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.
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 study of how individuals make choices among alternatives and the principles that guide these choices. Important for designing decision-making processes and interfaces that help users make informed choices.
Business Process Management Software (BPMS) refers to tools and systems that help organizations design, model, execute, monitor, and optimize their business processes. Essential for improving operational efficiency and ensuring that digital products support effective business processes.
The process of making predictions about future trends based on current and historical data. Useful for anticipating user needs and market trends to inform design decisions.
A cognitive bias where individuals overestimate the likelihood of extreme events regressing to the mean. Crucial for understanding decision-making and judgment under uncertainty.
Time to Value (TTV) is a metric that measures the time it takes for a customer to realize the value of a product or service after purchase. Crucial for optimizing customer satisfaction and improving business outcomes.
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.
Rapid Application Development (RAD) is a software development methodology that emphasizes quick prototyping and iterative delivery. Essential for reducing development time and adapting to changing requirements.
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.
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.
A structure or framework used to create effective prompts for AI systems, ensuring clarity and context. Important for standardizing and improving AI prompt design.
AI systems designed to generate creative content, such as art, music, and literature. Important for exploring new forms of artistic expression and automating creative processes.
A pattern of rapid and sustained growth after a period of linear or stagnant growth, resembling the shape of a hockey stick. Crucial for understanding and planning for rapid expansion phases in digital product lifecycle and business strategy.
A statistical measure that quantifies the amount of variation or dispersion of a set of data values. Essential for understanding data spread and variability, which helps in making informed decisions in product design and analysis.
A process by which users are automatically enrolled into a service or program, often used to increase participation rates. Useful for increasing user engagement and participation in services and programs.
A cognitive bias where people attribute group behavior to the characteristics of the group members rather than the situation. Crucial for understanding team dynamics and avoiding misattribution in collaborative settings.
Average Revenue Per Account (ARPA) is a metric used to measure the average revenue generated per user or account. Crucial for understanding and optimizing revenue streams in subscription-based businesses.
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.
A design approach that uses data, algorithms, and predictive analytics to anticipate user needs and behaviors, creating more personalized and effective experiences. Crucial for enhancing user experience through anticipation and personalization.
The percentage of customers who stop using a product or service during a specific time period. Essential for understanding customer retention and identifying areas for improvement.
A distributed version control system for tracking changes in source code during software development. Essential for collaborative development and managing codebase evolution in digital product design.
The use of statistical techniques and algorithms to analyze historical data and make predictions about future outcomes. Important for optimizing marketing strategies and anticipating customer needs.
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 group of individuals with similar skills or expertise, spread across different squads, who come together to share knowledge and best practices. Crucial for maintaining technical excellence and fostering professional development within specific disciplines.
The process of estimating future sales based on historical data, trends, and market analysis. Crucial for setting realistic sales targets and planning resources effectively.
Principle of Least Astonishment (POLA) is a design guideline stating that interfaces should behave in a way that users expect to avoid confusion. Crucial for enhancing user experience and reducing the learning curve in digital products.
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.
Product-Oriented Delivery (POD) is a methodology that focuses on organizing teams around products rather than projects. This approach is essential for enhancing product focus, agility, and cross-functional collaboration.
A reusable solution to common design problems that provides a standard way of addressing recurring issues in design. Essential for creating consistent and efficient design solutions.
The process of transitioning an organization to agile methodologies, including changes in culture, processes, and practices. Essential for organizations seeking to adopt agile practices for improved efficiency and responsiveness.
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.
A user research technique where participants organize information into categories to inform information architecture and design. Essential for creating intuitive information architectures and improving user experience.
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 process of predicting future customer demand using historical data and other information. Crucial for optimizing inventory levels, production schedules, and supply chain management.
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.
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.
An economic theory that explains why some necessities, such as water, are less expensive than non-essentials, like diamonds, despite their greater utility. Useful for understanding consumer behavior and designing pricing strategies.
A theory of emotion suggesting that physical and emotional responses to stimuli occur simultaneously and independently. Important for understanding user emotions and designing empathetic user experiences.
A method of creating and testing user interfaces using hand-drawn sketches and mockups on paper. Essential for early-stage design validation and gathering user feedback.
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.
Representativeness is a heuristic in decision-making where individuals judge the probability of an event based on how much it resembles a typical case. Crucial for understanding biases in human judgment and improving decision-making processes.
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.
A detailed description of a system's behavior as it responds to a request from one of its stakeholders, often used to capture functional requirements. Essential for understanding and documenting how users will interact with a system to achieve their goals.
A key aspect of Gestalt psychology describing the mind's ability to fill in gaps to create a whole object from incomplete elements. Crucial for designing creative and engaging visuals that are both pleasing to the eye and cleverly satisfying to the mind.
A network of real-world entities and their interrelations, organized in a graph structure, used to improve data integration and retrieval. Crucial for enhancing data connectivity and providing deeper insights.
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.
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.
The spread and pattern of data values in a dataset, often visualized through graphs or statistical measures. Critical for understanding the characteristics of data and informing appropriate analysis techniques in digital product development.
Business Process Execution Language (BPEL) is a language for specifying business process behaviors based on web services. Important for defining and automating complex business processes in digital product workflows.
A strategy where a team plays the role of an adversary to identify vulnerabilities and improve the security and robustness of a system. Crucial for testing the resilience of digital products and identifying areas for improvement.
Drivers, Approvers, Contributors, and Informed (DACI) is a responsibility assignment framework that clarifies roles and responsibilities. Essential for making clear and effective decisions in collaborative environments.
Providing clear, concise, and relevant navigation options to help users find what they need quickly. Crucial for improving user experience and efficiency in digital products.
A statistical distribution where most occurrences take place near the mean, and fewer occurrences happen as you move further from the mean, forming a bell curve. Crucial for data analysis and understanding variability in user behavior and responses.
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.
A theory that a person's behavior is influenced by and influences personal factors and the environment, creating a continuous loop of interaction between these elements. Important for understanding how behavior, personal factors, and environmental contexts dynamically interact to shape user experiences and outcomes.
The stages a customer goes through from awareness to purchase and post-purchase activities. Important for designing strategies that optimize customer acquisition, retention, and satisfaction.
Internet of Things (IoT) refers to a network of interconnected physical devices embedded with electronics, software, sensors, and network connectivity, enabling them to collect and exchange data. Essential for creating smart, responsive environments and improving efficiency across various industries by enabling real-time monitoring, analysis, and automation.
The process of examining large and varied data sets to uncover hidden patterns, correlations, and insights. Important for making informed business decisions and identifying opportunities for innovation and growth.
The study of how people make choices about what and how much to do at various points in time, often involving trade-offs between costs and benefits occurring at different times. Crucial for designing systems that account for delayed gratification and long-term planning.