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how to monetise your services in sharing economy

Small & Medium Business, Exceeders Partnerships, Exceeders News, Scaling Business, Business Plan, Business Growth | read

How Can You Monetise Your Services in Sharing Economy

Written by Yamini
Dec 2, 2019 6:50:08 PM
Written by Yamini

Sharing economy movement has been a fast rising business model over the past few years. 

In simple terms, in a sharing economy, members can ‘rent’ or share under-utilised assets such as cars, homes, personal time or other services to other members similar to a peer to peer model. 

how to monetise in shared economy

What is sharing economy 

 

According to Forbes,

“a shared or sharing economy is an economic system in which assets or services are shared between peers or businesses for free or for a fee.”

The idea behind a sharing economy is to optimise the use of products or services - and improving their longevity.

Even though the term Sharing Economy was first coined in 1978, it wasn’t till 1995 when eBay was launched did Sharing Economy gain momentum.

In the past few years, sharing economy movement saw rapid growth. From the early days of Airbnb, we now have large players like Couchsurfing, Uber, BlaBlacar and more amongst thousands of sharing economy platforms active in several sectors ad industries. 

According to Brookings, The sharing economy is the fastest growing industry,; it is estimated to grow from $14 billion (2014) to $335 billion (2025).

what is a sharing economy

What are the benefits of the Sharing Economy 

  • It is environmental friendly 

    Sharing economy ensures products are cycled and reused to their complete life cycle, thereby, reducing the effects on the environment. Since same asset is shared amongst a number of community members, the overall carbon footprint is reduced. Low consumption means low impact on environment. 

  • Fosters a culture of self-employment & entrepreneurship

    In sharing economy model members can offer their private products and services to others. Some well-known examples are apps like Uber & Ola or eBay where people can sell their unwanted good to those who want them. This movement offers opportunities to the sellers to become independent of a regular salaried job and set up their own businesses. 
how to monetise in sharing economy
  • Less stress on asset ownership, more on asset optimising 

    Gone are the days when owning assets was a status symbol. Today, lean consumption in. Many younger people see assets as a liability. For example, owning a car in urban areas means dealing with car loans, insurance, regular maintenance, and whatnot. However, by sharing cars or rides with other members of the community these headaches completely go away. 

    Sharing economy emphasises on getting most of the existing assets, instead of possessing additional assets that you will not use to their full potential. 

  • Creates a sense of community & trust

    Sharing economy pioneering business have been instrumental in mainstreaming the sharing economy. 

    Once upon a time, it would have been unthinkable to invite complete strangers to stay overnight in your home. Thanks to Airbnb or Couchsurfing not only the homeowners are able to benefit financially, but also create a sense of trust within the community. 

    The platforms like Airbnb, Uber etc are based on ratings and review system which allow their members to make a safe and informed decision and help with a positive experience. The same features also ensure that members comply with the platform guidelines and respect the shared resources for everyone.  


Learn how to monetise your services in sharing economy

Join our partner, GetBEE founder and CEO, Thea Myhrvold for an informative webinar "How to leverage the sharing economy movement to effectively monetise services online?".

What will you learn in this webinar: 

In the present day, the sharing economy has made exponential gains since its digitised introduction in 1995 and it is estimated to grow from $14 billion in 2014 to $335 billion by 2025.

While monetising time remains a continued tradition in a capitalistic economy, the methodology continues to evolve with technology. Companies are feeling more and more the need for an effective digital transformation in order to start exploring the sharing economy opportunities but very often they do not know how to start their own digital platforms for services.  


Speaker:

Thea Myhrvold, GetBEE Founder and CEO

Date:

TBA - coming soon!

Speaker Profile:

Thea is a proud founder and CEO of awarding winning and internationally recognised startups and brands like TeachMeNow and GetBEE. She is passionate about making knowledge and expertise accessible to all. Empowering entrepreneurs, business, and public sectors to digitally transform and scale their reach globally. Thea has spent nearly a decade in her entrepreneurial journey, and truly knows what it takes to scale and execute from a simple idea to a global business.

 

A Great Offer, Just a Click Away

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Originally published Dec 2, 2019 6:50:08 PM, updated February 18, 2020

Topics: Small & Medium Business Exceeders Partnerships Exceeders News Scaling Business Business Plan Business Growth

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IT Governance Committee - The Role and Importance of Attaining the Board’s Objectives

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The tensions are running high lately at boards’ level regarding the rapid changes and progress in technology and not knowing the possible impacts on the businesses’ future performance, profitability, confidentiality of data or even continuity.

