Know Your Customer (KYC) is a process used by businesses to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. Essential for preventing fraud, money laundering, and terrorist financing, particularly in financial services, while also ensuring compliance with regulatory requirements and building trust with customers.
AI as a Service (AIaaS) is a service model where AI tools and algorithms are provided over the internet by a third-party provider. Essential for making advanced AI capabilities accessible to businesses.
The level of sophistication and integration of design practices within an organization's processes and culture. Essential for assessing and improving the effectiveness of design in driving business value and innovation.
Often referred to as "marketing funnel", a model that represents the user journey from awareness to purchase used to analyze and optimize conversion of prospects to customers. Essential for understanding and improving the customer journey and conversion process.
Return on Investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of different investments. Crucial for assessing the financial effectiveness of business decisions, projects, or initiatives.
The process of ranking leads based on their perceived value to the organization. Useful for prioritizing sales efforts and improving conversion rates.
A metric used to rank leads based on their engagement with a brand, indicating their readiness to purchase. Crucial for prioritizing leads and improving sales efficiency.
Net Promoter Score (NPS) is a metric used to measure customer loyalty and satisfaction based on their likelihood to recommend a product or service to others. Crucial for gauging overall customer sentiment and predicting business growth through customer advocacy.
A key aspect of Gestalt psychology where complex patterns arise out of relatively simple interactions. Crucial for understanding how users perceive complex designs and patterns.
Marketing Qualified Lead (MQL) is a prospective customer who has shown interest in a company's product or service and meets specific criteria indicating a higher likelihood of becoming a customer. Essential for prioritizing leads and optimizing the efficiency of sales and marketing efforts by focusing resources on prospects most likely to convert.
Total Addressable Market (TAM) represents the total revenue opportunity available if a product or service achieves 100% market share. Essential for understanding the full potential of a market.
Mutually Exclusive, Collectively Exhaustive (MECE) is a problem-solving framework ensuring that categories are mutually exclusive and collectively exhaustive, avoiding overlaps and gaps. Essential for structured thinking and comprehensive analysis in problem-solving.
A visual representation of the stages a sales opportunity goes through, helping to track progress and forecast revenue. Important for managing sales processes and predicting future sales.
Cost Per Objective Option (CPOO) is a metric used to measure the cost efficiency of different marketing options based on achieving specific objectives. This metric is crucial for optimizing marketing spend and measuring campaign effectiveness.
Capability Maturity Model (CMM) is a framework for improving and optimizing processes within an organization. Essential for assessing and enhancing the maturity and efficiency of processes in product design and development.
The percentage of users who continue to use a product or service over a specified period, indicating user loyalty and engagement. Essential for assessing the effectiveness of user retention strategies and improving user experience.
The study of dynamic systems that are highly sensitive to initial conditions, leading to unpredictable behavior. Important for recognizing and managing unpredictable elements in design and development processes.
A concept in behavioral economics that describes how future benefits are perceived as less valuable than immediate ones. Important for understanding user preferences and designing experiences that account for time-based value perceptions.
Explainable AI (XAI) are AI systems that provide clear and understandable explanations for their decisions and actions. This transparency is crucial for building trust and confidence in AI applications across various domains.
The integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers. Essential for staying competitive and relevant in a rapidly evolving digital landscape.
CSM (Customer Success Management) is a business methodology focused on ensuring customers achieve their desired outcomes while using a product or service. Crucial for driving customer retention and satisfaction.
A psychological theory proposed by Abraham Maslow that outlines a five-tier model of human needs, ranging from basic physiological needs to self-actualization. Crucial for designing products and services that address various levels of user needs.
The study of complex systems and how interactions within these systems give rise to collective behaviors. Useful for understanding and managing the complexity in design processes and systems.
Return on Advertising Spend (ROAS) measures the revenue generated for every dollar spent on advertising. Essential for assessing the effectiveness and profitability of marketing campaigns.
