Business Analysis and World of Indicators

By LN Mishra

This was another interesting question that was supposed to be by one of my workshop participants.

She asked, "LN, I hear so many terms about measurements, such as metrics, indicator, key performance indicator, scorecard, and balance scorecard. Why so many terms? What do they mean and how do they relate?"

This reminded me of a very famous treatment by Dr. Edward Deming who said, "In God we trust. For rest, please bring data."

Measurements and business analysis are closely linked. If we can't measure something, we really don't know whether we performed well or something needs to be improved. At the same time, let me warn, everything that should be measured can't be measured, and same time everything we measure, are not necessarily worth measuring.

I have seen umpteen organizations who measure wrong things and then create trouble for themselves. That's another topic for discussion. Today, let me try to explain how these terms related to each other and where to use what.

The very first outer universe that you can think of is indicators. Everything that we will discuss now is essentially a subset of indicators.

So what's an indicator? In simple terms, an indicator indicates something that is of interest to stakeholders. All of us know traffic light indicator which tells you whether should move or you should stop.

Moving away from pure indicator which does not have a numeric value, we could start looking at providing a numeric value to the indicator. That's when we call it as a metrics.

For example, we could say our profitability is 25%. This indicates that it's a healthy profit margin that the organization is making. Metrics are measurable indicators.

Next comes is among the metrics which ones are key indicators or key performance indicators. An organization may have hundreds of metrics that it collects over a period of time, but not all metrics are equal.

Some metrics are critical to the operation of the business and must be monitored very closely. That's what we will call it as a key performance indicator. For example, the cash in the bank is a great KPI for any organization to monitor. If you run very low on cash, then your business can stop.

Now, what's a scorecard? A scorecard typically provides a combined performance indicator using multiple KPIs. We can create a performance scorecard for a department where we include key performance expectations that we are expecting from the organization.

Now, what's a balanced scorecard?

A balanced scorecard is one which is balanced with respect to different perspectives, such as financial perspective, people perspective, process perspective and customer perspective. It is also balanced with respect to past performances and likely future performances.

In my personal experiences, most organizations build balanced scorecard at an organization or enterprise level than building it at the system level. Metrics and KP are typically used at the processor system level. However, these are not iron cast and you may be able to use any of this at any level.

About me
I am a professional BA, trainer, coach, and author.

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Would love to connect with fellow professionals.

You can also reach me at  LN@AdaptiveUS.com

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SGM's Digital Commonplace - How To Start Making Progress With The Innovative Interface

By Richard Peck

SGM's Digital Commonplace software was the first to introduce the idea of the "immersive application" - the ability to engage with a piece of web based software without the need to engage with boring forms.

If you're interesting in understanding the value of a "commonplace" tool, and even how a "digital" commonplace would give you the ability to make progress, this brief tutorial should give you some insight.

What Is a "Commonplace"?

The point of a "commonplace" mostly seems lost to us now, but up until the end of the 18th century, it was a staple part of the intelligentsia.

A book that acted as half scrapbook and half journal, it was meant as a place for you to note down ideas, observations, quotes and other miscellaneous information. The "commonplace books" that were eventually produced ended up being somewhat effective in terms of guiding a number of history's luminaries towards a more enlightened path.

Indeed, perhaps the most prudent example of why a "commonplace" was important is evidenced from the various historic figures who kept one.

Charles Darwin, Isaac Newton, Leonardo Da Vinci, Michelangelo and many others ALL kept "commonplace books" *in some form* or another.

Whilst they didn't "call" the books "commonplaces", upon further inspection, it's evident they all were. They all followed the same pattern - a sporadic taking of notes, interspersed with illustrations and other insights.

The point is that whilst the "idea" of a commonplace book is pretty rigid, the practice of keeping one was never really noted down. Thus, as we entered the industrial age - where the romance and lethargy of previous eras was lost - commonplacing slowly drifted into obscurity.

By the 21st century, digital technology firmly closed the book on it.

Why Is "Commonplacing" Important?

The reason *why* commonplacing is important is because of what it helps you do as an individual. Specifically, it's the focus that it helps you attain.

Commonplacing is really about becoming creative with your work. Rather than being entirely *reactive*, it should guide you to become more inquisitive, inventive and industrious.

Ultimately, it should really guide you into yourself (internal rather than external). This internal focus should give you the patience, persistence and courage to pursue more creative solutions to wider issues you may have.

This creativity lies at the CORE of the all the "luminaries" we've seen using "commonplace" systems. They're basically MAPPING what worked - and what didn't. The stuff that worked typically went into new products.

The Introduction Of A "Digital" Commonplace

To this end, when you look at why a "digital" commonplace may be effective, there are a number of considerations.