The fumbling from the risks of information technology increases especially in traditional boards that include members who are unacquainted with this domain and who don’t appreciate the extent to which their firms depend on “information assets”. Many are oblivious of the importance of information technology in shaping the strategies of their companies and the risks which could disturb their business due to system failures or security breaches.

This lack of awareness often leads to a slowdown or negligence in making fateful and even existential decisions. There are many examples of global companies who did not realize the stimulus of technological developments on their businesses and their future; their hesitancy led to massive losses, shares falling, and even bankruptcy.

The Importance of IT Governance

Still, in many western and eastern countries, boards don’t give special importance to the subject of IT governance due to unfamiliarity with the topic. Board members often lack the basic knowledge necessary to ask key questions about technology risks and around the impact of high-tech changes on the business itself.

Traditionally, this responsibility is left to the information technology executives, who define the course of action according to their whims. Therefore, the lack of control over IT activities by the Board is treacherous as it could expose the organization to the same risks resulting from incompetent assets or financial management.

Several global companies have understood the IT threats and risks and have created special board committees to monitor and oversee the Information technology’s activities. The IT governance team worked closely with the audit and governance committees. Subsequently, IT governance committees were recognized and became a major and auxiliary in carving strategic decisions and monitoring company’s IT performance. Involving IT governance at board level led these companies to gaining competitive advantages in their markets i.e.: Procter & Gamble, Vodafone, Wall Mart, and Federal Express.

The Role of the IT Governance Committee               

The boards, who decide to oversee the activities and the impact of information technology on their businesses, need to form an IT governance committee. It starts by recruiting independent directors or specialists, who their main role is the preparation of the committee’s charter and its relationship with other board committees.

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After its formation the committee's main task is to understand the IT roadmap of the executive management and its impact on the company's business in the foreseeable terms. What should distinguish the work of a competent committee is its ability to bridge the knowledge and communication gaps between the executive management and the board of directors. Accordingly, the role of the committee is pivotal, since it will help the executives to avoid digging into technical details and technological terms but to focus on the opportunities available and draw a broader picture of their IT strategy and its impact on the business growth and success.

The committee’s role is also to review the cyber security measures implemented by the company and engage specialists to assess the vulnerability of the firm vis-à-vis cyber threats. A Gulf flavored GDPR will be applied soon in United Arab Emirates which will force most companies to review their IT and cyber security measures in order to comply with the state rules and regulations concerning user data protection.

In addition to the above tasks, IT governance committee’s further role is to challenge the IT projects proposed by executive management and its efficacy and necessity; to assess the success of projects implemented and its contribution to the business’s progress; to inquire the adoption of certain technologies which might not benefit the firm or could be a waste of time and money.  

The IT governance committee is as important as the audit committee. Its role helps to balance the current business and future needs; ensure the seriousness and feasibility of investments in IT projects; ensure the protection of “digital assets” and “business continuity”. The relationship between these two committees should be close; for IT matters can affect economic and regulatory issues, IT governance committees are geared to understand the fundamental dynamics governing changes in technology and its ability to transform the company's economic outlook.

How Global IT Governance Committees Successfully Fortify the Board

Boards supported by IT governance committees, and who valued the positive influence of technology on the business’s fortune, have contributed to their companies’ success. Accurate information and peculiar data analysis have assisted the boards in understanding the dynamism of competing markets, customers behaviors, and the importance of customers’ experience. Those boards reacted to the changing dynamics of their markets and took swift decisions based on information that boosted their profits and raised their shares.

Finally, forming an IT governance committee is crucial and requires strict commitment and discipline by the Chairman of the board and all members for the success of the committee's work. Board members and senior executives need to assess the impact of information technology on the company's business and strategy and determine whether the formation of an IT governance committee is essential to their business or not.

Antoine Alam

CEO – BluGrass Technologies

Certified Board Member

Check out  BluGrass

best project management software

Do You Really Need Software To Manage Your Projects?

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Why Invest In Project Management Software?

When a project is executed, every single team member - from the stakeholders to the client and project managers to solution experts - base their decisions on only one single goal – project success. While the parameters of project success may vary greatly from one engagement to another, the generic measures remain the same – a quality emphatic timely delivery, within budget and with a joyful experience.

