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Tag: Business Insights

Blockchain Technology For Business Development: A Comprehensive Guide

Blockchain technology is making waves beyond its digital currency roots, offering businesses innovative ways to work smarter and safer. Let’s dive into how blockchain can give your business an edge, making things clearer, quicker and more secure across the board.

READ: Blockchain Development in Supply Chain Management — How it’s Changing the Game

What is a Blockchain Framework?

A blockchain framework is a set of software tools, libraries and guidelines that provide a foundation to develop and deploy blockchain applications. It includes core functionalities such as consensus mechanisms and smart contract support, simplifying the creation of blockchain solutions.

Understanding Smart Contracts

As a crucial part of blockchain technology, smart contracts can dramatically streamline your business processes, eliminating unnecessary intermediaries and reducing the likelihood of errors and delays.

Think of them as self-executing contracts. They’re coded to perform certain actions when predefined conditions are met. For instance, in an insurance claim, the smart contract can automatically process payouts when a valid claim is made, eliminating the waiting time.

Moreover, smart contracts enhance transparency as all parties can inspect the contract terms. It’s a game-changer for businesses, simplifying operations and increasing efficiency.

However, they’re not a one-size-fits-all solution; you will need to assess whether they align with your business needs and goals.

Revolutionizing financial transactions

Blockchain technology simplifies transactions, making them faster and more secure. It eliminates intermediaries, reducing the cost and time of transactions. Imagine sending payments across borders without dealing with high fees and long waits.

Moreover, blockchain’s transparency ensures every transaction is traceable and can’t be tampered with. This builds trust among your customers and stakeholders. It even aids in regulatory compliance, as every transaction is accurately recorded.

READ: Blockchain — The Future of Work Building in Colorado

Digitizing identity verification

With the aid of blockchain, you’re not just streamlining transactions but also revolutionizing your business’s identity verification process. Think of having a system where the burden of proofing identities is drastically reduced, expediting your customer onboarding process. That’s the magic of blockchain.

It provides a decentralized, tamper-resistant system that ensures verified identity credentials. No more laborious paperwork or risk of identity fraud. Instead, you’re enhancing system integrity and data security and elevating the user experience.

Data sharing and collaboration

Blockchain offers a powerful tool for data sharing and collaboration, enhancing your business operations in numerous ways. With blockchain, you can:

  • Improve data integrity and confidentiality.
  • Maintain shared records with secure access controls.
  • Offer uncomplicated information-sharing and decision-making.
  • Eliminate the need for reconciliation across multiple parties.
  • Create a single, reliable source of truth.
  • Reduce disputes and accelerate consensus.
  • Enhance data accessibility and transparency.
  • Allow authorized users to access and verify data in real-time.
  • Improve audibility with immutable records.

Exploring blockchain’s security measures

Blockchain’s security is largely anchored on two key features:

  • Decentralization: The data isn’t stored on a single server, making it difficult for hackers to compromise the system. Each transaction is also verified across multiple nodes, ensuring accuracy and credibility.
  • Cryptography: Transactions are encrypted, ensuring data security and privacy. It uses a concept called ‘hashing‘, to transform transaction data into a series of numbers and letters.

READ: How to Protect Your Business Against a Data Breach in 2024

Industries benefiting from blockchain

Here are some significant sectors that are reaping the benefits of blockchain technology:

Finance

  • Blockchain accelerates transactions and reduces costs, offering a more secure, transparent and efficient platform.
  • Cryptocurrencies, enabled by blockchain, have transformed the concept of money and payments.

Supply chain

  • Blockchain improves traceability, accountability and efficiency, reducing the chance of errors, fraud and delays.
  • It helps maintain the integrity of product information from source to consumer.

Healthcare

  • Blockchain keeps patient data safe and private.
  • It makes sharing medical records between doctors and hospitals secure.
  • It helps stop fake drugs by tracking medicine from maker to patient.

Real estate

  • Blockchain makes buying and selling houses easier.
  • Uses smart contracts that follow rules automatically, so there’s less paperwork.
  • Keeps track of who owns a property clearly and truthfully.

The bottom line

Using blockchain for business development helps cut through complexity and secures your operations. It helps keep deals on track without a middleman, stores information that everyone can trust but nobody can mess with and even makes investors sit up and take notice. As companies big and small start to tap into what blockchain can offer, those who jump on board now could lead the pack in their industries.

So, consider this your blockchain crash course, giving you the know-how to harness its power and pave the way for a smarter, more connected business future.

 

Konrad Jasinski is a passionate writer and blogger with a soft spot for nature, travel, and all things tech. When he is not working on his blog or writing articles for Husky Hamster, you can find him in the great outdoors, exploring new places and capturing moments with his camera. He is also a huge fan of the latest gadgets and loves to stay up-to-date on the newest trends in technology.

8 Challenges of Implementing Business Intelligence in Finance — and How to Solve Them

Business intelligence software has emerged as a key tool for data collection and analytics for BFSI companies, helping them get maximum value out of their data, improve decision-making and stay competitive. With the global business intelligence software market projected to reach $27.36 billion in 2024, as reported by Statista, the incentive to adopt BI systems has never been stronger. 

However, implementing BI for finance can be as challenging as implementing any technology. Keep reading to discover which risks are commonly associated with developing and integrating a financial BI solution and how to navigate these complexities effectively.

READ: Maximizing Investments — Harnessing Data-driven Real Estate Strategies

Data quality and integrity

The bedrock of any BI system is data, and a BI solution is efficient as long as accurate information is used for analysis. Financial organizations handle enormous data volumes every day, which often results in inaccuracies and data silos. With low-quality data entering the system, the BI solution is prone to produce erroneous or unreliable analytics reports. 

