Enterprise Resource Planning (ERP) is software used by organisations to integrate multiple business functions into one system. It includes various activities, such as accounting, human resources, project management, sales, inventory and order management, and compliance. An ERP system uses a shared database that enables employees from across a business to see the same information — a ‘single source of truth’. With everyone’s data in the same place, companies can use an ERP to streamline processes and information across the entire business. An ERP is different from a customer relationship management (CRM) system, like LIKE.TG’s Customer 360. But you can integrate them to work together. This guide outlines the benefits of using an ERP system, the difference between an ERP and CRM, and why you should consider integration. What are the benefits of using an ERP system? There are many benefits of using an ERP system for businesses. Having one unified place for all data can reduce silos and improve efficiency across an enterprise. Some of the main advantages of using an ERP include: Enhanced collaboration Collaboration is simplified when all data is shared, and employees can easily see and share information on contracts, requisitions, and purchase orders. When everyone in the business is connected to the same information, collaboration comes far more easily. Improved business insight Real-time information allows everyone in an organisation to have an up to date view of data, which can improve decision making across all areas of a business. With an ERP, everyone is looking at the same information simultaneously, and there is no risk of specific departments looking at outdated documents. Better financial compliance The financial controls with an ERP reduce any margin for error. Increased data integrity means users will always be working with up to date information, which also reduces the chances that something will be missed, and can improve financial compliance. Is LIKE.TG ERP? LIKE.TG is not an ERP. LIKE.TG offers various business solutions, which can be integrated to enhance and support your ERP but it does not provide an ERP product. At the heart of LIKE.TG is its CRM — Customer 360, which is the world’s #1 CRM system. ERPs and CRMs are both used by businesses to improve efficiency and streamline operations, but they serve distinct purposes. An ERP helps businesses connect their financial and operational systems to a central database, while a CRM helps manage customer interactions specifically. Although CRMs are not ERPs, you can integrate them to enhance all aspects of business operations and processes. LIKE.TG also offers other solutions, such as Revenue Cloud, designed to complement ERPs. Part of the LIKE.TG Customer 360 Platform, Revenue Cloud brings together Configure, Price, Quote (CPQ) and Billing, Partner Relationship Management and B2B Commerce capabilities. This helps businesses take control of their revenue growth across every channel and make billing more strategic. Revenue Cloud is not an ERP and works best when integrated with an ERP. One thing that differentiates Revenue Cloud and an ERP is that Revenue Cloud helps users transition to recurring revenue, consumption, and usage-based models. Revenue Cloud is designed to handle these models, whereas ERPs are suited to one time transactions. Why integrate ERP and CRM? A CRM provides businesses with consolidated views of various functions, such as sales and service, while an ERP includes functionality like inventory management, production, supply chain, and finance. Integrating them gives your business a complete view of its customers and its financial performance in one place. There are many reasons why businesses should consider integrating their ERP with their CRM, including: End-to-end visibility of your business processes You can take complete customer views to the next level with the added understanding of how they impact your business financials. Improved efficiency Workflows can automate tasks between CRMs and ERPs and enhance your productivity. There is no need to manually enter CRM data into an ERP once integrated. Better employee collaboration Empower your employees with access to critical customer information, even if they do not work in your service or sales team. Giving everyone access to real-time data helps ensure the right decisions are made across the organisation. Reduced data duplication When you have an ERP and a CRM working separately, you may have customer data existing in both, leading to inaccuracies and out-of-date information. But even when it is accurate, it can cause unnecessary duplication, and it’s hard to determine which should be the master record. Integrating ensures there is only one record. Speed up sales approvals Sales and operations teams can move customers through an approvals process much quicker when they can be sure they have real-time customer data. Lowered cost of IT support When you have just one system to maintain, your IT support cost will reduce. With a fully integrated solution, you only need to train teams on one platform, reducing downtime. More accurate reporting and forecasting Because all of your data is accurate and in one place, an ERP improves reporting processes. Accurate forecasting is critical for a growing business, and integrating with an ERP automates some of the manual processes that can cause errors and delays in reporting. How can you integrate LIKE.TG CRM with an ERP? Nowadays, it is simple to integrate LIKE.TG with your ERP and reap the benefits. You used to need to use complex systems to integrate legacy ERP systems with LIKE.TG CRM. However, modern cloud-based ERPs allow for easy integration. With some providers building ERP natively on the LIKE.TG platform, it is possible to run both CRM and ERP seamlessly on LIKE.TG. One aspect of LIKE.TG that makes for straightforward integration is LIKE.TG Billing. LIKE.TG Billing converts LIKE.TG CPQ’s lead-to-order data into transactional data. The conversion allows ERP systems to inherit matching data, which they can use for accounting functions. LIKE.TG’s MuleSoft also makes it easy to integrate CRM, ERP, and other applications. The MuleSoft Anypoint Platform helps businesses integrate data and connect experiences from any system. With MuleSoft, you can bring data from any third-party system such as SAP, Oracle, Workday into LIKE.TG. Visit our MuleSoft Anypoint Platform overview to learn more.

The role of a sales manager is all-important to the success of any sales team. They are responsible for motivating and inspiring their team, setting sales goals, and developing sales strategies. Today, sales managers need a varied skill set that includes both technical and soft skills. This blog post will discuss the essential skills that every sales manager needs in 2024, including technical skills such as data analysis and CRM software proficiency, as well as soft skills such as leadership and communication. We will also provide tips on how to be a good sales manager and how LIKE.TG can help sales managers be more successful. What are the roles and responsibilities of a sales manager? Today more than ever, sales managers are at the centre in driving revenue growth and achieving organisational success. They are entrusted with the critical task of leading, developing, and motivating a team of sales representatives to consistently exceed sales targets. A competent sales manager oversees the entire sales process, from prospecting and qualifying leads to nurturing customer relationships and closing deals. Furthermore, they work closely with the marketing team to generate qualified leads and develop effective sales strategies that align with market trends and customer needs. Sales managers are also responsible for designing and implementing training programs to enhance the skills and knowledge of their sales team, ensuring they possess the necessary expertise to navigate the complexities of modern sales environments. Another important aspect of a sales manager’s role is managing the sales budget and forecasting sales performance. They must allocate resources efficiently, optimise sales operations, and accurately predict future sales trends to support strategic decision-making within the organisation. By fulfilling these diverse responsibilities, sales managers empower their teams to achieve peak performance, drive business growth, and contribute significantly to the overall success of the company. 5 Technical skills of a sales manager It’s imperative for sales managers to possess a solid foundation of technical skills to drive success. One such crucial skill is the ability to analyse and interpret data effectively. Sales managers must be proficient in utilising data from various sources, including CRM systems, sales reports, and market research, to gain insights into sales performance, customer behaviour, and market trends. This enables them to make data-driven decisions, optimise sales strategies, and identify areas for improvement. Another essential technical skill for sales managers is proficiency in using CRM (Customer Relationship Management) software. CRM systems serve as central hubs for managing customer interactions, sales activities, and pipeline management. Sales managers must be well-versed in navigating and utilising CRM software to track sales progress, monitor team performance, and ensure effective customer relationship management. This proficiency allows them to streamline sales processes, enhance customer satisfaction, and drive overall sales growth. Excellent presentation skills are another vital technical skill for sales managers. They are often required to deliver presentations to their sales team, stakeholders, and clients. Effective presentation skills enable sales managers to convey their ideas, strategies, and sales pitches with clarity, confidence, and persuasion. Whether presenting during team meetings, sales conferences, or client pitches, sales managers must be able to engage their audience, deliver compelling messages, and inspire action. Project management skills are also essential for sales managers. They are responsible for managing sales campaigns, projects, and initiatives, often involving multiple team members and stakeholders. Effective project management skills enable sales managers to plan, organise, and execute sales projects successfully. This includes setting clear objectives, allocating resources, tracking progress, and managing timelines. By mastering project management techniques, sales managers ensure that sales initiatives are completed efficiently and effectively, contributing to overall sales success. In today’s digital era, understanding e-commerce and online sales has become a crucial technical skill for sales managers. With the rapid growth of online shopping, sales managers must possess knowledge of e-commerce platforms, online marketing strategies, and digital sales techniques. They need to be able to leverage technology and digital channels to reach and engage customers effectively, optimise online sales performance, and drive revenue growth through e-commerce. By staying updated on the latest e-commerce trends and best practices, sales managers can adapt their sales strategies to meet the evolving demands of the digital age. 10 Sales management skills that make a sales manager stand out Today, sales managers are pivotal in driving revenue growth and achieving organisational success. To be successful in this kind of environment, sales managers must possess a diverse range of skills that go beyond technical proficiency. While technical skills are undoubtedly important, it is the combination of technical expertise and soft skills that truly sets exceptional sales managers apart. Here are 10 essential sales management skills that make a sales manager stand out in 2024: Strategic Vision and Planning:The ability to develop and execute a well-defined sales strategy is crucial for sales managers. They must have a clear vision of the sales goals and objectives, and the ability to create a roadmap to achieve those targets. This involves analysing market trends, identifying growth opportunities, and allocating resources effectively. Motivating and Inspiring Leadership:Sales managers are responsible for building and leading high-performing sales teams. To do this, they must possess strong leadership skills, including the ability to motivate and inspire their team members. This involves creating a positive work environment, recognising and rewarding achievements, and providing ongoing support and guidance. Effective Communication:Excellent communication skills are essential for sales managers. They must be able to clearly articulate their expectations, provide constructive feedback, and effectively resolve conflicts. Additionally, they must be able to communicate effectively with customers, building strong relationships and fostering trust. Expert Negotiation:Sales managers often find themselves in negotiation situations, whether it’s with customers, suppliers, or team members. Strong negotiation skills enable them to achieve favourable outcomes while maintaining positive relationships. This involves understanding the interests of all parties involved, finding common ground, and reaching mutually beneficial agreements. Closing Deals: The ultimate measure of success for a sales manager is the ability to close deals. This requires a combination of sales acumen, persuasion skills, and the ability to handle objections effectively. Sales managers must be able to identify and address customer concerns, build trust, and ultimately convince customers to make a purchase. Time and Resource Management:Sales managers have a lot on their plates, and effective time and resource management skills are essential to their success. They must be able to prioritise tasks, allocate resources efficiently, and manage their time wisely to achieve their goals. This involves setting clear priorities, delegating tasks, and avoiding distractions. Data Analysis and Decision-Making: Sales managers must be able to analyse and interpret data to make informed decisions. This involves understanding sales metrics, identifying trends, and using data to drive sales strategies. By leveraging data, sales managers can optimise their sales processes and improve overall performance. Relationship Building:Building strong relationships with customers, team members, and industry peers is crucial for sales managers. They must be able to establish trust, rapport, and mutual respect with all stakeholders. This involves listening actively, understanding customer needs, and providing exceptional customer service. Adaptability and Resilience: The business outlook is constantly changing, and sales managers must be adaptable and resilient to succeed. They must be able to quickly adjust to new market conditions, embrace change, and learn from setbacks. This involves staying up-to-date with industry trends, being open to new ideas, and continuously seeking opportunities for improvement. Continuous Learning and Development:The world of sales is constantly evolving, and sales managers must be committed to continuous learning and development. They must stay updated with the latest sales techniques, technologies, and industry trends. This involves attending workshops and conferences, reading industry publications, and seeking out opportunities for personal and professional growth. By cultivating these 10 essential sales management skills, sales managers can position themselves for success in 2024 and beyond. They will be able to lead their teams to exceptional performance, drive revenue growth, and achieve organisational objectives, making them indispensable assets to their organisations. Sales metrics that managers should keep on top of Sales managers should closely monitor key performance indicators (KPIs) to assess their team’s performance and identify areas for improvement. These metrics serve as quantifiable measures of sales success and help managers make data-driven decisions. Here are some essential sales metrics that managers should keep on top of: Revenue and Profit: These are the fundamental indicators of a sales team’s success. Managers should track total revenue, profit margins, and revenue growth rate over time. By analysing these metrics, managers can assess the overall financial performance of the sales team and make adjustments to sales strategies as needed. Sales Growth Rate: This metric measures the percentage change in sales revenue over a specific period, usually compared to the previous year or quarter. A positive sales growth rate indicates that the sales team is effectively expanding its customer base and increasing revenue. Managers should analyse trends in the sales growth rate to identify periods of growth or decline and take appropriate actions to sustain or accelerate growth. Customer Acquisition Cost (CAC): CAC measures the cost incurred to acquire a new customer. It includes expenses such as marketing, advertising, and sales commissions. Managers should monitor CAC to ensure that the cost of acquiring new customers is sustainable and does not outweigh the revenue generated from those customers. By optimising CAC, managers can allocate marketing and sales resources more efficiently. Customer Lifetime Value (CLV): CLV represents the total revenue that a customer is expected to generate throughout their relationship with the company. It considers factors such as average purchase value, purchase frequency, and customer retention rate. Managers should track CLV to identify high-value customers and develop strategies to retain them, as they contribute significantly to long-term revenue growth. Sales Team Productivity: This metric assesses the efficiency and effectiveness of the sales team in generating revenue. It can be measured by metrics such as the number of sales per salesperson, average deal size, and sales cycle length. By monitoring sales team productivity, managers can identify underperforming individuals or areas and implement training or process improvements to enhance overall team performance. Sales Forecast Accuracy: Sales forecasting involves predicting future sales based on historical data and market trends. Managers should track the accuracy of sales forecasts to evaluate the effectiveness of their sales planning and decision-making. Accurate forecasting enables better resource allocation, inventory management, and proactive response to market changes. Win Rate: The win rate measures the percentage of sales opportunities that result in closed deals. It provides insights into the effectiveness of the sales team in converting leads into customers. Managers should monitor the win rate to identify any issues in the sales process and take steps to improve conversion rates. Customer Satisfaction: While not directly a sales metric, customer satisfaction plays a major role in long-term sales success. Managers should track customer satisfaction metrics, such as customer retention rate, customer feedback, and Net Promoter Score (NPS), to ensure that customers are satisfied with the products or services and the sales experience. High customer satisfaction leads to repeat business, positive word-of-mouth, and increased customer lifetime value. By closely monitoring these sales metrics, managers gain valuable insights into the performance of their teams and can make informed decisions to drive revenue growth, optimise sales strategies, and enhance customer satisfaction. How to be a good Sales Manager? To be a successful sales manager, it’s important to set clear goals and expectations for your team. This means communicating the organisation’s overall sales objectives and breaking them down into individual targets for each sales representative. Make sure your team understands what is expected of them and provide them with the resources and support they need to achieve their goals. Regular feedback and coaching are essential for helping your sales team improve their performance. This involves providing constructive criticism, as well as recognising and rewarding achievements. By offering guidance and support, you can help your team members identify areas where they can improve and develop their skills. Motivation and inspiration are key to driving success in sales. As a sales manager, it’s your role to create a positive and supportive work environment where your team feels valued and motivated. This can be achieved through recognition and rewards, as well as by providing opportunities for professional development and growth. Finally, it’s important to create a positive and supportive work environment for your sales team. This means fostering a culture of collaboration and teamwork, where team members feel comfortable sharing ideas and supporting each other. By creating a positive work environment, you can help your team stay motivated and engaged, which will ultimately lead to improved sales performance. How LIKE.TG can help LIKE.TG is a powerful customer relationship management (CRM) tool that can help sales managers be more successful. It provides a variety of features and tools that can help sales managers with sales forecasting, lead management, opportunity management, sales performance management, and reporting and analytics. With LIKE.TG, sales managers can easily create and manage sales forecasts, track leads and opportunities, and monitor sales performance. They can also use LIKE.TG to generate reports and analytics that can help them identify areas for improvement and make informed decisions. In addition to its CRM capabilities, LIKE.TG also offers a variety of other tools that can help sales managers be more successful. These tools include: LIKE.TGIQ:A lead generation and management tool that helps sales managers find and qualify leads. Pardot: A marketing automation tool that helps sales managers nurture leads and convert them into customers. Einstein Analytics:A business intelligence tool that helps sales managers analyse data and make informed decisions. By using LIKE.TG and its suite of tools, sales managers can improve their efficiency and effectiveness, and ultimately drive more revenue for their organisations.

In the current business sphere, achieving sales and marketing alignment is crucial for organisations that want to thrive. Sales and marketing misalignment can lead to missed opportunities, wasted resources, and decreased revenue, underscoring the urgent need for businesses to address this issue for growth. It’s the key to ensuring a seamless customer experience, driving revenue growth, and boosting overall business performance. This blog post will explore the essential steps to help businesses establish effective sales and marketing alignment, which is pivotal for successful sales. From breaking down silos and fostering collaboration to leveraging technology for seamless integration, we’ll provide practical strategies to help you create a cohesive sales and marketing team that works together towards achieving common business goals. What Is Sales and Marketing Alignment? Sales and marketing alignment is a strategic approach emphasising the collaborative efforts between sales and marketing teams to achieve a common business goal, specifically aligning sales for maximum effectiveness. It involves a tightly integrated relationship where both departments work seamlessly to attract, engage, and retain customers. Effective sales and marketing alignment ensures that the marketing team generates qualified leads for sales while the sales team provides valuable insights and feedback to marketing. When sales and marketing are aligned, it creates a cohesive customer experience, resulting in increased customer satisfaction, higher revenue, and improved overall business performance. Aligning sales and marketing is essential. It can significantly shorten the sales cycle, increase conversion rates, and foster greater interest in products and services by ensuring that both teams work towards shared KPIs and strategies. Customers receive consistent messaging, personalised interactions, and efficient problem resolution, leading to increased loyalty and repeat business. Alignment also fosters a culture of collaboration and communication between sales and marketing teams. They share data, insights, and best practices to develop targeted strategies that address customer needs and drive business growth. This collaborative approach eliminates silos, promotes teamwork, and ensures that both departments are working towards the same objectives. Sales and marketing alignment isn’t just an option but a necessity. It is the key to unlocking both teams’ full potential and achieving sustainable business success. What Does Marketing Do for Sales? Marketing is vital when it comes to supporting sales. It provides valuable insights, generates leads, and builds brand awareness. Marketing departments are necessary for aligning sales and marketing efforts to work towards shared objectives, offering assistance through cross-departmental shadowing, ensuring sales-focused marketing efforts, and facilitating the sharing of valuable information. Here are some essential functions that marketing performs to assist the sales team: Market Research and Insights: The marketing team conducts thorough market research to understand industry trends, customer behaviour, and competitor activities. They provide sales with comprehensive insights into target markets, customer needs, and pain points. This information enables sales representatives to tailor their pitches and strategies to address customer challenges and preferences better. Demand Generation and Lead Nurturing: Marketing creates demand for the company’s products or services. They develop and execute campaigns that attract potential customers and generate leads. This can include various strategies such as content marketing, search engine optimisation (SEO), social media marketing, email marketing, and paid advertising. The marketing team nurtures these leads by providing valuable content, building relationships, and guiding them through the sales funnel. By focusing on marketing qualified leads, marketing assists sales by not only generating but also qualifying leads, ensuring that the sales team can concentrate on the most promising prospects. Branding and Positioning: Marketing develops and manages the company’s brand identity, positioning, and messaging. They create compelling brand narratives, visual identities, and unique selling propositions that differentiate the company from competitors. Effective branding helps sales representatives communicate the company’s value proposition and build customer trust. Content Creation and Thought Leadership: The marketing team creates high-quality content that educates, informs, and engages the target audience. This content can take various forms, including blog posts, articles, infographics, videos, podcasts, etc. By establishing thought leadership and providing valuable insights, marketing supports sales in building credibility and positioning the company as an industry expert. Online Presence and Social Media Management: Marketing manages the company’s online presence, including the website, social media channels, and online reputation. They create and curate engaging content, respond to customer inquiries, and monitor online conversations. A solid online presence and effective social media management help sales teams connect with potential customers, build relationships, and generate leads. By aligning marketing and sales efforts, businesses can create a seamless customer journey, deliver a consistent brand experience, and more effectively achieve their revenue goals. What Does Sales Do for Marketing? Sales reps, through their close collaboration and communication with the marketing team, play a significant role in providing valuable insights and feedback. This partnership enhances the creation and utilisation of sales content, aligns goals, and leverages data to improve lead quality and customer insights. In return, sales also play a vital role in supporting marketing. Here are some key functions that sales perform to assist the marketing team: Customer Insights and Feedback: Sales representatives interact directly with customers and have a deep understanding of their needs, preferences, and pain points. They provide valuable insights and feedback to the marketing team, which helps refine marketing strategies, improve messaging, and develop more effective campaigns. Lead Qualification: Sales representatives qualify leads generated by marketing efforts. They evaluate the potential and readiness of leads to determine if they are a good fit for the company’s products or services. This helps marketing focus its resources on high-quality leads and optimise its lead generation strategies. Content Validation and Improvement: Sales representatives can provide feedback on marketing content, ensuring it aligns with customer needs and effectively communicates the company’s value proposition. Their input helps improve marketing materials’ relevance, accuracy, and effectiveness. Building Customer Relationships: Sales representatives build customer relationships, establishing trust and credibility. They can provide valuable insights into customer behaviour, preferences, and buying patterns, which helps marketing develop more personalised and targeted campaigns. Competitive Intelligence: Sales representatives are often at the forefront of competitive activities and have a good understanding of competitors’ strategies, strengths, and weaknesses. They can provide valuable intelligence to the marketing team, enabling them to develop more effective competitive strategies and differentiate the company’s offerings. By working together and sharing information, sales and marketing teams can create a synergistic relationship that drives business growth and success. Aligning these two critical functions ensures that the company’s efforts are cohesive, effective, and focused on achieving common goals. Understanding the benefits of sales and marketing alignment for revenue growth Achieving alignment between sales and marketing functions offers numerous advantages that can significantly enhance the overall success of a business, especially in driving revenue growth and improving customer experience through collaboration, unified communication, and mutual support. One of the primary benefits is the potential for increased revenue. When sales and marketing teams are aligned, they work cohesively to generate qualified leads, shorten the sales cycle, and increase conversion rates. This collaborative effort leads to improved sales performance, resulting in higher revenue growth for the organisation. Another advantage of aligning sales and marketing functions is cost reduction. Businesses can save valuable resources and reduce operational costs by eliminating duplicate efforts, optimising marketing campaigns, and streamlining lead management processes. This cost efficiency allows companies to allocate resources to other strategic initiatives that drive business growth. Sales and marketing alignment also contributes to improved customer satisfaction. When sales and marketing teams work together, they better understand customer needs and preferences. This knowledge enables them to deliver a consistent and seamless customer experience, from the initial marketing interaction to the final sale. Satisfied customers are more likely to become loyal brand advocates, increasing customer retention and positive word-of-mouth referrals. Furthermore, sales and marketing alignment enhances brand reputation. When both teams collaborate effectively, they create a unified brand message and present a cohesive brand image to the market. This consistency builds trust and credibility among customers, stakeholders, and industry peers. A strong brand reputation attracts new customers, improves customer loyalty, and differentiates the business from competitors. Last but not least, sales and marketing alignment facilitates better organisational decision-making. By sharing data, insights, and feedback, sales and marketing teams can make informed decisions based on real-time information. This data-driven approach minimises guesswork and allows businesses to allocate resources effectively, optimise marketing campaigns, and improve sales strategies. Breaking down silos and promoting collaboration between sales and marketing teams The first step to achieving sales and marketing alignment is to break down silos and promote collaboration. This can be challenging, as sales and marketing teams often have different goals and priorities. However, it is essential to overcome these challenges to create a cohesive customer experience. One way to break down silos is to foster a culture of open communication and transparency between the two teams. This can be done by holding regular cross-functional meetings, sharing information and data, and encouraging employees to collaborate on projects. Another way to promote collaboration is to create shared goals and incentives. When sales and marketing teams work together towards common goals, they are more likely to be successful. To further this goal, aligning marketing and sales teams is needed to break down silos and foster collaboration, ensuring both departments work together seamlessly. To foster a culture of open communication and transparency, it is important to create opportunities for sales and marketing teams to interact with each other. This can be done through regular meetings, workshops, and social events. It is also important to encourage employees to share their ideas and feedback and create a safe environment where they feel comfortable doing so. Aligning the sales and marketing teams on the company’s overall objectives is important for creating shared goals and incentives. This can be done by developing a shared vision and mission statement and setting clear goals and metrics for success. Incentives that reward sales and marketing teams for working together, such as bonuses or commissions, are also important. By breaking down silos and promoting collaboration, sales and marketing teams can create a more cohesive customer experience and achieve more tremendous success. Establish clear roles and responsibilities Establishing these clear roles and responsibilities for sales and marketing departments is an all-important step for achieving alignment and ensuring that both teams work cohesively towards shared objectives. Establishing a clear understanding of roles, continuous communication, and joint efforts towards shared objectives between sales and marketing departments is essential. Here are some key considerations for defining roles and responsibilities: Define Objectives and Key Performance Indicators (KPIs): Clearly outline the overall goals and objectives for both sales and marketing departments. Set specific and measurable KPIs that align with the company’s strategic priorities. These KPIs should be tied to the business’s overall success and should be regularly monitored and evaluated to ensure alignment and improve business performance. Outline Specific Tasks and Responsibilities: Detail each team member’s specific tasks and responsibilities within sales and marketing. This includes defining who is responsible for lead generation, qualification, nurturing, and closing deals. It also outlines who is responsible for market research, content creation, branding, and online presence management, ensuring a shared understanding of roles. Empower Teams to Make Decisions: Empower both sales and marketing departments to make decisions within their respective domains. Provide them the autonomy to execute their strategies and make necessary adjustments based on market conditions and customer feedback. This fosters a sense of ownership and accountability, leading to more effective decision-making. Regular Review and Updates: Roles and responsibilities should not be set in stone. They should be regularly reviewed and updated to ensure they align with changing market dynamics and business priorities. This adaptability allows sales and marketing departments to respond swiftly to new opportunities and challenges, maintaining alignment and optimising performance. Create a unified sales and marketing strategy This is essential for achieving alignment between the two departments. This involves developing a shared vision and objectives for both departments, ensuring their goals align with the overall business strategy. Regular joint planning sessions should be held to discuss strategies, brainstorm ideas, and ensure that both teams are on the same page. Creating a content calendar supporting sales and marketing goals is critical, as it allows for consistent messaging and campaigns. Additionally, sharing customer insights and data between sales and marketing teams is essential for understanding customer needs and preferences and developing targeted strategies that meet those needs. By fostering a collaborative environment and breaking down departmental silos, businesses can create a unified sales and marketing strategy that drives revenue growth, improves customer satisfaction, and enhances overall business performance. Leverage technology for seamless integration Technology is vital in achieving seamless integration between sales and marketing teams. One essential tool is customer relationship management (CRM) software. CRM systems provide a centralised platform for managing customer interactions, including contact information, communication history, and sales opportunities. By sharing this data, sales and marketing teams can comprehensively understand customers, enabling them to deliver personalised and consistent experiences. Marketing automation tools are another valuable technology for sales and marketing alignment. These tools help automate repetitive tasks like email marketing, social media management, and lead generation. By automating these tasks, teams can focus on higher-value activities, such as building customer relationships and closing deals. Integrated sales and marketing platforms offer a comprehensive sales and marketing alignment solution. These platforms combine CRM, marketing automation, and other tools into a unified system. This allows teams to access all the information they need in one place, making collaborating and executing campaigns easier. Finally, analytics and reporting tools are essential for measuring the success of sales and marketing alignment efforts. These tools provide insights into customer behaviour, campaign performance, and overall business results. By analysing this data, teams can identify areas for improvement and make data-driven decisions to optimise their strategies. Technology is essential for achieving sales and marketing alignment. By leveraging the right tools, businesses can break down silos, improve communication and collaboration, and create a unified customer experience. This leads to increased customer satisfaction, higher revenue, and improved business performance.

