This Winter 2023 release of the Pretectum CMDM features some cool new features that customers can take advantage of.
These features range from new additional navigations from the ribbon to an objects relationship map; enhancements to business area data that has these attached to metadata tags; new merge and survivorship capabilities in the Duplicate Record search screens and visualisations around key data quality and duplicate search.
Many businesses today rely heavily on robust software as a service (SaaS) based systems to establish a stable and consistent system of record for various business activities.
Customer Master Data Management (CMDM) are a critical component in the data supply chain for many businesses either through manual data management practices or more systematically with various technologies; concerns about data integrity and security have often held businesses back from pushing their customer data to the cloud due to the opaqueness of the understanding of just how exactly the data is secured.
Establishing a Centralized Data Repository
At the core of an effective CMDM system lies a centralized data repository. This repository acts as a comprehensive storehouse of business-wide customer data, ensuring accessibility and reliability across various functions. Whether it’s customer account planning, customer engagement order scheduling or simply informing the business about the customer relationship. Having a single source of truth facilitates better-informed decision-making. A robust CMDM system integrates diverse customer data sets, allowing the business to more easily discern patterns, make predictions, and optimize customer relationships, and process events more seamlessly.
Validation Protocols and Data Accuracy
A key expectation from a SaaS-based CMDM system is the implementation of stringent user, access, and content validation protocols. The data must align with business rules to guarantee accuracy and consistency. By employing machine logic and cross-referencing techniques, discrepancies and redundancies in operational files can be identified and rectified. Users need to have the right levels of access to data and the data needs to be adequately available and accessible to meet business objectives. This validation ensures that everything the business does, operates on appropriate and reliable data, maximizing the potential of the information at hand to meet the business needs.
Data Standardization, Consolidation, and Cleansing
Another crucial aspect is the implementation of a multi-pronged strategy involving data standardization, consolidation, cleansing, and de-duplication. This strategy ensures that data across internal and external systems is not only accurate but also uniform. By promoting data accountability and establishing clear governance rules, businesses create a culture of data integrity. Standardized data sets facilitate efficient communication, enabling different departments to collaborate seamlessly. A CMDM system that actively promotes these practices ensures that businesses have a reliable foundation upon which to build their operations.
Establishing a Culture of Visibility and Transparency
Transparency and visibility are the cornerstones of effective customer data management. A robust CMDM system fosters a culture of transparency by providing quick and easy access to quality data while also informing the data owners and providers of the various characteristics of the data. Zero-party data, for example, data provided by actual customers, holds a higher value than data acquired from third parties. The ability of customers to provide their consent to the use of their data for specific purposes further reinforces the seriousness with which the business respects consumer privacy and data security and integrity.
Data accessibility supports rapid decision-making, enabling the business to respond promptly to risks and opportunities. Cross-functional collaboration through data provisioning facilitates a thriving data culture in an environment where the data is transparent and readily available as appropriate. Plans and decisions, when based on accurate and consistent data, are made with better coordination, leading to enhanced efficiency across the organization.
The Path to Data Intelligence
SaaS-based CMDM systems like the Pretectum CMDM go beyond being a mere data repository. They are a dynamic tool that empowers businesses with accurate, standardized, and transparent customer data.
The minimum expectations for such a system include establishing a centralized data repository, stringent validation protocols, data standardization, consolidation, and cleansing.
They foster a culture of visibility and transparency, which is essential. By meeting these expectations, you business can pave the way for improved data intelligence, ensuring that your decisions are well-informed, agile, and aligned with your strategic objectives.
In such a data-centric landscape, a high-quality CMDM system is not just an asset; it is a necessity, propelling any customer-centred business towards unprecedented heights of efficiency and competitiveness in the global market.
Learn more at https://www.pretectum.com/the-minimum-expectations-of-a-customer-mdm/
A recent 451 Research survey found that an astonishing 98% of companies are using more than one cloud provider. Two-thirds of organizations use services from 2 or 3 public cloud providers and nearly one third of organizations use four or more providers. Using a multi-cloud strategy involves using the services of multiple cloud providers simultaneously. It’s the dominant data management strategy for most organizations.
