Month: April 2019

Categories
Marketing & Advertising

1st Party Data, 2nd Party Data, 3rd Party Data – What’s The Difference?

2nd party data

Introduction

 

Data is changing everything. Data is everywhere. Over 2.5 quintillion bytes of data are created every single day, and it’s only going to grow from there. By 2020, it’s estimated that 1.7MB of data will be created every second for every person on earth.

For marketers, this is an awful lot of data to keep in check. It’s easy to be overwhelmed by the amount of information available. Even more so when we hear terms like 1st party data, 2nd party data, and 3rd party data.

To help make this easier there are several ways of classifying data. This helps us as marketers and advertisers to understand the relationship between datasets and understand what each dataset can be used for.

 

Why is this important?

Data is one of the most effective tools to drive successful marketing. Marketers that can make sense of the data at their disposal and deploy it successfully have demonstrated the rewards that come with it.

Depending on your goals different kinds of data will be more relevant to you. That’s where data classifications such as 1st, 2nd, and 3rd party come in.

Let’s look at what these terms mean and how each type is relevant for your marketing.

 

1st party data

First party data is data that you have collected directly from your audiences or your customers. It includes

  • Data from your CRM
  • Behavioral data collected from interaction with your business (website, app, stores)
  • Data around subscriptions
  • Data generated from your social media accounts

This data is generated directly from your customers or your audiences. This data set is genuinely regarded as the most valuable as you are aware of the method of collection and it is generally free or costs little to attain.

First party data is easy to collect and manage in solutions like CRMs and DMPs.

As 1st party data is collected by you directly, any privacy issues are minimal (assuming you are following the correct procedures!). You own your data directly, and you know exactly from where it came.

First party data is extremely valuable as it provides valuable insights around customers and audiences for little to nothing. Companies that aren’t collecting and activating first-party data are missing a trick.

 

What you can do with first party data

For organizations taking control of first-party data collection should be an immediate priority. Because you have complete control fo the data, it is of higher quality. There are many different uses for 1st party data from monetization to engagement.

 

Engagement, personalization

Your first party data can help you to personalize your marketing and help you to engage with your customers.

1st party data can effectively segment your audience and allow you to create more specific, and personalized ads for your customers.

Insights

First party data can be invaluable in helping you to understand your customers. You can identify and map out the customer journey or see how your users behave and interact with your business or product.

 

Monetization

First party data is highly monetizable as you can demonstrate the methodology of data collection. The data carries maximum revenue as you didn’t have to purchase the data. First party data monetization can help to generate revenue to fund other areas of your business.

 

2nd party data

Second-party data is a term that is making more of an appearance these days. We hear a lot of people asking “what is second party data?”.

Second-party data is somebody else’s first-party data. This data comes from their first-party audience, the source is clear, and the provider usually demonstrates the accuracy and collection.

You can purchase 2nd party data straight from the provider – there’s no middle party in these instances. This allows you to form a relationship with the provider and understand the value in the data.

The data is usually collected from the same sources as your first-party data. However, some specialist 2nd party providers provide unique datasets that offer new insights.

These come from behavior outside of your audience, so it’s likely to include potential new customers.

 

What can you do with second party data

Second-party data is a relatively new concept, but it carries enormous potential for marketers. Because it comes directly from the partner and because you will likely have a direct relationship with the company it’s easier to verify the accuracy of these data sets.

The data is more consistent and will be more precise than a bunch of aggregated third-party data sets. 2nd party data offers more transparency for the end data user, making it easier for you to understand the value that the data can bring to your business.

 

New audiences, new business

Second party data is great for prospecting and reaching new audiences that aren’t already a part of your audience.

This allows you to expand into new regions or new demographics with new products.

 

Scale-up

Second-party data can help you to fill the gaps in your existing 1st party data sets. Your datasets might be high quality but might not be large enough to scale your business in the way that you want.

Supplementing 1st party data with 2nd party data is an effective way to make your campaigns reach more people without compromising on quality.

 

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3rd party data

Third party data is data that is purchased from outside sources where the seller is not the direct collector of the data.

These data sets are usually aggregated and could have been resold multiple times. These aggregators pay other businesses that generate the data and collect it into a single dataset.

This large dataset is then broken down based on demographics, behavior or another characteristic. This allows the data to be split into segments that are easily resold.

Third party data is often bought programmatically – this means that it happened quickly and on a large scale. This means businesses can purchase large amounts of data for their campaigns quickly. The downside to 3rd party data is that it’s much harder to verify where the data came from and how it was collected.

 

What you can do with third-party data

Third party data accuracy is hard to verify, and its availability is public, so that means that other companies (and potentially competitors) will be using the same datasets as you.

But that doesn’t mean that it carries no value for marketers. It can be useful when it’s appropriately combined with your first-party data.

 

Expand your audience

Combining third-party datasets with your first party data can help you grow your addressable audiences. Lookalike modeling can identify characteristics in your current dataset and look for similarities in third-party data to find similar prospects.

 

Tips for marketers and advertisers

Third-party data has been prevalent in many marketing campaigns in recent history. The vast amount of data that is available along with the results it could potentially generate have made it a valuable asset when combined with your first-party data.

However, two significant developments have occurred which have made second party data a much more reliable option for marketers.

 

Privacy

Unless you have had your head in a ditch for the last few years, you’ll be well aware of the GDPR in Europe. Privacy concerns in third-party datasets are always present for marketers.

Often third-party datasets are hard to verify in terms of consent. This is where a direct relationship with a second party data provider is useful. You can verify the consent process and ensure that the data is collected in accordance with the relevant privacy standards.

 

Accuracy and transparency

The truth is that your first party data is more transparent than any other kind of data set. Hover that doesn’t make it accurate. Third party data is difficult to verify in terms of accuracy and often transparency isn’t even part of the discussion as it’s an aggregated dataset.

Second-party data is as good as first-party data as long as you can identify the methodology and verify that it meets your accuracy standards. This is again why a direct relationship with your data providers is a useful situation to be in.

Many second party data providers can provide their data directly into your data management solutions. SO where your first party data sets aren’t enough, you can purchase new data from reliable and transparent providers directly in your existing infrastructure.

