As with the traditional method of stomping grapes, these CEOs run roughshod over their teams.

Though sometimes successful, companies with a Port CEO usually end up with sour grapes. Best paired with a board that can curtail the worst of their excesses.

Learn more about Chris Thomajan, TechCXO’s Managing Partner – Boston

What’s really happening with supply chains?

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What’s REALLY going on with the supply chains? TechCXO’s Marty Parker is also a University of Georgia – Terry College of Business lecturer on the topic. He offers some unique insights the lack of data and why variations in toilet paper gum things up.

This article originally appeared at UGA Today

Expert explains why we can’t get some goods fast enough, and what that means for the holidays

Whether it’s because of COVID cancellations, labor shortages or increased demand, America’s supply chain system is choking.

As we approach the busiest shopping season of the year, containers are piling up at the nation’s ports, and many consumers worry their gift purchases will be backlogged or unavailable.

We’re witnessing a perfect storm of disruptions to the very complex, but generally reliable, system that connects manufacturers to customers, said supply chain expert Marty Parker — a lecturer in the University of Georgia’s Terry College of Business department of management. Parker said logistics experts are learning valuable lessons about how to strengthen the system in the future.

When the media calls this a supply chain crisis, what does that mean?

Simply, we are not getting the things we want or need when we want or need them.

For example, a lot of people want to buy new cars. But because of the pandemic there was a substantial reduction in purchases of the computer chips used in cars. Car companies expected the pandemic recession to continue, but the economy just came roaring back after everything opened. Suddenly car companies couldn’t get the chips and other parts they needed for cars.

Similarly, companies can’t get new trucks. That’s a crisis because trucks deliver our food, they deliver our packages, they deliver the fuel we need for our power plants.

How did we get here?

We got here for a lot of reasons. First and foremost, we’re still in the midst of a pandemic that has sickened or killed a lot of people. If people get sick in China in a manufacturing area, suddenly they can’t make the products we need. Or if there’s an outbreak in a shipping port or a distribution center, you can’t ship from there.

The other thing about the pandemic is that it’s taken 6-7 million people out of the workforce. You have [older workers] who don’t want to put themselves at risk, so they retired several years early. Men and women who couldn’t get child care had to stay home with their children. When you don’t have enough labor, you don’t have enough people to unload the shipping containers. You don’t have enough labor in terms of truck drivers to deliver goods. You don’t have enough people to store and distribute goods.

The pandemic was the big factor. The second thing is that there was a large change in the demand curves. Many of us went from eating out in restaurants pre-COVID to cooking at home, so the amount of demand on grocery stores went way up, and the amount of demand on restaurant suppliers went way down. That’s starting to change now but we don’t know what’s going to happen next.

Logistics and supply chain operations are more than a $60 billion industry in Georgia. How is the current crisis affecting Georgia’s Port of Savannah and distribution centers?

It’s making all of America’s ports think about how they can run faster and increase their capacity. I just saw on the news that the Long Beach Port is moving to 24-hour operation to increase its capacity. They’re running out of capacity at the port, but truck drivers are in short supply and trucks themselves are in short supply.

We have a lot of distribution centers in Georgia and as soon as they get materials in from the port, they’re already shipping all those products out to meet back orders.

Is the Port of Savannah, the fourth busiest in the nation, in better shape than other ports? Are West Coast ports seeing more cargo?

Companies are using whatever port they can right now. I don’t think Savannah’s situation is better or worse, I think that they’re all in the same boat. In the past, companies would ship to the lowest cost port, but now they’re just trying to get docked and offloaded.

Is there something consumers or companies should do to prevent this in the future or is it just one of those perfect storm things?

I’ve read that the data at our ports isn’t very available. One of the longer-term fixes would be to get all the data from ports available. That’s one big thing that would help a lot. If you knew where everything was in real time along the entire supply chain — from manufacturing to customer delivery — that would help substantially.

The second thing is that we probably don’t need as many versions of things. The best example is toilet paper. There’s every kind of toilet paper you can imagine— soft, strong, single roll, double roll, triple roll. Do we really need all those different kinds? The answer is no. And having that variety makes the availability of all the toilet paper worse because to make more the manufacturing and packaging equipment has to be changed over and set up again.

For the first time in my career, I’m hearing about products being discontinued. It’s great to have multiple products and choices if a company can truly differentiate a product and if there’s a good reason why the consumer needs it, but I don’t think that’s the case with something like toilet paper.

Will this crisis affect Thanksgiving dinners?