Top Multi-Cloud Advantages
There’s a long list of reasons why organizations choose to adopt a multi-cloud approach versus just being tied to a single provider. Here’s a look at some of the top reasons.
You Can Match the Right Cloud to the Right Job
The features and capabilities of cloud vendors vary greatly, so using a multi-cloud approach can let you select the best providers for your specific workload requirements. Differences in services for analytics, machine learning, big data, transactions, enterprise applications, and more are factors to consider when deciding where to run in the cloud. Product integrations, security, compliance, development tools, management tools, and geographic locations unique to a cloud provider may also influence your choice.
You Can Save Money
Pricing between providers can differ significantly. These are just a few examples of what you need to take into account when comparing costs:
Providers price the same services differently
Resources such as compute, memory, storage, and networks have different configurations and pricing tiers
The geographic location of a data center can lead to differences in the cost of cloud provider services
Discounts for reserved instances, spot instances, and committed use can save you dollars depending on your usage patterns
Data transfer costs between regions, data centers, and the internet can add up quickly and you should factor these into your costs
The cost of support services can also impact overall expenses
You Can Enhance Business Continuity
Multi-cloud strategies can enhance business continuity so your cloud processing can resume quickly in the face of disruptions. Below are some aspects of multi-cloud business continuity:
There’s no single point of failure
Geographic redundancy enhances resilience against adverse regional events
Cloud provider diversification mitigates the impact of vendor-specific issues such as a service outage or a security breach. Traffic can be redirected to another provider to avoid service disruption.
Data storage redundancy and backup across clouds can help prevent data loss and data corruption
Redundant network connectivity across multiple clouds can prevent network-related disruptions
You Can Avoid Vendor Lock-In
Using multiple cloud providers prevents organizations from being tied to a single provider. This avoids vendor lock-in, giving organizations more freedom to switch providers or negotiate better terms as needed.
You Can Strengthen Your Compliance
Different cloud providers may offer different compliance certifications and different geographic locations for where data is stored. A choice of options helps improve compliance with industry standards and regulations as well as compliance with data residency and data sovereignty-specific regulations.
Some organizations choose to operate a hybrid cloud environment with capabilities stratified across multiple clouds, private and public. Sensitive data applications may be on a private cloud where an organization has more control over the deployment infrastructure.
Actian in a Multi-Cloud World
Despite these advantages, it’s essential for organizations to carefully plan and manage their multi-cloud data management strategy to ensure seamless integration, efficient resource utilization, and strong security.
The Actian Data Platform is a platform that meets multi-cloud data management requirements with features such as a universal data fabric and built-in data integration tools to process and transform data across clouds. You will also benefit from cloud economics, paying only for what you use, having the ability for the service to shut down or go to sleep after a pre-defined period of inactivity, and scheduling starting, stopping, and scaling the environment to optimize uptime and cost. Security such as data plane network isolation, industry-grade encryption, including at-rest and in-flight, IP allow lists, and modern access controls handle the complexities of multi-cloud security.
Data has famously been referred to as the “new oil,” powering the fifth industrial revolution. As our reliance on data-intensive sectors like finance, healthcare, and the Internet of Things (IoT) grows, the question of trust becomes paramount. Trust is a multifaceted issue when dealing with data and events, and one core component is data verification. […]
While we were right at the dawn of generative AI this time last year, we didn’t predict quite the profound impact and seismic shift it would create around the world with the introduction of ChatGPT. In our set of 2023 predictions, we did note the potential effect of LLMs, with research showing their ability to self-improve, […]
Data: The currency powering the modern digital economy. In a world generating 3.5 quintillion bytes of data every day, one reality is clear – we’re surrounded by a sea of information. While this abundance of data presents immense opportunities, businesses often struggle to fully capitalize on its potential for informed decision-making and strategic insights.