Because acquiring new customers can be far more expensive than selling to existing ones, companies will often employ techniques like upselling to increase sales revenues. For example, a salesperson could show a customer the luxury model of a car side by side with the basic model or point out the benefits of an upgraded computer with a faster hard drive. Upselling is often confused or used interchangeably withcross-selling, which is the practice of offering customers additional products to compliment an existing purchase. An example of cross-selling would be to recommend speakers to go with the computer, rather than an improved version of the computer itself. Both upselling and cross-selling are methods of increasing sales to existing customers, but use slightly different approaches in doing so. LEARN MORE ABOUT CROSS SELLING What we will cover: Steps Involved in UpsellingHow to Identify Upselling OpportunitiesUpselling TechniquesIt’s All About Customer RelationshipsWhat is Upselling? Key facts and FAQs Steps Involved in Upselling CRM helps users focus on their organisation’s relationships with individual people including customers, service users, colleagues, or suppliers. 1) Building Customer Trust and Loyalty Upselling should function as a two-way street: customers gain added value in exchange for their loyalty and trust. Often, when people think of being upsold, they imagine a used car salesman trying to trick them into buying a sports car when all they needed was something practical. That is not how successful upselling works.Instead, sales personnel should be working tobuild reciprocal relationships with customersand encourage long-term customer loyalty. To start with, this can be done by taking on the role of a consultant instead of a salesperson: Know your product inside and out.It’s important to be well informed about the product or service you are selling and prepared to help customers and offer individualised support as needed. If you are unable to answer questions or address individual issues, they could lose faith in your company or product. Make suggestions based on customer preferences.Customers can easily be alienated if they feel like they are being pushed to buy something that they don’t need. Instead, it should be clear that making the purchase provides them with a real added value. Make customer service a priority.Overall, apositive customer experiencecan be the deciding factor in whether or an offer is accepted, while indifference accounts for more than half of lost customers. 2) Get to Know Your Customers and Their Needs Thorough knowledge of your clients is essential to upselling. Understanding customer wants, needs, and preferences increases their trust in your relationship. One way this is done is by listening to prospective buyers: often, customers will contact sales staff themselves and inquire about specific features and benefits – this is the exact information you want, being handed to you voluntarily. It can also be helpful for the sales team to have personal experience with the products and services they are selling. This will allow them to put themselves in the customers’ shoes and better anticipate customer needs. Another way to acquire more information is togather and analyse all relevant customer data and history. Using software for sales automation and analytics can help with this process and make it easier to engage with and understand existing customers. This information can be used to optimise customer service, providingindividualised offers and information based on customer needs. In fact, one LIKE.TG survey found that customers are not onlyhappy to share personal datain exchange for personalised deals and offers but that they also tend to be more loyal to companies that use this practice. LEARN HOW A CRM CAN HELP DISCOVER CUSTOMER NEEDS 3) Making the Right Recommendations As mentioned above, customers can start to lose interest if you offer them products and services that they don’t want or need.Making the right recommendations is key to successful upselling and should be done using the knowledge you’ve acquired about your client. Understand the customer’s wants and needs.Whatever you are upselling should somehow reflect the customer’s overall needs. While it may seem to be in the company’s best interest to make as many offers as possible,recommendations should be limitedto avoid confusing or overwhelming the customer with too many options. Upsell, don’t oversell.Additionally, recommending upgrades that are too expensive in proportion to the original purchase could drive the customer away. The general rule of thumb is thatan upsell should not increase the total price by more than 25%. Using available data from CRM and marketing automation, appropriate recommendations can be tailor made to best suit a customer’s needs. How to Identify Upselling Opportunities In a nutshell, the ideal upsell customers are the ones who are most engaged with your products and services. The whole concept of upselling is based on growing relationships with existing customers, meaning that upselling inherently involves regularly following up with clients to asses their current status and needs. That can involve a variety of methods, such as: Ask open-ended questions and listen to customers.When they talk about their needs. Consider whether a product or service exists on the market already.If so, how can you improve upon it? If not, would it be possible to develop one? Investigate whether there are ways to improve upon your own existing product.If you already offer a satisfactory version, can you also provide an extraordinary version? Analyse your revenue sources.Seeing where your company earns the most can help to identify your clients’ needs and how to best upsell strategically. Determine what your market segment can actually use and afford.For example, if you are selling a software package to college students, you may not spot many opportunities to upsell them the business suite. On the other hand, you could potentially offer a student discount on a more comprehensive package. Look at customer data across departments.Customers have different contacts within a company depending on what they need. All of those contacts will have information about them. Learn more about your customers through information available online.Such as customer reviews, interactions over social media, page views, shares, etc. Upselling should happen almost organically as a means of solving a problem or filling a need. Staying informed about what customers need from a variety of angles is the most effective way of identifying upselling opportunities. Upselling Techniques Upselling opportunities can arise out of a wide variety of situations. Because of that, companies employ a wide variety of techniques to ensure customer satisfaction and maximise success. Some suggested techniques include: Make sure you deliver what you promise. Customer satisfaction is critical to upselling and fulfilling any promise you’ve made – whether it be writing an email or resolving a service issue – is a major part of that. Communicate the value to everyone involved. It’s easy to overlook stakeholders that aren’t your main contact. Even if you have communicated the value to some of the stakeholders, you should make sure that everyone on the client side is aware of the benefits that have been created for them. Upsell as part of the solution to a customer service issue. Once an issue has been resolved, upselling (and cross-selling) can be used to improve the situation further. Nurture existing customers. No matter what type of selling you are doing, it is always important to nurture and maintain relationships with existing customers. This is part of building trust and loyalty. What is LIKE.TG? Learn more about how LIKE.TG CRM can help you and your business. What is LIKE.TG? – What does LIKE.TG do? Take away the risk. When a free trial or money back guarantee is available, customers are more likely to make purchases and have confidence in your product or service. Consider time-based issues. Remind customers of issues they had in the past or how your products and services can prevent or improve issues in the future. Use sales automation and analytics. Sales and analytics software is designed help you interact with customers and keep track of any relevant information. Upsell with Sales Cloud Discover how Sales Cloud can help your teams improve the customer experience and increase sales. It’s All About Customer Relationships Upselling is an effective sales strategy for increasing revenue while continuing to build relationships with clients. It should be a give and take scenario, in which customers gain added value in exchange for making a larger purchase or commitment to a company. For upselling to be successful, it is particularly important to know your customers well, earn and maintain their trust, and make appropriate recommendations. While there are a number of upselling techniques and ways to identify upselling opportunities, understanding the customer’s needs and experience is at the core of all of them. That’s a lot of info! Here’s what you should take away from this article: What is upselling?Upselling is the process of recommending a more expensive or higher-end item or service when a customer is making a purchase. What are the steps involved in upselling?Upselling starts by building customer trust and loyalty, identifying needs in the customer, and then addressing those needs through the right product or service. How do you know when to upsell?To identify upselling opportunities, analyse your customer data, look for gaps in the market, gather customer feedback and identify unmet needs. What are some upselling techniques?Upselling techniques include communicating value, delivering on promises, identifying and solving problems, and using analytics to address personal needs. Can upselling help build customer relationships?Yes. Upselling involves understanding customers and their needs, and then providing value. This in turn builds trust and stronger relationships. FREQUENTLY ASKED QUESTIONS What is upselling? Upselling is the practice of selling a customer a higher-end version of an item they’re interested in. For instance, an electronics retailer pointing out the benefits of a better TV, a faster laptop or a more durable tablet would be an example of upselling. For many businesses, upselling is an important technique for driving revenue. What is the difference between upselling and cross selling? Upselling is the practice of offering a higher-end version of a product to a customer, while cross-selling is offering customers additional products that are compatible with their purchase. For example, if a customer were buying a laptop, offering them a case would be cross-selling, while offering them a better laptop would be upselling. Why is upselling important? Upselling is important because it adds value for both businesses and their customers. Successful upselling addresses customers’ needs or solves a problem by offering them better or more relevant products or services, which in turn builds trust and loyalty. This not only leads to higher revenue, it leads to better long-term relationships.

Prospects — the potential customers you want to sell to — are the fuel for the sales pipeline. Every prospect represents a possible deal. Growing your base of sales prospects and working to nurture them will grow your revenue. Even though sales prospecting is important, it may sometimes feel like you’re just wishing and hoping the right people will show up. Let’s see how to make prospecting a science instead — less like drilling for oil and more like filling up on gas. What you’ll learn: What is sales prospecting? Why is sales prospecting important? How does sales prospecting work? The stages of the sales prospecting process How to find sales prospects Inbound vs. outbound prospecting How to move sales prospects to the next stage in the sales cycle How to qualify a sales prospect Sales prospecting questions to ask Prospecting email examples How to use sales prospecting tools What is sales prospecting? Prospects are potential customers, and prospecting is the process of finding them. Sales reps use sales prospecting to expand the size of their potential customer base. They’ll reach out to leads (potential sales contacts) and nurture them into opportunities (leads who have been warmed up over time). There are various sales prospecting techniques, from making calls to sending direct mail, attending networking events, and connecting on social media platforms such as LinkedIn. (Back to top) Why is sales prospecting important? Sales prospecting is fundamental to what we do because it sets the stage for everything that follows in our sales funnel. It’s about focusing on and engaging those most likely to benefit from our products or services. From my experience as an account director, effective prospecting directs our resources toward the most promising opportunities and gives us a steady stream of leads for conversion. By focusing on the right leads, we enhance our chances of conversion and align our sales strategies with the expectations and needs of our prospects. That drives our business forward. (Back to top) How does sales prospecting work? Reps need to understand that the lead coming to a website has likely already done a lot of legwork. Eighty-one percent of prospects conduct research before inquiring about your product or service, according to the latest State of Sales report. They’ve formed opinions about your offerings before they’ve even engaged with any of your content, such as articles, white papers, or webinars. The challenge? Capture the attention of these well-informed prospects and convert their interest into engagement. Reps may face a prospect with preconceptions and opinions based on generic messaging received from others. So the rep’s outreach has to be personalised. It has to resonate. A rep must do their own legwork to understand the prospect’s needs, the technologies they’re using, and how they make buying decisions. That helps move them through the sales funnel, from interest to an actual sale. (Back to top) The stages of the sales prospecting process The sales process goes from cold leads to warm opportunities to red-hot deals. Prospecting is what happens in between: From leads … Sales and marketing source leads.Leads are unqualified prospects. Leads can come from marketing (think a webinar that requires a form fill) or sales (think cold outreach). … to opportunities … Sales qualifies leads into prospects.Sales gets to know leads and decides whether they’re a good fit for the product. If they are, the lead is “qualified” to become a prospect. Sales nurtures prospects into opportunities.As sales works to make prospects more and more interested in the sale, these prospects become “opportunities” who are more and more likely to buy. … to customers Sales closes opportunities into deals.In the end, after many conversations, there will be two kinds of opportunities: “closed-lost” (boo) or “closed-won” (yay!). (Back to top) How to find sales prospects We could talk about all the other platforms out there. However, we’ll let Stephanie Svanfeldt, LIKE.TG Strategic Sales Vice President, Auto Vertical, say it for us: “When it comes to sourcing prospects online, LinkedIn is the biggest game in town.” Indeed. So, here are some tips to get into that game: Identify top target accounts: When choosing prospects, start with a strategic approach and focus your list. If you’re assigned 100 accounts, concentrate on the top 10. Plan meticulously to ensure every engagement is targeted and relevant. Tap into the power of social selling: Social selling and sales management tools can help reps better understand the organisational dynamics of target companies. For example, reps can map out the decision-makers within a company and learn about their roles and influence. That helps tailor messages to the person who can make or steer purchasing decisions. Use your CRM to speed up research on your prospect: Let your customer relationship management (CRM) system do the heavy lifting by automating prospect and account research. This saves you time and gives you instant access to the insights you need to connect with your prospects more effectively. Personalise your outreach: Reach out with custom messages that demonstrate a clear understanding of each prospect’s business needs and challenges. For example, you could send a video message to a potential lead to introduce yourself and briefly cover how your solution could address a specific challenge they mentioned in a recent LinkedIn article or post. The goal is to make every communication feel customised and relevant, showing you’ve done your homework. Continue to deliver value: Keep the conversation going by offering value in every interaction. This could be by sharing industry insights and relevant articles or inviting your prospect to events that align with their interests. It’s about continuously reinforcing their positive opinion of you and subtly positioning yourself as a go-to resource in their professional network. Evaluate and refine: Monitor and analyse the effectiveness of your outreach strategies. Adjust your approach based on what’s working and what isn’t. Pay attention to the technologies your prospects use and look for integration points that can streamline their processes or enhance their existing systems. This iterative adjustment ensures your tactics remain fresh and effective. (Back to top) Inbound vs. outbound prospecting Inbound and outbound prospecting are key tactics in a sales strategy. Though they serve different purposes, each presents unique advantages. Inbound prospecting attracts prospects through content, SEO, online chats, and social media interactions. The main advantage is that it draws in higher-quality leads who initiate contact on their own terms, making it less intrusive. However, this strategy requires a significant investment in time and resources to develop effective content and optimise digital channels that attract these leads. On the other hand, outbound prospecting involves actively reaching out to potential customers via email, phone calls, and direct messaging on platforms such as LinkedIn. It allows for quicker lead generation because you’re directly initiating conversations with potential buyers. However, it can be seen as more of an intrusion, and the quality of leads might vary if they haven’t shown previous interest in your offerings. Combining the two strategies covers more ground — capturing those looking for solutions and those who may not yet be aware of how a product or solution can help them. (Back to top) How to move sales prospects to the next stage in the sales cycle Research is important, but you’ll need more than that to take the conversation to the next level. After all, it’s just as easy for prospects to research you as it is for you to research them. You won’t get anywhere with them by repeating the same general information from your company’s website. How can you go deep and deliver an insight no one else has? You’ll need to learn their accent — not just their language — and become knowledgeable about their lives at work. That means learning about specific trends in their industries, their companies, and even their lives. Keep the conversation moving. Don’t just think about closing the deal. Think about closing every step of the deal. It can be easy to get carried away in your excitement to move the conversation along. But don’t forget to cover all your bases: Obsess over the next step: Don’t forget to end every conversation with a question. “Can we connect for five minutes after you’ve taken a look?” “Is there someone on your team I could work with on that?” “If you’re not the right person to ask, can you tell me who is?” Advance but qualify: Prospecting is all about marching onward. But don’t over-focus on a deal that won’t be worth the effort. As you move the conversation forward, you need to keep qualifying at the same time. At every stage, ask whether the prospect is still a fit. Qualification also means making sure that they’re ready to move on to the next step. You won’t have all the answers, but someone else will: Selling is a team sport. You need to lean on everyone you can to get the information you need. Ask subject matter experts at your company to teach you about a new domain. Reach out to technical and digital advisors to help you map out a solution. Ask marketing for help with a new pitch. You don’t have to do this alone. Qualifying a prospect is an important piece of the puzzle, but don’t mistake “qualifying” for “deciding whether someone is important.” Everyone you talk to is important — because if they’re not the right person to talk to, then they can point you to the person who is. (Back to top) How to qualify a sales prospect Qualifying a prospect is an essential part of the sales process, and a highly qualified prospect will check most of these boxes to move to the next stage of the sales cycle. Remember, though: “Qualifying” doesn’t mean “deciding whether someone is important.” Everyone you engage with is significant. If they’re not the right contact, they could lead you to someone who is. To qualify whether a prospect is a good fit, consider these questions: Is this the right person? Does the prospect fit your ideal customer profile? Are they already interested in your product? Do they have the influence to push the deal forward, or the authority to make buying decisions? Is this the right company? Is the company within your designated territory? Is the industry compatible with your business model? What is the organisation’s size? Think beyond the number of employees. For instance, if you’re selling a subscription or usage-based service, consider the potential volume of its usage. Is this the right project? Is the department funded to pay your price? Will the project be a priority for the company this year? Will the team be using the product for the right use case — in a way that will create an impact? (Back to top) Sales prospecting questions to ask Good sales prospecting questions start a dialogue that qualifies the prospect and builds a relationship by showing genuine interest in their needs and challenges. Here are a few to start with: What challenges are you currently facing with [insert relevant topic or service]? This question helps identify their pain points, allowing you to build your discussion around how your product addresses these issues. What has been your experience with similar products or solutions? This tells you what has (or hasn’t) already worked for them, helping you position your solution better. Can you tell me about your decision-making process? Who else should I invite to the next call? Knowing that is crucial for understanding how decisions are made and ensuring all decision-makers are engaged early on. What is your timeline for implementing a solution? This helps determine their urgency and expectations, which can guide your engagement strategy. Do you have the budget allocated for this project? Directly addressing the budget helps you qualify the prospect in terms of financial capacity. It also guides the conversation toward realistic solutions within their price range. (Back to top) Prospecting email examples From my perspective, standout emails and smart LinkedIn engagement strategies can make all the difference. Here are some tried-and-true examples from my own experience: Email outreach: When it comes to sales prospecting, it’s all about making that connection count. Here’s an email I sent during the holidays. It wasn’t just a pitch; it started with a genuine “thank you” for the recipient’s military service, which creates a moment of personal recognition and gratitude. It’s about finding common ground. Here’s an example that worked well: [Name], We connected briefly on LinkedIn before the holidays. I wanted to thank you for your service. My brother-in-law, a lieutenant colonel, has served in Iraq and Afghanistan, and I’ve seen the challenges firsthand. I noticed your work in driving transformation and improving processes at major financial institutions, which is crucial for staying competitive. Digital acceleration makes understanding customer journeys and reducing friction challenging. Leaders like you have shared that personalisation and efficiency are key struggles. Glassbox is designed to address this, providing session replay and analytics for improved customer experience visibility, helping banks optimise journeys, enhance quality, and cut costs. If you’d like to connect to discuss this further, let me know. Regardless, thank you for your service. Best, Lindsey Video outreach: One of my reps used this video strategy, sending a personalised video right after connecting with a prospect on LinkedIn. That’s going the extra mile. It shows you’re about more than just words; you’re making real connections. The response? An immediate engaged reply that opened the doors to further conversation. Hi [Name], Great to connect! I see you’re working with [tool] for digital experience analytics. I’d love to show you how [company] can add even more value. Let’s chat soon if you’re up for it! LinkedIn outreach: And let’s not forget the power of a LinkedIn notification. Tagging a prospect in a post tailored to their interests gets their attention. It’s like giving them a virtual tap on the shoulder and saying, “Hey — thought you might find this interesting.” This works because it directly engages them with content relevant to their interests, making your approach feel personal and showing that you understand their professional needs. (Back to top) How to use sales prospecting tools CRM systems don’t just keep track of data; they turn it into a tool of its own. These systems keep a history of prospect interactions within reach, so every touchpoint is relevant and personalised. However, in my experience, the key is not just to rely on sales tools, but to use them to enhance the human elements of sales. Identify your ideal customer profile (ICP): Get a clear picture of who your ideal customer is. What are their pain points? What solutions are they seeking? Understanding your target audience is the first step in effective prospecting. Build a list of contacts: Cast a wide net. Scour various channels — from LinkedIn to industry forums — to identify potential leads that match your criteria. It’s all about finding those needles in the haystack. Create an omnichannel approach: To connect with prospects effectively, you’ve got to be everywhere they are. Don’t limit yourself to one channel of communication. Connect with prospects in their preferred space, whether it be email, social media, in person, or a phone call. Use the right tools at the right time: Don’t just use sales prospecting tools for the sake of it. Be strategic. Tools such as Sales Engagement or LinkedIn Sales Navigator are for understanding the landscape: who the decision-makers are and what messages will resonate with them. It’s about crafting persona-based messaging that hits the mark. Build real connections: Think beyond just generating leads, and use soft skills as a prospecting tool. Whether sending an email acknowledging professional milestones or sharing tailored content, a rep who leans into active listening and empathy skills can help prospects feel valued — and more than just a potential sales target. (Back to top) Fuel your sales prospecting engine Sales prospecting isn’t just about wishing and hoping for the right opportunities — it’s about making it a science. By using a combination of inbound and outbound strategies, personalised engagement, and effective sales tools, sellers can rev up sales prospecting and turn more potential leads into closed deals.

The latest data from IT leaders around the world reveals how AI, automation and APIs are driving business value and innovation, and where organisations still have work to do on their digital transformation efforts. Digital transformation isn’t just a trend. It’s a core shift to the business landscape, with IT leaders refining their strategies, headcounts and budgets to cater to growing customer expectations and project demands. The 2024 Connectivity Benchmark Report sheds light on the state of digital transformation worldwide, with the latest trends in AI, integration, automation and API management. So how do businesses in the APAC region measfure up in the evolving digital landscape? IT leaders are optimistic about AI The report reveals that 88% of organisations in APAC are already using AI, and adoption is continuing to grow. IT leaders in the region foresee an 89% increase in their usage of Large Language Models (LLMs) over the next three years, exceeding the 69% increase expected globally. Moreover, 86% are confident that AI will increase developer productivity at their organisations in that timeframe. This optimism is a good thing, considering they’re simultaneously reporting a 39% increase in IT requests. AI will play an essential role in sustaining productivity under these demands, helping IT teams to manage growing workloads and expectations both efficiently and cost-effectively. Organisations need to get their data ready for AI Despite the optimistic outlook, 69% of APAC IT leaders say their organisation is ill-equipped to harmonise data systems to fully leverage AI, with 82% pointing the finger at data silos as hindering digital transformation efforts. While this figure is lower than the 81% global average, organisations across APAC still have a way to go to break down silos and better integrate data across the business. Integration hurdles are blamed by IT leaders for stalling digital transformation for 82% of APAC organisations. Kurt Anderson, Managing Director and API Transformation Leader at Deloitte Consulting LLP explains, “A lack of integration is the top barrier to adopting emerging technologies, especially AI. And as demand grows for seamless, personalised customer experiences, the interoperability of systems is crucial for harnessing the full potential of data, AI, and automation. That’s why integration should be the cornerstone of every IT leader’s digital transformation efforts in 2024.” The potential of AI is limited only by the data that organisations can connect it to, and the outcomes they can drive from it. The report shows that IT leaders across APAC are increasingly aware of these integration and automation challenges, and underscores the need for a robust data strategy, with a focus on data currency, reuse and access. IT teams are under pressure, but workflow automation can help With 98% of APAC IT teams struggling to integrate efficiently, workflow automation emerges as a solution. Robotic Process Automation can drive efficiency and reduce the workload on IT teams. As automation is demanded across businesses, IT often plays a gatekeeper role, but workflow automation permits other teams to self-serve. The global investment in RPA is now 31%, up significantly from 13% in 2021, as IT teams realise its potential. Singapore Institute of Management (SIM) underwent its digital transformation with LIKE.TG and MuleSoft, integrating multiple back-end systems to streamline the end-to-end experience for its learners and administrators. Learners can now access courses with a single sign-on and automated processes encourage self-service and more efficient case management. APIs become a strategic lever for growth APIs are now a staple in the digital ecosystem, with 99% of organisations using them to streamline data access and fuel growth. In APAC APIs and API-related offerings contribute to 33% of all revenue. Furthermore, APIs have contributed to increased revenue for 41% of APAC respondents and cut operational costs for 27%. M1, Singapore’s most dynamic communications company, found its legacy on-premise API gateway was too labour-intensive and slowed down the delivery of new offerings. Supported by MuleSoft Professional Services, it migrated to a more agile solution in just 9 months and is now completing 13% more projects a year through API reuse, while saving 15 man-days per project. “I’m really excited about the scalability we have with MuleSoft. In a fast-paced industry, we now have the confidence that we can stay ahead of the game with a future-proofed environment and delight our customers as we grow our business,” says Chiam Chee Kong, Deputy Head of Software Engineering Architecture at M1. With outlets in Thailand and Malaysia, popular retail brand Lotus’s chose LIKE.TG and MuleSoft to unify its systems and data so it can provide more personalised and streamlined customer experiences. MuleSoft’s API reuse and prebuilt assets helped it complete its digital transformation in just 14 months – half the time it allotted.“We knew that with MuleSoft as our API gateway and integration layer we would be able to be more agile and transform more quickly,” says Wiphak Trakanrungsi, Head of Technology Software Development and Innovation at Lotus’s. Digital transformation is the competitive advantage An enterprise API strategy that facilitates data integration across applications will empower leaders to accelerate innovation and operationalise AI to drive business value and growth for the future. Through revenue generation, operational cost reduction and the promotion of self-service, integration, automation and APIs will help businesses maintain their competitive edge in 2024 and beyond. Read the full 2024 Connectivity Benchmark Report for a comprehensive understanding of the digital transformation landscape in APAC and beyond.

Connecting small business departments is one of the best ways to leverage expertise and get the most out of the workforce. A lack of data sharing between departments can lead to inefficiencies. Team members may lack the understanding of how exactly their work fits into the bigger picture. Just as importantly, businesses that haven’t empowered departments to share information do not give those departments a complete view of the business or the customer. This makes it more difficult to deliver exceptional service and relevant offers. Compartmentalisation may have been the norm not long ago. But now, in an era of massive digital transformation, small businesses are smashing silos, cross-skilling workforces and getting connected. Traditional departments like sales are targeting a range of new channels and touchpoints – becoming much more data-driven. Other departments like marketing are leveraging AI to automate mundane tasks, freeing up their reps to focus on the customer. As small business departments change, roles in those departments are changing as well. New training platforms make it easier for businesses to empower team members to work across functions and roles. And while the most popular organisational structure still prioritises grouping departments by expertise, it’s becoming more and more important to create flexibility and agility. Let’s look at which small business departments are the most important and how those departments can be organised. What are the six central functional units of a business? The six central functional units are production, research and development, sales, marketing, human resources, and accounting/finance. Some businesses, especially those with smaller teams, will combine these functions, requiring team members to take on multiple roles. Larger companies may have dedicated departments beyond the six functional business units, such as technology and equipment, business strategy, and purchasing. What small business departments are needed? Some small business departments include: Administration/operations Research and development Marketing and sales Human resources Customer service Accounting and finance Some small businesses may combine these departments, for instance, by making HR and customer service part of operations. Other companies may require additional departments, such as a dedicated IT unit. Others still may have just a small number of people handling all of these functions, especially if a business is starting. Businesses with smaller teams can implement technologies to streamline processes and work smarter. For example, a business without an IT department can use cloud-based technologies that rely on off-site infrastructure and then utilise LIKE.TG’s Lightning Platform to create apps with no coding knowledge. What is the structure of a small business? Most small businesses use a functional organisational structure. This type of structure has both benefits and drawbacks. In a functional organisational structure, departments are separated by skill sets. This means that while team members are uniquely qualified to excel within their dedicated silos, they have limited insights into the business as a whole. Without a holistic view of the business, it’s difficult for these team members to support other functions and departments, even if their expertise could be helpful elsewhere. What is the best organisational structure for a small business? The best organisational structure for a small business is one that helps its workforce realise its full potential. How this is done depends on the nature of the company and its unique needs and objectives, but there are several things to consider. Using a functional organisational structure where departments are separated by expertise is an excellent way to keep the workforce focused. But by going a step further to smash silos and unite data, businesses can empower their teams to provide support across departments, thus getting the most out of their workforce’s collective brainpower. Flexibility and agility are increasingly important in the new normal. By upskilling and cross-skilling their teams, businesses can take a more hybrid approach to organisational structure. Digital, on-demand tools such as My Trailhead offer organisations a quick and easy way to cross-skill their workforce. What departments are needed to run a small business? Small businesses don’t usually have the same resources or objectives as their larger counterparts and occasionally have to be creative with their departments. This means that a small team or even a single person is responsible for handling various duties. That said, there are three essential departments needed to run a small business – even if those departments consist of just the owner. Sales and marketing: Sales are the lifeblood of small businesses, so every business will need to generate sales and build relationships. In a smaller company, this will often also include marketing and account management. Operations and production: While marketing and sales drive brand awareness and revenue, the operations department delivers on a business’s promise. This means handling production, fulfilment and customer service. Finance and administration: A finance department will track revenues and expenses, provide balance sheets, handle payroll and file end-of-year taxes. Admin functions typically include management and hiring. Creational an organisational structure for your small business departments A small business may have fewer resources than a bigger company, but that doesn’t mean it should lack structure. Having an organisational structure enables businesses to clarify roles and improve efficiency. Small businesses can start creating an effective organisational structure by focusing on the three essential elements highlighted above: Sales and marketing, operations and production, and administration and accounting. Look at what sub-roles these three small business departments might require. For example, sales and marketing may need a public relations executive, a copywriter or a digital marketing specialist. Operations may require an IT expert and service reps. Other functions, such as accounting and product development, might be handled by external contractors. The future of small business departments is flexibility A business should be able to transform its organisational structure to keep up with new objectives and needs, so maintaining flexibility is crucial. As technology and customer behaviour change, so will roles and responsibilities. And as businesses grow – or use technology to streamline their operations – their organisational structure should evolve along with them. With new customer-centric tools, on-demand training platforms, and innovative strategies that prioritise flexibility and agility, the sky is the limit for today’s small business.

