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The Integral Role of Cloud, AI, and Edge Computing in the Digital Landscape

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Blogs

The Integral Role of Cloud, AI, and Edge Computing in the Digital Landscape

The Integral Role of Cloud, AI, and Edge Computing in the Digital Landscape

AI, Cloud, and Edge computing has changed our economy. Is the future of computing ambiguous or brighter than ever?

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The width and breadth of human knowledge have been ingrained in the pages of our computational systems.

Our world has changed since Turing broke the enigma and created one himself: his devices, the Turing machines. These computers worked on mechanical rules, but Turing hoped, one day, they might become like us.

Does that future seem far ahead to you? It is a relevant question today. This cyberscape of knowledge, entertainment, and organizational growth. We have leveraged our computation to educate us and survive. Though survive sounds like the wrong word, we have learned to thrive because of our computational powers.

We have collected the sum of our brains and posted them online for all to see. We create actionable data that drives business and predicts events before they happen.

Computation is the closest thing we have to magic. From simulations that mimic life with frightening detail to creating a machine with its brain, it is magical to see how far we have come.

And still, the internet and data grow in its vastness, and with AI-computing, edge, cloud, and especially quantum computing, it feels like we have barely begun to understand what computing can do for us.

Computing is the power to run complex objects for our benefit.

What is Computing?

There are various complex definitions of computing. Ranging from its days as analog machines to the transition to digital.

In essence, computing is the specific set of calculations done by a machine. These machines are Personal Computers, Smartphones, tablets, servers, ARMs and more. There is an endless list of computing machines in the modern world. In 2021 alone, there were 15 billion mobile devices. The number is projected to increase.

Computing is everywhere. From powering our nuclear plants to running a vacuum cleaner, almost everything has a digital chip that carries out instructions beneficial to us.

What are the different types of computing?

There is a vast number of computing methods available to us. Every computing method has its own use cases and wishes to push the boundaries of what is physically possible.

In this piece, we will talk about AI, Edge, and Cloud computing for the sake of business. Let us also touch on some fascinating forms: –

  • Cloud Computing: The Cloud is a bunch of computers called servers that hold vast amounts of data and computational power. These machines are built on scalability or to provide power and data as needed. The servers of a cloud computing system access the internet and stream computational power where required. You can access data and computing power from anywhere, usually subscription-based. There are three types of cloud computing.
    • SaaS (Software-as-a-Service): Provides software/applications remotely to individuals and businesses. Examples: SEMrush, Notion, Adobe Creative Cloud.
    • PaaS (Platform-as-a-Service): PaaS provides enterprises/individuals platforms to build their applications. These usually have various services attached to them, like computing data and storage. Examples: Google Cloud, AWS Elastic Beanstalk, and Microsoft Azure.
    • IaaS (Infrastructure-as-a-Service): Provides only the hardware part of the computation. In short, it provides computational power through its servers, storage, and networking capabilities.
  • Edge Computing: Edge Computing is a tricky one to understand. All definitions say it is the placement of the data generator close (physical proximity) to the data processing plant. It moves data processing from cloud computers to something closer to the source. There are three terms we must understand.
    • Edge Devices: Edge devices process and generate data at the edge. These can range from small devices to huge in-house servers.
    • Edge Networks: The edge networks connect devices and the cloud to allow a seamless flow of information.
    • Edge Applications: These applications are created to run on edge devices. They are low-latency and require minimal connectivity. Example: The software on your home lock or Bluetooth speakers in your car.
  • AI Computing: AI computing is a system that learns through machine learning. It takes vast datasets to derive insights and create outputs based on user requirements. AI computing is revolutionary for its capabilities of changing how we interact with machines in general. There are also types of AI computing. They are based on the methods the AI uses to understand data. Here are some listed below: –
    • Machine Learning: The most popular type of AI computing, machine learning, is feeding the AI large amounts of data sets through dynamic algorithms that help the machine learn.
    • Neural Network: Neural networks are fascinating on their own. Here is IBM’s in-depth article! These networks are models that mimic our neurons’ behavior. An input is given to the nodes, which process it by weighing the options and providing an input. What makes neural networks so fascinating is the concept of the black box. We, the developers of these machines, are still unclear about how they behave.
    • Deep Learning: Deep Learning is a subset of machine learning inspired by the human brain. It uses multilayered neural networks to emulate the mind and enable the machine to do various tasks simultaneously. For example: Recognizing speech and giving a response. Deep learning enables the machine to self-learn and extrapolate new data. This makes them perfect for image and speech recognition.
    • Expert Systems: These are machines that simulate the behavior of domain experts. They acquire knowledge and use this knowledge where their expertise is needed. Expert systems have a rule system to tell the machine to use its expertise in specific ways. They are used as assistants, which increases efficiency. Examples: Legal AI systems and Medical AI devices.
    • Genetic Algorithms: These algorithms behave on the principles of natural selection or the behavior of natural systems. These algorithms aim to cut problem-solving time by mimicking nature’s efficiency. Irrelevant problems are eliminated, and relevant ones are pushed forward. That is the basic logic of genetic algorithms.

4) Quantum Computing: Quantum computing is often hailed as the supreme evolution of computing itself. Basic computing is made up of two logical systems called 1/0. On or off, by combining and recombining these two, our computers operate and carry out calculations.
But quantum computing does away with this and uses the rules of superposition, which says that multiple states exist simultaneously at the same time until observed. Through entanglement— these states called qubits become linked and perform calculations faster than is imaginable.

5) High-Powered Computing: HPCs or high-powered computing performs complex tasks in seconds that take average PCs thousands of hours. It works on the method of parallel processing. Many processors work on the same complex problem in parallel. Example: Simulations, Drug Discovery, and AI Training require HPCs.

The list continues to grow, but when we think of computing, we generally think of these five processes.

Especially, AI, Cloud, and Edge for their vast potential for economic impact. While some welcome the change, others are apprehensive of our overreliance on these systems.

Computing has changed the course of the world. Yet, for many, the direction today seems ambiguous.