Consider this. While data is perhaps every company’s most valuable asset for enabling a growth-driving customer experience…
The mainstreaming of predictive analytics and generative AI has brought Data Management into focus. Artificial Intelligence both runs on and produces a vast amount of data that must be effectively managed, governed, and analyzed. However, a recent survey of 1,000 North American executives revealed that organizations aren’t quite up for the challenge.Â
Many companies are not prepared to implement AI or other technologies into their existing IT infrastructure and workforce in a timely manner…
In the rapidly evolving generative AI landscape, OpenAI has revolutionized the way developers build prototypes, create demos, and achieve remarkable results with large language models (LLMs). However, when it’s time to put LLMs into production, organizations are increasingly moving away from commercial LLMs like OpenAI in favor of fine-tuned open-source models. What’s driving this shift, and why are developers embracing it? The primary motivations are simple…
023 was an incredible year in the development of artificial intelligence (AI). With the massive adoption of technologies like ChatGPT, millions of people are now uncovering new ways to use AI to create content, including email, video animation, and even code.
Since its first debut to the public in 2022, generative AI has dominated headlines and conversations about its potential impact on nearly every aspect of business and life…
According to an article from the United States Environmental Protection Agency (EPA) titled “Sources of Greenhouse Gas Emissions,” here’s where the U.S. stood with greenhouse gas emissions. The biggest offender? Our love for travel. Cars, trucks, planes, and the like, basically anything that guzzled gas or diesel, contributed 28% to the emissions. Almost all of […]
Application mapping, also known as application topology mapping, is a process that involves identifying and documenting the functional relationships between software applications within an organization. It provides a detailed view of how different applications interact, depend on each other, and contribute to the business processes. The concept of application mapping is not new, but its […]
Customer Master Data Management matters
Some reasons why you should care
1Reducing business friction – when you don’t have a customer MDM, every business department is responsible for collecting and maintaining master data – marketing, sales, service, support, billing and collections.
The result is that the same master data may be collected multiple times, and worse, the exact same data may be maintained by more than one department.
If it is consumer data that may land your business in a non-compliance situation when dealing with GDPR and privacy laws.
A customer MDM defines a clear governance process; this means every aspect of the customer master needs to be collected only once. this reduces the number of collection points for the master data and in turn, can reduce the workload for customer data collection for each department. There is less time collecting and verifying and less time needing to be spent on reconciliation.
2Having a customer MDM will lead to improved customer data quality. One of the main weaknesses in an unstructured, decentralized data management function is that data quality gets compromised.
Every department holds a version of the truth as they see it. This inevitably leads to reconciliation and consolidation problems and can even introduce issues in the transaction processing process for the customer.
Sales sell, but the credit risk department assesses risk and sets credit thresholds. If the two departments are working off different views of the customer because the customer master is out of synch or never gets reconciled then sales may not sell because they suspect that the customer is not current with their payments or they may oversell to a customer who has a poor likelihood of settlement. A unified customer master that both references will give a better view of the customer.
When the Customer MDM is the one single source of truth it will provide all relevant master data and directly deliver all the benefits of superior data quality. Data quality here isn’t only about the correct data but also the customer data that is the most up-to-date.
The best possible customer record and experience for all, is the result.
3When all the customer master data is located centrally, the organization is placed in a better position for compliance and governance assessment. The Customer MDM provides the ability to clearly structure data responsibilities.
This structure tells you who is responsible for definition, creation, amendment, viewing/retrieving, deletion and archiving. Moreover, when the data is found centrally, when there are subject access requests, you only have to go to one place to provide details of what you have and what you know about the customer.
Having the customer MDM as your single source of truth will assist in meeting all the expectations of audit, risk, compliance and the customer themselves. Master data management systems in general represent perfect single-source of truth repositories in that they often provide evidence of origin and sourcing lineage. These exist to support business processes but can also be valuable for compliance reporting. S
4Make better decisions now that you have all your customer data in one place and can have a comprehensive, and complete view of the customer master. Organization-wide decision processes can rely on the latest set of common customer master data which will help operations, executives, managers and marketers make informed, fact-based decisions.
Actually, this is a very important aspect you have to understand. When it comes to decision making, dynamic data is most often in the spotlight. However, as mentioned in my initial statement, master data is actually the powerhouse that drives your dynamic data.
5Automation doesn’t have to be a dirty people-displacing word. In fact, it can be a boon to your business efficiency and effectiveness since data exchanges and data hygiene tasks can be performed automatically.
