BI
Business Intelligence (BI) encompasses technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. Crucial for making data-driven decisions and improving business performance.
69 topics found for:
“business opportunities”
Business Model Canvas
A strategic management template for developing new business models or documenting existing ones, detailing elements like value proposition, infrastructure, and customers. Important for understanding and designing business strategies that align with product and user experience goals.
Opportunity Space
The area within a market where unmet needs or problems present potential for new products or services. Essential for identifying new business opportunities.
Business Acumen
The ability to understand and deal with various business situations, making sound decisions to ensure successful outcomes. Important for designers to align their work with business goals and make informed decisions.
White Space
An area in a market or industry that is currently underserved or unaddressed, presenting opportunities for innovation and new business ventures. Important for identifying gaps in the market that can be filled with new products, services, or solutions.
SWOT Analysis
Strengths, Weaknesses, Opportunities, and Threats (SWOT) is a strategic planning tool that is applied to a business or project. Essential for strategic planning and decision-making.
Market Gaps
Areas of unmet demand in a market where opportunities for growth and development exist. Essential for identifying new business opportunities.
Blue Ocean
A market space that is unexplored and uncontested, where companies can create new demand and capture significant market share without much competition. Crucial for identifying opportunities for innovation and growth by creating new markets.
Big Data Analytics
The process of examining large and varied data sets to uncover hidden patterns, correlations, and insights. Important for making informed business decisions and identifying opportunities for innovation and growth.
TAM
Total Addressable Market (TAM) represents the total revenue opportunity available if a product or service achieves 100% market share. Essential for understanding the full potential of a market.
Greenfield
A project or venture that starts from scratch, with no constraints imposed by prior work, enabling innovation and flexibility in development. Essential for recognizing opportunities for innovation and fresh development in business initiatives.
Sales Pipeline
A visual representation of the stages a sales opportunity goes through, helping to track progress and forecast revenue. Important for managing sales processes and predicting future sales.
Business Viability
The potential for a project or solution to be economically sustainable and profitable. Important for ensuring that design and development efforts align with business goals and market demands.
Business Analytics
The process of using statistical analysis and modeling to explore and interpret business data to make informed decisions. Essential for improving business performance, identifying opportunities for growth, and driving strategic planning.
Opportunity Cost Neglect
A cognitive bias where individuals overlook or underestimate the cost of opportunities they forego when making decisions. Crucial for understanding user decision-making behavior and designing systems that highlight opportunity costs.
Opportunity Scoring
A technique used to prioritize product features based on the potential impact on customer satisfaction and business goals. Essential for aligning product development efforts with user needs and business objectives.
Business Agility
The ability of an organization to adapt quickly to market changes and external forces while maintaining a focus on delivering value. Essential for fostering an adaptable and resilient design and development process.
ROI
Return on Investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of different investments. Crucial for assessing the financial effectiveness of business decisions, projects, or initiatives.
MRD
Market Requirements Document (MRD) is a comprehensive document that outlines the market's needs, target audience, and business objectives for a product. It serves as a crucial tool for aligning product development efforts with market demands and business goals, ensuring that the final product meets customer needs and achieves market success.
Competitive Landscape
The overall market environment in which a business operates, including the strengths and weaknesses of competitors. Important for understanding the market context and identifying opportunities and threats.
NPS
Net Promoter Score (NPS) is a metric used to measure customer loyalty and satisfaction based on their likelihood to recommend a product or service to others. Crucial for gauging overall customer sentiment and predicting business growth through customer advocacy.
Hockey Stick Growth
A pattern of rapid and sustained growth after a period of linear or stagnant growth, resembling the shape of a hockey stick. Crucial for understanding and planning for rapid expansion phases in digital product lifecycle and business strategy.
Product Disruptor
A product that significantly changes the market or industry by introducing innovative features or a new business model. Important for understanding market dynamics and identifying opportunities for innovation.
Stream-Aligned Team
A team structure focused on delivering value streams, often organized around a specific business capability or customer need. Crucial for enhancing delivery efficiency and aligning with business goals.
Value Innovation
The simultaneous pursuit of differentiation and low cost, creating a leap in value for both the company and its customers, often associated with Blue Ocean Strategy. Important for developing strategies that can open up new markets and create significant competitive advantages.
Sales Forecasting
The process of estimating future sales based on historical data, trends, and market analysis. Crucial for setting realistic sales targets and planning resources effectively.
AARRR
Acquisition, Activation, Retention, Referral, and Revenue (AARRR) is a metrics framework for assessing user engagement and business performance. Important for product managers to understand customer lifecycle and optimize business growth.
White Label
A product or service produced by one company that other companies rebrand to make it appear as if they had made it. Crucial for understanding business strategies that allow for customization and brand differentiation.
KPI
Key Performance Indicators (KPIs) are quantifiable measures used to evaluate the success of an organization, employee, or project in meeting objectives for performance. Essential for tracking progress, making informed decisions, and aligning efforts with strategic goals across various business functions, including product design and development.
Incumbent
An established company or market leader that holds a significant market share and has a strong presence in the industry. Important for understanding the dynamics between established players and new entrants in a market.
Enterprise Architecture
Enterprise Architecture (EA) is a strategic framework used to align an organization's business strategy with its IT infrastructure. Crucial for optimizing processes, improving agility, and ensuring that technology supports business goals.