We sit at the edge of yet another revolution. Our systems are getting more efficient at what they are doing, surpassing human expertise.

Yet, many dream of a dystopian future where our technology has become a curse rather than a boon. On another spectrum, we feel technology will bring a utopia of unbound human potential.

But as with all technology, our machines may continue to change mundane aspects of life in one way while making it challenging somewhere else.

Especially for businesses, the present and future see AI, cloud, and edge computing play an integral role as they change the digital landscape. And the thing is, these three work in harmony to support each other. Edge computing improves AI, and the cloud improves both edge computing and AI performance.

Edge Computing

The edge has gained traction in the past few years. One look at Google trends, and we understand a shift in the mindsets of enterprises and SMBs alike.

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What happened here? According to Hanover, from 2017, enterprises began to spend upward of $5M on AWS services alone. Now, causation might not be a correlation— we do have to factor in curiosity, but it is something to think about.

And then, there are loading and speed times. Edge computing is necessary for IoT devices. They thrive in low-latency and quick data analysis times.

Edge computing has become popular because of the increasing processing times needed for the cloud and the cost of maintaining the systems. Edge computing has increased the efficiency of factories and retail stores away from Data Centers.

One of the vital advantages edge computing offers is its scalable models. As needed, businesses can add and remove devices from their infrastructure.

Let us take an example of edge computing changing the digital and physical landscape. Think of your smartwatch— it is an edge device. It elevates the digital landscape by analyzing your metrics and providing comprehensive reports on your heart rate, your steps, and a lot more. It does all that within that tiny device, providing data in real time and at high speeds.

Gartner predicts by 2025, 75% of computing will be decentralized. That is, outside a traditional cloud infrastructure. As edge computing takes hold, there are certain security risks identified with it.

  1.  As edge computing grows, it becomes more vulnerable by having more nodes.
  2.  Cost and management, the saving grace of edge, can explode because of the increasing number of micro-data centers in a growing operation.

As the edge takes hold, it is necessary to understand these risks.

Cloud Computing

In 2002, Amazon introduced AWS to help developers integrate Amazon.com unique features in their web solutions. This was free of charge.

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Then, in 2006, the cloud race started with the pay-to-go models of Amazonʼs EC2 that introduced the IaaS model, shaping computing history. Businesses could now rent computational power without buying the infrastructure needed for it.

Cloud computing has made scaling an organization possible. It might be its finest achievement. It does all the heavy lifting for organizations, helping them focus on boosting their productivity and saving time. Cloud has permeated everywhere. From B2B industries to horticulture, every vertical has benefitted from the creation of the cloud.

Cloud provides the building blocks for computational power. And now it sits at a pivotal juncture of its lifecycle—supporting the AI revolution and SaaS development.

Not every business is Meta or OpenAI, but every company wants to leverage the powers of AI without the high cost of maintaining an HPC. Cloud helps reduce the costs associated with AI development.

Every business has begun creating its own AI, from complex machines that store vast amounts of data to specialized tools for helping industry leaders automate their work. And this started with the rise of SaaS.

Cloud computing enables industries to create and deploy software worldwide. No extra hardware is required, just a stable internet connection. With SaaS, technologists can share their solutions through a model-based or tiered-based subscription model. SaaS models have helped businesses save time, money, and operation costs, transforming the industry forever.

Shareable, scalable, flexible, and secure— cloud computing will remain a vital computing power for the future.

AI Computing

Artificial Intelligence is the next revolutionary tech. Today, AI models are helping us make sense of our data. It understands the data by analyzing it with repetition. And observing the patterns that may not be otherwise apparent.

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Since the dawn of computation, we have tried creating a machine that will mimic us. And in the past few years, that possibility has seemed likelier than ever. AI computing is automation.

Automating physical and mental tasks that otherwise would be considered mundane has become the job of our AI systems. Now, AI goes as far as to detect cancer in its early stages.

The future of AI makes computation more than calculations. It transforms computation into the creation of new. Whether creating videos through creative prompts or finding data insights for monetization, AI has begun doing all tasks mechanically possible and some more.

AI has disrupted the world at large. AI computing poses countless advantages but two risks (actually a lot, but with two, we can present a distilled view).

  1. It has the potential to create accurate depictions of false events (Videos, images, audio)
  2. We perceive it to be a threat to our status quo.

Today, AI makes automation of tasks a breeze, but tomorrow, will they do the work of a CEO?

Computing with AI presents us with new opportunities. An infinite canvas with which we can do potentially infinite things. With regulations and compliance, it can be a tool as powerful as humans harnessing fire.

Cloud, Edge, and AI computing affect the digital landscape and transform our physical world.

Computation takes center stage in our modern world. We help it run our electric grids, power systems, and the internet. Even our stock market is electronic.

Our world is a web of interconnected computation. And to make it work, we have created virtual machines and data centers to manage it all for us. The question ‘Where will it take us? ʼ has many answers. From the space race and creative marketing to improving our healthcare systems.

Computation will end up changing the digital landscape and our physical world.

High-Cost-of-Low-Quality-Leads
Blogs

The High Cost of Low-Quality Leads: A Risk Assessment for Marketing.

The High Cost of Low-Quality Leads: A Risk Assessment for Marketing.

Accurate data is the most valuable resource of all, and it is the basis of lead generation. A successful campaign has one commonality: The data is correct and up to date.

Lead generation requires understanding the campaign and the ideal customer. However, the lead gen cycle has become complex in response to the competitive market. Sales take time to see success, and many leads are not qualifiable. HubSpot’s Sales 2024 report says as much— sales teams are disheartened with the quality of leads.

Attracting and qualifying the relevant leads seems to be the problem for marketing teams.

Marketing teams have to do more with less. The current trend of B2B lead generation has fallen into a vicious loop. Businesses delegate to capture high-quality data to come up with a solution.

This data is based on the specifications and requirements of a particular campaign. How do businesses ensure their message is consistently delivered to relevant leads? By working with the right partners who understand their needs, and the granular approach to lead generation.

This granular approach is based on understanding the nuances of the B2B buying committee and their risk aversion behavior. According to Gartner, a B2B buying process involves six to ten members from different fields and their unique agendas.

