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Managing finance and accounting processes can be complex and labor-intensive. To avoid dangerous financial mishaps that can threaten the stability of a company, manual errors should be minimized.
By combining artificial intelligence (AI) and robotic process automation (RPA), intelligent automation can help businesses automate end-to-end finance processes, thereby increasing their efficiency, lowering error possibilities, and allowing staff to spend their time on more value-added tasks.
In this article, we’ll explore 4 use cases for intelligent automation in finance and accounting with 3 example case studies.1. Accounts Receivable & Accounts Payable
Managing accounts receivable (AR) and payable (AP) processes manually is inefficient, error-prone, and can result in delayed payments to vendors, liquidity shortages through short term miscalculations, and dissatisfied employees because of delayed invoice clearances.
AI-powered intelligent bots can:
For AP processes:
Keep track of vendor data and transactions,
Capture data from invoices of different formats with intelligent document processing,
Cross-check invoices against purchase orders,
Route documents to relevant staff for exception handling,
Check for fraudulent documents.
For AR processes:
Keep track of days-sales-outstanding (DSO),
Send reminders to customers on the due date in the form of emails with attached payment links
Automatically reconcile the balance sheets once payments have been received.
You can also check our articles on accounts payable (AP) automation and accounts receivable (AR) automation.2. Intercompany Reconciliations (ICR)
Extract and consolidate transactions data from different business systems,
Search for related statements in ERP systems,
Compare balances and send alerts to relevant staff in case of discrepancies,
Create journal entries.
Feel free to check our article on intercompany accounting automation.3. Reporting
Financial departments prepare several reports regularly, such as quarterly financial statements or profit and loss statements. Error-free and on-time reporting is critical since these reports indicate an organization’s market status and compliance with regulations, as well as serve as a basis for its forecasts. NLP-powered intelligent bots can:
Identify and collect business data from business systems and documents,
Input collected data into designated documents,
Perform necessary manipulations to data,
Generate reports, save them, and send them to relevant staff.
We have articles on financial reporting automation and RPA for reporting. Feel free to check.4. Financial Planning & Analysis
Aggregate and consolidate data,
Analyze trends in the market,
Perform forecast analysis,
Compare results with forecasts to improve forecast accuracy.Case studies
Feel free to read our article on intelligent automation case studies. Some example case studies include:Tech Mahindra
Problem: Tech Mahindra is a technology service and consulting company with customers around the globe. The company had 15 full-time employees that manually process thousands of invoices with more than a thousand different formats each month.
Solution: The company implemented an intelligent automation solution to automate extracting data from invoices, classifying data, and updating the relevant business systems.
Result: The company reduced the average handle time of invoices by 85% and saved more than 19000 hours annually.1Avinor
Problem: Avinor is a state-owned Norwegian airport operator with 3000 employees. The company serves over 50 million passengers and processes more than 100,000 invoices each year. They were reviewing, booking, and approving these invoices almost manually, which is error-prone and repetitive.
Result: The bot helps process 100,000 invoices each year, speeding up processes by 90% on average.2For more on intelligent automation
Feel free to explore intelligent automation use cases with our comprehensive article.
If you want to implement intelligent automation in your business, we have a data-driven list of intelligent automation solution providers. If you have other questions, we can help:Sources
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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Personal finance refers to managing the way money is earned, the quantum of earned money to be spent & the quantum of money to be saved (i.e., managing the financial activities of a person) as per the choice & preference of the person considering the budgets, risk appetite, mortgage rates and planning for a future financial goal.
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Personal finance means finance for a person. The individual earns money either through business or a job. He wants to invest to cover his daily expenses and achieve his long-term financial goals.
Long-term financial goals may include marriage expenses for children, educational expenses for children, retirement funds, dream projects, buying a house, high net worth, etc. The goals can differ according to each personal preference.
He needs to have the guidance of some financial expert to cover his financial needs & goals appropriately.Personal Finance Planning Process
The planning process of personal finance goes like this:
The individual first needs to assess where he stands today, i.e., understanding his finances. He needs to prepare his current sources of finances & his current estimated liabilities, if any.
If a person has substantial financial obligations, he should focus first on paying the financial obligations first. Only after then should he strive for savings & retirement goals.
Assuming that the individual has no obligation presently or has managed to pay his obligations, he needs to define a financial goal for the future.
He then needs to choose the alternatives available for investment purposes.