Data is here to stay. As a marketer, it’s your job to ensure that your data is activated and that your second and third party data is accurate and transparent.

Categories
Business

What is School Management Software and What Justifies the Requirement?

The administration of schools has always been and continues to be, a significant task for educational institutions all around the globe. Ensuring continuous learning requires rigorously tracking the academic performance (or lack thereof) of all individuals involved. Each educational institution may run at its best by carefully reviewing the generated data. The success of students, parents or guardians, and the staff depends on effective and fair administration.

A School Management System: What is it?

A school management system is a platform created to facilitate your institution’s effective operation by digitizing and automating numerous academic and administrative processes. The program will act as a system for managing student data at a school and enable you to rapidly and perfectly accomplish bulk data management tasks.

 

The world now functions differently than it did before the epidemic. Maybe the most significant transformation has been seen in educational institutions. As a result, schools have to turn to school management software development for help.

 

All parties would profit from these tools. These may be used by parents to keep tabs on their kids’ intellectual development. They may be used by teachers to simplify significantly the process of holding online lessons. The administration of the school will see that tracking online payments is now simpler than before. On the other hand, students will have access to all of their peers from any place around the clock.

A School Management System’s Advantages

More Efficiency

Improved efficiency is one of the main advantages of a school management system. Schools may save time and lower the chance of mistakes by automating a variety of administrative chores. This enables educators and managers to concentrate on more crucial jobs, including enhancing educational standards.

Improved Interaction

Improved communication is another advantage of a school administration system. To lessen the need for human communication, this includes the capability of sending automatic alerts and updates to students and parents.

Improved Data Management

A school management system may also help schools handle their data more effectively. This includes having the capacity to access and save student data, grades, and other important information in a single area. Schools may find it simpler to track students’ progress and pinpoint areas for development as a result.

A Better Financial Management System

A school management system may also help schools manage their money better. This includes the capacity to create invoices, manage student fees, and collect payments. This may ease budget management for schools and lower the possibility of mistakes.

What Justifies the Requirement for a School Management System?

Construction of a Massive Database for Your School

Software for managing schools may include modules that let users keep track of students’ records and academic history. The school’s administrative system provides access to all student data. That is why the popularity of the system is growing. With a compound yearly growth rate (CAGR) of 12.4% throughout the forecast period, the size of the worldwide school information management system market is anticipated to increase from $7.0 billion in 2020 to $10.70 billion in 2026.

Facilitating the Management of the Educational Process

The many educational operations, such as student registration, class materials, grades, analytical grades for students, and other assessment components, are made easier by school administration systems.

Sustaining School Resources

Since school management systems link students to school facilities and vice versa, they reduce the pressures that the conventional methods of resource management place on the operation of school facilities and inefficient budget allocation.

Developing Effective Central Communication

In a central platform, teachers, employees, and other outside players may collaborate. A school administration system is an internal communication platform that links parties when the administration has to deliver urgent messages to parents or when parents need to complain about communication between children and instructors.

Conclusion

A school may find it to be quite advantageous to use school administration software. Students, parents, professors, and the whole administration may all benefit from the software that is now accessible on the market. These can allay the biggest worries of both parents and school administration. This program will constantly save operating expenses, decrease error-related risks, and undoubtedly make administration simple to manage.

Categories
Business

Streaming and Digital Revolution: How has the world changed in the past few decades?

Media consumption has changed rapidly, especially in recent decades. Who would have thought that one day we would own devices to watch all the movies we want to watch or listen to the music we like most while running or flying without downloading it?

This evolution transformed behaviors, communication, and the media and entertainment production industry. And behind this evolution, it is necessary to have increasingly powerful technological support.

If in the past everyone gathered in front of a TV or radio set to spend a moment of entertainment or catch up on world news, today anyone can use their smartphone or other devices to watch movies, listen to music or podcasts, play live online casino games, read books, or play video games.

What is streaming?

Streaming is the name given to the technology that transmits file data, such as music, text, and video, over the Internet, in “real-time” without downloading the content to a device.

Today’s most famous examples of streaming are Netflix, Spotify, TikTok, Amazon Prime, and YouTube, also known as OTT (Over The Top).

A 100-year history

Hardly anyone remembers it, but the radio was the first streaming medium created towards the end of the 19th century, mainly for military purposes. The technology evolved into a user-oriented interface that reigned in homes for decades.

Around 1920, U.S. Major General George Owen Squier patented a system for transmitting and distributing signals over power lines to provide music to listeners without using a radio, allowing control over who would consume the service.

Then came television, which established itself in the 1950s as one of the most significant technological and cultural advances of the 20th century. But its story, undoubtedly, can only be told because there was streaming, the last evolution of our times.

It became dependent on a connection to play multimedia titles and live broadcasts. As a result, services accelerated worldwide, and the pandemic added more speed to this trajectory.

The thought of CDs and DVDs seems like a thing of the distant past; so great is the power of change in entertainment consumption habits!

The connection between streaming and entertainment

Online streaming has revolutionized the entertainment industry, radically changing how we consume movies, TV series, music, live shows, and podcasts. Below we will explore the application of streaming in different aspects of entertainment.

Movies and TV series

Streaming video on demand (SVOD) platforms such as Netflix, Amazon Prime Video, and Hulu have changed how we watch movies and TV series. These services offer a vast catalog of content, ranging from movie classics to the latest TV series, allowing users to choose what to watch and when.

Music

Streaming has also transformed the way we listen to music. Services such as Spotify, Apple Music, and Tidal offer access to millions of music tracks, allowing users to listen to their favorite songs, create personalized playlists, and discover new artists.

These platforms have also introduced new business models for the music industry based on monthly subscriptions or advertising, which have helped to counter the decline in CD sales and digital downloads.

Live performances and events

Online streaming has expanded opportunities for viewers to attend live performances and special events.

For example, concerts, plays, music festivals, and conferences stream live on YouTube, Facebook Live, and Twitch platforms, allowing a global audience to participate virtually in events that would otherwise be accessible only to those physically present.

In addition, the pandemic of COVID-19 has accelerated the adoption of virtual entertainment formats, with many artists and event organizers turning to streaming to continue entertaining audiences remotely.

