Risk Management In Digital Business

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Risk Management In Digital Business
Srdjan Kali

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Srdjan Kali

Oct 30, 2019

Risk in digital business is imminent.

Mistakes and misjudgments are the best teachers, but the cost of education is too high, both in stress and in financial terms. Each of us has our own vision of reality that we create based on our own experiences and beliefs. Perception is different and what is favorable to someone is not to others. While some believe that the job is great and the quality of the work is high, others believe that there is more to be done.

The ideal situation is when both parties (client and digital agency) are satisfied and the feeling that you have created and provided quality service fills with a great sense of satisfaction. The more situations like these, the more you build trust in your brand and move forward.


WHAT IS A RISK IN ONLINE BUSINESS

Risk in digital business is imminent, given that the area where change is pronounced and frequent, where a high degree of adaptability is required, both in technology, human resources, and customer profile changes.

Risk represents the potential for a potential anomaly/factor/ event to have a negative impact on your online business. In many cases, the risk is considered a threat to a stable business, while risk can still be a missed opportunity. Amazon CEO Jeff Bezos advised entrepreneurs that risk acceptance is imminent and that the obsession with improving quality and customer satisfaction is what creates key value and difference in the entrepreneurial success scale. So much dedication to customer satisfaction that the client himself is impressed and amazed by the unexpected positive treatment and high quality of service provided. In addition to the above, risk-taking is one of the responses in risk planning, differentiating those with high entrepreneurial success.

 

RISK TYPES OF E-BUSINESS

The types of potential risks can be grouped into financial risks, project-related risks, those conditioned by geographical positioning, along with political developments.

What is more familiar with the business of an IT agency is the risk associated with projects and clients. Although the project comes from the client, the client and project entity should be distinguished. The project can be extremely potentially successful, while on the other hand, the client can be risky or vice versa. It is true that a potential offer is formed on the basis of the hours worked by the participants in the design process, but considering all the possible factors, both positive and negative, is fundamental. A good evaluation of the projects involves the closest possible understanding of the time required to execute it. If the running time is well estimated, it is very important that you justify your time calculation so that both parties are clear about what the estimate is and what it is for.


A POTENTIAL ONLINE PROJECT AND ITS ASSESSMENT

A thoroughly defined, explained project and an understanding of it are essential for a proper evaluation.

By insisting on quality information, the right questions about different project-related scenarios can minimize mistakes while also leaving a professional image of you as a competent person. If you are thorough in considering all the functionality and comprehensive understanding of the project, you can only get closer to successful implementation with this approach.

There are projects that, by their specificity, require a highly specialized expert from your team, and it is up to the manager to identify a colleague who can help view information from a different angle, with several factors taken into account. On the one hand, if your approach to project appraisal is not analytical enough and you do not have enough time to look at the complexity in detail, the most common mistake may be to bid too high for the project, which is the result of thinking that you have 'covered' yourself for everything you did not understand. and for potential issues, you may encounter later.

In this way, you are less competitive, it is possible that, in addition to thinking that from your perspective, the financial estimate is correct or, more precisely, sufficient, it may not be in the end. It is very useful and the best approach is to split the project segments in a modular manner, and yet to comprehensively review the requirements. When designing a web project, you need to distinguish between the time you spend communicating with your client, the time of fellow designers, developers, digital marketers, colleagues for quality assurance, administration, therefore all participants, as well as tax rates, while remaining competitive and retaining the client.

Quality methodology, clearly defined terms of use of your services, transparent display of payment phases and modes of supply, ensure simplification of the billing process through the different phases of the project. It is also important to accurately explain how you understand the functionality of the project and to emphasize precisely that the bid submitted is relevant.


POTENTIALLY RISKY CUSTOMER

If one of the clients does not want to explain the idea and desires in the first round of communication, and insists on financial evaluation, you are thinking about losing the client if you do not send the requested one.

This can be one of the pitfalls. Of course not by the client, who probably estimates that you have enough information, though there are times when you have been tested this way.

Like information that is the price of an online store, and each one is different. Clients who recognize your desire to find out as much information as possible should appreciate it because those who want an immediate response without detailing the requirements are potentially risky. The rule would be that without understanding the details of each job segment you are asked to give an estimate. In practice, sometimes the rule of nuance fades, and you can only make a rough, very tentative offer for what you understand to do to keep the client.

Customers should understand that the end product is theirs, that they will represent it and that without crucial information, there will be no success. It is up to the digital agency to find an adequate approach, which can be implemented through online project documentation, which is automatically generated and deposited into project documentation that will be accessed by participants in the design. Also, the digital agency should insist on a meeting if that option is possible. However, while written information as a form of communication is lasting and more than useful, oral communication is one that allows for a high degree of understanding of the requirements, and it is great to combine both methods.

 

MONITOR THE PERFORMANCE OF YOUR RISK ASSESSMENTS

Are your estimates correct only results can show. If your bids are accepted, with proper evaluation and documentation gathered, the methodology is good, the price/quality ratio is right and you have considered all the factors. Further work with the client throughout the project should be with transparently defined rules, which are mutually beneficial and with the aim of getting the best end product.

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