Lead generation is dynamic. It is no longer based on a single decision-maker. The buying affects the whole organization, and stakeholders are equally liable for the decision, increasing the risk factor.

Generating low-quality leads impacts communication, and there is a waste of time and energy. This directly affects the ROI. Lead generation should begin by identifying and nurturing each account with specialized content to determine the correct fit. And Ciente excels at changing lead generation from numbers to a strategic game.

Lead Generation is changing, and the market standard has pivoted to become benefit-driven.

What is lead generation?

Lead generation is identifying, attracting, and engaging with individuals or accounts that are the target of a marketing campaign.

Each campaign and the necessary leads are different from industry to industry. These are the specifications of the lead generation campaign.

The goal is to nurture these leads into qualified opportunities for sales.

How is lead generation changing?

Sharon Drew Morgan writes an exceptional piece on how buyers do not buy when there is a need; they buy when they need to mitigate risk. The buying decision is based on how well the software/product can be integrated into the system without disturbing the status quo too much.

Lead generation has changed because lead-to-sales-funnel behavior has changed. It is now risk-averse,

The pandemic, especially post-pandemic was a wake-up call for decision-makers. They need solutions to mitigate their risks, and lead generation should not be to identify the needy but to identify and attract the accounts looking to lessen their risk through solutions available in the market.

Time and again, marketing teams have realized that the market does not know what it wants. Demand Generation exists to raise a hidden problem in question and then bring an answer to it.

Similarly, lead generation must start with the campaign message firmly in place. And that can happen only when marketers understand the problem and the risk by market research and analyzing the existing solutions.

In this case, the availability of high-quality leads is a risk factor. The risk is a waste of time by the sales teams and negative brand perceptions.

Finding relevant leads from the noise requires the harmony of many strategies coming together.

How to discover relevant leads from the noise?

Lead generation must start with attraction. 39% of marketers believe they could improve their marketing with access to better data.

Data Enrichment

Data is elusive. Much of it can get lost or dry because it is not updated. At Ciente, we ensure that data is always fresh and retains its high-quality attribution through our data enrichment services.

Data Enrichment is essential to have a complete view of the leads. By having a complete view: –

  1. Marketers understand accurate lead behavior, paving the way for more successful campaigns.
  2. And the intent signals high-quality leads exhibit?

Data is a game changer and helps mitigate the risks associated with lead gen by connecting relevant parties and paves the way for understanding lead-brand behavior.

Understanding lead behavior

The behavior of a lead is crucial in understanding their intent. Intent data, fueled by data enrichment, gives a multi-dimensional picture of the lead. Helping marketing teams cater to their (the leads’) needs and grasp what they are looking for.

  1. What is the ideal behavior of a high-quality lead?
  2. Where are they viewing their content?
  3. Are they looking for a solution or window shopping for now?

Identifying the behavior of the lead will provide crucial insights into these metrics.

Which will help marketing teams craft the message.

Crafting the right message

Content marketing at all stages of the funnel has become vital. It is a crucial lead nurturing tool. But a message must resonate with the right audience. It should speak to them by understanding the state their industry is in, addressing their problem, and providing a unique solution.

Simon Sinek calls it the Golden Circle Model; it is how leaders are shaped.

By giving the

  1. Why
  2. How
  3. And What

In that order.

This framework helps marketing teams understand their unique proposition and message. As Simon Sinek says, people buy why you do it, not what you do.

Content Syndication

Ciente believes that content syndication is a vital aspect of lead generation. Every organization must invest in this strategy. It helps deliver quality backlinks and boost thought leadership by sharing content to be seen by relevant eyes.

Content Syndication shows the content to as many relevant eyes as possible. When prospects understand that a solution to their unique problem exists and does not disturb the status-quo too m, they will engage with a brand and research more.

Landing Pages

A compelling lead generation strategy requires a landing page. Landing pages are crucial to building email lists and a subscriber base.

With a sleek and focused page, marketing teams can enhance their message, provide value as lead magnets, and get value in return. (The leads’ contact information). This information implies contact consent.

The bullseye for lead gen efforts.

Email Marketing

Email marketing is the king of lead generation and for a reason. It is the most used channel, with a towering ROI of 42:1.

At Ciente, our email marketing team is a robust and efficient success that provides the right content to the relevant accounts at the right time. Email marketing generates leads and nurtures them through a systematic process.

Lead Nurturing

Lead Nurturing is an ongoing process that ensures brand reputation and quality of leads. Nurturing leads is a great filter. It helps qualify relevant leads and disqualify leads who do not show much interest.

It also builds a relationship of trust between organizations. Accounts buy to mitigate risk will buy for trust.

Example: Between Windows or Linux, what will an organization choose for their systems? They will choose the one they trust the most and have consistently shown it can work for their environment.

It is not a matter of choice but of trust between the involved parties.

Demand Generation

The market is continually evolving. Products are rising and failing. How can lead generation ensure success before it starts? In a competitive landscape, it is by finding a unique proposition and creating a demand for it.

Demand generation ensures penetration in the market and the creation of one where it did not exist. This happens by making the relevant market-fits aware of the risk their industry is facing and solving that risk.

The risk of low-quality leads is unacceptable. That is why a new model must emerge for long-term success.

The risk of low-quality leads

Businesses lose $20,000 for low-quality leads the sales team receives.

That is an unacceptable loss for marketers. Marketing teams and CMOs are already on a tight budget and asked to do more with less.

High-quality leads are an increasing rarity. And they must be captured by addressing the risks and identifying the market fits that are looking to mitigate them.

Capture the Category Entry Points of the ideal lead.

The B2B LinkedIn Institute is a subject for deep study. They paired up with the Ehrenberg-Bass Institute for their groundbreaking studies.

One such study is the CEP or the category entry points. These points are memories inside the lead. They say before searching on a search engine, consumers search their brains for answers. Almost every time, leads will go for a safe and dependable partner.

LinkedIn Institute says to market to the 95% out-market prospects and the 5% in-market.

