Over the years, I’ve seen Android POS systems evolve into some of the most adaptable and accessible business tools on the market. Today’s Android POS offers straightforward setup, seamless connectivity, and compatibility with most smart devices, making it appealing to both new entrepreneurs and seasoned business owners.

Here are my recommendations for the best Android POS systems of 2024:

Note that all providers on this list are highly rated on Google Play by real life users and compatible with most Android POS hardware.

Best Android POS systems compared

* Such as barcode scanners, cash registers, receipt printers, weighing scales, customer display, and kitchen display systems that run on an Android operating system.

Did you know? The Android operating system (OS) is built on an open-source platform that developers use to create proprietary business systems. So, there are many POS software that run on Android. For example, the popular restaurant POS software Toast is Android-based, though you can’t download the software for free on Google Play. 

Many POS hardware peripherals are also built using the Android OS and are, by default, compatible with any POS software that runs on an Android device. 

Read more: Types of POS systems

Key features of Android POS systems

The nature of the Android OS provides users with a simpler setup, better connectivity, and easier management than other operating software, which is why the two main features of Android POS systems are flexibility and mobility. That said, it’s also important to consider value-for-money features tailored to different business types. 

So when choosing an Android POS system, be sure to look for the following key features:

Software compatibility

By default, Android POS software should be able to work seamlessly with most Android-based POS hardware. That said, you should still make sure to choose one that’s compatible with the Android operating software version installed on your smartphone or tablet. Because while you may be able to run the current platform on an older Android device, there is a big risk that software updates may not be supported.

Card reader reliability

While Android systems are highly compatible, some providers still experience frequent failed transactions due to faulty hardware. Before choosing a provider, research card reader feedback from real-life users on the Google Play Store and other third-party review sites. 

Seamless payment processing

Like any top-tier POS system, Android POS software offers seamless payment processing, whether as a built-in feature or a third-party integration. Choose a provider that supports most payment methods, including contactless payments from Android-based smart devices.

Offline mode

Customer checkout should not be interrupted in cases of temporary internet downtime. The system can keep a record of transactions that will be processed once connectivity is restored.

Business management features

The system supports key POS features such as inventory, customer management, marketing, and reporting tools. It should also be compatible with third party business platform integrations built on an Android OS to help scale the POS system as the business grows.

Regularly updated software

The POS software is regularly updated with little to no downtime to business operations. Updates are also properly documented and available for feedback on the Google Play platform.

Read more: How much do POS systems cost?

Choosing the best Android POS system

The Android operating system is built on an open-source platform, so it’s no surprise that there are many payment and POS software built on Android. That said, the best Android POS for your business should match your business model and fulfill your specific goals.  

In general, your Android POS should be able to: 

• Run on your Android smartphone or tablet
• Provide a card reader that seamlessly connects with your Android smartphone or tablet
• Offer both a mobile and countertop setup
• Integrate seamlessly with other Android-based POS hardware peripherals
• Easily update with no additional cost and little to zero downtime

With this in mind, I recommend the following:

Square is the all around best value Android-based POS system for small and new businesses. It offers the most feature-rich free plan that includes industry-specific software plus hardware you can build around your Android tablet and card reader. 

Loyverse is a standout for quick service restaurants and food retailers. It provides an impressive set of inventory management tools, plus free loyalty and kitchen display system. Loyverse also supports a full list of Android-based hardware. 

Shopify POS is the best choice for ecommerce retailers. It offers excellent omnichannel management tools and supports full Android-based POS hardware. 

Clover is an excellent alternative for business savvy entrepreneurs who want better control of business costs. The system is available from a number of popular payment service providers with varying rates to choose from. Third party vendors offer Android compatible hardware peripherals to build around your Clover card reader and tablet.

Vagaro is my top recommendation for Android-based appointment and scheduling POS software. The system offers a complete suite of software, hardware, ecommerce, and payment services, plus marketing, payroll, and order fulfillment tools for an easy all-in-one setup.

FAQs

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As businesses use their point-of-sale (POS) system, the software becomes a significant source of business information. Today’s POS software includes analytics features that transform this raw information into insights on consumer behavior, sales trends, inventory management, and even employee performance.

This article covers what POS data is, how it works, and how to generate insights from analytics to stay on top of business goals. 

What is POS data?

Point of sale (POS) data captures transaction details within POS software, including customer information, inventory movement, and employee performance. Additional business management integrations, such as marketing, loyalty, shipping, and payments, can collect additional data, adding to this holistic view. By default, POS software is equipped to generate reports for this data. 

Types of POS data

Key types of data available from POS software include: 

• Sales data: Reveals what items are getting sold or left behind. It tracks sales trends over time, helping you understand seasonal patterns, product popularity, and even the effectiveness of your marketing campaigns.
• Customer data: Includes information about who is buying your products or services. This can range from basic demographics to more detailed purchasing histories. 
• Inventory data: Records available inventory and its movement. It shows what inventory you have, what you need, and what you could do without. 
• Payment data: A record of all payments processed for every transaction. This encompasses different payment methods like cash, credit/debit cards, or digital wallets. 

Related:What is a POS system?

How to analyze point-of-sale data 

Unlike basic reports that only produce a consolidated list of similar data, POS analytics combines different data sets to help paint a bigger picture. 

Turning these analytics into actionable business strategies involves several steps:

1. Defining clear objectives and KPIs: Start with clear goals and key performance indicators to guide your analysis.
2. Gathering and measuring data: Choose relevant reports and filter them by criteria like date ranges. Analyze this data over time to establish benchmarks and identify patterns and trends.
3. Applying context to data: Consider contextual factors like seasonal changes, competitor actions, and market trends to understand the story behind the numbers.
4. Utilizing advanced technologies: Embrace technologies like big data analytics and predictive modeling to enhance the depth and accuracy of your analysis.
5. Creating strategies based on insights: Use the insights from your analysis to inform various business strategies, including inventory management, marketing efforts, and operational improvements.

Challenges in gathering data

Gathering data for POS analysis does not come without difficulties. Below are a number of challenges plus solutions to consider:

Techniques for applying context to data 

POS analytics are only helpful if your business is able to use the data to make strategic business decisions that positively impact the bottom line. 

So, here’s a crash course on the key data points to consider: 

Inventory reporting and analysis: This involves tracking inventory status with detailed reports showing sales-to-stock ratios, weeks-of-supply, in-stock percentages, and more. It helps in making informed decisions regarding inventory management, ensuring that products are well-stocked and aligned with demand.

Multi-retailer data analysis: This type of analysis provides insights into product performance across different geographies and retailers. It answers critical questions about customer preferences and product performance in various locations, which can inform marketing and distribution strategies.

Sales key performance indicators (KPIs): Analyzing sales data and KPIs can give a comprehensive view of store performance, including year-over-year comparisons. This analysis helps identify top and bottom-performing stores and informs decisions on product placement and marketing strategies.

Analysis of returns, exchanges, and refunds: Monitoring these activities can reveal trends in customer preferences and product performance. This analysis can lead to strategic decisions like removing certain products from shelves or adjusting marketing strategies.

Employee KPIs: POS analytics can also be used to track and assess staff productivity, using metrics like transaction speed, average ticket value, and upselling success. This data helps in identifying training needs and rewarding high performers.

ROI analysis: Evaluating the return on investment for various business activities, based on the data gathered by POS systems, can optimize business operations and improve profitability.

Related: How to use a POS system

Benefits of leveraging POS data to grow your business 

POS analytics transforms raw data into actionable insights that can drive smarter business strategies, such as: 

• Data-driven decision making
• Personalized customer experiences
• Streamlined inventory management
• Goal-oriented planning
• Operational efficiency
• Streamlined marketing strategy

Ultimately, POS analytics empowers businesses with data-driven decision-making. Every decision, from product placement to promotions, is based on reliable data. Analyzing POS data helps identify trends and patterns, such as seasonal fluctuations, shifts in the market, or changes in consumer behavior. By spotting these trends, businesses can adapt to take advantage of new opportunities and stay competitive.

POS analytics can also help optimize operational aspects, such as staffing requirements for peak shopping hours, smarter resource allocation, and purchasing decisions. Insights into product demand help minimize waste and ensure popular items are in stock, which also improves the consumer experience.  

Finally, POS analytics reveals customer buying patterns and preferences, allowing businesses to tailor offerings, increase customer loyalty, and boost sales through personalization. POS data can also reveal which marketing efforts are effective, resulting in targeted campaigns that resonate with customers and drive sales. 

Related: How much does a POS system cost?

Integrating POS data with other business systems

POS data can be very limited on its own without any integration with other business systems to create relevant and timely insights. That is why the key to maximizing POS analytics is to integrate your other business systems with your POS software.  

While ideal, it’s not unusual for businesses, particularly SMBs, to encounter challenges in implementing these upgrades. This includes:

• Budget constraints
• Scaling data analysis with organizational growth 

Thankfully, several POS systems come with built-in analytics tools and support a wide variety of integration options for every business type.

Some key business platform integrations include:

Customer relationship management (CRM) software

Without your CRM, your POS data analytics will not have access to your customer profile and sales history which ultimately helps in generating key trends in sales, inventory movement, and even payment preferences.

E-commerce and other sales platforms

If you run a multichannel business, it’s important to integrate all your selling platforms into a single system connected to your POS analytics. Your sales and inventory analytics will be limited without this integration, but with it, you get additional insights into customer behavior and inventory.  

Industry-specific software

Some business types and sizes demand more advanced features, such as vendor management, appointment setting, shipping, and kitchen display systems for restaurants. Integrating this into your POS analytics platform helps create a more tailored analysis of your business’s performance. 

Accounting software

Your business financials are a key resource for POS data in analyzing business health. When integrated, your analytics platform can provide insights such as which activities are contributing heavily to expenses, whether your accounts receivable activities are efficient, and whether there are better ways to accept payments.

Our recommendations: Best accounting software for business

As technology continues to advance, and AI becomes increasingly interwoven in all business processes. So will the capabilities of POS systems. Even today, POS systems are more intelligent, interconnected, and capable of delivering insights that are both predictive and prescriptive. Not only do analytics provide businesses with trends, but also generate actionable recommendations on how to respond to these insights effectively.