We surveyed thousands of marketing leaders about today’s marketing trends. What did we find? Marketers ranked artificial intelligence (AI) implementation as both their number one priority and number one headache — highlighting its pivotal role as both a beacon of promise and a daunting challenge. Key takeaways from our new State of Marketing report To some, the words “new era” mean big ideas and fresh innovations. To others, it means unanswered questions, uncharted territory, and unsolved challenges. No matter which camp you find yourself in, we’re all trying to build better relationships that move our business forward. We surveyed marketers about how they are tackling this new era. The results found in our new State of Marketing report reveal trends that are impacting marketers —emerging AI, data unification, and personalisation tools — and the challenges they face to continue to create customer connections in a new era. Let’s take a look at highlights from the report. 1. Successful AI implementation leads 2024 marketing trends There’s a difference between AI implementation and successful AI implementation. In our survey, only 34% of marketers are completely satisfied with their efforts to reap the value of AI. Even fewer are fully satisfied with their attempts at unifying customer data to improve the customer experience. The two go hand in hand. Unlike other marketing trends and technologies, AI isn’t a standalone tool. It can touch and impact almost every aspect of a marketing strategy. Looking to build better personalisation? Predictive AI can forecast customer behaviour and trends, allowing businesses to anticipate needs and tailor their strategies accordingly. Curious about how to create engaging content quickly? Generative AI generates various types of content at scale based on data analysis and natural language processing algorithms. Our report found that 71% of marketers plan to use both predictive and generative AI within the next 18 months. While marketers are embracing AI, they’re also considering associated risks — data risks in particular. Marketers are focused on making AI successful with the right data but are concerned about its integrity, protection, and customer trust as adoption ramps up. But it’s not just data that keeps marketers on their toes. One in four team leads is worried about generative AI replacing human workers.However, unlocking AI’s full potential requires a strategic fusion of human expertise and cutting-edge technology. What better AI means for marketers Predictive insights, segmentation, and content generation is just the beginning when it comes to better AI. But don’t let the magnitude of AI scare you away — or worse, jump in without a vision. Start small and focus on solving a specific, well-defined problem that aligns with your organisation’s goals and capabilities. Gradually scale up as you gain experience and insights from initial deployments. There’s power in experimentation — as long as it’s followed by implementation. 2. Trustworthy data powers genuine customer connection More than two thirds (68%) of customers said advances in AI make it more important for companies to be trustworthy. And 98% of marketers say trustworthy data is more important in times of change. Marketers who prioritise trustworthy data may just have a head start in the new era. Trustworthy data is free from errors, biases, or manipulation, and adheres to established standards and best practices for data collection, storage, and usage. Access to this data builds better external and internal relationships. Externally, it allows you to build better connections with your customers, and a foundation built on trust and fulfilled expectations. When you have a clean set of data, you know you’re making decisions based on accurate, up-to-date information. It allows you to personalise messages and put the customer first in marketing decisions, knowing that you’ve got a complete picture of their journey and preferences. Personalisation isn’t just one of the hot marketing trends today — it’s the expectation. Internally, marketers are using trustworthy data to track and assign value to accounts and move sales forward through approaches like account-based marketing, which require close marketing and sales team collaboration. Our survey found that marketers use an average of nine different tactics across the customer experience to collect this data, with customer service data, transactional data, mobile apps, website registration/account creation, and loyalty programs topping the list. It’s clear that there’s no shortage of data. Putting that data to work is the challenge. As third-party cookies are deprecated and AI continues to develop, marketers are trying to bring that data together into a holistic understanding of customers. But how important is data if you can’t act on it when you need it? More than half of marketers can get real-time data, but they need technical assistance to activate it. What better data means for marketers The right data is the backbone to actionable customer profiles, analytics, and decision-making — actionable as the key differentiator. Centralised data management platforms that aggregate and harmonise data from various sources in real-time are that much more critical as marketers navigate new marketing trends. 3. Marketers are all in on personalisation Personalisation is the new marketing mantra, but what that means can vary. A lifecycle approach is evolving as more than half of marketers (57%) aim to provide personalised content across the entire customer journey — not just their journey to become a customer. In fact, marketers are more likely to personalise content for existing customers, including support and customer retention content. But they’re not forgetting about their prospects either. Effective personalisation, although a work in progress for many, requires cross-channel recommendations. Let’s say a customer has recently been browsing your website. Based on this history, they later receive an email promoting a new product, followed by a social media ad showcasing the same product. Suddenly, you’ve created a connected and personalised experience across multiple channels. The challenge with implementing cross-channel personalisation is not only the ability to access trustworthy data across all these channels, but do so consistently on the channels customers prefer. And there’s a stark difference between how the highest- and lowest-performing marketing teams are adapting. Underperforming marketers are fully personalising across only three channels, compared with five channels for moderate performers and six channels for high performers. What better personalisation means for marketers When marketers personalise across more channels, they are customising their messaging and interactions to what customers want — and where they want it. Doing this creates a more consistent experience for customers, strengthening brand relationships and making it more likely they keep engaging and converting. Adopting AI and machine learning algorithms can help automate data analysis and segmentation. This allows you to derive actionable insights and give your customers a more tailored experience, no matter where they interact with your brand.. New marketing trends are pushing progress for marketers as expectations around data and AI rise. Marketers are still figuring out what they can and can’t do – and how they can make this tech work for them. However, what’s fuelling this new era is still the same: building strong relationships that deliver value for both the business and the customer.

Delivering exceptional customer service is a necessity within the business space. Businesses across various sectors are increasingly turning to Business Process Outsourcing (BPO) to enhance their customer service capabilities. But what exactly is customer service in BPO, and how can it transform your business? This article explores the intricacies of BPO customer service and its pivotal role in modern business strategies. What is Customer Service in BPO? A Business Process Outsourcer (BPO) is a third-party service provider that manages customer interactions on behalf of other businesses, specialising in BPO customer service to handle client queries, resolve issues, and ensure a seamless customer journey. These interactions can range across various channels such as telephone, email, chat, and social media. Essentially, a BPO acts as an extended arm of a company, handling all aspects of customer communication and service. By partnering with a customer service BPO provider, businesses can leverage specialised teams dedicated to offering personalised assistance and improving the overall customer experience. How Does Customer Service BPO Work? The core function of a customer service BPO is to enhance the quality and efficiency of client interactions. This is achieved through a combination of expertise, technology, and a well-trained workforce, including customer service representatives. BPOs may operate as call centres managing both inbound (customer queries) and outbound calls (telesales or market research), IT help desks providing technical support, or omnichannel services ensuring a seamless customer experience across multiple platforms. The goal is to deliver exceptional customer service by leveraging the latest tools and technologies, along with thorough training for customer service representatives to ensure they can promptly respond to customer queries, deliver customised financial advice, and minimise waiting time while minimising the potential for miscommunication. The Benefits of Engaging a Customer Service BPO for Customer Satisfaction Expertise and Specialisation: BPOs bring specialised knowledge and skills that can be pivotal in managing complex customer service scenarios. They often employ experts who are adept at navigating the nuances of customer interactions effectively. Cost Efficiency: By outsourcing customer service, companies can significantly reduce operational costs associated with hiring, training, and maintaining an in-house team. BPOs leverage their infrastructure and economies of scale to provide services at a lower cost. Flexibility and Scalability: Customer service demands can fluctuate with seasons and market trends. BPOs provide the flexibility to scale operations up or down based on the business’s needs, ensuring that customer service quality does not dip during peak times. Extended Coverage: BPOs can operate across different time zones, offering 24/7 services that are especially beneficial for businesses with a global customer base. Improved Customer Satisfaction: By ensuring quick and efficient service, BPOs can help improve overall customer satisfaction, which is essential for retaining clients and enhancing brand reputation. Customer Loyalty: Achieving customer loyalty is paramount in the BPO industry, as it directly contributes to a business’s success. BPOs play a critical role in building a base of loyal customers by providing exceptional customer service that not only retains existing customers but also satisfies them to the extent that they become brand ambassadors. Through personalised communication, real-time support, and efficient issue resolution, BPOs enhance customer satisfaction and loyalty, leading to reduced turnover, attracting new customers, and ultimately driving profits. Access to Advanced Technology: BPOs often invest in the latest technologies including AI and machine learning to streamline customer service processes and provide data-driven insights that can improve service delivery. Challenges and Limitations in Achieving Customer Loyalty Despite the advantages, outsourcing customer service to BPOs is not devoid of challenges. Issues such as loss of control over the customer service process, potential data security concerns, and the need for continuous coordination can pose significant challenges. Additionally, for businesses in highly regulated industries such as healthcare or finance, BPOs might not always be a viable option due to stringent compliance requirements. Choosing the Right BPO Selecting the right BPO customer service partner is critical for outsourcing customer service needs. Businesses should consider factors such as the BPO’s industry experience, technological capabilities, language and cultural alignment, and the ability to provide personalised services. It’s also essential to assess their performance metrics, such as customer satisfaction scores and response times, to ensure they align with your business objectives. Maximising Business Potential through Customer Service BPOs Excellent customer service and exceptional customer service are foundational to the BPO industry, setting the stage for businesses to elevate customer satisfaction and loyalty. Customer service in BPO is an effective strategy for businesses looking to enhance their customer interactions, reduce costs, and focus on their core competencies. By choosing the right BPO partner and leveraging their expertise, businesses can significantly improve their customer service operations and, by extension, their market competitiveness. As customer expectations continue to rise, the role of customer service BPOs will become even more integral to business success. Understanding and implementing effective BPO strategies will not only help businesses manage their customer service needs more efficiently but also enable them to adapt to changing market dynamics and consumer behaviours. Incorporating good customer service and great customer service is crucial in enhancing market competitiveness and adapting to consumer behaviours.

Understanding your salary slip is important for managing your finances and staying informed about your compensation. A salary slip, also known as a payslip or wage slip, is a detailed breakdown of your earnings and deductions for a specific pay period. It is an important document for payroll processing and can be useful for tax filing, budgeting, and applying for loans. We’ll take a closer look at salary slips, including what they are, why they are important, and how to keep accurate records. We will also answer some common questions about salary and pay slips, and discuss how a Financial Services CRM like LIKE.TG can help you manage your salary slips more effectively and improve your overall financial operations. What is a Payslip? A payslip, also known as a salary slip or wage slip, is a document issued by an employer to an employee, providing a detailed breakdown of an employee’s earnings and deductions for a given pay period. It is a critical tool for financial management and offers insight into an individual’s compensation. Payslips are a detailed summary of an employee’s compensation, providing proof of income. They typically include the employee’s name, the pay period, gross salary, deductions, and net pay. Payslips are more than just a record of your pay. They are also important for tax purposes. They help you to declare your income accurately to the tax authorities. Payslips are also useful when you apply for a loan or credit. They show how much you are earning and help lenders decide if you can afford to repay what you have borrowed. Understanding and analysing your payslip is important for getting a clear picture of your financial situation. It can help you budget your income, allocate funds to different areas of your life, and plan for future financial goals. It can also help you catch any mistakes or discrepancies in your pay, so you can make sure you’re getting the right amount of money for the work you do. When are payslips distributed or salary slips given out? Salary slips are usually handed out on the same day you receive your salary. However, there are instances when they might be distributed a few days before or after payday. The timing can also depend on your company’s payroll schedule. Some companies distribute salary slips weekly, while others do so biweekly or monthly. Many companies now offer the ability to create payslips using online tools, which can be accessed anytime through a company portal or HR system. You must be aware of your company’s salary slip and bonus distribution schedule to plan your finances effectively. For instance, if you know that your salary slip is issued on the last day of the month, you can ensure that you have sufficient funds to cover your expenses until your next payday. In some instances, you may not receive a hard copy of your salary slip. Instead, your employer might provide access to an online version through a company portal or HR system. This can be a convenient option, allowing you to view your salary slip at any time without the need to keep track of a physical document. Whether in print or digital form, your salary slip is an all-important piece of documentation to retain for your personal records. It serves multiple functions, from tax declarations to financial planning and loan applications. Salary slip format Although the format of a basic salary slip can differ from one company to another, there are certain key elements that are typically included. These are: Using online tools to generate payslips ensures statutory compliance and data security, allowing users to input various details about the company and employees to create and download payslips. Employee Information: This section includes basic details about the employee, such as their name, employee ID, and job designation. Pay Period: The pay period tells you the dates you’re being paid for, for example, 1 January 2023 to 31 January 2023. Gross Salary: This is the total amount of earnings before any deductions are applied. It includes basic salary, allowances, bonuses, and any other earnings during the pay period. Deductions: Here you can see all the items that were subtracted from your gross pay. Common deductions include federal and state income tax, Social Security, Medicare, and health insurance. Each deduction is listed separately, and typically includes the amount taken out of your paycheck. Net Pay: Net pay is the final amount an employee receives after all deductions have been subtracted from gross pay. This is the amount that is typically deposited into the employee’s bank account. Other Details: Some salary slips may also include additional information about employees such as the number of hours worked, overtime pay, leave balances, and any bonuses or incentives earned. Meticulously examine your salary slip, verifying the accuracy of all details and ensuring a clear understanding of the deductions. Should you detect any discrepancies or errors, promptly engage with your employer’s payroll department to seek clarification and resolution. Components of a salary slip A salary slip, also known as a payslip or wage slip, is a document that details an employee’s earnings and deductions for a specific pay period. It serves as an essential financial record and offers valuable insights into an individual’s compensation. Understanding the components of a salary slip is essential for employees to effectively manage their finances and ensure fair remuneration. Personal Information: This section includes your name, employee ID, and contact details such as your address, phone number, and email address. This information is a key player for identification and communication between you and your company or employer. Equally vital is the employer’s name and contact information. This section should feature the employer’s legal name, business address, and contact details, including a phone number and email address. By including this information, you enable all your employees to easily get in touch with you should they have any questions or concerns about their salary slip or their employment in general. The pay period and date are also prominently displayed on a salary slip. The pay period refers to the specific timeframe for which the employee is being compensated. It is typically a fixed duration, such as a month or a fortnight, and is indicated on the payslip. The pay date, on the other hand, refers to the specific date on which the employee receives their salary. Gross salary is the total amount of income you earn before any deductions are made. This includes your base salary and any additional earnings, such as bonuses, commissions, or overtime pay, that you may have received during the pay period. It’s important to understand your gross salary so that you can calculate your total income and plan your finances accordingly. Net salary, on the other hand, is what an employee takes home after all deductions have been made. This includes taxes, social security contributions, health insurance premiums, and any other authorised deductions. The net salary is the actual amount of money that an employee can spend or save, making it a critical component of financial planning and budgeting. In summary, a salary slip is a vital document that provides a clear breakdown of your earnings and deductions for a specific pay period. By familiarising yourself with its components, you can take charge of your finances, ensure the accuracy of your compensation, and make well-informed financial choices. 7 essential elements to include on a payslip A payslip is a vital document that provides information about an employee’s pay and any deductions. To make sure your payslips are clear and contain all the necessary information, they should include: 1. Employee Information: The payslip should prominently display the employee’s full name, employee identification number, and contact information, including their address and phone number. This information helps identify the employee and ensures accurate record-keeping. 2. Pay Period: Clearly indicate the specific pay period covered by the payslip. This information is crucial for employees to understand the timeframe for which they are being compensated. 3. Gross Salary: Your gross salary is the sum you earn before any deductions are made. It includes your base salary, any bonuses, and any other forms of compensation or benefits you receive from your employer. 4. Deductions: This section is where you detail all the different deductions you make from your employee’s gross pay. Common deductions include federal and state taxes, FICA taxes, health insurance premiums, and retirement plan contributions. Each deduction should be clearly labelled and the amount deducted should be specified. 5. Net Pay: Net pay, also known as take-home pay, is the amount that remains after all deductions have been subtracted from the gross salary. This is the actual amount of compensation that you receive. 6. Employer Information: Your payslip should include your employer’s name, address, and contact information, and if applicable, the company logo. This information is important for verifying the payslip’s authenticity and for any inquiries you may have. 7. Additional Details: Depending on your company’s policies and practices, your pay stub might include additional information. This could be the number of hours you worked, any overtime pay, your leave balances, and any bonuses or incentives you’ve earned. These details can give you a more complete picture of your compensation and work status. By including these key components, a payslip becomes a clear and informative document that helps both employers and employees understand their pay, manage their money, and make sure they’re being paid fairly and accurately. The importance of salary slips The salary slip’s importance cannot be overstated. These documents serve as a crucial tool for you to understand your financial standing and manage your finances effectively. One of the primary reasons why salary slips are important is that they provide a detailed breakdown of your compensation and deductions. This information is essential for you to accurately track your income and expenses, and to make informed financial decisions. Salary slips are indispensable for loan applications and visa processing. Lenders often require them as proof of income when you apply for a loan. Similarly, when applying for a visa, they demonstrate your financial stability and income source. Without accurate employment, and up-to-date salary slips, you may face challenges in securing loans or obtaining visas. Salary slips are a key component in tax compliance. They furnish a detailed account of your taxable income and deductions, simplifying the process of filing your taxes accurately and avoiding potential discrepancies. Armed with access to this information, you can fulfil your civic duties and contribute to the smooth operation of the tax system. For many financial transactions are essential. When you apply for a credit card or open a bank account, you may need to provide your salary slip as proof of income. This helps the financial institution understand your financial situation and make a decision about whether to provide you with credit or other financial services. Your salary slip is a document of great importance. It’s not just a piece of paper that shows your earnings; it’s a tool that can help you manage your finances better, apply for loans, process visas, and comply with tax regulations. By understanding the significance of your salary slip and using it to your advantage, you can take control of your finances, make informed decisions, and secure your financial future. Frequently asked questions How frequently should you receive a payslip? The frequency of receiving a payslip can vary depending on your company’s payroll policies and practices. Generally, payslips are distributed on the same day that employees receive their salaries. However, some companies may distribute them a few days before or after payday. It is important for you to be aware of your company’s salary slip distribution schedule so that you can plan accordingly. What to do if you find an error on your payslip If you spot an inaccuracy on your payslip, don’t hesitate to reach out to your employer’s payroll or human resources department. Offer the specifics of the error and any relevant documentation, such as prior payslips or bank statements. The payroll department will investigate and ensure the necessary adjustments are made. How Long to Retain Payslips It is recommended to keep your payslips for at least one year, as they may be required for various purposes such as tax filing, applying for loans, or calculating your average income. Some individuals may choose to keep their payslips for a longer period for their own records and financial management purposes. What details are usually found on a payslip? A payslip typically includes the following information: – Employee information: name, employee ID, contact information – Pay period: start date and end date of the pay period – Gross salary: total earnings before deductions – Deductions: various deductions such as taxes, social security contributions, health insurance premiums, etc. – Net pay: the amount of salary paid to the employee after all deductions have been made – Employer information: name, contact information, employer identification number Can I use my payslip as proof of income? Absolutely. Your payslip is a valuable document that can be used to confirm your income when applying for a loan, renting an apartment, or obtaining a visa. It provides a clear and verifiable record of your earnings and deductions. Financial Services CRM and payslip generator at LIKE.TG Financial Services Cloud is a cloud-based financial services CRM software that delivers a complete, 360-degree view of your customers and their needs. It includes features such as lead management, opportunity management, account management, and customer service. It also offers integrations with other LIKE.TG products and third-party applications. This helps financial services companies to improve customer service, increase sales, and reduce costs. Let’s break down the features: Lead Management: Track, generate and manage leads from various sources, such as online forms, phone calls, and referrals. Opportunity Management: Manage your sales pipeline and track the progress of deals. Account Management: Get a centralised view of customer accounts, including contact information, account history, and open opportunities. Customer Service: Track and resolve customer issues and requests. Beyond these core capabilities, Financial Services Cloud offers a suite of features tailored to the financial services industry. These include: * Compliance management: Assisting financial services companies in meeting regulatory requirements and industry standards. * Wealth management software: Equips you with the tools to manage your investments and monitor your financial progress. * Insurance: Features for managing insurance policies and claims. * Lending: Equips you with the tools to create and manage loan applications and monitor loan performance. Financial Services Cloud is a robust CRM platform designed to elevate your customer service, boost sales, and streamline operations. By offering a comprehensive, unified view of your customers across all channels and business lines, Financial Services Cloud empowers your financial advisors to provide personalised, efficient service to their clients. Discover what a salary slip or payslip entails, including its importance for managing finances, tax filing, budgeting, and applying for loans.

Both service and field service organisations are increasing their investment in AI to meet rising customer expectations and unlock revenue-generating opportunities, according to new research fromLIKE.TG’s sixthState of Servicereport. Gathering insights from over 5,500 service professionals in 30 countries, theState of Servicereport highlights the priorities, challenges, and strategies shaping customer service in the AI era. “Service and field service teams are getting more proactive and productive with the power of data and AI,” said Kishan Chetan, EVP and General Manager ofService Cloud. “They’re deflecting more issues with smarter self-service. And they’re devoting more time and energy to generating revenue — pointing to a fundamental shift in their role within the business.” Service organisations double down on revenue generation The trend ofviewing service as a revenue driverinstead of a cost centre is accelerating. Eighty-five percent of service decision makers now say their teams are expected to contribute a larger slice of revenue over the coming year through upselling, cross-selling, and customer retention. This parallels a jump in the number of organisations tracking service-driven revenue — from 51% in 2018 to 91% in 2024. The strategic emphasis on revenue generation is fueling bigger budgets and larger teams. Overall, service decision makers expect budgets to grow by an average of 23% over the next year. Meanwhile, over three-quarters (76%) anticipate expanding their headcount. Agents and mobile workers face mounting pressure With88% of customers sayinggood service makes them more likely to purchase from the same company again, it’s clear that customer experience is key to driving revenue. However, delivering on expectations isn’t as simple as in years past: 86% of agents and 74% of mobile workers say customer expectations are getting higher. 81% of agents and 76% of mobile workers say customers expect more of a personal touch. This may be why service decision makers cite keeping up with changing customer expectations as their organisations’ top challenge. One expectation is especially tricky. Over half of customers (53%) — and nearly three-quarters of business buyers (73%) — want companies topredict their needsbefore they arise. However, there’s a disconnect between what businesses think they’re doing and what customers actually experience. While 61% of service teams believe they are proactive in addressing issues, only a third of customers (33%) agree that companies generally anticipate and act on their needs ahead of time. On top of increasingly sophisticated demands from customers, 76% of service organisations anticipate higher case volumes in the year ahead. The risk of burnout or failure in this scenario is a major factor for agents, who are already stretched thin. Organisations lean into AI, automation, and data to boost efficiency, sales AI and automation may present solutions for over-burdened agents tasked with revenue generation. Currently, agents spend just 39% of their time servicing customers amid competing demands like internal meetings, administrative tasks, and manually logging case notes. Ninety-three percent of service professionals at organisations with AI say the technologysaves them time. By responding to simple queries and crafting self-helpknowledge articles, AI clears the way for human agents to focus on more fulfilling and higher value work, such as building customer relationships and resolving complex cases. At companies with AI, 88% of agents cite building customer relationships as a key responsibility. Meanwhile, just 75% of agents say this at organisations without AI. Service organisations also report using AI to directly help with revenue generation by providing intelligent recommendations and offers to agents. Savvy service organisations are taking note of the promise AI and another efficiency driver, automation can bring. Currently, 79% of organisations have invested in AI while 81% use workflow or process automation. Looking ahead, 83% of decision makers plan to increase their AI investments over the next year, with the same amount planning to boost automation investments. For both AI and employees, personalising service interactions requires customer knowledge, which often is drawn from many different data sources. Empowering AI and employees with a complete view is a clear priority for decision makers, 83% of whom plan to boost investments in data integration over the next year. Existing investments appear to be paying off. As AI, automation, and data capabilities mature, organisations are getting better at striking the right balance between service speed and quality — a notoriously difficult challenge. In 2022, 76% of agents cited juggling these competing priorities as difficult, but that percentage dropped to 69% in this year’s report. More information Readthe full State of Service report Exploremore top generative AI statistics Registerfor our upcomingState of Servicewebinar Trythis interactive calculator to learn about Service Cloud ROI Methodology LIKE.TG conducted a double-anonymous survey of over 5,500 professionals in roles including service operations, service agents, mobile workers, service managers/directors, and service leadership/head of service. Respondents were sourced from 30 countries and five continents. The data was collected between December 8, 2023, and January 22, 2024.

Just-in-time (JIT) inventory management is a streamlined inventory management philosophy that aims to minimise inventory waste and optimise production efficiency. The Toyota Production System, developed by Eiji Toyoda and Taiichi Ohno in post-World War II Japan, was created by Japanese industrial engineers to minimise resource consumption and add value to the product. By producing goods only as needed, JIT helps businesses reduce holding costs, improve cash flow, and free up valuable storage space. This article takes a closer look into the intricacies of JIT inventory management, exploring its methodology, advantages, and potential drawbacks. It also addresses common questions and considerations for businesses contemplating the adoption of JIT and time inventory management techniques. What Is Just-in-Time (JIT) in Inventory Management? The Just-in-Time (JIT) is an efficient approach that aims to revolutionise the way businesses handle their inventory. JIT operates on a fundamental principle: producing goods only when they are needed, thereby slashing inventory waste and optimising production processes. This demand-driven strategy hinges on accurate forecasting and seamless collaboration with suppliers, ensuring that the right products reach the right place at the right time. By adopting JIT, companies can reap a wealth of benefits. First and foremost, it leads to significant reductions in inventory costs. With less inventory sitting in warehouses, businesses can free up valuable capital, allowing them to invest in other areas of their operations. Furthermore, JIT enhances cash flow by minimising the amount of cash tied up in inventory. Instead, companies can use their cash to fund other essential business activities, such as marketing and expansion. Another advantage of JIT is the efficient use of space. By keeping inventory levels lean, businesses can optimise their storage facilities and allocate space more effectively. This can lead to reduced rental costs and increased operational efficiency. JIT fosters a culture of continuous improvement within the organisation. By constantly striving to minimise waste and optimise processes, companies can enhance their overall productivity and quality. However, it’s important to acknowledge that JIT is not without its challenges. One potential risk lies in the bullwhip effect, which refers to the tendency for small fluctuations in demand to amplify as they move upstream in the supply chain. This can lead to disruptions and inefficiencies if not managed effectively. JIT also requires a high level of coordination and trust between a company and its suppliers. Any disruptions in the supply chain can have a ripple effect, impacting production schedules and customer satisfaction. Despite these challenges, the JIT process remains a powerful inventory management strategy when implemented effectively. By carefully considering the demand patterns, supplier reliability, and production capabilities, companies can harness the full potential of JIT and achieve remarkable improvements in efficiency, cost reduction, and customer satisfaction. Just-in-Time (JIT) Inventory Management Explained Just-in-time (JIT) inventory management is a method of managing inventory that seeks to minimise inventory waste by producing goods only as needed. This is in contrast to traditional inventory management methods, which involve keeping a large stock of unsold inventory, on hand in order to meet customer demand. JIT is based on the idea that it is more efficient to produce goods only when they are needed, rather than to produce them in advance and store them in inventory. This can help companies reduce their inventory costs, improve their cash flow, and free up space in their warehouses. JIT can be a very effective inventory management method, but it is not without its risks. One of the biggest risks of a JIT system is that it can lead to stockouts, which can occur if there is a sudden increase in demand for a product. Stockouts can damage a company’s reputation and lead to lost sales. Another risk of JIT is that it can make it difficult for companies to respond to changes in demand. If demand for a product increases, a company may not be able to produce enough of the product to meet demand. This can lead to lost sales and dissatisfied customers. Despite these risks, JIT can be a very effective inventory management method for companies that are able to manage their inventory levels effectively. JIT can help companies reduce their costs, improve their cash flow, and free up space in their warehouses. Advantages of JIT Inventory Management Just-in-time (JIT) inventory management offers a unique approach that streamlines operations and provides several advantages for businesses. One of the key benefits is cost reduction, achieved by producing goods only as needed. This eliminates the burden of holding excess inventory, minimising storage, insurance, and obsolescence costs. JIT improves cash flow by reducing tied-up capital in inventory, freeing up resources for investments in growth and innovation. Space optimisation is another advantage of JIT inventory management. With reduced inventory levels, businesses can allocate previously occupied storage areas for other productive purposes, such as expanding production or enhancing customer service. This leads to increased efficiency and overall productivity. JIT also enhances responsiveness to customer demand. By aligning production with real-time demand, companies can adapt swiftly to market fluctuations. This agility enables businesses to meet customer expectations promptly, providing a competitive edge in delivering the right products at the right time. However, it’s essential to acknowledge potential risks associated with JIT inventory management. The bullwhip effect of inventory control, a phenomenon where minor shifts in customer demand trigger significant changes in production and inventory levels, can disrupt operations. This may result in stockouts, shortages, lost sales, and dissatisfied customers. Furthermore, JIT demands seamless coordination and trust between businesses and their suppliers. Delays or disruptions in the supply chain can have cascading effects on the entire production process. Despite these challenges, JIT inventory management offers significant benefits when implemented effectively. By minimising costs, optimising cash flow, maximising space utilisation, and ensuring customer responsiveness, the JIT inventory system empowers businesses to achieve operational excellence and sustained profitability. JIT Inventory Methodology Just-in-time (JIT) inventory management is a production strategy that aims to minimise inventory by producing goods only as needed. This approach contrasts with traditional manufacturing methods, which involve producing goods in advance and storing them in inventory until they are sold. JIT inventory management can help businesses reduce costs associated with holding inventory, such as storage costs, insurance, and spoilage. It can also help businesses improve cash flow by reducing the amount of money tied up in inventory. One of the key principles of JIT inventory management is to establish a close relationship with suppliers. JIT manufacturers rely on their suppliers to deliver goods on time and in the exact quantities needed. This requires a high level of trust and cooperation between the manufacturer and its suppliers. JIT manufacturers also typically use electronic data interchange (EDI) systems to automate the ordering and receiving of goods. EDI systems help to ensure that orders are accurate and that goods are delivered on time. Another key principle of JIT inventory management is to minimise waste. JIT manufacturers strive to eliminate all forms of waste in the manufacturing process, including waste of materials, labour, and time. This can be achieved through a variety of methods, such as using lean manufacturing techniques, reducing setup times, and improving quality control. JIT inventory management can be a very effective way to reduce costs and improve cash flow. However, it is important to note that JIT inventory management can also be risky. If there are any disruptions in the supply chain, JIT manufacturers can quickly run out of stock. This can lead to lost sales and customer dissatisfaction. Overall, JIT inventory management is a complex and challenging strategy, but it can be very rewarding for businesses that can implement it successfully. Why Use JIT Inventory Management? JIT inventory management offers several advantages that make it an attractive option for businesses seeking to optimise their operations. Reduced Inventory Holding Costs: One of the most significant benefits of JIT inventory management is the reduction in inventory holding costs. By minimising the amount of inventory on hand, businesses can save on costs associated with storage, insurance, and handling storing inventory. This can lead to substantial cost savings, particularly for businesses that deal with large volumes of inventory. Improved Cash Flow: JIT inventory management also helps improve cash flow by reducing the amount of capital tied up in inventory. This can free up cash that can be used for other purposes, such as investing in growth opportunities or paying down debt. Improved cash flow can lead to greater financial flexibility and stability for businesses. Reduced Risk of Stock Obsolescence: With JIT inventory management, businesses produce goods only as needed, which reduces the risk of stock becoming obsolete. This is especially important for businesses that operate in fast-changing markets or deal with products that have a short shelf life. By minimising the risk of obsolescence, businesses can avoid losses and maintain profitability. Increased Responsiveness to Customer Demand: JIT inventory management enables businesses to respond more quickly to changes in customer demand. By producing goods only as needed, businesses can adjust their production schedules to meet market demands more effectively. This can lead to increased customer satisfaction, improved sales, and a competitive advantage. Enhanced Overall Supply Chain Efficiency: JIT inventory management promotes collaboration and coordination throughout the entire supply chain. It encourages businesses to work closely with their suppliers to ensure that goods are delivered on time and in the exact quantities needed. This collaboration can lead to improved supply chain efficiency, reduced lead times, and better overall performance. Lower production costs: By reducing the amount of inventory on hand, JIT inventory management can help companies reduce their production costs. This is because companies do not need to invest as much money in raw materials and finished goods. Disadvantages of Just-in-Time Inventory Techniques While JIT inventory management can offer significant benefits, there are also some potential drawbacks to consider. One major disadvantage is the increased risk of stockouts and production delays. with JIT inventory systems, manufacturers rely on their suppliers to deliver goods on time and in the exact quantities needed. If a supplier experiences a disruption, it can cause a ripple effect that leads to production delays and stockouts. Stockouts can lead to lost sales and damage to customer relationships. Another disadvantage of JIT inventory management is increased vulnerability to supply chain disruptions. JIT manufacturers have little inventory to fall back on if there is a disruption in the supply chain. This can make them more vulnerable to events such as natural disasters, strikes, or transportation delays. Higher transportation costs can also be a disadvantage of JIT inventory management. JIT manufacturers often rely on frequent, small shipments to keep inventory levels low. This can lead to higher transportation costs compared to traditional inventory management methods. The potential for increased waste is another disadvantage of JIT inventory management. JIT manufacturers strive to eliminate all forms of waste, but there is always the potential for waste to occur. For example, if a supplier delivers goods that are not up to standard, they may have to be scrapped. Finally, JIT inventory management can be more difficult to manage and control than traditional inventory management methods. JIT manufacturers must have a high level of coordination between their production, purchasing, and logistics departments. They must also have a robust system for customer orders, tracking inventory levels and managing supplier relationships. Questions to Ask If You Are Considering JIT Inventory Management Before adopting JIT inventory management, companies should conduct a thorough assessment of their operations and capabilities to determine if JIT is the right fit for them. Here are some key questions to ask during the decision-making process: Is your supply chain reliable? JIT inventory management heavily relies on timely deliveries from suppliers. If your suppliers have a history of delays or inconsistencies, JIT may not be feasible. Assess the reliability and track record of your suppliers to ensure they can consistently meet your demands. Can your suppliers meet your quality standards? JIT inventory management requires high-quality inputs to avoid production disruptions and customer dissatisfaction. Evaluate the quality control processes and standards of your suppliers to ensure they align with your expectations. Establish clear quality agreements and conduct regular supplier audits to maintain quality consistency. Do you have the flexibility to adjust production schedules? JIT inventory management demands agility and responsiveness to changing customer demands. Analyse your production processes and determine if you have the capability to quickly adjust production schedules based on real-time demand signals. Consider factors such as equipment flexibility, workforce adaptability, and raw material availability. Can you afford the risk of stockouts? JIT inventory management operates with minimal inventory buffers, increasing the risk of stockouts. Assess your business’s tolerance for stockouts and the potential impact on customer satisfaction, revenue, and reputation. Consider the criticality of your products and the lead times required to replenish inventory. Do you have the necessary inventory management systems? JIT inventory management requires robust inventory management systems to track inventory levels, manage supplier relationships, and optimise production schedules. Evaluate your current inventory systems, and processes to ensure they can support JIT implementation. Invest in technology and software solutions that provide real-time visibility, data analytics, and automated replenishment capabilities. By carefully considering these questions and conducting a thorough analysis of your business operations, you can make an informed decision on whether JIT inventory management is the right strategy for your company. Implementing JIT successfully requires a comprehensive understanding of your supply chain, production capabilities, inventory system, and risk tolerance. JIT Inventory Management FAQs How does JIT affect customer service? After all, if you don’t have enough inventory on hand, won’t that lead to longer wait times and unhappy customers? The answer is not necessarily. In fact, JIT can actually improve customer service by reducing the risk of stockouts and ensuring that customers receive fresh, high-quality products. Is JIT suitable for all businesses? The answer is that it depends on the specific business. JIT is best suited for businesses that have a stable demand for their products, reliable suppliers, and the ability to adjust production schedules quickly. However, JIT can be challenging for businesses that experience unpredictable demand, have long lead times, or operate in highly competitive markets. JIT risks of stockouts? If a supplier fails to deliver goods on time, it can lead to a stockout, which can have a negative impact on customer service and sales. To mitigate this risk, JIT businesses must have strong relationships with their suppliers and develop contingency plans for dealing with disruptions in the supply chain. How to implement JIT successfully? There are a number of steps that businesses can take to implement JIT, including establishing close relationships with suppliers, minimising waste, using inventory management software, and educating employees about JIT principles.

