Too many companies fail to see the impact that quality customer support can have on the bottom line, and that mistake can often be very costly. That especially comes to light when a dramatic event threatens the company’s fortunes.

Every company claims to care about its customers, yet sometimes there is a breakdown of trust. It happens even to big brands. Volkswagen lost a gigantic amount of money after reports surfaced that the company systematically cheated on diesel emission tests.

The automaker was fined a whopping US$18 million while also losing more than 20 per cent of its stock market valuation. Another car company saw its shares drop by nearly 30 per cent in 2019 when Tesla Motors (owned by Elon Musk) faced problems with batteries in its Model S car that resulted in a few vehicles catching fire.

Failures of this kind are not limited to the auto industry or multinational brands and can be found in practically every line of business. The real question is how to avoid them.

Let’s step back and consider what constitutes a customer relations crisis and how a company can respond to it. In today’s world, people have high expectations from their favourite brands, and the competition is relentless.

Also Read: How Shopee uses AI, data to build a marketing strategy that suits changes in user behaviour

Not only that, customers expect to receive information directly from the source through various interactive channels, particularly when something important happens. Whenever the company receives some bad press from an external source, customers (and investors) will look for reassurance to remain loyal. How a company responds in the immediate aftermath of a crisis can largely determine whether any damage sustained in the process will remain permanently.

Fortunately, there are some very good strategies that can be used to this end. The first step is to acknowledge the issue and reach out to customers, trying to own up to the (possible) mistake and outline the steps forward. Repairing the actual damage is very important.

Volkswagen ended up committing another €6.5 billion towards service costs for any customers who were affected by the scandal, but Tesla Motors’ example demonstrates that repairing public trust is just as important.

The message of responsibility needs to be broadcasted very clearly through multiple platforms and backed up with a firm recovery plan. Timing is essential since it doesn’t take long for the ominous rumours to spread across the globe and inflict serious damage on company valuation and long-term revenues.

As 9listed.com told, social networks offer a lot of tools that can help to extinguish, or even better, prevent any negative publicity. Some of the measures that can help in this sense include investing in a good customer support solution and building a strong online profile before any crises.

When you are keeping the communication channels open, you are much better prepared to react if something unforeseen comes up. You need to pay good attention to customer feedback and try to build your strategy based on key points found through research. 

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Just a decade back, enterprise flexibility was deemed as a bonus feature for most businesses. While the flexibility element gave enterprises a competitive edge over their competitors, it was not a priority for survival. However, fast forward to 2022, and this status quo has most certainly changed. Flexibility today is not a mere bonus but an imperative for survival.

A distributed workforce is a permanent fixture for enterprises today, and flexibility is a core ingredient in making this a reality. But what is the implication of this evolution?

Today’s increasingly remote and hybrid workforces have created new, novel issues for IT teams, who are already under immense pressure to ensure that enterprise networks remain reliable, secure, scalable, and compliant. The importance of a resilient network has never been more paramount.

In fact, according to Deloitte, these new networking demands are one of the key factors driving the need for more flexible consumption models from IT services providers. Their findings conclude that the pandemic has accelerated a shift towards as-a-service offerings. Three out of four of the IT leaders surveyed shared that they were running half of their enterprise IT-as-a-service.

Aruba’s recent research findings further validate this surge toward new service models. The report featuring insights from 580 IT leaders across South East Asia, Taiwan and Hong Kong (SEATH) shows how enterprises are adjusting to increased flexibility needs and why Network-as-a-Service (NaaS) may well become the consumption model of choice.

What are the trends in the adoption of Network-as-a-Service?

As we dive head-first into the post-pandemic era, IT leaders driving digital transformation within their enterprises are leaning towards more agile and adaptable network models.

Our research found that when it comes to network management goals, businesses are prioritising the need to scale up quickly, as well as the desire to align network and business needs better. Additionally, 73 per cent of respondents in the SEATH region indicated access to new technology as one of the top four drivers for network investment.

Also Read: How can lean startups build a resilient cybersecurity posture

However, this desire to adopt new technologies and better flex and align the network comes at a certain price. It will require both IT talents that have the capabilities to lead these changes, as well as a network that can support this. The solution to this is NaaS.

Our research revealed that 100 per cent of the respondents are not only familiar with NaaS as a term, but 92 per cent of this group are also discussing implementation in some capacity within their enterprise. Unsurprising, given the benefits NaaS can bring to their operations.

It all comes back to flexibility

As companies continue to transition in and out of lockdowns, one of the main factors driving the spike in conversations around NaaS is having the flexibility to scale the network based on business needs, with 83 per cent of companies stating this has triggered their interest in the model.

The appetite for NaaS adoption is also underpinned by the expectation that NaaS can free up IT team time for innovation and strategic initiatives, as well as reduce operational costs.