Learn more: How to use AI in data analysis

FAQs

The post Understanding POS Data: Unlocking Insights for Your Business appeared first on TechnologyAdvice.

Using your mobile phone or an iPad as point-of-sale (POS) hardware can be convenient, but it might not be the ideal situation for some businesses. Choosing the best POS hardware comes down to finding the right pieces for your needs, whether you work in a busy restaurant, a brick-and-mortar retail shop, or pop-up shops in multiple towns. After carefully considering features, durability, and pricing, we picked the best POS hardware for various small businesses.

Best POS hardware at a glance

Related: What is a POS system?

Key Components and Features of POS Hardware

There are many types of POS hardware you should consider adding to your POS system stack such as barcode scanners, kitchen display systems (KDS), receipt printers, and cash drawers. Most of these hardware components would be essentially useless without the core piece of any POS system: the terminal. It’s the terminal that includes key features that allow you to accept payments and track sales.

Here’s what you can usually do with POS terminals:  

Accept payments: All POS hardware should be equipped to handle payments, whether by cash, card, or contactless payments. Some POS terminals have a built-in credit card reader, while others may require you to add one such as in the case of those who want to use tablets or mobile phones as their POS system.

Record sales: As you ring up sales, it’s important to keep track of those sales, along with returns, so you can calculate your profits and losses. Your POS terminal should have a place that records all transactions for the day.

Print receipts: Many POS terminals may include a built-in receipt printer or you can deliver a receipt digitally such as with Square Terminal, which offers both options. Receipts are vital for most businesses so customers can track their own spending or return an item.

Manage inventory: Not all POS hardware includes inventory management as a feature. This feature may be included in your POS software. Alternatively, you may need to invest in inventory management software separately and have it integrated into your POS system.

Run reports: Whether it’s sales reports, a P&L report, or even timesheets, POS hardware that includes a feature to generate reports is helpful. This may be part of your POS software, but some hardware offers reporting in its system.

Choosing the Right POS Hardware for Your Business

There are several POS hardware options that may work for your business, but to choose the best POS hardware, you should take many factors into consideration. The type of your business, connectivity needs, integration options, payments you want to take, and the durability of the POS hardware you choose are some of the factors. 

Consider these needs before you sign a contract or shell out hundreds of dollars for your POS hardware: 

Type of business

A mom-and-pop shop can get away with a simple POS system, but a busy restaurant is likely to need more technology to keep up with demand. Consider your sales volume and the type of device you want to use to accept payments. An iPad can work as a terminal if you plan to keep it at a counter, but if you’re mobile and dealing with slippery situations, you want a device that’s more durable.

Warranty

Clumsiness happens, so it’s important to consider the warranty of POS hardware. Dropping a tablet could mean expensive replacements. Even the most durable devices may break or have a glitch, which is why quality and length of warranty matter.

Connectivity

If you have reliable WiFi, most modern POS hardware should work well for you. Bluetooth could be a better option if you have a mobile business and need to rely on your cellular network. The more antiquated method of tethering requires you to be stationary, so it’s a better option for retail stores.

Payments accepted

You should expect all POS hardware to include the ability to accept payments by credit and debit cards. The best POS hardware also allows you to accept contactless payments such as by Apple Pay or Google Pay. There are a few that allow you to accept payment from popular cash apps, including Venmo and PayPal. Consider your customers and how they prefer to pay.

Payment processor

Many POS hardware companies include their own payment processing, which is part of the reason you may find free or cheap POS hardware available (they’ll make money on transaction costs). However, there are some that allow you to choose your own payment processor, which is great when you already have a good rate with a merchant services provider.

Contract type

To get hardware for your POS system, you may need to sign a contract either to lease the equipment or for your payment processor. Consider the terms carefully because some require you to sign up for at least a year, while others may only require month-to-month commitments.

Reliability

The POS system you choose is only as good as its reliability. Look for POS hardware companies that ensure good uptime for your payment processing. Keep in mind this isn’t just about the system; your internet provider may be at fault if you have disruptions.

Pricing

Though cost is always a factor for small business software, it isn’t the most important factor. There’s usually a balance you can strike depending on whether you use an all-in-one POS hardware, software, and payment processing system where you pay little to nothing for your equipment. Or pay more for equipment and use a payment processor that offers a better rate.

Training

Going from a pen-and-paper method to a complex system may require a bit of downtime for training. Consider what you and your team will need to adapt to new POS hardware and choose something that’s easy to learn and use or offers thorough training on the equipment and software.

FAQs

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11 employee retention strategies at a glance 

It’s not easy for companies to hang onto their workers. The Achievers’ Engagement and Retention report reveals that only 35% of employees plan to remain with their employers this year. Further, 41% of respondents confirmed they would actively seek a new role, while 24% were unsure, suggesting the right opportunity could sway them. 

The numbers seem discouraging, but it’s natural for your people to move on at some point. Nevertheless, several strategies exist to lengthen the employee lifecycle and reduce the cost of recruiting new talent: 

1. Enhance your total compensation package 

According to the same Achievers report, compensation is the most common reason for leaving a job in 2024. This term refers to everything employees receive in exchange for their time, labor, and skills. Typically, total compensation includes: 

• Annual salary.
• Core employee benefits like health insurance and retirement planning.
• Employee perks such as mental health and wellness programs.
• Bonuses or performance-based incentives.
• Paid time off and vacations.

Ensure your offering is competitive in the market and geographic area by comparing your package with rivals. If other employers promise higher wages, more PTO days, or a better tier of health insurance, it’s understandable you might be losing people. 

HR software like HiBob analyzes salary data against internal and external benchmarks. A consistent, transparent compensation strategy ensures that everyone is being paid fairly and competitively.

2. Provide role clarity

When employees understand the scope of their role, including its tasks and responsibilities, they’re more likely to feel engaged in their work and less inclined to leave the company. Unfortunately, Gallup’s research finds only 45% of employees are clear about the expectations of their role. 

If this is a problem in your organization, take steps to:

• Provide comprehensive job descriptions, including the skills, competencies, and experience required for each role in your organizational chart. 
• Encourage accountability by discussing expectations within your teams.
• Foster open communication by inviting questions or concerns and being clear about reporting structures.
• Highlight clear pathways from an employee’s current role to their dream position, using the promise of internal mobility to encourage retention.

3. Invest in employee development 

When employees know their company is committed to their professional growth, they’re less likely to seek career opportunities elsewhere. LinkedIn’s Workplace Learning report finds this is the fifth highest priority for L&D professionals this year. 

There are numerous ways to upskill your employees, including: 

• On-the-job training where employees work on real tasks with feedback from supervisors or peers.
• Online courses that are self-paced and suitable for remote teams.
• In-person seminars, workshops, or conferences, in case employees prefer classroom-based learning.
• Learning management systems (LMS) for customized development programs that align individual growth opportunities with the company’s business goals. 

As an example of an LMS, 360Learning identifies the skills and competencies required for each role and then monitors each employee’s skills progression. This level of transparency gives employees greater control over their own development, and managers can make objective decisions when team members are ready to advance to new internal roles. 

4. Offer mentoring and coaching opportunities   

Alongside formal learning, partnering employees with a human-sounding board can effectively keep them focused on their growth. A coach is usually a qualified professional who offers regular sessions to help employees progress in their careers. However, you may also train managers to act as coaches, supporting their direct reports to reach individual goals. 

Mentoring is more relaxed, often pairing a more experienced professional with a junior colleague. In successful mentoring partnerships, both parties will benefit from the arrangement; the mentee receives the support and expertise of a seasoned professional, while the mentor improves their leadership and communication skills. 

The challenge of mentoring is finding the right person for each mentee. Mentorloop is a platform that smart-matches employees or empowers them to self-organize their own matches. Once paired, the software guides the relationship with contextual nudges to keep employees moving toward goals. 

5. Build a supportive feedback culture 

Employees who receive meaningful feedback from their managers and peers feel more connected to their role and overarching organization. The more frequent the feedback, the better; Gallup reports that 80% of employees who receive feedback weekly are engaged in their work, which will likely positively impact retention. 

Software like 15Five supports a culture of continuous feedback by elevating performance in just fifteen minutes each week. Managers can set up objective assessments to evaluate employees without performance biases creeping in, then leverage the actionable insights from employee surveys to improve their own effectiveness as leaders.

6. Identify clear complaint procedures

Companies with open communication practices invite positive and constructive feedback from employees, understanding that workers at all levels have valuable insights to share. In the case of complaints, employees should be able to follow a set process to raise any issues and have their voices heard. 

You should customize the process according to your HR workflows, compliance regulations, and overall company culture. As an example, this might involve: 

• Asking the employee to draft a written complaint outlining the situation in question and its impact on their work or wellbeing.
• Addressing this with their direct manager or HR team.
• Conducting a review to decide if further action is necessary, including an investigation and potential disciplinary measures.
• Documenting the results, including any action points.

7. Take action on employee survey results 

Surveying your employees regularly helps you assess their engagement levels and work experiences so you can address any issues that could impact retention. 

But giving feedback takes effort for employees. Whether they’re filling out another survey or following a complaints procedure, it takes time and energy for them to offer thoughtful insights. They’ll quickly tire of the process if they don’t believe there’s anything in it for them. 

I recommend that you prove you’re interested in their point of view by taking appropriate action toward creating a positive work environment, perhaps by: 

• Hosting focus groups or open forums where employees can discuss concerns. 
• Creating task forces or committees to improve specific areas of concern.
• Implementing new policies or procedures to address common issues. 

8. Create opportunities for employees to feel included 

64% of employees feel it’s important to work for an organization with a mix of different races and ethnicities (32% say it’s extremely or very important, 30% say it’s somewhat important). An equal number of people feel the same way about working alongside colleagues of a range of ages, according to Pew Research. 

However, diversity, equity, inclusion, and belonging (DEIB) is about more than just checking a demographics box. To retain employees of any background, you need to create a working environment where everyone feels welcome and valued. 

One way to foster inclusion is by creating employee resource groups (ERGs) that provide a safe space for employees from marginalized or underrepresented groups to connect and support one another. These groups also serve as a source of feedback for the company on how to improve diversity, equity, and inclusion initiatives, for example, by celebrating cultural holidays and events or offering diversity training. 

