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New Research Reveals That 90% of Organizations Using AI to Create KPIs Report KPI Improvement

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A New Report by MIT Sloan Management Review and Boston Consulting Group Finds That Over 50% of Business Leaders Acknowledge the Need for Improved KPIs, but Only a Third of Organizations Are Leveraging AI to Create Them

BOSTON, Feb. 13, 2024 /PRNewswire/ — Despite tremendous advances in analytics and AI capabilities, key performance indicators (KPIs) increasingly fail to take advantage of them to deliver the information and insights leaders need to succeed. However, according to a new report released today by MIT Sloan Management Review (MIT SMR) and Boston Consulting Group (BCG), an increasing number of companies are using AI to make KPIs more forward-looking and connected, dramatically improving legacy performance metrics.

The report, titled The Future of Strategic Measurement: Enhancing KPIs With AI, presents findings from MIT SMR and BCG’s seventh annual global research study on AI and business strategy. It is based on a global survey of more than 3,000 respondents representing more than 25 industries and 100 countries, as well as interviews with 17 executives leading AI initiatives in a broad range of industries. Organizations typically use KPIs as benchmarks to evaluate progress on a wide variety of business objectives, such as sales growth, customer satisfaction, and operational efficiency. This report finds most companies have yet to exploit the capabilities of AI to measurably improve their most important metrics.

“We learned that smart leaderships see AI as essential to making their KPIs smarter, more predictive, and more insightful,” said Michael Schrage, a research fellow at the MIT Sloan School of Management’s Initiative on the Digital Economy and report coauthor. “I was surprised and disappointed by how many organizations haven’t bothered to use technology to revisit and revise their most important metrics.”

“While the majority of AI efforts have centered on how to improve performance using the technology, this report sheds light on how AI can completely transform how companies actually define and measure performance to begin with,” said Shervin Khodabandeh, a senior partner and managing director at BCG and a coauthor of the report. “It goes beyond improving existing KPIs to fundamentally reimagining what those KPIs could be.”

AI-Enhanced KPIs Lead to Better Outcomes

Shifting economic conditions, evolving customer expectations, and digital transformations require organizations to reassess their definition of success and how it is measured. Sixty percent of leaders believe that they need to improve their organization’s KPIs to improve decision-making, but only about one-third (34%) are using AI to make their performance metrics more intelligent, adaptive, and predictive.

Nine out of 10 organizations with AI-enhanced KPIs agree or strongly agree that their KPIs have been improved by the technology. The survey data affirms that companies using AI to create new KPIs see an array of business benefits compared with those companies that don’t use it. Organizations using AI to create new KPIs realize a 4X increase in collaboration between employees and are 3X more effective at predicting future performance, 3X more likely to see greater financial benefit, and 2X more likely to see greater efficiency.

The Three Types of Smart KPIs

The report delineates three ways that AI-enriched KPIs improve on legacy metrics that simply track performance. First, smart descriptive KPIs synthesize historical and current data to deliver insights into what happened or what is happening. Smart predictive KPIs anticipate future performance, producing reliable leading indicators and providing visibility into potential outcomes. They also identify patterns that other techniques or humans cannot, allowing them to draw on a richer reserve of potentially counterintuitive patterns. Lastly, smart prescriptive KPIs use AI to recommend actions that optimize performance.

“On one level, AI-enriched KPIs represent a significant advance in what managers can measure and how performance is measured,” said David Kiron, editorial director for research at MIT SMR and report coauthor. “They also invite organizational change: Business managers and technologists need to work together in new ways to develop and use the metrics that matter most.”

Implementing and Managing Smart KPIs Holistically

Shifting from legacy KPIs to algorithmically informed KPIs disrupts how organizations understand, define, and pursue performance excellence. The report details the following steps that organizations must take to make their smart KPIs operationally, organizationally, and strategically more valuable:

Realign data governance to enable measurably smarter KPIs.Establish KPI governance systems.Use digital twins to enhance key performance metrics.Prioritize cultural readiness and people-centric approaches.Ensure strategic alignment with smart KPIs.