For most companies, the implementation of a customer MDM will eliminate a lot of highly manual tasks engaged in by multiple participants in the creation and maintenance of customer master data.
You can still collect data in Excel if necessary but as long as those spreadsheets land in the master data system through an automated method, you will still have what you consider a tactically effective mechanism as something complementary to the overall needs that the business
Your centralized, system-based Customer Master Data Management eliminates many operational and logistics issues.
With the Pretectum CMDM, there’s no longer a need for creating and maintaining personal Excel files and isolated databases of customer data. Instead, data governance processes restrict that approach and since people always want the most complete and freshest data, why wouldn’t they go to a system that has all that?
To learn more visit https://www.pretectum.com/customer-master-data-management-matters/
Every market has its unique flavor, Japan stands out as a challenge and opportunity in equal measure for global brands seeking to impress a discerning Japanese customer audience. A Japan nuanced approach to branding is not just advisable; it’s imperative.
Japan, a nation steeped in rich culture and tradition, possesses a substantial consumer landscape shaped by distinct regional preferences and culturally bound behaviors. Navigating the country requires careful planning and the same is true for the consumer terrain. To be successful you need to do more than just introduce a product you need to have a comprehensive understanding of the Japanese consumer mindset.
The significance of effective regional branding cannot be overstated. It’s not merely about showcasing the product; it’s about weaving a narrative that resonates deeply with the Japanese consumer psyche.
A matter of trust
One of the key hurdles faced by international brands in Japan is the inherent distrust that consumers harbor for non-domestic products. Japanese consumers, with their high scores on Hofstede’s Uncertainty Avoidance Index, exhibit a natural aversion to risk, especially when it comes to lesser-known brands. Hence, to gain their trust, a brand must not only offer quality and competitive pricing but also craft a holistic brand experience tailored to local tastes and expectations.
Psychologist Dr. Geert Hofstede published the first edition of the cultural dimensions model at the end of the 1970s. It was based on research of people who worked for IBM in more than 50 countries. Hofstede is recognized as one of the most prominent theorists of the day, with significant influence in the field of intercultural communication, in particular.
Hofstede’s Culture’s Consequences first edition was published in 1980 and translated into 17 languages. At the same time, there was a dramatic increase in the number of studies on culture in business journals, and a total of 500 journals were published in the 1980s, increasing to 1700 publications in the 1990s, and 2200 publications in the 2000s according to Cheryl Nakata, in “Beyond Hofstede: Culture frameworks for global marketing and management“.
Of note, is the fact that the data was based upon surveys of thousands of respondents from many countries. More than 88,000 employees from 72 countries participated in the survey in 2001. In 2010 a follow-up survey recorded respondents from 93 countries.
While the initial research was IBM-centric, the framework’s applicability and usefulness led to its adoption in a broader range of research settings. Researchers have adapted the methodology to explore cultural dimensions among different groups of people, making the framework a valuable tool for cross-cultural analysis in diverse contexts.
One could argue that a shortcoming of the studies is that the samples are limited to a specific group of people who could be categorized as coming from a well-educated elite of business people. Such people might be considered atypical in any country.
Nonetheless, the model is an internationally recognized standard for understanding cultural differences.
According to Hofstede’s model, Japan scores high in masculinity, uncertainty avoidance, and long-term orientation compared to other Asian countries. However, Japan scores relatively low in power distance, individualism, and indulgence. Japan’s relatively low score in power distance indicates that Japanese people are more likely to question authority and expect equal distribution of power in society.
In the paper “How Foreigners Experience Japan: Beyond Hofstede’s Model” Akiko Asai discusses how the experience of foreigners from East Asia in Japan differs from that of other foreigners.
The fundamental message of Asai’s paper is that the experience of foreigners in Japan is not monolithic and cannot be explained by Hofstede’s cultural dimensions alone.
Asai argues that while Hofstede’s model is useful for understanding cultural differences, it has limitations and cannot fully capture the complexity of cross-cultural interactions. The author proposes instead, a more nuanced approach that takes into account factors such as language, ethnicity, and nationality even though at face value one is dealing simply with consumers in the Japanese market.