Indeed, NaaS enables companies to own, operate, and manage a network and its associated services without actually buying the infrastructure. For companies struggling to keep up with the associated costs around ever-changing technologies, choosing NaaS could be an effective and viable solution.

The ability for enterprises to approach infrastructure as an operational expense provides certain balance sheet advantages as well. With budgets most likely strained after two years of unprecedented turbulence, the outright purchase of networking technology might not be an option.

NaaS is delivered, via subscription, through a cloud model to offer a high level of choice in terms of the services offered, pricing, availability, and features, among other benefits. When companies experience a surge in user base or services, they can easily scale up their network resources to meet these demands. Essentially, the NaaS paradigm addresses the need to pivot quickly, a concrete requirement of the next decade.

You’re only as strong as your weakest link

Our research suggests that security has also been driving the increased appetite for NaaS, with 64 per cent of IT leaders surveyed believing it will help them enhance their abilities in this area. Indeed, NaaS is a good way to guarantee tighter integrations between networking resources and network security.

Also Read: Finding strength in adversity: How COVID-19 can shape a resilient workforce

The outsourcing aspect of the NaaS model allows companies to offload their security responsibilities for more secure NaaS services. NaaS adoption will also mean that IT teams no longer have to use network management tools and outdated hardware, instead challenging their provider to ensure they have the most up-to-date solutions serving their business.

What’s more, NaaS makes it possible for a single provider to offer both networking services and security services like firewalls. For businesses failing to keep pace with ever-evolving cyber threats, switching to NaaS can ensure their threat defence is in safe hands.

Despite the clear benefits, our research also showed that barriers to implementation still remain. While there is widespread recognition of NaaS as a concept, only two out of three technology leaders said that they truly understand it. It is unsurprising then that only 36 per cent of leaders see it as an established and viable option for businesses today.

But NaaS can provide lower entry costs and greater flexibility and offer easier customisation to one’s needs. It can also deliver improved IT staff resilience, agility, line of business support, faster access to the latest technologies and better quality of service.

However, we need to bridge the gap between awareness and knowledge, unlocking the true potential of NaaS. Closing this gap would be an essential step that enterprises need to take in their journey towards network resiliency.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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The Web3 gaming industry is at an inflexion point.

The transformative Web3 technology is coming soon and could open the doors for more business use cases in 2023. There is a constant flux of innovation due to the COVID-19 pandemic that led to blockchain businesses developing better-personalised user experiences faster in the past two years.

“We will see these innovative Web3 technologies come to light in 2023 as decentralised alternatives become more desirable and Web3 services become ready for market launch,” says Douglas Gan, Co-Founder of Froyo Games. “One of the immediate ready markets would be in the usage of gaming.”

Gan, a serial entrepreneur and founder of  OhGenki, PureHosting.net and Global Wiz Internet Solutions, launched Froyo Games to provide quality digital asset games with intrinsic value and utility.

In this interview, Gan shares his thoughts on the Web3 gaming landscape.

Excerpts:

The past year has witnessed a spurt in Web3 gaming in Southeast Asia and globally. However, the likes of Axie Infinity have seen a downward trend of late. What does this trend indicate?

The declining trend may indicate negative attitudes and perceptions towards NFT games with token and NFT values that have crashed. This could be due to myriad factors, from games becoming stale due to repetitive gameplay to development teams lacking long-term vision.

However, we need to understand that many Web3 games were built haphazardly within the last two to three years to cash in on the blockchain gaming hype quickly. This trend could change as the quality of games improve across the industry.

I believe AAA games will make a huge difference in reversing this trend. Games like Grand Theft Auto, Diablo, Warcraft and Final Fantasy as examples.

Are Web3 games popular only because of the NFT aspect? Will a possible regulation of NFTs impact the future of Web3 gaming? Do you think NFTs need to be regulated like cryptocurrency?

Web3 games were popular due to the association with play-to-earn (P2E), where people were motivated to earn and profit from trading and selling a valuable game NFT or converting in-game earnings into other cryptocurrencies or cash.

However, there has been a paradigm shift towards P2E, with the “play” aspect emphasising gameplay that engages and entertains.

So while NFTs are here to stay in Web3 games, games should aim to have sustainable tokenomics and ecosystems, where token value is maintained with healthy trading volumes. Most importantly, the longer-term game plays with sustainable user economics, as seen in AAA game franchises.

Also Read: UST, Luna crashes: Can regulation alone restore investors’ confidence in cryptocurrencies?

Regulation would undoubtedly pose challenges to the future of Web3 gaming. A good case study would be the banning of StepN in China when the Web3 game couldn’t comply with the new IP and GPS regulations in June of this year.

Aside from games, NFTs have also been used as a disguise for real estate tokenisation and other real-world assets, which means “securities” in traditional terms.