9. Prioritize a strong employee experience 

The inclusion part of DEIB starts with a strong onboarding process that sets the tone for a positive employee experience. It might seem surprising that people who have recently joined your organization would consider departing so soon, but Nectar’s research highlights that 29% of workers have quit a job within 90 days of starting. 

Retain your employees for much longer by designing an onboarding program using a dedicated program like Enboarder, which: 

• Encourages social connections and relationship-building with teammates. 
• Communicates the company’s goals, values, and expectations clearly. 
• Uses bite-sized prompts, enabling employees to ramp up and become productive. 
• Nudges managers to reach out at pivotal moments.

10. Foster a healthy work-life balance 

Gallup’s State of the Global Workplace report finds that employee well-being has declined from 35% to 34%. In particular, isolation is a problem, with 22% of the world’s working population feeling lonely every day—this is even higher in remote employees (25% compared to 16% in on-site workers). 

Employers that support their people with their physical and mental health are more likely to retain them over the long term. I suggest you take steps like: 

• Modeling healthy boundaries between work time and personal time; for example, not sending emails or direct messages to people outside of business hours.
• Offering flexible working arrangements such as remote work or compressed hours where feasible.  
• Providing access to mental health resources, such as counseling or therapy services. 
• Promoting wellness initiatives like physical activity or mindfulness practices.
• Implementing team workload management strategies to prevent burnout and promote productivity. 

11. Recognize and reward employee contributions 

It’s human nature to crave praise and acknowledgment for our efforts at work. When managers and peers take the time to express appreciation, this reinforces the behavior and ensures the employee feels valued. This has a powerful impact on retention: a recent Gallup study conducted between 2022 and 2024 found that employees who received high-quality recognition for their work were 45% less likely to leave over the two years. 

Employee recognition software such as Awardco makes launching, maintaining, and growing your rewards program easier. Employees receive points within the Awardco platform via social recognition, goal achievements, and service milestones, which they can redeem for rewards like tangible gifts, company swag, gift certificates, and experiences.

5 reasons employees leave

Companies lacking a robust retention strategy experience some commonalities as employees head for the exit. Achievers’ Engagement and Retention report lists some of the top issues: 

1. Inadequate compensation: 32% of employees seek better pay and corporate benefits from an alternative employer. 
2. Limited growth opportunities: Career progression is the second most popular reason to leave a job—24% choose this as a key decision factor. 
3. Workplace flexibility: Companies failing to offer remote work or flexible hours cause 23% of employees to move on. Organizations executing return-to-office (RTO) mandates likely fall into this category. 
4. Company culture: Factors like culture and values fit were a reason for 12% of people to remain with an employer, while a sense of belonging swayed 13%. 
5. Manager relationships: Perhaps the most surprising—only 3% of employees chose to leave an employer due to their relationship with a manager, while 8% cited this bond as a reason to remain. 

How to create your own employee retention strategy 

Follow the steps below to create a retention strategy from scratch or revamp any existing initiative you have to retain talent. 

1. Analyze your current turnover data 

Understand your current situation by benchmarking your turnover data. You might analyze how many people have left your organization in the past three to six months and use this as your starting point. 

I recommend the following formula: 

As you build and roll out your new retention strategy, you can measure progress against this initial baseline. 

Ready to build a more engaged, loyal workforce? Discover these 6 Strategies to Reduce High Employee Turnover + Free Calculator.

2. Set goals for your retention strategy 

Know “why” you want to develop a retention strategy. This should go beyond the obvious notion of “to retain talent” and link back to your business goals. 

I’m a huge fan of the SMART framework, which helps you select specific, measurable, achievable, relevant, and time-bound goals. For example, if my organization was struggling with employee turnover, I might create the following SMART goal: 

This goal is: 

• Specific: The goal includes details of how I plan to improve team productivity and decrease the costs of recruiting and training new hires.
• Measurable: I’ll use turnover metrics to assess the progress of the goal. 
• Achievable: 12 months is a reasonable amount of time to execute the strategy and notice tangible results. 
• Relevant: The goal ties to our business objective of saving resources and offering an exceptional employee experience. 
• Time-bound: I have a clear deadline to work toward. 

3. Conduct stay and exit interviews 

Data is an important way to measure the success of any retention strategy, but it doesn’t tell the whole story. Every person who voluntarily leaves or remains with your company has made that decision for a reason. Metrics may help you spot trends, but conducting in-person stay and exit interviews will reveal what motivates employees to choose one path over another. 

Exit interviews are held during the last three to five days of an employee working with you as part of their offboarding. Although your team member has already decided to leave, showing care and interest in them at this stage may even result in boomerang employees who rejoin the company later. Ask questions like: 

• How does your new position align better with your personal objectives (compensation, culture fit, etc.) than this one? 
• What would have made your experience better here?
• Can you describe a particular event that swayed your decision to leave? 

Deciding when to host stay interviews is less clear. Some companies I’ve worked with choose to hold them as part of the annual performance review, while others host reactive check-ins following anything unsettling like layoffs or mergers. 

Whatever your cadence, consider a range of questions like: 

• What makes you excited to work at this company, and what keeps you here? 
• How does your current role align with your long-term career goals? 
• How do you feel about your current work-life balance? 

4. Identify retention opportunities

Based on the quantitative data you’ve collected, combined with qualitative human insights from your interviews, spot any trends to act on. 

5. Develop tailored retention initiatives 

The solutions to your retention problems will require targeted initiatives that often require stakeholder sign-off. Some examples could include: 

• Offering a retention bonus: A financial incentive that your employees take home in exchange for remaining with the company for an agreed period, such as two to five years. 
• Promoting career development opportunities: The chance to upskill or move around within the organization. 
• Providing flexible work arrangements: Remote work or flexible hours can improve work-life balance. 
• Improving company culture: This can range from addressing toxic behavior to promoting a more inclusive environment for all employees. 

6. Measure progress toward your retention goal 

Track some of the following metrics to monitor progress toward your retention goals. These might include: 

• Employee feedback, including stay interview data to understand if sentiment is improving across your organization.
• Employee turnover and retention data, compared to the benchmarks you collected in Step 1.
• Cost savings from reduced attrition or turnover and the implementation of retention initiatives.
• Employee productivity and engagement levels, using metrics like absenteeism and performance ratings.
• Employer net promoter score (eNPS) to measure overall satisfaction and loyalty within your workforce. 
• Employee referral rates to indicate if employees are actively promoting your company as a great place to work. 

7. Refine your strategy 

Employee retention isn’t a one-time project. To hang onto your top talent and reduce the cost of recruiting, onboarding, and training new hires, you’ll need to commit to your retention strategy over the long term. 

Keep tracking your data, collecting human insights, and refining your strategy in response to the latest trends. 

Employee retention FAQs

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Lead generation is the lifeblood that fuels your sales pipeline. The ability to attract and engage potential customers is crucial for business growth and sustainability. But let’s face it, the traditional methods of lead generation—cold calling, networking events, and manual data entry—are not only time-consuming but also increasingly ineffective.

Automation is the game-changer that’s revolutionizing lead generation. By leveraging cutting-edge technology, businesses can automate the tedious, repetitive aspects of lead generation, allowing for a more targeted and efficient approach. Automation saves time and amplifies your efforts so you can focus on converting leads rather than merely collecting them.

In this article, we explore the strategies and solutions that can automate your lead generation process, transforming it from a cumbersome task into a strategic asset.

What is automated lead generation?

Automated lead generation is the fusion of technology and strategy to attract and engage potential customers or clients without manual intervention. The ultimate aim of automated lead generation is to use  software and algorithms to streamline the entire lead generation process, from identifying your target audience to nurturing those leads until they’re sales-ready.

The evolution from traditional to automated lead generation

Traditionally, lead generation was a labor-intensive operation, often requiring a dedicated team to make cold calls, send emails, and attend networking events. While these methods had their merits, they were fraught with inefficiencies and limitations. Automated lead generation has transformed the traditional paradigm, integrating advanced analytics, machine learning, and data-driven insights to make the process smarter, faster, and more effective.

Also read: 5 Outbound Sales Strategies to Increase Revenue in 2023

How to automate lead generation

Think of the transition from traditional to automated lead generation as a “strategic evolution.” To ensure your automated systems are both high-tech and high-impact, a comprehensive approach is essential. Below, we dissect the key components of automating your lead generation process.

Planning and strategy

A well-thought-out strategy involves understanding your business objectives, sales funnel stages, and the resources you have at your disposal. A strategy acts as a roadmap, guiding you through the complexities of automation while aligning with your overall business goals.

Identifying target audience

Knowing who you’re trying to reach is half the battle. Utilize data analytics and market research to identify your ideal customer profiles. Automation tools can then be programmed to focus on these specific demographics, ensuring that your efforts are targeted and effective.

Setting goals and KPIs

What does success look like for your automated lead generation system? Whether it’s a specific number of new leads per month, a conversion rate percentage, or customer lifetime value, setting clear goals and Key Performance Indicators (KPIs) will provide a benchmark for success and areas for improvement.

Implementation steps

1. Software selection: Choose an automation platform that aligns with your needs and integrates well with your existing systems.
2. Team training: Ensure that your team is well-versed in the chosen software to maximize its capabilities.
3. Initial setup: Configure the software according to your strategy, including lead scoring models, email templates, and workflow triggers.

Data collection and management

Data is the fuel that powers your automation engine. Collect data from multiple touchpoints—website visits, social media interactions, email responses—and store it in a centralized database. This enables the automation software to segment and target leads more effectively.

Setting up automated workflows

Automated workflows are the sequences that guide leads through your sales funnel. These could include automated emails, follow-up tasks, and scoring rules that move leads from one stage to the next. The key is to make these workflows as personalized and relevant as possible.

Monitoring and optimization

Automation doesn’t mean “set it and forget it.” Regular monitoring is essential to ensure that your system is performing as expected. Look for bottlenecks, areas where leads are dropping off, and opportunities for optimization.

Tracking performance metrics

Utilize your KPIs and analytics tools to track performance. This should go beyond just counting leads to include metrics like engagement rates, conversion rates, and ROI. These insights will inform future strategies and adjustments.

A/B testing and adjustments

Even a well-oiled machine can benefit from fine-tuning. A/B testing allows you to compare different strategies, messages, or workflows to determine which is most effective. Make data-driven adjustments to continually refine your automated lead generation process.

