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🔗 Thinking in Systems | 🌱 Organizational Learning | 🏦 Banking & Finance | ☕️Coffee | 🇪🇪 Estonia | #BusinessStrategy #AI 🚀🔮
Podcast highlights created and posted by Mart Roosimägi on Snipd
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Software Development Team Challenges in the Age of Generative AI - with Ted Kwartler of DataRobot
Focus on model interoperability when you build LLM/AI solutions not to create tech debt
AI Key Takeaways
- A variety of use cases for large language models require different model sizes and databases.
- Managing the sprawl of different models and tools is challenging.
- Interoperability is crucial in the evolving landscape of generative AI to avoid tech debt.
@mart
E14: Everything You Need to Know About Pricing Products
Evaluate Success of Product-Led Growth Through Understanding Share of Product Influenced Revenue
AI Key Takeaways
- Product-like growth should focus on creating efficiency in the funnel and better growth, not just tactics.
- Product influence revenue measures the amount of net new revenue that starts with a meaningful product interaction before sales contact.
- For freemium products, the range of product-influenced revenue can be between 28% and 100%.
- Offering a freemium product alone is not enough to see value in freemium as a part of creating product-influenced revenue.
- PLG strategies should be held to a higher standard and tailored to specific businesses.
- In-app trials for existing customers can be a PLG strategy.
@mart
E14: Everything You Need to Know About Pricing Products
When Do Price Increases Go Together With Change in Value vs When It Feels Like Push For Profitability
AI Key Takeaways
- There is mythical value embedded in early stage companies
- Price increases at this stage are low risk
- For new customers, a price increase is just how the pricing works
- There is no risk of backlash for these customers
- Later stage companies may raise prices without clear connection to value
- Private equity firms often raise prices after acquiring software companies
- PE firms follow a rule where annual price increase plus years on contract should be close to nine
@mart
E14: Everything You Need to Know About Pricing Products
In SaaS / Early Stage Companies You Leave Money On The Table When You Don’t Adjust Pricing Every 3-6 Months
AI Key Takeaways
- Raising prices annually is important to avoid losing money
- The rationale for raising prices varies depending on the stage of a company
- Early stage companies should adjust pricing every six to twelve months to capture value
- The value of a product increases as it evolves and more proof points are established
- Customer perception of value is crucial for pricing decisions
- There is significant opportunity for early stage companies to increase prices
@mart
Setting up High-Performance Finance Team for Start-ups
Advocating for Your Value and Time in Finance. Being Able to do Something Does Not Mean It’s the Best Use of Your Time
AI Key Takeaways
- Advocate for yourself and your value as a finance organization.
- Time is valuable for analysis, so avoid late-night data analysis.
- Startups should prioritize strategic initiatives over mundane tasks.
- Being able to do something doesn't mean it's the most effective use of time.
@mart
Setting up High-Performance Finance Team for Start-ups
The Difference of A, B, C Grade Finance Teams is Tactical vs Strategic Balance With Time Spent Going From 10/90 to 90/10
AI Key Takeaways
- Having dedicated time to analyze data and trends has been the biggest driver for success at the company
- The A level of performance is characterized by a balance between tactical and strategic thinking
- The C level of performance is primarily focused on tactical execution
- The B level of performance is a mix of tactical and strategic thinking
@mart
Setting up High-Performance Finance Team for Start-ups
Defining high performance in the finance organization by evaluating how much you influence business decisions
AI Key Takeaways
- There are certain things that finance organizations need to do well in order to achieve high performance.
- Closing the books, paying employees accurately and on time are considered table stakes for a finance organization.
- When a finance organization is able to influence decisions and help other departments solve challenges, they are operating at a B or A level.
- Finance professionals should be able to navigate challenges and have a comprehensive understanding of the business as a whole.
@mart
Setting up High-Performance Finance Team for Start-ups
Key Factors in Building High-Performance Finance Teams in Startups - What Are 2-3 Things You Can’t Get Wrong
AI Key Takeaways
- The first step in building high-performance teams is self-reflection and understanding the operational demands of the business.
- Identify the two or three crucial aspects that must not go wrong, and establish processes to support them.
- Tailor the team needs and processes according to the specific requirements of the business.
- For some companies, allocating resources between subsidiaries is crucial, while for others, achieving fast payment is more important.
@mart
All your Budgeting and Forecasting questions answered: the Sequel!
Assess the Need for Planning Tools Based on What You Need, Not What is Available
AI Key Takeaways
- The planning process should begin with an assessment of goals and needs
- Consider the level of detail, stakeholder involvement, and frequency of planning
- Evaluate gaps in current planning methods before seeking a tool
- Avoid purchasing a planning tool without first establishing a solid process
- Analogous to buying a car without considering its purpose
@mart
All your Budgeting and Forecasting questions answered: the Sequel!
Forecast to Understand Key metrics and decide frequency depending on how fast they can move
AI Key Takeaways
- Key metrics and their fluctuations should be considered when doing forecasting.
- Doing forecasting just for the sake of it is not beneficial and can lead to burnout.
- Frequent forecasting can be challenging and not enjoyable.
- Inflation rates and contextual factors can influence the frequency of forecasting.
- Forecasting every month can help to stay on top of the situation.
@mart
E12: The Ultimate Guide to FP&A Tools, with Paul Barnhurst
Data and Processes is Key. Old Processes + New Tech = Broken Expensive Old Processes
AI Key Takeaways
- Machine learning can be used to predict and update financial data.
- There are tools available for functions like tax, sales tax, headcount budgeting, and more.
- CFOs should ensure that their data and processes are in order before implementing a new tool.
- Using expensive technology without improving old processes can result in broken and expensive processes.
@mart
E12: The Ultimate Guide to FP&A Tools, with Paul Barnhurst
Having Focused Tools Means Paying Two Fees. A Single Tool Means Not Using Best of Breed
AI Key Takeaways
- There are options to reduce cost by using the power vi and adding an add-on on top of it or going with a click and an add-on, but you may still be paying two fees.
- It is unclear how soon the industry will transition to a more efficient system due to the reluctance of companies to give up the revenue generated by selling two products.
- Implementing a CRM in an ERP or combining different software products can result in the loss of some key features and benefits.
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