Ensuring data quality management

For a BI solution to operate efficiently and produce valuable and accurate insights, it should both ingest quality data and provide robust data quality management capabilities to process inconsistent data formats and incomplete datasets. Thus, it is recommended to implement robust data governance practices to oversee data acquisition, storage and usage processes company-wide. At the same time, the BI system should allow for:

  • Data profiling to assess data quality and identify anomalies.
  • Data cleansing to correct errors and inconsistencies.
  • Data transformation and standardization to convert data into a standard format to ensure uniformity and consistency.

READ: Battling the “Data Wheel of Death” in Business Development

Data security and compliance

BFSI companies are ideal targets for cybercriminals due to the sensitive nature of the information these organizations manage. Therefore, protecting data within BI software from unauthorized access or data breaches is paramount. In addition, financial institutions must comply with multiple stringent regulations, like GDPR, PCI DSS or SOX, which require companies to have transparent financial reporting, established internal controls, and audit trails. 

Put security measures in place

When implementing a BI solution in the finance sector, ensuring data security and regulatory compliance involves a comprehensive approach that integrates technology, policies and employee training. As a part of this approach, it is advisable to:

  • Introduce advanced security mechanisms into your BI system, like role-based controls or multifactor authentication (MFA).
  • Set up continuous security monitoring and automated alerts for any suspicious activity.
  • Develop a clear incident response plan describing steps to be taken in case of a data breach or security incident within the BI solution.
  • Make sure your employees are aware of the most common cyber attacks, such as phishing, insider threats or malware, and know how to avoid getting tricked by cybercriminals in the first place.
  • Conduct regular compliance audits to verify that the way data is collected, stored, and analyzed does not violate its accuracy, integrity, and security and adheres to these regulations. 

READ: How to Protect Your Business Against a Data Breach in 2024

User adoption

Introducing a new technology does not always receive a warm welcome from employees. Resistance to change is common, as employees may be accustomed to traditional methods of handling data, like Excel, or they don’t understand how the tool benefits them. Another common reason for skepticism about new technologies is the lack of skills to operate the newly introduced software. That is why even the most powerful BI tool becomes a waste of investment if rejected by your employees. 

Fostering a culture of change

Implementing a BI system in finance may require significant changes in organizational processes and culture. Start with organizing workshops for your employees to communicate the reasons for implementing the BI solution. Demonstrate the new system’s capabilities to show how it will make their daily work easier and more efficient.

After implementing the system, conduct role-based training sessions for your staff, tailoring the training content based on their job positions. Some employees will only need the basic BI functionality, while others will need to learn advanced capabilities, such as creating analytics reports and dashboards or integrating new data sources. 

In addition, establish two-way communication with your employees, thus ensuring users can ask questions about software and leave feedback on the BI system usage. This way, you can monitor and adjust the software adoption process.

READ: 6 Ways to Create a Lasting, Thriving Company Culture

Long-term costs

As for any other sector, implementing and maintaining a BI solution for finance can be costly. Apart from the apparent BI implementation costs like software fees and the salaries for BI implementation specialists, companies should also consider hidden costs like user training expenses, potential upgrades to the existing IT environment and data management and migration costs.

Careful budget planning and iterative BI development 

Managing apparent and hidden costs associated with implementing BI software in finance requires a strategic approach. To develop a detailed budget that covers all the expenses incurred, conduct a thorough needs assessment and gather input from all key stakeholders to ensure a comprehensive understanding of software requirements.

Instead of a full-scale implementation, consider a phased approach, starting with core functionalities and gradually adding more advanced features. This way, you will be able to evaluate the impact of each phase before proceeding further, allowing for cost adjustments and optimizations. 

The bottom line

Implementing BI in the finance sector presents challenges, primarily centered around data management and its security, organizational change and unpredictable expenses. By addressing these challenges through strategic planning, adopting robust data management approaches, investing in data security mechanisms and fostering a culture of innovation, financial organizations are sure to unlock the full potential of BI.

If you lack the expertise to plan BI implementation, consider seeking advice from a BI consulting firm that can provide guidance on best practices for BI adoption and help navigate arising challenges.

 

Elizaveta Karpovich headshot in black and whiteElizaveta Karpovich is a Technology Observer at Itransition, a Denver-based software development company.

The Remote Work Burnout is Real: Here’s What You Need to Know

In the wake of the pandemic, remote work swiftly became the norm for countless businesses worldwide. Over a third of employees now work, at least partially, remotely. The shift is heralded for its safety, convenience and liberation from the dread of an employee’s daily commute. However, it also bears a downside that looms large: burnout.

The boundaries between professional and personal life blur easier in a remote work situation, leaving many grappling with a constant work-life merging. The tools that enhance connectivity often become instruments of perpetual availability, intensifying the pressure to perform constantly.

A staggering 86% of employees who work from home full-time experience this phenomenon. The absence of physical detachment from the workspace can erode the much-needed respite, leading to a palpable sense of burnout.

Discover the nuances of this remote work phenomenon, focusing on its impact on mental health and productivity and the strategies to mitigate this looming threat. If you’re a business seeking to improve employees’ work ethic or an employee who’s struggling with the daily digital grind, read on to learn more about the issue.

READ: Overcoming Career Burnout — 3 Strategies for Leadership Longevity

Why does remote work exacerbate burnout?

Remote work blurs work-life boundaries, increases screen time and your constant “availability” that digital tools amplify. The lack of physical separation from the workspace leads to prolonged working hours, difficulty disconnecting and heightened pressure to always be accessible, fostering an unceasing work culture.

The absence of a clear distinction between professional and personal spaces renders remote workers susceptible to a relentless work-life blend. The digital environment also becomes a vortex where the delineation between clocking out and leisure dissipates.