Also read: Best Lead Nurturing Software for 2023

Tools for lead automation

The tools you choose can make or break your strategy. The market is flooded with software solutions, each promising to be the silver bullet for your lead generation woes. However, the key is to select tools that align with your specific needs and integrate into your existing infrastructure.

CRM systems

What they do: Customer Relationship Management (CRM) systems serve as the backbone of your lead generation efforts, offering a centralized platform to track interactions, manage data, and automate workflows.

Recommendation: Salesforce is the gold standard in CRM software, offering unparalleled customization that scales with your business.

Email marketing tools

What they do: These tools automate the process of sending emails to your leads at different stages of the sales funnel. They offer features like automated responders, drip campaigns, and analytics.

Recommendation: Mailchimp is known for its user-friendly interface, extensive template library, and advanced analytics, making it ideal for businesses of all sizes.

Social media automation tools

What they do: Social media is a fertile ground for lead generation, but managing multiple platforms can be overwhelming. Automation tools schedule posts, track social interactions, and even automate responses.

Recommendation: Hootsuite offers an all-in-one dashboard that allows you to manage multiple social media accounts, schedule posts, and analyze performance.

Chatbots and virtual assistants

What they do: These AI-powered tools interact with visitors on your website or social media platforms, answering queries, and gathering lead information 24/7.

Recommendation: Drift offers a conversational marketing platform that not only engages visitors but also qualifies leads and schedules meetings, streamlining the initial stages of your sales funnel.

Why automate lead generation?

Efficiency and scalability

In a traditional setup, the lead generation process is often bogged down by manual tasks—think data entry, cold calling, and follow-up emails—that are time-consuming and prone to human error. Automation eradicates these inefficiencies. It allows your team to set up systems that work around the clock, ensuring that no opportunity slips through the cracks. As your business grows, automation scales with you. You can handle an increasing volume of leads without a corresponding increase in manpower or resources.

Cost-effectiveness

While the initial investment in automation software can be substantial, the long-term cost benefits are undeniable. Automated systems reduce the need for a large lead generation team, thereby cutting down on labor costs. They also increase the speed and accuracy of lead processing, which means higher conversion rates and, ultimately, a better return on investment (ROI). In the long run, automation pays for itself, turning what was once a cost center into a revenue generator.

Data-driven decision-making

One of the most transformative aspects of automated lead generation is its ability to harness data for smarter decision-making. Traditional methods often involve a lot of guesswork and intuition, which, while valuable, can’t compete with hard data. Automation tools provide real-time analytics and insights, from click-through rates to engagement metrics, that empower you to make informed decisions. This data-driven approach allows for more targeted marketing, better customer segmentation, and a more personalized sales process, all of which contribute to higher conversion rates.

The case for automating lead generation is compelling and backed by tangible benefits. From efficiency and scalability to cost-effectiveness and data-driven decision-making, automation is not just enhancing the lead generation process; it’s revolutionizing it.

Also read: What is Lead Management?

Best practices for automated lead generation

Automating your lead generation is not a plug-and-play operation; it’s an intricate dance that requires finesse, strategy, and ongoing attention. To ensure that your automated systems are not just operational but also optimal, here are some best practices to guide your journey.

Personalization and Segmentation

The practice: One-size-fits-all is a relic of the past. Today’s consumers expect personalized experiences, and your automated lead generation system should deliver just that. Utilize data analytics to segment your audience based on various criteria—demographics, behavior, engagement levels—and tailor your messaging accordingly.

Compliance and data security

The practice: Automation involves collecting and storing vast amounts of data, making compliance with data protection regulations like GDPR or CCPA a critical concern. Ensure that your tools and practices are compliant with these laws and that data is stored securely.

Quality over quantity

The practice: In the rush to automate, there’s a temptation to focus on the volume of leads generated. However, the quality of these leads is equally, if not more, important. Implement lead scoring mechanisms to prioritize leads that are more likely to convert, and focus your efforts on nurturing these high-quality leads.

A critical component of the sales process

It’s crucial to approach automation with both eyes open. The tools you choose, the strategies you implement, and the best practices you adhere to will collectively determine your success. Our recommendation? Start with a well-defined strategy, invest in the right tools, and never underestimate the power of personalization and data security. Remember, the goal is not just to automate, but to optimize.

In a world where consumers are bombarded with information and choices, automated lead generation offers a way to cut through the noise, delivering the right message to the right person at the right time. It’s not just about keeping pace with the competition; it’s about staying ahead. So, as you ponder the future of your business, consider automated lead generation not as an option, but as an essential component of your growth strategy. The future is automated, and the tools to seize it are at your fingertips.

FAQs

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A call center is a centralized department that receives inbound calls from customers. Its purpose is to resolve issues, provide information on a service or product, and answer questions related to that product or service. This article will explore different types of call centers that a business can use to support its customers.

What is a hosted call center?

A hosted call center is a customer service function entirely managed by a hosted service provider, while the business using the hosted call center pays the service provider to maintain and support the customer service function through a subscription model. The entire hosted call center hardware and software is hosted by a service provider maintained on a cloud-based platform. Businesses using a hosted call center are not responsible for maintenance, support, or upgrades.

The difference between a hosted call center and an on-premises solution

An on-premises hosted call center is physically located at a business’ onsite data center and is managed and maintained by the business using the hosted call center services. Unlike a cloud-based hosted call center, the company using the on-premises services owns and is responsible for the infrastructure, including hardware, software, and maintenance.

Read more: Best VoIP for Small Business

The benefits of hosted call centers

A cloud-based hosted call center offers tangible benefits that immediately improve an organization’s financial standing and business efficiency from a customer service perspective. The benefits include the following:

• Cost-effectiveness: Businesses using a hosted call center eliminate the up-front cost of purchasing the hardware and software associated with a call center and move to a pay-as-you-go subscription plan.
• Easy setup and lower maintenance: Hosted service providers are responsible for system updates and maintenance, which reduces the organization’s Information Technology (IT) burden. 
• Remote workforce support: cloud-based hosted call centers allow agents to work from anywhere provided an internet connection exists.
• Scalability: allows businesses to adjust the number of agents based on call volume quickly without major infrastructure changes.
• Data security: cloud-based hosted call center systems provide robust security enhancements that protect sensitive customer information.
• Integration with other applications: cloud-based hosted call centers can be integrated with customer relationship management (CRM) and other business applications.
• Advanced features: provides enhanced features and functionalities such as automated call routing, real-time monitoring, and call recording.

How hosted call centers work

A cloud-based hosted call center uses Voice over Internet Protocol (VoIP) technology that converts audio into digital data packets and transports them using a Real-time Transport Protocol over the IP network. When the digital data packets reach their intended recipient, they are reassembled by the receiving device (i.e., mobile phone, computer, or any device capable of playing audio) back into the original data packet order. The receiving device contains a Digital-to-Analog Converter (DAC) that converts data packets back into audio (analog sound waves) that a human can understand, allowing for a conversation. 

Read more: 6 Best Cloud Phone Systems

What is the difference between a hosted call center and a hosted contact center?

A hosted call center uses the phone for all customer interactions. In contrast, a hosted contact center handles multiple communication channels like phones, emails, chats, and social media, which is more comprehensive than a hosted call center. Hosted call centers are phone- or voice-focused, while contact centers must oversee and respond to multiple communication channels. Hosted contact centers offer more advanced features and integration options than hosted call centers.

How to decide if you need a hosted contact center solution

Both solutions are viewed as money-saving solutions when you don’t have to invest in infrastructure, maintenance, or personnel. Businesses providing specialized services like IT support, custom solutions, or integrating hardware or software systems to create a unified solution should consider using a hosted call center with expert agents specialized in receiving calls and providing over-the-phone assistance.

Conversely, businesses that generally sell or advertise a product or event should select a hosted contact center that allows them to maximize audience outreach and benefit from multiple forms of communication. They should consider using a hosted contact center to ensure audiences can be reached by email, social media, chats, or phones.

Both solutions allow for a remote workforce, reduced costs, improved customer experiences, and scalability.

Read more: Best Call Center Software

How different industries use hosted call center solutions

Various business industries use hosted call centers to improve some aspect of a business department or function. Here are some examples of how different business industries use hosted call centers:

• Retail and e-commerce: Hosted call centers can provide customer support, process orders, and answer customer inquiries.
• Transportation: A call center is a centralized platform that can provide proactive updates on changes or potential delays, resolve customer complaints promptly, coordinate deliveries, and use customer feedback to improve upon provided services.
• Healthcare: A call center can assist with appointment scheduling, billing inquiries, and coordinating referrals to the appropriate specialist.
• Improve customer service: A hosted call center can help businesses promptly respond to customers’ issues or inquiries, including personalized phone support.
• Business-to-consumer (B2C) businesses: A call center can assist with customer interactions that improve the customer service experience, which leads to increased customer satisfaction, loyalty, and retention.
• Finance: A hosted call center can provide 24/7 support, facilitate secure transactions, offer personalized services, and allow agents to upsell or cross-sell based on a customer’s profile.

Overall, hosted call centers reduce cost, scale seamlessly to meet changing demands, and provide analytics and reporting tools that give insight into agent’s performance and customer interactions.

Frequently Asked Questions (FAQ)

The post What is a Hosted Call Center? Benefits & Applications appeared first on TechnologyAdvice.

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What is parental leave?

Parental leave, also referred to as family leave, is a benefit given to employees who need time away from work to welcome and care for new members of their family. It is similar to sick leave and paid time off (PTO), but the stipulations for eligibility and entitlement are often more nuanced and subject to more legal requirements.

Parental leave is generally provided for pregnancy and birthing, adoption, and foster care placement. It is intended to support family bonding but can also be used for prenatal medical appointments, adoption counseling, pre-placement visits for foster children, and other related absences.

Most countries guarantee some degree of parental leave to all workers, though the specific details of those requirements vary drastically.

Also read: Policies & Benefits That Support Working Parents

Parental leave vs maternity leave

The term maternity leave used to be commonly used to refer to time off given to mothers before or following the birth of a child. It combines parental leave and pregnancy disability leave. However, this term only addresses a narrow set of parental experiences. Instead, parental leave addresses a wider range of scenarios, including adoptive parents and employees who don’t identify as mothers or fathers. 