Firstly, the whole point of a "commonplace" was not to create a pretty book - it's to organize your thoughts into SYSTEMS that can be replicated, optimized, shared and combined.

The systems which worked "for you" would then end up being either used in the creation of better quality work, or shared with others. This is why the likes of Isaac Newton were revered; they took ideas themselves, experimented with them and used them to develop their own.

Secondly, the reason why so many "luminaries" ended up using "commonplace" methods was because it's primarily a mindset - born of you trying NEW ideas and engaging in new opportunities. Without this mindset, keeping a "commonplace" would be worthless, as the stuff you'd put into it would be nondescript.

All of this means that if you're looking at building a new type of "digital" commonplace, you need to be able to capture this concept as honestly as possible. This is where most people fail - typically designing a "note taking app", which has not only been done, but is not actually what a "commonplace" is about anyway.

SGM's Digital Commonplace software was designed with the sole intention of giving people the opportunity to indulge into the creation of "projects" that they can offer to others. The lucidity, creativity and depth of these projects typically determines the way in which the user is able to gain from the endeavour.

We've found that if you're looking at the "Digital Commonplace" from the perspective of it being a "secret trick" to try and get you into the "fast lane" of success, you'll be sorely mistaken. It's merely a tool which you can use to amplify your results in various areas of your life.

How It Works

As mentioned, the SGM Digital Commonplace basically works by providing an immersive interface for its underlying platform. This interface means that rather than having boring forms to fill in - users have the ability to manage many different "windows" which can be loaded.

This means that the system can actually be designed around the provision of a variety of different types of functionality. That is, a user is able to create a number of systems which they'll be able to use to manage the various pieces of data they may have inside the application.

This interactivity provided the developers with the opportunity to expand the way in which the system was able to work for the user. More pertinently, rather than focusing it around input/output, it gave the users the ability to create dynamic systems through which they were able to optimize, manage and pinpoint exactly where they were looking to grow.

This systemic approach is backed by a huge number of API integrations, which allow the users to input a huge amount of their data from a variety of applications (including email). This - for the first time - means that rather than just storing creativity-based ideas (images etc), users are able to effectively "track" their progress in a variety of different areas of their lives.

Whilst there's no doubt that a number of other "commonplace" tools will come online, SGM's was the first, and some might argue, effective.

5 Features Your Donor Management System Must Possess

By Stephen Hendy

Churches and charities would know the amount of trouble it takes to manage the affairs of the church, to keep a record of the funds received, the expenses, and ensuring that the details of the events are made available to all - this all without any mistakes.

As if that wasn't enough, the selection process of management software is even tougher and needs all the attention, irrespective of whether you're a small charity or a huge church operating in the city.

For those who're looking for charity software but would first like to explore options and see the features the software possess, then here is some worthwhile information for you -

• Tracking and Website Integration - To begin with, choose software that can be easily tracked without any major complications. Most churches and charities look for software that can be easily integrated with the website other than just being easily trackable. Checking these factors is definitely important if you're looking for a system that can easily and efficiently manage the things for you

• Easy to use - Ease of use is another thing that needs to be checked carefully - and this is primarily because not even member of the church will be able to bring the software into use; therefore, it is best to choose a software that is easy to operate and can work well for all the requirements of the churches and charities.

• Reporting - Easy and convenient reporting is just another feature that one needs to look for when choosing software for the management of churches and charities. The way the software sends out its report would determine whether or not it is the kind that successfully matches the requirements of the buyers. If you're choosing the software make sure you go for the one that reports points and data in a clear precise manner, something that is convenient for you to translate

• Automation - Similar to integration, automation is a key factor in saving you time when it comes to working with your nonprofit management software. Automation in your database means that when someone gives a donation, that donation and that donor automatically go through a donation recording and receipting process that you don't have to manually put into motion every time.

• Customer Support - Placing this point on the last number doesn't really mean it something you can easily ignore. Remember the software that would be the most acclaimed in the market is the one that offers complete and overall customer support, allowing customers to contact directly to you when the need comes up.

For any charity of church that's looking forward to buying management software to exclusively meet all the needs, it is very important to first consider these points and then go ahead with the selection procedure.

The author has immense knowledge of the charity software; truly knows that without software the church can lag behind in fund-raising aspects. The first step towards increasing the fund is to develop the community. To know more, visit - http://www.datadevelopments.co.uk

AI for Significant Enhancement of Product Design and Development

By Andrew Hudson

Over the past few years, innovative technologies have rolled out their potential in the field of product designing and development by showcasing amazing results. By automating complex procedures, technologies like artificial intelligence has already manifested its relevance with the immense capabilities of streamlining product development process. With gaining a huge support from cloud computing, AI has become more accessible in terms of meeting several business requirements.

