Nandan NilekaniReutersAfter staying away from Infosys for over eight years, co-founder Nandan Nilekani on Thursday was appointed non-executive chairman of the company.Speaking on an investors’ call on Friday morning, Nilekani said: “I plan to be here as long as necessary and I will not be here as soon as as I’m not necessary.”Joined @Infosys at 26, re-joined it at 62. Life does turn full circle!— Nandan Nilekani (@NandanNilekani) August 25, 2017Soon after Nilekani took the charge on Friday morning, a rejig in the company board started with co-chairman R Seshasayee and former CEO Vishal Sikka, along with independent board members Jeffrey Lehman and John Etchemendy.Another co-founder, Ravi Venkatesan, also stepped down from the company board, but would continue in the board as independent director.After Sikka resigned as the CEO and managing director of Infosys on August 18, he was appointed as the executive vice-chairman of the tech giant.With Nilekani at the helm of India’s second-largest software exporter and re-constitution of the board, it’s likely the very long tussle between another co-founder Murthy and the Infosys board over corporate governance will come to an end.A statement released by the Bangalore-based IT major quoted Nilekani as saying that the board would engage with shareholders on priority basis as part of its engagement with stakeholders.Key highlights of the investor call* Infosys will announce some quick decision in next few days.* Nilekani’s main focus will be to search for a new CEO.* Nilekani said the CEO search will be global, open to external candidates, within the current management and at the Infosys Alumni.* Reconstituting the board and re-stabilising Infosys’ business are the priority.Infosys board after re-constitution* Pravin Rao, Interim CEO and MD* Nandan Nilekani, Non-Executive Chairman* Roopa Kudva, Independent Director* Punita Kumar, Independent Director* Kiran Mazumdar-Shaw, Independent Director* DN Prahlad, Independent Director* D Sundaram, Independent Director* Ravi Venkatesan, Independent Director Infosys Chief Executive Vishal Sikka attends a news conference in Mumbai, India, February 13, 2017. REUTERS/Danish Siddiqui/File PhotoReutersEarlier on Thursday, Domestic Institutional Investors (DIIs) wrote a letter to the Infosys board to bring back former co-founder Nandan Nilekani.The letter, signed by 12 investors from mutual fund houses and insurance companies, said Nilekani would be the right person to facilitate “resolution” of the ongoing issues between the board and the management.”In our opinion, he enjoys the confidence of various stakeholders viz, customers, shareholders and employees,” the letter stated.The ugly spat between Murthy and the company board, which resulted in the exit of Sikka, eroded over Rs 32,000 crore of the company’s market capitalisations.
Facebook founder and chief executive Mark Zuckerberg speaking at F8 developer conference. Zuckerberg’s pet blockchain project is likely to unveil a white paper on the cryptocurrency that may be named Libra on June 18.facebookThe cryptocurrency world is abuzz with reports of the likely release of a white paper by Facebook about its rival to Bitcoin that may be called Libra. Speculation is rife whether a likely Facebook proposal to allow its use on Fb Messenger, Whatsapp and Instagram could kill off its rival blockchain currencies including Bitcoin. But Bitcoin currency continues to trade rangebound at $7,925 and the cryptocurrency’s users have not reacted to the reports.However, Facebook founder and chief executive Mark Zuckerberg will face huge problems in getting regulatory nods from national regulators the new blockchain currency. Meanwhile, there are reports that the Reserve Bank of India (RBI) is proposing a law to imposing up to 10 years’ jail for buying and selling of cryptocurrencies. Libra was reportedly born out of Zuckerberg’s pet project by the same name to head which he has recruited former boss of PayPal David Marcus, who heads the Facebook blockchain team. There is a proposal to peg the new currency against a basket of major global currencies and not to just one currency like the US dollar. TechCrunch says a source told it Facebook was targeting a 2020 formal launch of the cryptocurrency.There is intense speculation about the name of the new cryptocurrency, which could be called Libra after the project name. TechCrunch cites a report in the tech magazine The Information to claim that the name would not be GlobalCoin as reported earlier by several news sources including BBC.The cryptocurrency has been conceived as a ‘stable coin’ — a token designed to have a stable price to prevent discrepancies and complications due to price fluctuations during a payment or negotiation process, the article in TechCrunch says. It says Facebook has spoken with financial institutions on forming a $1-billion basket of multiple international fiat currencies and low-risk securities to serve as collateral to stabilise the price of the coin. Facebook is also working with various countries to pre-approve the rollout of the stable coin. A view of Ducatus cafe, the first cashless cafe that accepts cryptocurrencies such as Bitcoin, on their opening day in Singapore on December 21, 2017.REUTERS/Edgar SuFacebook plans to make the cryptocurrency transferrable with zero fees via Facebook products including Messenger and WhatsApp. Facebook is working with merchants to accept the token as payment, and may offer sign-up bonuses, the article says. Facebook may also want to roll out physical devices for ATMs so users can exchange traditional assets for the cryptocurrency.Mark Zuckerberg may create an independent foundation to oversee its cryptocurrency operations so that Facebook may not face regulatory hurdles when approaching national regulators for necessary approvals. Facebook may ask companies to pay an upfront fee to operate a node that validates transactions made with its cryptocurrency in exchange for a say in the governance of the token. Meanwhile, a report in MoneyControl says the proposed new law of the RBI seeks to jail anybody in India dealing in cryptocurrencies for up to 10 years. According to the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, the penalty is applicable to those who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies directly or indirectly.”