From all this, we could say that we have some sort of a sense of what factors might influence a brand’s positioning in the Japanese market but as with many things, absolutes do not necessarily hold steadfast.
learn more at
https://www.pretectum.com/impressing-a-customer/
Customer master data attributes are essential pieces of information about your customers that in Pretectum CMDM, are stored in the central repository, referred to as the Pretectum CMDM system. Managing your customer master data effectively is crucial for your organization to enhance its customer relationships, improve your organizational decision-making, and streamline operations and business processes.
Here are what we consider key considerations regarding your customer master data attributes:
Accuracy: Ensure that the data is accurate, up-to-date, and free from errors. Inaccurate information can lead to misunderstandings, poor decision-making, and customer dissatisfaction. The Pretectum CMDM ensures accuracy by centralizing customer data and integrating it from multiple sources. This process includes customer self-service and native integrations to maintain up-to-date and correct information, thereby reducing the risk of using incorrect or outdated data. The system also automates data management tasks, which helps in reducing human error and maintaining a high level of data quality.
Completeness: Capture all relevant customer information required for business processes. Incomplete data may hinder your ability to understand customers fully and provide them with the best possible service. Pretectum CMDM addresses completeness by ensuring that all essential customer data fields are present and accurately filled. It supports the definition of comprehensive data requirements, helps in identifying missing information, and enables reporting on data governance policies and data inconsistencies. This approach maintains a consistently high level of data completeness within your customer data, which is crucial for effective analysis and decision-making.
Consistency: Maintain consistency across all systems and platforms where customer data is stored. Inconsistencies can lead to confusion, duplication of efforts, and inaccuracies in reporting. Pretectum CMDM handles consistency by harmonizing customer data across various channels and platforms. It standardizes data formats, employs master data management practices, and resolves data conflicts efficiently. This ensures that customer data is consistent wherever it is used, which is essential for providing seamless customer experiences and maintaining data integrity across the business.
Uniqueness: Ensure that each customer has a unique identifier or key to prevent duplicates. Duplicate records can cause confusion, lead to errors, and impact the accuracy of analytics. Pretectum CMDM helps with uniqueness by identifying and merging duplicate records to create a single, authoritative view of each customer. It uses sophisticated matching algorithms to detect duplicates and provides tools for data stewards to review and merge records as needed. This ensures that each customer is represented once in the database, eliminating redundancies and improving the accuracy of customer profiles.
Security: Implement robust security measures to protect sensitive customer information. Customer data should be handled with care to comply with privacy regulations and maintain the trust of your customers. Pretectum takes the security of customer data very seriously. The platform employs robust security measures to protect data from unauthorized access and breaches. This includes encryption of sensitive data, implementing access controls, and adhering to industry standards and regulations for data security. Pretectum’s commitment to data security ensures that customer information is safeguarded throughout its lifecycle within the CMDM system.
Relevance: Include only the necessary information that is relevant to your business processes. Avoid collecting excessive data that may not be useful and could lead to increased maintenance efforts. Pretectum CMDM ensures the relevance of customer master data by implementing real-time monitoring systems to identify and address data staleness issues promptly. It supports efficient data capture and updating mechanisms, streamlines data processing pipelines, and employs master data management practices to keep customer data current and relevant. This approach helps in avoiding missed opportunities and maintaining the ability to inform about customer data needs effectively.
Do you know the costs of poor data quality? Below, I explore the significance of data observability, how it can mitigate the risks of bad data, and ways to measure its ROI. By understanding the impact of bad data and implementing effective strategies, organizations can maximize the benefits of their data quality initiatives. Data has become […]
Stressed to the limit and buried under busy work, IT teams were told to “do more with less” in 2023. That meant that despite more shadow IT, more security vulnerabilities, and more questions, these tech pros were equipped with the same resources or fewer. Now, as we look at a new year with new opportunities, […]
In my previous blog on digital transformation, I wrote about the benefits of migrating mission-critical databases to the cloud. This time, I’m focusing on modernizing the applications that interact with the database. Application modernization can involve modernizing an application’s code, features, architecture and/or infrastructure. It’s a growing priority according to The 2023 Gartner CIO and Technology Executive Survey that places it in the top 4 technology areas in spending, with 46% of organizations increasing their spend on application modernization. Further, Foundry, an IDG company, reports that 87% of its survey respondents cite modernizing critical applications as a key success driver.