The strategy ensures a steady flow of long-term solutions through awareness and trust building.

Mitigation of risk is where Ciente shines. We create a compelling and cohesive message for your brand.

Our lead generation process combines the dependability of old-school practices with a new granular approach.

The risk factors in the industry are concerning, but understanding why they exist and creating plans to tackle them is the new role of lead generation.

We understand the risks of the market and aim to subdue them with strategic processes, cohesive data flow and compelling messages. This includes keeping our data fresh and up-to-date and generating relevant leads that lead to more sales success.

Key-Risk-Indicators-to-Boost-Your-Business-website
Blogs

Developing Key Risk Indicators to Boost Your Business

Developing Key Risk Indicators to Boost Your Business

As you gear towards achieving business objectives, any major or minor risks can completely take you off a tangent. That is where KRIs come into the equation.

Key Risk Indicators empower your business to detect and evaluate potential risks that hinder goal accomplishment. These metrics are like specific data points you can utilize to monitor risks before they develop into significant issues. By identifying the gap early on, they protect your brand from operational, reputational, and other risks.

KRIs report the major threats to your top management, leaving scope for an opportunity to avoid any potential issues. You can rely on them for efficient risk management and strategic decision-making of your brand.

Key Functions

With KRIs, you can rest assured to stay on track towards business growth. We have prepared a list of ways in which they prevent derailing from goals.

Early Warning System

When you incorporate these quantifiable metrics into your strategy, you receive warnings against emerging risks before they transform into bigger, more complicated concerns. Monitoring data points helps you get insights into timely signals that something requires urgent attention.

Risk Identification and Mitigation

KRIs quantify risks that impact an organization’s objectives, operations, or financial health. Once a metric releases an alert, you can launch the necessary risk mitigation measures right away, minimizing the potential or expected negative impact. You can utilize KRIs to drive a more proactive and effective risk management process.

Allocation of Efficiency and Resources

When you focus on high-priority risks, it makes it easier to allocate resources strategically as per the requirement. Thus, the efforts for risk management are delivered efficiently.

Communication and Reporting

With KRIs in the picture, you pave the way for standardized communication of risk-related information to stakeholders, from management to board members. As a result, you experience improved reporting and accountability in managing risks.

Informed Decision-Making

When you have a clear idea of the potential risk, you can form data-driven and more strategic decisions. And what’s more— this approach allows you to allocate resources effectively and adjust their strategies as needed, contributing to sustained growth.

Continual Growth

Without continuous learning, your brand’s growth may become stagnant. Integrating KRIs prevents such a situation altogether. The data it provides allows you to gain valuable insights and utilize them to refine and improve risk management strategies.

Benefits of Key Risk Indicators

KRIs are pivotal for administering operational efficiency. Let’s look at the benefits you will attain by incorporating a robust KRI framework.

Improved Decision-Making

The detailed data-focused insights derived from these metrics promote strategic choices, helping you make more informed decisions regarding resource allocation, expansion plans, or cost-cutting measures.

Better Operational Efficiency

When you identify potential bottlenecks or weak points in operational processes with KRIs, you can optimize their operations proactively.

Regulatory Compliance

While several businesses may struggle with regulatory compliance, KRIs help you seamlessly fulfill regulatory requirements. This also gives you an added advantage in the competitive market by avoiding compliance issues.

Protect Reputation

Since KRIs allow you to identify and mitigate risks early on, you can avoid the associated expenses and protect your brand reputation.

Drive Continuous Improvement

Periodic monitoring encourages teams to refine processes and update approaches constantly.

KRIs & KPIs: Key difference

In contrast to key performance indicators (KPIs) that measure success, KRIs mainly focus on the likelihood of adverse events and their potential impact. These metrics offer a proactive approach to risk management, making it easier for you to predict challenges and implement the necessary action. Each metric offers benefits such as revenue growth, customer satisfaction, and performance efficiency.

The main objective of KRIs is to identify the potential risks. Whereas, KPIs measure the performance of your brand and offer a supreme overview of performance. Although these indicators may not provide early warning signals of an emerging risk, they are necessary for analyzing trends and monitoring performance. You can utilize KPIs to gauge efficacy while achieving objectives and goals.

KRIs also help you anticipate and mitigate potential issues. They are more management-inclined, allowing you to visualize key ratios to detect and track evolving risks and potential opportunities.

In short, KRIs are predictive, helping you analyze and manage. These metrics assess and manage potential risks to goals. They focus on the likelihood of companies achieving their goals based on potential risk factors. KRIs are linked to an organization’s risk posture and strategic priorities and identify current and emerging risks related to each key goal. These metrics also monitor risks and send an early warning when the business is at risk of not achieving its goals.

Must-haves of Effective KRIs

Some characteristics make key indicators best suited to risk monitoring and management. These promote valuable and actionable information that organizations use to implement actions. Here’s a list of attributes of every effective KRI-

Relevance:

must align with the risks identified and the goals set

Quantifiability:

metric must be expressed as numbers or ratios, simplifying changes and allowing seamless data-driven decision-making

Sensitivity:

be able to detect slight changes in risk factors, alerting you early on and promptly responding to shifts in the risks

Consistency:

provide insights based on reliable and consistent data sources, validating the accuracy of information

Specificity:

must be narrowly focused to provide a clear and relevant signal

Timeliness:

offer real-time or near-real-time data, allowing organizations to respond quickly to emerging risks

Communication:

must simplify interpretation and communication with relevant stakeholders, including senior management and decision-makers

Integration:

must be a part of a comprehensive risk management strategy and process

Continuous Review and Adaptation:

should be subjected to regular review and adaptation

Examples of Key Risk Indicators 

There are different types of KRIs to choose from. When you apply a particular KPI, the choice will depend on the goals and vision of your business. For instance, some KRIs may rank higher and be subject to change based on internal or external factors. Let us look at the top KRIs used across different industries and sectors.

Quantitative KRIs 

Emphasize numerical data based on data derived from mathematical models, system outputs, and analytical methods. 