Podcasts

Podcasts are another entertainment format that has benefited from online streaming. Thanks to platforms such as Apple Podcasts, Spotify, and Google Podcasts, users can easily access a wide variety of audio content, ranging from news and fiction stories to interviews and in-depth programs.

In addition, streaming has enabled a new generation of content producers to emerge and helped spread the culture of podcasting worldwide.

Sports

Online streaming has also significantly impacted the world of sports, offering fans new ways to follow their favorite teams and competitions, including live match broadcasts, on-demand event coverage, in-depth programs, and sports documentaries.

In addition, through streaming, sports fans can easily access a wide variety of events worldwide, including national championships, international tournaments, and minor competitions that would otherwise be difficult to find on TV.

Live Commerce as an alternative streaming market

Alternative streaming markets are entering this growth trend. One of them is live commerce – the intersection between sales and entertainment. This format has been gaining popularity in China, with major retail players organizing online lives to promote an actual discount festival.

Another example is cloud gaming. The gaming industry is already primarily integrated with video streaming, including a community of 7.5 million gamers who watch and stream games via Twitch.

Now, the trend is for technology to be present in gaming thanks to the marriage of 5G and Artificial Intelligence technologies.

Categories
Business

Concept for a Music Streaming App

Concept for a Music Streaming App

The more information you can gather about your proposal before contacting developers, the better. Make a list of the features you wish to have in your app, try to explain what makes it special, and decide what you need to focus on to get popularity.

 

All of this information may alter as you receive professional advice, but at the very least, you’ll have a focal point and a topic to discuss.

Choose a Platform

The choice of your app platform is the next stage. You may create a cross-platform app that runs on both iOS and Android or you can create a native app for iOS or Android. While native applications need more resources and development time, they provide superior performance and user experience. Cross-platform programs can be created more quickly, but they may not function as well.

 

You must take into account elements like user demographics, market share, and development expenses when selecting your app platform. A hybrid app development framework, like React Native or Xamarin, which combines the advantages of native and cross-platform app development, may also be worth your consideration.

Gather a Team

Think carefully about who is on your internal team, what skills they already have, and how effective they are at doing their tasks. You may hire a music app development company if you don’t want to spend time finding employees, but in this case, you must consider the company’s reputation and customer feedback. In a market where competition is fierce, time is important. If they are unable to meet your demands, there will be a lot of subsequent rework, which means a loss of time.

Plan the Architecture of Your App

Designing the architecture of your app includes specifying the user interface, navigation flow, and backend infrastructure. You must guarantee that your software is simple to use, provides a consistent user experience, and is scalable enough to accommodate a big user base.

 

Wireframes and mockups may help you imagine your app’s design and user experience. You may also use software development tools like Asana, Jira, or Trello to oversee your development process and guarantee that your app is built on time and under budget.

Development

The development step includes designing the app, building the front end and back end, integrating third-party services, and testing the app for faults and problems. Ensure sure your program has a solid security system, is suited for all screen sizes, and offers a consistent user experience.

 

While developing your app, you must use up-to-date frameworks and technologies, such as Swift for iOS development or Kotlin for Android development. To ensure scalability and reliability, you may also host your app’s backend on cloud services like Amazon Web Services or Google Cloud Platform.

Launch Your Music App

This includes developing a marketing strategy, establishing a strong web presence, and recruiting customers to your app. To advertise your app and enhance user acquisition, you may utilize social media, content marketing, influencer marketing, and other tactics.

 

While releasing your app, you should think about things like app store optimization, user acquisition expenses, and retention methods. You may use tools such as Google Analytics or Mixpanel to track key performance indicators and assess the success of your app launch.

Obtain a License

You won’t be able to disseminate someone else’s composition all over the place so easily. Copyright laws and legal processes must be followed. Otherwise, you might face legal action.

 

You need a Public Performance Rights license to provide consumers with high-quality audio or video material. Three organizations are in charge of it in the USA:  BMI.com, ASCAP.com, and SESAC.com. In Europe, Collective Management Organizations (CMOs) that represent copyright holders grant Public Performance Rights (PPR) licenses. These CMOs function on a nationwide scale and are in charge of licensing musical works for public performance within their respective jurisdictions. Also, a certain portion of profits must be given to musicians as royalties for utilizing their music.

Conclusion

Developing a music app in 2023 will need careful planning and technological competence. Following these five stages will help you enhance your chances of success and create a music app that provides a seamless user experience and attracts a huge user base. In the digital era, a music app may be a successful and gratifying commercial enterprise with the appropriate strategy.

Categories
Marketing & Advertising

Digital Out Of Home (DOOH) Trends – What To Expect in 2021

OOH advertising as you know it is no longer. New developments in the OOH space are fuelling innovation that is transforming the medium into a powerful tool for marketers of all persuasions.

We’re spending more time than ever outside the home. Around 70% of our time is spent outdoors.

Because of this out of home advertising is becoming DOOH, it’s benefiting from the considerable growth in available data and new technologies.

This growth is driving increased ad spend, better measurement and more interactive and personal ways to engage with consumers with DOOH.

Let’s take a deep dive into the current trends in the OOH advertising space and the positive effect that they can have on your visual marketing strategy.

 

What is out of home advertising?

Out-of-home advertising (OOH) is the collective term for any visual marketing or advertising or media that exists outside of the home. It comes in many shapes and forms, but the most common are found on billboards and street furniture (such as bus stops). OOH also refers to advertising in public areas such as stations or transit hubs, stadium screens and the cinema

 

Innovation in OOH advertising

Optimisation – DOOH to optimize reach

While the majority of OOH inventory is printed, more digital screens are becoming available for advertisers to create more dynamic campaigns.

These screens are producing better optimization and allowing advertisers to create more personalized messaging. They can utilize different kinds of triggers to generate a more dynamic form of OOH advertising.

This innovation is no longer a gimmick, and advertisers have demonstrated how effective digital OOH can be. They have shown that tDOOH is not just effective, but also scalable.

Better data has helped to fuel these innovations. Advertisers can now change media based on the movement of many devices in real-time. The rise in smart devices means that road based billboards can change instantly based on the demographic that will soon be in front of the inventory.

