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Risk Management: Why it is important and how to implement it

Risk Management: Why it is important and how to implement it

Risk management can be described as a set of practices and processes that allow the company’s controllers and those responsible for their projects to identify risks to which the projects and the business are predisposed to. This allows for solutions to problems to be identified quickly.

Taking into account the purpose of risk management, it is easy to realize that it is a fundamental practice because it has the potential to prevent companies, who execute it properly, from suffering loss of resources such as time and capital. This makes it an indispensable tactic in an intelligent management model!

Now that you know what risk management is, and understand why it’s so important, continue reading and find out how to implement it in your company!

Create a plan to manage crises

The purpose of a risk management plan is to detail how to tackle specific risks and handle those risks appropriately so that you can mitigate or eliminate threats to the project, task and outcomes. Some factors that allow for this method to be successful include:

  • the team responsible for the project;
  • the strategic methodology that the team will adopt;
  • the tools that will be at your disposal.

These features and how they will be effectuated must be defined according to the demands of the project. This means that if the requirements change, the plan must be adjusted to remain aligned with the objective.

Identify which risks the project is subject to

Once the team responsible for risk management has been established and has received the necessary tools to perform its functions, it is up to the team to map out all the failures and events to which the project is subject.

In this context, it is interesting to note that risks can be divided into the following groups:

  • known risks — possible events that the team has already identified;
  • unknown risks — possible events that the team has not identified;
  • negative risks — potential problems for the ongoing project;
  • positive risks – potential benefits for the ongoing project;
  • individual risks — events capable of affecting a single stage of the project;
  • risks — events that could affect the entire project.

Analyse risks qualitatively

Qualitative risk analysis aims to evaluate all individual risks and check factors such as damage, which can be caused by them and the probability of them occurring. This process is necessary for the team to be able to devote a responsible member to handle each individual risk. The role of this person is to think of strategies to solve, or mitigate the impacts caused by the risk under his supervision.

Quantatively analyse risks

In short, we can say that quantitative risk analysis is an in-depth version of qualitative analysis. This is because it is elaborated based on the study of strategic data. That is, to implement it correctly, the company needs to rely on a solution in big data.

The great advantage of this analysis is that it is able to point out factors such as the probability of occurrence of risks and their impacts in a more accurate way, thus increasing the efficiency of risk management.

Create answers to identified risks

Once the risks are properly mapped and analyzed, the team must devise a series of strategies to deal with them. To ensure the effectiveness of the solutions developed by the team, they must meet the following criteria:

  • the characteristics of the project;
  • the budget made available by the company;
  • approval of managers and project managers.

Considering how risk management can benefit a company’s operations, it’s easy to come to the conclusion that providing those responsible with the best tools is a good idea. In this context, the use of technologies, such as artificial intelligence and machine learning, emerge as very interesting options!

A software endowed with these technologies is able to analyze data in a more agile and efficient way, thus generating a series of useful insights about the probabilities of occurrence of events and the impacts that they can bring to the project.

To guarantee the efficiency of the software and its functionalities, it is necessary to be developed by a serious and reliable company, such as Kazap Technology!

Innovation Management process: How important is it and how to implement it?

Innovation Management process: How important is it and how to implement it?

In a highly competitive market, companies need to optimize the way they use their resources. This is necessary to keep them relevant to their customers. In this scenario, the implementation of innovation management is of great importance.

Through it, companies of all sizes and areas of activity can face their processes and the market they are targeting in a completely new way. This allows them to find opportunities for improvement and even new approaches and actions.

Would you like to understand more about this management model? Then read this article and find out how to use innovation management for the benefit of your company!

What is innovation management?

Innovation can be described as creating or updating something to generate value and thus benefitting individuals. By rethinking a company’s processes and analyzing the market in which it operates more accurately, managers can observe several opportunities to cut costs, increase production levels and even develop new products.

In this context, the process of systematization of innovations, elaborated to constantly improving a company’s operation with new ideas and strategies, is what we call innovation management.

It is important because it helps companies develop new concepts for processes, products and services, making room for them to become more competitive. This allows them to grow healthily even in competitive markets.

How to implement it in a company?

Given the benefits of this systematization and innovation process, it’s easy to see that it’s worth implementing. Continue reading to find out how to perform this task!