Qualitative KRIs 

This metric predominantly focuses on predicting probability-based outcomes to support sensitivity analysis.

Operational KRIs

These KRIs are capable of measuring an array of processes and controls. Factors impacting operational KRIs might center around process inefficiencies, leadership changes, or changes to strategic goals.

Technological KRIs

You can select from a plethora of technology-based KRIs, such as system failures, security breaches, and denial of service incidents. These KRIs are significant for a technology service provider or company that relies on online business portals for relevant data. Operational complexity, security issues, and changes to protocols, or regulations could be among the technological risk factors.

Cybersecurity KRIs

This category of KRIs deals with issues about confidentiality, integrity, or availability of information, or data (or control) systems due to digital attacks. You can utilize cybersecurity risk indicators to gain valuable insights, such as the number of cyber threats, data at risk, and response times to the detected incidents.

Step-by-step guide to developing KRIs

Constructing KRIs requires a meticulous and thoughtful approach to ensure that the selected indicators effectively monitor potential risks within your organization.

1. Understand your organization

The first step to effectively integrating KRIs is identifying your objectives, operations, industry, and risk landscape. When you clearly define your end goal, it simplifies the identification of the specific areas that call for risk monitoring. Make sure to consider internal and external factors that could impact your organization.

2. Identify risk categories

The next step is to categorize the potential threats, such as financial, operational, and compliance risks. When you understand these categories, it helps you define the scope of your KRI development. This step involves:

  • Analyzing business objectives and marketing strategies
  • Determining potential threats and vulnerabilities
  • Evaluating the probable impact and likelihood of each risk

3. Define risk factors

Once you have identified the risk categories, you need to find out the risk factors within each category that are specific, measurable, and tied to your objectives. Be as specific as possible in this step, ensuring you link the factors with the right objectives.

4. Involve stakeholders

This step engages the senior management, department heads, and risk management teams in informed decision-making. Collaborative discussions between stakeholders can simplify identification of key areas of concern, and the data required for monitoring these risk zones properly.

5. Establish thresholds

The KRI triggers represent an acceptable range for each risk factor. When a risk factor goes beyond these values, it raises an alert or asks for further investigation. The threshold values must be based on historical data, industry benchmarks, and the organization’s risk appetite. The limits for every KRI need to be specified, and this includes adding warning levels that indicate the critical point requiring immediate action.

6. Determine data source and measurement

For each KRI, find details like financial reports, operational data, regulatory filings, and industry benchmarks. Additionally, collect and measure relevant data associated with each KRI. Then, you can develop robust systems for procuring and analyzing KRI data. You include information, such as:

  • Utilizing the existing data sources within your company
  • Leveraging the latest data collection tools or technologies
  • Making sure there is data accuracy and reliability

7. Analyze, report, and visualize the data assimilated

While calculating the KRI values, you can integrate mathematical formulas or statistical analysis. The chosen approach will depend on the type of risk factor. You must also develop a system to report and visualize the KRIs through dashboards and reports. It is also a good idea to adapt your risk indicators as and when your company grows, and the risk factors evolve to ensure that they remain relevant and provide value. Integrate clear and concise reporting mechanisms that offer timely insights. You can achieve this by incorporating dashboards for real-time monitoring, regular posts for trend analysis, and automated alerts for threshold breaches.

8. Document the entire KRI framework

While incorporating KRIs, specify the rationale behind opting for the particular KRIs and their thresholds. This step is followed by documenting the policies and procedures for KRI monitoring to ensure that they are readily accessible. For the KRI framework, you must implement a strategic process for reviewing and refining it. Evaluate the effectiveness of current KRIs, determine the emerging risks requiring monitoring, and adjust the threshold values as per the evolving business conditions.

Wrapping up

In an era where digital technology is rapidly evolving the B2B landscape, mastering the Key Risk Indicators (KRIs) forms a crucial component of success. KRIs promote proactive risk management, predicting roadblocks and navigating uncertainties. With this continuous risk monitoring, you can get a strategic advantage. When you intercept high-risk events, your brand can become more resilient and make informed decisions by implementing a proactive approach to risk management. As you look forward to building a sustainable future for your business, you need to utilize the significance of KRI management to your advantage. You can experience several benefits, from advanced predictive analytics to real-time assessment and AI-powered insights.

Business-Process-Improvement
Blogs

Business Process Improvement to Close More Deals

Business Process Improvement to Close More Deals

The brain is a fascinating object. When we work, we often overburden it with decisions, leading to decision fatigue.

How will leaders and employees work when inundated with calls, emails, and, worst, the ever-ringing social media buzz? We have fallen into a dark cycle of unproductivity. According to a study, 1 out of 5 employees leave their jobs because of poor work environments.

If a business, B2B or otherwise, wishes to close more deals, they should tackle and improve their external and internal business processes. By streamlining everyday tasks and long-terms goals, the daily decision fatigue of a working environment will decrease and give way to creative thinking.

Business process improvement or BPI is necessary for innovation in a work culture, bringing forth new and efficient ideas for doing things. From agile practices and six sigma methods to deep work, our current gurus are hellbent on improving the lack of focus in today’s work culture.

Frederick Winslow Taylor introduced the scientific study of working during the Industrial Revolution. He would stand with a stopwatch and measure the time taken for each task.

The Historical Roots of Process Optimization

He set the stage for business processes to flourish and transformed it into a scientific study. But as time flows, we deal with the problems our forefathers did not have to. i.e., the chaos of an always-on society.

Attention spans have decreased, and burnout within 67% of leaders and 76% of employees has increased. If closing more deals and driving growth is the aim, the process to reach that goal must be different than the competition.

A new business process improvement plan must be set by understanding the unique views of your company, its product, and its culture.

Improving business processes is about creating more space for creative undertaking.

What is Business Process Improvement (BPI)?

Business process improvements are the methods an organization undertakes to improve productivity, well-being, and profits.

Business processes are part of the work culture and decide the paths an employee takes to complete their work. There are a host of techniques and methods a business must employ for growth and frictionless work.

