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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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The Standard Titled “Technical and Application Requirements for Intelligent Software Engineering Part 1: Large-scale Code Models”, in which Xiao-I (NASDAQ: AIXI) Participated, has been Officially Released

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SHANGHAI, March 1, 2024 /PRNewswire/ — Recently, the China Academy of Information and Communications Technology (“CAICT”) and the Industrial and Commercial Bank of China (“ICBC”) jointly released a milestone industry standard called “Technical and Application Requirements for Intelligent Software Engineering Part 1: Large-scale Code Models” (Standard Number AIIA/PG 0110-2023). It is worth mentioning that Xiao-I Corporation (NASDAQ: AIXI) (“Xiao-I” or the “Company”), a leading company in the field of artificial intelligence, has actively participated in the development of this standard. The release of this standard marks the birth of the industry’s first large-scale code model standard, providing strong support for the healthy and orderly development of the Artificial Intelligence for Software Engineering (AI4SE) industry.

The new standard provides detailed specifications for the technical capabilities and application requirements of large-scale code models, covering various stages such as research and development, evaluation, and acceptance. Its aim is to provide clear references for enterprises in the construction and improvement process of large-scale code models. The standard covers three main parts: general capabilities, specific scenario capabilities, and application maturity. These include 16 capability items and over 100 specific capability requirements. These requirements establish comprehensive technical capability standards for large-scale code models across multiple dimensions, including input diversity, task diversity, language comprehensiveness, result acceptability, and result accuracy.

The release of this standard is of great significance in promoting the standardization and development of large-scale code model technology. It will not only enhance the overall technical level of the industry but also facilitate cooperation and communication among enterprises, promoting the industry’s development towards a more standardized and professional direction.

Xiao-I has always been at the forefront of innovation in the field of artificial intelligence. In June 2023, the Company released the Huazang General Model, aiming to create an operating system for the new era of artificial intelligence with the core principles of “being controllable, customizable, and deliverable.” By actively participating in the development of industry standards related to large-scale models, Xiao-I has not only demonstrated its forward-thinking layout, but also its determination and responsibility as a leading domestic AI company in promoting the standardization process in the industry.

Looking ahead, Xiao-I will continue to devote itself to the standardization work in the field of artificial intelligence, actively participating in the development and revision of relevant standards, and contributing wisdom and strength to the healthy development of the industry. Meanwhile, the Company will continue to promote technological innovation, improve product performance, provide users with high-quality artificial intelligence services, and contribute to the efficient and rapid development of China’s artificial intelligence industry.

About Xiao-I Corporation

Xiao-I Corporation is a leading cognitive intelligence enterprise in China that offers a diverse range of business solutions and services in artificial intelligence, covering natural language processing,voice and image recognition, machine learning and affective computing. Since its inception in 2001,the Company has developed an extensive portfolio of cognitive intelligence technologies that are highly suitable and have been applied to a wide variety of business cases. Xiao-I powers its cognitive intelligence products and services with its cutting-edge, proprietary AI technologies to enable and promote industrial digitization, intelligent upgrading, and transformation.For more information, please visit: www.xiaoi.com. 

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For investor and media inquiries, please contact:
Ms. Berry Xia
Email: ir@xiaoi.com 

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SOURCE Xiao-I Corporation

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Update on shares repurchased during the first quarter 2024: Loomis AB

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STOCKHOLM, March 1, 2024 /PRNewswire/ — Loomis AB has through the repurchase program that was resolved and communicated on January 30, 2024, and that is still being executed, repurchased 310,898 shares as of February 29, 2024. Loomis AB’s holding of own shares thereby amounts to 4,519,680 shares, corresponding to 6.0% of the outstanding shares in the company. The total number of shares in Loomis AB, including the company’s own shares, amounts to 75,279,829.

The share repurchases may comprise an amount up to a maximum of SEK 200 million and will end no later than on April 5, 2024.

For information about transactions in the repurchase program, please see: www.nasdaqomxnordic.com/news/corporate-actions/repurchase-of-own-shares.

This press release is also available on the company’s website, www.loomis.com.

Contact:

Jenny Boström
Head of Sustainability and IR
Mobile: +46 79 006 45 92
Email: jenny.bostrom@loomis.com

The following files are available for download:

https://mb.cision.com/Main/51/3939075/2640781.pdf

Update on shares repurchased during the first quarter 2024

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SOURCE Loomis AB

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Bitget Wallet now supports the Blast Mainnet, pioneering full ecosystem support as a Web3 wallet

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VICTORIA, Seychelles, March 1, 2024 /CNW/ — The globally leading Web3 trading wallet Bitget Wallet has now integrated support for the Blast Mainnet, making it the first all-in-one Web3 wallet for the Blast ecosystem. Users can effortlessly add and switch mainnets within the wallet with just one click, without the need for manual configuration. This integration enables users to manage, transfer, swap, and interact on one of the largest L2 launches in 2024.

Bitget Wallet has aggregated liquidity from mainstream DEXs within the Blast ecosystem, such as BlasterSwap and MonoSwap, into its Swap feature. This allows for mainnet token Swap transactions, providing users with convenient services for trading assets on the Blast blockchain.

During the Blast testnet phase, Bitget Wallet was among the first to offer support, unveiled a dedicated zone in its DApp page for Blast. This section featured over 40 elite projects from Blast’s Big Bang incentive program, enabling users to easily explore, interact, and potentially receive future airdrops in the Blast ecosystem. Following the launch of the Blast mainnet, Bitget Wallet plans to continue integrating popular projects from the Blast ecosystem, offering users extensive asset management features and a comprehensive ecosystem experience.

Bitget Wallet’s COO, Alvin Kan, highlights Blast as a Layer 2 solution with staking at its core, gaining market attention since launch. He says, “We’re committed to cutting-edge tech, lowering Web3 engagement barriers. Collaborating with quality mainnets like Blast, we aim to drive Web3 ecosystem growth.”

This week, Bitget Wallet engages with popular Blast ecosystem projects, exploring market traction, “Stake Layer 2” narrative, TVL enhancement strategies by staking and earning points, notable projects, and effective ways for users to participate in the Blast ecosystem upon mainnet launch. This provides users with valuable insights for meaningful ecosystem engagement.

Additionally, Bitget Wallet is organizing major events to support the Blast ecosystem, providing users with opportunities for discovering new assets.

About Bitget Wallet

Bitget Wallet stands as Asia’s largest and one of the world’s top non-custodial Web3 wallets, boasting over 19 million users globally. Featuring a comprehensive array of features including asset management, intelligent market data, swap functionality, launchpad, inscribing, DApp browsing, and more, Bitget Wallet promises users an unmatched multi-chain Web3 experience. Currently, Bitget Wallet supports over 100 blockchains, hundreds of EVM-compatible chains, and more than 250,000 cryptocurrencies. By aggregating liquidity across hundreds of leading DEXs and cross-chain bridges, Bitget Wallet is able to facilitate seamless and efficient trades on 40+ blockchains.

For more information, visit: Website | Twitter | Telegram | Discord

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SOURCE Bitget Wallet

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