As per the plan, he must allocate his funds to the respective areas for each frequency selected above.
In case of a change in the investment environment, he must churn his portfolio accordingly.Examples of Personal Finance (With Excel Template)
Let’s take an example to understand the calculation of personal finance in a better manner.
You can download this Personal Finance Excel Template here – Personal Finance Excel Template
A person does a job at a consultancy firm in the US. His monthly salary is $ 6500 as of now & the increment is due on July 1, 2023, with a bonus of one month’s pay in Oct 2023. Thus, after collecting all information, we have prepared a monthly budget for his revenues, expenses, savings, etc. (all amounts in US $)
Salary 6,500 6,500 6,500 6,500 6,500 6,500 7,800 7,800 7,800 7,800 7,800 7,800
Expected Bonus – – – 5,000 – – – – – 7,800 – –
Other Income – 500 – 500 500 1,000 – – – – 500 –
Total Income 6,500 7,000 6,500 12,000 7,000 7,500 7,800 7,800 7,800 15,600 8,300 7,800
Rent 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700
Food and Groceries 800 800 800 800 800 800 800 800 800 800 800 800
Entertainment 400 400 400 400 400 400 400 400 400 400 400 400
Childcare 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Personal Clothing – – 500 – – 500 – – 1,000 – – 1,500
Other Expenses 200 1,000 800 700 500 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Total Expenses 4,100 4,900 5,200 4,600 4,400 5,400 4,900 4,900 5,900 4,900 4,900 6,400
Surplus (Deficit) 2,400 2,100 1,300 7,400 2,600 2,100 2,900 2,900 1,900 10,700 3,400 1,400
Cumulative Savings 2,400 4,500 5,800 13,200 15,800 17,900 20,800 23,700 25,600 36,300 39,700 41,100
Further, the funds are to be allocated as follows:
Emergency Fund 650 650 650 650 650 650 780 780 780 780 780 780
Savings Account 480 420 260 1,480 520 420 580 580 380 2,140 680 280
Investments 1,270 1,030 390 5,270 1,430 1,030 1,540 1,540 740 7,780 1,940 340
Total Allocation of monthly surplus 2,400 2,100 1,300 7,400 2,600 2,100 2,900 2,900 1,900 10,700 3,400 1,400
We have assumed 10% of our salary as an emergency fund every month. 20% of the surplus amount as a savings account deposit every month. Each month, the surplus balance is transferred to the investment account for various investments.
As you observe at the end of the year, the total is as follows:
Emergency fund 8,580
Savings Account 8,220
Thus, the person is financially independent at the end of the year due to prudent expenses & rational investments.Types of Personal Finance
An essential savings account is treated as a type of personal finance medium. You can do so whenever you wish to withdraw specific amounts.
Choosing the appropriate stock from a list of stocks is necessary to increase return on investment. This is also terms as a means of personal finance.
If an individual wants to excel in human capital, he can avail of mortgages or loans to take up an educational loan (such as a loan for CFA).
Mortgages or loans may also be taken for leverage purposes to acquire a new asset.Need for Personal Finance Principles of Personal Finance
Some of the basic principles of personal finance are as follows:
The most crucial focus in personal finance is savings. The more you save, the more funds you have for disposal. Savings gives you an ultimate level of confidence in routine business dealings.
Personal finance works best only after we have set the priorities for the spending pattern since resources are limited.
Save yourself from making unrequired or luxurious spending (such as buying an expensive car, watch, etc.). That means there is no space for “show-offs” in personal finance.
Investments should be made so that there are passive sources of income even if you haven’t worked to date.
Gaining after every experience is very important in this field. Financial education is necessary to excel in the field of personal finance.Areas of Personal Finance
Let’s discuss each area of personal finance in a little more detailed manner:
Revenue: This is the start of personal finance. Unless you have something, how can you invest it? To generate revenue, a person does business or provides a reputed service. This business helps him get earned. The most common sources of revenue include salary for employment, bonus, dividend income, pension income, interest income, etc.
Expenses: Every revenue has a counterparty expense. Thus, you need to prioritize the expenses. First & foremost, the operating expenses are to be settled so that these expenses do not lag in the future. The ordinary expenses incurred by any individual are rental expenses, EMIs, welfare expenses, personal expenses, travel expenses, entertainment, taxes, etc. However, one may choose to pay the expenses through a credit card & take the benefit of an interest-free credit period.