The only way I could see it affecting Thanksgiving dinners is in the case of individual shortages, and those would be more connected to weather effects. I have seen a shortage of pumpkins, but that had more to do with weather than it had to do with supply chain.

Should we hurry up and buy our holiday gifts now?

Yes, absolutely. This is a good idea anyway because the popular gifts disappear early. This year with the backlog of shipments, you should buy early if you can.

Making Progress

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content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” spacing=”” center_content=”no” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” type_medium=”” type_small=”” order_medium=”0″ order_small=”0″ dimension_spacing_medium=”” dimension_spacing_small=”” dimension_spacing=”” dimension_margin_medium=”” dimension_margin_small=”” dimension_margin=”” padding_medium=”” padding_small=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” hover_type=”none” border_sizes=”” border_color=”” border_style=”solid” border_radius=”” box_shadow=”no” dimension_box_shadow=”” box_shadow_blur=”0″ box_shadow_spread=”0″ box_shadow_color=”” box_shadow_style=”” background_type=”single” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ background_color=”” background_image=”” background_image_id=”” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” render_logics=”” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”false” border_position=”all” first=”true” spacing_right=””][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” margin_top=”” margin_right=”” margin_bottom=”” margin_left=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]When effort or intention aren’t enough, how does one progress something important? Making real progress comes down to three things. Watch the minute and a half video from TechCXO executive coach and partner Piers Mummery for awesome insight. [p.s. Piers also has a really cool English accent.][/fusion_text][/fusion_builder_column_inner][fusion_builder_column_inner type=”2_3″ layout=”2_3″ align_self=”auto” content_layout=”column” align_content=”flex-start” valign_content=”flex-start” content_wrap=”wrap” spacing=”” center_content=”no” link=”” target=”_self” min_height=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” type_medium=”” type_small=”” order_medium=”0″ order_small=”0″ dimension_spacing_medium=”” dimension_spacing_small=”” dimension_spacing=”” dimension_margin_medium=”” dimension_margin_small=”” dimension_margin=”” padding_medium=”” padding_small=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” hover_type=”none” border_sizes=”” border_color=”” border_style=”solid” border_radius=”” box_shadow=”no” dimension_box_shadow=”” box_shadow_blur=”0″ box_shadow_spread=”0″ box_shadow_color=”” box_shadow_style=”” background_type=”single” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ background_color=”” background_image=”” background_image_id=”” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” render_logics=”” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=”” last=”true” border_position=”all” first=”false”][fusion_youtube id=”https://youtu.be/WRRioeIuJ7A” alignment=”” width=”” height=”” autoplay=”false” api_params=”” title_attribute=”” video_facade=”on” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” css_id=”” /][/fusion_builder_column_inner][/fusion_builder_row_inner][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” link_color=”” link_hover_color=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_blend_mode=”none” video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ type=”legacy”][fusion_builder_row][/fusion_builder_row][/fusion_builder_container]

Startup or Start Over?

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Is your startup now a start over? There is nothing wrong in that, so long as you have given it your best shot and learned from it. Maybe things centered around an undefined strategy, an unclear mission, an unaligned team, a disconnection with customers, an ill-defined market or perhaps some other oversight or stroke of bad luck? In any event, an after action review and thoughtful questions from an executive coach may reveal where things went wrong. TechCXO executive coach Piers Mummery explains.

The following article originally appeared on Pierso.co.uk

If at first you don’t succeed, try, try and try again. That is the nature of entrepreneurialism. Sometimes successful entrepreneurs get lucky on the first attempt, but more often than not, a successful entrepreneur will have made many mistakes before reaching success. The trick is to learn from your mistakes. Do not be afraid of making mistakes, nor admitting them to those around you. It’s OK to fail… I promise; I know, and I have been there!

An investor in one of my businesses said once, that it is not a crime to lose money, but it is a crime to run out of money. Now I buy that sentiment to a point in the context of a one-dimensional business, but most businesses can adapt and change and flex according to their circumstances and there are times when you set out with the best of intentions, based on all of the foresight and research and knowledge you have but due to a fundamental issue (often unforeseen), you may be heading on a trajectory towards failure.

I have a personal example of this in a garden retail business that I created and eventually sold. 2 years before we sold the business, we embarked on a very expensive and what we thought at the time would be a killer e-commerce plan to extend our products to our existing customers online. We spent a small fortune on instore promotion and a fantastic e-commerce site, with all the bells and whistles, but when we launched, we found the level of sales after just 2 months, wouldn’t have even paid for a celebratory drink!!