Establish the company’s culture of innovation

Innovative companies have their professionals prepared to think about the execution of activities in an analytical way, which optimizes the discovery of new opportunities. To reach this level, obviously, a company needs to prepare.

First, it is important to have an innovation sector responsible, both for receiving and developing new ideas and for analyzing and putting them into action when they are able to generate value for the company. Since innovation is directly linked to autonomy, this sector must necessarily be registered in the organization chart of the company with proper status. The innovation industry also needs to have its own manager to manage it, managing innovation strategies and monitoring its performance.

The company also needs to empower its employees so that they have a closer look at corporate processes. It should provide a channel for employees to communicate their ideas.

Finally, the participation of employees in the innovation process should be encouraged. This means, among other things, that your ideas must be heard. If they are unfeasible, it is up to the manager to point out the flawed points in his proposal, in a didactic way, without embarrassing them.

Search for success stories

Even when managers decide to support the innovative culture, it is common that there are some doubts and frictions in this process. After all, it involves the company’s resources and tends to require changes that, at least in the beginning, can generate some discomfort.

To mitigate possible frictions, it is a great idea for the manager and his team to make a case study and gather information about companies that have succeeded with innovation management. Although simple, this attitude helps reassure other business controllers and increases their support for the project.

Consider the importance of information

When we think of innovation, one of the most important factors is access to information. This is because, without a reliable data source, the task of identifying opportunities, whether related to increasing productivity or creating new products and services, becomes impractical.

For this reason, technologies such as Big Data and Machine Learning are important. Through them, the innovation team can access all the data it needs to perform its functions.

Use Technology to your advantage

The intelligent use of technologies is inherent in the innovation management process. To implement innovative management in a company, the personnel responsible for the task need to use the tools at their disposal wisely.

Among these tools, cloud computing can be seen as one of the most important. By outsourcing the computing power of a cloud server, the company can implement data capture and analysis solutions without investing in a more robust IT framework. This is beneficial as it does not compromise factors such as safety and efficiency.

Software and applications are also handy tools for this process. Depending on their functions, they can perform tasks such as optimizing data calculation and monitoring processes practised by the company. They can also be used in favour of team communication or in carrying out other activities indispensable for implementing innovation management in the company.

What are the main challenges involved in managing innovation?

Although innovation management has many advantages for companies, it is undeniable that, when implementing new processes, some mistakes tend to arise. Thus, correctly addressing the risks is one of the biggest challenges related to this procedure.

In this case, the risks of each project must be properly weighed before it is implemented. It is worth mentioning that even if the idea is not successful, the innovation sector can obtain a lot of useful data by analyzing the factors that made it unfeasible.

Another challenge of innovation management is the task of raising funds to finance projects. The best way to deal with this problem is to conduct a very detailed case study and make use of solid data to convince other managers. This same care should be taken in the elaboration of specific projects.

In a competitive market, companies that rely on innovation management are more likely to develop. However, to acquire this status, it is necessary to prepare employees to acquire a more analytical view of processes and the market. The intelligent use of technologies, especially those that optimize data storage and verification, is also critical.

Bring your own device (BYOD): what is it and what are the advantages?

Bring your own device (BYOD): what is it and what are the advantages?

The pandemic of the new coronavirus encouraged many companies to rethink their work models because, in addition to investing in technology to allow teams to continue to act remotely during this period, organizations and professionals realized the advantages of a home office. So with the implementation of BYOD, the physical space is no longer relevant, after all, it is possible to follow with the projects of home, office, or any business trip.

A survey by ESET, an information security company, showed that 82% of respondents in Latin America work with their personal computers, while 55% use their smartphone, 25% use the tablet, and 17.8% mp3 players. This data goes against BYOD policies.

If you are not yet familiar with this term or are unsure of its benefits, this article is for you. Follow and understand more about its advantages!

What is BYOD?

BYOD is the acronym for the English term Bring Your Own Device and is also a movement linked to technology and innovation. A company that adopts this policy not only allows, but encourages employees to use their notebooks and other personal electronic devices for work, regardless of where they are.

According to a survey  prepared by Robert Half, 86% of the professionals interviewed prefer to work from their homes after the end of social isolation and 67% of them realized that it is possible to perform the tasks remotely. Companies also bet on  home office due to reduced costs and increased productivity. Thinking of a hybrid working model, it is interesting to consider this concept.

