May 19, 2020

5 Considerations for Developing A Successful Managed Services Strategy

Leadership
finance
Outsourcing
Stephen McCarthy
2 min
5 Considerations for Developing A Successful Managed Services Strategy

Organisations outsource ICT to achieve different business goals, from reduced risk and costs, to achieving greater agility for competitive advantage. However, there are some pitfalls when shaping a managed services strategy that should be avoided. 

Stephen McCarthy, Senior Business Consultant, Managed Services Group at UXC Connect, said, “Over the years, organisations have tried many different approaches to outsourcing ICT. By continuously meeting and speaking with CIOs and other C-Level executives, it becomes clear that there are five core principles that can help organisations to develop a successful managed services strategy for the business.” 

These five fundamental factors are: 

1. Start from the top. Successful managed services arrangements are built from the top down, starting with an organisation’s strategic business goals. Don’t leave managed services contractual arrangements entirely to tactical or line-of-business staff. Set the framework by reviewing the overall ICT strategy, then match that strategy with the deliverables expected from an expert managed services provider. 

2. Set high goals. For ICT managed services to work, there needs to be a genuine commitment to continuous improvement, innovation and cost-reduction on both sides. A good managed services provider will be diligent in assessing ways in which they can achieve these goals. It’s critical to ensure these goals are protected within the contract as well as ingrained within the organisational culture and work practices. 

3. Make it a financial win/win. Successful managed services partnerships must be beneficial to both partners to be sustainable over the term of the proposed arrangement. Cost reductions and other benefits should flow to both the client and the managed services provider, to create incentives to pursue improvements. 

4. Get your team on board. It is essential that everyone is on board and organisations need to communicate expectations and goals for both the internal team and the managed services partner. By clearly communicating the strategy, addressing any concerns over loss of control and taking active steps to help embed the managed services partner’s staff within the internal ICT team, organisations can achieve the desired results. 

5. Trust and let go. It all comes down to trust and understanding each other’s role and strengths. Managed services providers need to be very focused on the needs of the business and the individuals that work within it, as well as being alert to using their vast experience with other clients to introduce best practices and new ideas for improvements. At the same time, all levels of the client organisation need to trust the expertise and experience of their managed services partner and truly share responsibilities to achieve optimal results from the partnership.

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Jun 13, 2021

Seo JungJin: Who is EY’s World Entrepreneur of 2021?

EY
entrepreneurs
Leadership
celltrion
Kate Birch
3 min
From just US$45,000 capital in 2003 to a world-leading biopharma giant with revenues of US$1.69bn today, Seo JungJin is crowned EY World Entrepreneur 2021

Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.

Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.

JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.

Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.

Why was JungJin crowned King Entrepreneur?

A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.

The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.

According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.

Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.

“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”

How did JungJin get there?

JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.

Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.

And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.

With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.

“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”

 

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