In fact, AI applications which are running on Amazon's Alexa or on Tesla's autonomous cars have become so common these days that people have already started assuming its impact on software development. In order to withstand with technological variations, companies are now intended to gain huge benefits of integrating artificial intelligence into their business operations such as stocks, marketing, finance, healthcare or product development etc.

Artificial intelligence has redefined the process of product designing with providing computerized support to various product development tasks which were earlier relying on human experience. It automated every human task to eradicate the possibilities of occurring errors. In fact, researchers have found that by 2050, AI will profoundly accomplish every intellectual task that a human does. So far, AI has performed several tasks accurately. And probably, for this reason, technology is always being accused of taking away human jobs!

While easing software designing and development operations exceptionally, AI benefits human in several ways:

As a life savior, AI performs all the complex and dangerous tasks in industries, that further leads to enhanced safety automation and increased life span of the workers. It automates automotive safety by analyzing data and determining if a product is structurally sound.

It proficiently reduces operational costs. The costs of skilled and expert labors required for designing and developing a software product is significantly more in comparison to the automated machines. Additionally, reduced operational costs help businesses to develop more innovative products at affordable prices.

The better product means more profit and AI can amazingly help in this regard. Firstly, with automating all complex tasks, it takes away dull, mundane and repetitive tasks. Secondly, it analyzes data and produces high-class products.

This technology has a great reputation for awarding people with a happier and fulfilling life, especially when it comes to designing a new software product. Let's explore:

With Automating Product Testing:

In product engineering companies, you will always find a high demand for getting quality assurance engineers and analysts on board. When it comes to product management, it is imperative to ensure that a product is meeting quality standards, which is clear from the fact that product testing solely takes up 40-50% work prior to sending a product for production. Just imagine, 40-50% work time of a production manager wasted on testing alone!

Let's consider another side of the coin as well. If a QA engineer is busy in product testing and taking more time, then chances are, product production could derail. In contrast, integrating AI can enable companies to automate this product testing and become productive in other business aspects. Also, AI successfully performs thousands of user sessions to find existing bugs, which a QA or PM couldn't do.

Enriched User Experience And Design:

As a matter of fact, delivering ultimate user-experience is a crucial aspect of product development. A product is always designed with keeping its end users in mind and, only if the product is resonating with users, it could be successful. It should be user-friendly and fun to use. And thus, to design a creative product, designing team is expected to consider its usage, validate their ideas, analyze possibilities and brainstorm designs with considering businesses objectives.

But, AI can simply provide a relief to such lengthy process and can make a designer's life much easy. With a huge learning potential and data analysis, it helps to determine people's response to a certain product, which in turn, help designers to design creative products. By collecting behavioral data, teams can analyze frequent edge cases and ways to overcome such issues.

As a recompense, artificial intelligence holds the potential of revealing success chances of the product design beforehand during the design phase. It undergoes proposed user flow and determines the user action, which saves building multiple iterations of the testing. With running designs through simulation, companies can determine a better product version. In manufacturing industries, AI can save millions, which otherwise would be wasted in product research and development.

Andrew Hudson has holding a rich experience of 15 years as a senior product manager in Damco Software solutions, a leading product engineering firm that leverage innovation in product/application development, software QA and testing, legacy system modernization, strategic consulting, product marketing and maintenance. Currently he is VP of marketing and product management and is responsible for strategizing product development and marketing. Visit http://www.damcogroup.com/product-development-and-modernization-services.html to know more about product development process.

The Innovative Application of Machine Learning In Product Development

By Andrew Hudson

No matter how much tech savvy the world is becoming, very often people get themselves puzzled in the labyrinth of new evolving and advanced technology trends. And whenever this kind of situation occurs, people have somehow found the way to understand it and how to use it in the running situation. This is something like going on between the world and the recently emerged idea, called machine learning.

Let's begin with understanding what this machine learning actually is:

In a simple way, we can say that it is an analytical and logical method that uses algorithms to find out some particular hidden patterns of data from a large database. The whole procedure is adaptive, means the moment a new data comes at the front, the models of machine learning modifies and refines their prediction.

The idea of this technology is new to the world, still, it has already brought about notable changes to the world of business, especially in product innovations. The impact of this trend to the growth and development of business is so great that from the large-scale business enterprises to well-established industries, everyone wants to take afresh bite from this hot toast.

Why Is Machine Learning Taking Over Industries?

Machine Learning is the latest and trending attitude of technology in the digital landscape, turning our evaluation of data into more efficient, and reliable. The transformational flair of this technological trend is the actual reason behind its remarkable growth in popularity in financial, healthcare, and retail sectors. It is helping the banks, insurance companies, investors, hospitals, to enhance their productivity, launching new innovative services. For example, with the emergence of the smart watches, both the doctors and the family members can track and monitor the health telemetry of the elder people. The business owners in the financial, healthcare and retail industries have become able to enhance their client satisfactory level and manage the risk, simple by the touch of this great process.