7 Benefits of Database Application Modernization
Why all the recent interest in transitioning to modern applications? Application modernization and database modernization are closely intertwined processes that work together to enhance the overall agility, efficiency, performance, security, innovation, and capabilities of an organization’s business. Here’s how application modernization complements database modernization:
Accelerated Time to Market
Monolithic legacy applications are time consuming to update. Modernized applications with a loosely coupled architecture can enable faster development cycles, reducing the time it takes to bring new features or products to market. Agile development methodologies often accompany application modernization, enabling incremental and iterative development so that teams can respond rapidly to changing business requirements.
Cloud-Enabled Opportunities
Moving applications to the cloud as part of an application modernization initiative provides an extensive list of advantages over on-premises deployments, including elasticity, scalability, accessibility, business continuity, environmental sustainability, a pay-as-you-go model, and more.
Optimized User Experience
Modernizing applications offers many ways to increase user satisfaction, and productivity, including more intuitive interfaces, personalization, improved response times and better accessibility. Â Multi-channel support such as mobile and web and cross-platform compatibility extend reach while advanced search and navigation, rich media incorporation, and third-party integrations add value for users.
Stronger Security and Compliance
Legacy applications built on outdated technologies may lack security features and defenses against contemporary threats and may not comply with regulatory compliance requirements. Modernizing applications allows for the implementation of the latest security measures and compliance standards, reducing the likelihood of security breaches and non-compliance.
Staff Productivity
Legacy systems can be difficult to maintain and may require significant technical resources for updates and support. Modern applications can improve staff efficiency, reduce maintenance expenses, and lead to better utilization of resources for strategic initiatives that deliver greater value to the business.
Easier Integration
Application modernization supports integration with technologies and architectural best practices that enhance interoperability, flexibility, and efficiency. Using technologies such as microservices, APIs, containers, standardized protocols, and/or cloud services, it’s easier to integrate modernized applications within complex IT environments.
Support for Innovation
Legacy applications often make it difficult to incorporate newer technologies, hindering innovation. Modernizing applications allows organizations the ability to leverage emerging technologies, such as machine learning and Internet of Things (IoT) for competitive advantage.
Database Application Modernization with Ingres NeXT
In summary, database application modernization is a strategic digital transformation initiative that can help organizations stay ahead in the digital age. However, application modernization can be expensive and risky without the right approach.
Ingres NeXt is designed to protect existing database application investments in OpenROAD while leveraging them in new ways to add value to your business, without costly and lengthy rewrites. Flexible options to modernize your OpenROAD applications include:
ABF and Forms-Based Applications – Modernize ABF applications to OpenROAD frames using the abf2or migration utility and extend converted applications to mobile and web applications.
OpenROAD and Workbench IDE – Migrate partitioned ABF applications to OpenROAD frames.
OpenROAD Server – Deploy applications securely in the OpenROAD Server to retain and use application business logic.
In addition, The Ingres NeXt Readiness Assessment offers a pre-defined set of professional services that can lower your risk for application modernization and increase your confidence for a successful cloud journey. The service is designed to assist you with understanding the requirements to modernize Ingres and ABF or OpenROAD applications and to impart recommendations important to your modernization strategy formulation, planning, and implementation.
Entering the world of freelance as a data professional offers freedom, diversity in projects, and the thrill of entrepreneurship. But how does one transition from a traditional job to a successful freelance career in the data field? Insights from an experienced freelance data consultant shed light on this journey. Table Of Contents 1Key Skills and […]
Fraud techniques, including phishing, vishing, deepfakes, and other scams are becoming increasingly sophisticated – making it easier than ever to perpetuate fraud at scale. This is placing businesses in danger of financial losses, and trust and reputational damage. Now, there’s an alarming trend among organized crime rings that have the potential to defraud enterprises of […]
If there is one thing that the recent shake-up in the employment market has brought home to many, especially those in tech, it is that work as traditionally understood by many of previous generations, can be unstable. Late in 2023 TikTok’s parent company, ByteDance, dismissed about 1,000 employees in its gaming unit. Fortnite developer Epic Games parted ways with over 800 personnel and Unity has continued a spree that started in 2023 and runs into 2024. The estimates for 2023 are 9000 people impacted in the gaming entertainment sector alone.