Paid vs unpaid parental leave

In the United States, unpaid parental leave is very common. Unpaid leave means that employees are granted time off of work but aren’t compensated during this period. Employers may also choose to offer paid leave, giving employees a full or partial salary while on parental leave.

Types of parental leave

There are several different forms of parental leave, some of which you may be legally required to offer.

FMLA parental leave

The Family and Medical Leave Act (FMLA) allows eligible workers to take 12 weeks of unpaid, job-protected leave for a range of medical and family-related reasons. For new parents, FMLA leave can be used for family bonding following the birth, adoption, or foster placement of a child. 

In order to take FMLA leave, employees must meet the following requirements:

• They must work for a covered employer.
• They must have worked for the employer for at least 12 months.
• The employee must have logged at least 1,250 hours with the employer in the last 12 months.

Your company is considered a covered employer and required to comply with the FMLA if you are:

• A private employer with 50 or more employees working within a 75 mile radius of a worksite (note that remote employees are counted toward the worksite that they receive direction from).
• A public agency.
• A public or private elementary or secondary school.

This leave balance can be used anytime within the first year of the child’s life or placement. It can also be used before the birth or placement, for medical appointments for prenatal care or time off due to pregnancy complications.

Parental FMLA leave can also be taken as intermittent leave or reduced schedule leave if agreed upon between employee and employer. In these formats, leave is broken up into smaller increments and used either on a recurring reduced schedule basis or an as-needed basis rather than all at once.

State parental leave programs

Some states also have their own paid parental leave programs. Currently, 10 states and the District of Columbia have active laws providing mandatory paid family leave for eligible employees:

• California.
• Colorado.
• Connecticut.
• Kentucky.
• Massachusetts.
• New Jersey.
• New York.
• Oregon.
• Rhode Island.
• Washington.

A handful of other states have passed laws that will be going into effect in the coming years. If you operate in one of these states, you’ll want to keep track of the effective dates and make sure you update your policies appropriately:

• Delaware (effective January 1, 2026).
• Maine (effective May 1, 2026).
• Minnesota (effective January 1, 2026).
• Maryland (effective July 1, 2026).

In addition, several states have voluntary parental leave laws that permit and regulate the sale of paid family leave insurance that may be used for parental leave:

• Alabama.
• Arkansas.
• Florida.
• New Hampshire.
• Tennessee.
• Texas.
• Vermont.
• Virginia.

Employer parental leave policies

Employers can create their own internal policies to supplement the legally required leave options, such as by offering paid leave or short-term disability insurance to supplement an employee’s income during their time off. This can be a great way to make your company stand out as an employer to attract and retain top candidates.

The SHRM 2024 Employee Benefits Survey found that 40% of employers are currently offering paid parental leave policies, though these policies can vary widely.

Benefits of offering parental leave

Offering parental leave doesn’t just benefit employees. It can also have a positive impact on your organization.

Common barriers to parental leave

Despite legislative protections, employees in the U.S. often underutilize parental leave benefits for a variety of reasons. They may face financial hardship if they take unpaid leave, be ineligible to receive leave benefits, or fear the indirect career impact of taking extended time away from work.

Here are some obstacles to consider when crafting or revising your organization’s parental leave policies.

Tips for creating a paid leave policy 

Ready to build your own paid leave policy? Here are our top tips to build a thorough and effective policy.

Supporting working parents beyond parental leave

Supporting parents doesn’t end with parental leave; you’ll also want to have tools and policies in place to support employees’ transition back into the workforce and throughout their parenting journey.

“Without the proper resources and support, these 12 weeks speed by, and the parents return to work exhausted, confused, and weary about how to balance it all,” shares Christine Landis, founder of Peacock Parent Inc.

Employers should consider how to ease employees back into work after their leave ends, and how to provide ongoing support through options like flexible schedules and remote work policies to help working parents balance their job and growing families. Benefits like employee assistance programs can also support working parents by providing assistance in locating childcare.

Mark Whitley, Founder and CEO of Whits Services Corporation notes how his company manages that transition period; “We’ve put together some support that really makes a difference. Think flexible hours or coming back part-time at first. Plus, we hook up our teams with resources like childcare and someone to talk to if it’s all getting a bit much.”

Many HR software providers, like Gusto, offer features that help businesses support parents through 529 college savings plans, reimbursement programs, and paid leave alongside traditional employee benefits.

Keep track of your employees’ leave balances with these 5 Best Leave Management Software.

The post What is Parental Leave? appeared first on TechnologyAdvice.

The art of attracting and converting strangers into prospects is both a science and a strategic endeavor. With the vast expanse of the internet as its stage, online lead generation has become the vanguard of successful business growth. 

Whether you’re a seasoned marketer looking to refine your strategy or a newcomer eager to make your mark, this guide is designed to navigate the intricacies of digital marketing. We’ll explore the latest tools, techniques, and trends that can help you capture the attention of potential customers and guide them down the sales funnel.

From understanding the psychology of your target audience to leveraging cutting-edge technology for data-driven campaigns, our guide provides a roadmap to transforming your online presence into a lead-generating machine. Buckle up and prepare to embark on a journey that will enhance your knowledge and amplify your results.

What is lead generation?

Lead generation is the process by which organizations stimulate and capture interest in a product or service for the purpose of developing a sales pipeline. 

It’s the first step in the journey from the initial consumer interest to the final sale, acting as a critical junction in converting someone from a casual browser into a committed buyer.

The role of lead generation in sales and marketing

Lead generation is crucial in sales and marketing strategies. In sales, it’s about quantity and quality—the more leads you generate, the higher the chances of converting them into sales. In marketing, it’s about creating compelling messages that resonate with potential customers, enticing them to make that first interaction. It’s a symbiotic relationship; marketing efforts fuel lead generation, and the results of lead generation inform and refine marketing strategies.

Traditional vs. online lead generation

Traditional lead generation has been around as long as commerce itself, involving direct mail, cold calling, and face-to-face networking—methods that are interruptive and often unsolicited. 

These methods are like casting a wide net in the ocean, hoping to catch a few fish. They are based on the law of averages, and while they can be effective, they are often resource-intensive and not always welcomed by the consumer.

Conversely, online lead generation is like using a precision-guided missile. It’s targeted, it’s often permission-based, and it leverages multiple digital channels to attract interested parties. 

Through SEO, content marketing, social media, and email campaigns, businesses can reach potential customers who are already looking for what they offer. This makes the process more efficient and more consumer-friendly as it often responds to an already existing interest or need.

Types of leads

Leads are often categorized by temperature—namely cold, warm, and hot. Each indicates the level of a prospect’s previous interaction with your company and their likelihood to buy. Understanding these distinctions is crucial for tailoring your approach to each potential customer.

Cold leads

Cold leads are individuals or entities that have had little to no prior engagement with your brand. 

They are often reached through mass marketing strategies, such as cold emailing or broad online advertising. The relationship with cold leads is akin to a first handshake—formal, introductory, and without any established rapport. The challenge with cold leads is to warm them up, nurture their interest, and gradually build a connection that could eventually turn into a business opportunity.

Warm leads

Warm leads are those who have shown some interest in your brand or products. 

Perhaps they’ve subscribed to your newsletter, downloaded a whitepaper, or interacted with your content on social media. These leads are aware of your brand and have engaged in a way that signals potential buying intent. They require a more personalized approach, as they are further along in the sales funnel and may only need a nudge to consider a purchase.

As we progress through the intricacies of lead generation, these classifications will serve as a guide for crafting targeted, effective marketing campaigns.

Hot leads

Hot leads are the ones that are most immediately valuable. 

They’ve typically gone beyond mere interest and have taken actions that indicate a strong intent to purchase, such as requesting a demo, adding items to a shopping cart, or reaching out directly for more information. These leads are often ready to talk to a salesperson and may just need the final details confirmed before making a purchase.

B2B vs. B2C leads

The nature of leads can also differ significantly between Business-to-Business (B2B) and Business-to-Consumer (B2C) contexts. B2B leads often involve longer sales cycles, a higher number of stakeholders, and larger transactions. They require a deep understanding of business needs and a more consultative selling approach. B2C leads, conversely, are usually individual consumers. The sales cycles are shorter, the transactions are typically less complex, and the emotional appeal can play a larger role than in B2B.

Read more: MQL vs. SQL: Differences & Comparison in 2023

Quality vs. quantity: The importance of lead scoring

While generating a high volume of leads is often a desirable goal, the quality of those leads is paramount. This is where lead scoring comes in—a methodology used to rank prospects against a scale that represents the perceived value each lead represents to the organization. By scoring leads, businesses can prioritize their efforts, focusing on those most likely to convert and ensuring that sales teams are working efficiently.

Lead scoring can consider various factors, including how a lead was acquired, their level of engagement with your brand, and specific behaviors that align with buying intent. By distinguishing between the quality and quantity of leads, companies can optimize their sales funnel and allocate resources to nurture the leads that are most likely to result in sales.

As we progress through the intricacies of lead generation, these classifications will serve as a guide for crafting targeted, effective marketing campaigns.

Online lead generation Techniques

With the right techniques, businesses can attract a steady stream of prospects. Here, we explore some of the most effective online lead generation techniques that have become staples in the marketer’s toolkit.

Each of these techniques has its strengths and can be used in various combinations to create a comprehensive online lead generation strategy. The key is to understand your audience, provide value, and optimize your efforts based on performance data. 

Content marketing

Content marketing is the strategic creation and distribution of valuable, relevant, and consistent content to attract and retain a clearly defined audience. By providing useful information or entertainment, businesses can build trust with potential customers, establishing themselves as thought leaders in their industry. This can include blog posts, infographics, reports, and videos that aim to inform, engage, and inspire action.

Software suggestion: Consider using HubSpot’s Content Management System (CMS). This platform not only helps you create and manage your content but also optimizes it for different devices and assists with SEO. Its analytics tools can help you understand which content performs best and drive your content strategy decisions.

Social media marketing

Social media platforms are where conversations happen and networks grow. By engaging with users on platforms like Facebook, Twitter, LinkedIn, and Instagram, businesses can increase brand visibility and generate leads. Social media marketing involves sharing great content, participating in conversations, running targeted ads, and even direct outreach to potential leads.