NFT regulation could help with adoption as digital assets are deemed safer to own due to regulatory oversight requirements.

There has been a massive infusion of funds into Web3 gaming in the past few months at unreasonable valuations. Is this another bubble in the making? Do you foresee a course correction in the recent future?

The COVID-19-led crypto bull run in the past two years contributes to today’s sky-high valuations.

I believe many Web3 projects will cease to exist without a long-term strategy and prudent financial management. The few that do will emerge better than ever and become pillars of the Web3 space in the coming decade.

How have the UST and Luna crashes and plummeting popular cryptocurrencies like Bitcoin affected the overall Web3 sentiment? How is it playing out?

I have personally lost millions directly related to the UST and Luna crashes. Its widespread impact on Web3 projects like Three Arrows Capital, Hodlnaut, Celcius, etc. has created a partial bear market accelerated by the US Fed policies.

Also Read: What the fall of Terra Luna and the Asian financial crisis have in common

Web3 projects have many applications outside the finance industry that make them more resilient in a bear market. Web3 has exciting possibilities for social, authentication and other real-world solutions, with gaming taking the quick lead in bringing NFTs and blockchain games into a cohesive environment primed for innovation and growth.

Regarding crypto regulations, do you think the vague legislation introduced by several countries is enough to curb possible misuse and scams? What is an ideal way of regulating cryptos?

Innovation almost always happens because of regulations. I believe the approach would be to educate and address the market on identifying misuse and scams versus emphasising regulatory authorities implementing time-to-market regulations.

Investment DAOs are gaining momentum. How will this affect the overall Web3 gaming investment landscape?

Investment DAOs are all about inclusivity as opposed to traditional VCs. You and I can both invest in an investment DAO and help push for such projects.

This will significantly impact how investments will be made in the future and how an average consumer can now appreciate double-digit returns compared to handing that mandate to a VC and having multiple parties share those returns.

Can you talk about Froyo Games? How is it different from other web3 games?

We play an active role in developing and curating Web3 gaming content and explore new exciting ways to implement gamified finance (GameFi) into existing and new games via a mixture of in-house development or co-development with partners from established games development studios.

Also Read: The 27 Web3 startups in Singapore that show crypto is more than Terra Luna and stablecoins

As a Web3 games publisher, we have a strategic partnership with the Australia-listed firm iCandy Interactive, which lends access to a consortium of award-winning game studios (and Web 3 game development capabilities) across Europe, Australia and Southeast Asia.

Two of our studio partners are:

Lemon Sky Studios: It has provided game art and animation solutions for a long list of AAA game titles, including Call of Duty, Final Fantasy, Diablo II, The Last of Us II, Marvel’s Spiderman, and Mortal Kombat.

Flying Sheep Studios: It has in-house HTML5 developer capabilities for cross-platform and accessible video games. It has since successfully delivered over 200 cross-platform games to world-renowned clients, including DreamWorks Animation and Lego Group.

What is the future of web3 gaming? Where do you see this space five years down the line?

We have only scratched the surface of the fantastic potential Web3 gaming can bring. Post Grand Theft Auto’s announcement on its new game foray into Web3, I foresee other major studios, including the recent Blizzard-Microsoft acquisition, to bear fruit to a significant rise in Web3 games.

This is a similar inflexion point like the gaming console to PC and PC to mobile gaming.

Here we will see Web3 games materialising in the next five years, infused with finance like an injection needle, boosting the entire gaming ecosystem.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Globally, startups, particularly late-stage ones, are facing many challenges. Growth has been disrupted (owing to various macro-economic factors, including the Russia-Ukrain war and inflation), and VC investments have depleted, forcing companies to cut costs by firing employees and scaling back operations.

As the crisis unfolds, survival has become a top priority for startups, but how to navigate the rough sea and salvage the business is the question lingering in their mind. They struggle to find and connect with the right people and get the right advice on survival strategies.

Late-stage startups may have enough ammunition and experience to tide over the crisis, but early-stage startups, particularly those with limited resources, may not have such a luxury.

This is where startup events like Echelon become crucial.

Echelon, e27‘s flagship event, is staging a comeback after a three-year hiatus –the last event was held in 2019, just months before the pandemic hit. With over a decade of experience organising one of Southeast Asia’s most prominent tech events, Echelon is back in a new avatar to serve startups in the region and help them navigate the rough sea. The two-day event will be held at Resorts World Sentosa from October 27-28.

The attendees get countless opportunities to meet and connect with investors, corporates, governments, and entrepreneurs. They can seek partners to collaborate and build productive relationships with 500 of the most influential decision-makers and industry leaders from the Southeast Asia tech and startup ecosystem.