Introduction to STP (Segmentation, Targeting, Positioning) There’s a common saying in the business world, “If you try to be everything to everyone, you’ll end up becoming nothing to anyone.” Far too often, businesses fall into the trap of positioning their product(s) as something that ‘everyone’ benefits from. Their rationale is this: if they cast their net wide enough, they’re bound to catch enough customers soon. This approach is flawed in two ways- The company’s resources – budget and employees – get spread too thinly in chasing far-flung customer segments. It leads to brand dilution, where the company’s ‘real’ target customers stop seeing value in the brand. Think about it: you build a product or many products to solve a specific problem. Not all 7.9 billion people in the world would have that problem. Even if your product is something as essential as a toothbrush, it has to stand out from the existing toothbrushes in the market in some way to bring in sales. Say, from the media and your conversations with friends you notice that an increasingly large number of people are moving towards sustainable living. You strike up this idea of creating toothbrushes out of bamboo shoots. At the very outset, you plan to target all the toothbrush users by positioning your product as an environmental-friendly alternative to plastic brushes. This strategy is going to create a negligible impact, almost like a drop in the ocean. This is because 85% of your audience doesn’t care for sustainable living. While you could still go after them by creating awareness, you need to first educate them on the adverse effects of using plastic on the environment. Tell them how your product addresses the issue, and finally, how it benefits the customer individually. This is a long-drawn process that can strain your time and budget while giving minimal returns. You’d fare better targeting the other 15% – people who are already looking for sustainable alternatives. They’re already aware of ‘why’ they need your product, so you can go ahead and directly pitch it to them. By skipping the motions, you save on resources and use them where they are needed the most. Also, since your target’s needs are aligned with your product offering, the customer acquisition cost is low. The above scenario is an apt use case for the segmentation, targeting, and positioning model of marketing. Now that we have some context, let’s dive deeper into what the segmentation, targeting, and positioning (STP) model is. What Is STP marketing? Segmentation, targeting, and positioning (STP) is a marketing model that redefines whom you market your products to, and how. It makes your marketing communications more focused, relevant, and personalised for your customers. In short, STP is a marketing approach where you segment your audience, target the best-fit audience segments for your product, and position your product to capture your target segment effectively. The STEP Formula The easiest way to remember the STP model is through the STEP formula, which is A closer look at this formula tells us that the product positioning for each target segment is different. This forms the essence of the STP (Segmentation, Targeting, and Positioning) marketing model. Let’s take a closer look at each of these parts of segmentation, targeting and positioning. Segmentation: Identifying Your Market When you start creating a GTM strategy for your product, you have an idea of who your audience is. You can target the entire group that fits the broad definition of your audience, but chances are a generic message may fail to resonate with a huge chunk of that group. Segmenting the audience into smaller groups based on specific attributes gives you better clarity on who benefits the most out of your product and how. With this clarity, you can make your messages more focused and relevant to target groups. While you can segment your audience using any criteria that best suits your business, the below criteria are commonly used: How do you get started with segmentation? To perform audience segmentation, you first need to know about your audience. Solutions such as LIKE.TG CDP (Customer Data Platform) allow you to unify data from across touchpoints – like sales, service, marketing – and use Artificial Intelligence (AI) to mine richer audience insights from it. You can enrich this with first-party data from other platforms like social media, websites, customer forums, etc. This helps marketers build a single, comprehensive view of all audiences using a central, user-friendly interface. With an accurate population count and AI-enabled features, you can create highly targeted and customised audience segments. Segmentation gets you better results even when you’re nurturing your existing subscribers. Using tools like LIKE.TG’s Email Studio, you can segment your current subscribers’ list based on their profiles and send targeted email campaigns, improving your open and click rates. Segmenting your existing customer base also helps you make an informed guess about your larger audience. By extrapolating current customer data, you can identify potential audience segments and build your marketing strategy around them. Segmentation with an example Suppose your product is plant-based milk. Your general audience is people who want to move away from dairy-based products. You can segment this audience into two categories: Segment A: people who are looking at dairy-free alternatives for lifestyle purposes, typically high-income groups. Segment B: lactose-intolerant people looking for other options. The message you use for these two segments is obviously going to be different from each other. Using tools like Data Studio, you can further segment the above two segments into groups that already use a competitor product and those that don’t. You can then hone your messaging according to it. Targeting: Reaching the Right Audience The next step in the STP model is targeting. This is the stage where you decide which segments you created during the segmentation phase are worth pursuing. You should ideally consider the below criteria to choose your targetable segments: Size: Your audience segments must have enough potential customers to be worth marketing to. If your segments are too small, you may not get enough conversions to justify your marketing efforts. Difference: There should be a measurable difference between any two segments. The lack of it leads to unnecessary duplication of efforts. Reachability: The segments should be accessible to your sales and marketing teams and not be marred by technical or legal complications. Profitability: The segment should have a low-to-medium customer acquisition cost (CAC) while bringing in high returns, i.e., the audience must be willing to spend money on your product. Benefits: Different benefits attract different segments. In our plant-based milk example, Segment A would go for cruelty-free while Segment B for dairy-free. Knowing which audience segments to target comes from having all-around visibility of those segments in one place. This makes comparing segments and weighing the pros and cons of targeting some segments over others easier. In our example of plant-based milk, you’ve determined through research that veganism is all the rage, and roughly 60% of the people are searching for dairy-free alternatives. You also discover that approximately 80% of the people in your chosen demographic are lactose intolerant. Though the audience size is more significant in the second segment, you’re likely to get more returns when you go after the first segment as it consists of high-income groups who are ready to pay a premium for quality lifestyle-changing products. LIKE.TG CDP helps unify such audience and customer data from multiple sources to get more comprehensive insights. With more data and insights, segmenting and targeting your audiences becomes much more precise and granular. Then, you can translate all of this data into action by using a tool like Journey Builder to create highly personalised and relevant journeys throughout customer lifecycles. Positioning: Differentiating Your Brand The final stage of the STP model, positioning, is where you use the insights gained from segmentation and targeting to decide how you’re going to communicate your product to chosen audience segments. While segmentation and targeting are about customers, positioning is about your product from the customer’s perspective. You can consider positioning as the bridge that connects your product with the audience. This is the stage where you perform competitor analysis, figure out your value proposition, and communicate that to your customers. Based on what your brand stands for, you can position your product in several ways. If you’re in the luxury market, you can appeal to the ‘desire for prestige’ among customers by positioning yourself as a status symbol. Or, if you fall in the budget category, you could differentiate yourself by offering more benefits to your target at a lower cost than your competitors. The best way to approach positioning is by drawing a Product Positioning Map that has two key market attributes as its axes and plotting your competitors and you in it. This will give you a clear picture of how you stack up against your competition and where you should place your product to maximise profits. How to make STP marketing actually work Now that you’ve narrowed down your market, sharpened your segments, and have an attack plan, all that’s left to do is craft and deliver your message. This is where a core concept – personalisation – comes in. Looking back, the entire segmentation, targeting, and postioning model is geared towards making marketing personalised for customers, so your message and the channels through which you communicate it should reflect that. Luckily, some solutions help you meet customers where they are and drive personalised, 1-to-1 engagement with them. LIKE.TG Marketing Cloud offers a product suite that enables marketers to hyper-personalise every interaction across channels. Here’s how: LIKE.TG CDP allows you to unify all your customer data and build finer audience segmentation for better targeting With Email Studio, you can segment your subscribers using drag-and-drop, and deliver 1-1 marketing messages Social Studio lets you listen to customer conversations about your brand on social channels and engage and support customers on their preferred channels Using Advertising Studio, you can launch paid digital advertising to create 1-1 customer experiences Interaction Studio allows you to manage all your marketing interactions in real time so you can offer a personalised experience across touchpoints Journey Builder enables you to create personalised experiences at every touchpoint and stage of the customer lifecycle You can drive higher RoI by using Datorama‘s analytics and reporting features With Pardot, you can build greater sales and marketing alignment to perform personalised, automated marketing at scale Manage all your mobile messaging efforts using Mobile Studio Delight and engage your best customers with Loyalty Management Combine the power of LIKE.TG and Google by integrating Google Analytics 360 into Marketing Cloud Benefits of STP marketing Improved engagement: Because you’re targeting precise audience segments with personalised messages, your audience finds you relevant and is more likely to engage and convert. Reduced marketing costs: Since you’re going after only those segments with a high potential return on investment, you’re no longer wasting your budget on channels and segments that don’t work. More robust product: Because you know precisely whom you’re pitching your product to, you can make improvements based on feedback from that audience segment, fostering focused product innovation. STP case studies Apple Apple has nailed the STP model. It positions itself as a lifestyle, targeting those audience segments with a keen design aesthetic, who want to stand out from the crowd, and are well-off. Apple follows a “closed” software ecosystem with an emphasis on security. In doing so, it creates an aura of exclusivity that makes people feel privileged to own Apple products. Apple’s STP model works so well that the brand name has become synonymous with expensive, high-performance, luxury gadgets. McDonald’s McDonald’s name evokes images of a family with kids enjoying a ‘happy meal’ of burgers, fries, and Coke. McDonald’s target audience is low to middle-income segments, and it positions itself as an accessible, budget-friendly brand, consciously staying away from the luxury fine-dining market. You can find a McDonald’s on almost every street, which is a sign of its accessibility. Apart from segmenting its audience by their income, McDonald’s also does geographic segmentation quite well. It customises its menu for each country based on cultural preferences, making it more appealing to its target audience segments. Godrej Group Godrej Group is a very popular and trusted Indian company that is serving customers across product categories – from household goods to real estate. Every Indian household is aware of Godrej’s products like furniture and locks. But to engage and make aware customers of other product categories as well, Godrej has adopted social listening as a tactic to identify what their target audiences are talking and reading about. They are using audiences’ content consumption patterns to shape their content marketing strategies in a manner that deliver maximum engagement and awareness. Coca-Cola Coca-Cola is one brand that has the entire world as its market. But it also has cut-throat competition in the form of another brand, Pepsi. To gain a competitive edge over Pepsi, it introduced new variants such as Diet Coke and Coke Zero to target niche, health-conscious audience segments. It also brought in more flavoured variants to target the younger, experiential population. Beyond segmentation and targeting, Coca-Cola positions itself as a drink that brings families and friends together. This is evident from its advertisements, which typically feature get-togethers, festivals, and celebrations in which Coke plays an integral role. How to create an STP model for your business: Implementation strategy We’ve covered the basics of the STP marketing model with benefits and examples. Now, it’s time to get down to the brass tacks; that is, see how you can implement a segmentation, targeting, and positioning model for your business step-by-step. Step 1: Define your market The world may be your market, but breaking it down into manageable segments is how you conquer it. To know the market segment in which you can hit the bullseye, you start by defining your Total Available Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM). Let’s look at what each of these is: Total Available Market (TAM): TAM is the total market demand for a product or service. In other words, it’s the biggest available market for the brand. TAM is the maximum revenue that a business can generate if it achieves 100% of its market share. Serviceable Available Market (SAM): SAM is a subset of TAM, that is, a portion of the total available market that fits your product or service. You can define SAM by geographical or product specialisation constraints. Serviceable Obtainable Market (SOM): SOM is a subset of SAM, that is, the segment of the serviceable available market that you can realistically reach after considering factors like product differentiation, budget, and competition. In the case of Coca Cola, its TAM is the entire beverage market, while its SAM would be soft drinks. Its SOM is the market that Pepsi does not capture. For Diet Coke, the SOM would be health-conscious, sugar-free drinkers. Step 2: Create audience segments Now that you know your market definition, you can segment the audience within that definition. You can segment the audience based on geography, demography, behaviour, or psychography, but ideally, a mix of all four can help you achieve clearly differentiated segments. The more segmentation layers or variables you add, the more delineated your segments would be. For example, suppose you’re selling a luxury makeup product. In that case, you can target high-income working women (demographics) in India (geography), who follow makeup handles on social media (behaviour) and are willing to spend money on premium makeup products (psychography). This kind of repeated layering and segmentation creates focused audience groups that you can target with hyper-personalised messages. Research by McKinsey found that companies that excel at personalisation generate 40% more revenue from those activities than average players. Step 3: Identify the more attractive segments Have all the segments data in one place and evaluate the attractiveness of each segment. You can use metrics like return on investment, segment size, and growth potential in your evaluation. Again, solutions like LIKE.TG Data Studio and CDP help gather data and get comprehensive visibility into different audience segments, improving segmentation. Step 4: Evaluate your competition With your audience segmentation sorted, it’s now time to look at your product and determine how it stacks up against your competition. Prepare a table that lists down all of your product capabilities and your competition’s, do a SWOT analysis, identify gaps, and figure out the most viable entry point into your desired customer segment. Step 5: Fix your positioning The groundwork on segmentation and targeting is now out of your way, so you can focus on positioning your product to grab the lion’s share of the market. You can follow any one or a mix of the following positioning strategies: Competitor-based positioning: where you show in what aspects better than your competitor. Consumer-based positioning: how well your product aligns with consumer needs. Price-based positioning: how you’re competitively priced and give customers more value for their money Benefit-based positioning: how your customers benefit from buying your product, either individually or over your competition. Attribute-based positioning: what your unique selling point or value proposition is, above and beyond benefits and price. Prestige-based positioning: how customers get a status boost from buying your product. Step 6: Determine your marketing mix The final step of the segmentation, targeting, and positioning model is to choose your ‘marketing mix’ that helps reinforce your positioning. The marketing mix consists of four Ps – Product, Price, Placement, and Promotions. Product represents factors like quality, benefits, features, design, services, support, availability, and edge over the competition. Price reflects what customers are willing to pay for the product. It covers list price, discounts, payment methods, etc. Pricing your product much lower than your competitor might fetch you immediate benefits but will be detrimental to revenue in the long run. Placement covers “where” your product is available. It includes ecommerce, physical stores, inventory, logistics, trade channels, etc. Promotion takes into account “how” your product reaches your customer. It covers marketing campaigns, advertising, public relations, sales promotions, word of mouth, influencer marketing, and so on. Conclusion STP model is a scientific, tried-and-tested marketing approach that helps businesses identify segments where they can indeed provide value, personalise their marketing communications, and reap sizeable profits. If you want to get started on your segmentation, targeting, and positioning journey, you could give solutions like the LIKE.TG Marketing Cloud a try. The products inside Marketing Cloud provide you deep insights about your audience, help you identify the most viable segments, and hyper-personalise communications across channels, leading to 1-1 customer connect.

In accounting, sundry debtors refer to customers or entities who owe money to a business for goods or services they have purchased on credit. Also known as accounts receivable or trade debtors, sundry debtors play a crucial role in the financial management of a business. Unlike cash transactions where immediate payment is made, sundry debtors opt for credit terms and commit to settling the bill in the near future. Understanding who sundry debtors are, how they differ from accounts receivables, and their significance in maintaining healthy business operations is essential for businesses of all sizes. This article aims to provide a comprehensive overview of sundry debtors, their management, and their impact on the financial health of a business. Who are sundry debtors? When it comes to financial transactions, sundry debtors are the individuals or entities who owe a business a debt for goods or services acquired on credit. These debtors, often referred to as accounts receivable or trade debtors, represent an aspect of credit management, invoice, and financial accounting. An active debtor is a customer who has transitioned from being a cash-paying customer to owing money under agreed-upon terms. Sundry debtors typically comprise customers who have engaged in transactions with a business but have yet to fulfil their payment obligations. These unpaid dues are meticulously recorded as assets on the balance sheet, reflecting their significance in the financial health of the organisation. Effective management of sundry debtors is necessary for businesses seeking to maintain financial stability and ensure a steady cash flow. Through diligent tracking and monitoring of these accounts, businesses safeguard their financial interests and ensure prompt payment for the goods or services they provide. This practice is not a matter of financial prudence; it is the basis of operational success, enabling businesses to meet their financial commitments, invest in growth opportunities, and maintain a competitive edge in the marketplace. Beyond the financial implications, managing sundry debtors also involves building and maintaining relationships with customers. By fostering open lines of communication, offering flexible payment options, and addressing any concerns promptly, businesses can cultivate customer loyalty, enhance the value of their reputation, and ultimately drive business growth. Effective management of these accounts isn’t a financial imperative; it’s a strategic imperative that contributes to the long-term success and sustainability of any business enterprise. The sundry debtors promise to clear their outstanding dues in the near future, typically occurring on a credit basis with an obligation to pay in a specific period along with possible additional interest. Sundry Debtors Examples Sundry debtors can take many forms, depending on the nature of the business and its customer base. Some common examples of sundry debtors include: Customers who have purchased goods or services on credit from a business and have not yet paid for them. This is the most common type of sundry debtor. Individuals who have borrowed money from a business or financial institution and have not yet repaid the loan. Companies that have purchased goods or services from another person or business and have not yet paid for them. Government agencies that owe money to a business for the goods sold or services that have been provided. Employees who have been advanced salary or other payments that they have not yet repaid. Businesses in the printing industry that have sold printing supplies on credit and are awaiting payment from their customers. Transactions involving printing ink where the buyer has not yet paid, leading to the establishment of debtor-creditor relationships. These are just a few examples of the many types of sundry debtors that a business may encounter. It is important for businesses to track and manage their sundry debtors effectively to ensure that they receive payment immediately for the goods or services they have provided. How to distinguish between sundry debtors and accounts receivables Sundry debtors are short-term debts owed to a business, typically due within a year, while accounts receivables are all amounts owed to a business from customers for goods or services sold on credit, regardless of the due date. Sundry debtors are usually recorded in the current assets section of the balance sheet, while accounts receivables are recorded in the non-current assets section if they are due more than a year from the date of sale. Sundry debtors are typically managed through a credit control process, or credit basis which involves monitoring and managing the creditworthiness of customers and ensuring that payments are made on time. Accounts receivables, on the other hand, are managed through an accounts receivable process, which involves tracking and recording customer invoices, payments, and any related discounts or adjustments. While sundry debtors can include advances to suppliers, loans to employees, and other short-term debts, accounts receivables only include amounts owed from customers for goods or services sold on credit. This distinction is important for financial reporting purposes, as it allows businesses to accurately present their financial position and performance. By understanding the differences between sundry debtors and accounts receivables, businesses can effectively manage their credit risk and ensure that they receive payment for the goods or services they provide. This can lead to improved cash flow and overall financial health. Difference Between Sundry Debtors and Sundry Creditors In contrast to sundry debtors, sundry creditors are individuals or entities to whom a business owes money. They are also known as accounts payable or trade creditors. Sundry creditors can take many forms, such as suppliers who have provided goods or services to a business on credit and have not yet been paid, individuals who have lent money to a business or financial institution and have not yet received repayment, companies that have sold goods or services to another business and have not yet been paid, government agencies to which a business owes money for goods or services that have been received, and employees who have been paid salary or other payments in advance that they have not yet earned. Sundry creditors are recorded on the credit side of the balance sheet. While sundry debtors represent amounts owed to a business, sundry creditors represent amounts owed by a business. The management of sundry creditors involves accounts payable processes, while the management of sundry debtors involves credit control processes. By effectively managing both sundry debtors and sundry creditors, a business can maintain healthy financial relationships with its customers and suppliers and ensure the smooth operation of its financial activities. Why is it important to manage sundry debtors? It’s necessary for businesses to effectively manage their sundry debtors to ensure future financial stability and growth. Sundry debtors represent the revenue owed to a business by its customers for goods or services provided on credit. Efficient management of sundry debtors directly impacts a company’s cash flow, reduces the risk of bad debts, and enhances customer relationships. Effective management of sundry debtors enables businesses to optimise their cash flow by ensuring prompt payment from customers. By tracking and monitoring outstanding payments, businesses can take proactive measures to collect dues, reducing the risk of cash flow disruptions and improving overall financial liquidity. This allows companies to meet their financial obligations, make informed investment decisions, and maintain a healthy financial position. Minimising the risk of bad debts is another critical aspect of managing sundry debtors. Bad debts occur when customers fail to pay their dues, resulting in financial losses for the business. By implementing robust credit control processes, businesses can assess the creditworthiness of customers, set appropriate credit limits, and monitor payment patterns to identify potential risks. This proactive approach helps prevent bad debts and safeguards the financial health of the business. Effective management of sundry debtors also fosters positive customer relationships. When businesses demonstrate efficiency in handling accounts receivables and provide excellent customer service, it enhances customer satisfaction and loyalty. This, in turn, leads to repeat business and positive word-of-mouth referrals, contributing to the long-term growth and success of the organisation. Managing sundry debtors is essential for businesses to optimise cash flow, mitigate the risk of bad debts, and build strong customer relationships. By implementing effective credit control processes and monitoring payment patterns, businesses can ensure the financial stability and growth of their organisation. Sundry debtors in the balance sheet and trial balances In balance sheets, sundry debtors are presented within the current assets section. This categorisation aligns with their short-term nature, as they are expected to be settled within a year. Sundry debtors are also incorporated into a company’s trial balance. This document serves as a comprehensive listing of all balances in the general ledger, acting as a crucial step in the financial reporting process. When presented in the balance sheet, sundry debtors are typically reported net of any contra accounts, such as allowances for doubtful accounts. This adjustment accounts for the possibility that some such debtors may default on their payments, ensuring a more accurate representation of the business’s financial position. Effective management of sundry debtors plays a pivotal role in maintaining the financial health of a business. By ensuring prompt payment from customers, optimising cash flow, minimising bad debts, and fostering positive customer relationships, businesses can leverage sundry debtors to drive growth and profitability. Financial services CRM at LIKE.TG The financial services CRM at LIKE.TG can help businesses manage their sundry debtors effortlessly. It provides a centralised platform to track and manage all customer interactions, including sales, support, and marketing. With LIKE.TG, businesses can easily create and manage sundry debtor profiles, track and manage invoices and payments, and get real-time insights into their sundry debtor balances and ageing. This can help businesses streamline their sundry debtor management processes and improve their cash flow. In addition to its core CRM capabilities, LIKE.TG offers a number of industry-specific solutions, including LIKE.TG Financial Services Cloud. This cloud-based solution is designed to meet the unique needs of financial services organisations, including banks, credit unions, and insurance companies. LIKE.TG Financial Services Cloud includes a number of features that can help businesses manage their sundry debtors, including: *Account management:** LIKE.TG Financial Services Cloud provides a comprehensive view of each customer’s account, including their contact information, account balances, and transaction history. This information can be used to create targeted marketing campaigns and improve customer service. *Opportunity management:** LIKE.TG Financial Services Cloud helps businesses track and manage sales opportunities, from initial contact to close. This information can be used to identify and prioritise the most promising opportunities and improve sales productivity. *Customer service management:** LIKE.TG Financial Services Cloud provides a centralised platform for managing customer service interactions, including phone calls, emails, and chats. This information can be used to resolve customer issues quickly and efficiently and improve customer satisfaction. LIKE.TG Financial Services Cloud is a powerful tool that can help businesses manage their sundry debtors and improve their cash flow. By providing a centralised platform to track and manage all customer interactions, LIKE.TG Financial Services Cloud can help businesses streamline their operations and improve their bottom line.