BPI is internal and external. From the supply chains (if they exist) to the FTE working at their desk. It all can be streamlined, made efficient, and improved through novel ideas and innovation.

By improving business processes, businesses can decrease internal and external decision fatigue and boost productivity, customer relations, and the bottom line.

Example: A SaaS company adopts Agile practices into their workweek for time and task management and integrating self-buy tools for their product to be easily accessible to the end user.

BPI is imperative for businesses.

Automation, machines, and AI have us forgetting a crucial aspect of work. And that is, we humans have finite energy to do our assigned tasks.

Burnout, lack of focus, and ill-management of time lead to unproductivity. And according to SurePayroll’s Productivity Prohibitors infographic, unproductivity costs employers $1.8 trillion yearly.

That is a lot.

And all of this is caused by not iterating and finding a business process that works for your company and culture. However, it can be improved on an employee, leader, and organizational level by assessing the literature and creating a dynamic yet unique structure for your organization.

Business process improvements mean working to improve internal and external friction points of a company.

The list of methods discussed here are not novel ideas. They existed before the Industrial Revolution and will exist long after the AI revolution of our current century.

As creatives — and make no mistake, from programmers and writers to designers and strategists, we are creatives — focus and concentration will elevate the quality of our work.

The internal business process improvements elevate the quality of a leader’s and an employee’s work and their subsequent enjoyment.

The external BPIs are based on the logistics of a company (for SaaS and AI-based companies, these could be the data centers), the interactions of the end user/buyer with the company’s various touchpoints, and the perception of the company.

Smoothing the internal processes will increase your external efforts.

A high-quality input gives a supreme output. Remember the Pareto Principle: 80% of outcomes come through 20% of your hard work.

Internal

Parkinson’s Law

Parkinson’s Law Time is not the same for everyone. Think all the times it went in a flash, stretched, and moved in ways you could not comprehend. That is Parkinson’s law in effect. Well, somewhat. If you have an hour to do something, it will take the entire hour, even if you can do it in 10 minutes. It says work expands to fill a given time, wasting this most valuable resource. To improve business processes, we must become aware of the inherent procrastinating tendencies in our work and business environment. This is a personal endeavor and can be solved by just doing it. But that is not too actionable. Here is a list of things you should do to overcome the employees’ and your procrastination streak.

    • Encourage the use of the Pomodoro timer. 60% of users who use the technique feel they have control over their time.
    • Plan your day: Breaking tasks into manageable chunks is a time-saver. And it is fun to experiment with the time we have. For example, take 15-20 minutes out of the day to prioritize the work. P1, P2..PN. Once the priorities are identified allot time to it (everyone knows their ideal time), and make sure to finish it in that time given by yourself. This planning out saves almost 2 hours every day.
    • Time Blocking: One of the most vital tools for a leader. It will help you identify your tasks, balance your schedule to include things you like, and create data for you to review and create more flexible periods in your schedule. It increases productivity by 80%.

    Deep Work

    • That brings us to deep work. Popularized by Cal Newport in his book, he brings out the timeless techniques from the past and present. Deep work, in a sense, is creating ideal conditions for full-focus work.
    • This method increases focus and creativity. However, it does require the sacrifice of distractions (whatever they might be for you and your team). In recent years, it is the onslaught of emails and other work-social tools.
    • Deep work gives organizations and individuals a competitive edge. For a busy world, time-blocking is a sure way of getting into this zone. Then it is up to the individual and the work culture if they can utilize this treasure.

    Active Listening

    • Coined by Carl Rogers and Richard Farson, active listening is one of the most vital tools for a leader.It involves listening and understanding different viewpoints, feelings, and opinions. It enables leaders to open trust channels, generate new ideas, and create a positive environment.
    • Active listening is game-changing for closing more deals because it enables teams to understand what their end users/buyers are talking about and why. If you are still unsure about this abstract concept, take these statistics as a reference.

    The Eisenhower Matrix

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    • The matrix helps you divide and eliminate work based on priority. It divides the work into Do, Delegate, Schedule, and Delete.
    • It takes a while to get used to it. Urgent and important are not synonyms in the matrix; they are different for a reason. Urgent tasks have to be submitted; it can be as tedious as signing multiple finance forms, and important tasks could be to increase ROI. These are two examples of urgent and important tasks.

    Rewards

    • From recognition programs to incentives, it is a time-old strategy that employee rewards boost productivity and well-being.
    • These rewards, however, should not be shallow. Every company has R & R, but employees often find such displays shallow and part of the rat race. A high-performing team does not exhibit this behavior.
    • The leaders of high-performing teams understand the value of each team member and bring it out. These teams share credit and engage in open forums of disagreements. It is the leader who will recognize the value of each member and give them appropriate rewards. This could be something small as a thank you note or grand gestures like flexible timings for work well done. Displays like these show trust between the teams.

    The 4DX Framework

    This framework is similar to the Eisenhower Matrix. It suggests that teams should focus on: –

    • The Wildly Important: Identify your organization and team’s critical goals.
    • Action on Lead Measures: These are KPIs that show success in the short term. This could be completing an ad creative in x time.
    • Keep a Scoreboard: Creating visual displays of success and failure gives tangible reality to outcomes. Simplified data in the form of easy-to-look visuals in the company.
    • Creation of Accountability: This is where the idea of a sprint comes from. Enabling clear weekly or monthly goals will give your team clarity.

    The Lean Methodology

    It is the strategy of minimizing waste and focusing on customer value. Even though lean is customer-centric (Relevant, by the way), it is the ideal framework for team workflows. The key principles of lean are to: –

    • Identify Value: The lean method helps teams identify the needs of the user/buyer and provide these to them. By identifying the intricacies of the customer and their requirement, the teams can map out a streamlined creation and delivery process.
    • Mapping the Value Stream: By visualizing the entire journey and smoothing out rough edges, teams can identify waste creating habits or processes and eliminate them.
    • Creating a Flow: Once all the steps are identified and smoothed out, the creation of flow has teams create and optimize the steps inside the method.
    • Establishing a Pull: For marketers, this step is intimate. It is to create what is needed and only when needed, ensuring a demand rather than selling.
    • Pursuing Perfection: Reiteration. Identify what works and what does not. Remove the waste-generating steps and experiment with newer models and thought processes.