UK foreign minister Boris Johnson. Photo: ReutersThe government will inform the international community that Khaleda Zia was jailed for misappropriating money donated to the state for spending at an orphanage trust.A top government official told this to Prothom Alo on Thursday.Ruling Awami League (AL) took the stand after a Dhaka court had convicted and sentenced the former prime minister, also the Bangladesh Nationalist Party (BNP) chairperson, to five years imprisonment.Foreign ministry officials think the issue will be raised during meetings with the visiting British foreign secretary Boris Johnson and the European Parliament delegation.Boris is scheduled to arrive in Dhaka on Friday on a two-day visit to discuss bilateral and regional issues with a special focus on the Rohingya crisis.Johnson will call on Bangladesh foreign minister Abul Hassan Mahmud Ali this evening (Friday). He will go to visit the Rohingya camps in Cox’s Bazar on Saturday.Besides, four separate teams consisting 11 representatives of the European Parliament will arrive in Dhaka on Saturday. Three of the teams will directly go to Cox’s Bazar from Dhaka to visit the Rohingya camps.One of the teams of European Parliament, led by Jean Lambert, was scheduled to call on Khaleda Zia on 14 February.
Kolkata: South Eastern Railway and Eastern Railway cancelled a number of trains on Friday considering the safety and security of the travelling passengers in view of the severe cyclonic storm Fani, which has already struck Odisha and is likely to hit Bengal late on Friday night.The Howrah-Puri Sri Jagannath Express, Howrah-Yesvantpur Express, Howrah-Puri Express, Howrah-Chennai Mail, and Howrah-Puri Shatabdi Express were cancelled on Friday. The Howrah-Bhubaneswar Jan Shatabdi Express and Bangriposi-Bhubaneswar Express scheduled on May 4 and the Santragachi-Tirupati Express scheduled on May 5 have also been cancelled by SER. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataMeanwhile, Eastern Railway cancelled the Puri-Sealdah Duronto Express scheduled to leave Puri on Saturday and Muzaffarpur-Yesvantpur Express scheduled to leave Muzaffarpur on Monday. The Secunderabad-Guwahati Express scheduled to leave Secunderabad on May 5, Puri-Kamakhya Express scheduled to leave Puri on May 4 and Kamakhya-Secunderabad Special scheduled to leave Kamakhya on May 6, will all remain cancelled according to a statement by Eastern Railway. Also Read – Lightning kills 8, injures 16 in stateSix local trains from Sealdah/Barasat to Hasnabad and four locals from Hasnabad to Sealdah/ Barasat were cancelled by ER authorities for the sake of passenger safety in view of the gust and heavy rainfall, as a precautionary measure. A group of people obstructed train movement at Barasat station, protesting against cancellation of trains at around 4.10 pm. Normal services were resumed at 6.10 pm, when the obstructions were withdrawn. Four Sealdah-Bongaon locals had to be cancelled, while 16 locals (8 Up and 8 Down) lost punctuality.