Software suggestion: Hootsuite or Buffer are excellent tools for managing your social media campaigns. They allow you to schedule posts across multiple platforms, engage with your audience, and analyze social media traffic to refine your lead generation strategies.

Email marketing

Email marketing remains one of the most direct and personal forms of communication in the digital space. By sending targeted messages to a well-segmented audience, businesses can nurture leads through personalized content and offers. The key to successful email marketing is to provide value in every message, whether it’s educational content, exclusive deals, or updates on products and services.

Software suggestion: Mailchimp is an email marketing service that offers a variety of templates and automation options. It helps in designing email campaigns that resonate with your audience and provides detailed reports to track their performance.

Search engine optimization (SEO)

SEO is the practice of optimizing your website to rank higher in search engine results for relevant keywords. This organic approach is about understanding what your potential customers are searching for and creating content that aligns with those queries. A strong SEO strategy ensures that when prospects are seeking solutions or information, your brand appears prominently in their search results.

Software suggestion: SEMrush is a comprehensive SEO tool that offers keyword research, site audits, and competitor analysis. It’s invaluable for businesses looking to improve their organic search presence and attract more leads through search engines.

Pay-Per-Click (PPC) advertising

PPC advertising is a model of internet marketing where advertisers pay a fee each time one of their ads is clicked. It’s essentially a way of buying visits to your site, rather than attempting to earn those visits organically

Software suggestion: Google Ads is the go-to platform for PPC campaigns, offering extensive reach and detailed targeting options. For those looking for an alternative, Microsoft Advertising (formerly Bing Ads) can also be a cost-effective solution with less competition for keywords.

Webinars and virtual events

Webinars and virtual events offer a platform to share expertise, industry knowledge, and product details with potential leads. They provide an interactive element to online marketing, allowing for real-time engagement and the ability to establish a deeper connection with your audience. These events can be a powerful way to generate high-quality leads, as they often attract attendees who are interested in a specific topic.

Software suggestion: Zoom or GoToWebinar provide platforms for hosting webinars and virtual events. These tools offer features like registration forms, audience interaction capabilities, and post-event analytics to help qualify and follow up with leads.

Affiliate marketing

Affiliate marketing is a performance-based technique where other publishers and websites will promote your business. In return for their marketing efforts, you pay them a commission for each lead or sale that is generated. This symbiotic relationship allows businesses to expand their reach through the networks of their affiliates.

Software Suggestion: ShareASale or Commission Junction are powerful affiliate marketing networks that connect you with affiliates ready to promote your products. They provide tracking tools and manage commission payments, making it easier to run and scale your affiliate programs.

Also read: Best Lead Nurturing Software for 2024

Tools for online lead generation

Software tools are indispensable for crafting, executing, and measuring the effectiveness of online lead generation campaigns. From managing relationships to understanding user behavior, the right tools can make the difference between a good strategy and a great one. Here’s a look at some categories of tools that are essential for online lead generation.

CRM systems

Customer Relationship Management (CRM) systems are the backbone of lead management. They allow businesses to track interactions with current and potential customers, manage leads, and automate sales and marketing processes.

Software suggestion: Salesforce offers a CRM system that is highly customizable and scalable, suitable for businesses of all sizes. For those seeking a more cost-effective solution, HubSpot CRM provides a free tier with a surprising amount of functionality, making it ideal for small to medium-sized businesses.

Landing page builders

Landing page builders are crucial for creating the web pages that visitors ‘land’ on from various channels. A well-designed landing page can significantly increase the conversion rate of visitors to leads by providing them with a clear call-to-action and minimizing distractions.

Software suggestion: Unbounce is a powerful tool that allows marketers to build, publish, and A/B test landing pages without the need for I.T. support. Alternatively, Leadpages is another popular choice that offers a range of easily customizable templates to get your landing page up and running quickly.

Email marketing platforms

Email marketing platforms enable businesses to send out email campaigns to lists of leads at scale. These platforms come with tools for designing emails, segmenting lists for targeted campaigns, and tracking the performance of each email sent.

Software suggestion: Constant Contact is a user-friendly platform with a variety of templates and automation features. For those looking for advanced automation and integration capabilities, ActiveCampaign offers a suite of tools that combine email marketing, automation, sales automation, and CRM for a comprehensive approach.

Analytics tools

Analytics tools are the eyes and ears of your online lead generation efforts. They provide insights into how visitors interact with your website and campaigns, which strategies are working, and what can be improved.

Software suggestion: Google Analytics is the go-to free tool for tracking website performance and user behavior. For a more advanced analysis, including predictive analytics and customer journey tracking, Kissmetrics offers deeper insights into user engagement and conversion.

Best practices for online lead generation

To excel in the competitive arena of online lead generation, it’s not just about what tools you use or what techniques you employ—it’s also about how you use them. Adhering to best practices can significantly enhance the effectiveness of your lead generation efforts. Here are some key strategies to keep in mind:

Target audience identification

Understanding who your ideal customers are is the cornerstone of any successful lead generation strategy. By identifying your target audience, you can tailor your marketing efforts to address their specific needs, problems, and desires.

Personalization and segmentation

In a world cluttered with generic advertising, personalization and segmentation stand out by speaking directly to the individual. Personalized content has been shown to significantly increase engagement and conversion rates.

A/B testing and optimization

What works today may not work tomorrow, and the only way to keep up is through continuous testing and optimization. A/B testing allows you to compare different versions of your web pages, emails, and ads to see which ones perform best.

Best practice: Regularly test different elements of your marketing campaigns, from subject lines and email copy to landing page designs and call-to-action buttons. Use analytics tools to measure performance and make data-driven decisions to optimize your lead generation efforts.

Compliance and data security

With the increasing importance of data privacy, compliance with regulations like GDPR and CCPA is non-negotiable. Moreover, ensuring the security of your leads’ data is critical to maintaining trust and a good reputation.

Making lead generation strategies work for you

Online lead generation is the starting point of a journey that turns strangers into visitors, visitors into leads, and leads into loyal customers. It’s a multifaceted process that combines the art of engaging storytelling with the science of data analytics.

The benefits of online lead generation are clear: a wider reach, greater engagement, more precise targeting, and better conversion rates—all of which lead to increased sales and a healthier bottom line. By leveraging content marketing, social media, email campaigns, SEO, PPC, webinars, and affiliate marketing, businesses can cast a wide net and pull in leads from various channels.

As we wrap up this guide, let’s revisit the essentials: identify your target audience with precision, personalize your approach, segment your campaigns, test and optimize continuously, and always prioritize compliance and data security. These best practices are the pillars upon which successful online lead generation is built.

So, equip yourself with the right tools, stay abreast of the latest trends, and always be ready to adapt.

Frequently Asked Questions (FAQ)

The post Online Lead Generation Guide for 2024 appeared first on TechnologyAdvice.

Google Voice is a popular business phone solution mainly for its ease of use, free personal plan, and cheap subscription fees. While it stands out for its simplicity and low pricing, its limited functionality and integrations can disadvantage larger enterprises or scaling teams that require in-depth collaboration capabilities and call customization options for handling call traffic.

The best Google Voice alternatives feature a comprehensive call management system, extensive phone number options, collaboration capabilities, and dedicated support. Below, we break down six industry-leading competitors catering to unique business needs.

• Zoom Phone: Best overall for varying call volumes
• RingCentral: Best for unified communications
• Nextiva: Best for customer interaction management
• GoTo Connect: Best for international calling
• Grasshopper: Best for small teams
• Ooma: Best lightweight VoIP solution

Top Google Voice alternatives at a glance

Advantages: Why is Google Voice is so popular

Compared to most VoIP solutions, Google Voice is designed for solopreneurs, startups, and small businesses due to its ease of use and low-cost service plans. It has two account types: personal and business. The individual plan is free for Google account users, while the business plan can be purchased as an add-on for Google Workspace subscribers. 

The Google Personal plan includes a free local number, voicemail transcription, and call forwarding. The Business version, on the other hand, packs in professional phone features, such as usage reporting, multilevel auto-attendant, and ring groups. Guided by Google’s clean and user-friendly interface, Google Voice allows easy setup and navigation for its mobile app and web interface.

In the end, it could turn out that Google Voice, is, in fact, the right choice for your needs. You can check them out below. 

Disadvantages: When to use a Google Voice alternative

Google Voice may not be ideal for businesses seeking comprehensive functionality and customization options, particularly those experiencing large call volumes frequently. Virtual numbers are limited to local area codes, which can be limiting to those who want to establish a nationwide presence or create a memorable impression. 

Access to Google Voice for Business requires a Google Workspace subscription. In addition to the monthly per-user cost of Google Workspace, you need to purchase any Google Voice business plan to unlock its features. Establishing connectivity with other third-party tools can be challenging due to its tight integration with Google service, which limits the flexibility for businesses relying heavily on non-Google apps or requiring extensive software compatibility.

How to choose the best Google Voice alternatives

Evaluating your business’s key priorities is necessary for finding the best Google Voice alternatives. It involves your budget, communication needs, security, and device compatibility. These factors will help you determine which providers best meet your business requirements in a cloud phone system. 

In this article, we compiled a list of six providers, along with their corresponding use case scenarios. This will help you understand how each solution can address different business demands—whether you prioritize advanced call management, seamless integrations, or scalability.

Zoom Phone emerges as our top alternative to Google Voice, offering a comprehensive range of call management features and flexible call plans, all at the same monthly pricing as Google Voice. Different VoIP providers offer specialized features and services designed to meet specific needs. With the right solution, you can ensure reliability, high-quality calls, and excellent value for your investment.

Frequently Asked Questions (FAQ)

The post Top 6 Google Voice Alternatives for 2024 appeared first on TechnologyAdvice.

AI could ease labor shortages, but health systems will need to increase cybersecurity spending to manage heightened risks, according to the credit ratings agency.

The security vendor maintains only a limited number of customers’ firewalls have been exploited by a zero-day it patched earlier this week.

A report from IANS and Artico Search shows businesses are looking to bring on chiefs of staff, business CISOs and privacy officers as federal and state regulators push for greater compliance.

The updates are part of a larger effort at the company to overhaul its internal security culture.