    External

    Outcome Based Marketing

      • One of the biggest complaints in marketing today is cutting budgets and more work. Google says to tackle this by communicating with your CFO and providing tangible growth metrics aligned with the company’s yearly outcomes.
      • This means creating metrics that help a business generate its intended revenue while covering or giving ROI over the marketing cost.
      • Reading that article, you will find that Andrew, VP of Mariani Premier, created a three-year business plan processing that involves quantitative objectives for client acquisition, retention, and revenue expansion.

      Omnichannel Strategies

      • The omnichannel experience is about reducing customer-brand friction or creating a frictionless customer journey. It is vital for companies today. Google says that omnichannel buyers have 30% more LTV.
      • Omnichannel strategies are a clear reflection of the internal structure of a business. It showcases that your sales, marketing, and customer success are aligned.

      Sales and Marketing Alignment

      Business Process Improvements are strategy and creativity coming together in cohesion.

      You must have noticed that establishing an internal and external BPI structure complements each other. Alignment, omnichannel marketing, and outcome-based marketing’s success hinges on internal improvements.

      This creates a healthy work environment and reduces decision fatigue in employees and leaders, giving them space for broader and creative decisions. It is no coincidence that we see productive gurus on the rise. Because we are facing an extensive lack of time and distractions, unproductivity has increased, and with it stress and fatigue.

      And everyone faces it, the buyer and the marketer. We need to create systems that give us a sense of purpose and control of time. Whether closing more deals or fostering care in your work culture, now is the time to iterate and improve.

      B2B database
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      Top B2B database for Sales Growth

      Top B2B database for Sales Growth

      The key to garnering high-quality leads is an accurate database. How do you maintain it well to accomplish the desired sales growth?

      Customer data is all about collecting the right information about potential business prospects for application in sales and marketing operations. This includes data like the company’s name, contact information, industry, etc. Such details allow brands like yours to connect with potential prospects. When you can foster strong relationships with your target audience, it becomes easier to generate high-quality leads.

      With B2B databases, you can quickly access target leads and procure necessary information about them. Since more and more relevant leads must be generated for sustained business growth, accurate databases offer a speedy and effective way to enhance your outreach strategy. If you opt for a dataset that is inaccurate or out of date, it can create complications. Searching through vast database options could be daunting, so we have compiled a list of the best tools for you to choose from.

      Seven Best B2B Databases

      In the digital age, customer databases are valuable tools that help brands drive B2B sales and accomplish their business goals. We have prepared a list of the best tools to help you find the right solution.

      Saleshandy Lead Finder

      It’s a comprehensive email outreach platform that helps you identify prospects and add them to your cold email sequences. With Saleshandy Lead Finder, acquiring contact information, such as email addresses and phone numbers, is simplified to a great extent. You can search leads with their rich database spanning different companies worldwide. It must be noted that this information is updated regularly to provide proactive and verified email addresses. Although they have a large resource, it makes it easier to narrow down targeted leads with advanced search filters. You can utilize this feature to find leads by their names, designation, department, role, etc.

      Apollo

      It is a cloud-based sales automation software that simplifies lead generation, contact database management, and email outreach. With over 2 million contributing data sources, this platform allows you to collect email addresses through a 7-step email verification process to ensure correct data delivery. Apollo refines your search with relevant filters, such as company name, size, industry, job role, location, etc. When you search data with these, it helps you reach the right prospects and acquire their contact information. Apollo enables targeting the right decision-makers to communicate based on filters, such as industry, designation, company headcount, etc.

      Cognism

      It is a sales intelligence tool that uses a combination of artificial intelligence (AI) and human verification to provide you with accurate data. When you use Cognism, you can easily access advanced filters such as emails, technographics, and mobile numbers to filter the data and create a targeted lead list. This helps you attract ideal leads without wasting resources on prospects less likely to convert into paying accounts. Cognism is operational in Chrome as an extension and a mobile app. It is very particular about maintaining data compliance and keeps a ‘do not call list’ to avoid disturbing customers who have opted out of unsolicited phone calls. Through such innovative integrations, Cognism ranks among the top CRM and sales engagement platforms helping you build the sales pipeline and generate new leads.

      Lusha

      Lusha works perfectly for B2B companies of all sizes to supply precise data. It is a go-to-market platform promoting effective sales and marketing. This database offers you an easy-to-use prospecting tool that simplifies lead identification. You can access the latest and high-quality insights and data that promote communication with the right audience at the right time. The highlighting feature of this platform is its smooth operation while setting up, without involving any lengthy onboarding processes. Another distinguishing factor is that Lusha is accredited under ISO 27701- the highest international privacy standard in the world. What’s more— it allows you to be compliant with all GDPR and CCPA privacy regulations.

      Lead 411

      If you want to focus on targeted communication, this is your go-to database platform. It is powered by intent data, allowing you to find out the contact details of your prospects. Lead 411 supports easy integration with popular ESPs and CRMs, resulting in efficient and automated workflows. Its highlighting feature is unlimited email views in the basic plan while restricting the export to 200 per month. Additionally, it provides you with information on buyer intent.

      Clearbit 

      It offers data integrated with artificial intelligence, thus ensuring that you have accurate contact information. Clearbit adds to your records and helps you understand your prospects’ buying intent. This valuable information accelerates the lead generation process. With Clearbit, you can easily create, capture, and convert prospects into paying accounts by addressing their demands. You can access a range of business intelligence APIs and integrations that accelerate sales and marketing campaigns.

      SalesIntel 

      This business intelligence platform provides you with the data you seek. The key difference is—SalesIntel uses patented AI technology and human verification to source accurate contacts. What makes it stand out is the vast database of more than 100M contacts available with emails and mobile phone numbers. It also offers amazing features such as intent data to gain insights into who is researching your solution. SalesIntel also helps you visualize company technographics to understand their tech stack. Another highlighting feature is the company firmographics that promotes the identification of target accounts based on factors such as company size, location, industry, and more.