From meetings to communication and general work, additional screen time converges on the same device, leading to cognitive overload and a perpetual state of “being online.” This exacerbates the pressure to perform and devastating any time for much-needed respite.

The setup drives these compounded factors, contributing to an environment where the risk of burnout intensifies.

READ: Adapting to the New Norm — Post-Pandemic Work Culture and the Future of Remote Work

How to mitigate remote work burnout

Amidst the rising concern of remote work-induced burnout, employers and employees alike hold the key to fostering a healthier work environment in this digital setup.

There’s a collective responsibility for well-being in a remote work landscape. Cooperation between management and employees is necessary to achieve and maintain the benefits of remote work without sacrificing health and productivity.

For employers

Here’s how you can support your employees past their remote onboarding to maximize their efficacy without sacrificing their well-being.

1. Respect boundaries: Encourage a culture that respects off-hours. Refrain from sending non-urgent emails or messages outside of agreed-upon work hours.

2. Set clear expectations: Define work hours and communication protocols explicitly to prevent the assumption of constant availability. Also, compensate for any overtime or extra work your employee renders.

3. Promote breaks and time-off: Encourage regular breaks and vacations to allow employees to recharge until they’re ready to handle further tasks.

4. Provide support: Offer resources such as mental health services or counseling to support your employees and maintain their health. A support system can do wonders for your employees’ health and morale.

READ: Managing a Remote Work Team with Communication and Ease

For employees

Your participation bolsters the collaborative effort to make work-life balance possible. Here are steps you can take to mitigate the risk of burnout.

1. Define work boundaries: Set clear boundaries between work and personal time, adhering to designated work hours to avoid overworking. However, don’t take advantage of boundary-setting to get away with underworking.

2. Create a dedicated workspace: Establish a separate area for work, if possible, to set a clear divide between professional and personal spaces. Remove distractors in the working environment and remove work-related items in your leisure spaces.

3. Take regular breaks: Incorporate short breaks or step away from screens for a while to let your eyes and mental state rejuvenate throughout the day. If you can, leave your phone behind so you can completely disconnect and recover quickly.

4. Communicate needs: Openly communicate with your employers about workload or stress levels to avoid potential burnout triggers. An open dialogue informs you of what to expect and what your employers can expect from you, tempering both parties’ expectations.

Out with Burnout

Remote work has undoubtedly changed the way many businesses operate. From cost-cutting to added family time, a setup like this allows for better flexibility with one’s time.

However, despite these benefits, it also comes with many drawbacks as employers and employees like Laike need help to find balance in handling each other’s newfound freedom.

Burnout’s detrimental effects ripple widely, fostering increased employee turnover and diminishing quality of life and work outputs. Mitigating burnout demands a collective commitment from employers and employees alike to nurture a culture that prevents its grip rather than perpetuates it.

 

Valerie Chua headshotValerie Chua is a Content Specialist at Manila Recruitment, a company providing headhunting solutions for recruiting executive, expert, technical, and specialist positions in the Philippines.

How to Embrace Socially Conscious Business Models (and Increase Your Profit Margin)

In recent years, there has been a growing emphasis on the importance of social and environmental impact in business practices. Companies are increasingly recognizing the need to balance profit-making with positive contributions to society. This emerging trend, known as socially conscious business models, is reshaping the way organizations operate and interact with their stakeholders.

READ: Don’t be an “Average” Company — The Power of Prioritizing Team Happiness

Understanding socially conscious business models

Socially conscious business models are fundamentally different from traditional profit-centric approaches. They prioritize the well-being and welfare of both people and the planet. This means that businesses aim to create value not only for shareholders but also for the broader community and the environment.

One way that socially conscious businesses prioritize the well-being of people is by adopting fair labor practices. They ensure that their employees are paid a living wage, have access to benefits and are treated with dignity and respect. This not only improves the quality of life for employees but also contributes to a more equitable society.

In addition to caring for people, socially conscious businesses also prioritize the health of the planet. They take proactive steps to minimize their environmental footprint by implementing sustainable practices. This can include reducing waste, conserving energy and sourcing materials from eco-friendly suppliers.

Defining socially conscious business

At its core, a socially conscious business is one that intentionally integrates social and environmental considerations into its operations and decision-making. Rather than viewing these factors as secondary or optional, these businesses recognize their inherent value and prioritize them alongside financial performance.

By aligning their values with their business strategies, socially conscious businesses create a sense of purpose that goes beyond profit. They strive to make a meaningful impact on the world and inspire others to do the same.

READ: 4 Strategies for Corporate Social Responsibility in the Workplace

The importance of balancing profit and impact

While making a profit is essential for any business, it is equally important to consider the social and environmental consequences of those profits. By balancing profit and impact, socially conscious businesses strive to create sustainable value in the long run. This approach helps to build trust and loyalty among stakeholders, fosters positive brand image, and increases employee engagement.

When businesses prioritize social and environmental impact alongside financial performance, they create a virtuous cycle of success. By investing in their communities and the planet, they contribute to a healthier and more prosperous society. This, in turn, can lead to increased customer loyalty and support, as consumers increasingly seek out businesses that align with their values.

Furthermore, socially conscious businesses often attract and retain top talent who are motivated by more than just a paycheck. Employees are more likely to be engaged and committed when they believe in the company’s mission and see the positive impact it has on the world.

Key components of socially conscious business models

Successful socially conscious business models incorporate several key components to ensure that they are effective in both creating social impact and being financially sustainable.

Socially conscious businesses go beyond traditional profit-driven models by prioritizing the well-being of society and the environment. They strive to make a positive difference while still maintaining a strong financial foundation. Let’s explore some of the key components that make these business models successful.