“Smarter KPIs powered by AI have become sources of strategic differentiation and value creation,” said François Candelon, Global Director of the BCG Henderson Institute and a coauthor of the report. “This is not mere hype; this is what AI makes possible. The design, governance, oversight, and evolution of AI-enhanced KPIs is now a top leadership priority.”

Read the publication here.

Media Contacts:
Boston Consulting Group:
Eric GregoireGregoire.Eric@bcg.com

MIT SMR:
Tess WoodsTess@TessWoodsPR.com

About MIT Sloan Management Review
At MIT Sloan Management Review (MIT SMR), we explore how leadership and management are transforming in a disruptive world. We help thoughtful leaders capture the exciting opportunities — and face down the challenges — created as technological, societal, and environmental forces reshape how organizations operate, compete, and create value.

About MIT Sloan Management Review Big Ideas
MIT SMR’s Big Ideas Initiatives develop innovative, original research on the issues transforming our fast-changing business environment. We conduct global surveys and in-depth interviews with front-line leaders working at a range of companies, from Silicon Valley startups to multinational organizations, to deepen our understanding of changing paradigms and their influence on how people work and lead.

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

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SOURCE Boston Consulting Group (BCG)

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VEHERE RETURNS TO AISS 2024 WITH ITS POWERFUL AI NETWORK SECURITY SOLUTION

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NEW DELHI, Dec. 3, 2024 /PRNewswire/ — After a successful stint last year, Vehere is excited to announce its return to the 19th edition of NASSCOM-DSCI Annual Information Security Summit (AISS) 2024. This industry-leading conference, exploring key areas such as Security Technology Leadership, Security & Privacy Governance, Digitization & Data Sharing, Future of Cyber Crimes, Response & Resiliency, and AI Paradigm Shifts, will take place from December 4-6 in New Delhi at Pullman, Aerocity.

During this three-day event, Vehere will showcase its signature product, Vehere AI Network Security, a unified solution of Network Detection & Response (NDR) and Network Forensics (NF). Vehere NDR detects abnormal system behaviors by leveraging behavioral analytics/AI-ML. It detects and contains post-breach activities such as ransomware, APTs, insider threats, or lateral movements. Vehere NF supports security incident response and investigation of the source of an incident, analyzes and reconstructs attack timelines, and provides evidence for legal proceedings.

The visitors will get an amazing opportunity to engage with Vehere’s team of cyber experts and explore how its AI Network Security solution can help enterprises secure their networks from the most advanced cyberattacks. What sets Vehere apart as the go-to choice for a cyber network intelligence solution is:

Visibility into both E-W & N-S trafficsLossless Packet CaptureUnified PlatformBehavior-based Application DetectionProcess 2 million IOCs at line rateRetrospective Breach DetectionFlexible Deployment

“We are excited to join AISS 2024 alongside other industry leaders,” said Sanjay Bhardwaj, VP, Sales, India & SEA. “This event will allow us to highlight our innovative product, specifically designed to address the evolving threat landscape. As India’s demand for advanced security solutions increases, we remain committed to empowering our customers with top-grade technology that enhances digital resilience and is an integral part of their cybersecurity initiatives.”

Don’t miss the chance to experience our AI-powered Network Security solution at AISS 2024, Booth Number 58. Vehere is also proud to be the Badge and Lanyard Partner at this premier event.

About Vehere:

Vehere is a new-age Cybersecurity software company specializing in AI Cyber Network Intelligence. For more than a decade, Vehere has been supporting counter-terrorism analysts in Defense & Intelligence communities. Vehere is now trusted by cyber-analysts in Fortune 500 companies, including Telecom, Financial Institutions, and Smart Cities to protect their critical infrastructure against real-time cyberattacks.