As a sales leader, meetings with your whole team of reps can be a valuable health check for your business — but they can also waste salespeople’s valuable selling time. Make the time together count by developing the right agenda, sharing critical updates and fostering group discussion, while leaving simpler updates for email. Prepare for, refine and polish your next sales meeting agenda with the advice in this article. You’ll be running efficient meetings for your team in no time. What is a sales meeting? First off, let’s define a sales meeting. A sales meeting is an internal check-in between sales leaders and sales reps at a company. In contrast to an external-facing meeting, like a sales call or sales pitch, this meeting is for internal attendees only and meant to give sales team members the information they need to do their jobs well. Typically sales leaders (sales manager, director or head of sales, chief revenue officer) run the meeting and sales reps will attend. Leaders highlight important updates that could include: Current sales performance What’s top of mind for leaders Competitive insights What the team’s next priorities should be Your own meeting agendas will differ based on whether you’re running a weekly sales meeting, a quarterly review, an annual sales kick-off or something else. But these 10 tips will help you stay on track, show respect for your team, and be as efficient as possible in your sales meetings, no matter what you’re discussing. Agenda Simplification: Setting Goals for Effective Sales Meetings Make sure you and your team know what you’re meeting about in crystal-clear terms. For instance, is it a quick standup to discuss progress on a specific key performance indicator (KPI), or a critical end-of-quarter meeting to see who needs help closing deals? Don’t call your salespeople together without a clear agenda and a few simple objectives. Pulling salespeople into a meeting takes them away from combing through leads, putting together emails and pitch decks and, ultimately, growing revenue. Once you’ve developed your agenda and goals, decide who should speak to each topic. Work with the presenters in advance to answer these questions: Who will kick off the meeting? Who will present their screen, if needed? How will you handle transitions? Will you save questions for the end or answer them throughout? Is there a key call to action (CTA) you want every meeting attendee to take away? Send the agenda to attendees ahead of every meeting. It can be a loose outline, but this will show everyone that you’re focused on making solid use of their time. Tech Troubleshooting: Ensuring Smooth Operations in Sales Meetings Whether you’re presenting remotely or in person, work out any technological kinks in advance. Computer updates should be completed, software should be downloaded, and unnecessary programs or chats should be closed. You don’t want glitches eating into your time and derailing your meeting, so ask meeting presenters to meet a few minutes early to test the full set-up. That pre-work may only take 10 minutes, but it pays off. If it’s just you running the meeting, you can do the same thing on your own: test your equipment and go through the presenting motions just as you would during the real thing. Start and end on time Respect your team’s time by keeping the meeting on schedule. Sales reps meticulously plan their days so they can squeeze in the maximum number of customer calls and emails, so set the tone so that your meeting cadence reliably sticks to its time slot. If you’ve noticed that previous meetings have tended to go over time, consider saving questions or comments for designated moments in the meeting or reducing the number of topics each meeting covers. Regularly review your standard sales meeting agenda by asking for attendee feedback to learn which topics are most valuable. You don’t want to cut important conversations short, but you also need to keep an eye on time — it’s a delicate balance. Sales meeting agenda: sample template This template agenda is a good place to start. It’s packed with items, so you’ll need to make sure you’re disciplined in keeping to time. Meeting details Meeting date and time Attendees Brief the team: 5 minutes Company updates that affect the sales team Follow up on questions from the last meeting Team discusses their updates and obstacles: 10 minutes Discuss major leads Break down current metrics Status report List potential hurdles Amplify key wins: 5 minutes Praise sales reps who appreciate public recognition – make sure praise is for specific events Allow others to share appreciation Invite ideas, questions and innovation: 5 minutes Exchange thoughts and ideas Motivate and encourage the team Decide on next steps: 5 minutes Appoint individuals to take ownership of action points from meeting Set expectations for next meeting Close meeting Finding the Right Frequency for Sales Meetings Make every instance of your meeting count or risk your team joking that they survived another meeting that could have been an email. Indeed, email can be an effective, concise way to communicate with your team when it comes to quick company updates or plan changes. The timing and cadence for sales meetings is crucial. If you have a daily standup or other recurring meeting, consider pivoting to a less-frequent timeline if you notice you’re covering non-essential items. Alternatively, don’t feel pressured to meet every time you initially planned to meet. If you cancel a meeting when you didn’t have important updates to share, those bonus minutes given back to the team will be applied to meaningful work. Tell your team why you’re cancelling — “There are no important items for discussion today and I’m sure you could all use this time productively” — and your team will appreciate that you’re not holding meetings just for the sake of it. Brief the team As the leader, it’s your job to update the team on anything you’ve learned that might not have been passed on to them yet, especially if it’s been a while since you last met. Brief everyone on any pricing changes, sales forecasting updates, product news, leadership shifts, or other integral information that could affect how they sell. Follow up on any issues or questions from past meetings, too. This part of the sales meeting can run the risk of taking up a lot of time. If a topic has the potential to run too long, consider having a special meeting to tackle it. Open Discussions: Sharing Updates and Addressing Challenges in Sales When you’re all together in a sales meeting, it’s often helpful to have everyone share what’s working and what’s not. Touch base on leads and accounts, how key conversations are going, and everyone’s overall status report regarding hitting their quotas and KPIs. On top of progress, listen for any roadblocks. As a manager, if members of your team are hitting obstacles, you need to be aware so you can help clear the path for success. Once you know what’s going well and what needs additional focus, you can develop an action plan with individual team members or a larger group. Celebrating Wins: Recognising Successes Did a team member close a big deal? Surpass their quota six months in a row? Set aside time in your sales meeting agenda specifically to give them kudos. Most people appreciate being recognised, and it’s good for the entire organisation. Recognition is a good motivator for both the individual being recognised and the team as a whole. According to a survey from the Society for Human Resource Management (SHRM) and Globoforce, 68% of HR professionals believe employee recognition has a positive impact on retention, and 56% believe recognition programs help with recruitment. On top of that, employees who feel they’re regularly recognised by their employers are 109% more likely to stay with their organisation. Be specific in your praise, too. Saying you appreciate that someone took the time to onboard a client who needs more attention than usual will mean more than a generic ‘good job’ — and is far more instructive for other team members looking to improve their performance. Of course, not everyone likes being publicly singled out, so make sure you’re giving team members credit in the formats they prefer. You can vet this with each rep in one-on-one meetings. Make space for ideas, questions and collaboration Your sales meeting agendas should always include time to exchange thoughts as a group. These meetings aren’t only about what you want to communicate; they’re also a way for team members to learn from each other and build on each other’s best practices. For example, you exchange ideas on: Better sales and marketing or sales and service alignment Remote selling tips New positioning of your products or services Partnering with other peers or vendors in your industry Your competitors and how they’re selling, marketing or pricing their products Shaping goals for the next quarter or year Focus on topics that will be relevant to most salespeople in the meeting so they don’t start tuning out or attempting to multitask. Decide on next steps As you work through each item on your sales meeting agenda, clarify any action items and who’s responsible for following up each. No one should leave the meeting feeling ambiguous about next steps. Team members can be responsible for following up with their own prospects and customers. However, if there are other department-wide needs raised during the meeting, such as talking to the finance team about a new promotion or discussing a new lead-generation campaign with marketing, you should designate a point person. This way, important items won’t fall through the cracks. Make it clear which updates you want the team to bring to the next meeting. Motivate the team Sales can be hard. This profession requires patience, salespeople need to handle a lot of rejection, and mistakes will be made from time to time. Sometimes the market slows down and prospects just aren’t biting. No matter the reason why times are tough, the team as a whole — or individual sales reps — will struggle sometimes. During these times, it’s your opportunity as a leader to address issues head on and communicate authentically with the team. If you share why you’re still inspired and motivated about the team’s work, others will be motivated, too. Carve out time in your agenda to do that when times get tough. Even in easier times, fun and positive ways to motivate your team abound. You can introduce games and contests to celebrate what’s going well, and award unique prizes for different milestones. However you’re going, remember this simple fact — tough times don’t last, but tough sales teams do. For more advice and insights on sales leadership from the best in the business, download the 21 Pro Tips for Sales Leaders e-book and start transforming the way you sell. This article was updated in July 2022

Customer indifference is at an all time high. Brand loyalty doesn’t exist in the same way it did in the past and customers want more than another email with a 20% offer. To put this in context, email and SMS volume has increased 70% over two years, and in-app messaging has seen a 283.3% increase. Yet, the performance of a typical promotional campaign is down 10-20%. These trends combined with declining ecommerce and a cookieless future all point to the need for a strategic shift in how marketers engage their customers. Our observations and studies of customer engagement data from some of the world’s biggest brands suggest a moment orientated growth strategy is key and the next step in marketing maturity. Embracing a moment orientated growth strategy Marketing has traditionally been channel or journey orientated and success has been measured the same way. However, looking at individual channels and conversion rates is not a customer-centric form of measurement. It’s also not as effective as delving into causality and understanding the cause-and-effect relationships between variables. A moment orientated growth strategy is different and focuses on engaging customers in very brief, and yet predictable periods in time. To better understand what we mean by moment orientated, it’s helpful to look at how we define personalisation: So what does this look like in practice? Imagine leaving a concert or sporting event and before you even get to your car or train, you receive an email to thank you for attending and to suggest related events you may want to attend in the future. Or imagine ordering a new pair of shoes online and the day they arrive, you receive an email to check if they’re the right fit and, if necessary, guide you through the return process. What we see with these use cases is how marketing is shifting from a model based on interruption to a model based on interception. Instead of interrupting the customer experience and degrading channel performance, marketers can intercede with moments of mutual value. These momentsstrengthen brand preference, loyalty, and advocacy, and can have acausal impact on customers’ future value to the brand. A new approach to marketing personalisation Every customer persona or value segment buys and behaves differently, and this is why personalisation is so hard. Personalisation engines—like Marketing Cloud Personalisation—can help but an effective personalisation strategy relies on a solid foundation of data. This is where Data Cloud comes in. It connects marketing, commerce, sales, service, revenue, and campaign performance data into unified profiles that marketers can use to quickly create target audience segments and activate them across channels. Data Cloud also enables identification of lookalike audiences and dynamic personalisation based on real-time signals and behaviours. Combining these capabilities with data science, you can start to predict customer behaviour and deliver those moments of mutual value that propel engagement and spend. Of course in doing all of this, it is crucial to strike the right balance between privacy and personalisation by implementing transparent privacy practices, obtaining informed consent, and using data responsibly. Taking data-driven marketing to new heights Marketers are already dipping their toes into the water when it comes to personalisation and creating meaningful moments to deepen customer relationships. The challenge is then shifting to a data-driven personalisation strategy that delivers trust, and adaptability at scale. Organisations also need help prioritising long-term customer equity goals with short-term revenue targets. Until now, efforts to scale personalisation have typically been deprioritised. However, with the emergence of Gen Y consumers and their ever-changing, sometimes erratic, buying behaviour, brands are experiencing a reckoning like never before. Slow and steady is no longer cutting it, and brands are being forced into more transformational efforts as they pertain to personalisation. In this new era, marketing requires a level of data science and application of machine learning and predictive analytics. So rather than marketing to audiences based solely on personas, you can tailor your strategy based on an understanding of how those personas engage with your brand. You can also observe and predict purchasing patterns, and intercede in those moments that most impact customer lifetime value. This includes the post- purchase phase where the experience a customer receives significantly influences their decision to purchase again. To do this effectively, marketing teams need data skills and also need to rethink how they measure customer experience and business outcomes. Creating a personalisation pod within your business can help. These pods bring together functional experts to focus on specific points in the customer lifecycle and develop use cases that can be applied to different products or divisions. In this way, you can start to really scale your personalisation strategy to unlock growth.

What we will cover: What is the Net Promoter Score?Calculation of Net Promoter ScoreHow to judge whether a Net Promoter Score is good or badUnderstanding the limitations and potential of NPSHow can a business improve its Net Promoter Score?Net Promoter Score: Key facts and FAQs What is the Net Promoter Score? NPS is a benchmarking tool for customer satisfaction. The NPS method, which is based on a two-minute survey, gives insights about customer loyalty by measuring customers’ willingness to recommend a business to a friend or acquaintance. NPS differs from other related benchmarks, such as the customer satisfaction score, by indicating a customer’s general sentiment about a brand as opposed to their opinion on particular interactions or purchases. Because of this, it crops up frequently in discussions aboutcustomer experience. In addition, net promoter score is a standard benchmark used by companies worldwide. This makes it a good way for businesses to gauge their performance as compared to their competitors. Calculation of Net Promoter Score Step One: Determine the number of promoters, passives and detractors The calculation of net promoter score is based on a two-minute questionnaire that asks customers to rate how likely they would be to promote a brand to their friends and acquaintances. “On a scale of 0-10, how likely is it that you would recommend us to friends, colleagues or business associates?” This basic question (give or take slight variations in wording) is the one upon which all net promoter score calculations are based. The survey participant is most often asked to provide a rating on a scale of 0-10. According to the number they choose, they are placed in one of the following three categories: 1. Promoters Promoters are people who assign a score from 9-10. They are deemed more likely to exhibit behaviours that generate value, such as buying more, returning to the brand over a long period and referring more people. They have what is known as a high “lifetime value”. 2. Passives Passives are people who give a score of 7 or 8. They are considered to be moderately satisfied. They might remain loyal to the brand, but also have the potential to switch allegiance to a competitor if the conditions are right. They won’t make special efforts to refer a prospect. 3. Detractors Detractors give a score between 0 and 6. They are (usually) actively dissatisfied customers who have the potential to damage your brand reputation through negative reviews, social media interactions or word-of-mouth. To calculate the net promoter score, you simply deduct the percentage of detractors from the percentage of promoters. The worst possible score – i.e., the score that would be achieved if every customer was a detractor, is -100. The best is 100. However, both of these scores are highly unlikely in real life. Passives count toward the total number of respondents, which decreases the percentage of detractors and promoters equally. This drives the overall score towards 0. Step Two: Drill down into the net promoter score To enable companies to drill down from the broader insight provided by the NPS, they are encouraged to follow the main question with a request that draws out the customer’s reasons. These questions might, for example, ask about a customer’s opinion on the customer service they have received. The responses can be translated into follow-up action and coaching measures. Since it can be tricky to analyse open-ended feedback objectively, companies often provide rating scales for these additional questions, too. The additional questions help companies understand the relative contribution of individual products, services and business areas to the NPS. Sample Net Promoter Score Calculation Let’s imagine a scenario where a company surveys 200 of its customers with the standard NPS question. Remember that the purpose of NPS to find out about general customer sentiment, so this question shouldn’t be targeted towards a particular product. After the responses are totalled, 125 of the respondents are promoters, 42 are passive and 33 are detractors. The first step is to calculate these amounts as percentage values: Promoters = ((200 – (42 + 33))/200) x 100 = 62%Passive = ((200 – (125 + 33))/200) x 100 = 21%Detractors = ((200 – (125 + 42 ))/200) x 100 = 16.5%Then, we apply the net promoter score formula:Company NPS = %Promoters – %DetractorsCompany NPS = 62.5 – 16.5 = 46 The interpretation of NPS is highly complex and context-dependent. To find out more, see the section “How can I judge whether a net promoter score is good or bad?”. Why measure net promoter score? As mentioned earlier, the NPS methodology is primarily intended to measure customer loyalty to a company or brand – in other words, how likely they are to buy again, act as a brand ambassador and resist pressure to defect. This last point can also be expressed as “churn rate” – that is, the likelihood of them cancelling a subscription or not repurchasing. This is important because it is cheaper to retain a customer than acquire a new one. There are a number of ways in which measuring NPS can be beneficial for your company. Closing the feedback loop: The net promoter system gives companies a chance to “close the loop” – that is, to go vertical and gather more information from respondents. It also gives them chance to change a negative impression. Since an NPS survey only takes a minute of a customer’s time, it’s relatively easy to get them to engage. Easy to use: You don’t need to be a trained statistician to administer an online NPS poll. In a similar vein, the survey is intuitive and simple for customers to complete. You can send it to them via email or include it on your website as a pop-up after a transaction. The formula can be calculated with a basic spreadsheet. A common language for the customer conversation: By breaking down customers down into promoters, passives and detractors, the NPS system makes it easy to differentiate between them. Everyone in the company has a common set of definitions to work with Easier benchmarking: NPS is a standard metric used by companies globally. As such, it lets you place your score in the context of other scores in your industry and see how you measure up. NPS is also ideal for presenting to senior management as a big-picture snapshot of customer loyalty at a given moment. Driving growth: When companies take on the NPS question and begin to study it as a key metric, it helps them channel their customer service efforts and grow revenue through referrals andupsells. This is covered in more detail later in the article. How to judge whether a Net Promoter Score is good or bad What is a “good” net promoter score? To answer this question, it’s important to understand that there isn’t one “holy grail” number to strive for. The results vary highly from industry to industry. Technically, any score above 0 can be considered a “good” score, since it means you have more promoters than detractors. According to global NPS standards, a score of above 50 is good, and above 70 is outstanding. However, both of these scores are rare. A good way to use NPS is to look at the score of a close competitor and see how yours matches up. However, it’s equally as important to look at the scores for your industry as a whole. In many sectors, a score in the 30s or 40s is something to aspire to. Theaverage score for department and speciality stores(58) is higher than for airlines (35), which in turn is higher than for internet service providers (2). If your score indicates that you are having more success with customer relationships than industry competitors, you can reasonably assume that your customers will stick around. Understanding the limitations and potential of NPS However, there are also many factors that are out of your control. Research has shown repeatedly that customers are more likely to report a bad experience than a good one. Your best and most loyal customers might simply not bother to score you at all! For this reason, it’s important not to treat the number as an end in itself, but to look at the direction in which your NPS is trending. What story does it tell about your customer relationships? If your number of promoters is growing, this could mean that brand image is on the up. On the other hand, a decrease in promoters relative to the number of passives could be a red flag for a potential increase in churn. With this in mind, the key question for companies is: how can you act quickly on customer insights to improve customer experience, grow NPS and reduce the number of defections? How can a business improve its net promoter score? There’s no silver bullet for improving NPS, but there are a number of best practices you can use to enhance thequality of your customer experienceand achieve happier customer interactions. Get everyone involved Make sure the whole company is aware of NPS and why it is important – that is, not just as an end in itself. A low NPS is an issue for everyone. Ask sales, marketing and customer service to think of ways in which they could refine communication with prospects and get them excited about the business. Find a connection Empathy is key – after all, customers are humans. They want to feel that a brand resonates with them andtheir values. If your company has hard-hitting values or a unique culture, think about how you could show it off. Ask promoters for their opinion These customers already like you and will be willing to help. Where do they get their sense of connection? Ask detractors how you could improve Detractors have real and genuine value to add. Accept their criticisms and use them as the basis for sincere reflection. Promote customer advocacy Customer advocacy schemes use personalised interactions to encourage existing customers to become promoters. Create an online community space for customers and offer appealing incentives for referrals. Think of creative ways to encourage them to share positive experiences on social media. Improve front-line communication The job of customer service reps is to build the human connection and show customers that their business is valued. Channel customers to the right rep and make sure that reps are equipped to offer personalised, efficient care. Consider whether your product is at fault Use focus groups and customer visits to see how people interact with your product and understand whether it actually meets the needs of your customer base. The most important thing to remember is that NPS shouldn’t be a meaningless “vanity metric”. By following the correct into a stepping stone forimproving customer service. The point of measuring NPS is not merely to make the competitive range for your industry, but to transform customer orientation into a central part of your company culture. That’s a lot of info! Here’s what you should take away from this article: What is a net promoter score?Net promoter score, or ‘NPS’, is a way of measuring customer sentiment based on a simple two-minute survey. How is a net promoter score calculated?A net promoter score reflects how likely customers are to promote a brand. The score is simply the percentage of detractors subtracted from the percentage of promoters. Why measure net promoter score?When companies measure their net promoter score, it helps them properly channel their customer service efforts and grow revenue. How can I tell if a net promoter score is good or bad?According to global NPS standards, a net promoter score above 50 is good, and above 70 is outstanding. What are the limitations of net promoter score?Customers are more likely to report bad experiences, so the actual net promoter score isn’t as important as its direction. How can businesses improve their net promoter score?Businesses can improve their net promoter score by: Communicating empathetically Perfecting the product Promoting customer advocacy Listening to detractors Frequently Asked Questions What is the Net Promoter Score? Net promoter score, or ‘NPS’, is a way for businesses to measure customer satisfaction. To find it, customers answer a simple survey gauging how likely they are to recommend a business to a friend or an acquaintance. Their answers are then fed into a formula to produce a single figure used for universal benchmarking. Who uses Net Promoter Score (NPS)? Net promoter score is a standard benchmark used by companies around the world. Businesses use their net promoter score, or ‘NPS’, to measure customer satisfaction and loyalty to a brand. Net promoter score is a helpful tool for organisations to see how their customer service is perceived and where improvements might be made. Why is Net Promoter Score important? Net promoter score helps businesses gauge the quality of their customer service, particularly in relation to their competitors. Organisations can use their net promoter score to address any problems areas, improve the experience of their customers, monitor loyalty trends, and grow revenue through referrals and upsells.

Understanding a company’s financial health is crucial for investors, creditors, and business owners alike. The income statement serves as a vital tool in this regard, providing a comprehensive overview of a company’s financial performance over a specific period. This blog examines the intricacies of the income statement, deciphering its structure, key components, and practical applications. By gaining a deeper understanding of this financial statement, readers will be better equipped to assess a company’s financial health and make informed decisions. What Is an Income Statement? An income statement, also referred to as a profit and loss statement, serves as a financial report that offers an all-encompassing summary of a company’s financial performance over a specific period, usually a quarter or a year. This financial document provides valuable insights into a company’s revenue generation, cost management, and overall financial health. The income statement presents a detailed breakdown of a company’s income sources, expenses incurred, and net income or loss for the specified period. It begins by outlining the company’s total revenues, which encompass all income generated from its primary operations, such as sales of goods or services, interest income, and other revenue streams. Next, the income statement subtracts various costs and expenses from the total revenues to arrive at the net income. These expenses may include the cost of goods sold, operating expenses such as rent, utilities, and salaries, depreciation, interest expenses, and taxes. By deducting these expenses from the total revenues, the income statement reveals the company’s net income, which represents the profit or loss incurred during the reporting period. The significance of the income statement lies in its ability to provide stakeholders, including investors, creditors, analysts, and business owners, with critical information for decision-making. It offers a clear picture of a company’s financial performance, profitability, and overall financial health. By analysing the income statement, stakeholders can assess a company’s revenue growth, cost management efficiency, and net income trends over time. This information is vital for evaluating a company’s financial stability, growth potential, and investment or lending opportunities. Understanding the Income Statement An income statement acts as a comprehensive financial report and provides a roadmap for stakeholders, empowering them to navigate the company’s financial landscape and make informed decisions. Investors, creditors, analysts, and management alike find solace in its detailed revelations. At the heart of the income statement lies a meticulous breakdown of the company’s financial journey. It commences with total revenues, a symphony of income generated from diverse sources. Sales of products or services, total expenses, interest earned, rental income, and other revenue streams harmoniously converge, painting a vivid picture of the company’s earning prowess. Next, the single-step income statement embarks on a meticulous subtraction, deducting various costs and expenses from the total revenues. Like a sculptor chiselling away at a masterpiece, the income statement unveils the intricate details of the company’s financial landscape. Costs of goods sold, operating expenses, depreciation, interest expenses, and taxes emerge as distinct categories, each playing a pivotal role in shaping the company’s financial narrative. From this meticulous dissection emerges the net income or loss, the ultimate measure of the company’s financial triumph or tribulation. This bottom line figure stands as a testament to the company’s financial prowess, a culmination of its revenue-generating capabilities and cost-management strategies. To fully grasp the company’s financial trajectory, a keen eye must be cast upon each line item, discerning its impact on the overall financial picture. Revenue trends, whether ascending or descending, offer glimpses into the company’s market prowess and sales performance. A thorough examination of expenses unveils opportunities for optimisation and cost control, paving the way for enhanced financial efficiency. Juxtaposing the net income or loss against previous periods or industry benchmarks unveils a comparative panorama. This comparative analysis serves as a compass, guiding users towards an informed evaluation of the company’s profitability and financial performance. The income statement is a financial compass, providing invaluable insights into a company’s revenue generation, expenses, and profitability. By deciphering its structure and key elements, users embark on a journey of financial understanding, gaining a profound grasp of the company’s financial health and performance. Revenue, Gains, Expenses and Losses Revenue is the total amount of money that a company generates from its primary operations, such as sales of goods or services, interest income, and other revenue streams. Gains are increases in a company’s assets or decreases in its liabilities that result from non-operating events, such as the sale of an asset or the receipt of a government grant. Expenses are the costs that a company incurs in the course of its operations, such as the cost of goods sold, operating expenses, depreciation, interest expenses, and taxes. Losses are decreases in a company’s assets or increases in its liabilities that result from non-operating events, such as a natural disaster or a lawsuit. By analysing these four components, investors and analysts can gain insights into a company’s financial performance and profitability. Revenue and gains represent the sources of a company’s income, while expenses and losses represent the costs and deductions that reduce income. By comparing revenue and gains to expenses and losses, investors and analysts can determine whether a company is generating a profit or a loss. They can also assess the company’s financial stability by evaluating the company’s ability to both generate revenue and sufficient cash flow to cover its expenses and make debt payments. In addition to providing a snapshot of a company’s financial performance, the income statement can also be used to identify trends and patterns in a company’s operations. By comparing income statements from different periods, investors and analysts can identify changes in revenue, expenses, gains, and losses over time. This information can be used to assess the company’s growth potential, profitability, and overall financial health. Income Statement Structure This section provides an overview of the income statement structure, including the two main sections: the operating section and the non-operating section. The operating section reports the company’s revenue and expenses related to its primary operations, such as gross sales, of goods or services. This section includes items like net sales, cost of goods sold, gross profit, operating expenses, and operating income. By analysing the operating section, users can assess the company’s core business performance and profitability. On the other hand, the non-operating section reports the company’s income and expenses that are not directly related to its primary operations. This section includes items like interest income, interest expense, gains on asset sales, and losses from discontinued operations. By examining the non-operating section, users can gain insights into the company’s financial activities beyond its core operations. To continue, within each section, income statements typically present comparative figures for multiple periods, such as the current period compared to the previous period or the same period in the previous year. This comparative analysis allows users to track the company’s financial performance over time and identify trends or changes in revenue, expenses, and net income. Income statements often include notes or footnotes that provide further explanations or details about specific line items, or accounting policies. These notes are crucial for understanding the financial statements accurately and should not be overlooked during analysis. By understanding the structure of an income statement and its various components, users can effectively evaluate a company’s financial performance, profitability, and overall financial health. Reading Income Statements When reading an income statement, it’s important to pay attention to the top line, which shows the company’s revenue. Revenue is the total amount of money that a company generates from its primary operations, such as sales of goods or services. It’s a crucial indicator of a company’s financial health and performance. A steady or increasing revenue trend is generally a positive sign, while a declining revenue trend may raise concerns. Next, take a look at the cost of goods sold (COGS). COGS represents the direct costs incurred in producing or delivering a company’s products or services. It includes expenses such as raw materials, labour, manufacturing and overhead costs. COGS is an important factor in determining a company’s gross profit, which is calculated by subtracting COGS from revenue. A high COGS relative to revenue can squeeze profit margins and impact a company’s profitability. Finally, examine the operating expenses. Operating expenses encompass a wide range of costs and associated operating activities along with running a company’s day-to-day operations, excluding COGS. Examples include rent, utilities, salaries, marketing expenses, and administrative costs. Analysing operating expenses can provide insights into a company’s efficiency and cost management practices. A careful examination of operating expenses can help you assess whether a company is controlling its costs effectively. By thoroughly analysing these key components of an income statement, you can gain valuable insights into a company’s financial performance and profitability. It’s important to remember that an income statement is just one piece of the financial puzzle, and it’s necessary to consider other financial statements and relevant information to form an overarching understanding of a company’s financial health. Uses of Income Statements Income statements serve multiple purposes for various stakeholders, including business owners, investors, and creditors. These groups rely on income statements to assess a company’s financial health and performance. Business owners use income statements to monitor their company’s profitability and make informed decisions about their operations. Investors use income statements to evaluate potential investment opportunities and assess the risk associated with investing in a particular company. Creditors use income statements to determine the creditworthiness of a company and assess the risk of lending money to the company. Income statements are also used to predict future cash flows. By analysing historical income statement data, financial analysts can project future revenue and expenses, which can help companies plan for future cash needs and make informed financial decisions. Income statements are also used to make informed investment decisions. Investors use income statements to compare the financial performance of different companies and identify those that are most likely to generate positive returns on investment. Income statements can help investors identify trends and patterns in a company’s financial performance, which can be used to make informed investment decisions. Finally, income statements are used for tax purposes and reporting to regulatory bodies. Companies are required to prepare income statements as part of their annual financial reporting requirements. Income statements provide the necessary information for calculating a company’s tax liability and ensuring compliance with tax regulations. Additionally, income statements are used to report a company’s financial performance to regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States. These reports provide transparency and accountability, allowing regulators to monitor the financial health of companies and ensure compliance with relevant regulations. What Are the Five Key Elements of an Income Statement? The income statement is an important financial document that provides a complete overview of a company’s financial performance over a specific period. To fully grasp the financial health and profitability of a company, it’s essential to understand the five key elements that make up an income statement. 1. Sales/Revenue: This section presents the total amount of money generated by the company from its primary operations. It includes income from sales of goods or services, interest income, and other revenue streams. Revenue serves as the foundation for the balance sheet and income statement and sets the stage for evaluating the company’s overall financial performance. 2. Cost and Expenses: This section encompasses all the costs and expenses incurred by the company in the course of its operations. Cost of goods sold (COGS) represents the direct and indirect costs associated with producing or delivering the company’s products or services. Operating expenses, on the other hand, include a wide range of costs related to running day-to-day operations, such as rent, utilities, salaries, depreciation, and interest expenses. Administrative expenses, which are fixed in nature and include costs like salaries, rent, office supplies, and travel expenses, are also part of operating expenses. Understanding the composition and trends of costs and expenses is vital for assessing the efficiency and profitability of the business. 3. Gross Profit: Gross profit is calculated by deducting the cost of goods sold from the total revenue. It represents the initial profit earned by the company before factoring in operating expenses and other non-operating items. Analysing gross profit provides insights into the company’s pricing strategies, production efficiency, and overall cost management effectiveness. 4. Operating Profit: Operating profit, also known as earnings before interest and taxes (EBIT), is derived by subtracting operating expenses from the gross profit. This metric reflects the company’s profitability from its core operations, excluding the impact of non-operating factors such as interest and taxes. Operating profit serves as a key indicator of the company’s operational efficiency and its ability to generate profits from its ongoing business activities. 5. Net Profit: Net profit, or the bottom line, represents the ultimate measure of a company’s profitability. It is calculated by deducting all expenses, including operating expenses, interest expenses, and taxes, from the total revenue. Net profit indicates the amount of profit the company has retained after covering all its costs and obligations. Analysing net profit over time and comparing it to industry benchmarks provides valuable insights into the company’s overall financial performance and sustainability. By thoroughly analysing these five key elements of an income statement, stakeholders gain an extensive understanding of a company’s financial health, profitability, and operational efficiency. Difference Between Operating Revenue and Non-Operating Revenue Operating revenue and non-operating revenue are two important components of a company’s income statement. Operating revenue is the money that a company makes from its main business activities, while non-operating revenue is money made from activities that are not directly related to the company’s main business. Operating revenue is typically more predictable than non-operating revenue, as it is based on the company’s core business activities. Examples of operating revenue include sales of goods or services, rental income, and commissions. Non-operating revenue, on the other hand, can be more volatile, as it is dependent on factors such as interest rates and the performance of the stock market. Examples of non-operating revenue include interest income, dividend income, and gains on the sale of assets. Companies may use non-operating revenue to supplement their operating revenue and improve their overall financial performance. However, it is important to note that non-operating revenue is not as reliable as operating revenue, as it is subject to a greater degree of risk. Here are some of the key differences between operating revenue and non-operating revenue: – Predictability: Operating revenue is more predictable than non-operating revenue. – Reliability: Operating revenue is more reliable than non-operating revenue. – Volatility: Non-operating revenue is more volatile than operating revenue. – Sources: Operating revenue comes from the company’s main business activities, while non-operating revenue comes from activities and other expenses that are not directly related to the company’s main business. By understanding the difference between operating revenue and non-operating revenue, investors and analysts can gain a better understanding of a company’s financial performance and profitability. Insights You Should Look for in an Income Statement? Investors and analysts should scrutinise an income statement for specific insights that reveal the company’s financial health. Firstly, they should examine what the income statement shows regarding trends in revenue and expenses over multiple periods. A steady rise in revenue coupled with a controlled growth in expenses indicates a company’s ability to scale effectively. Conversely, declining revenue or rapidly escalating expenses raise concerns about sustainability and efficiency. Secondly, comparing the company’s financial performance with industry benchmarks and competitors provides valuable context. If a company consistently outperforms its peers, it suggests a competitive advantage. However, lagging behind industry standards warrants further investigation into potential challenges. Thirdly, the ability to generate cash flow is crucial for a company’s long-term viability. Investors should assess the company’s cash flow from operations and its overall cash flow statement to determine if it can fund its operations and growth without excessive reliance on external financing. The sustainability of a company’s earnings and profitability is essential. Investors should analyse the company’s profit margins, return on assets, and return on equity to gauge its efficiency in generating profits from its assets and equity. Consistent improvement in these metrics indicates a company’s ability to grow profitably. Finally, investors should be attentive to any unusual or non-recurring items that may have significantly impacted the company’s financial results. These items could include one-time gains or losses, asset impairments, or restructuring charges. Identifying and understanding these non-recurring items helps investors make more informed judgments about the company’s underlying performance. LIKE.TG’s Financial Services CRM LIKE.TG’s financial services CRM is a powerful tool that can help you gain insights into your financial performance, create and deliver personalised experiences to your customers, and automate your sales processes. With LIKE.TG’s Financial Services CRM, you can: – Get a complete view of your customers: LIKE.TG’s Financial Services CRM provides a single, unified view of your customers, so you can see all their interactions with your company in one place. This allows you to provide them with a more personalised and consistent experience. – Automate your sales processes: LIKE.TG’s Financial Services CRM can help you automate your sales processes, so you can focus on closing deals. The CRM can track leads, manage opportunities, and generate quotes and proposals. – Create personalised experiences: LIKE.TG’s Financial Services CRM allows you to create personalised experiences for your customers. You can use the CRM to segment your customers, target them with specific marketing campaigns, and deliver personalised content. – Gain insights into your financial performance: LIKE.TG’s Financial Services CRM provides you with insights into your financial performance, so you can make informed decisions about your business. The CRM can track your revenue, expenses, and profits, and provide you with reports and analytics. – Improve customer service: LIKE.TG’s Financial Services CRM can help you improve customer service by providing you with the tools you need to resolve customer issues quickly and efficiently. The CRM can track customer interactions, manage cases, and provide you with real-time updates on customer issues. With LIKE.TG’s Financial Services CRM, you can take your financial services business to the next level. The CRM can help you improve your sales, marketing, and customer service efforts, so you can grow your business and achieve your financial goals.