The fundamental reason for our failure that we found out was our existing customers preferred to physically visit our stores for their shopping experience and that in trying to get them to go online as well, we risked cannibalising our existing customers experience in the store. We took a very brave decision to shut down the service after a few months, having spent over six figures on the experience and a great deal of time and internal resources. The result was that we needed to start again, which we did, but with an emphasis on driving local web visitors physically to our stores through local marketing….it worked, but it was an expensive, six figure mistake we made.

The important point here is that there are times, when you give your business the best shot possible, you throw everything that you have and know to try and be successful, but even having done your best, you may not succeed and the skill of great people is to recognise this and make conscious changes. It was Albert Einstein who said the definition of insanity is doing the same things over and over again expecting different results.

Be prepared that at some point your Start Up business may just become a Start Over business and there is nothing wrong in that, so long as you have given it your best shot and learned from it.

Think about what you have learned. Maybe things centered around an undefined strategy, an unclear mission, an unaligned team, a disconnection with customers or perhaps some other stroke of bad luck.

Active Listening Quiz

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Active Listening

How good a listener are you?

The importance of active listening for business applications like customer success and customer experience management are clear: successful companies and executives are attuned to the needs and desires of what customers want. But there are simpler, day-to-day things like team meetings and one-on-one conversations through which the quality of the interactions have an enormous overall effect on important things like employee trust, productivity, corporate culture and effectiveness of leadership.

Leaders are often poor listeners

Leaders are often the worst among us as listeners as they are so focused on driving growth, meeting numbers and deadlines, and asserting out authority that we often forget that our most valuable resource is our employees. That’s not just a cliché; Our employees usually have the deepest knowledge of our products, services, and customers. They often know more about how our organizations work than we do. They are the ones who can provide the context we need to actually meet our goals. But we can’t learn from them without listening.

 

Why Intentional Processes Drive More Revenue

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When many people think of process, they think of something mandatory. Usually something unpleasant. The idea of the “process police” comes up, a mysterious group who stifles any innovation in employees. We take a different view. We look at processes – intentional processes, those with purpose – as a potential competitive differentiator and revenue driver. In this case the meaning of “intentional” stresses the awareness and desire for an end to be achieved. You can intend something without necessarily being intentional!

We recently met with a senior executive from a notable FinTech company. Our discussion turned towards the need for process improvement, without also being “process for process sake.” We talked about the flow-on effects caused by poor processes. It’s a subject near and dear to my heart, having designed and implemented various processes  for technology companies for over 20 years.

The Sales Process

The most obvious process that’s tied to revenue is the sales process. How to turn an interest into a prospect and into a deal. There are many sales methodologies and processes out there, and we’ve used several of them.

Where things often fall down are in other areas. Renewal business. Product development. Implementation services. Support and customer success. Each one may in itself seem complete, but they frequently don’t connect with others. They are developed at the departmental level in silos. Intentional processes go beyond silos.

So why would a great, intentional process lead to more revenue? This diagram explains the logic:

intentional process

Processes without Intent

This all makes sense, but to illustrate the problem further let’s assume processes are “not intentional” in a number of areas:
– Sales processes are unclear or convoluted, leading customers to go elsewhere
– Renewal processes are vague, and customers are contacted too late, often risking the deal (or requiring a larger discount)
– Product road maps are inconsistent, confusing salespeople as well as customers
– Product commitments are difficult to keep
– Product development is late, buggy and/or canceled, frustrating customers and creating doubt in the company’s commitment to them
– Services processes are ambiguous leading to unclear deliverables and less value provided
– Support processes reward ticket closure rather than problem resolution
– Finance and Legal processes are onerous, delaying and risking product and services deals

The end result is wasted time and frustrated customers. Too much time is spent getting things done that could be better spent driving more business. Deals, renewals and additional business are at risk. And getting a recommendation from frustrated customers is also at risk.

Every Company Can Improve

Consider these three points:
1. Every company needs to improve in one or more areas.
2. If you’re only as good as everyone else you’re not better. You need to be better.
3. If you don’t have intentional processes you are leaving money on the table.

Process and Pragmatism

We take a pragmatic approach when working with clients. If they’re a smaller 50-person firm, a process might be simpler and carried out by a few people (or a single person) with minimum hassle. You don’t need many steps in the process, yet at the same time some level of definition and clarity is desired.

By creating an intentional process you are able to track the results of the process quantitatively as well as qualitatively and will get a consistent result. Without a process you’re dependent on “tribal knowledge” and the experience of the person performing the task.

If the customer is larger, there may be more required stakeholders and also more complexity. In a large public company, a product approval process is more than one person saying “yes”. It may involve multiple approval levels and signoffs as well as other inputs and outputs. At the same time, you don’t want to make it too complex.