The cybersecurity vendor said it ended its fiscal Q1 with 1,100 platformization deals and remains on pace to reach at least 2,500 such deals within five years.

In 2024, the idea of human risk management shifted from concept to reality as frustrated CISOs looked for solutions beyond security awareness and training to make real change. 

The highly effective brute-force attack method requires little effort, Trellix said. Organizations with weak password policies or no MFA are especially at risk.

The department hasn’t implemented some policies recommended by the watchdog, which could pose a risk to cybersecurity in the sector as attacks increase, according to the Government Accountability Office.

The security vendor warned of an unconfirmed vulnerability in PAN-OS earlier this month. A CVE entry and patch came 10 days later.

The Environmental Protection Agency lacks a documented plan to coordinate incident reporting with CISA, the agency’s Office of Inspector General found.

If you’re familiar with platforms like Drata, you may appreciate their streamlined compliance processes and integrations. But if you’re ready for something beyond automation and integration (think powerful AI-driven risk management,  live visual dashboards, and extensive framework mappings), Centraleyes delivers in ways Drata just can’t match!

Let’s take a closer look at both platforms and how they compare.

Key Strengths of Drata

1. Automated Evidence Collection and Testing

Drata automates about 85% of evidence collection, testing it every 24 hours, which significantly reduces manual work and increases compliance reliability. This automated system is ideal for companies with high evidence needs who value time savings.

2. “Assess Once, Report Many”

Drata’s principle of “assess once, report many” allows users to map frameworks to policies, controls, and risks seamlessly, reducing the overhead of managing multiple compliance Drata frameworks separately. This makes Drata appealing to companies that are tackling more than one compliance standard.

3. Centralized Compliance Hub

Drata’s vendor inventory tool, evidence library, and policy templates enable organizations to keep all documentation in one place. Its framework mapping also simplifies compliance by providing a single view of compliance status.

4. Customer Support and Success

Drata’s customer support is often praised for its dedication to guiding clients through the complexities of SOC 2 and ISO 27001. The support team has a reputation for helping clients address issues iteratively, a big plus for smaller companies or those new to compliance automation.

Where Drata May Fall Short

1. Limited Customization Options

While Drata is known for ease of use, some companies find it lacks the depth of customization they need, especially for specific compliance audits or complex organizational requirements. 

2. Challenges with Policy Management

Drata’s Policy Center is often better suited for companies with less mature documentation. Organizations with advanced needs may find the editor insufficient for larger policies, and changelogs require manual updating, which adds to administrative work.

3. Issues with Audit Evidence

Some users report that Drata’s generated reports and evidence aren’t always accepted by auditors, resulting in repeat work. This is a potential drawback for companies that rely heavily on automated evidence collection and expect it to translate smoothly into audit-ready documents.

4. Risk Register and Management Gaps

Drata includes a risk register, but it’s considered basic and lacks the robust features needed by organizations that have more complex risk tracking and scoring needs. Companies needing in-depth risk assessment and remediation planning may find Drata’s manual process and limited automation less than ideal.

Drata’s Value Proposition

For many startups and fast-growing companies, the primary driver for seeking SOC 2 or ISO 27001 certification isn’t about embedding a robust security culture—it’s about meeting the minimum requirements that large enterprise clients demand before they consider a contract. Drata’s tools and automation streamline this process, giving smaller companies the confidence to say, “Yes, we’re compliant!” 

This is appealing for startups aiming to get a quick stamp of approval without diving into the complexities of risk management or security strategy. Drata’s strength lies in helping them check these boxes efficiently, clearing the path for business growth.

For mid-market and enterprise companies—or even ambitious startups with a focus on lasting, secure growth—this approach can feel like cutting corners. It’s one thing to secure compliance for a big client deal; it’s another to build the mature risk management strategy that true security demands. 

Centraleyes brings AI-powered risk management, in-depth compliance controls, and scalable security practices to organizations ready to take security seriously. 

Centraleyes delivers security as a core business function.

#1 Drata Alternative

Centraleyes

Centraleyes delivers a risk-based compliance platform designed to provide both compliance and actionable risk insights. Centraleyes combines rigorous compliance with real-time risk visualization, advanced scoring, and flexible frameworks that allow companies to move beyond “check-the-box” compliance toward a truly proactive risk posture.

Comprehensive Risk Assessment Capabilities

Unlike Drata, which focuses primarily on compliance tracking and evidence automation, Centraleyes takes risk management to a new level. Its advanced risk assessment tools are designed for organizations needing in-depth insight into their risk landscape. With Centraleyes, users can conduct detailed risk assessments that include configurable risk scoring, control mapping, and custom thresholds, allowing for more nuanced risk management than Drata’s automation-centric platform.

Real-Time Risk Visualization

One of Centraleyes’ standout features is its real-time risk visualization. The platform provides live dashboards and rich visualizations that enable organizations to see their risk status and compliance posture at a glance. Centraleyes’ data-driven insights support quick decision-making and provide executives and security teams with a shared, easily digestible view of the organization’s security health.

Extensive Framework Support and Mappings

Centraleyes supports tens (over 70) industry frameworks, including SOC 2, ISO 27001, NIST, GDPR, CCPA, and HIPAA, with the added benefit of customizable frameworks. Smart mapping between frameworks allows companies to align with multiple frameworks simultaneously, tailoring compliance efforts to unique industry needs. Centraleyes also integrates with leading security tools, enhancing its versatility in diverse environments.

Advanced Customization for Industry-Specific Needs

Centraleyes provides a highly customizable environment, allowing users to tailor workflows, dashboards, and reporting functions to suit specific organizational needs. From industry-specific compliance requirements to custom risk scoring, Centraleyes can adapt to the unique demands of businesses in finance, healthcare, government, and beyond. 

Collaboration Tools and User-Friendly Interface

The Centraleyes platform is designed with collaboration in mind. Teams can easily share insights, assign tasks, and track compliance statuses within the platform, making it an excellent choice for organizations with complex internal structures. 

Enhanced Reporting and Continuous Improvement

Reporting in Centraleyes is not just about compliance status; it’s about continuous improvement. With its in-depth analytics and custom reporting options, Centraleyes helps organizations analyze past trends and predict future risks. 

With its deep risk assessment capabilities, broad framework support, and unparalleled customization, Centraleyes is ideal for companies that require comprehensive compliance and risk management. For organizations with advanced compliance needs or complex risk landscapes, Centraleyes provides insight, control, and adaptability beyond Drata’s core focus on automation.

Other Drata Alternatives

JupiterOne

JupiterOne emphasizes the relationships between assets, which is crucial for organizations that rely on understanding the dependencies and interconnections in their security environment. Its platform leverages advanced querying and asset mapping, allowing security teams to visualize and understand these relationships in ways that typical compliance platforms may overlook.

Key Features: Visual relationship mapping, asset dependency insights, and automated compliance workflows.
Frameworks Supported: SOC 2, ISO 27001, HIPAA, GDPR, and CMMC.
Why Consider JupiterOne: Organizations with complex IT infrastructures will benefit from JupiterOne’s approach to asset-centric compliance, which goes beyond checklists to provide context around security dependencies.

Scrut Automation

Scrut Automation prioritizes efficiency with its strong automation capabilities, simplifying compliance processes and making audit readiness far less burdensome. Scrut is particularly useful for smaller teams that may lack dedicated compliance resources, as it offers hands-off automation features that can save substantial time.

Key Features: Automated workflows, evidence collection, and continuous monitoring.
Frameworks Supported: SOC 2, ISO 27001, HIPAA, GDPR, and CCPA.
Why Consider Scrut: If your organization values automation to ease compliance burdens, Scrut’s streamlined workflows make it a great choice for quick, effective compliance management.

Duo Security

Known primarily for its authentication solutions, Duo Security also offers compliance features, making it an excellent choice for organizations looking to strengthen access control as part of their compliance efforts. Duo’s focus on secure access makes it unique among compliance tools.

Key Features: Secure access, endpoint visibility, and multi-factor authentication (MFA).
Frameworks Supported: SOC 2, ISO 27001, GDPR, and HIPAA.
Why Consider Duo: For businesses where access control is central to their compliance strategy, Duo’s seamless integration of compliance and security provides added value.

LogicGate

LogicGate is highly customizable, making it suitable for organizations with unique compliance workflows or those in industries with specific regulatory requirements. The platform is flexible, allowing teams to tailor it extensively to match their operational needs.

Key Features: Custom workflows, incident tracking, and flexible risk management options.
Frameworks Supported: SOC 2, ISO 27001, PCI-DSS, HIPAA, and GDPR.
Why Consider LogicGate: For organizations needing more tailored workflows and compliance processes, LogicGate’s customization options are invaluable, especially for businesses with specific industry requirements.

Wiz

Wiz is focused on cloud security compliance, making it a natural fit for organizations that operate primarily in cloud environments. Its platform provides continuous cloud monitoring and risk prioritization, which are crucial for companies with cloud-based assets seeking to maintain a compliant posture.

Key Features: Cloud security scanning, compliance visibility, and risk prioritization.
Frameworks Supported: SOC 2, HIPAA, PCI-DSS, ISO 27001, and more.
Why Consider Wiz: For cloud-centric businesses, Wiz’s real-time cloud monitoring combined with compliance tools offers an effective solution for managing compliance in dynamic cloud environments.

Tugboat Logic

Tugboat Logic simplifies the compliance journey by offering prebuilt templates and automated workflows. It’s an excellent option for companies that are new to compliance or those looking to streamline audit preparations with minimal manual setup.

Key Features: Compliance templates, policy creation, and audit preparation tools.
Frameworks Supported: SOC 2, ISO 27001, HIPAA, GDPR, and CCPA.
Why Consider Tugboat Logic: Tugboat is ideal for companies that prioritize simplicity, offering a fast track to audit readiness with minimal effort.

Resolver

Resolver provides a comprehensive suite for risk and compliance management, combining features for incident tracking, risk assessment, and business continuity planning. Its platform is versatile, appealing to organizations with broader compliance and risk management needs beyond just certification.

Key Features: Risk and incident management, audit tracking, and customizable workflows.
Frameworks Supported: SOC 2, ISO 27001, PCI-DSS, and more.
Why Consider Resolver: For organizations with diverse compliance needs, Resolver’s broad feature set offers risk management alongside compliance, making it a versatile choice for large or complex enterprises.

