Roadmap for Enterprise and Business Growth: Blox’s Hierarchy of Enterprise Needs6 min readReading Time: 4 minutes
The journey towards business growth is no stranger to Maslow’s Hierarchy of Needs, an insight into human behavioral needs and motivation.
Maslow used the hierarchy to describe how, for motivation to arise at the next stage, each prior stage must be satisfied by an individual. While this relates to humans and their needs, at Blox – we tried to understand how we can translate this for enterprise and business needs.
How does this model solve the needs and motivation of an enterprise, especially in sustaining businesses and growing further in its industry? And where does AI play a role?
“Businesses want two things at the end of the day – to improve ways to grow their top line and find the right solutions to save costs and get more productive.”Ashwini Asokan, CEO, Mad Street Den
Level One: High-Quality Data
Today, over 90% of the world’s data is unstructured and inaccessible for business operations, its volume expanding between 55% and 65% annually.
Data’s massive volumes and intrinsic chaotic nature make it challenging for businesses to always stay on top of it. With time and at scale, this leads to the ugly data problem – where poor foundational business data becomes why many other strategies, processes, and activities fail.
Organizations must be able to fix, manage, and analyze data to act on it and make critical business choices. Investing in systems and processes to create rich and high-quality data will set the stage for your business development. It ensures that any strategy or experience built on top of it delivers Return on Investment (RoI).
How AI Can Help: Computer Vision and NLP can be used to fix poor-quality data. The Blox data cleanup and organization solution helps businesses clean their data, enrich it to fix incorrect data, fill in missing pieces, and organize it into a structured taxonomy that the business can decide.
Level Two: Channel Goals
Once data has been fixed, the channels they interact with can be defined and operated with goals. These could be channels where any data is collected, exchanged, or presented. For example, websites and pages within the site, emails, ads, apps, etc.
Each channel can have its own goal – focused on the customer. So while the website’s goal might be to increase customer engagement and conversion, the purpose of emails might be to retain more customers. It is crucial to identify and set these channel goals so that there is a way to measure success.
How AI Can Help: With intelligent ways of experimenting and gaining insights about each channel, AI can help narrow down and plan toward the key performance areas of each channel.
Level Three: Digital Experiences And Personalization
This level is about creating the experiences in each channel that will help meet the planned goals (established in Level Two), using clean data and content (fixed in Level One).
Engaging with your audience by creating relevant experiences for each customer across digital channels is crucial. How is something relevant? By understanding your customers’ preferences, needs, and intent to personalize their experiences with their channel.
Personalization is especially effective at driving repeat customer engagement and loyalty over time. Recurring interactions create more data from which brands can design ever-more relevant experiences—creating a flywheel effect that generates strong, long-term customer lifetime value and loyalty.McKinsey & Company
How AI Can Help: With Blox’s AI-Powered Digital Experience Platform, businesses have the ability to map their business data (be it products, services, or content) to their user data (who the audience is, their interests, preferences, etc.). Blox’s process results in curated, personalized digital experiences that resonate with the defined audience.
The AI also helps create personalized digital experiences for every single user as opposed to segments of users – ensuring everyone on any channel is shown what would interest them, increasing engagement and conversions.
Level Four: Business Insights
Equipped with data, direction, and designed experiences, the next step for business success is the smart use of data and insights.
Learning how users interact with the data and experiences on the different channels, how the data changes over time, etc., helps us understand how to optimize goals, experiences, and processes.
Tracking metrics and making data-led decisions are needed to avoid stagnation and accelerate business growth.
How AI Can Help: With Blox, optimizing based on data insights becomes extremely easy – all the metrics one needs to make these business decisions, and more are tracked in the product. It allows users to slice and dice the data however they want to extract insights and plan the next steps. This will also enable users to A/B test with various customizations and controls.
Level Five: Revenue Goals
After addressing all deficiency needs, Blox’s Hierarchy emphasizes the growth need – Revenue Goals.
Next, a business becomes ready to focus on meeting its monetary goals. The revenue goals level represents the growth stage of a company and an effort to future-proof businesses in a competitive landscape. One of the means of securing a competitive edge in today’s market is evolving into an AI-native business while growing and scaling digital efforts.
How AI Can Help: Different businesses have different goals and journeys, and finding a one-size-fits-all AI solution can be near impossible. With Blox, businesses can customize the AI to match their needs. Businesses can train the models to keep the business’ data, goals, and requirements in mind.
Applying the Blox’s Hierarchy of Enterprise Needs
Every business journey is different. However, this hierarchy of needs is industry agnostic and can be applied to any business. Blox’s Hierarchy of Enterprise Needs model is a perspective reminder, especially for leaders with a keen vision for optimizing and preparing for the future.
This hierarchy encourages reworking and updating existing systems, allowing the business to be future-proof with AI & automation in an ever-competitive market landscape.
The Blox product has a single interface through which businesses can fix their data and build immersive, personalized experiences. The product uses AI to fix foundational data, understand users 1:1, and build experiences that will convert and help businesses grow.
If you want to learn more or want a product demo, talk to us.