When it comes to business transactions, an invoice serves as an essential commercial document. This detailed and itemised record of a transaction between a buyer and a seller captures necessary information about the goods or services provided, their quantities, pricing, and the total amount due, they’re also commonly referred to as bills, statements, or tabs. Beyond their role as a mere record of purchase, invoices play a multifaceted role in business operations. They act as critical pieces of evidence, serving as legal documentation that substantiates the occurrence of a transaction. This documentation becomes particularly significant in cases of disputes or discrepancies, providing a clear and verifiable account of the exchange between parties. A pro forma invoice is an initial estimate of costs provided to a client before services are rendered. It acts as a commitment to provide a service to completion, with the value indicated being subject to market changes. Invoices are also all-important when it comes to managing cash flow, enabling businesses to keep track of their income and expenses. By issuing invoices promptly and accurately, businesses can ensure that payments are received in a timely manner, maintaining a healthy financial flow and avoiding cash flow disruptions. The issuance of an invoice typically follows the delivery of goods or the rendering of services by the seller. It serves as a formal request for payment, outlining the terms and conditions of the transaction, including the payment due date and any applicable discounts or penalties. The buyer is then expected to fulfil their payment obligations in accordance with the specified terms of the commercial invoice, ensuring a smooth and efficient financial exchange between parties. A brief history of invoices Invoices have been used in some form since the days of ancient Mesopotamia, when clay tablets were used to record transactions. The word “invoice” itself comes from the Latin word “invocare,” meaning “to call upon.” The first invoices were used primarily by merchants to record sales and track payments. Over time, invoices became more standardised and were used by businesses of all types. Invoices have evolved significantly over the years, reflecting changes in technology and business practices. Early invoices were handwritten or typewritten and often contained minimal information. However, as businesses grew and became more complex, they became more detailed and standardised. Today, invoices typically include information such as the seller’s name and contact information, the buyer’s name and contact information, the date of the invoice, a description of the goods or services provided, the quantity of each item, the price per item, and the total amount due. In addition to their traditional role as a record of transactions, invoices now serve a variety of other purposes. For example, invoices can be used to: Track sales and manage cash flow Report financial information Comply with tax regulations Facilitate payment processing As businesses continue to evolve, invoices will likely continue to change and adapt to meet new needs. However, the overarching purpose of an invoice – to record a transaction and request payment – will likely remain the same. Functions of invoices Invoices serve several vital functions in the business space. They act as a record of transactions, providing a detailed account of the goods or services provided, the quantities involved, and the agreed-upon prices. They also function as legal documents that enforce payment, outlining the terms and conditions of the sale of goods and services tax specifying the due date for payment. In exceptional cases, such as selling farming products like sugar cane, the buyer determines its value and issues a recipient-created tax invoice based on this determination. Furthering that, invoices serve as a source document for accounting purposes. They provide the necessary information for recording sales, tracking expenses, and calculating taxes. Invoices also play a role in tracking the status of payments, allowing businesses to monitor which invoices have been paid and which are still outstanding. By fulfilling these functions, invoices are key tools for managing cash flow, maintaining accurate financial records, and ensuring timely payments. Effective invoicing practices are needed to ensure the smooth operation of any business. By providing clear and accurate information, invoices facilitate efficient payment processing and help maintain positive relationships with customers. They also contribute to overall financial management by enabling businesses to monitor their financial performance and make informed decisions. Utilising modern invoicing software like LIKE.TG Billing can further streamline the invoicing process, saving time, reducing errors, and enhancing overall efficiency. Different types of invoices, including pro forma invoice There are five main types of invoices that businesses use: sales invoices, credit invoices, debit invoices, progress invoices, and self-billed invoices. Each type of business invoice used has a specific purpose and is used in different situations. Sales invoices are the most common type of invoice and are used to record sales of goods or services. They typically include information such as the seller’s name and contact information, the buyer’s name and contact information, the invoice number, the date of the invoice, a description of the goods or services provided, the quantity of each item, the price per item, and the total amount due. Credit invoices are used to correct errors on sales invoices or to provide discounts or refunds to customers. They typically include information such as the seller’s name and contact information, the buyer’s name and contact information, the invoice number, the date of the invoice, a description of the reason for the credit, the amount of the credit, and the total amount due after the credit has been applied. Debit invoices are used to charge customers for additional goods or services that were not included in the original sales invoice. They typically include information such as the seller’s name and contact information, the buyer’s name and contact information, the invoice number, the date of the invoice, a description of the additional goods or services provided, the quantity of each item, the price per item, and the total amount due. Progress invoices are used to bill customers for work that is in progress. They typically include information such as the seller’s name and contact information, the buyer’s name and contact information, the invoice number, the date of the invoice, a description of the work that has been completed, the percentage of the work that has been completed, the total amount due for the work that has been completed, and the total amount due for the entire project. An interim invoice is issued every month to reflect the work done during that period. This is especially useful for long-term projects with a large scope or prolonged engagement period to ensure payment while working to fulfil the terms of the agreement. Interim invoices refer to a series of invoices issued at different stages of a project, based on an agreed-upon payment schedule. Self-billed invoices are used when a buyer agrees to pay a seller for goods or services without receiving a traditional invoice. They typically include information such as the seller’s name and contact information, the buyer’s name and contact information, the invoice number, the date of the invoice, a description of the goods or services provided, the quantity of each item, the price per item, and the total amount due. What to include on an invoice, such as the invoice number When creating an invoice, it’s crucial to include specific information to ensure its validity and clarity. Here are some essential elements that should be included on an invoice: Business Information: Display the name, address, contact information (phone number and email), and logo (if applicable) of your business or organisation prominently at the top of the invoice. This information helps the customer easily identify the sender and contact you if necessary. Customer Information: Include the name, address, and contact information (phone number and email) of the customer or client receiving the invoice. This information ensures the invoice reaches the intended recipient and facilitates communication regarding payment or any queries. Invoice Number: Assign a unique invoice number to each invoice issued. This number helps in tracking and referencing invoices efficiently. Make sure the invoice numbering system is sequential and non-repeating to avoid confusion. Invoice Date: Specify the date the invoice was issued. This date serves as a reference point for payment terms and helps in managing cash flow effectively. Payment Due Date: Clearly state the date by which the payment for the invoice is due. This information is crucial for both the customer and your business, as it ensures timely payments and prevents late payment issues. Description of Goods or Services: Provide a detailed description of the goods or services provided, including quantity, unit price, and any applicable discounts. Be as specific as possible to avoid any confusion or disputes regarding the charges. Total Amount Due: Calculate and display the total amount due per tax invoice, including any applicable taxes, shipping charges, or additional fees. Make sure the calculations are accurate and clearly presented to ensure prompt payment. Payment Terms: Specify the payment terms, such as accepted payment methods (e.g., bank transfer, credit card, check), any early payment discounts, or any applicable late payment fees. Clearly communicate these terms to avoid misunderstandings and encourage timely payments. Contact Information for Inquiries: Provide contact information (phone number, email, or both) for customers to reach out with any questions, concerns, or inquiries regarding the invoice. This fosters open communication and ensures customer satisfaction. By including these essential elements on your electronic invoices, you ensure that all necessary information is conveyed to your customers, facilitating smooth transactions, accurate record-keeping, and efficient cash flow management for your business. Tips for invoicing, including managing recurring invoices Here are some tips for invoicing that can help you get tax invoices paid faster and improve your cash flow: Send invoices to collect payment promptly.The sooner you send an invoice, the sooner you can get paid. Try to send invoices within 24 hours of completing a job or providing a service. Offer early payment discounts.Encourage customers to pay their invoices early by offering a small discount. For a services tax, for example, you could offer a 2% discount for payments made within 10 days. Provide tax invoices with multiple payment options.Make it easy for customers to pay their invoices by offering multiple payment options. This could include accepting credit cards, debit cards, checks, and online payments. Follow up on late payments.If a customer is late on a payment, don’t be afraid to follow up with them. Send a reminder email or make a phone call to let them know that their payment is past due. Keep accurate records of all invoices.It’s important to keep accurate records of all invoices, including the date the final invoice was sent, the date the payment was received, and the amount of the payment. This will help you track your cash flow and ensure that you’re getting paid for all of your work. By following these tips, you can improve your invoicing process and get paid faster. Modern invoicing software with LIKE.TG Billing Modern invoicing software can help you automate your invoicing process, saving you time and money. LIKE.TG Billing is a modern invoicing software that integrates with your other LIKE.TG products. It is easy to use, scalable, and reliable. LIKE.TG Billing offers a variety of features that can help you improve your invoicing process, including: Automatic recurring invoice generation: LIKE.TG Billing can automatically generate invoices for you based on your sales orders and contracts. This saves you the time and hassle of having to create invoices manually. Customisable templates: LIKE.TG Billing allows you to create customisable invoice templates that match your company’s branding. This helps you create professional-looking invoices that impress your customers. Easy invoice payment and processing: LIKE.TG Billing makes it easy for your customers to pay their invoices. They can pay online using a credit card or PayPal, or they can mail in a check. Automatic payment reminders: LIKE.TG Billing can automatically send payment reminders to your customers who have overdue invoices. This helps you get paid faster. Detailed reporting: LIKE.TG Billing provides you with detailed reporting on your invoices. This information can help you track your sales and cash flow, and make informed decisions about your business. If you’re looking for modern invoicing software that can help you automate your invoicing process and save time and money, LIKE.TG Billing is a great option. What you can do with invoice software With invoice software, businesses can automate and streamline the invoicing process, saving them time and money. By automating tasks such as invoice generation, payment tracking, and sending reminders, invoice software can significantly reduce the administrative burden associated with invoicing. Additionally, invoice software can help businesses create professional-looking invoices that enhance their brand image and make a positive impression on customers. Invoice software often includes customisable templates that allow businesses to design invoices that match their unique branding and preferences. These templates can include the business logo, contact information, and other relevant details, ensuring that invoices are consistent and visually appealing. Furthermore, invoice software can generate invoices in various formats, such as PDF, HTML, and Excel, making it convenient for customers to view and save invoices in their preferred format. Invoice software also simplifies the process of tracking and managing payments. With features such as online payment processing and automatic payment reminders, businesses can easily track the status of invoices and receive payments faster. This can significantly improve cash flow and reduce the risk of late payments. Additionally, invoice software can generate detailed reports on invoicing data, providing businesses with valuable insights into their invoicing trends and customer payment behaviour. These reports can help businesses make informed decisions about their invoicing strategies and improve their overall financial management. By leveraging the capabilities of invoice software, businesses can streamline their invoicing processes, enhance their professional image, and improve their cash flow management. With features such as automation, customisable templates, easy payment processing, and detailed reporting, invoice software provides businesses with the tools they need to optimise their invoicing practices and achieve greater success. Advantages of using invoice software Invoice software is a powerful tool that offers a multitude of advantages to businesses, streamlining their invoicing processes and boosting efficiency. Here are some key benefits of incorporating invoice software: 1. Time-Saving Automation: Invoice software automates tedious and repetitive invoicing tasks, saving businesses valuable time. From generating invoices to tracking payments, everything can be done with just a few clicks, freeing up employees to focus on more strategic tasks that drive growth. 2. Error-Free Precision: Invoice software eliminates human errors often associated with manual invoicing. No more worries about incorrect calculations or data entry mistakes. This precision not only enhances the business’s credibility but also prevents disputes and maintains customer satisfaction. 3. Professional Image Enhancement: With the invoice template software, businesses can design and send professional-looking invoices that reflect their brand identity. Customised templates and logos make invoices visually appealing, leaving a positive impression on customers and fostering trust. 4. Simplified Payment Management: Invoice software streamlines the payment process by providing a centralised platform for tracking invoices and payments. Businesses can easily monitor the status of unpaid invoices, send payment reminders, and accept online payments, ensuring a smooth and efficient cash flow. 5. Data-Driven Decision Making: Invoice software generates detailed reports and analytics, providing businesses with valuable insights into their invoicing trends and customer payment behaviour. This data empowers businesses to make informed decisions, identify areas for improvement, and optimise their invoicing strategies for maximum profitability. 6. Enhanced Customer Experience: Invoice software enables businesses to provide a superior customer experience. Customers can easily access and download invoices, view payment history, and contact the business with any queries. This convenience fosters customer satisfaction and loyalty. 7. Scalability and Flexibility: Invoice software is scalable, adapting to the growing needs of businesses. Whether handling a small volume of recurring invoices, or a large number of transactions, invoice software can seamlessly accommodate business growth without compromising efficiency. By embracing invoice software, businesses unlock a world of benefits, transforming their invoicing processes and gaining a competitive edge. From time-saving automation to data-driven decision-making, invoice software empowers businesses to thrive in today’s market.

The banking industry is undergoing a digital transformation, and customer relationship management (CRM) systems are at the forefront of this change. By providing a centralised platform for customer data, interactions, and analytics, CRMs empower banks to deliver personalised and efficient services, fostering customer loyalty and driving business growth. We’ll look closer at the significance of CRM in banking, exploring its numerous benefits, addressing challenges in adoption, and highlighting future trends and innovations. Additionally, we present a compelling case study showcasing a successful CRM implementation in the banking sector. 10 Questions to Ask When Choosing a CRM in Banking When selecting a top CRM platform for your banking institution, it is necessary to carefully evaluate potential solutions to ensure they align with your specific requirements and objectives. Here are 10 key questions to ask during the selection process: 1. Does the CRM integrate with your existing, financial and banking organisation and systems? A seamless integration between your CRM and existing banking systems is essential to avoid data silos and ensure a holistic view of customer interactions. Look for a CRM that can easily integrate with your core banking system, payment platforms, and other relevant applications. 2. Can the CRM provide a 360-degree view of your customers? A CRM should offer a unified platform that consolidates customer data from various touchpoints, including online banking, mobile banking, branches, and contact centres. This enables bank representatives to access a complete customer profile, including account information, transaction history, and past interactions, resulting in more personalised and efficient customer service. 3. Does the CRM offer robust reporting and analytics capabilities? Leverage the power of data by selecting a CRM that provides robust reporting and analytics capabilities. This will allow you to analyse customer behaviour, identify trends, and gain actionable insights into customer needs and preferences. Look for a CRM that offers customisable reports, dashboards, and data visualisation tools to empower your bank with data-driven decision-making. 4. Is the CRM user-friendly and easy to implement? A user-friendly interface is essential for ensuring that your bank’s employees can effectively utilise the CRM. Consider the technical expertise of your team and opt for a CRM with an intuitive design, clear navigation, and minimal training requirements. Additionally, evaluate the implementation process to ensure it can be completed within your desired timeframe and budget. What is a CRM in the Banking Industry? Customer relationship management (CRM) is a crucial technology for banks to optimise customer service, improve operational efficiency, and drive business growth. A CRM system acts as a centralised platform that empowers banks to manage customer interactions, track customer information, and analyse customer data. By leveraging CRM capabilities, banks can also gain deeper insights and a larger understanding of their customers’ needs, preferences, and behaviours, enabling them to deliver personalised and exceptional banking experiences. CRM in banking fosters stronger customer relationships by facilitating personalised interactions. With a CRM system, banks can capture and store customer data, including personal information, transaction history, and communication preferences. This data enables bank representatives to have informed conversations with customers, addressing their specific needs and providing tailored financial solutions. Personalised interactions enhance customer satisfaction, loyalty, and overall banking experience. CRM enhances operational efficiency and productivity within banks. By automating routine tasks such as data entry, customer service ticketing, and report generation, banking CRM software streamlines workflows and reduces manual labour. This automation allows bank employees to focus on higher-value activities, such as customer engagement and financial advisory services. Furthermore, CRM provides real-time access to customer information, enabling employees to quickly retrieve and update customer data, thereby enhancing operational efficiency. Additionally, CRM empowers banks to analyse customer data and derive valuable insights. With robust reporting and analytics capabilities, banks can identify customer segments, analyse customer behaviour, and measure campaign effectiveness. This data-driven approach enables banks to make informed decisions, optimise marketing strategies, and develop targeted products and services that cater to specific customer needs. CRM also plays a vital role in risk management and compliance within the banking industry. By integrating customer data with regulatory requirements, banks can effectively monitor transactions, detect suspicious activities, and mitigate fraud risks. This ensures compliance with industry regulations and safeguards customer information. In summary, CRM is a transformative technology that revolutionises banking operations. By fostering personalised customer experiences and interactions, enhancing operational efficiency, enabling data-driven decision-making, and ensuring risk management, CRM empowers banks to deliver superior customer service, drive business growth, and maintain a competitive edge. The 10 Business Benefits of Using a Banking CRM 1. Streamlined Customer Interactions: CRMs enable banks to centralise customer data, providing a holistic view of each customer’s interactions with the bank. This allows for streamlined and personalised customer service, improving customer satisfaction and reducing the time and effort required to resolve customer queries. 2. Enhanced Data Management and Analytics: CRMs provide powerful data management capabilities, enabling banks to collect, store, and analyse customer data from various sources. This data can be leveraged to gain valuable insights into customer behaviour, preferences, and buying patterns. Banks can then use these insights to optimise their products, services, and marketing strategies. 3. Increased Sales and Cross-Selling Opportunities: CRMs help banks identify cross-selling and upselling opportunities by analysing customer data and identifying customer needs and preferences. By leveraging this information, banks can proactively recommend relevant products and services, increasing sales and revenue. 4. Improved Customer Retention and Loyalty: CRMs help banks build stronger customer relationships by enabling personalised interactions and providing excellent customer service. By understanding customer needs and preferences, banks can proactively address issues and provide tailored solutions, fostering customer loyalty and reducing churn. 5. Enhanced Regulatory Compliance and Risk Management: CRMs assist banks in complying with industry regulations and managing risks effectively. By centralising customer data and tracking customer interactions, banks can easily generate reports and demonstrate compliance with regulatory requirements. CRMs and other banking software programs also help in identifying and managing potential risks associated with customer transactions. 6. Improved Operational Efficiency: CRMs streamline various banking processes, including customer onboarding, loan processing, and account management. By automating repetitive tasks and providing real-time access to customer information, CRMs help banks improve operational efficiency and reduce costs. 7. Increased Employee Productivity: CRMs provide banking employees with easy access to customer data and real-time updates, enabling them to handle customer inquiries more efficiently. This reduces the time spent on administrative tasks and allows employees to focus on providing exceptional customer service. 8. Improved Decision-Making: CRMs provide banks with data-driven insights into customer behaviour and market trends. This information supports informed decision-making, enabling banks to develop and implement effective strategies for customer acquisition, retention, and growth. 9. Enhanced Customer Experience: CRMs help banks deliver a superior customer experience by providing personalised interactions, proactive problem resolution, and quick response to customer inquiries. This results in increased customer satisfaction and positive brand perception.10. Increased Profitability: By leveraging the benefits of CRM systems, banks can optimise their operations, increase sales, and reduce costs, ultimately leading to increased profitability and long-term success for financial service customers. Case studies highlighting successful CRM implementations in banking Several financial institutions have successfully implemented CRM systems to enhance their operations and customer service. Here are a few notable case studies: DBS Bank: DBS Bank, a leading financial institution in Southeast Asia, implemented a CRM system to improve customer service and cross-selling opportunities. The system provided a 360-degree view of customers, enabling the bank to tailor products and services to individual needs. As a result, DBS Bank increased customer retention by 15% and cross-selling opportunities by 20%. HDFC Bank: India’s largest private sector bank, HDFC Bank, implemented a CRM system to improve customer service and operational efficiency. The system integrated various customer touch points, such as branches, ATMs, and online banking, providing a seamless experience for customers. HDFC Bank achieved a 20% reduction in operating costs and a 15% increase in customer satisfaction. JPMorgan Chase: JPMorgan Chase, one of the largest banks in the United States, implemented a CRM system to improve customer interactions and data management. The system provided a centralised platform to track customer interactions and data, allowing the bank to gain insights into customer behaviour and preferences. As a result, JPMorgan Chase increased customer interactions by 15% and improved data accuracy by 20%. Bank of America: Bank of America, the second-largest bank in the United States, implemented a CRM system to improve sales and cross-selling opportunities. The system provided sales teams with real-time customer data, across sales and marketing efforts enabling them to tailor their pitches and identify potential cross-selling opportunities. Bank of America achieved a 10% increase in sales and a 15% increase in cross-selling opportunities.These case studies demonstrate the tangible benefits of CRM in the banking industry. By implementing CRM systems, banks can improve customer retention, customer service, cross-selling opportunities, operating costs, and marketing campaigns. Overcoming challenges to CRM adoption in banking While CRM systems offer numerous benefits to banks, their adoption can be hindered by certain challenges. One of the primary obstacles is resistance from employees who may be reluctant to embrace new technology or fear job displacement. Overcoming this resistance requires effective change management strategies, such as involving employees in the selection and implementation process, providing all-encompassing training, and addressing their concerns. Another challenge is the lack of proper training and support for employees using the CRM system. Insufficient training can lead to low user adoption and suboptimal utilisation of the system’s features. To address this, banks should invest in robust training programs that equip employees with the knowledge and skills necessary to effectively use the CRM system. Training should cover not only the technical aspects of the system but also its benefits and how it aligns with the bank’s overall goals. Integration challenges can also hinder the successful adoption of CRM software in banking. Banks often have complex IT systems and integrating a new CRM system can be a complex and time-consuming process. To overcome these challenges, banks should carefully plan the integration process, ensuring compatibility between the CRM system and existing systems. This may involve working with the CRM vendor to ensure a smooth integration process and providing adequate technical support to address any issues that arise. Data security is a critical concern for banks, and the adoption of a CRM system must address potential security risks. Banks must ensure that the CRM system meets industry standards and regulations for data protection. This includes implementing robust security measures, such as encryption, access controls, and regular security audits, to safeguard sensitive customer information. Finally, the cost of implementing and maintaining a CRM system can be a challenge for banks. CRM systems require significant upfront investment in software, hardware, and training. Banks should carefully evaluate the costs and benefits of CRM adoption, ensuring that the potential returns justify the investment. Additionally, banks should consider the ongoing costs associated with maintaining and updating the CRM system, as well as the cost of providing ongoing training and support to users. Future trends and innovations in banking CRM Navigating Evolving Banking Trends and Innovations in CRM The banking industry stands at the precipice of transformative changes, driven by a surge of innovative technologies and evolving customer expectations. Open banking, artificial intelligence (AI), blockchain technology, the Internet of Things (IoT), and voice-activated interfaces are shaping the future of banking CRM. Open banking is revolutionising the financial sphere by enabling banks to securely share customer data with third-party providers, with the customer’s explicit consent. This fosters a broader financial ecosystem, offering customers access to a varied range of products and services, while fostering healthy competition and innovation within the banking sector. AI has become an indispensable tool for banking institutions, empowering them to deliver exceptional customer experiences. AI-driven chatbots and virtual assistants provide round-the-clock support, assisting customers with queries, processing transactions, and ensuring swift problem resolution. Additionally, AI plays a pivotal role in fraud detection and risk management, safeguarding customers’ financial well-being. Blockchain technology, with its decentralised and immutable nature, offers a secure platform for financial transactions. By maintaining an incorruptible ledger of records, blockchain ensures the integrity and transparency of financial data, building trust among customers and enhancing the overall banking experience. The Internet of Things (IoT) is transforming banking by connecting physical devices to the internet, enabling real-time data collection and exchange. IoT devices monitor customer behaviour, track equipment status, and manage inventory, empowering banks to optimise operations, reduce costs, and deliver personalised services. Voice-activated interfaces and chatbots are revolutionising customer interactions, providing convenient and intuitive access to banking services. Customers can utilise voice commands or text-based chat to manage accounts, make payments, and seek assistance, enhancing their overall banking experience. These transformative trends necessitate banks’ ability to adapt and innovate continuously. By embracing these technologies and aligning them with customer needs, banks can unlock new opportunities for growth, strengthen customer relationships, and remain at the forefront of the industry. How LIKE.TG Can Help LIKE.TG is a leading provider of CRM solutions that can help banks achieve the benefits of CRM. With LIKE.TG, banks can gain a complete view of their customers, track interactions, deliver personalised experiences, and more. LIKE.TG offers a comprehensive suite of CRM tools that can be customised to meet the specific needs of banks. These tools include customer relationship management (CRM), sales and marketing automation, customer service, and analytics. By leveraging LIKE.TG, banks can improve customer satisfaction, increase revenue, and reduce costs. For example, one bank that implemented LIKE.TG saw a 20% increase in customer satisfaction, a 15% increase in revenue, and a 10% decrease in costs. Here are some specific examples of how LIKE.TG can help banks: Gain a complete view of customers: LIKE.TG provides a single, unified platform that allows banks to track all customer interactions, from initial contact to ongoing support. This information can be used to create a complete picture of each customer, which can help banks deliver more personalised and relevant experiences. Track interactions: LIKE.TG allows banks to track all interactions with customers, including phone calls, emails, chat conversations, and social media posts. This information can be used to identify trends and patterns, which can help banks improve their customer service and sales efforts. Deliver personalised experiences: LIKE.TG allows banks to create personalised experiences for each customer. This can be done by using customer data to tailor marketing campaigns, product recommendations, and customer service interactions. Increase revenue: LIKE.TG can help banks increase revenue by providing tools to track sales opportunities, manage leads, and forecast revenue. This information can be used to make informed decisions about which products and services to offer, and how to best target customers. Reduce costs: LIKE.TG can help banks reduce costs by automating tasks, streamlining processes, and improving efficiency. This can free up resources that can be used to focus on other areas of the business. Overall, LIKE.TG is a powerful CRM solution that can help banks improve customer satisfaction, increase revenue, and reduce costs. By leveraging LIKE.TG, banks can gain a competitive advantage in the rapidly changing financial services industry.