7 min read Register Now » In 2018, my company, Miller Heiman Group, did something crazy: After years of relying on multiple customer relationship management systems (CRMs), endless spreadsheets, numerous marketing systems and disorganized data … we decided to start over. From scratch.Related: 4 Reasons Why Companies are Choosing CRM Over Traditional Marketing toolsThis makes sense, because anyone who has worked at a business that’s changed ownership, acquired other companies or expanded into other countries understands the headaches associated with working in a multi-CRM environment.Different business units and regions may use different CRMs, each with its own functionality, data storage process and renewal cycle. Our company used 15 of them! And that scenario created an ineffective environment, to say the least.As a company which advises sales leaders all over the world on how to be more effective, we needed to own our own methodology and drive best practices into our own back office. We became our own case study.This is not insignificant because CRM represents the largest software market in the world, with $39.5 billion in revenue, according to EContent. But instead of funneling our data and processes into an existing CRM structure, we chose to build our own solutions into an off-the-shelf model from the ground up. Why go to all that trouble? In 2017, CIO magazine studied more than a dozen analyst reports and discovered that approximately one-third of all CRM projects fail.That finding, together with our own experience, told us we could do better.What a good CRM should doIn fact, we wanted to actively manage our customer relationships. A CRM should serve as a helpful tool throughout the customer life cycle, whether it’s used by a presale engineer creating a data sheet or a salesperson calculating downstream revenue.We wanted to break out of those silos. With good reason: Our work wasn’t being managed in a centralized or consistent way. Most of our sales leaders avoided our CRM systems and managed their tasks via forecasting calls and a series of spreadsheets.And we weren’t alone in this: We knew that such CRM issues happen at other companies. In fact, just 25 percent of sellers surveyed in our company’s World-Class Sales Practices study expressed a high degree of confidence in their CRMs’ data.So, our goal was to become more efficient. Indeed, before we eliminated our old CRMs, we had been drowning in tedious tasks. Typically, sellers reached out to multiple team members, as well as the client, to gather the information necessary to make even small changes to an account. And this consumed a tremendous amount of selling time: We estimated this was eating up about 50 percent of our time at one point. The result was that we were turning our sellers into administrative assistants.Related: How CRMs Can Spark (or Continue) Fast GrowthOverall, our old CRMs demotivated our sales force personnel and wasted their time — a common complaint, according to anecdotal evidence. In fact, in 2001, Ingersoll-Rand poured $2 million into rolling out a new CRM and discovered that the new system increased its sales’ reps workloads, rather than freeing up their time to sell. The result was a relaunch aimed at mitigating pain points.In sum, we wanted to analyze data, not just store it. All of our previous CRMs had performed data entry and other automated tasks, but none had the capability for a built-in sales methodology. Yet we knew a CRM could do more — including consistent global forecasting and revenue tracking. So, that was the goal we set for ourselves.Here’s what we did.From start to launch, the process took approximately two years. But we didn’t just flip the switch on a new product. We changed our entire back-office process flow and integrated legal, finance IT ops and sales-ops processes, gathering feedback and gaining stakeholder buy-in throughout. We also encountered some valuable lessons and reminders that reinforced our decision:We put end-users first. While a 90 percent adoption rate is the minimum required to affect sales performance, just 47 percent of companies achieve this level. There was no point in creating a new tool if no one used it, so end-user needs were front-of-mind throughout our development and testing process. When Ingersoll-Rand relaunched its CRM, the company directly involved its sales force in the system’s redesign.We added value with predictive analysis. The ability to accurately predict the methodology-backed action that will increase the odds of closing deals lets sellers see what moves they need to make to move an opportunity through the pipeline. But traditional CRMs aren’t built with this function — or sellers’ needs — in mind. Adding an insight-driven arm to the product revolutionized the way our sellers do their jobs.We scrubbed our data. We needed to trust our CRM. That meant combing through all the back-end data from those 15 legacy systems and importing only the information we knew was clean. Dirty data damages your reputation — and your ability to do your job. A 2017 study of home sale prices found that estimates on Homes.com were inaccurate 84 percent of the time. Would you trust a company with that kind of track record to sell your house?We kept existing systems in place to ensure consistency. Although everyone wanted to launch the new tool as quickly as possible, we couldn’t just pull the plug on legacy systems. Our project budget included fees for about a year’s worth of duplicate licenses on contracts with different renewal dates.We invested in tech that increased the time to sell. While sales relationships of the past relied on interpersonal relationships, today’s buyers no longer consider sellers an essential resource. The analysis provided by our new tool changed that: Sellers have instant access to actionable insights that prove their worth. According to Marketing Week, a CRM strategy helps car manufacturer Renault better understand the customer journey and how best to engage those people on the path to purchase.We streamlined to improve security. Housing clients’ personal and financial information in multiple places only increases the likelihood of a massive leak like the JPMorgan Chase breach that affected more than half of American households. A single, dedicated CRM means fewer dangers to monitor — and more visibility into suspicious behavior.We remembered the little things. Our 60-day pilot process involved both internal stakeholders on our operating team and a small group of clients. While we received very little feedback on the CRM’s overall function, one small feature we overlooked was a PDF writer. While our CRM was built with mobile in mind, people still wanted the ability to print documents — a small tweak that added essential functionality.We kept prospective and existing client messaging consistent. If sellers can’t see every client communication in one place, multiple people will reach out. When that happens, your company looks disorganized, and clients and prospects grow frustrated. A dedicated CRM allows the sales team to present a united front.Related: 4 CRM Hacks Every Entrepreneur Should Be UsingIn sum, if I could offer just one takeaway from the whole process, it’s this: A CRM is just a tool. If sellers and sales organizations truly want to find value, they should first align around a consistent sales methodology that guides their actions. When that solid foundation is in place, the right CRM will provide the insights to give your company the competitive edge it deserves. Opinions expressed by Entrepreneur contributors are their own. April 16, 2019 Free Webinar | Sept 5: Tips and Tools for Making Progress Toward Important Goals Attend this free webinar and learn how you can maximize efficiency while getting the most critical things done right.