Meeting the needs of vulnerable populations

In the realm of socially conscious business models, there’s a profound emphasis on addressing the needs of vulnerable populations. As society becomes more attuned to the challenges faced by individuals with cognitive impairments, socially conscious businesses are stepping up to create positive changes in this area. Dementia, which affects millions of people worldwide, causing memory loss, cognitive decline, and other debilitating symptoms, is one area where these businesses are making a meaningful impact.

One way these businesses do this is by developing and promoting specialized product and games designed to engage, stimulate and provide comfort to individuals living with dementia. This can include sensory-stimulating products, reminiscence therapy tools and personalized care solutions adapted to different dementia stages.

This approach to socially conscious business models, which focuses on the well-being of people and particularly vulnerable populations, is exemplified by such endeavors. Businesses that cater to the unique needs of those living with cognitive impairments contribute to the well-being and quality of life for individuals with dementia, as well as provide support for caregivers and families who are affected by the condition.

Incorporating sustainability in business strategy

Integration of sustainability principles into the core business strategy is essential for socially conscious businesses. This goes beyond simply implementing environmentally friendly practices. It involves a holistic approach to minimize the negative impact on the environment and promote positive change.

By adopting sustainable practices, businesses can reduce waste, lower their carbon footprints and promote the use of renewable energy sources. They can explore innovative ways to conserve resources, implement recycling programs and support eco-friendly suppliers. These efforts not only benefit the environment but also contribute to long-term cost savings and operational efficiency.

Moreover, socially conscious businesses can leverage sustainability as a unique selling point, attracting environmentally conscious consumers who prioritize businesses that align with their values. This can lead to increased customer loyalty and market differentiation.

READ: Why Colorado Needs Sustainable Power Solutions for Modern Aviation

The bottom line

Overall, socially conscious business models represent a paradigm shift in the way organizations approach profitability and societal impact. By balancing profit and impact, these businesses can create long-term value that extends beyond traditional bottom lines. As the world becomes increasingly aware of the need for sustainable and ethical business practices, the importance of socially conscious business models will continue to grow.

 

Mary Anne Roberto is the co-founder of Always Home Connected and a dedicated CNA and PAC Certified Independent Consultant, specializing in dementia care. One of her goals is to create awareness about those experiencing cognitive changes and to provide caregivers with resources and tools that are necessary to help alleviate some of the challenges caregivers face on a day-to-day basis.

Discover the Best CRMs for Small Businesses in 2024

Small businesses thrive by leveraging available resources in today’s competitive landscape. CRM software stands as a pivotal tool in this tech arsenal. It’s more than just data organization; it’s a game-changer, offering insights into customer behavior, preferences and interactions — key elements for adapting strategies effectively.

Utilizing CRM isn’t solely about data organization. It’s about leveraging insights to expand, enhance service, streamline operations and boost communication — vital aspects for long-term success.

READ: CRM-Metaverse Integration: — What You Need to Know for 2024

For small businesses, adopting CRM yields:

  • Centralized data management: All customer data, interactions and preferences in one place, aiding informed decisions.
  • Enhanced customer engagement: Understanding customers better and adapting strategies to meet their unique needs.
  • Operational efficiency: Automating tasks, freeing up time for strategic goals and client-facing operations.
  • Data-driven insights: Real-time analytics for better strategies and informed decision-making.

Unlocking these CRM benefits fuels growth and longevity in today’s competitive market.

The Top 5 CRMs for small business growth

Small businesses seeking to fortify their customer relationships and supercharge growth can explore these best CRM for business solutions:

Salesforce

Configurable dashboards, lead management, opportunity tracking and AI-driven insights through Salesforce Einstein are just a few of the many features offered by one of the industry leaders, Salesforce. Even though it’s not the cheapest choice, its versatility and scalability make it a fantastic substitute for growing small businesses searching for comprehensive client management solutions.

HubSpot

Because of its user-friendly design and comprehensive toolbox for marketing, sales and customer service, HubSpot is a compelling option for small businesses. HubSpot provides an integrated platform with lead generation, customer care ticketing, social media and email marketing for companies seeking simplicity and efficiency.

READ: How to Generate Qualified Leads for a Small Business — 3 Easy Tips

Zoho CRM

Zoho CRM is well-known for its affordability and adaptability. Its features include lead management, email marketing, workflow automation and sales pipeline visualization. Its price and customizability may be advantageous for small businesses, especially startups or those seeking a scalable solution.

Pipedrive

In terms of user-friendliness, Pipedrive excels because of its focus on effectively managing sales funnels. Utilizing its visual pipeline management technology, businesses may track deals, identify bottlenecks and speed up sales processes. Because it may assist small businesses boost sales, Pipedrive is a useful tool for those focusing on sales management.

Freshsales

Freshsales serves quickly growing companies with its AI-powered capabilities and user-friendly user interface. Lead scoring, email tracking and integrated phone and email features simplify lead interaction. Freshsales’s scalability and customization options make it a smart choice for businesses looking to expand and change.

Choosing your business’s best CRM

A lot of factors need to be considered while selecting the cheapest CRM for small business:

  • Business Requirements: Determine your unique demands, such as those related to lead management, marketing automation, sales pipeline visualization, or customer support features.
  • Scalability: Ensure the CRM aligns with your business growth plans without requiring frequent changes or causing disruptions.
  • User Adoption: Select a CRM that aligns with your team’s skill level and has an intuitive user interface to hasten adoption.
  • Integration Capabilities: Verify if the program can be easily integrated with other programs that you use for company operations, as well as whether it is compatible with currently installed tools. To make an informed choice that advances your company, it is critical to match these variables with your budget and your objectives.