What are the advantages of Byod?

One of the most interesting advantages is increased productivity,since employees become more comfortable when using equipment configured with their profiles and working with interfaces that feel more familiar. Another benefit noticed by managers is increased motivation and engagement in activities.

When the equipment is employee’s, there is an important cost reduction. Some companies even participate in the acquisition of these resources and share the choice of models with executives. In addition, the devices are always more up-to-date and the company saves on the expenses it would have when replacing and modernizing its machines.

How can your company be part of this trend?

With technological advancement, executives can access the company’s platforms and databases from anywhere, with their computers and personal electronic devices. It is then natural for the corporate environment to continue using their own equipment, but it is necessary for the organization to have clear guidelines on how all this will work.

It is important that IT staff think about policies and tools that ensure information security and develop efficient access control. In addition, it is interesting to analyze relevant points such as the use of official software, commitment to the confidentiality of information, liability if there is damage to the equipment, notify if there will be a time limit on the use of the company’s platforms, among other factors to be adjusted.

While BYOD policies are a reality in many companies, some others still need to draw up guidelines for implementing them  in their environments. Moreover, it is necessary to analyze the work configurations imposed by the pandemic and what comes from this event. If you think it’s interesting to also have these benefits in your business, now is the time to talk to your IT team and start the testing phase.

What did you think of this post? Does your company already adopt BYOD policies or are you still considering the hypothesis? Tell us in the comments how this trend works on your desktop.

Learn about the best agile project management methodologies

Learn about the best agile project management methodologies

How to ensure better results from an IT team in your projects? You probably already know that this management can be extremely challenging, especially if there is no good planning and an efficient approach is not used.

Deadlines can be extended too much, costs become uncontrolled, and there is a risk that the final product will not please the customer and not meet the requirements. Unexpected problems occur and disrupt the flow.

Thinking about these problems, some professionals in the area met to systematize a set of principles called agile project management methodologies. The focus is to generate agility, flexibility and adapt teams well to the dynamic demands of the modern world, providing innovation.

If you want to learn more about it in order to improve your processes and get agility in operations, follow the article.

How does agile project management work?

As we said in the introduction, maintaining IT project demands is not easy. Currently, a number of internal and external factors can disrupt operations and generate errors that accumulate in production. For managers, it is always the responsibility to please customers even with all these difficulties.

Some classic problems of software creation processes are the poor definition of deadlines, poor adaptation to changes, the rigidity of methods and documentation, implications of crises, as well as other factors. For years, this was the reality of many designers and team members in the area.

It is easy to understand that a development full of sensitive issues like these does not remain consistent in today’s world. Today, technologies change very fast; new trends arise and it is often necessary to reassess decisions taken previously.

Sometimes a programming pattern or framework has been defined in planning, however new, more effective options appear on the market and require adaptation.

Agile management then employs a new mindset for project management, seeking to generate flexibility, agility, collaboration, and error reduction. It is based on dividing large problems into smaller parts, following the famous principle of “divide to conquer”. Similarly, it focuses heavily on sharing information and roles in order to create greater synergy among members.

Continuous deliveries

Another issue very characteristic of agile methods: continuous deliveries, with feedback and active collaboration of customers. That is, development is now divided into small sections, with results at the end of each. The purpose of these deliveries is precisely to produce value for contractors and gain insights in order to adjust the product later.

To meet this, even, infrastructure and development teams are integrating more in order to meet the same objectives. In this sense, DevOps and derivations emerged, such as DataOps, which consists of better communication between data analysis personnel and the operations team.

Iterative Phases

Because of this, the production phases are Iterative and dynamic, unlike a more rigid flow, such as the one before. That is, the team can always go back to previous steps in order to adjust some points and improve the result.

An example of this is the test phase that can be run at any time whenever there is a demand for changes from customers.

In general, we can summarize agile project management methodologies as being extremely focused on people, delivering functional results, prioritizing adaptation to changes, and dialoguing with the client throughout the process, making him a part of the team practically.

What are the main methodologies of agile project management?

We will now understand how these principles converge on the main tools used in the market.

Scrum

Scrum is one of the most famous and robust strategies. It consists, initially, of adopting a new vocabulary: terms such as product backlog and scrum master are commonly used in daily life.