Let's Explore That How This Technology Is Driving Product Innovation

Following are few great examples of leveraging the concept of machine learning for better product innovation.

Siri And Cortana

Siri and Cortana are voice recognition systems that use machine learning as well as the neural networks to copy the way human interacts. Soon there will be improvements when these voice recognition systems will detect the subtle differences and semantics of each language in the world.

Facial recognition at Facebook

Facebook's 'Tag' feature is an innovative gift of machine learning. The advanced Face Recognition algorithm helps Facebook to recognize the faces in the photos easily, and tag your friends automatically on your behalf.

PayPal

PayPal is a platform to process online payments. PayPal uses machine learning algorithm against the fraudulent activities. PayPal analyzes the data of its customers to assess and gauge the risk.

Uber

Uber also uses machine learning algorithm to regulate the arrival time and the locations for picking up the customers.

Google Translate

Google Translate is the most used machine translation services, all over the world. The machine learning algorithm helps the software program to single out the certain patterns of language from the millions of documents.

With the emergence of this technological trend, we can say that the world is shifting towards the golden age of science and technology, and with it soon we will open the locked doors of science fiction.

Modernizing Legacy Software Products Ensures ISV's Survival

By Andrew Hudson

Technological disruptions and innovative business models have made traditional ISVs (Independent Software Vendors) almost extinct while transforming every business into a digital business. Some of the key drivers of this transformation include the adoption of the cloud and SaaS-based business model, which allow vendors to make a rapid transition from a cloud-first approach to cloud-only approach.

Clearly, ISVs have to modify themselves to reveal a higher level of technological competence in order to meet the exponential technological requirements of the businesses. In simple words, they need to acquire the expertise to deliver inventive solutions to their customers. On the contrary, if ISVs fail to modernize themselves, chances are, they may get extinct by 2025.

The challenges that a typical ISV faces in its modernization pursuit is that majority of the companies are still struggling to understand the need of transforming their business and systems. It is imperative to undergo the transformation of legacy systems and processes, nevertheless, the involved costs and risks are comparatively high. Transforming existing legacy systems without disrupting new systems and infrastructure, requires a system that provides an access to the existing systems.

Software products and their future:

� Let's check that how technology and disrupted business models are impacting software products and ISVs.

� We are witnessing a shift from traditional software licensing model to Software as a Service (SaaS) licensing model. Also, the enterprise software is rapidly transforming into enterprise SaaS.

� As businesses are gearing up for the adoption of transformative business models, they have started utilizing utility computing and SaaS, while moving from Capex to Opex model.

� The revolutionary shift to platform-centric world empowered businesses to operate in new ways. New platforms will support every software product as a producer, consumer or match-maker.

� Since businesses are becoming more interdependent and connected, ISVs will no longer have to handle software product's configurations, integrations, and functions independently.

� Micro-services based architectures and digital applications will rapidly replace monolithic architectures and standalone applications.

� Universal computing, high-quality performance and consumer grade UX/DX/CX in enterprise SaaS applications will be driven by customer's expectations and demands.

Factors stopping ISVs from getting modernized:

Though businesses are looking for technology modernization, still ISV's are holding back themselves from modernizing their software products, why? Let's check:

Outdated technologies and skills: The ISV are still running their thousands of software products on legacy technologies like Progress, FoxPro, COBOL etc., due to which their maintenance becomes difficult. Also, the developers and engineers who have built these software products, have the outdated skillset which is one of the biggest hindrances for ISV's modernization. However, these engineers have skilled expertise in various legacy technologies, they lack much-needed skills required for modernizing ISVs.

Cost consideration: Undoubtedly, ISV had invested their significant resources, time, money to build enterprise-class software products/applications. Therefore, even after knowing the fact that the obsolete technology and the product have no future, they continue to run those software products. It is very usual for ISVs to get trapped by such cost considerations and finding it difficult to consider future requirements.

Fear of failure and risk aversion: Many ISVs have a perception that modernization is inherently risky practice with no certainties. Possibly, they are unsure of the right modernization strategy or maybe lacking required capacity and resources. Thus, for various reasons, risk-aversion and fear failure, ISVs keep the modernization discussion off the table.

Modernization and transformation is the only solution:

In this rapidly changing technological landscape, businesses are moving to digital platforms. If an ISV fails to do so, it may become extinct or die after a certain period. To avoid this death spiral, ISVs must rethink to adopt new technologies to transform their legacy software into digital native applications.