Savings: All revenues less all expenses equals savings. This is the net amount retained at your disposal. This amount is compared to the revenue & one can understand the savings ratio to revenue. Savings can be reflected through the retention of physical cash, the amount in a savings bank account, investment in money market instruments, or other very liquid instruments. You should never invest 10% of your savings. It is always suggested to keep an emergency fund ready in an uncertain situation.
Investments: The amount allocated from savings is transferred to investments. By this, we mean purchasing certain assets that will generate revenue. Investment carries a risk. Every risk has an inevitable return. Risk & return go hand in hand. Investment can be made in stocks, equities, real estate, mutual funds, etc. Investment is to be made as per the risk appetite of the individual. Thus, this is the most critical area in personal finance.
Insurance: Insurance means financial protection in case of an unforeseen situation. For this, a certain amount is paid frequently. Some famous insurances are life, health, and stock insurance. Some insurers also provide the benefit of savings through the premium amount.Why is Personal Finance Importance?
Finance, i.e., money, is the ultimate goal for every business person. Accumulation of money is given much more important than earning money. Personal finance comes into play as to how to manage this accumulated money. Investment ideas & other investment vehicles are necessary to channel this money source. Thus, personal finance is essential for any individual who wishes to earn more with time.Benefits
Some of the benefits are:
You know precisely the quantum of money you have retained. Thus, there is no need to look for other sources of finance.
Leverage is a doubles-sized sword. One who does not know how to handle this sword should ideally invest the money in business from personal finances & not from loans.
Since you had invested the entire amount in the business, you retained 100% ownership. Thus, your business is debt-free & runs entirely on the business of the capacities inbuilt into the company.
You are not answerable to any outsider for finances.
If you have invested the entire amount in the business, you may not have the emergency funds for your family’s needs in case of any emergency.
Your expenses are reduced & you will think about spending less as always.
Non-availability of the source of finance in case any extra funds are required since no credit image is created.
By chance, the business is a loss-making venture; you lose your money.Conclusion Recommended Articles
As the business world got deeper into the “software product economy”, the global revenue of the software development market increased steadily and is expected to continue to grow (see Figure 1).What is DevOps Automation?
DevOps automation refers to software development and IT operations teams working in tandem and using automation tools. The purpose of DevOps automation is to minimize the miscommunication between teams and use automation tools to decrease the number of repetitive tasks for allocating more time for more strategic decisions. Such automation aims to optimize the feedback loop and reduce the software development life cycle to provide rapid IT service.Traditional Method – Waterfall Model
Traditionally, development and operation teams work on different functions and, most of the time, in different physical environments. The teams have different managers, goals, key performance indicators, and strategies. This would cause miscommunications between the groups, slowing down the deployment process.
Before DevOps automation, the most used classical approach to the development cycle was the Waterfall model. The name referred to the linear nature of the progression for the deployment in the model. The model is divided into several stages, and the output of each step is an input for the next step. Hence, the developers cannot implement any modifications once the specific phase is completed. Such complication is based on the linear-sequential functionality of the Waterfall Model.How did the Waterfall Model work?
Requirement Analysis – The analysis team gathers requirements and finalizes them in a product requirements document that captures the answers to the stages of the process, task division, project milestones, the duration of each phase and the whole process, resource requirements, and key dependencies.
System Design – In this phase, the project workflow is designed. The team decides on what hardware and programming languages they will use and how different parts of the project will operate together for the software.
Implementation – The implementation phase is where the team starts designing the project based on the instructions developed in the previous two stages.
Testing – At this stage, different modules of codes are integrated and analyzed to ensure the effective operation of the project. Usually, software development teams are responsible for the testing phase. However, in some organizations, this responsibility falls on the quality assurance teams.
Deployment – Deployment is when the product is introduced to the buyer/user.
Maintenance – As there may still be bugs after alpha and even beta testing, maintenance is the last phase of the project.What are the challenges of implementing the waterfall model?
Apart from the miscommunication caused by two different teams working on the project, a significant downside of the Waterfall model is that testing is done only towards the end of the project. This disables the team to identify the mistakes and fix them early in the project.
Linear progression characteristic of the Waterfall model also discourages creativity at later stages. The software development team has to make all the decisions regarding the system design in the initial phases, and no addition can be made in later stages.
The waterfall model also has problems regarding testing and maintenance. As development and production environments differ, a bug or a problem occurring in the production environment may not be visible to the software development team and contribute to miscommunication.