Real-time is important, but in reality, it is part of a growing trend in which the medium is becoming more of a reactive solution. The ever-increasing amount of data that marketers now have at their fingertips is driving this trend. This versatility is driving personalization and producing incredible results for marketers using DOOH to achieve their goals.

 

Enabling digital buying of media in real-time

Marketing automation has reached the out of home industry. Programmatic buying of OOH media is now commonplace.

The purchasing of OOH advertising was previously a lengthy process between the advertiser, digital marketing agency and inventory owner. With this model, the real-time strategies that now dominate the DOOH world would not be possible. Today this process has become far more efficient.

The buying of OOH inventory has not just become automatic, but it is now available in many of the same interfaces that marketers can buy mobile or display ads. This process allows marketers to activate their campaigns seamlessly across several channels.

This real-time automation also means that It’s also easier to leverage first and third party data sets directly into campaigns, maximizing personalization and increasing ROI.

 

Attribution and measurement

The out of home advertising industry has focused heavily on solutions to measure the results of OOH campaigns. Marketers can acquire detailed metrics around their digital campaigns down to impressions and conversions. Data has enabled this in the DOOH world.

As a result, brands can now identify the number of impressions an OOH campaign has generated. Measurement has come a long way from surveying consumers; marketers now can say with confidence how many people saw their ad.

But the innovation doesn’t stop there. Smart data can close the out of home attribution loop. Data around store visits or digital behavior can be used to with OOH exposure to provide the kind of metrics that marketers could previously only get on their digital campaigns.

These leaps forward are all thanks to data. Data is pivotal for measurement and driving accountability in the digital advertising space, and this is no different for OOH.

 

Data in DOOH advertising

For marketers, OOH is now an exciting place to be. Data is fuelling innovation and creating powerful DOOH campaigns.

We now have access to a gigantic data ecosystem which wasn’t available ten years ago. These data sets have enabled advertisers to do more with their activities and campaigns.

However, the advertising is only as good as the data the fuels it. Marketers must be aware of the data they are using in DOOH. Third party data needs to be highly vetted, and direct partnerships with 2nd party providers are a much better solution.

With accurate data at the center of the DOOH revolution, we will surely be seeing more ad spend allocated to reaching consumers outside. This data will enable much better results for marketers and ensure that digital campaigns can be instantly activated in the OOH channel.

 

Categories
Business

The Ultimate Guide to Employee Scheduling Apps

Are you tired of manually creating employee schedules every week? Do you find it challenging to manage employee schedules, time off requests, and shift swaps? If so, employee scheduling apps are the perfect solution for you. In this article, we’ll take a deep dive into employee scheduling apps, their features, and benefits, and how they can streamline your scheduling process.

 

What are Employee Scheduling Apps?

Employee scheduling apps are software tools that help managers create and manage employee schedules. These apps allow you to create schedules, assign shifts, manage time-off requests, and handle shift swaps. Most employee scheduling apps are cloud-based, meaning you can access them from anywhere with an internet connection.

 

Benefits of Using Employee Scheduling Apps

Employee scheduling apps offer several benefits, including:

 

Time-Saving

One of the biggest advantages of using employee scheduling apps is that they save time. Manually creating schedules can be time-consuming, especially if you have a large team. With scheduling apps, you can create schedules in a matter of minutes, allowing you to focus on other tasks.

 

Improved Communication

Employee scheduling apps improve communication between managers and employees. These apps allow employees to view their schedules and request time off or shift swaps. Managers can also communicate schedule changes and updates to employees quickly and easily. You can use external chat api to add chat function in your scheduling app

 

Reduced Errors

Manual scheduling is prone to errors, such as double-booking employees or assigning the wrong shift. Employee scheduling apps reduce errors by ensuring that shifts are assigned correctly and that there are no conflicts.

 

Increased Employee Satisfaction

Employee scheduling apps increase employee satisfaction by allowing them to view their schedules, request time off, and swap shifts. This gives employees more control over their schedules, which can lead to increased job satisfaction.

 

Key Features of Employee Scheduling Apps

Employee scheduling apps come with a variety of features, including:

 

Shift Assignments

The ability to assign shifts is a core feature of employee scheduling apps  and is of particular importance in certain sectors, for example, healthcare. Managers can assign shifts to employees based on their availability and skillset.

 

Time-Off Requests

Most employee scheduling apps allow employees to request time off directly through the app. Managers can then approve or deny the request.

 

Shift Swaps

Employee scheduling apps also allow employees to swap shifts with their coworkers. This feature saves managers time and reduces the risk of scheduling errors.

 

Real-Time Updates

Cloud-based employee scheduling apps provide real-time updates, so everyone has access to the most up-to-date information. This feature ensures that everyone is on the same page and reduces confusion.

 

Reporting

Employee scheduling apps often come with reporting features that allow managers to track employee hours and monitor overtime. This feature is especially useful for businesses with hourly employees.

 

Choosing the Right Employee Scheduling App

There are many employee scheduling apps on the market, so it’s essential to choose the right one for your business. Here are some factors to consider when choosing an employee scheduling app:

 

Ease of Use

Easy-to-use interface and intuitive interface are essential for an app.

 

Customization

The app should allow you to customize schedules and settings to fit your business’s unique needs.

 

Integration

The app should integrate with other tools and software your business uses, such as payroll and time-tracking software.

 

Cost

Employee scheduling apps vary in price, so it’s essential to choose one that fits your budget.

 

Conclusion

Employee scheduling apps are a game-changer for businesses that want to streamline their scheduling process. These apps save time, reduce errors, and increase employee satisfaction. When choosing an employee scheduling app, consider factors such as ease of use, customization, integration, and cost.

 

FAQs

Do employee scheduling apps integrate with payroll and time-tracking software?

Yes, many employee scheduling apps integrate with payroll and time tracking software. This integration ensures that hours worked are accurately tracked and recorded, making it easy to manage payroll.

 

Can employee scheduling apps be used for businesses with both hourly and salaried employees?

Yes, most employee scheduling apps can be used for businesses with both hourly and salaried employees. These apps often have features that allow managers to track employee hours and monitor overtime.