I always find a look at layoffs.fyi kind of interesting, they have been around a couple of years now with data going back to 2020. Frontdesk, Invision, Twitch, Lazada, Citrix, Audible, Flipkart Trend Micro, Unity, New Work SE, Google. Some of the numbers are substantial. As of today, 51 Tech companies and 7528 known layoffs in 2024 alone.
The recent changes in the employment market have highlighted the instability of traditional work structures. This has been particularly evident in the tech industry but it is not isolated to tech.
Several factors contribute to this shift:
High job openings: Despite a slight decrease in November, job openings in the US remain high by historical standards. This indicates a strong demand for workers.
Job market resilience: The US economy added more jobs than expected, demonstrating the resilience in the labor market.
Inflation and interest rates: The Federal Reserve has raised its benchmark interest rate multiple times to combat inflation, which has led to a gradual decline in job openings since peaking in March 2022. This could potentially lead to a cooling of the job market. In Europe, inflation dogged many European countries in 2022 and 2023 falling to 3.1% in the EU and 4.7% in the UK
Occupational Shift: occupational mixes shifted, with the most highly skilled individuals enjoying the strongest job growth over the last decade, while middle-skill workers had fewer opportunities.
Labor Mobility: Labor mobility in the EU has been rising as workers in the lower-income regions migrate to dynamic cities to fill jobs.
COVID-19 Impact: The COVID-19 pandemic led to a decrease in national employment rates for 23 of the EU Member States in 2020 compared with the previous year. In the US, the COVID-19 pandemic led to significant job losses, but many of these jobs have since been restored.
Fake Work: According to Fortune, some companies reportedly hired people simply to snub competitors and neutralize the likelihood of those valued resources being snatched up by them. What they described as also being “thanks to an over-hiring spree to satisfy the “vanity” of bosses at the likes of Meta and Alphabet“.
These factors all lead to a reevaluation of traditional employment models, with many individuals and companies now exploring more flexible and resilient alternatives. This includes remote work, contract-based roles, and a greater emphasis on skills rather than specific job titles.
It’s a complex issue with many facets, and the job market will evolve in response to these and other pressures.
Organizations, much like living organisms, undergo cycles of growth and contraction influenced by economic conditions. During economic upturns, companies often seize expansion opportunities, hiring more talent to meet increased demands.
This growth phase can lead to a sense of abundance and optimism within the workforce. Conversely, economic downturns may prompt organizations to reassess their structures, resulting in layoffs, restructuring, or a more streamlined approach to operations.
Individual contributors must recognize these patterns to better navigate the shifts in their work environments. Understanding that these changes are often not personal but strategic responses to economic realities can provide a valuable perspective. By staying attuned to the broader organizational context, individuals can position themselves to adapt and contribute effectively during periods of change.
People-to-Manager Ratio
The people-to-manager ratio is a critical aspect of organizational dynamics. This ratio influences the effectiveness of management and the well-being of individual contributors. While there’s no universal formula for the perfect ratio, finding the right balance is essential.
In scenarios where the ratio is too high, individual contributors may feel a lack of guidance or support, leading to burnout and diminished performance. On the other hand, an excessively low ratio might result in micromanagement and hinder autonomy.
Organizations that strike the right balance empower managers to provide meaningful support to their teams while ensuring that individual contributors have the autonomy and resources needed to excel in their roles. This balance fosters a healthy work environment where everyone can thrive.
Imposter Syndrome
Imposter syndrome is a common challenge that individual contributors, especially very competent younger people, and women in particular, may face. This is prevalent, particularly during times of organizational change. It involves persistent feelings of inadequacy and a fear of being exposed as a fraud, despite evidence of competence or clear qualification.
To overcome imposter syndrome, one should actively reflect on achievements, skills, and the unique perspectives one brings to the role. Seeking constructive feedback from colleagues and mentors can provide valuable insights into one’s strengths. Acknowledging accomplishments, no matter how small helps build confidence and dispel the irrational belief of being an imposter. Watch out for gaslighters though.