Moreover, as the operations team works mainly at the last stages of the process to deploy the product, it is not easy to transfer all the knowledge the development team has about the software to the operations team. This results in co-dependent separate groups that slow down the effective deployment process.Automation Practices in DevOps as an Alternative
The primary purpose of DevOps is to optimize the process of development, testing, integration, and deployment with automation, iteration, and collaboration. DevOps cycle consists of several functions such as continuous development, continuous integration, and continuous deployment:
Faster deployment – Through increased collaboration and automation tools, it is easier to move the product from the development phase to the production phase.
Product quality and improved defect detection- Continuous monitoring via application performance management tools finds the errors faster and does not occupy the development team with manual quality assurance. According to a vendor, developers, on average, spend 75% of their time searching for errors and bugs. Hence, having automated error detection significantly facilitates the process.
Increased build and release speed- Development team can allocate more time to the development of updates or new releases that add more value to the business. According to another vendor, traditional OPS are 41% more time-consuming.
Faster “reinforcement” – Continuous deployment allows developers to find the error and change the code without re-creating the development environment. Developers can modify code directly in the production environment.For more on automation
To explore different IT and DevOps automation solutions, read our articles:
If you believe your business will benefit from a workload automation solution, check our data-driven list of WLA tools, DevOps tools, and DevOps platforms.
To gain a more comprehensive overview of workload automation, download our whitepaper on the topic:
And we can guide you through the process:
Cem regularly speaks at international technology conferences. He graduated from Bogazici University as a computer engineer and holds an MBA from Columbia Business School.
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Emotional intelligence can be misunderstood and misrepresented. But the bottom line is that the manager who can think about emotions accurately and clearly may often be better able to anticipate, cope with, and effectively manage change.The concept of emotional intelligence
Before the 1990s, EI had been an overlooked part of human nature – recognized intuitively sometimes, but not examined according to rigorous, scientific criteria. The new scientific idea behind EI is that human beings process emotional information; they comprehend and utilize emotional information about social relationships. This idea was launched in 1990 in some scientific articles by Reun Baron. Daniel Goleman’s successful popularization of those early articles on emotional intelligence, and the related work of many other scientists, led to a great deal of popular discussion of the idea. This popular notion of EI as anything but IQ has created a new management fad. Unfortunately, the faddish appeal of emotional intelligence has encouraged many people engaged in otherwise legitimate business consultation to include a wide variety of approaches and concepts under the umbrella of emotional intelligence. We believe in a definition of EI that has been developed after many years of scientific study and real-world experience. To explain our definition, it helps to begin with the two terms that make it up. The terms emotion and intelligence have specific, generally agreed-upon scientific meanings that indicate the possible ways they can be used together. Emotions such as happiness, sadness, anger, and fear refer to feelings that signal information about relationships. For example, happiness signals harmonious relationships, whereas fear signals being threatened. Intelligence refers to the capacity to carry out abstract reasoning, recognize patterns, and compare and contrast. Emotional intelligence, then, refers to the capacity to understand and explain emotions, on the one hand, and of emotions to enhance thought, on the other. Emotional intelligence in the workplace: A case study The capacity to reason with and about emotion is frequently important in management and leadership. Consider the case of Jerry Taksic (this and other names have been changed). Jerry was a well-regarded operations manager at a New York City office of Merrill Lynch. Several years ago, he supervised the move of some in his group from their offices in the city across the river to an office park in Jersey City. The move was seemingly welcomed by the staff, most of who lived on the other side of the river. The move would dramatically cut down their commuting time and reduce their tax bills. Jerry handled this project with his usual meticulousness and concern. He worked with the designers and the architects, as well as building management, to ensure a smooth transition. Jerry never expected perfection, and perfection was not to be realized. Soon after the move, he fielded a phone call at his downtown office from Eddie Fontaine, the group manager at the Jersey City location. Eddie reported that his group had become concerned that they were working in a “sick” building because a number of employees were suffering from respiratory problems. Although Eddie made light of their concerns, Jerry perceived concern in the group and began to investigate the situation. He called in the heating, ventilation, and air conditioning (HVAC) team, and it, along with environmental engineers, was dispatched to the site. They inventoried the physical plant, and shortly thereafter, filed their report. Jerry and Eddie reviewed the report together: The HVAC team could not detect any problem with the building. Jerry appreciated that Eddie and the group might be feeling somewhat overwhelmed by the move, as well as somewhat isolated and cut-off from the rest of the team’s work. Given the context, Jerry supported his group leader, complimented him on his general expertise, and let the matter drop. For the time being, Jerry was handling the emotions of his team effectively. Shortly thereafter, however, a second situation arose concerning parking problems. Ever the problem-solver, Jerry personally intervened with the building management to resolve the situation to his staff’s satisfaction. As with the building ventilation problem, this was a time-consuming issue that detracted from the primary mission of both Jerry and his group. Jerry’s supervisor began to become concerned about the group’s apparent lack of focus and lowered productivity. When the supervisor asked Jerry if intervening in such problems was a good use of his time, Jerry replied, “That’s my job. I solve problems.” Yet another such problem arose a few days later, however, and Jerry’s patience began to wear thin.Case analysis according to the EI Ability Model