Design Maturity
The level of sophistication and integration of design practices within an organization's processes and culture. Essential for assessing and improving the effectiveness of design in driving business value and innovation.
SOM
Serviceable Obtainable Market (SOM) is the portion of the Serviceable Addressable Market that a company can realistically capture. Essential for setting achievable sales and market share goals.
CRO
Conversion Rate Optimization (CRO) is the systematic process of increasing the percentage of website visitors who take a desired action, such as making a purchase or filling out a form. Crucial for improving user engagement and achieving business goals.
Product Strategist
A professional responsible for defining the strategic direction of a product, ensuring it aligns with market needs and business objectives. Essential for guiding product vision and ensuring long-term success.
SAM
Serviceable Addressable Market (SAM) is the portion of the Total Addressable Market that a company can target with its products and services. Essential for focusing marketing and sales efforts on reachable segments.
Red Ocean
A market space that is already crowded with competition, where companies fight for market share, leading to intense rivalry and lower profitability. Important for understanding competitive dynamics and market saturation in strategic planning.
Churn Rate
The percentage of customers who stop using a product or service during a specific time period. Essential for understanding customer retention and identifying areas for improvement.
Portfolio Management
Portfolio Management is the process of overseeing and coordinating an organization's collection of products to achieve strategic objectives. Crucial for balancing resources, maximizing ROI, and aligning products with business goals.
Inflection Point
A moment of significant change in a process or system, where the direction of growth, performance, or trend shifts markedly. Important for recognizing critical transitions in design or business strategies, enabling timely adjustments and informed decision-making.
Operational Efficiency
The ability to deliver products or services in the most cost-effective manner without sacrificing quality. Key to reducing costs and improving profitability.
First Mover Advantage
The competitive advantage gained by the initial significant occupant of a market segment, which can lead to brand recognition and customer loyalty. Important for understanding the benefits and risks of being an early entrant in a new market.
PESTEL Analysis
A strategic framework used to analyze the external macro-environmental factors affecting an organization: Political, Economic, Social, Technological, Environmental, and Legal. Essential for strategic planning and understanding market dynamics.
Benchmarking
The practice of comparing performance metrics to industry bests or best practices from other companies. Essential for identifying performance gaps and opportunities for improvement.
KYC
Know Your Customer (KYC) is a process used by businesses to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. Essential for preventing fraud, money laundering, and terrorist financing, particularly in financial services, while also ensuring compliance with regulatory requirements and building trust with customers.
Competitor Analysis
The assessment of the strengths and weaknesses of current and potential competitors to identify competitive advantages and disadvantages. Essential for strategic planning and positioning within the market.
Moral Luck
A phenomenon where the success or failure of a design or business outcome is influenced by external factors beyond the control of the decision-makers, akin to serendipity. Important for recognizing and accounting for external influences in performance evaluations to ensure fair assessments and informed decisions.
VOC
Voice of the Customer (VOC) is a process for capturing customers' expectations, preferences, and aversions. Crucial for guiding product development and improving customer satisfaction.
Emerging Trends
Newly developing patterns or shifts in technology, behavior, or design that have the potential to influence future practices and strategies. Important for staying ahead of the curve and adapting to changes in the industry.
Disruptive Innovation
Innovation that creates a new market and value network, eventually disrupting and displacing established market-leading products or services. Crucial for understanding how new entrants can challenge established players and transform industries.
Customer Journey
The complete set of experiences that customers go through when interacting with a company, from initial contact to post-purchase. Essential for understanding and optimizing each touchpoint in the customer lifecycle.
Competitive Analysis
A strategic research process that involves evaluating competitors' products, services, and market positions to identify opportunities and threats. Essential for informing product strategy, differentiating offerings, and gaining a competitive advantage in the market.
Reciprocal Altruism
A behavior in which an individual provides a benefit to another with the expectation that the favor will be returned in the future, fostering mutual cooperation and long-term relationships. Important for building trust, cooperation, and mutually beneficial relationships in various social and professional contexts.
JAD
Joint Application Development (JAD) is a collaborative approach to gathering requirements and designing solutions in software development projects. It facilitates rapid decision-making and consensus-building by bringing together key stakeholders, including users, developers, and project managers, in structured workshop sessions.
Technology Exploration
The process of investigating and experimenting with new technologies to understand their potential applications and benefits. Essential for innovation and staying ahead in a rapidly changing technological landscape.
Data Science
An interdisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data. Essential for driving data-informed decision making, predicting trends, and uncovering valuable insights in digital product design and development.
Product Development
Product Development is the process of bringing a new product to market or improving an existing one. Crucial for innovation, meeting customer needs, and maintaining a competitive edge.
Commodification of Design
The process where design services and outputs become standardized and interchangeable, often leading to competition based primarily on price rather than quality or creativity. Important for understanding market trends and pressures that reduce the perceived value and uniqueness of design work, impacting pricing and differentiation strategies.
Product Sense
The ability to intuitively understand what makes a product successful, including market needs, user experience, and competitive landscape. Important for making informed decisions that lead to successful product development.
5V’s of Big Data
Characteristics of big data defined as Volume, Velocity, Variety, Veracity, and Value. Important for understanding the complexities and potential of big data in driving business insights and innovation.