READ: Four Must-Have Ecommerce CRM Integrations

The bottom line

Growing a small firm in today’s fast-paced business climate depends critically on optimizing client connections and operational effectiveness. CRMs work similarly to catalysts, assisting businesses in streamlining their operations, managing client relations more skillfully and enabling quicker expansion.

The top five CRMs for small businesses in 2024 — Salesforce, HubSpot, Zoho CRM, Pipedrive and Freshsales — offer distinct advantages tailored to different business needs. After carefully evaluating the requirements of your business, choose a CRM that will help you achieve both your immediate and long-term growth objectives. Using the right CRM may improve client relations and expedite operations for small businesses. They are now in a competitive position to succeed over the long run.

For small businesses, a well-thought-out CRM is more than just a tool; it’s a strategic investment that fosters customer participation, operational success and speedier development.

 

Ankit Agarwal headshotAnkit Agarwal is the CEO of Dean Infotech, a leading software development agency in Florida that specializes in Salesforce development services. As CEO, he not only oversees the company’s operations but also ensures that clients receive exceptional service and satisfaction. Through his informative blog posts, Ankit goes above and beyond to simplify complex tech concepts, making them easily understandable for a broader audience.

What is Programmatic Advertising (And How Does it Work?)

An innovative approach that has revolutionized the way businesses connect with their target audience is programmatic advertising, a technology-driven, data-centric approach to procuring and positioning digital advertisements. In contrast to conventional ad-buying methods that include human negotiations and manual insertion orders, programmatic advertising utilizes algorithms and technology to simplify the entire process.

How Does Programmatic Advertising Work?

Let us have a look at how programmatic advertising works.

Data Collection and Analysis

Data collection and analysis involve the systematic gathering and examination of information about the target audience to inform and optimize advertising strategies. Marketers start by creating detailed profiles of their target audience. This includes demographic information such as age, gender, location and income level.

Understanding how users interact with digital platforms is essential. Marketers collect data on online behaviors, including browsing history, search patterns and the types of content users engage with.

Learning about the preferences and interests of the target audience helps in tailoring advertisements to be more relevant and appealing. This data can include information about the products or services users are interested in. Knowing which devices (desktop, mobile, tablet) and platforms (websites, social media, apps) the audience prefers provides insights into where and how to deliver ads effectively.

Marketers use various sources for data collection, including first-party data (collected directly from their own interactions with users), second-party data (shared directly with partners) and third-party data (purchased from external sources).

READ: Battling the “Data Wheel of Death” in Business Development

Ad Inventory Auction

This is a critical component of programmatic advertising that involves the sale of advertising space in real-time through auctions. In the programmatic ecosystem, publishers make their available ad space, known as ad inventory, accessible for advertisers to bid on.

Publishers, which could be website owners, app developers or other digital platforms, designate spaces on their platforms for displaying ads. This can include banner spaces, video slots or other formats.

Publishers provide details about the available ad space, including the type of content it will be displayed alongside, the target audience and the format of the ad (e.g., display, video, native).

Ad inventory is made available in real-time, often through ad exchanges or supply-side platforms (SSPs). These platforms facilitate the connection between publishers and advertisers. Ad exchanges or SSPs play a crucial role in the ad inventory auction. They act as intermediaries, managing the auction process and ensuring that the transaction occurs seamlessly. Advertisers, through demand-side platforms (DSPs), review the available ad inventory based on their campaign objectives and target audience criteria. They then place bids on the ad spaces they wish to secure.

The bidding process occurs in real-time. Advertisers set a maximum bid for each impression, and the highest bidder wins the right to have their ad displayed in the designated ad space. The auction process often involves dynamic pricing. The winning bid may not necessarily be the full amount the bidder was willing to pay. Instead, it could be a slightly higher amount than the second-highest bid.

Once the auction is concluded, the winning ad is immediately placed in the reserved ad space on the user’s screen. This entire process happens in a fraction of a second as the webpage or app loads.

READ: From Clicks to Conversions — How to Craft an Effective Online Advertising Strategy

Optimization

Programmatic advertising platforms constantly monitor the performance of ad campaigns in real-time. Metrics such as click-through rates (CTR), conversion rates and engagement levels are tracked to gauge the effectiveness of each ad.

The data collected during the campaign, including user interactions and responses, is analyzed to identify patterns and trends. This analysis helps advertisers understand what is working well and what may need improvement. Based on the insights gained from the data analysis, programmatic platforms make dynamic adjustments to various campaign parameters. This can include changing bid amounts, refining audience targeting, adjusting ad creatives or modifying the timing and placement of ads.

Programmatic advertising often leverages machine-learning algorithms to automate the optimization process. These algorithms can quickly analyze vast amounts of data and make predictions about which adjustments are likely to yield the best results.

READ: 5 Metrics for Measuring the Success of Emotional Marketing

Cross-Channel Integration

Programmatic advertising is not confined to a single digital channel. It can span a range of channels, including display advertising, video, mobile apps, social media platforms, and even traditional channels such as television and radio. Advertisers can manage and coordinate their campaigns across different channels through a unified platform. This centralized approach streamlines the planning, execution, and monitoring of cross-channel campaigns.

Cross-channel integration ensures that the messaging and creative elements of the campaign remain consistent across various platforms. This consistency helps reinforce the brand message and identity, contributing to a cohesive and memorable customer experience. Advertisers can leverage audience insights and targeting capabilities consistently across multiple channels. This ensures that the right message is delivered to the right audience, regardless of the platform they are using.

Programmatic advertising platforms can adapt to user behavior across different channels. For example, if a user interacts with an ad on a website, programmatic systems can adjust the targeting parameters to deliver more relevant ads on social media or mobile apps. Advertisers can implement sequential messaging strategies, where a series of ads are delivered in a specific order across different channels. This storytelling approach helps guide users through a narrative or marketing funnel.