Jerry was facing a somewhat typical work issue. He was a generally competent manager who implemented a change (in this case, a movie), and was confronted by a series of at-work issues and problems by the team undergoing the change. Jerry’s issues happened to come to light because, at about that time, he was referred for executive coaching by the division president, who worried that Jerry’s team’s performance was suffering. There are many different ways to analyze a case, of course. One might speak in terms of motivating the workforce to return to work and look at the incentives surrounding the move and the incentives to complain about it. Or, one might speak in terms of setting boundaries and imposing penalties for those who are disrupting morale, or about treating employees like customers and making them happy. The EI analysis of Jerry’s situation begins, as it does in most cases, with an appreciation of the fact that both the technical and emotional aspects of situations are closely intertwined. This means that something that looks technical may become emotional, and something that seems emotional can become technical. For example, in the present case, each of the problems raised by the satellite group – sick buildings, parking, and other matters, were real technical issues. The string of issues together, however, suggested an emotional component: that the team’s move had triggered some negative or worried feelings. Jerry’s handling of the initial, sick-building problem seemed judicious. He could, first of all, have missed the emotional concerns, if he were poor at perceiving emotions, or ignored them if he didn’t care. Alternatively, he could have focussed solely on the emotional components and ignored the technical issues of a real, possible, health risk. He did well, however, by attending to the feelings involved and intervening by investigating the building condition with an HVAC team. His reaction to the parking problems was a bit less clear in its effectiveness. His perception of the emotions of his team – that parking issues were of concern ― was no doubt accurate. His understanding that if the problem was not dealt with it could get worse was also correct. Issues remained, however, and morale and productivity appeared to be suffering. To gain a better comprehension of the problem at this stage, it helps to learn a bit more about emotional intelligence.Understanding Emotional Intelligence
The Reun Baron model of emotional intelligence states that there are five composites of skills that are related to EI. These Five Composites and some of their interrelationships are shown in the diagram below. The first two branches, Self Perception, and Self Expression are termed “experiential EI,” because they relate most closely to feelings. They involve, first, the capacity to perceive emotions in others accurately, and, second, the ability to use emotions to enhance how we think. When Jerry perceived concerns and anxieties in his team, he accurately perceived emotions among those around him. When he (presumably) used his own emotions to motivate his response to those concerns, he was effectively using his emotions to facilitate his thoughts and actions. The third and fourth areas of EI skills are termed “strategic EI” because they pertain to calculating and planning with information about emotions. The third area, Interpersonal Composite, involves knowing how emotions change, in and of themselves, as well as how they will change people and their behaviors over time. The fourth area, Emotional Management, focuses on how to integrate logic and emotion for effective decision-making. These four skill areas are related to one another, but they are functionally distinct as well. We know this from our research in ability-testing of EI, which has accompanied the scientific theory. Our current test of EI is called the Emotional Quotient Intelligence Test, or EQ I 2.0. Jerry had taken the EQ I 2.0 during the early portion of his executive coaching. The EQ I 2.0, like the Reun Baron model upon which it is based, promotes a distinct and well-defined approach to studying EI. Rather than having people evaluate themselves (self-report method), or having others evaluate them (360 methods), the EQ I 2.0 is an ability test and asks people to solve emotional problems. For example, to assess Emotional Perception, the EQ i 2.0 includes a task in which test-takers must identify emotions in faces and pictures. To assess Facilitating Thought, test-takers are asked what they think is the best emotion to feel when carrying out a task such as brainstorming. To measure Understanding Emotion, the EQ i 2.0 includes questions about emotional vocabulary, how emotions blend together, and how emotions change over time. Finally, to test Emotional Management, the EQ I 2.0 includes descriptions of socio-emotional situations, and participants are asked to identify the best course of action to improve a feeling. In Jerry’s case, the results of the EQ I 2.0 confirmed and clarified the issues involved in his leadership at that point in time. Jerry’s scores on the Perceiving, Facilitating, and Understanding sub scales were superb. That was no surprise: Jerry had accurately perceived his own, and Eddie Fontaine’s, frustration and concern about the people on their team. He perceived that his group in Jersey City felt isolated and cut off from the rest of his team members (Perceiving Emotion). Jerry had used those feelings to focus on the immediate issues at hand: the details of the building, the parking, and so forth (Facilitating Thought). He understood the move could make them more than a little angry with him “for leaving