 

Can employees access their schedules from their mobile devices?

Yes, most employee scheduling apps have mobile apps that allow employees to view their schedules, request time off, and swap shifts from their mobile devices.

Do employee scheduling apps offer customer support?

Yes, most employee scheduling apps offer customer support through email, phone, or live chat. Some apps also have extensive online knowledge bases and video tutorials.

 

Are employee scheduling apps secure?

Yes, employee scheduling apps use encryption to ensure that data is secure. These apps also typically have role-based permissions, ensuring that only authorized personnel have access to sensitive information.

 

Categories
Marketing & Advertising

How to Implement a Successful Business Intelligence Strategy

How to Implement a Successful Business Intelligence Strategy

Having the right business intelligence can be the difference in growth or stagnation.

An effective BI strategy can help your business: Remain competitive; Continuously improve; Increase profits; Grow or expand.

But having a BI strategy isn’t just about having the right technology or gathering big data.

It is about having an effective strategy. That means planning, gaining support, executing, reviewing and revising if necessary. It can even require some great Notion templates.

Let’s look at what that means for you and your business.

 

Why You Need Business Intelligence

What could be considered the first use of the term “business intelligence” was used in a document in the 1800s. It described banker Sir Henry Furnese, who gathered information and acted upon that information to increase his profits.

Now, BI is a system of strategies and technologies that gather and analyze data to provide historical, current and predictive views of business and its operation.

BI can comprise a wide range of data gathering and analysis, including the analysis of structured and unstructured data. This information helps to identify business opportunities and enhancements, providing business with a competitive market advantage.

BI is also most effective when it combines internal data, like financial information, and external data, like market information.

By combining different data and sources of information, businesses can get insight into possible new products, new markets, and analyze marketing efforts, to name a few uses.

Think of it like embarking on a trip without a destination in mind, a map or a GPS to find your way. You wouldn’t set out without the tools to help you get there successfully. BI is the roadmap for your business.

That’s the “why” of BI.

Let’s look at “how,” with 11 steps to implement a successful business intelligence strategy.

1 – Get Buy-In

Whatever the size of your organization, the first step in your BI journey is to get buy-in, starting with an Executive champion.

Having a leader from the Executive team who will champion the BI efforts is vital, for several reasons.

For one, it demonstrates to the entire business that the BI strategy is a priority. Secondly, the Executive champion can ensure resources are in place, both human and financial, from across the organization.

The Executive sponsor is the liaison with the leadership team to ensure communication lines remain open and that every area is supporting the initiative. Finally, the Executive sponsor can remove any roadblocks.

When considering the best position to be the BI leader, it doesn’t have to be the person in charge of IT. After all, BI is not a technology initiative. The Financial Officer could be a good choice, but the best option is the member who understands the business strategy and will champion BI.

 

2 – Focus on Team Collaboration

Next, you need to build a team around the Executive champion. Don’t assume that the entire organization will support the initiative. You will need a cross-functional team to bring together all the components of the business. You need to champion team collaboration, with the right collaboration software.

Members of this team will be the champions for your project within each area of the business, so make sure you look for some impressive resumes when hiring for this role. They must understand the BI needs of their area, and be able to communicate the benefits of the project to each area.

They will have to share the information once it’s available and help each area to implement any changes or enhancements that are derived from the data.

It’s essential that each area of the organization dedicate human and financial resources to the BI strategy. While the IT department will be a vital part of the team, they should not be the entire team. Each area of the business must own the program. They know the information that would help them, and they need to be able to access the information when they need it.

Be sure to include strategic, operational and tactical areas of the business. They each require different types of information to enhance their work and improve the business.

 

3 – Define A Vision and Goals

Your BI strategy needs to provide information to your business that allows you to analyze where you are, and where you need to go.

The vision and goals of the BI strategy must align with the vision and objectives of the company.

So, the BI team needs to consider: What does it want to accomplish with the BI strategy? What does the business need to grow? What data would help support business growth?

Thinking back to our road-trip example, the vision and goals will define where you want to go.

Your team’s vision could be as straightforward as “providing BI analytics that allows the business to understand and take action to improve key performance indicators.”

Your strategy will then create the map to get you there.

 

4 – Determine Current State

With your team in place, you can now analyze the current state of the business, from several perspectives:

What data are you collecting? What technology is in place for collecting the data? What sort of collection storehouse is in place for the data? Will you need a new plan for data storage? How is the data shared and used? That includes structures and processes. What works? You don’t have to start from scratch. What doesn’t work? What data isn’t being collected that would help?

 

5 – Define Key Performance Indicators (KPIs)

A KPI is a measurable value that will show progress towards or achievement of a business objective. KPIs will tell you whether you’re achieving your goals or lagging behind targets. KPIs must align with the company’s overall vision.

For instance, monthly sales growth, monthly sales performance, or the number of new customers in a month are all examples of KPIs related to sales. They must be measurable.

Think about industry KPIs, internal and external data, and any historical data about your company. As well, think about who will be using the information and how you can best deliver it to them.

Each business area will have its own KPIs. To start, you don’t need a lot of KPIs. Choose a few important ones, from various areas of the business, as you can always add to the list later.

This is where it gets good:

Your cross-functional team will be at the table telling you how they use the data, and who will use it, which will inform your strategy and the execution of the plan.

 

6 – Establish and Document a Common Language

Your KPI list needs to have a “dictionary” that goes along with it. This ensures everyone is on the same page when referring to KPIs like “gross profit.”

A definition of standard terms may seem unnecessary, but it isn’t. It’s part of creating consensus on the data, how it’s calculated, and how it’s used.

Every area of the business must agree on how terms are defined and, more importantly, how data is collected, calculated and analyzed.

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7 – Find a BI Partner/ BI tool

Once you reach this stage, you can finally start thinking about a software solution or partner to work with your business.

Choose carefully, using free trials or demos to help make your decision. Look for a partner who lets you start small and scale the project as you get more experience.

You’ll also have to consider things like your budget, and decisions like a cloud-based versus on-site solution.

 

8 – Phase-In the Strategy

Similarly to identifying a few KPIs and adding later, consider starting small and adding to the project as you progress.