Media Contact:
Sreya Sengupta
sreya.sengupta@vehere.com

Logo – https://mma.prnewswire.com/media/2268795/4387329/Vehere__Logo.jpg

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Changsha polishes blueprint for tech-culture integration

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BEIJING, Dec. 2, 2024 /PRNewswire/ — A report from China Daily

Innovative approach spurs expansion of tourist industry

Limitless potential for revamping tourism is created when a city melds its dazzling culture with cutting-edge technology. Such is the case in Changsha, capital of Central China’s Hunan province, where a whirlwind of “culture plus technology” is sweeping the city, spurred by concerted efforts to blend industries with culture and shape new paradigms for tourism.

New business modes

Located on the bank of Liuyang River, Changsha’s Malanshan Video Cultural and Creative Industrial Park is home to more than 60,000 professionals who are excelling in the field of audio and video creation and production. With the support of technology, new cultural business modes have emerged there, forming a complete digital cultural industry chain that encompasses links such as content production, creativity, storage, broadcasting and trading.

At Skymedia, a large audio and video multimedia model released by Wondershare at Malanshan park, users can upload a photo and get a dynamic 3D effect video, or input text commands to generate music. The model boasts a wide variety of functions, including text-to-video generation, image-to-video generation and soundtracks, and is in commercial use. With the Skymedia model, creators can complete audio and video content production and editing more efficiently, significantly enhancing both the efficiency and quality of their creations.

As part of another project at Malanshan park, two people far apart don special pairs of “glasses” to become “close neighbors” in a virtual scene. Zou Jun, who is responsible for the project, said: “We define it as the next generation of communication, enabling real-time face-to-face interaction for remote business meetings, family communications and educational activities.”

The deep integration of culture and technology has led to the continuous emergence of new business modes and new scenarios at Malanshan park. According to statistics, over the past two years, more than 60 percent of leading enterprises attracted to the park are engaged in new business modes.

The animation and video game industry has become one of the fastest-growing new cultural sectors in recent years. Thanks to new infrastructure such as a video cloud platform, a supercomputing center and shared production center, Malanshan park has reduced the rendering time and costs for animation and game production by 30 percent. This has led to a strong trend of enterprises clustering together and scaling up capacity in the three-dimensional animation industry.

Currently, Malanshan park focuses on new technologies, new applications and new industries. It has established 16 scientific and technological innovation institutions and attracted 3,000-plus upstream and downstream enterprises.

By deeply applying digital technologies such as panoramic scanning, virtual reality and glasses-free 3D into the field of cultural heritage, other Changsha projects have brought precious historical relics back to life.

In August, Hunan Mango Digital Art Intelligence Technology launched a digital cultural museum application called Shanhai. This platform uses digital technology to present museum relics in a 3D form, allowing people to explore exhibitions anytime and anywhere on their mobile devices. The app offers vast digital collections and integrates functions such as 3D artifact appreciation, AI interaction and personalized museum experiences. It has quickly become popular online.

Digital technology helps relics be “reborn”, allowing audiences to seemingly travel back thousands of years while gaining an immersive understanding of the history and culture behind them. This year, Hunan Museum released a 3D digital image of Lady Xin Zhui, a woman whose remains have been well preserved for more than 2,000 years. Through the integration of advanced AI technology, motion capture technology and multiple disciplines including medicine and archaeology, the “sleeping beauty” has been brought back to life.

Besides relics in the museum, heritage in the wild can be “revived” with the help of high-tech solutions. The Wuxi site of stone tablets in Hunan’s Qiyang city is a large open-air site that preserves stone inscriptions from the Tang Dynasty (618-907), making it a rare treasure trove of calligraphic carvings. Due to natural causes, the surfaces of the inscriptions have experienced varying degrees of weathering, rendering many characters blurred and difficult to discern. The Malanshan cultural digitization innovation center, in collaboration with a team, utilized various digital technologies to rejuvenate the historical and cultural heritage, collecting images of each stele, employing techniques to achieve high-precision digital imaging, and forming a stele database.