them.” He further understood that when people felt that way, their progression from irritation to frustration and then to anger, posed an enormous threat to the group’s productivity and cohesiveness (Understanding Emotion). After more than an hour of such thinking, Jerry decided to move his office across the river two days each week. He would alternate the location of staff meetings. Jerry planned on having a “Welcome to Jersey!” house-warming party. The plan was gradually put into place. The complaints decreased and dwindled, productivity recovered. Jerry himself was not “cured”: He still had a way of looking at the individual problems rather than the group of them together, and he needed to constantly remind himself to go beyond the facts and the logic of such situations when he managed them, to directly address the underlying feelings and emotions. An ability to address such concerns is, after all, one of the essentials of effective leadership.Findings and claims about EI
The ability model of EI presented here is based on careful theoretical development, coupled with empirical research. As already noted, once the popularized use of the term EI became unmonitored from the basic meanings of emotion and intelligence, nearly any quality could be – and has been referred to as Emotional Intelligence. Regrettably, almost any claim can be made about EI if the term is not clearly defined since almost any research can be said to pertain to it. Unfortunately, many irresponsible claims have been made about the topic in various popularizations. These claims refer both to the size of the EI effect (e.g., “twice as important as IQ”) and the areas of the EI effect (e.g., “virtually any area of life”). Our own position is much different: That EI is an important capability, but one that coexists with many other important strengths and weaknesses, and that it affects some areas more than others. One positive outcome of the popularization of EI has been the enormous interest in research in the area. A growing body of literature examines the EQ I 2.0 and its findings. These findings suggest that people high in EI form strong relations with others and have reliable support networks. Other people come to help these individuals in times of need. By contrast, people low in EI are socially perplexed and are relatively more prone to drug and alcohol use, and to using aggressive and violent behavior to solve problems. It is important to add that the vast majority of low EI scorers will not suffer from these more serious difficulties. Empirical findings of leadership are only just being made public. Leaders who are high in EI may be better equipped to develop stronger teams and to communicate more effectively with others. People high in EI will build real social fabric within an organization, and between an organization and those it serves, whereas those low in EI may tend to create problems for the organization through their individual behaviors. This story is still being written and we urge both researchers and practitioners to proceed knowing that new findings will continue to change and improve our understanding. The general data, however, suggest what EI can mean to individuals in organizations.Developing emotionally intelligent leadership
The Five Composites model of EI, and the EQ I 2.0 test based on it, provide us with a model of leadership and its development. The EQ I 2.0 cuts right to the heart of a leader’s underlying leadership skills, and the model offers a way to conceptualize and carry out strategic plans that incorporate emotions and emotional relationships in the workplace. For example, an overall plan might be to encourage existing customers to adopt a new product, with minimal defections to a competitor. This may demand a strategic plan that addresses both technical aspects – such as product quality, cost, and distribution – and emotional aspects, such as customer feelings toward the company. Carrying out the emotional aspects of such a plan can be organized according to the four branch model of perceiving, using, understanding, and managing emotions. For example, perceiving emotions might involve surveying the feelings of customers. Using emotions might involve making certain one is in the right frame of mind when tackling sensitive tasks. Understanding emotions may involve charting the emotional impact of various marketing plans on customers while paying attention to an emotional bottom line, as well as to the financial one. Managing emotions may involve knowing how to lead so as to encourage desired emotional reactions associated with the plan. Some leaders are already excellent at such tasks. Others may seek and acquire training in the area, or rely upon the acumen of a trusted lieutenant.The pivotal role of emotional intelligence
Do we believe that emotional intelligence is a core competency for management effectiveness? We believe it is one useful tool, but we also believe that there is more than one way to lead and that certain situations call for EI more (or less) than others. An interim CEO who must enter a troubled organization and jettison major pieces of the company requires the cool-headedness of an aggressive surgeon. While there will be a lot of bad news, there may be little or no time to employ those skills, even if the CEO is high in EI. In many other cases, however, leaders lead not through rational, logical decision-making alone, but by merging thinking with feelings. This is where EI skills may play a pivotal role. Scientific research has uncovered a legitimate new human ability in emotional intelligence, and this has implications for the workforce. Jerry’s situation, outlined earlier, is one example of how to use that skill. There are many other such stories we have studied (and participated in) as well. The stories are all different, but they all illustrate how technical and emotional factors work together in the workplace. They also illustrate how the manager who can think accurately and clearly about emotions, may often be in a better position to anticipate, cope with, and effectively manage change. Emotionally Intelligent Leadership for Professional Success: A case study! Article by: Dr. Pratik P. SURANA ( ACTP, Ph.D.,EQ I 2.0 Certified Trainer and Assessor) Chief Mentor and Founder, Quantum Group ??????? ???????????? ??? ??????????? ???. ???.