The rate at which customers stop using a product or service, often used as a metric to measure customer retention. Crucial for understanding customer behavior and improving retention strategies.
A cognitive bias where individuals overestimate the likelihood of extreme events regressing to the mean. Crucial for understanding decision-making and judgment under uncertainty.
A pricing strategy where a core product is sold at a low price, but complementary products are sold at higher prices. Useful for designing pricing strategies that maximize revenue from complementary products.
The potential for a project or solution to be economically sustainable and profitable. Important for ensuring that design and development efforts align with business goals and market demands.
Knowledge Organization System (KOS) refers to a structured framework for organizing, managing, and retrieving information within a specific domain or across multiple domains. Essential for improving information findability, enhancing semantic interoperability, and supporting effective knowledge management in digital environments.
The process of integrating knowledge into computer systems to solve complex problems, often used in AI development. Important for developing intelligent systems that can perform complex tasks and support decision-making in digital products.
The study of how psychological influences affect financial behaviors and decision-making. Essential for understanding and influencing financial decision-making and behavior.
A pricing strategy where a high-priced option is introduced first to set a reference point, making other options seem more attractive in comparison. Important for shaping user perceptions of value and creating a benchmark for other pricing options.
The percentage of users who take a specific action that signifies they are engaging with a product or service. Important for measuring user engagement and the effectiveness of onboarding processes.
A framework for understanding what drives individuals to act, involving theories such as Maslow's hierarchy of needs. Important for designing products and experiences that align with users' intrinsic and extrinsic motivations.
Social, Technological, Economic, Environmental, Political, Legal, and Ethical (STEEPLE) is an analysis tool that examines the factors influencing an organization. Crucial for comprehensive strategic planning and risk management in product design.
An analysis comparing the costs and benefits of a decision or project to determine its feasibility and value. Important for making informed business and design decisions.
A principle stating that as investment in a single area increases, the rate of return on that investment eventually decreases. Important for understanding and optimizing resource allocation in product design and development.
Product Requirements is a document that outlines the essential features, functionalities, and constraints of a product. Crucial for guiding the development process and ensuring all stakeholders have a shared understanding of the product's goals.
The process of systematically collecting, analyzing, and acting on feedback from users to improve products and services. Essential for ensuring that user insights are effectively integrated into the development process.
Portfolio Management is the process of overseeing and coordinating an organization's collection of products to achieve strategic objectives. Crucial for balancing resources, maximizing ROI, and aligning products with business goals.
A concept that humans make decisions within the limits of their knowledge, cognitive capacity, and available time, leading to satisficing rather than optimal solutions. Crucial for designing systems and processes that account for human cognitive limitations and decision-making processes.
Decision-making strategies that use simple heuristics to make quick, efficient, and satisfactory choices with limited information. Important for designing user experiences that support quick and efficient decision-making.
A Project Management Office (PMO) is a centralized unit within an organization that oversees and standardizes project management practices. Essential for ensuring consistency, efficiency, and alignment with strategic goals across projects.
Human in the Loop (HITL) integrates human judgment into the decision-making process of AI systems. Crucial for ensuring AI reliability and alignment with human values.
Enterprise Project Management (EPM) is a comprehensive approach to managing projects across an entire organization. Essential for coordinating complex, cross-functional projects and achieving organizational objectives.
Amazon Web Services (AWS) is a comprehensive cloud computing platform provided by Amazon that offers a wide range of services including computing power, storage, and databases. Crucial for enabling scalable, cost-effective, and flexible IT infrastructure solutions for businesses of all sizes.
Enterprise Architecture (EA) is a strategic framework used to align an organization's business strategy with its IT infrastructure. Crucial for optimizing processes, improving agility, and ensuring that technology supports business goals.
The process of linking language to its real-world context in AI systems, ensuring accurate understanding and interpretation. Crucial for improving the relevance and accuracy of AI-generated responses.
Organizational Change Management (OCM) is the process of managing the people side of change to achieve desired business outcomes. Essential for ensuring successful implementation of changes within an organization.