There is a temptation to overengineer processes, especially by people who are too close to the problem but not close enough to the solution. I’ve found that’s where engaging a third party can be helpful to look objectively and unemotionally at the issue at hand.

Disruptive by Design

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Why is Dr. Clayton Christensen’s Disruptive Innovation Theory Important for Your Business?

Disruption Innovation Theory is about growth and creation of shareholder value. It generates viral growth, often 20 times typical growth index averages. It causes a dramatic change in the market’s competitive playing field. Disruptive innovation challenges incumbents with inferior products, competes against non-consumption, and thereby creates a new dimension of value to the consumer. Disruptive innovation is not just about technology, but more importantly about the successful execution of the Business Model.

Disruption Innovation opportunities are predictable and have distinct signals or “disruption fingerprints”:

  • Often an Inferior product/service to the incumbent alternatives
  • Addresses an unserved or under-served market,
  • Competes against consumer non-consumption
  • Often targets small niche markets
  • Customers are often unattractive to current market incumbents
  • Designed for moderate to low growth markets
  • Often disintermediates with traditional distribution channels
  • Enjoys a sustainable cost of production advantage
  • Product focuses on consumer advantages such as: ease of use, flexibility, simplicity and convenience

Disruption can be for low-end or high-end products. Low-end disruption targets micro market segments where consumers have opted out (non-consumers) with existing market products. Disruption is possible because in many mature markets, incumbent products exceed the true performance needs of customers. New market disruption focuses on the notion of inferiority based on the customers “job to be done”. New market disruption is superior to incumbent alternatives because it is based on a different set of customer values. It enables customers where previously impracticable before.

Key takeaways for your business:

  • One of the best ways to find disruption is to focus on non-consumption.
  • Disruption is predictable and should be integral part of your product planning and strategy development.
  • You can engineer disruption; “market disruption by design” is your best strategy.
  • Incumbents routinely dismiss disruptive upstarts as not good enough, until they are
  • Signs of future coming market disruption are present and obvious for years.
  • Alternative value chains are crucial for disruption
  • The customers who will not buy your product, understand why they do not!

Disruptive innovation creates abundance out of scarcity and is one of the most powerful engines of growth for your business.  If you would like to review how to make your business model disruptive, contact TechCXO.

Ken Goins is a Finance & Operations partner in TechCXO’s Atlanta office. Ken uses his c-suite leadership skills to develop and execute strategies to maximize revenue growth and operational efficiencies through innovation and process improvements in domestic and international business settings. See his full bio here.

Open APIs light a FHIR under interoperability

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With a certification deadline looming, EHR vendors and healthcare providers should look to 3rd-party applications that meet the promise of secure and effective data-sharing

By the end of April, only two major electronic health records vendors had achieved full certification under the 2015 Edition Meaningful Use Stage 3 criteria and the Advancing Care Information (ACI) program established by the Medicare Access and CHIP Reauthorization Act, according to the Office of the National Coordinator. For the hundreds of other EHR vendors listed in the ONC database, the Jan. 1, 2018, deadline for certification is likely to be a significant challenge, a situation that ought to serve as a wakeup call for hospitals and physicians hoping to avoid Stage 3/ACI payment penalties.

Underpinning most of the goals and metrics of Stage 3 is the long-sought and elusive dream of interoperability. You cannot meet population health objectives such as providing patients with electronic access to their health information, protecting patient-level data and coordinating care through patient engagement if you do not have robust and secure means of communicating among disparate information systems from multiple vendors. New value-based care initiatives, accountable care organizations and bundled payment arrangements demand access to patient records across the continuum of care, enabling functions such as a single, uniform view of all patient records; centralized scheduling; care management protocols; and quality measurement.

Given the nature of the challenge ahead this year, the time is now to follow the direction of the ONC and the Centers for Medicare and Medicaid Services. In looking to set a foundation for an interoperable health IT infrastructure, the agencies mandated that EHRs be capable of open application programming interfaces (open APIs) and underscored the advantages of the hottest trend in health IT circles today, Fast Health Interoperability Resource (FHIR – pronounced “fire”) in establishing that foundation. This vision of the open API would allow a patient to use a single app to retrieve medical records from any hospital, lab, insurance company or physician office simply by obtaining the secure URL for that service’s open API and providing required authentication, truly placing the patient in control of their own health information.