That means you can choose a few KPIs, gather the information, and build reports to share with the organization. Ask for feedback on the reports and make any improvements.

Continue this process by adding more KPIs, developing more reports, and gathering feedback. You don’t have to implement a major project all at once.

 

9 – Communicate, Communicate, Communicate

We can’t say this one enough!

While you may have buy-in from your BI team, you need to do the work to ensure buy-in across the organization. After all, the best BI data will be worthless if it isn’t understood and being used.

Use your BI team to roll out the results in their areas. After all, they are the best advocates. They understand what their area needs to know, and they understand the BI strategy inside and out. Get the Executive sponsor to be part of those sessions.

Consider doing “lunch and learn” sessions, to explain the process and the data to the business.

Ask for feedback, and listen when you get it.

 

10 – Review and Revise

Besides gathering and using feedback, you need to continually review your BI strategy and revise it as necessary.

An effective BI strategy doesn’t have an end date. Your business goals may change; new products may be introduced; team members may develop new KPIs.

Keep investing in your BI strategy. Do regular reviews to ensure the data is still valid and useful. Make changes, additions, and deletions, if necessary.

 

11 – Celebrate

While your BI strategy won’t have an end date, you should take time to celebrate as an organization. Your BI team and their business areas have done a lot of work, and that work has helped improve the business.

Take some time to thank everyone, and have a BI celebration. After all, everyone loves a party!

 

Final Thoughts

Implementing an effective BI strategy is not done overnight. It takes considerable effort, time and consideration to be done correctly.

But an effective suite of BI analytics will be valuable to your business in many ways. It can help improve internal processes. It can provide information on efficiencies. It can give insight into possible new products, or adjustments to existing products. It can even provide information on competitors.

Following the 11 steps we’ve outlined will help ensure your business will find success in developing and implementing an effective business intelligence strategy.

 

Author Bio

Danielle Canstello is part of the content marketing team at Pyramid Analytics. They provide enterprise-level analytics and business intelligence software. In her spare time, she writes around the web to spread her knowledge of marketing, business intelligence, and analytics industries.

Categories
Business

Top 10 Cybersecurity Trends in 2023

The cybersecurity trends in 2022 have proven that we may have to deal with more cyberattacks in 2023. The cybersecurity industry trends in 2022 were filled with many ransomware trends and attacks. Many organizations had to deal with various cyberattack trends, leading to the loss of money and sensitive information.

Moreover, the attackers were up for different surprises in malware trends, and there were no signs that this would stop soon. 2023 is here, and the ransomware trends of 2023 are likely to be much bigger than the ransomware trends of 2022. These are the top 10 cybersecurity industry trends for 2023.

Increase in Ransomware

Ransomware was one of the most popular cybersecurity trends in 2022. According to the European Union Agency for Cybersecurity, there was an 87% increase in ransomware in 2022, which is expected to continue in 2023.

Cybercriminals like REvil, DarkSide, and BlackMatter seem to invest a lot in improving their methods to take companies by surprise, regardless of their level of cybersecurity. For instance, Kela, a security firm, noted that cybercriminals use analytics to get the right victim in the US. Also, they’re interested in companies with at least $100 million in revenue to help them get a better ransom.

So, this cyberattack trend will only get bigger in 2023, and many organizations will be using the best ransomware protection available.

Security-as-a-Service

The continuous malware trends and current trends in cybersecurity have made many organizations understand why they need more security. Rather than depending on their security tools, companies are choosing security-as-a-service solutions. Such solutions are often offered by Managed Services Providers or Managed Security Services providers.

The MSP or MSSP usually includes a team of professionals and experts with modern product and process knowledge.

Since cyber security hackers are becoming more sophisticated by the day, MSP or MSSP will help ensure that consent phishing and other phishing attempts are prevented from entering our inboxes.

Furthermore, MSPs or MSSPs also provide comprehensive data protection services to businesses. One of the key services in this domain is backup and recovery. Regular backups are essential for any business to minimize data loss and ensure business continuity in case of any disaster. However, managing backups can be a time-consuming task, especially for businesses with limited IT resources.

With NAKIVO backup for MSP, MSPs can easily set up and manage backups for all their clients’ systems, including virtual, physical, and cloud environments. The solution supports a wide range of platforms, including VMware, Hyper-V, AWS, Azure, and more.

Zero Trust

Before now, cybersecurity processes involved a porous approach that allowed anybody with the correct credentials to access a system. It is one of the major reasons responsible for the increase in ransomware. It takes clicking on only one attachment or link to compromise a company’s security systems.

The Zero Trust model ensures that only individuals who are authorized can have access to a network. It also ensures everyone passes security protocols like user identity verification and authenticator apps. With this, codes will be sent to the smartphones of those authorized, and any unauthorized logins can be easily detected.

Zero trust was introduced in 2021 as a solution in cloud security to prevent consent phishing attacks and other malicious cyber attacks. It requires verifications at different steps and grants access to recognized devices. Zero trust is likely to be one of the common cyber threat trends in 2023.

Cybersecurity hygiene

Cybersecurity hygiene includes regular practices and habits in the use of technology, such as implementing safety measures and avoiding unprotected networks.

Cybersecurity hygiene helps minimize vulnerabilities by discovering risks and creating different strategies and mechanisms for reducing or resolving them. With cyber hygiene, organizations can improve their security and effectively defend themselves against disastrous breaches.

Growth in 5G Network Breaches and Connected Devices (IoT)

The growing acceptance of 5G technology, which needs a complex infrastructure overhaul, and the acceptance of software-based services and their connection to the IoT create the right attack surface for cyber hackers. Internet of things solutions and service providers should use zero-trust security to be ready for any security breach.

Third-Party Risk

Third-party exposure is the likely threat an organization’s customer and employee data are exposed to. It also includes the operations and financial information from an organization’s supply chain and other external parties that offer products and/or services and can access privileged systems.

A report on 2021 workforce trends found that more than 50 percent of businesses prefer hiring freelancers due to an increase in remote work due to COVID-19.

CyberArk, a security company, gives outsiders access to sensitive systems. It gives cyber hackers a way to access their information, which could be dangerous.