In the face of organizational shifts, individuals need to recognize their intrinsic value. Understanding that you were hired for a reason and have the skills to contribute meaningfully can be a powerful antidote to any imposter syndrome you may suffer from.
Professional Growth
Regular self-assessment is a cornerstone of professional growth.
Individual contributors should evaluate their roles in the broader organizational context, considering how their work aligns with overarching goals. This involves a critical examination of tasks, responsibilities, and the impact of their contributions.
An effective self-evaluation goes beyond job responsibilities; it delves into the quality of work, initiative, and the ability to collaborate with colleagues. By identifying areas for improvement and actively seeking growth opportunities, individuals position themselves as proactive contributors to the organization’s success.
This reflective process allows individuals to align their goals with the organization’s objectives, ensuring that their contributions remain relevant and valuable, even in the face of organizational changes.
Reinvention of the self
In times of uncertainty, like now, the ability to reinvent oneself becomes a strategic advantage. This reinvention can take various forms, including acquiring new knowledge, adapting behaviors to meet evolving challenges, and delivering tangible results.
Continuous learning is another cornerstone of professional development. If we end up with more than four cornerstones, consider that the building that is your occupation, career, and role, may not be a quadrilateral.
We should all actively seek opportunities to acquire new skills, stay informed about industry trends, and engage in relevant training programs. This not only enhances individual capabilities but also contributes to the organization’s overall resilience.
Adapting behaviors involves staying attuned to evolving workplace dynamics. This may include embracing collaborative technologies, refining communication skills, and fostering a mindset of adaptability. Being open to change and displaying a positive attitude can position you as an asset during times of organizational flux.
Delivering tangible results is also a fundamental aspect of proving one’s value. Individual contributors should focus on outcomes, highlighting achievements and the positive impact of work. This may involve setting measurable goals, taking ownership of projects, and consistently delivering high-quality results that contribute to the organization’s success.
Critical Thinking
Critical thinking is a catalyst for innovation and problem-solving. Those who cultivate such a skill can navigate uncertainties with agility. During periods of organizational change, critical thinking involves strategic analysis, identifying potential challenges, and proposing effective solutions.
Proactive engagement in critical thinking demonstrates leadership qualities. Individual contributors should actively participate in discussions, offer insights, and contribute to decision-making processes. This not only showcases value but positions one as an essential contributor to the organization’s resilience and adaptability.
Critical thinking involves anticipating future trends and challenges. By staying ahead of the curve, you can position yourself as a more valuable asset, contributing to the organization’s ability to navigate changing economic climates.
Good luck otherwise with the current storm that we seem to be sailing through and hope for calmer waters soon, but hopefully not so calm that you get bored.
Seven trends in enterprise storage have been identified for 2024. (Click here for the first four trends in part one.) In part two, we will look at the remaining three trends. This information will help equip you to prioritize and be successful in the new year. Trend: Skills gap in storage calls for an increase […]
The “Tide” of LLMs Has Reached Our Shores As a career data professional and having spent most of the last 10 years with Collibra, Alation, and now as an independent, I’ve come to a somewhat painful, yet exciting realization that large language models (LLM) will completely disrupt and displace data cataloging as we know it! […]
Eric Siegel’s “The AI Playbook” serves as a crucial guide, offering important insights for data professionals and their internal customers on effectively leveraging AI within business operations. The book, which comes out on February 6th, and its insights are captured in six statements: — Determine the value— Establish a prediction goal— Establish evaluation metrics— Prepare […]
The advent of big data has transformed the data management landscape, presenting unprecedented opportunities and formidable challenges: colossal volumes of data, diverse formats, and high velocities of data influx. To ensure the integrity and reliability of information, organizations rely on data validation. Origins of Data Validation Traditionally, data validation primarily focused on structured data sets. […]
I never realized how complex data privacy rules can be for multinational companies until I read “Data Privacy Across Borders” by Lambert Hogenhout and Amanda Wang. This book not only goes into detail on the privacy regulations from many countries, but it also covers the importance of a global data privacy strategy and the steps […]