So with the highly skilled and qualified resources, diligently groomed product backlog and carefully determined tasks, the project should go off like clockwork, right?

WRONG!

Even with the best minds and healthy work ethics on a project, without the right tools, you will end up wasting valuable time, money and energy on repetitive tasks and manual data collection.

 

Problem

Meet Owen.

Young manager at the office making report and statistics with blackboard background

He runs a growing business with mobile employees and resources scattered remotely across multiple projects across the planet. Business is booming but Owen is struggling to manage the growth. His overhead is rising just as fast as the revenue his projects are bringing in. The mobile resources are spending more and more time pushing paper and spending less time getting work done.

Management has files of inaccurate timesheets. Costs are rising for manpower and productivity, while the timing of the projects is severely impacted. Reports are coming in from the on-the-ground resources with information that is sometimes unreliable, unrealistic and sometimes even unreadable. Poor Finance team members are left to track down contractors, consultants, project managers and service providers to validate the correct information. 

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Every day Owen and his team are forced to make business decisions based on inaccurate information. They only find out after the fact how much the guesswork is actually costing the company.

They need a better way to manage and measure mobile projects to track costs, budgets, revenues, resources and more.

 

Solution

Engagement Pro is an application to help you to Plan. Organise. Track. projects - all in one visual, collaborative space - to increase visibility and alignment within team members. It is simple to use and powerful in the office. It gives you the visibility to act in real-time in order to reduce operating costs and increase profit margins for projects.

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It accurately tracks resources and productivity as it happens, so you get more reliable information, quicker. It’s that simple. The data is transferred from all users of the system to the servers in real-time helping all the team members accurately track progress and make critical decisions right away. 

 

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The visual dashboard and reports make project management a breeze. The project visibility in the office and on the field is at your fingertips. Immediate answers, right when you need them. 


We’ve only scratched the surface of what this tool is capable of! Hundreds of users have already joined the Engagement Pro network – What are you waiting for?

Sign up for the most efficient project management tool - today! 


Watch this quick tour of the features of Engagement Pro! 

 

Meet the Experts: Khaled Dassouki, CEO, Ubility

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You see the end product but we’re bringing you closer to the people behind it ! 

Among our recent partnerships, we joined forces with Ubility.  

To bring the service provider closer to YOU, we sat down with their CEO Khaled Dassouki, to gain firsthand insight on the things they do and the types of human capital profiles that drive their success.  

Khaled is a Lebanese national with an engineering background and PhD in Artificial Intelligence & Security obtained at Université de Technologie de Troyes, France. 

As a result of over 20 years in the field, Khaled decided to establish Ubility in France and build it on a base of Artificial Intelligence in Customer Experience, which was considered to be highly innovative as it was a niche field.  

Khaled was quick to notice that there had been a shift in the way business was carried out, the shift had been made to be more customer-focused. With that came new challenges, the ease with which customers can connect with the business led to a huge influx of queries and requests for support, which was very time consuming, tedious, and required businesses to grow their customer support teams leading to higher costs. 

While growing their teams did solve some challenges momentarily, organisations were quick to realise that the complexity and average time required to resolve customer challenges was growing which eventually led to dissatisfied customers. Not only that, customer service agents were quickly burning out as they were answering an ever-growing list of routine questions rather than helping solve complex problems and offering innovative solutions.  

Taking all that into account, Ubility offered an AI-powered platform that learns from interactions between an organisation’s customers & their customer care team to enable quick suggestions of appropriate solutions that could solve a customer’s challenge in seconds rather than minutes.  

In addition to that, Ubility also offers AI training for professionals in the IT industry, a sales chatbot that is based on a recommender system and knows the sales cycle, and AI Consultancy in which they are recruited to build and implement AI services in response to an assessment of an organisation’s processes. 

 

Success Story 

Ubility was commissioned by a Telecom operator in the gulf to assess and analyse their IT processes. After a thorough analysis done by their team of experts, it was concluded that a huge portion of their IT processes had an opportunity for automation.

After studying the best ways in which they could automate their processes, they determined that incorporating AI would allow the elimination of a manual process by looking at historical data. Instead of their operational costs raking up to 50,000 USD a month, they were now cut by 80% to be only 10,000 USD.  

 

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