As Obama-era CMS Acting Administrator Andy Slavitt put it during the rulemaking phase for MU Stage 3 in 2015: “The burden needs to be on the technology, not the user. EHR vendors and hospitals that use them will now be required to open their APIs — so data can move in and out of an application safely and securely — and technology can become plug and play.”

Then came the 21st Century Cures Act, passed by Congress in December 2016, which states that any certified vendor must not “take any action that may inhibit the appropriate exchange, access and use of electronic health information” and must develop APIs or other technologies to enable the application to be “accessed, exchanged and used without special effort.” Vendors that are found to be blocking information are subject to penalties of as much as $1 million per violation.

What it all means

APIs are sets of requirements that govern how applications communicate and interact with one another. An open API is an interface that provides developers with programmatic access to a proprietary software application. The FHIR standard, created by Health Level Seven International (HL7), describes data formats and elements (known as “resources”) and an API for exchanging electronic health records. Open APIs interconnect any healthcare system, doctor, patient or medical device by normalizing all incoming requests and data as appropriate FHIR resources.

FHIR is appealing because it is based on a truly modern web services approach that makes it easier for systems to exchange very specific, well-defined pieces of information such as a medication list, a problem list or lab results, rather than entire documents.

The Drummond Group, a certification body for Meaningful Use authorized by the ONC, has more than 200 EHRs registered to go through its testing process this year. “While the FHIR standard itself is not mandated, the ONC has made it clear this is the direction they are going, and, indeed, we have yet to see an application that isn’t FHIR,” said Sonia Galvan, director of EHR testing for Drummond.

An open API using FHIR standards can be described as a new and exclusive “front door” to an EHR, eventually replacing hundreds of point-to-point connections with hospitals, doctors, billers, registries, labs and data clearinghouses that are currently used to connect, but at a high cost in dollars and labor time – a physician might spend 15 minutes logging in from outside a firewall for a single patient record. Health information exchange using HL7 links requires a separate point-to-point connection for each location or system utilizing a dedicated Virtual Private Network (VPN) connection. Some hospitals have 100 or more of these connections. And HL7 connections cannot be used to share information with patients. Even those entities that moved to a web services strategy with their EHR vendor for connectivity would experience additional benefits with an open API approach, especially by implementing a standard protocol like FHIR.

The open API in the real world

Following the release of the Meaningful Use Stage 3 Final Rule in October 2015, a health IT firm, Carefluence, realized many vendors might not be ready for the financial and resource challenges of implementing an open API, so it began to produce a low-risk, plug-and-play solution, which can be licensed as a modular solution for ONC certification. Even with the company’s extensive healthcare IT background, the solution took more than a year to build, in part because the standards being put out by the federal government were growing along with software development, but also because an open API, designed to the standards set by the ONC, can be a challenge even to the well-initiated. A vendor, even one with the most able team, would need at least six months to develop its own open API. Given that there are now fewer than eight months until the Stage 3 certification deadline, that is especially problematic. (In June 2016 Drummond made Carefluence’s modular Open API software platform the first to be certified by the ONC for health IT.)

“An EMR vendor doing its own API is probably the least common criterion we have seen,” Galvan said. “That is either the criterion they are leaving last to develop or they will be using a third-party application.”

Given the modular nature of certification in Stage 3 – meaning a vendor can certify for one or many modules of an interoperable EMR – many vendors may not fully understand that there are options to meet the requirements of an open API through software that can be deployed alongside their existing systems to make them Meaningful Use-compliant, avoiding the costly internal development of a custom open solution. Hospitals and medical groups not willing to risk waiting for their IT vendors to act can also use this solution to avoid the disruptions and costs of EHR software upgrades, not to mention significant loss of revenue from penalties.

The ONC has never been more direct about enforcing that EHRs vendors and all healthcare providers act now to ensure electronic access to patient records, and that the strategy of delaying and waiting for a perfect standard to emerge will no longer be tolerated. FHIR has emerged as the clear de facto standard for open APIs, and there are deployments in the market that are working effectively. Will the standards evolve? Certainly. And yet that is no excuse to sit on the sidelines when patients are demanding greater access to their electronic records, and thousands of apps, disease and drug registries, managed care entities, and individual clinicians will depend on this electronic access to optimize patient care and promote healthy behaviors.

In the short term, modular open APIs will give EHR vendors a much faster and easier route to 2015 Edition certification for Meaningful Use. In the long term, they will facilitate interoperability and reduce costs for accessing, analyzing and using data to improve care, becoming one of the pillars on which we can build a better healthcare system.

Adam Boris is a veteran healthcare technology executive and a partner with TechCXO, a strategic advisory and professional services firm.  See his full bio here.