Insufficient Cyber Skills

During the COVID-19 pandemic, many people, including IT professionals, were forced to work remotely, which increased their workloads. The increase in ransomware attacks and workloads has led to burnout.

For instance, Harvey Nash, a global recruitment firm in the UK, reports that the cyber skills shortage increased to over a third in 2021. It also discovered that cybersecurity is the most in-demand tech skill in the United Kingdom.

Social engineering

This term is used for various harmful activities accomplished via human interactions. It uses psychological tricks to get people to give up private information and open themselves to cybersecurity dangers. It also tricks unsuspecting users into spreading malware infections or giving access to controlled systems.

Increase in Digital Supply Chain Cybersecurity Risk

The connectivity of the supply chain is growing, and this has led to an increase in data privacy and cybersecurity risks. It is because increasing interconnectivity means an increased attack surface and more vulnerabilities that cybercriminals can exploit.

The ENISA report recently analyzed twenty-four attacks. It was discovered that strict security protection is not just enough for companies since cybercriminals are now moving to suppliers.

Employee Cybersecurity Awareness Training

As the risks of cybersecurity continue to increase in the unpredictable digital landscape, the most effective way to educate employees is through cybersecurity training. This is one of the cybersecurity trends that will help them understand the risks to avoid and the necessary steps to take when they’re unsure in certain situations.

The IBM Cyber Security Intelligence Index reports that 95 percent of security attacks are the result of human error. So, employee cybersecurity awareness training is a great way to prevent such errors.

Categories
Marketing & Advertising

The Future of Personalization – Data Personlized Marketing

Personalization is one of the most exciting areas in the world of advertising and marketing. Today’s consumers expect a much higher level of customization, with companies like Netflix and Spotify raising the bar in terms of what the average consumer expects.

In a year with the advent of GDPR – it’s reassuring to realize that personalized marketing and advertising can be done in an intelligent and insightful way. This is all possible while complying with privacy legislation.

Customer data and insights are at the heart of the future of personalization. We’re beginning to see the benefits of bringing vast amounts of data together to asses analyze and make the right, informed decisions.

For businesses, this translates into a more personalized marketing strategy, product personalization and the ability to adapt to ever-changing trends.

 

What is personalization?

Lack of contextual understanding for consumers’ behavior has long held back the effectiveness of personalization in spite of a wealth of data, but marketers are finally starting to get a grip on it.

Consumers are demanding more personal experiences, and everyone from retailers to advertisers, marketers and product designers now understand the benefits that personalization can bring for their bottom line.

A lack of context around consumer behavior has previously limited the level of personalization available. Data has increased, but actionable data has often been harder to identify.

As datasets have improved, businesses have become better at understanding what makes good data and how they can use this to fuel cutting edge innovation in personalization.

This ultimately provides better marketing, improved one to one experiences and the ability to predict trends and consumer needs to deliver personalized experiences across the consumer journey.

 

Understanding your business is the first step of personalization

Personalizing the consumer experience first involves understanding your business. You have to know who your customers are. You have to know what they look like, what they like to do and how they behave in different contexts.

 

Understanding the context of engagement

The first step involves understanding the context of engagement. Personalization has improved, but with some datasets, context can be hard to discern.

Without this understanding of context business risk poor personalization that consumers will reject and struggle to engage with.

Building a detailed view of how your customers use your products, engage with your various touch points and illustrates why they are doing this will provide a solid base for highly effective personalization strategy. It’s also a great case for POS integration, helping you to get a unified view of ever point of customer interaction.

An example of this involves combining data to create a holistic view of your customers. If you are looking at personalizing your brand marketing, it’s not just enough to identify that a consumer fits within the profile of your target audience.

They might not be in the right frame of mind for engagement. Combining profile data with other data sets that can signify intent is a much better way to achieve great personalization.

For example, combining profile data with precise visits data to similar categories of a store can help you to understand the context. From here it’s possible to create highly personalized communication based on real-time consumer behavior.

 

Understanding your area and target audiences

It’s essential to maintain your personalization strategy so that as things change, you can adapt your personalization strategy.

If you have a physical consumer touch point, changing trends in your area can occur quickly. Understanding these changes can give you an advantage over other brands and retailers in the area.

Visits data combined with demographic data can help to identify who visits your store, your competitor’s store, the area and where they come from.

For example, identifying that Chinese nationals visits to the area are growing month on month can be valuable for your physical retail personalization strategy. You can personalize your retail environment to drive revenue and visits.

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Fully personalized marketing strategies

Offers, incentives and one to one marketing in retail

The challenge with many marketing strategies is that offers, promotions, and incentives are developed to be one size fits all. Many retailers, for example, will have a single offer aimed at every store visitor.

But each consumer is unique with different personalities, profiles, motivations and brand history. Personalization is valuable in these instances as it helps to deliver the desired offer to the relevant customers.

The aim with marketing personalization is to get get the ideal offer which is most likely to convert a specific customer to the customer is the right moment.

Data is enabling this process already. But using intent data such as consumer location or interaction history and matching this to the ideal offer is improving the level of personalization marketers can deliver.

By combining intent data with other datasets such as store visits or purchase data, retailers can see how each offer affects purchases. This combination means that marketers can understand the impact that each offer has physical store visits or purchases.

With data, retailers can begin to respond to each consumer at an individual level. The data that they use to achieve this will help them to simultaneously optimize these offers and the delivery of these offers to improve their marketing and their bottom line.

 

Media buying & personalization

It’s hard to talk about personalization without focusing on digital marketing personalization, and more specifically media buying.

For paid media, the ultimate goal is to achieve a one to one marketing strategy. With the rise of technology, it’s now easier and quicker to deliver personalized marketing at scale.

New datasets have developed a deeper understanding of consumers and how they behave in both the online and offline worlds. Using data allows brands to reach consumers with personalized marketing, across many different channels and touchpoints.

Understanding where and how consumers move can help brands to personalize their marketing activity. Location-based segmentation, for example, allows marketers to build more specific audiences, optimize ROI and reduce wasted ad impressions.