Besides, they can gain insights through discussion sessions featuring veteran and upcoming entrepreneurs and ecosystem enablers to shed light on today’s tech landscape and the future of startups in the region.

What to expect on Day 1

The Echelon agenda is being designed to suit the journey that a company may have to go through to grow.

We begin the first day of Echelon by exploring the state of the Southeast Asian tech startup ecosystem today. Through a panel discussion, we will look at fundraising trends and changes in customer behaviour that may affect how companies should approach their growth strategies. This panel aims to answer the big questions: What kind of opportunities are available in the market? What are the possible hurdles?

After that, we will go deeper into the different aspects of fundraising. We will learn from notable founders about their fundraising experience, especially during tough times like a pandemic or recession. We will also learn more about maintaining investor relations and how the pandemic has changed; this will include information on the platform that we can use to supercharge this process. And lastly, we will also look at the alternatives to VC funding available in the market.

Now, what happens after a company has successfully secured a funding round? That is when companies are executing their plans to grow.

This is why the next sessions will focus on Market Access. Here, we will learn the difference between Grab and Gojek’s models of scaling and growth. Should you look for regional Tier 1 city expansion or go deep into one market?

You will also learn about breaking away from the cash-burning model and setting up a presence in a foreign market –one of the most popular ways to grow in the region.

On Day 1, we will also hear from our sponsors about the role of payment services and finance in helping companies expand regionally.

At the end of Day 1, hopefully, you will be more equipped to get on the next part of your entrepreneurship journey. We are very excited to welcome you back to Echelon 2022.

Stay tuned!

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Echelon 2022 aims to provide intimate and focussed discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be colocated with SWITCH at Resorts World Sentosa on 27 to 28 October 2022. Learn more here 

The post Echelon 2022: Going through the long and winding road to growth appeared first on e27.

Indian edutech company BrightCHAMPS has acquired Schola, a live-learning platform for kids to master communication and English skills focused on the Southeast Asian market, in a US$15-million cash and stock deal.

The deal comes on BrightCHAMP’s June US$100 million investment war-chest announcement.

Ravi Bhushan, Founder and CEO of BrightCHAMPS, said: “The ability to communicate confidently, coherently, and creatively is a crucial life skill for kids and a prerequisite for success as an adult. Given Schola’s profitability and sustainable growth approach with low cash burn, we already know great synergy exists between the two companies’ operating models. The Schola acquisition will help us deepen our presence in the 30+ countries we’re already operational in and introduce us to many other parts of the world.”

Also Read: In this age of digitalisation, is edutech a bane or boon for educators?

Schola was founded in 2019 by former senior Facebook executives Aditya Gupta and Nhu Tran Le Thanh. The company offers a variety of courses in a live, 1-on-1 class model for kids from four to 15 years of age to build important capabilities for successful global careers tomorrow. These skills include communications, public speaking, leadership presentation, confidence-building, and several others.

Additionally, Schola courses have been designed keeping in mind the particular needs of kids who are first-generation English speakers, with an emphasis on learning through the real-life practice of spoken English.

Schola’s interactive and immersive curriculum is delivered by teachers with TEFL or TESOL teaching certificates with native-level or equivalent English proficiency. The company currently offers classes to students from 12 countries, including Vietnam, Thailand, Korea, Japan, Malaysia, and others.

Aditya Gupta, Co-Founder and CEO of Schola, said, “Far too many kids from countries and families that don’t speak English as their first language end up getting overlooked for higher education or career opportunities despite being perfectly qualified in every other way. Our goal is that lack of English proficiency should never again come in the way of a child’s dreams once Schola touches them.

“We hope that the combination of BrightCHAMPS’ brand equity and our subject-matter expertise will help Schola lead the world in the communications live-learning space. We look forward to expanding our presence beyond the 12 countries we are currently operational in the coming months,” Gupta added.

Also Read: Edutech in a post-pandemic world: Where do we go from here?

Launched in 2020, BrightCHAMPS delivers students worldwide access to real learning skills. The company aims to bridge the gap between school education and children’s real learning needs. It aims to empower students to be technologically, financially, and socially smart by leveraging Invisible Learning to nurture the inner potential of every child. Its methodology relies on play-based learning and includes features like customised learning journeys, quizzing and parental dashboards.

It employs thousands of educators delivering 300,000 classes monthly across its coding, financial literacy, and robotics verticals for kids between six to 16 years of age to help them become future-ready and thrive in a modern world.

BrightCHAMPS is currently operational in 30+ countries, including the US, Canada, UAE, Saudi Arabia, Indonesia, Malaysia, Thailand, Nigeria, and many others.

BrightCHAMPS is valued at US$650 million after raising US$63 million from marquee names across geographies, such as GSV Ventures, BEENEXT, and Premji Invest, besides Flipkart Co-Founder Binny Bansal-backed 021 Capital.

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