Decision-making holds the key to success within business management. Managerial accounting helps leaders make smart decisions by giving them important financial information. This specialised type of accounting looks closely at a company’s financial data to aid in internal decision-making. Managerial accounting empowers managers with the insights they need to allocate resources effectively, optimise pricing strategies, and navigate the ever-changing business landscape. This article explores the core of managerial accounting, shedding light on its significance, scope, techniques, and limitations, while also highlighting the transformative power of Financial Services CRM with LIKE.TG in revolutionising managerial accounting practices. What is managerial accounting? In business management, managerial accounting is essential for making the best decisions. It turns financial data into useful information, helping managers confidently handle business challenges. Unlike traditional accounting, which focuses on external reporting and compliance, managerial accounting looks into the specifics of an organisation’s financial health. It encompasses the identification, measurement, analysis, interpretation, and communication of financial information that is relevant to internal users, particularly those involved in decision-making, planning, and controlling the organisation’s activities. Managerial accounting helps management understand the company’s financial performance by providing detailed reports, budgets, and cost analyses. It gives them the tools to find areas for improvement and make smart decisions about resource use, pricing, and business operations. It acts like a guide, helping decision-makers achieve profitability and growth. Essentially, managerial accounting is the financial backbone of sound decision-making, providing managers with the knowledge and insights they need to steer their organisations towards success. It is the key that unlocks the door to informed decision-making and sustainable business growth. The importance of managerial accounting Managerial accounting holds a prominent position as a powerful tool that empowers managers to navigate the complexities of financial decision-making. It serves as a beacon, guiding them through the ever-changing landscape of resource allocation and pricing strategies. By providing managers with accurate and timely financial data, managerial accounting enables them to make informed choices that optimise costs, enhance profitability, and contribute to the overall financial well-being of the organisation. Managerial accounting plays a major role in risk management and opportunity identification. Through meticulous analysis of financial information, managers can anticipate potential pitfalls and seize emerging opportunities. This proactive approach allows organisations to stay ahead of the curve, adapting swiftly to market dynamics and maintaining a competitive edge in an environment that changes rapidly. Managerial accounting is also instrumental in facilitating effective planning and budgeting processes. By shedding light on past financial performance and present financial standing, it empowers managers to set realistic and achievable goals for the future. This data-driven approach minimises uncertainties, ensures efficient resource allocation, and aligns the organisation’s strategic objectives with its financial capabilities. Managerial accounting is necessary for good decision-making in a company. It gives managers the information and tools they need to guide the company towards growth, profitability, and long-term success. Using managerial accounting practices is needed for businesses that want to succeed today. The scope of managerial accounting Managerial accounting encompasses a wide range of activities that are essential for effective decision-making within an organisation. These activities include: Cost Accounting: Managerial accountants play a crucial role in identifying, classifying, and allocating costs associated with various products, services, or departments within the organisation. This involves analysing and interpreting cost data to determine the profitability of different products or services, as well as evaluating the efficiency of various operations. Budgeting: Managerial accountants assist in the development and implementation of budgets, which serve as financial roadmaps for the organisation. They analyse historical financial data, industry trends, and market conditions to create realistic and achievable budget targets. Budgeting helps managers allocate resources effectively, control costs, and monitor financial performance. Performance Evaluation: Managerial accountants evaluate the financial performance of the organisation and its various segments by analysing financial statements, ratios, and other relevant metrics. They identify variances between actual results and budgeted targets and investigate the reasons for such deviations. This enables managers to assess the effectiveness of their strategies and make necessary adjustments to improve performance. Decision Making: Managerial accountants provide valuable insights and analysis to support decision-making processes within the organisation. They evaluate the financial implications of various decisions, such as capital investments, product launches, or market expansion. By presenting relevant financial information and conducting cost-benefit analyses, managerial accountants help managers make informed choices that align with the organisation’s strategic objectives. Reporting and Communication: Managerial accountants prepare and communicate financial reports and analyses to various stakeholders within the organisation, including top management, department heads, and investors. These reports provide critical financial information that enables managers to monitor the organisation’s financial health, identify trends, and make informed decisions. The scope of managerial accounting encompasses a diverse range of activities that are essential for effective decision-making, planning, and control within an organisation. Managerial accountants play a vital role in providing accurate and timely financial information, analysing costs, evaluating performance, and supporting management in achieving the organisation’s financial goals and objectives. Managerial accounting techniques Managerial accounting employs various techniques to provide managers with valuable insights and information for decision-making. Here are five key managerial accounting techniques: **Cost-Volume-Profit (CVP) Analysis**: CVP analysis examines the relationship between costs, volume of activity, and profits. It helps managers understand how changes in costs and sales volume impact the organisation’s profitability. By analysing the break-even point and the margin of safety, managers can make informed decisions on pricing, production levels, and cost control strategies. **Budgeting**: Budgeting is the process of creating a financial plan for a specific period, usually a year. It involves estimating revenues, expenses, and cash flows. Budgets serve as a roadmap for the organisation’s financial activities and help managers allocate resources effectively, control costs, and stay on track with financial goals. **Standard Costing**: Standard costing assigns predetermined costs to products or services based on historical data and engineering estimates. By comparing actual costs with standard costs, managers can identify variances and investigate the underlying causes. This technique helps control costs, improve efficiency, and set performance targets. **Marginal Costing**: Marginal costing focuses on the incremental costs associated with producing additional units of a product or service. It helps managers understand the impact of changes in production volume on profitability. By comparing the marginal cost with the marginal revenue, managers can make informed decisions on pricing, product mix, and outsourcing. **Activity-Based Costing (ABC)**: ABC is a costing method that assigns costs to products or services based on the activities required to produce them. Unlike traditional costing methods, ABC recognises that not all costs are directly related to production volume. By identifying the cost drivers and allocating costs more accurately, ABC helps managers improve product costing, pricing, and decision-making. These managerial accounting techniques are powerful tools that empower managers to make informed decisions, optimise resource allocation, control costs, and enhance profitability. By leveraging these techniques, organisations can achieve their strategic objectives and gain a competitive advantage in the market. Cost-volume-profit (CVP) analysis Cost-volume-profit (CVP) analysis is a cornerstone technique in managerial accounting that enables organisations to understand the intricate relationships between costs, volume, and profits. This powerful tool provides valuable insights into the impact of various scenarios on an organisation’s profitability, enabling managers to make informed decisions about pricing, production, and marketing strategies. At the heart of CVP analysis lies the concept of the break-even point, a critical threshold where total revenues equal total costs, resulting in zero profit or loss. Calculating the break-even point is essential as it serves as a benchmark against which various scenarios can be evaluated. By analysing the break-even point, managers can determine the minimum sales volume required to cover all costs and achieve profitability. Another key aspect of CVP analysis is the margin of safety, which represents the excess of sales revenue over the break-even point. This concept is vital in assessing the organisation’s ability to withstand fluctuations in sales volume or unexpected cost increases without slipping into losses. A wider margin of safety indicates a more robust financial position and provides a buffer against potential risks. CVP analysis is crucial in the decision-making processes. By simulating different scenarios and analysing their impact on profits, managers can evaluate the effects of pricing changes, variations in production levels, or the introduction of new products or services. This enables them to make informed choices that optimise profitability and align with the organisation’s strategic objectives. CVP analysis empowers managers with the knowledge and insights necessary to navigate the complex business landscape. By understanding the cost-volume-profit relationships, managers can make well-informed decisions that drive growth, profitability, and long-term success for their organisations. Limitations of managerial accounting Despite the numerous benefits of managerial accounting, it is essential to acknowledge its limitations. These limitations should be considered when using managerial accounting information for decision-making purposes. One limitation of managerial accounting is the reliance on estimates and assumptions. Many managerial accounting techniques, such as budgeting and standard costing, require managers to make assumptions about future events. These assumptions may not always be accurate, which can lead to errors in decision-making. For example, if a manager underestimates the cost of a new product, the organisation may end up losing money on the product. Another limitation of managerial accounting is the potential for inaccuracy. Managerial accounting information is often based on data from various sources, such as financial statements, sales reports, and production reports. If any of these data sources are inaccurate, it can lead to errors in managerial accounting information. For example, if a sales report contains incorrect sales figures, the manager may make decisions based on incorrect information about the organisation’s financial performance. Managerial accounting also has a limitation in that it primarily focuses on financial data. While financial data is important, it does not provide a complete picture of an organisation’s performance. Other non-financial factors, such as customer satisfaction, employee morale, and market share, are also important for decision-making. However, managerial accounting often does not provide information about these non-financial factors. To continue, implementing managerial accounting systems can be complex and time-consuming. Organisations need to invest in software, train employees, and develop procedures to collect and analyse data. This can be a significant challenge for small businesses or organisations with limited resources. Lastly, managerial accounting requires specialised knowledge and skills. Accountants and managers need to have a strong understanding of accounting principles and financial analysis techniques to use managerial accounting information effectively. This can be a challenge for organisations that do not have access to qualified accounting professionals. Whilst managerial accounting provides valuable information for decision-making, it is essential to be aware of its limitations. These limitations include the reliance on estimates and assumptions, the potential for inaccuracy, the focus on financial data, the complexity of implementation, and the need for specialised knowledge and skills. Managers should consider these limitations when using managerial accounting information to make the best decisions. Financial Services CRM with LIKE.TG LIKE.TG Financial Services Cloud is a customer relationship management (CRM) platform that is specifically designed for the financial services industry. It provides a comprehensive suite of tools that can help financial institutions enhance customer experiences, increase operational efficiency, and drive revenue growth. One of the key benefits of LIKE.TG Financial Services Cloud is its ability to provide a 360-degree view of the customer. This means that financial advisors have access to all of the relevant customer information in one place, including account history, contact information, and interactions with the company. This allows advisors to provide more personalised and relevant service to their clients. LIKE.TG Financial Services Cloud also offers a variety of tools that can help financial institutions automate their processes and improve operational efficiency. For example, the platform can be used to automate tasks such as lead generation, account management, and compliance reporting. This can free up financial advisors to focus on more strategic tasks, such as providing advice to clients and growing their business. LIKE.TG Financial Services Cloud can help financial institutions drive revenue growth by providing them with tools to identify and track sales opportunities. The platform also offers a variety of marketing tools that can be used to reach new customers and grow the business. Overall, LIKE.TG Financial Services Cloud is a powerful CRM platform that can help financial institutions improve customer experiences, increase operational efficiency, and drive revenue growth. By leveraging the power of LIKE.TG, financial institutions can gain a competitive edge and achieve success in the rapidly changing financial services industry.

Double-entry accounting is a robust bookkeeping method that has stood the test of time. The double-entry accounting method offers business owners and accountants alike a full financial overview by recording every transaction twice – once as a debit and once as a credit. This time-tested record-keeping system provides an unmatched level of accuracy and transparency, making it the gold standard for businesses seeking to maintain impeccable financial records. We’ll look closer into the intricacies of double-entry accounting, exploring its advantages over single-entry accounting, and uncovering its potential drawbacks. Additionally, we will provide a practical example to illustrate how this accounting method works in real-life scenarios. What Is Double-Entry Accounting? Double-entry accounting is a time-honoured bookkeeping system that operates on the principle of recording every financial transaction twice, ensuring that each debit entry or cash account amount is matched with a corresponding credit entry. This meticulous approach provides a holistic view of a company’s financial health, offering business owners and accountants alike a clear and accurate representation of their business and financial standing. Double-entry accounting, also known as double-entry bookkeeping, stands in stark contrast to single-entry accounting, which only records transactions once. This simplified method, while less complex, is prone to errors and omissions, potentially leading to discrepancies and inaccuracies in financial reporting. In contrast, double-entry accounting’s dual recording system acts as an internal control mechanism, ensuring the integrity and reliability of financial data. Additionally, double-entry accounting complies with generally accepted accounting principles (GAAP), which ensures accurate financial reporting. The foundation of double-entry accounting lies in the fundamental accounting equation: Assets = Liabilities + Owner’s Equity. This equation serves as the guiding principle for every transaction recorded in the general ledger. When a transaction occurs, it simultaneously affects at least two accounts, with the debit entry increasing one account and the credit entry increasing another. This balancing act maintains the equilibrium of the accounting equation, ensuring that the financial records remain accurate and consistent. The benefits of double-entry accounting are numerous. It provides an overarching audit trail, allowing accountants and auditors to trace transactions back to their source documentation, enhancing the transparency and accountability of financial records. By capturing both sides of every transaction, double-entry accounting facilitates the preparation of financial statements, including the balance sheet, income statement, and statement of cash flows. These statements serve as vital tools for decision-making, enabling businesses to assess their financial performance, profitability, and cash flow management. Understanding Double-Entry Accounting In accounting, double-entry accounting is a key method that changed how financial transactions are recorded and analysed. It operates on the fundamental principle that every business transaction always has two inseparable aspects: a debit and a credit. Debits signify an increase in assets or expenses, while credits represent an increase in liabilities, equity, or revenue. Debits increase asset and expense accounts, while credits decrease them. For example, money paid towards a bank loan is recorded as a debit to the expense accounts, and receiving payment for a service provided is recorded as a credit to the revenue account. This meticulous approach ensures that the accounting equation, a sacred balance of Assets = Liabilities + Owner’s Equity, remains perpetually in harmony. Picture this: a company embarks on a transaction, purchasing inventory on credit for a substantial sum of $10,000. In the double-entry accounting realm, this transaction unfolds as a debit of $10,000 to the inventory asset account, reflecting the influx of new goods. Simultaneously, a credit of $10,000 graces the accounts payable liability account, acknowledging the debt incurred. This intricate dance of debits and credits ensures that the company’s total assets rise by $10,000, while its liabilities mirror this increase, preserving the equilibrium of the financial accounting equation. The magic of double-entry accounting is in how it carefully records every financial transaction, tracking all money coming in and going out. It empowers businesses to meticulously track their income and expenses, keeping a watchful eye on their assets and liabilities. Armed with this all-encompassing and more complete financial picture and panorama, decision-makers gain invaluable insights into the company’s overall financial Double-entry accounting serves as the bedrock for crafting essential financial statements: the balance sheet, a snapshot of a company’s financial position; the income statement, a chronicle of its financial performance; and the statement of cash flows, a detailed account of its cash movements. These statements, meticulously crafted using double-entry accounting principles, form the cornerstone of informed decision-making, financial reporting, and regulatory compliance. Essentially, double-entry accounting is the linchpin of modern accounting systems, a method that instils confidence in the accuracy, consistency, and reliability of financial records. Its systematic approach empowers businesses to make better decisions, navigate financial complexities, and meet regulatory obligations, ensuring their continued success in the ever-evolving economic landscape. Types of Business Accounts The intricate system of double-entry accounting encompasses a variety of business accounts, each meticulously designed to capture and categorise financial transactions. These accounts fall into five broad categories: assets, liabilities, equity, income accounts revenue, and expenses. Assets are the resources owned by a business and include tangible assets such as cash, inventory, and equipment, as well as intangible assets like patents and trademarks. Liabilities, on the other hand, represent the financial obligations of a business, including loans, accounts payable, and mortgages. Equity accounts reflect the ownership interest in a business. This includes the initial investment made by the business owners, as well as retained earnings, which in asset accounts are the profits that have been reinvested in the business. Revenue accounts record the income generated by a business from its primary operations, such as sales of goods or services. Expenses and expense accounts, conversely, capture the costs incurred by a business in generating revenue, including salaries, rent, and utilities. The meticulous classification of financial transactions into these distinct accounts allows for the preparation of financial statements, including the balance sheet, income statement, and statement of cash flows. These detailed financial statements provide invaluable insights into the financial health of a business, enabling stakeholders to make informed decisions and navigate the ever-changing business landscape. The Double-Entry Accounting System The double-entry accounting system is the backbone of double-entry bookkeeping. This method of recording financial transactions ensures that each transaction is recorded twice, once as a debit and once as a credit. This double-entry bookkeeping system creates a system of checks and balances that ensures the accuracy and integrity of the financial records. In the double-entry accounting system, every transaction affects at least two accounts. When a debit is made to one account, a corresponding credit is made to another account. This ensures that the accounting equation (Assets = Liabilities + Owner’s Equity) is always in balance. For example, let’s say a company purchases $1,000 worth of inventory on credit. The inventory account would be debited for $1,000, and the accounts payable or credit account, would be credited for $1,000. This transaction increases the company’s assets (inventory) and liabilities (accounts payable), while keeping the accounting equation in balance. The double-entry accounting system also provides a clear audit trail for all financial transactions. By tracking each transaction from its origin to its final destination, auditors can easily verify the accuracy of the financial records. This helps to protect businesses from fraud and other financial irregularities. In addition to its accuracy and transparency, the double-entry accounting system also provides valuable insights into a company’s financial performance. By analysing the debits and credits in each account, businesses can identify trends and patterns that can help them make informed decisions about their operations. The double-entry accounting system is a powerful tool that helps businesses manage their finances effectively. By providing accurate, transparent, and insightful financial records, double-entry and accounting software helps businesses make informed decisions and achieve their financial goals. Example of Double-Entry Let’s consider a simple example to illustrate how double-entry accounting works. Suppose a company sells goods worth $1,000 to a customer on credit. In this transaction, the company’s sales revenue increases by $1,000, and its accounts receivable (an asset) also increases by $1,000. To record this transaction in double-entry bookkeeping, the company would make the following journal entries: Debit: Accounts Receivable $1,000 Credit: Sales Revenue $1,000 Now, let’s assume the company purchases inventory worth $500 from a supplier on credit. This transaction results in two entries: an increase in the company’s inventory (an asset) and an increase in its accounts payable (a liability). The journal entries for this transaction would be: Debit: Inventory $500 Credit: Accounts Payable $500 Finally, suppose the company pays $200 in cash to a creditor to a bank loan to settle its accounts payable. This transaction decreases the company’s accounts payable and its cash (an asset). The journal entries for this transaction would be: Debit: Accounts Payable $200 Credit: Cash $200 As you can see from this example, each transaction is recorded twice, once as a debit and once as a credit. This ensures that the credit side of the accounting equation (Assets = Liabilities + Owner’s Equity) remains in balance. What Is the Difference Between Single-Entry Accounting and Double-Entry Accounting? Within bookkeeping, there exists a dichotomy of two accounting entry methods: single-entry bookkeeping and its more intricate counterpart, double-entry accounting. While both serve the purpose of recording financial transactions, they diverge in their approach and complexity. Single-entry bookkeeping, as its name suggests, records each transaction only once. It is a simpler, time-efficient system suitable for small businesses with limited accounting knowledge and resources. This method involves tracking income and expenses without delving into the intricacies of assets, liabilities, and equity. Though straightforward, it lacks the comprehensive nature of its double-entry counterpart. Double-entry accounting, on the other hand, is a meticulous system that records every transaction twice, ensuring a balanced equation of Assets = Liabilities + Owner’s Equity. This method necessitates a deeper understanding of accounting principles and requires more time and effort to maintain. However, its advantages far outweigh its complexities. The double-entry accounting system provides a comprehensive and complete picture of a company’s financial health by meticulously categorising transactions into various accounts. These accounts encompass assets, liabilities, equity, revenue, and expenses, each serving a specific purpose in capturing the financial intricacies of a business. The meticulous nature of double-entry accounting extends to the preparation of financial statements. The balance sheet, income statement, and statement of cash flows are all products of this system, offering invaluable insights into a company’s financial performance and position. Stakeholders rely on these statements to make informed decisions and navigate the ever-changing business landscape. In contrast, single-entry accounting falls short in providing such comprehensive information. While it may suffice for basic bookkeeping needs, it lacks the depth and accuracy required for businesses seeking a thorough understanding of their financial health. In essence, double-entry accounting stands as the superior choice for businesses seeking accuracy, transparency, and a comprehensive analysis of their financial performance. Its intricate nature may require more effort, but the benefits it provides are invaluable in the pursuit of financial success and sustainable growth. The Disadvantage of the Double-Entry Accounting System? Double-entry accounting is widely regarded as the gold standard for bookkeeping, but it is not without its drawbacks. One significant disadvantage is its complexity compared to single-entry accounting. Double-entry accounting requires a higher level of accounting knowledge and expertise to implement and manage effectively. This can be a challenge for small businesses or organisations with limited accounting resources. Another disadvantage of double-entry accounting is its time-consuming nature. Recording each transaction twice, along with the need for regular balancing and reconciliation, can be more labour-intensive than single-entry accounting. This can lead to increased operational costs and potential delays in financial reporting. Furthermore, double-entry accounting is more prone to human error due to its intricate nature. Errors in recording transactions or other bookkeeping errors in balancing accounts can have significant impacts on the accuracy and reliability of financial statements. Detecting and correcting these errors can be a time-consuming and challenging process. Finally, the complexity of double-entry accounting can make it more difficult to track down errors and irregularities. This can be particularly problematic in cases of fraud or financial mismanagement. Auditors and investigators may require additional time and effort to untangle complex transactions and identify discrepancies. Despite these disadvantages, double-entry accounting remains the preferred choice for businesses seeking accurate and reliable financial reporting. Its advantages, such as providing a comprehensive view of financial health and ensuring the integrity of financial records, outweigh the challenges associated with its implementation and maintenance. LIKE.TG’s Financial Services CRM is a cloud-based platform specifically designed to cater to the unique needs of financial institutions. By leveraging the power of LIKE.TG’s cutting-edge technology, this comprehensive suite of tools empowers financial service providers to effectively manage customer relationships, streamline processes, and significantly enhance overall efficiency. One of the key strengths of LIKE.TG’s Financial Services CRM lies in its robust client management capabilities. This feature enables financial institutions to centralise and organise all relevant customer information, including personal details, financial profiles, and interaction history, in a single, easily accessible platform. This streamlined approach facilitates efficient customer service, allowing financial advisors to gain a comprehensive understanding of their client’s needs and deliver personalised financial solutions. Another notable aspect of LIKE.TG’s Financial Services CRM is its effective opportunity management module. This module assists financial institutions in identifying, tracking, and managing sales opportunities throughout the entire sales cycle. By providing a structured framework for managing leads, nurturing prospects, and closing deals, this feature empowers financial advisors to optimise their sales efforts and maximise revenue potential. Furthermore, LIKE.TG’s Financial Services CRM offers advanced reporting capabilities that enable financial institutions to gain valuable insights into their business performance. Through customisable reports and dashboards, financial institutions can analyse key metrics such as sales performance, customer satisfaction, and operational efficiency. This data-driven approach supports informed decision-making, allowing financial institutions to identify areas for improvement and implement effective strategies for growth. By leveraging LIKE.TG’s Financial Services CRM, financial institutions can transform their operations and deliver exceptional customer experiences. With its comprehensive suite of tools and powerful functionality, LIKE.TG empowers financial service providers to achieve greater efficiency, enhance customer engagement, and drive business growth in the competitive financial services industry.