Media buying platforms offer many ways to segment audiences, but a rise in unique third party datasets have meant that marketers can segment and fine-tune audiences better than ever before.

 

Predictive personlization

The data that marketers now have at their disposal has enabled them to do more than just personalize based on past consumer behavior.

Advanced datasets can take personalization to the next level. Marketing personalization is becoming predictive. Brands and advertisers can now combine multiple data sources to understand how consumers behave on both a micro and a macro level.

Using this information, it’s possible for marketers to become predictive with their personalization.

Marketers can continuously update their perceived customer profiles with data that explains a consumers profile clearly. This helps the business to personalize the consumer journey and remove potential barriers to purchase.

Data is enabling businesses to understand which areas to invest in the future to deliver personalization.

 

The personalization power of unified datasets

As we’ve already alluded to – the future of marketing personalization doesn’t just involve a single dataset. It’s the combination of many which will bring new levels of personal marketing and brand interactions.

As data increases the trend for unified datasets will do so as well. To create high levels of personalization we need to find an effective way to consolidate the data sets that can fuel personalization.

Data platforms are catching up with the personalization needs of the modern marketer. The infrastructure is advancing to support the staggering growth of data that is available for marketers to drive personalized marketing efforts.

The data is useful to drive marketing personalization, but it will soon extend beyond this into other areas of the business. Data platforms are delivering highly personalized marketing to customers, but they are also having an impact in other areas such as logistics, the supply chain, and product development.

Categories
Business

Best Things To Look For When Looking At Real Estate

Thailand is a destination appreciated by many foreigners. The contrast of cultures and behaviors amazes and forces citizens of other countries to join the celebration of life and resort lifestyle. Here the ancient temples neighbor exotic shows, and daytime spiritual practices are replaced by grandiose night discos. Mild climate, endless beaches and low cost of living in Thailand attracts thousands of foreigners wishing to buy property in this paradise corner. Ownership of property by the sea in Thailand is a fairly safe and solid means of growing your fortune. 

Real estate for sale in Thailand 

Monitoring the real estate market of Thailand, you may notice that it offers housing objects for every taste and budget. You can choose a modest apartment somewhere on the outskirts or a spacious apartment of several rooms in the capital`s center. 

Besides, whether you intend to invest in a home of your own or to rent it out for tourists, you will not face any shortage in real estate of the luxury segment at reasonable prices. 

Those wishing to purchase a relatively inexpensive apartment or private home, choose Pattaya. For fans of luxury – a wide range of real estate on the fashionable resorts: Phuket and Samui. New buildings and secondary housing in Bangkok also attract buyers, but mostly in the Thai capital investors are more interested in commercial real estate.

The most reliable method of real estate purchase 

The government of Thailand used to approve several ways of acquiring ownership of real estate by foreigners. The establishment of a Thai company was the most popular and the easiest one. However, most investors have understood the risks of such a deal and abandoned it. Today there remain two legitimate ways to buy real estate – the purchase of shares in the condominium or a long-term lease, the maximum recorded period of which is 30 years. But many foreigners are not willing to invest in condominium projects, especially in areas such as Phuket, Samui, Pattaya or Koh Chang, where preference is given to the resort-style properties, particularly villas.

For this reason, leasehold appears to be the safest method of obtaining real estate in Thailand. To get the profitable investment in the foreign real estate market, it is advisable to evaluate the profits and estimate the risks. 

Profits of buying real estate in Thailand 

When it comes to buying real estate in Thailand, there is an ocean of opportunities and a whole pack of benefits. Foreign investors are looking for a way to provide a reliable cushion for seasonal or unexpected fluctuations in revenue and they find it in Thailand. 

  • High return on investment. 

Real estate in Thailand is a rational choice if you want to have solid investment options. There is no decrease in prices on Thai property is foreseen in the near future. The resort location of the country welcomes tourists or so to say potential tenants all year round. This is why real estate in Thailand has a huge demand among both local and foreign investors. 

  • The constant development of the country. 

Thailand is characterized by a well-developed transportation system that connects major commercial, residential and industrial centers. Besides, the government works on reducing the number of traffic jams on the main roads and decides on more advanced means of transport. 

The kingdom is also known for high quality medical services, fast internet connection, good business opportunities, and multiple variants of comfortable accommodations. 

  • Relatively low cost of living.

The cost of living in Thailand may be called relatively low as here you need less money than in other resort destinations. Besides, the level of life and the prices differ depending on the region, so a resident with any income can find the suitable option. Of course, over the past few years, the cost of living in Thailand has increased, but the prices of many services, seafood, vegetables, fruits and rent are relatively democratic. A studio or one-bedroom apartment in Thailand can be rented for an average of $200-400 (per month), depending on the region. 

Risks when buying real estate in Thailand

Any purchase of real estate is followed by certain risks. Therefore, it is advisable not to be blinded by appealing advantages, but be ready to face the responsibility. 

  • Legal risks. 

There are myths that in Thailand there is no private property as all land belongs to the King. However, this information is wrong. The amount of foreign capital in the country perfectly shows that most of the land belongs to companies and individuals. 

  • Risks in the process of construction. 

If you invest in real estate under construction, it is important to be aware of some possible issues, like delay of the delivery or absence of the EIA. To avoid purchasing a property without the Environmental Impact Assessment or EIA, check the documentation provided by the developer and ask a professional for help. The delay of construction finishing is rather an exception, and in this case a developer has to pay fines to the buyers. 

  • Risks of obtaining less income than expected. 

The marketing risks appear when some estimation mistakes have taken place on the stage of creating the project. It means that the delivered real estate will not bring as much profit as it intended. However, with the responsible approach to selection and sufficient consideration, these risks are easily avoided. 

The final word 

All the risks can be eliminated and all the profits can be increased if you select property with the help of the correct resource. The major aggregator Thailand-Real.Estate cooperates with the trusted Thai developers to offer the reliable housing units. An ocean of accommodation variant to any taste and money are available on the website. 

On the whole, due to the uncertain economic situation in the world, the purchase of real estate abroad may be the furthest thing foreign investors think about. But what if this option is the best way to establish balance and even force growth of your capital nowadays? The statement definitely needs to be carefully thought out.