      Final thoughts

      Various factors play a role in an efficient database, such as data accuracy, customer intent, data availability, and integration capabilities. Before you make an informed decision, you need to weigh the pros and cons of each platform. The database you select must align with your business goals. The best-fitted tool must allow you to effectively communicate with potential customers, engage with them, and drive the sales funnel.

      CX Analytics: How to measure and improve the customer experience
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      CX Analytics: How to measure and improve the customer experience

      CX Analytics: How to measure and improve the customer experience

      Brand awareness is just the beginning of a customer’s journey with your business. How can you create a positive customer experience in the long run?

      Whether you are trying to increase your client base or improve brand awareness, customer experience is essential. It attracts the target audience to your company, thus influencing their buying behavior. If you can improve the CX, it can help you establish brand loyalty and create lifetime value.

      Customer experience demonstrates the impression customers form about your brand throughout their buyer’s journey. It impacts the brand positioning and overall sales cycle. According to Forbes, 76 percent of business leaders consider customer experience an asset for gaining a competitive advantage. Measuring CX is paramount for strategizing and improving outcomes.

      Customer experience analytics offer the following insights:

      • The ideal client base for your business and how you can reach potential loyal customers
      • Client feedback through surveys, reviews, and more
      • An overall report of the customer journey and pain points or roadblocks along the way

      Performance and success of current offerings and gaps that require attention

      Significance of CX Analytics

      You can achieve better CX by implementing strategies to improve customer engagement, purchasing behavior, and lifetime value. Integration of CX analytics allows companies to draw actionable insights that cover every aspect of the business, from sales and marketing to customer retention. With CX, you can evaluate whether you have addressed customer pain points or if there are any gaps. These also help track your interactions with the target customers on the relevant channels.

      Let’s dive into the best CX metrics.

      The key ways to measure customer experience

      CX metrics help you apply numerical scores and touchpoints to analyze buyer’s response. You can visualize the specific parameters with the scores and figures. We have compiled a list of the top 7 metrics for evaluating customer experience with your brand.

      Net Promoter Score (NPS)

      NPS is an indicator of whether your customers like your brand. You can calculate the NPS score by sending your customers a survey with a relevant question, such as how likely are they to refer your brand to others, on a scale of 0-10. The interpretation follows as

      • 0-6: detractors
      • 7-8: passives
      • 9-10: promoters

      Customer Effort Score (CES)

      This metric determines how much effort your customers invest in interacting with your brand. It provides holistic data on supreme customer experience and what does not work. CES compliments NPS, where a combination of these two offer a quick glimpse into business progress and customer retention.

      You can estimate the CES by preparing a survey in a particular format, where the customers are asked to give a score from 1 to 5 or 1-7. Here, 1 represents ‘strongly disagree’ and 5 or 7 refers to ‘strongly agree’. The higher the score, the better. A low score denotes the need to improve certain customer touchpoints. 

      Make sure you can access these surveys in real-time, appearing on your brand’s website soon after the customer gives a score. An alternate way to go about it is to email the CES survey to the customer right away.

      Customer Lifetime Value (CLV)

      It measures the quality and worth of a client for your brand. A customer’s lifetime value enables informed decision-making. These components are required for calculating the CLV: average transaction amount, number of transactions, and length of customer relationship. Once you have these details, multiply the average transaction amount by the number of transactions, followed by multiplying by the retention period. Monitoring CLV takes you closer to better customer retention and effective decisions that accelerate the sales cycle.

      Customer Satisfaction (CSAT)

      Your sales and marketing teams work diligently towards integrating strategies that amplify customer satisfaction, boosting the sales funnel. CSAT helps with understanding whether the audience is satisfied with your offerings. You can utilize this metric by following every major customer transaction with a CSAT survey, answerable between ‘very dissatisfied’ to ‘very satisfied’. This helps you get an overview of the ability of your offerings to meet the expectations of your customers. For example, you could go for these questions:

      • How will you rate your overall satisfaction with our brand?
      • How satisfied are you with the offering you recently purchased?
      • How satisfied are you with our customer support? 
      • Would you recommend our brand to others?

      The plus point about CSAT is that it allows you to change the questions based on the insights you seek and the touchpoints you wish to evaluate. 

      Customer Churn Rate

      This metric provides an idea of the customers who are no longer involved in the business with you. It is also known as the attrition rate— the number of people who stop subscribing to your offerings. The customer churn rate is ideal to have low churn rates consistently, implying that you have a better retention rate. You must monitor your customer churn rate regularly to understand the efficacy of your existing marketing strategies.

      You can calculate the customer churn rate by subtracting the number of customers you retain at the end of a cycle from those at the beginning. Divide this figure by the second number and multiply the answer by 100.

      Customer Retention Rate

      According to 31% of service professionals, a better customer retention rate is a goal of most brands. The CX metric dives into the number of customers a business retains over a certain period and helps to find customer loyalty. However, the downside is the complicated calculation involved. While estimating this CX metric, you will require three numbers: the customers at the end of a period, those at the end, and new customers. Once you have all the necessary information, you can arrive at an accurate value.

      Customer Journey Analytics

      Another popular technique you can utilize to calculate the customer experience is analytics to understand the buyer’s journey. When you create a map of customers’ journeys, it derives details, such as their motivations, needs, and pain points. It also helps to understand the touch points you should evaluate throughout the buyer’s cycle. You can begin by procuring data from various sources, such as social media channels, websites, and events. What follows next is creating a page or tab on your customer journey map dedicated to reporting metrics of your touchpoints, allowing you to evaluate customer experience.

      Summing up

      The main goal of every business is to retain customers. Customer analytics offers a framework to evaluate client demands and implement actions accordingly. When you utilize the seven metrics, they help foster a customer-first mindset, allowing you to increase customer lifetime value. The analytics report reveals insights into different features of customer interactions and responses, helping you deliver the ideal solutions. They are essential to help you develop the right marketing strategies, promoting revenue growth, customer loyalty and retention, and increased brand awareness.