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How to Take Advantage of the New Networked Economy
The New Culture of Employment
At the moment, much of the social activity about how the Network Economy is changing the culture of work focuses on anecdotes about people who are modifying the standard model and, inevitably, the ongoing arguements over the merits of corporate outsourcing and the emerging online freelance marketplace.
Now a bigger, more substantial alteration of employment relationships is now just beginning to appear. Businesses are beginning to realize that knowledge is advancing and accumulating more efficiently in the brand new external network than in the current internal closed model. The option to tap into talent and knowledge streams outside current organizational boundaries is becoming very important for agencies striving to remain relevant and competitive. And as a consequence, they are re evaluating their time-honored HR and IP solutions to align with this new business reality.
For individuals, the implications are equally profound; businesses, who provide the most well known platform on which to build careers, are now re-defining their relationship with talent and knowledge, introducing uncertainty into what previously was a straightforward path to rewarding careers and long-term financial well-being. In addition, the dynamic of the new idea of the network economy places demands on the pace of skill – and experience-acquisition that independent workers will find difficult to fulfill in a time tested single employee-employer relationship.
Networked Workplace Cycles
Regardless of uncertainties, these developments are making real opportunities on both sides of the employment equation. These recently available developments are now creating very real business opportunities for both corporation and individual: companies need to stay competitive, and will continue to search out and pay a premium for information and skills that add value and help distinguish their strategic advantage; individuals who want to provide their energies where they will be most powerful can bypass the progressively more unclear corporate path and take control of their destiny.
The broadening of the network economy has the capacity to develop powerful virtuous cycles “repeating sequences of favorable events that reinforce themselves through a feedback loop” to advance the interests of both individuals and organizations.
The Mavenlink.com platform weaves together interconnected and mutually enhancing professional, financial, and social cycles that improve both clients and consultants.
The Cycle of Money
The financial cycle provides opportunities for both clients and consultants to continually increase ROI through more efficient projects and expand revenue opportunities through clearly demonstrated value. For most clients, the success of a project is typically measured initially by the degree to which the project results meet expectations for quality, time, and cost; and in the Macro analysis, by their associated ROI.
Mavenlink’s built-in project management tools help streamline the business process from proposal to delivery. Clients can propose, source, and run multiple concurrent projects efficiently from a single point of control. As successes accumulate and add value, and ROI compounds, money for additional projects is easier to sell and secure. Internal and External project experience and data also empower clients to gain additional value from past planning and executing future projects.
Multiple project successes with clients will result in enhanced revenue opportunities through stronger business relationships, greater confidence, credibility, and opportunities to add value through additional proposals Furthermore, consultants can leverage past and current success with one client when seeking new business from an potential client. Over time, consultants are able to deliver value more effectively through increased awareness and re-use, generating enhanced ROI for themselves and for clients.
The Awareness Cycle
The knowledge cycle explains the continuous growth in clients’ and consultants’ abilities to access and contribute to knowledge streams. Every project requires knowledge and abilities in a particular domain or set of domains; to the extent that every project is different, each is an opportunity for obtaining new knowledge.
With every successive project, businesses gain new knowledge and skills, or apply existing ones in a new way. Brand New clients, partners, and group members all provide enhanced opportunities to exchange knowledge. Even highly unique skills, which may apply only to a single client, contribute to general experience that helps consultants refine their “craft” and develop better programs and procedures.
Clients gain the tangible knowledge and proficiency that they contract for, but also acquire experience and credibility that help them recognize and realize additional opportunities. Clients and consultants who work together on successive projects benefit from an increased understanding of unique operational goals, business structures, and personalities.
The Cycle of Reputation
The business reputation cycle is the social-networking aspect of Mavenlink; the virtuous cycle associated with social media is a key reason for its explosive growth. With every collaborative project, clients and consultants have the opportunity to provide mutual feedback, which becomes part of their profile information. Favorable feedback from productive projects enhances your reputation and improvements your presence, which helps you extend your network and attract more clients.
A favorable reputation helps you connect with quality projects and providers, and inspires trust in both parties, streamlining the development of new relationships. Additionally to this, your collaborators’ reputations reflect positively on your reputation, helping you to further develop your personal network, collaborate on more projects, and get more constructive feedback.
Bench mark for Realizing Potential
Subscribe to the comments for this postCollection Agencies Making a Killing
CNBC reported this morning that the Collection company Portfolio Recovery Associates is reporting double digit revenue growth and its stock is soaring. Steven Fredrickson, the company’s CEO, tells CNBC how he plans to keep up the momentum.
The title of the Video is
The Growing Revenue of Collection Agencies