The product backlog concerns the set of core features, that is, requirements with a more complete description. Whereas the scrum master is the team leader who specifically manages the processes and steps of the methodology.

Each development phase that results in functional deliveries is called a sprint. Each sprint has a backlog with the activities that must be developed in it. Scrum states that there should be periodic meetings after sprints to readjust the project.

We also have the product owner, who is representative of the customer’s interests within the team, being responsible for directing the flow and focus of production at each stage.

XP

XP, or eXtreme Programming, is a programming-focused method that prioritizes cost savings, simplicity, product quality and consistency, and process agility. To do this requires daily meetings and more general alignment meetings in order to get ideas for incremental change and continuous improvement. 

FDD

FDD is Feature Driven Development, which means feature-oriented development. That is, its main focus is to divide large tasks and programs into small parts that perform certain services.

Ideally, each team member is responsible for only one of the parties and that these smaller blocks are continuously integrated.

In addition, FDD prescribes more general principles that also appear in the rules of other methods, such as quality control at all stages and focus on testing.

DSDM

The DSDM, or Dynamic System Development Model, is focused on projects with fixed costs and tight deadlines. It is somewhat different from other frameworks because it does not make time management more flexible. Even if they are open to incremental changes, everything must be done with the same periods stipulated for execution. 

Lean

Lean is a management method that prioritizes efficiency, above all. The term is translated as “lean”, precisely by seeking a project version that is as costly and time-consuming as possible. Thus, it is an optimal methodology for those seeking cost reduction and continuous improvement, both of the processes and of the final product.

Kanban

Kanban is a management method that seeks to divide tasks in order of priority and importance, according to their status. Thus, it is possible to better deal with possible problems that occur in the operational flow. The steps are: “to do”, “doing” and “done”.

Kanban must be visually orchestrated to cause team alignment and optimize transparency with respect to what is being done and what will be done. In this sense, a set of post-its or specific software can be used.

How to monitor results?

The implementation of agile methodologies depends on some later stages of analysis and adjustment. After all, since the company is already operating with the help of these tools, it is necessary to evaluate whether the methods are working as expected and are yielding good results.

In this sense, project management software is essential. It helps you track the most relevant indicators and understand whether performance is being satisfactory or not with easy-to-understand numbers.

Thus, it is possible to adjust what is bad and obtain continuous improvements in processes in order to result in better phases, fewer costs, and greater alignment in development journeys.

Agile project management methodologies are strategies that aim to revolutionize the way companies approach development stages. Thus, it is possible to obtain greater collaboration, flexibility, agility, and adaptation to changes in order to generate value for contractors and reduce errors. At the same time, it is the key to innovation.

Did you like it? Understand more about the importance of agile methodologies.

5 customer loyalty strategies for you to adopt in the company

5 customer loyalty strategies for you to adopt in the company

One of the biggest assets of any business is to be able to count on a loyal audience. Therefore, investing in customer loyalty strategies is essential to increase sales, build a good image and improve the chances of growth.

Did you know that keeping a loyal customer can be more effective and cheaper than winning a new one? Because it already knows its products or services, the trust is greater and, with good service, it can become a spokesperson for the brand.

In this post, we will share the top tips to delight your customers. Good reading!

1. Value customer relationships

The first step towards a lasting relationship is to pay special attention to the customer experience. We can say that the relationship is as valuable as the quality of the product or service. So take into account all the points of interaction – email exchange, connection, social networking, etc. – from the beginning of the purchase and exceed expectations.

To get communication right, we need to understand the needs of customers, as well as their habits, values, desires, and pains. This set of information will help add value to what your brand offers and create a good relationship with the consumer, improving on the customer loyalty.

2. Focus on a differentiated service

One of the most effective customer loyalty strategies involves service, which acts as a differential. After all, the way the brand enchants its audience is unique and cannot be replicated by competition.

Providing quality care requires that the team be well trained, to the point of defining the approaches according to the responses of each client. The work begins in the first interaction and extends to after-sales, in all communication channels.

3. Train the team to delight the audience

For the brand to have a good reputation and credibility, it is necessary to go beyond the quality of the products or services it offers. That is, all teams, especially sales and marketing teams, must be aligned with a discourse: to delight customers.