With AI, teachers can now develop intelligent tutoring systems
According to a research report , artificial intelligence in the global education market is projected to reach USD3.68 billion by 2023, registering a CAGR of 47%. The role of AI in education is huge and imperative in the current scenario. AI along with other disruptive technology has given rise to EdTech and smart learning methods. It has now entered into another significant area, which is Intelligent Tutoring . Intelligent tutoring systems, as the name suggests is an intelligent computer system that can effectively provide instructions to the learners and enables a feedback system with minimal human intervention. In May last year, researchers from Carnegie Mellon University developed a system wherein a teacher can teach computer systems with the help of AI and create intelligent tutoring systems. A report by CMU quotes Ken Koedinger, professor of human-computer interaction psychology saying that initially, it took almost 200 hours of development for each hour of tutored instruction since they programmed production rules by hand and later using a shortcut method reduced the hours to about 40 to 50. Still, it is a long process considering the variety of problems and instructions that exist. The new AI-based intelligent tutoring system is not that lazy to learn and can be programmed in 30 minutes for a 30-minutes session. The paper published on the same states that they used a novel interaction design to create Intelligent Tutoring Systems by training Simulated Learners. It leverages machine learning and developed a user-friendly teaching interface for these machine learning programs. Teachers can demonstrate how to solve a problem in different ways to these computer systems and correct if they respond with errors. Since it uses AI and machine learning, the system can learn to solve problems under a topic by generalizing without receiving any demonstration from teachers. Artificial intelligence is disrupting the education sector and with the arrival of pandemics, the influence increased. Intelligent Tutoring Systems are hailed for their capability to provide one-on-one curriculum and personalized instructions. Intelligent tutoring systems using AI are set to revolutionize the conventional education system that runs on a one-size-fits-all rule and thinks that everybody needs an equal amount of learning time and attention. Every student is different and Intelligent Tutoring Systems are designed to address this. It is customizable according to the needs of each student. Intelligent tutoring systems developed by AI do not require any programming and teachers can mold it according to their teaching techniques. The system developed by CMU has been proved effective in teaching English grammar, chemistry, and algebra and they have experimented with specific problems like multi-column addition to test its capability. Ken Koedinger explains in the report that the machine learning models usually stumble in different places while learning, like the students. Thus, it might also enlighten teachers on understanding the difficulty level of each technique and instruction. Artificial intelligence technology has reigned different industries and education is a relevant one. By enabling the faster and easier development of Intelligent Tutoring Systems, AI is making world-class education accessible to all.
MicroStrategy is a worldwide leader in enterprise analytics and mobility software. A pioneer in the business intelligence and analytics space, MicroStrategy delivers innovative software that empowers business users to make better decisions and transform the way they work. MicroStrategy provides organizations with world-class software and expert services to deploy customized applications that accelerate organizations on their path to becoming an Intelligent Enterprise.