READ: Cracking the Code of Business Marketing — 10 Strategies for Success

The bottom line

In the dynamic landscape of digital marketing, programmatic advertising emerges as a transformative force. Its automated and data-driven methodology not only boosts operational efficiency but also equips advertisers with the ability to make timely and informed decisions.

As businesses increasingly immerse themselves in the digital domain, the comprehension and utilization of programmatic advertising’s capabilities are unquestionably crucial for attaining success in marketing endeavors.

 

Andy Beohar is the Managing Partner at SevenAtoms, a leading B2B demand generation agency. SevenAtoms is dedicated to driving growth for SaaS and B2B businesses through innovative and optimized paid search and is recognized by Google as a Google Premier Ads partner. At SevenAtoms, Andy plays a strategic role in managing paid search campaigns. Let’s connect on LinkedIn and Twitter!

Employers Take Note: Ignoring a Federal Agency Is a Great Way to Get Into Big Trouble

When the United States Department of Labor (“DOL”) requests documents during a Fair Labor Standards Act (“FLSA”) investigation, compliance is not optional. Indeed, if an employer drags its feet long enough, and repeatedly demonstrates a refusal to cooperate, the penalty for doing so could be time behind bars. 

That’s what happened to Rosie Guthrie, the owner of a limited-liability company that provides in-home care services in Michigan. When the DOL’s Wage and Hour Division opened an investigation into her company’s practices, an investigator contacted Guthrie by phone to make an informal request for records. The investigator was looking for routine documents like worker contact information, payroll records and timesheets.

READ: Colorado Privacy Act (CPA) — Everything You Need to Know

Guthrie said the investigation was probably a scam and refused to engage.

The investigator followed-up several more times via email, phone, and letter, giving Guthrie extra time to come to her senses. She did not.

When Guthrie finally agreed to meet with the investigator, she was only willing to give her a handful of sample documents, including some timesheets with employees’ names scratched out. She refused to let the investigator look at anything else.

Guthrie promised to provide more documents in a few days. Five days later, she had not. When pressed, Guthrie responded that the samples she provided were sufficient, and if the Secretary of Labor wanted to “take it to court,” so be it. 

Turns out, the Secretary of Labor did want to take it to court. 

The Regional Administrator for the DOL served a subpoena. In all caps, the language warned Guthrie, FAIL NOT AT YOUR PERIL. She ignored it. 

The Secretary of Labor filed a petition to enforce the subpoena, which the federal court granted, ordering Guthrie to produce the documents within 15 days. She ignored that too.

The Secretary of Labor followed up with a motion for contempt, which the federal court granted, again ordering Guthrie to produce the documents, this time within five days of the order. The judge tacked on attorney’s fees and a $250 per day fine for non-compliance after the five days. Guthrie ignored that too.

READ: Protect Your Digital Footprint — A Long-Time Litigator’s Top 6 Do’s and Don’ts

The Secretary of Labor did not take Guthrie’s obstinance lightly. They instead made a request for incarceration. And that’s just what the judge ordered, issuing a bench warrant for Guthrie’s arrest. 

After an in-person hearing before the judge, Guthrie was released on orders to provide investigators with “unfettered access” to all documents on the company’s premises, including records stored on computers, making clear that the agents are free to seize any responsive documents or data they find.

Guthrie clearly underestimated the power and perseverance of the Department of Labor, to say nothing of the court.

She is not alone. Earlier this year, the National Labor Relations Board (“NLRB”) pursued motions for contempt when a Wisconsin salon failed to reinstate an employee in accordance with an NLRB order. The federal judge in that case imposed over $30,000 in fines and ordered the arrest of two of its corporate officials, who were taken into custody and, like Guthrie, forced to comply. 

Experienced employment counsel can help you avoid investigations altogether. However, investigation or not, employers have mandatory obligations to keep certain records under applicable wage-and-hour laws, and the DOL has the right, by law, to look at those records. If the DOL, the NLRB, or any other state or federal agency does come knocking, it is imperative to have sound counsel to help you mitigate risks without incurring such drastic, negative consequences.

 

Monica Frascona headshotMonica Frascona is a seasoned litigator who draws on her experience as a deputy district attorney and civil litigator to help her serve clients. She assists clients with their litigation and labor and employment needs. She has experience researching and drafting correspondence, memoranda, and motions; conducting oral and written settlement negotiations; and defending hearings and mediations. She also has experience analyzing evidence; researching; writing; propounding and defending discovery; engaging in oral argument; and conducting jury trials.

How to Protect Your Business Against a Data Breach in 2024

We all remember the time period when Chipotle repeatedly had one monumental security breach after another. However, data breaches can happen to big and small businesses alike. Nearly half of cyber-attacks target small businesses and 60% of small companies who experience a significant attack go out of business.

The annual Data Privacy Day on January 28 and Data Privacy Week on January 21-27 is a national effort by the National Cybersecurity Alliance to empower individuals and businesses to respect privacy, safeguard data and enable trust. Data Protection Day commemorates the January 28, 1981 signing of Convention 108, the first legally binding international treaty dealing with privacy and data protection. This year’s Data Privacy Week theme is: Take Control of Your Data. 

READ: The Rise of Cybersecurity Attacks — What You Need to Know

What are the common causes of a data breach?

An overwhelming majority — a staggering 90% — of data breaches are due to human errors, such as a laptop or phone being accessible and stolen, employers or vendors having access to information they shouldn’t, a statement being mailed to the wrong address or a WiFi account not being encrypted. However, this is actually “good” news. Since such a large percentage of cyber attacks are because of human error, there are steps you can take to mitigate the risk.