Today we are constantly generating and consuming vast amounts of data. From social media posts and online transactions to sensor data and scientific research, the volume, variety, and velocity of data are growing exponentially. This phenomenon is known as big data. In this article, we will explore the concept of big data, its origins, and its significance in the modern world. We’ll also look closely into how big data works, provide real-world examples of its applications, and discuss its impact on various industries and sectors. Finally, we will look ahead to the future of big data and its potential to transform our lives and businesses even further. What is big data? There’s an overwhelming influx of data that characterises our daily interactions. This phenomenon, commonly referred to as big data, encompasses a vast and ever-growing collection of information. It extends beyond the traditional structured data found in relational databases to include unstructured data such as social media posts, sensor data, and weblogs. The sheer volume, variety, and velocity of this data present both challenges and opportunities for businesses and organisations. The term “big data” was coined in the early 21st century to describe the exponential growth and complexity of data. Its defining characteristics are often summarised by the three Vs: Volume, Velocity, and Variety. Volume refers to the immense quantity of data generated daily. Velocity pertains to the rapid speed at which this data is produced and processed. Variety encompasses a diverse range of data formats, including structured, unstructured, and semi-structured data. The sources of big data are as varied as the data itself. Social media platforms, e-commerce transactions, sensor networks, and scientific research contribute to this ever-expanding pool of information. The proliferation of smartphones, IoT (Internet of Things) devices, and cloud computing has further accelerated the growth of big data. History of big data The history of big data is relatively short, but it has already had a profound impact on the way we live and work. In the early days of computing, data was scarce and expensive to store. In the early days, raw data was often collected and stored without much processing, making it challenging to derive meaningful insights. As a result, businesses and organisations were forced to be very selective about the data they collected and stored. However, with the advent of cheaper storage and more powerful computers, it became possible to collect and store vast amounts of data. This led to the rise of big data. The term “big data” was first coined in 2005 by Roger Mougalas. Mougalas used the term to describe the massive amounts of data that were being generated by the Internet and other digital sources. He argued that this data could be used to gain valuable insights into human behaviour and to improve decision-making. In the years since Mougalas coined the term, big data has become a major force in business, government, and society. Big data is used to improve customer service, develop new products and services, and make better decisions. It is also used to study human behaviour, track disease outbreaks, and fight crime. The potential of big data is enormous. However, there are also challenges associated with big data. One challenge is the sheer volume of data that is available. This data can be difficult to store, process, and analyse. Another challenge is the privacy of big data. Big data can be used to track people’s movements, habits, and preferences. This information can be used for good, but it can also be used for malicious purposes. Despite the challenges, the potential of big data is too great to ignore. Big data is changing the world, and it is important to understand how it works and how it can be used. Data-driven innovation Data-driven innovation is the process of using big data analytics to analyse data and derive insights for informed decision-making. This can help organisations improve efficiency and productivity, develop new products and services, and improve customer service. Data scientists and analysts play a crucial role in analysing data to uncover trends and patterns that can drive business decisions. One example of data-driven innovation is the use of big data analytics to improve customer service. By analysing customer data, businesses can identify trends and patterns in customer behaviour. This information can then be used to develop targeted marketing campaigns, improve customer service strategies, and develop new products and services that meet the needs of customers. Another example of data-driven innovation is the use of big data analytics to improve healthcare. By analysing patient data, healthcare providers can identify trends and patterns in patient health. This information can then be used to develop personalised treatment plans, improve patient outcomes, and reduce healthcare costs. The potential of data-driven innovation is enormous. By harnessing the power of big data, businesses and organisations can improve their operations, develop new products and services, and make better decisions. However, there are also challenges associated with data-driven innovation. One challenge is the sheer volume of data that is available. Another challenge is the privacy of big data. Businesses and organisations need to be careful about how they collect, store, and use big data. They need to make sure that they are protecting the privacy of their customers and employees. Despite the challenges, data-driven innovation is a powerful tool that can help businesses and organisations improve their operations and make better decisions. By harnessing the power of big data, businesses and organisations can gain a competitive advantage and achieve success. How Big Data Works with Structured and Unstructured Data In order to understand big data, it’s important to know how it works. A data lake is often used to store unstructured big data, allowing for flexible data management and quick access. The big data process can be broken down into five key steps: data collection, data storage, data processing, data analysis, and data visualisation. The first step in the big data process is data collection. This involves gathering data from a variety of sources, such as sensors, social media, and customer transactions. Once the data has been collected, it needs to be stored in a way that makes it easy to access and analyse. This is where data storage comes in. The next step is data processing. This involves cleaning and preparing the data to ensure data quality, which may include removing duplicate data and correcting errors. This may involve removing duplicate data, correcting errors, and converting the data into a format that is compatible with the analysis tools that will be used. Once the data has been processed, it can be analysed to identify patterns and trends. This involves using statistical and machine-learning techniques to identify patterns and trends in the data. This information can then be used to make informed decisions about everything from product development to marketing strategies. The final step in the big data process is data visualisation. This involves presenting the results of the data analysis in a way that is easy to understand. This may involve creating charts, graphs, and other visual representations of the data. Big data examples Big data is being used by businesses across a wide range of industries to improve their operations and deliver better customer experiences. Here are a few examples: Retail: Big data is used by retailers to track customer purchases, analyse customer behaviour, and develop targeted marketing campaigns. Retailers use big data analysis to uncover customer preferences and optimise inventory management. This information can be used to improve the shopping experience, increase sales, and reduce costs. Healthcare: Big data is used by healthcare providers to improve patient care, reduce costs, and develop new treatments. Healthcare providers, as business users, leverage big data to enhance patient care and operational efficiency. This information can be used to identify patients at risk for certain diseases, develop personalised treatment plans, and track the effectiveness of treatments. Finance: Big data is used by financial institutions to detect fraud, assess risk, and develop new financial products. This information can be used to protect customers from financial crime, improve the efficiency of financial transactions, and develop new investment opportunities. Transportation: Big data is used by transportation companies to improve logistics, reduce costs, and improve safety. Big data helps transportation companies in resource management by optimising routes and reducing fuel consumption. This information can be used to optimise shipping routes, track the location of vehicles, and predict traffic patterns. Manufacturing: Big data is used by manufacturers to improve quality control, reduce costs, and develop new products. This information can be used to identify defects in products, optimise production processes, and develop new products that meet the needs of customers. These are just a few examples of how big data is being used by businesses to improve their operations and deliver better customer experiences. As the volume, velocity, and variety of data continue to grow, we can expect to see even more innovative and groundbreaking uses of big data in the years to come. Big Data Technologies in Today’s World Big data has become an integral part of our daily lives and has revolutionised the way we interact with technology, businesses, and information. In today’s world, the amount of data created every day is simply mind-boggling. According to recent estimates, the global data creation is a staggering 2.5 quintillion bytes of data every single day, and this number is only expected to grow exponentially in the years to come. The impact of big data can be seen across various industries and sectors. For instance, in the healthcare sector, big data is used to improve patient care, reduce costs, and develop new treatments. By analysing vast amounts of patient data, healthcare providers can identify trends and patterns, leading to more personalised treatment plans and better patient outcomes. Similarly, in the financial industry, big data plays a crucial role in detecting fraud, assessing risk, and developing innovative financial products. The retail industry also leverages big data to enhance customer experiences and drive sales. By tracking customer purchases, analysing customer behaviour, and developing targeted marketing campaigns, retailers can gain valuable insights into consumer preferences and provide more personalised services. Big data also plays a significant role in the manufacturing industry, where it is used to improve quality control, reduce costs, and develop new products. Furthermore, the entertainment industry has embraced big data to create more engaging and personalised experiences for consumers. By analysing user data, content providers can tailor recommendations, improve streaming quality, and develop new content that resonates with their audience. The growth of the Internet of Things (IoT) has further amplified the significance of big data. With billions of devices connected to the internet, from smartphones and smartwatches to industrial sensors and home appliances, the volume of data generated is immense. This data holds valuable insights into consumer behaviour, operational efficiency, and asset tracking, enabling businesses to make informed decisions and optimise their operations. The world of big data continues to evolve rapidly, presenting both opportunities and challenges for businesses and organisations. Harnessing the power of big data effectively requires robust data management strategies, advanced analytics capabilities, and a commitment to data privacy and security. By embracing big data and leveraging its potential, businesses can gain a competitive edge, drive innovation, and transform their operations. Future of Big Data and Machine Learning The future of big data is bright. As the amount of data in the world continues to grow, so too will the need for tools and technologies to process and analyse it. This growth will create new opportunities for businesses and organisations of all sizes to use big data to improve their operations, develop new products and services, and make better decisions. One of the most important developments in the future of big data will be the continued growth of artificial intelligence (AI) and machine learning (ML). These technologies are already being used to automate many of the tasks associated with big data processing and analysis, and they will become even more powerful in the years to come. As AI and ML become more sophisticated, they will be able to identify patterns and trends in data that are invisible to the human eye. This will allow businesses and organisations to make even better decisions and to develop new products and services that are tailored to the needs of their customers. Another important development in the future of big data will be the increasing use of data visualisation tools. These tools make it possible to present big data in a way that is easy to understand and interpret. This will allow businesses and organisations to communicate the results of their big data analyses to their stakeholders in a way that is clear and concise. Finally, the future of big data will also see an increasing focus on data privacy and security. As more and more data is collected and stored, it is important to ensure that it is protected from unauthorised access and use. Businesses and organisations will need to invest in data security measures to protect their data from cyberattacks and other threats. The future of big data is full of potential. As the amount of data in the world continues to grow, so too will the opportunities for businesses and organisations to use it to improve their operations, develop new products and services, and make better decisions.

In personal finance, the concept of wealth management often arises as a crucial aspect of securing financial stability and achieving long-term goals. It encompasses a comprehensive range of advisory services tailored to individuals and families, aiming to effectively manage and grow their financial resources. We’ll look into the intricacies of wealth management, exploring its diverse services, advantages, and strategies employed by wealth managers to help clients navigate the complexities of financial planning, investment management, and estate planning. From understanding the types of wealth management services available to gaining insights into the selection process of a wealth manager, this overarching guide provides valuable information to empower individuals in making informed decisions about their financial wellbeing. What is wealth management? Wealth management services are meticulously tailored to each client’s unique circumstances and aspirations. Investment management lies at the core of this service, where experts strategically allocate financial assets to optimise returns while mitigating risks. Through careful portfolio construction and ongoing market monitoring, wealth managers ensure that investment strategies remain aligned with evolving financial goals. Financial planning looks into the intricacies of an individual’s financial life, encompassing cash flow analysis, debt management, education planning, retirement planning, and insurance planning. This approach ensures that every financial situation and aspect is meticulously considered and optimally managed, creating a roadmap towards financial stability and prosperity. Estate planning, an essential component of wealth management, focuses on preserving and distributing an individual’s assets during their lifetime and beyond. Through the creation of wills, trusts, and other legal instruments, wealth managers ensure that an individual’s wishes are meticulously documented and executed, safeguarding the financial wellbeing of their loved ones and preserving their legacy for generations to come. Wealth management is an invaluable service for individuals and families seeking to cultivate, preserve, and grow their financial resources. By partnering with experienced wealth managers, clients gain access to personalised financial strategies, expert guidance, specialist advice, and unmatched proficiency in navigating the complexities of financial planning, investment management, and estate planning. This collaborative endeavour empowers individuals to confidently pursue their financial aspirations, ensuring a secure financial foundation for themselves and their loved ones. Types of wealth management services Wealth management services provide a thorough array of financial solutions designed to cater to the unique needs and aspirations of individuals and families. These services encompass four primary domains: financial planning, investment management, estate planning, and tax planning. The Financial Industry Regulatory Authority (FINRA) plays a crucial role in overseeing professional standards and credentials in wealth management. Financial planning is essential in wealth management as it offers a structured approach to achieving financial objectives. It entails a thorough assessment of an individual’s current financial standing, identification of short-term and long-term goals, and the formulation of a customised roadmap to realise those aspirations. This financial planner also encompasses budgeting strategies, debt management, retirement planning, education funding, and risk mitigation strategies. Investment management plays a pivotal role in wealth management, focusing on the strategic allocation and management of assets to foster wealth growth. Wealth managers construct diversified investment portfolios tailored to each client’s risk tolerance, investment horizon, and financial goals. They exercise constant vigilance over market dynamics, making judicious adjustments to the portfolio to optimise returns while minimising potential risks. Estate planning is an essential component of wealth management, ensuring the orderly transfer of assets during a client’s lifetime and beyond. It involves the creation of legal instruments, such as wills, trusts, and powers of attorney, to delineate the distribution and management of assets. Estate planning also addresses crucial matters like minimising estate taxes, preserving family wealth, and safeguarding the financial security of heirs. Tax planning is an integral aspect of wealth management, aimed at minimising tax liabilities and maximising after-tax income. Wealth managers meticulously analyse clients’ tax situations and devise strategies to optimise tax efficiency. This may involve leveraging tax-advantaged investment vehicles, maximising deductions and credits, and anticipating the potential tax implications of various financial transactions. By seamlessly integrating these services, wealth managers empower clients with a holistic approach to managing their financial resources and achieving their long-term financial aspirations. They serve as trusted advisors, providing personalised guidance, profound expertise, and unwavering support assisting clients to navigate the complexities of wealth management and make informed financial decisions. Advantages of wealth management Wealth management offers a range of advantages that can significantly benefit individuals and families seeking to achieve their financial goals. Firstly, a wealth management team provides clients with personalised financial advice tailored to their unique circumstances and aspirations. Through extensive financial planning, wealth managers assess clients’ financial situations, identify their goals, and develop customised strategies to help them achieve those goals. This personalised approach ensures that clients receive guidance that is aligned with their specific needs and priorities. Secondly, wealth management services provide clients with access to professional expertise and knowledge in managing complex financial matters. Wealth managers possess extensive knowledge of financial markets, investment strategies, and tax regulations, enabling them to make informed decisions on behalf of their clients. This expertise is particularly valuable for individuals who may lack the time, knowledge, or experience to effectively manage their own finances. Thirdly, wealth management offers clients peace of mind and financial security. By entrusting their financial affairs to experienced wealth managers, individuals and families can alleviate the stress and anxiety associated with managing their finances. Wealth managers continuously monitor clients’ portfolios, ensuring that they remain aligned with their financial goals and risk tolerance. This ongoing monitoring and management provide clients with the assurance that their financial future is in capable hands. Fourthly, wealth management services can help clients achieve greater financial efficiency and optimisation. Wealth managers employ sophisticated financial planning techniques and strategies to maximise clients’ returns while minimising risks. They also assist clients in optimising their tax liabilities, ensuring that they retain more of their hard-earned income. This financial efficiency can significantly contribute to clients’ overall financial wellbeing and long-term financial success. In conclusion, wealth management offers a multitude of advantages for individuals and families seeking to achieve their financial goals. Through personalised advice, professional expertise, peace of mind, and financial efficiency, wealth management services provide clients with the support and guidance needed to navigate the complex world of finance and secure their financial future. How to choose a wealth manager When selecting a wealth manager, it’s crucial to consider several key factors to ensure you find a professional who aligns with your financial needs and goals. One important aspect to consider is the wealth manager’s fiduciary status. A fiduciary is legally obligated to act in the best interests of their clients, prioritising their financial wellbeing above all else. This level of trust and responsibility is essential when entrusting your financial future to a wealth manager. Experience and qualifications are also vital factors to evaluate. Look for a wealth manager with a proven track record of success in managing and growing wealth. Consider their educational background, professional certifications, and years of experience in the financial industry. A wealth manager with a strong track record and relevant qualifications can provide valuable insights and strategies to help you achieve your financial objectives. Another important consideration is the wealth manager’s investment philosophy and risk tolerance. Understand their approach to investing and managing risk, and ensure it aligns with your own financial goals and risk appetite. A wealth manager or financial advisor who shares your investment philosophy and understands your risk tolerance can tailor their strategies accordingly, maximising the potential for success. Fees are another crucial aspect to consider when choosing a wealth manager. Be clear about the fee structure and ensure you understand all associated costs, including management fees, performance fees, and any additional expenses. Transparent fee structures and reasonable rates are essential to ensure your wealth manager’s interests are aligned with yours. Finally, don’t underestimate the value of references and recommendations. Seek referrals from friends, family, or business associates who have worked with wealth managers in the past. Personal recommendations can provide valuable insights into the wealth manager’s professionalism, expertise, and client service. By carefully considering these factors, you can select a wealth manager who possesses the experience, qualifications, and values to effectively guide you towards achieving your financial aspirations. Wealth management fees and costs Wealth management services typically come with associated fees and costs that vary depending on the complexity of the financial plan, the level of service provided, and the wealth manager’s experience and qualifications. It is crucial for individuals and families to understand these fees and costs before selecting a wealth manager to ensure that they are making an informed decision. Common types of fees charged by wealth managers include: Advisory fees: These fees are typically based on a percentage of assets under management (AUM) and cover the ongoing investment advice, and management provided by the wealth manager. The percentage can vary depending on the size of the portfolio and the services included. Transaction fees: These fees are charged each time a trade is executed on behalf of the client. They may include commissions, bid-ask spreads, and other related costs. Custodian fees: These fees are an advisory fee charged by the financial institution that holds the client’s assets in custody. They cover the costs of safeguarding and administering the assets. Performance fees: Some wealth managers charge performance fees based on the investment returns achieved. These fees are typically structured as a percentage of the profits generated above a predetermined benchmark. Hourly fees: In some cases, private wealth managers may charge an hourly fee for specific services, such as financial planning or estate planning. It is important to note that fees and costs can vary significantly between wealth managers, so it is essential to compare and understand the fee structures before making a decision. Some wealth managers may offer bundled services that include a combination of fees, while others may charge separately for each service. Additionally, some wealth managers may require a minimum investment amount or a minimum annual fee, which can limit accessibility for individuals with smaller portfolios. It is advisable to seek clarification on all fees and costs, including any potential hidden charges, before committing to a wealth management service. Examples of wealth management Wealth managers provide a wide range of services to help clients manage their wealth effectively. Some common examples of wealth and asset management and services include: Creating and maintaining an investment portfolio: Wealth managers can help clients build diversified investment portfolios that align with their risk tolerance, investment goals, and time horizon. They can also provide ongoing monitoring and management of the portfolio to ensure it remains aligned with the client’s objectives. Developing strategies for tax-efficient investing: Wealth managers can help clients develop strategies to minimise their tax liability and maximise their after-tax returns. This may involve utilising tax-advantaged investment vehicles, such as retirement accounts and tax-efficient mutual funds, as well as implementing tax-loss harvesting strategies. Providing advice on estate planning: Wealth managers can help clients create estate plans that ensure their assets are distributed according to their wishes and that their loved ones are financially secure. This may involve drafting wills, trusts, and powers of attorney, as well as providing guidance on issues such as probate and estate taxes. Offering guidance on charitable giving: Wealth managers can help clients develop charitable giving strategies that align with their philanthropic goals and maximise their tax benefits. This may involve establishing donor-advised funds, charitable trusts, or private foundations, as well as providing guidance and tax advice on selecting charities and structuring gifts. Assisting with business succession planning: Wealth managers and financial advisers can help business owners develop plans for the orderly transfer of their business to the next generation or to other owners. This may involve developing buy-sell agreements, creating family-limited partnerships, or implementing other succession planning strategies. Wealth managers can also provide guidance on specialised areas of wealth management, such as retirement planning, education funding, and insurance planning. By working with a qualified wealth manager, individuals and families can gain access to the expertise and resources they need to achieve their financial goals and secure their financial future. Strategies of a Wealth Manager Within wealth management, meticulous strategies are implemented to assist clients in accomplishing their financial aspirations. Diversification stands as a central strategy, aiming to disperse investments across asset classes, industries, and geographic boundaries. This prudent approach to investment strategy seeks to mitigate the impact of market fluctuations, paving the way for sustained long-term growth. Risk management plays an equally important role, with wealth managers meticulously assessing clients’ risk tolerance and crafting personalised investment strategies aligned with their comfort levels. This may entail employing stop-loss orders, strategic hedging, or incorporating alternative investments like real estate or commodities to fortify against potential losses. Regular vigilance and proactive adjustments ensure that clients’ portfolios remain harmonised with their risk preferences. Rebalancing emerges as another essential strategy, ensuring that asset allocation remains optimal amidst dynamic market conditions. As investments traverse through varying performance cycles, periodic adjustments are made to restore the portfolio’s balance, aligning it with the target allocation. This prudent approach not only mitigates risk but also seizes emerging growth opportunities. Tax efficiency holds a prominent position in wealth management, with strategies designed to minimise clients’ tax liabilities. Wealth managers leverage techniques such as tax-loss harvesting, judicious investment placement, and leveraging tax-advantaged accounts. By optimising tax efficiency, clients are empowered to maximise their after-tax returns and preserve a greater portion of their wealth. Estate planning constitutes an integral component of wealth management, ensuring that clients’ wealth is transferred to heirs in a tax-efficient manner and their wishes are honoured after their passing. This includes crafting trusts, wills, and other legal instruments, as well as collaborating with estate attorneys and other professionals. Through comprehensive estate planning, clients can safeguard their legacies and provide for their loved ones. These strategies coalesce to form a holistic framework for wealth management, encompassing financial guidance, risk management, and future security. Wealth managers serve as trusted financial advisors throughout, diligently guiding clients toward the realisation of their financial goals and securing their financial wellbeing.

Asynchronous communication is quickly becoming the new normal in the digital age. This type of communication allows for more flexibility and convenience, as participants can send and receive messages at their own convenience. It also fosters deeper and more thoughtful responses, as participants have time to reflect and compose their messages. In this article, we will explore the concept of asynchronous communication, its benefits, and how it is used in telecommunication, computer programming, and workplace communication. We will also provide some examples of asynchronous communication and compare it to synchronous communication. Finally, we will discuss how LIKE.TG can help you with the term asynchronous communication. What is asynchronous communication? Asynchronous communication is a mode of digital communication, in which the sender and receiver are not engaged in simultaneous, real-time interaction. Unlike synchronous communication, such as phone calls or face-to-face conversations, asynchronous communication does not require the immediate presence or availability of both parties. In an asynchronous form of communication, the sender can transmit a message without expecting an immediate response from the recipient. This allows for greater flexibility and convenience, as participants can engage in communication at their own convenience, regardless of their location or schedule. Asynchronous communication can take place through various channels, including email, text messaging, instant messaging, social media, and online forums. In contrast, other forms of real-time communication, like texting, e-mail, and Twitter, require immediate or near-immediate responses. One significant advantage of asynchronous communication is the opportunity it provides for more thoughtful and well-crafted responses. Since participants have time to reflect on their messages before sending them, asynchronous communication often leads to more detailed and insightful conversations. It allows individuals to express their thoughts and ideas more clearly and comprehensively, fostering deeper and more meaningful discussions. Furthermore, asynchronous communication can enhance productivity by enabling individuals to multitask and prioritise their tasks. It allows them to engage in multiple conversations simultaneously without the pressure of immediate response, leading to more efficient use of time and resources. However, it’s important to acknowledge the potential drawbacks associated with asynchronous communication. The lack of immediate feedback can sometimes lead to misunderstandings or delays in resolving issues. Additionally, the absence of non-verbal cues, such as body language and tone of voice, can make it challenging to convey emotions and intentions accurately. Overall, asynchronous communication offers a flexible and convenient alternative to synchronous communication, allowing for more thoughtful and in-depth interactions. While it may have certain limitations, asynchronous communication remains a valuable tool in today’s fast-paced digital landscape, facilitating effective collaboration and knowledge sharing among individuals and teams. Benefits of asynchronous communication Asynchronous communication offers a host of advantages over synchronous communication, making it a valuable tool for businesses and individuals alike. Improved productivity Asynchronous communication allows employees to work at their own pace and on their own time, which can lead to increased productivity. Employees are not constrained by the need to be available for real-time conversations and can instead focus on completing tasks without distractions. This flexibility can be especially beneficial for employees who have other commitments, such as caregiving or remote work. Greater flexibility Asynchronous communication offers greater flexibility than synchronous communication, as it allows employees to communicate from any location and at any time, on their own schedule. This can be a major advantage for businesses with employees who work remotely or travel frequently. Asynchronous communication also makes it easier for employees to collaborate with colleagues in different time zones or countries. Increased inclusivity Asynchronous communication can make the workplace more inclusive for employees with disabilities or who are neurodivergent. For example, employees with social anxiety or autism may find it easier to communicate via text or email than in person or over the phone. Asynchronous communication can also level the playing field for employees who are not native speakers of the majority language in the workplace. Deeper and more thoughtful responses Asynchronous communication allows participants to take their time and craft thoughtful, well-considered responses. This can lead to deeper and more meaningful conversations, as participants have the opportunity to reflect on their thoughts and feelings before responding. Asynchronous communication can also be beneficial for resolving conflicts, as it allows participants to avoid getting caught up in the heat of the moment. Asynchronous in telecommunication Within telecommunication, asynchronous communication refers to the exchange of information between devices or systems without the requirement for real-time interaction. Unlike synchronous communication, where participants engage in a continuous, back-and-forth exchange, asynchronous communication allows for a more flexible and time-independent exchange of messages. A typical example of asynchronous communication in telecommunication is the exchange of text messages or emails. In this scenario, the sender composes and sends a message, and the recipient retrieves and reads it at their convenience. In contrast, video conferencing is a synchronous communication method where events need to happen in order and over a fixed span of time, unlike asynchronous methods where events can happen at irregular intervals and recipients can respond at their convenience. There is no need for both parties to be available simultaneously, providing greater flexibility in communication. Asynchronous communication also finds applications in various telecommunication technologies and services. For instance, voicemail systems allow callers to leave recorded messages for the intended recipients to retrieve and listen to later. Similarly, fax machines enable the transmission of documents without requiring the sender and receiver to be online simultaneously. One key advantage of asynchronous communication in telecommunication is its ability to transcend geographical boundaries and time zones. It enables seamless communication between individuals or entities located in different parts of the world, regardless of their respective time zones. This flexibility makes asynchronous communication particularly suitable for global business operations and remote collaboration. However, it’s important to acknowledge certain drawbacks associated with asynchronous communication in telecommunication. The absence of real-time client interaction can sometimes lead to delays in resolving urgent matters or addressing time-sensitive issues. Additionally, the lack of immediate feedback or response can hinder effective problem-solving or decision-making processes. Despite these limitations, asynchronous communication remains a valuable tool in the telecommunication landscape, offering convenience, flexibility, and the ability to bridge geographical distances. It complements synchronous communication methods by providing an alternative means of interaction that suits various communication needs and preferences. Asynchronous in computer programming Asynchronous programming is a paradigm that allows different parts of a computer program to run concurrently. In traditional synchronous programming, each statement is executed in sequence, and the next statement cannot start until the current statement has finished executing. This can lead to inefficiencies, especially when dealing with long-running tasks or when multiple tasks need to be coordinated and performed simultaneously. Asynchronous programming overcomes these limitations by allowing multiple tasks to execute concurrently. This is achieved by using a technique called “event-driven programming,” which involves setting up event handlers that are triggered when certain events occur. For example, if a user clicks a button on a web page, an event handler can be triggered to handle the click event and perform the necessary actions. Asynchronous programming can significantly improve the performance and responsiveness of computer programs, especially when dealing with user interfaces, network communication, and other I/O-intensive tasks. It also allows for more efficient use of resources, as multiple tasks can be executed concurrently without having to wait for each other to complete. Some popular examples of asynchronous programming languages include JavaScript, Python, and Ruby. These languages provide built-in support for event-driven programming and offer various libraries and frameworks that facilitate asynchronous programming. Overall, asynchronous programming is a powerful paradigm that enables efficient and responsive computer programs by allowing multiple tasks to execute concurrently. It is widely used in various applications, including web development, mobile development, and real-time systems. Asynchronous in workplace communication Asynchronous work is a valuable tool for workplace communication. It can enable employees to work flexibly, collaborate more effectively, reduce stress and burnout, and improve communication between employees and managers. One of the key benefits of asynchronous communication is that it allows employees to work on their own schedules. This can be especially beneficial for employees who have other commitments, such as family or school, or who simply prefer to work at their own pace. Asynchronous communication also allows employees to collaborate more effectively, as they can easily share ideas and documents with each other without having to be in the same place at the same time. This can be especially helpful for teams that are spread across different locations or time zones. In addition, asynchronous communication can help to reduce stress and burnout in the workplace. When employees are not constantly interrupted by phone calls or emails, they can focus better on their work and take breaks when they need them. This can help to improve employee morale and productivity. Finally, asynchronous communication can improve communication between employees and managers. When managers are not able to communicate with their employees in real-time, they have more time to think about their responses and provide more thoughtful feedback. This can help to build trust and rapport between managers and employees. Of course, asynchronous communication also has some drawbacks. One potential drawback is that it can be difficult to resolve urgent matters or address time-sensitive issues. Additionally, asynchronous communication can sometimes lead to misunderstandings or miscommunications, as employees may not be able to clarify their words or meaning in real-time. However, overall, asynchronous communication can be a valuable tool for workplace communication when used effectively. Asynchronous examples Examples of asynchronous communication include sending an email, posting on a message board, leaving a voicemail, sending a text message, and using Slack or Microsoft Teams. Email is one of the most common forms of asynchronous communication. It allows you to send messages to others at any time, and they can read and respond to them at their convenience. Email is a good way to communicate when you need to share a lot of information or when you want to get feedback from others. Message boards are another popular form of asynchronous communication. They allow users to post messages and questions on a public forum, and others can read and respond to them. Message boards are a good way to get help from others or to share information with a large group of people. Voicemail is a good way to communicate when you need to leave a message for someone who is not available to answer the phone. Voicemail messages can be listened to at the recipient’s convenience. Text messaging is a popular form of asynchronous communication that allows short messages to be sent to others. Text messages are a good way to stay in touch with friends and family or to communicate with co-workers about work-related matters. Slack and Microsoft Teams are two popular collaboration tools that allow teams to communicate asynchronously. These tools allow users to send messages, share files, and collaborate on projects. Slack and Microsoft Teams are good ways to stay connected with your team and get work done. Asynchronous communication can be a valuable tool for workplace communication. It can enable employees to work flexibly, collaborate more effectively, reduce stress and burnout, and improve communication between employees and managers. By using asynchronous communication tools, you can improve the productivity and efficiency of your team. Asynchronous workflows are particularly beneficial for remote teams, as they allow for seamless collaboration across different time zones and locations, transforming parts of the creative process into an asynchronous one. Asynchronous vs. synchronous Asynchronous communication is a type of communication in which the sender and receiver are not engaged in real-time communication. It can take place over a variety of channels, including email, text messaging, and social media. Asynchronous communication allows for more flexibility and convenience in communication, as participants can send and receive messages at their own convenience. It can also foster deeper and more thoughtful responses, as participants have time to reflect and compose their messages. In the context of online education, asynchronous learning offers similar flexibility, allowing students to access instructional materials and complete tasks at their chosen time within a designated time frame. This contrasts with synchronous learning, where students attend class sessions at specific times, engaging in live instruction and participating in real-time discussions and activities. Online classes can be either asynchronous or synchronous, each with its own set of benefits. Asynchronous online classes provide flexibility and the opportunity for immediate feedback, while synchronous online classes offer real-time engagement and interaction. In a virtual setting, synchronous learning takes place in a digital space where students and instructors interact in real-time, akin to a physical classroom setting. In contrast, synchronous communication requires both communicating parties to be available at the same time. This type of communication is often used for meetings, phone calls, and video chats. Synchronous communication can be more efficient for time-sensitive matters, as participants can interact and respond to each other immediately. However, it can also be more disruptive, as participants may need to interrupt their other activities to attend to the communication. The choice between asynchronous and synchronous communication depends on several factors, including the urgency of the matter, the complexity of the information being communicated, and the preferences of the participants. For example, if a message is time-sensitive or requires immediate feedback, synchronous communication may be more appropriate. On the other hand, if the message is not urgent and allows for more thoughtful consideration, asynchronous communication may be a better option. Asynchronous communication can also be more convenient for participants who are in different time zones or have different work schedules. It allows participants to communicate on their own time, without the need to coordinate schedules. Additionally, asynchronous communication can be more accessible for individuals with disabilities or who prefer written communication. Overall, asynchronous and synchronous communication have their own advantages and disadvantages, and the best choice depends on the specific operating situation and preferences of the participants. How LIKE.TG can help you with Asynchronous communication LIKE.TG provides a comprehensive set of tools and services to facilitate asynchronous communication, enabling businesses to enhance their communication efficiency and productivity. These tools include: Asynchronous Programming: LIKE.TG offers robust support for asynchronous programming, allowing developers to create applications that can process tasks and operations in the background without hindering the user interface. This enhances application performance and responsiveness, particularly for complex and data-intensive tasks. Messaging Services: LIKE.TG provides a range of messaging services that enable asynchronous communication between users, customers, and applications. These services include email, chat, and SMS messaging, allowing for seamless and convenient communication. APIs for Asynchronous Communication: LIKE.TG offers a comprehensive set of APIs that enable developers to integrate asynchronous communication into their custom applications. These APIs include the Messaging API, which facilitates the sending and receiving of messages, and the Streaming API, which enables real-time updates and notifications. Workflow Automation: LIKE.TG’s workflow automation capabilities allow businesses to automate repetitive and time-consuming tasks, such as sending follow-up emails or generating reports. This automation enhances efficiency and frees up employees to focus on more strategic and value-added activities. By leveraging these tools and services, LIKE.TG empowers businesses to embrace asynchronous communication, fostering collaboration, productivity, and customer engagement while optimising resource utilisation and reducing costs.