MicroStrategy’s mission is to provide businesses with the technology and technique needed to become an Intelligent Enterprise—the ultimate data-driven organization. The company’s vision is that the Intelligent Enterprise anticipates challenges and opportunities and turns them into profit and growth. MicroStrategy delivers a single version of the truth and agility, scalability and speed, AI and data discovery, enterprise analytics and mobility solutions. It connects to any data and distributes reports to thousands of users. An Intelligent Enterprise goes beyond business intelligence, delivering transformative insight to every user, constituent, and partner. The more organizations can become Intelligent Enterprises, the more productive and effective the business intelligence community will be.
The Dynamic Leader and Innovator
Michael J. Saylor is the President, Chairman & CEO of MicroStrategy. He has served as Chairman of the Board of Directors and CEO since founding MicroStrategy in November 1989 and has served as President since January 2024, a position he previously held from November 1989 to November 2000 and from January 2005 to October 2012.
In 1989 at the age of 24, Saylor combined his passions for technology, business, and the use of computer simulations to launch MicroStrategy. The company was founded on his vision of helping enterprises deliver intelligence everywhere. By harnessing the power of graphical operating systems and client-server computing and pioneering a new approach to business intelligence called relational online analytical processing (ROLAP), the company grew steadily, going public in 1998 (NASDAQ: MSTR). Under his leadership, MicroStrategy has emerged as a global leader in enterprise analytics and mobility software, serving thousands of institutions and organizations around the world.
Saylor is a named inventor on more than 40 patents. In addition to being credited as the inventor of relational analytics, he led MicroStrategy into the fields of web analytics, distributed analytics, mobile analytics, cloud computing, mobile identity, and IoT. He was also the creator and founder of chúng tôi (NASDAQ: ALRM), one of the first home automation and security companies, and chúng tôi (sold to Genesys Telecommunications Laboratories for US$110 million in 2013), one of the first cloud-based interactive voice response service providers.
Saylor is the author of the book “The Mobile Wave: How Mobile Intelligence Will Change Everything”, published by Perseus Books in 2012. The book anticipated the impact of mobile, cloud, and social networks on worldwide political and economic development, along with the rise of Apple, Amazon, Facebook, and Google as transnational technology leaders that would destabilize the status quo across most industrial and political domains. The Mobile Wave appeared on both The New York Times and The Wall Street Journal Best Seller lists.
In 1999, Saylor established The Saylor Foundation, which has donated millions to philanthropic causes including children’s health, refugee relief, education, environmental conservation, and support for the arts. The foundation runs the Saylor Academy (Saylor.org), which offers free college education and continuing professional development courses to students worldwide. To date, it has provided free educational services to more than 225,000 students. In 2024, 2024 and 2023, Saylor participated in the Forbes 400 Summit on Philanthropy.
Enabling Data-Driven Business Transformation
MicroStrategy works with a network of certified partners who offer some of the most innovative technologies to build analytics platforms. The partners help drive the company’s mission to empower more data-driven organizations forward. The MicroStrategy platform is extensible and fully customizable—providing access to databases, ETL tools, and big data solutions that seamlessly connect to other enterprise data architectures. The company’s partners are experts in implementing analytics and mobility applications that help modern businesses solve critical business challenges.
Earning Remarkable Recognition
MicroStrategy has been recognized by esteemed organizations globally for innovation and business excellence. Below are a few of the significant achievements.
• Named as the Sole Challenger in Gartner’s 2023 Magic Quadrant for Analytics and Business Intelligence Platforms
• MicroStrategy’s Customer Sumitomo Rubber North America won Ventana Research’s 2023 Leadership Award for Digital Technology by using MicroStrategy Mobile
• MicroStrategy’s Customer Houghton Mifflin Harcourt won 2024 Ventana Research Technology Innovation Leadership Award for embracing MicroStrategy Mobile
Business Intelligence: The Future is Intelligent Enterprises
The company’s perspective on the business intelligence space is centered around two main pillars: 1. the need for a single form of truth and, 2. the idea of “intelligence everywhere”—where business intelligence and analytics can impact every member of an organization.
MicroStrategy finds that many companies face the challenge of establishing a single record of data. When working with various sets of data or KPIs throughout the company, it’s difficult to know which numbers are accurate and reliable. MicroStrategy believes business intelligence should enable organizations to consolidate their data into a centralized platform, establishing a “single version of truth.”
The company also operates on the notion that business intelligence should empower every member of the enterprise, regardless of technical skill or area of focus, to access and utilize data analytics. With its user-friendly, self-service-focused platform, MicroStrategy allows data to informed decision-making at every level of the organization, transforming it into an Intelligent Enterprise.
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