More than understanding the consumption patterns is to know that the service follows even after the sale. In a simple analogy, it works as an investment portfolio, which needs dedication and a close look to take advantage of the best opportunities.

4. Keep contact constant

Previous strategies already point to the next step, which is to look for ways to keep in touch with customers. Do you know the saying “who is not seen is not remembered”? It fits perfectly into that context.

For the consumer to remember the brand, you must maintain a close relationship with it. It is worth sending special messages on festive dates, offering educational content through a blog or social networks, and even sending a survey online.

5. Invest in technologies to build on

Finally, using technological resources to your advantage brings a huge competitive advantage when it comes to customer loyalty. Among the various possibilities, the use of chatbots in the service is one of the best-known applications to support the sales process and the relationship with customers to boost customer loyalty. After all, the advantages of this technology include:

  • agile (24×7) and efficient support;
  • contact directed to solve problems;
  • personalized and quality assistance;
  • engagement that makes service lighter.

Finally, humanized conversations, even in an automated way, are highly effective in customer loyalty strategies. At these times, what counts most is not what is done in the service, but rather how it runs to solve problems or doubts. Another relevant point is response time: the more agile, the better the customer experience.

Did you like our suggestions on customer loyalty? Before you test them, enjoy that you are here and learn the best ways to measure the customer satisfaction index.

Project backlog: Master how to refine it when developing products

Project backlog: Master how to refine it when developing products

Have you ever heard of project backlog? If you are from the IT sector and work with software development then certainly the term is familiar and heard frequently. After all, it is from this that applications and systems come to life in the hands of information technology teams.

Briefly, project backlog is a list of tasks required for delivering a product or implementing improvements. When combined with agile methodologies, it helps guide projects, set priorities, avoid waste and set deadlines, among other benefits.

Want to know more? Continue reading and learn!

What is project backlog?  

It is a list of tasks (or pending tasks) created within strategic planning and that meets all the desired requirements for the product; prioritized according to the urgency of delivery and value to the customer. It is also named product backlog.

Its goal is to guide the scope of work of IT teams, organizing priorities and spotlighting those responsible for tasks, as well as delivery times. It can be used both for the development of new applications or systems and for the implementation of improvements in existing products.

The concept often comes tied to agile methodologies, such as Scrum, which divides deliveries into cycles called ‘Sprints’. From there, the product owner responsible for the project and for making the interface with the client, passes on guidance to the team.

How and why refine a project backlog?  

For the backlog to bring about effectiveness to the project, it needs to be reviewed periodically. It’s what we call backlog refinement or grooming. Both mean cleaning, preparing or tidying up. In a nutshell, it’s keeping everything organized for the development team, with detailed descriptions of each item and estimates.

It is up to the product owner to sort and detail these priorities before the start of each Sprint in order to avoid wasting resources and time. To do this, they must take into account what is most urgent and what will bring greater value to the client, in addition to faster Return on Investment (ROI).  

The refinement walkthrough looks like this:

  1. Have the priorities at the top, followed by the other tasks in order of importance;
  2. Remove unnecessary or nonsensical items and processes for the project;
  3. Add new items discovered in alignment meetings, remembering to signal the degree of priority in the project backlog;
  4. Drill down further into all the tasks on the list and acceptance criteria, especially those at the top, to guide team deliveries;
  5. Break the large items in the list into smaller tasks for ease of planning, as well as execution and delivery.

Finally, have regular meetings to refine the project backlog and keep the team engaged. The periodicity will depend on the degree of maturity of the team and the product being developed. Watch your team and set the time that makes the most sense for you.

How do I track the progress of IT teams?

Using a backlog of agile projects and methodologies helps you track your team’s progress. After all, the tasks have deadlines from start to finish, in addition to alignment meetings during each Sprint.

Thus, it is easier to evaluate the productivity of IT teams collectively or individually because the whole team is integrated into the project flow, meaning that one knows what the other does. This degree of transparency helps increase productivity and reduce delays.

Therefore, the better the refinement of the project backlog (organization of priorities, level of detail of tasks, breaks, removal and inclusion of items), the more optimized the delivery would be. With the support of agile methodologies, the team works in a more aligned and efficient way as well as having greater flexibility to propose alternatives and receive the guidance of the product owner.

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