How can you prevent a data breach?

The best offense is truly a good defense. Businesses can reduce the risk of cyber attacks by taking these proactive measures:

  1. Make sure your company is Payment Card Industry (PCI) certified. The PCI Data Security Standard is an information security standard to protect credit card data.
  2. Use secure passwords and properly secure your WiFi network. Make sure any passwords on mobile devices are encrypted and strong.
  3. Be skeptical of emails. Question generic greetings (i.e. “Dear Customer”) and threats regarding your financial accounts (i.e. “Please reply within five business days”).
  4. Stay aware of changing techniques for possible data theft. Bluetooth skimmers, RAM scrapers and malware programs are three common methods that thieves use to take advantage of businesses on a regular basis, but crooks are coming up with new methods constantly. During COVID-19, phishing scams increased 50%, according to Security Magazine. Knowledge of the enemy is important in any battle, and fighting to protect customer data is no different.

READ: Secure Your Business in the Digital Age — Essential Data Protection Strategies

What to do if your business is the victim of a data breach?

Sooner is always better. Don’t wait and don’t try to “fix” the situation; you’ll need professionals to step in right away.

  1. Reach out to your financial institution.
  2. Notify your insurance agent or carrier.
  3. Consult local authorities. 
  4. Contact affected customers. Even though some states don’t require you to inform impacted customers, honesty will serve you better in the long run. Incredible as the direct expenses from a data breach can be, reputational harm can also cause irreparable damage to a business.
  5. Make sure services offered to customers fit the nature of the exposed data. If debit or credit card information was exposed, credit monitoring is a waste of money — without a Social Security number, a new credit line cannot be opened via an exposed credit card alone. Inform customers to keep an eye on their accounts and advise they speak to their bank about the breach. Most likely, the affected financial institution will issue a new card.

In 2019, 62 percent of customers were concerned about data breaches at businesses with top worries cited as stolen payment information and account takeovers. For any business, the last thing they need is a devastating data breach. Let’s protect ourselves and give attackers something else to do this year.

Empowering Neurodiversity: The Competitive Edge in Workplace Loyalty and Reliability

Loyal. On task. Reliable. HR and Business owners — Do you want those qualities in employees? In the realm of employment, the conversation around diversity has expanded to encompass the spectrum of neurological differences. Neurodiversity embraces differences in brain function and behavior as a natural manifestation of humanity’s variety rather than viewing them as wrong or problematic. Neurodiversity, including autism, ADHD, dyslexia and more, is increasingly being hailed not just as an aspect of workplace inclusivity but as a strategic advantage in fostering loyalty, optimizing task time and enhancing overall reliability among employees.

READ: 5 Benefits of Hiring Neurodiverse Talent

At its core, neurodiversity represents a paradigm shift, challenging traditional perceptions of neurological differences as mere deficits. Instead, it reframes these variances as natural variations within the human brain, each with its unique strengths and capabilities that can profoundly benefit businesses.

One of the standout advantages neurodiverse individuals bring to the table is their remarkable loyalty to their work and employers. Research has shown that employees who feel genuinely valued and accommodated for their unique abilities tend to display higher levels of loyalty to their organizations. Neurodiverse individuals, when provided with an inclusive and supportive work environment, often reciprocate with immense dedication and loyalty.

Accommodations that support neurodiversity, such as flexible work schedules, quiet spaces or alternative communication methods, not only cater to the specific needs of neurodiverse individuals but also foster an atmosphere of inclusivity that encourages loyalty and commitment.

Moreover, the unique cognitive styles prevalent among neurodiverse individuals contribute significantly to optimizing task time within the workplace. For instance, individuals with ADHD might possess hyper-focus, allowing them to delve deeply into tasks they find engaging, resulting in exceptional productivity during those periods of intense concentration. Conversely, individuals on the autism spectrum often exhibit an eye for detail and pattern recognition, which can be invaluable in tasks requiring meticulous attention.

Harnessing these diverse cognitive approaches and providing opportunities for individuals to excel in tasks aligned with their strengths can increase team efficiency and innovation. By recognizing and leveraging these distinct cognitive styles, businesses can effectively capitalize on the collective strengths of their neurodiverse workforce, leading to more effective and time-efficient task completion.

READ: 7 Reasons to Embrace Neurodiversity in the Workplace

Additionally, the reliability of neurodiverse employees can be a substantial asset to organizations. Contrary to misconceptions about consistency and reliability, neurodiverse individuals can demonstrate remarkable reliability when provided with environments that accommodate their unique needs. Once established within a supportive framework, they often show a strong dedication to routines and tasks, contributing to consistent and dependable work output.

Employers who invest in understanding and accommodating the needs of neurodiverse employees often witness a significant improvement in overall reliability. Clear communication channels, structured routines and well-defined expectations create an environment where neurodiverse individuals thrive, leading to enhanced reliability and consistency in their work performance.

Moreover, the presence of neurodiverse individuals in the workforce promotes a culture of acceptance, diversity and innovation. When employees witness an inclusive environment that celebrates differences and encourages the leveraging of diverse strengths, it fosters a sense of belonging and camaraderie among team members. This inclusive culture not only attracts top talent but also cultivates a workplace where individuals of all neurotypes feel empowered to contribute their unique perspectives, leading to more creative problem-solving and innovative ideas.

The integration of neurodiversity in the workplace presents an opportunity for businesses to tap into a pool of unique talents and strengths. By acknowledging and accommodating diverse cognitive styles, organizations can unlock the competitive advantages of heightened loyalty, optimized task time and enhanced reliability among their workforce. Embracing neurodiversity isn’t just a matter of inclusivity; it’s a strategic move that fosters a dynamic and innovative workplace culture, ultimately propelling businesses toward greater success and sustainability in the modern landscape of employment.