Today, the database stores basic information about the inscriptions, which have been made clear and distinguishable, and provides things such as original photos and micro-trace images, as well as calibrating relationships between several hundred steles and hundreds of famous individuals. In the future, it could facilitate secondary creations around the inscriptions by experts, scholars and design teams.

Cultural tourism

Changsha’s innovative integration of culture and technology has given rise to new cultural tourism scenarios and business modes. From traditional real-world sightseeing to immersive experiences that blend the real with the virtual, new technologies can be found in the creation and dissemination of cultural content and interactive methods in cultural tourism, providing visitors with entirely new experiences.

In September, a digital exhibition hall, located next to Tianxin Pavilion, officially opened. The hall houses a vast collection of relics related to figures from Hunan history and also offers an immersive cultural experience via new digital and intelligent technologies. In one example, a digital image of Zhu Xi, a renowned philosopher from the Song Dynasty (960-1279), appears on a screen and can answer questions asked by visitors. The “digital human” Zhu Xi was created based on national supercomputing. Through AI technology, the great scholar’s attire, expressions and movements have been interpreted and he can engage in precise conversations with visitors. They can ask him abstract questions such as the meaning of “seeking truth from facts”, as well as trendy enquiries like “What are some of the best foods in Changsha?” or “What drinks did people in the Song Dynasty enjoy?”

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SOURCE China Daily

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Aurigo Software Strengthens Workforce with Strategic Hires from India’s Leading Engineering Institutions

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BENGALURU, India, Dec. 3, 2024 /PRNewswire/ — Aurigo Software, the leading provider of capital planning and construction management software for infrastructure and private owners, has strengthened its talent base with recent hires from India’s premier engineering colleges, such as BITS Goa, BITS Hyderabad, and NIT Trichy, among others. With their proximity to leading technology institutes, Aurigo’s Bangalore and Mysore offices offer opportunities for skilled graduates to contribute to impactful projects and collaborate with experienced mentors.

India has become the hub for Aurigo’s global research and development, where teams develop core strategies and build innovative solutions from the ground up. The company is expanding its product capabilities to extend digital twins by integrating design with capital planning, advancing its AI platform, and offering improved UI/UX. With roles spanning business analysis, DevOps, cloud operations, and software testing, the recent recruits will play a crucial part in driving innovation and maintaining the company’s reputation for quality and excellence.

“We’re excited to welcome these talented professionals at a pivotal time for Aurigo,” said Balaji Sreenivasan, CEO and founder of Aurigo Software. “Their energy and fresh perspectives will be vital to fuel the next phase of our innovation and global growth as we modernize our products and advance our investments in AI.”

Aurigo’s commitment to nurturing talent extends beyond recruitment. The company provides comprehensive training programs, mentorship opportunities, and a culture of continuous learning that enables employees to grow both personally and professionally. With over 500 professionals in its India offices, Aurigo offers new graduates a unique opportunity to build expertise in cloud technologies, AI/ML, capital program management, and managing core strategies.

The expansion serves as a testament to Aurigo’s progress as infrastructure and facility owners respond to the rising demand for capital program management solutions following the increase in investments across transportation, electricity, and water utilities in the U.S. The new talent pipeline supports the company’s commitment to innovation while offering skilled graduates and professionals the opportunity to contribute to impactful global projects.

About Aurigo Software

Aurigo builds software that helps build the world. Aurigo provides modern, cloud-based solutions for capital infrastructure and private owners to help plan with confidence, build with quality, and maintain their assets efficiently. With more than $300 billion of capital programs under management, Aurigo’s solutions are trusted by over 300 customers in transportation, water and utilities, healthcare, higher education, and government on over 40,000 projects across North America. Aurigo helps capital program executives make better decisions based on proprietary artificial intelligence and machine learning technology. Aurigo is a privately held U.S. corporation headquartered in Austin, Texas, with global offices in Canada and India.

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