 

CombsdannyDanny Combs is a leading voice in creating equitable futures for neurodistinct individuals in business. Mr. Combs is the founder of TACT (Teaching the Autism Community Trades), the state of Colorado’s leading transition to employment and training organization, and the co-founder of the Colorado Neurodiversity Chamber of Commerce, the first neurodiverse chamber in the country. Danny has brought together almost 100 businesses to build better opportunities, pay, and career advancement for neurodistintic individuals. His organizations have raised over $5 million in funding to create scholarships to serve all socioeconomic classes.

The Ultimate Guide to WordPress Accessibility, and How it Can Boost Your Platform

More than 45.8% of websites across the globe were powered by WordPress in 2023. The figure was 43.2% in 2022. Whether you want to create a simple or complex website for your business, WordPress can create the most trusted, versatile and user-friendly platform for your business goals. However, when working with WordPress to build a robust and customer-centric website, you must be careful about WordPress accessibility. 

READ: Beyond the Basics — 7 Innovative Apps to Help Scale Your Business

What is web accessibility?

Web accessibility means exactly what the name suggests. When a website is designed and presented to its audiences in such a manner that they can easily access and navigate the website, it becomes an accessible website. The entire process of user interaction with various features and segments of the site becomes easy, time-saving and efficient. 

The more accessible your website, the more people you can pull towards it. Hence, you cannot ignore the significance of WordPress website accessibility when you wish to create a customer-centric platform for your business.

It is necessary to understand that a completely accessible website should be user-friendly for all types of people; even for users with cognitive, visual, auditory or neurological disabilities. Usually, when creating a website with WordPress plugins for accessibility, people with such disabilities are the main concern for most companies and web developers. Nonetheless, a fully accessible website does not target only people with disabilities, but also includes:

  • Users with a mobile device and competitively smaller screen with different changing input modes.
  • Aged users with limited vision, mobility and dealing with understanding difficulties while handling modern gadgets.
  • Users with temporary injuries or illness.
  • Users with limited internet bandwidth or poor connection issues.

Laws and standards for website accessibility

According to the Americans with Disabilities Act (ADA), there are strict norms for website accessibility for people with disabilities. Sites that do not follow these norms can face legal consequences. As a website owner, you should be aware of these consequences and associated risks of having a non-accessible website while running a business in the USA.

The World Wide Web Consortium (W3C) has designed and published Web Content Accessibility Guidelines (WCAG), which are broadly accepted as the standard. The latest version, WCAG 2.1 includes thorough guidelines for creating accessible websites for people with a vast range of disabilities, and you should follow these guidelines to avoid legal hassles as a website owner. 

The main aim of this law is to wipe out any discrimination between users regarding gaining information about a business, service, or product when it is available on the internet. That user can be your employee, customer, potential client or a general internet user seeking information on a general topic. Here’s a brief rundown of the legal requirements:

  1. Your website must be easily navigable to disabled users with the help of assistive technologies. Every page of your site must be compliant with ADA guidelines. 
  2. Your website pages need to have “text equivalent” graphics and images. That text must have description and information provided in a certain image or graphics for people with visual disabilities. 
  3. All the nonvisual information that appears on your website must be accessible with keyboard navigation. The nonvisual content of your site must be available under one “tab” on your keyboard or menu structure.
  4. If a person has difficulties navigating your website with the help of the mouse, then there must be shortcut keys on the keyboard through which each page can be easy to navigate while collecting information. Using short pages that do not need to be scrolled down or text alternatives for buttons can work best in such cases.

There are about 80 million people in America who find it difficult to access various websites because of their disabilities. If you want your business to grow and reach as many people as possible, then you must stay out of this queue and build an accessible website for all types of users.

READ: Mastering Customer Retention Strategy — The Key to Sustainable Business Growth

Easy tips to make your WordPress website accessible

  • Use Heading Tags logically and in an organized way to make the entire site easy to navigate for every user.
  • Always add Alt text to your images so that visually impaired users can understand what you want to tell through that image.
  • Try to use descriptive link text instead of just one “Click Here” button so that all types of users can understand why they should “Click” on a sudden button.
  • Be careful while choosing the color palate for your website. You need to avoid colors that can create issues for people with color blindness. Use enough contrast between the background and the text color of your web pages so that all users can read them easily.

Benefits of improving WordPress accessibility

  1. An accessible website means greater reach and more traffic.
  2. For SEO, accessible websites are the best to obtain a higher ranking on SERPs.
  3. WordPress has specific plugins that can make a website more accessible than before regarding design standards.
  4. WordPress supports software like screen reader by allowing alternative texts to images.
  5. With WordPress, keyboard navigation can be possible for people with visual disabilities. 
  6. WordPress has plugins for SSL certificates, including multi-domain SSL options. By implementing a multi-domain SSL certificate, ensure a safe and trustworthy online environment. This extra layer of security is crucial in protecting user data and preventing online fraud.
  7. WordPress also allows the developers to get perfect color pairing according to the guidelines of WCAG 2.1 mention the contrast ratio of 4.5:1 for each web page.

READ: What are Your SEO Content Gaps? Plus, 3 Ways to Fix Them

Let’s make the digital world more accessible for all

Making a website accessible means building a platform that maximum people can share and find reliable. This is highly imperative to run a successful global business in today’s scenario. This may seem challenging in the beginning, but the more you go deep inside the idea of inclusive design, the more you can reap all the benefits. 

Thus, you should pay attention to WordPress website accessibility to avoid legal issues and obtain a better search ranking. 

 

Rosie Brooks is a Content Creator with a strong technical background and more than a decade of experience with high analytical writing skills.