Netwrix Auditor

Netwrix stands out for its focus on audit and monitoring capabilities, ideal for organizations that require detailed insight into user activities and data access. This tool excels at creating audit trails, a necessity for companies looking to keep a close watch on infrastructure access.

Key Features: User activity monitoring, data discovery, and real-time alerts.
Frameworks Supported: SOC 2, ISO 27001, HIPAA, GDPR, PCI-DSS.
Why Consider Netwrix: For businesses that need robust audit trails and compliance reporting, Netwrix provides the extensive monitoring features necessary for data-intensive compliance requirements.

SailPoint

SailPoint specializes in identity governance, ensuring that organizations manage user access securely and stay compliant across a variety of frameworks. Its focus on identity management makes it a prime choice for companies with complex access needs.

Key Features: Identity management, access control, and compliance reporting.
Frameworks Supported: SOC 2, GDPR, HIPAA, and more.
Why Consider SailPoint: For organizations prioritizing secure identity governance, SailPoint’s comprehensive identity management tools are invaluable in maintaining compliance across diverse systems.

Customer-Centric Benefits with Centraleyes

Centraleyes offers a solution that grows alongside your business. Here’s how:

• Scalability and Flexibility: Centraleyes is built to evolve with your needs, ensuring that as you adopt new frameworks or expand into regulated industries, your compliance tools keep pace.
• Outcome-Focused Approach: By emphasizing real-time risk scoring and multi-framework support, Centraleyes helps companies move beyond checkbox compliance, empowering them to build a proactive, adaptable risk management strategy.
• Streamlined for Complexity: For enterprises dealing with complex regulatory landscapes, Centraleyes offers a comprehensive suite of tools that eliminate the need for multiple platforms, making it an all-in-one solution for governance, risk, and compliance.

Centraleyes is Your Go-To Drata Competitor

While Drata remains a popular choice for companies with specific compliance needs, Centraleyes stands out for businesses that need a robust, scalable, and flexible compliance solution. Whether you’re managing multiple frameworks or looking for a risk management platform that grows with your organization, Centraleyes delivers the support, customization, and insights you need.

Explore Centraleyes today to see how it can simplify and strengthen your compliance strategy—giving you the tools to stay agile.

The post 10 Best Drata Alternatives to Consider for Compliance Management in 2024 appeared first on Centraleyes.

Threat actors with ties to Russia have been linked to a cyber espionage campaign aimed at organizations in Central Asia, East Asia, and Europe. Recorded Future's Insikt Group, which has assigned the activity cluster the name TAG-110, said it overlaps with a threat group tracked by the Computer Emergency Response Team of Ukraine (CERT-UA) as UAC-0063, which, in turn, overlaps with APT28. The

Google Workspace has quickly become the productivity backbone for businesses worldwide, offering an all-in-one suite with email, cloud storage and collaboration tools. This single-platform approach makes it easy for teams to connect and work efficiently, no matter where they are, enabling seamless digital transformation that’s both scalable and adaptable. As companies shift from traditional,

Meta Platforms, Microsoft, and the U.S. Department of Justice (DoJ) have announced independent actions to tackle cybercrime and disrupt services that enable scams, fraud, and phishing attacks. To that end, Microsoft's Digital Crimes Unit (DCU) said it seized 240 fraudulent websites associated with an Egypt-based cybercrime facilitator named Abanoub Nady (aka MRxC0DER and mrxc0derii), who

Cybersecurity researchers have discovered two malicious packages uploaded to the Python Package Index (PyPI) repository that impersonated popular artificial intelligence (AI) models like OpenAI ChatGPT and Anthropic Claude to deliver an information stealer called JarkaStealer. The packages, named gptplus and claudeai-eng, were uploaded by a user named "Xeroline" in November 2023, attracting

As many as 2,000 Palo Alto Networks devices are estimated to have been compromised as part of a campaign abusing the newly disclosed security flaws that have come under active exploitation in the wild. According to statistics shared by the Shadowserver Foundation, a majority of the infections have been reported in the U.S. (554) and India (461), followed by Thailand (80), Mexico (48), Indonesia

The China-aligned advanced persistent threat (APT) actor known as Gelsemium has been observed using a new Linux backdoor dubbed WolfsBane as part of cyber attacks likely targeting East and Southeast Asia. That's according to findings from cybersecurity firm ESET based on multiple Linux samples uploaded to the VirusTotal platform from Taiwan, the Philippines, and Singapore in March 2023.

Privileged access management (PAM) plays a pivotal role in building a strong security strategy. PAM empowers you to significantly reduce cybersecurity risks, gain tighter control over privileged access, achieve regulatory compliance, and reduce the burden on your IT team.  As an established provider of a PAM solution, we’ve witnessed firsthand how PAM transforms organizational security. In

Threat actors with ties to the Democratic People's Republic of Korea (DPRK) are impersonating U.S.-based software and technology consulting businesses in order to further their financial objectives as part of a broader information technology (IT) worker scheme. "Front companies, often based in China, Russia, Southeast Asia, and Africa, play a key role in masking the workers' true origins and

As a relatively new security category, many security operators and executives I’ve met have asked us “What are these Automated Security Validation (ASV) tools?” We’ve covered that pretty extensively in the past, so today, instead of covering the “What is ASV?” I wanted to address the “Why ASV?” question. In this article, we’ll cover some common use cases and misconceptions of how people misuse

New research has uncovered more than 145,000 internet-exposed Industrial Control Systems (ICS) across 175 countries, with the U.S. alone accounting for over one-third of the total exposures. The analysis, which comes from attack surface management company Censys, found that 38% of the devices are located in North America, 35.4% in Europe, 22.9% in Asia, 1.7% in Oceania, 1.2% in South America,

Five alleged members of the infamous Scattered Spider cybercrime crew have been indicted in the U.S. for targeting employees of companies across the country using social engineering techniques to harvest credentials and using them to gain unauthorized access to sensitive data and break into crypto accounts to steal digital assets worth millions of dollars. All of the accused parties have been

Google has revealed that its AI-powered fuzzing tool, OSS-Fuzz, has been used to help identify 26 vulnerabilities in various open-source code repositories, including a medium-severity flaw in the OpenSSL cryptographic library. "These particular vulnerabilities represent a milestone for automated vulnerability finding: each was found with AI, using AI-generated and enhanced fuzz targets,"

Threat hunters are warning about an updated version of the Python-based NodeStealer that's now equipped to extract more information from victims' Facebook Ads Manager accounts and harvest credit card data stored in web browsers. "They collect budget details of Facebook Ads Manager accounts of their victims, which might be a gateway for Facebook malvertisement," Netskope Threat Labs researcher

Written by: Ferdi Gül

This week’s Focus Friday blog delves into critical vulnerabilities affecting widely used systems: PAN-OS, Apache Airflow, and PostgreSQL. These vulnerabilities, ranging from authentication bypass and privilege escalation to sensitive data exposure and arbitrary code execution, highlight the evolving threat landscape faced by organizations worldwide. From a Third-Party Risk Management (TPRM) perspective, understanding these vulnerabilities and their implications is vital for maintaining a robust security posture across the supply chain. In this blog, we explore the technical details, potential impacts, and how Black Kite’s FocusTags™ empower organizations to respond effectively to these threats.

CVE-2024-0012 and CVE-2024-9474: PAN-OS Authentication Bypass and Privilege Escalation Vulnerabilities

What Are the PAN-OS Authentication Bypass and Privilege Escalation Vulnerabilities?

CVE-2024-0012 is a critical authentication bypass vulnerability in PAN-OS, published on November 18, 2024. This flaw allows unauthenticated attackers with network access to the management web interface to gain administrative privileges. Exploitation enables tampering with configurations, executing administrative actions, and leveraging other vulnerabilities such as CVE-2024-9474. The vulnerability has a CVSS score of 9.3 and is actively exploited.

CVE-2024-9474 is a medium-severity privilege escalation vulnerability in PAN-OS, also published on November 18, 2024. This flaw enables attackers with administrative access to escalate their privileges to root level, leading to complete system compromise. It has a CVSS score of 6.9 and is actively exploited in the wild.

Both vulnerabilities have been listed in CISA’s Known Exploited Vulnerabilities (KEV) catalog on November 18, 2024.

Why Should TPRM Professionals Be Concerned About CVE-2024-0012 and CVE-2024-9474?

PAN-OS is a critical component of enterprise network security. Exploitation of these vulnerabilities poses severe risks, including:

• Compromised administrative control: Attackers can bypass authentication and escalate privileges to root level, allowing full control over firewalls and related systems.
• Data breaches: Sensitive data and configurations may be accessed or modified.
• Lateral movement: Attackers can use compromised systems to launch further attacks, threatening the entire network.

For TPRM professionals, vendors utilizing PAN-OS could become entry points for malicious activity, necessitating immediate evaluation and action.

What Questions Should TPRM Professionals Ask Vendors Regarding CVE-2024-0012 and CVE-2024-9474?

To assess the vendor’s mitigation efforts for these vulnerabilities, ask:

1. Have you upgraded all PAN-OS devices to patched versions (10.2.12-h2, 11.0.6-h1, 11.1.5-h1, or 11.2.4-h1 or later)?
2. Have you restricted management interface access to trusted internal IP addresses and avoided exposing it to the internet as a precaution against the exploitation of CVE-2024-0012 and CVE-2024-9474?
3. Are you using Palo Alto Networks Threat Prevention capabilities to block attack signatures for these vulnerabilities including Threat IDs 95746, 95747, 95752, 95753, 95759, and 95763?
4. Can you confirm if you have implemented the recommended actions such as continuously monitoring network traffic for unusual activity and securing management access with a jump box or other hardened mechanisms to prevent exploitation of CVE-2024-0012 and CVE-2024-9474?

Remediation Recommendations for Vendors Affected by CVE-2024-0012 and CVE-2024-9474

Vendors should take the following actions to mitigate these vulnerabilities:

• Upgrade PAN-OS: Install versions 10.2.12-h2, 11.0.6-h1, 11.1.5-h1, or 11.2.4-h1 or later.
• Restrict Access: Limit management web interface access to trusted internal IPs and avoid exposing it to the internet.
• Enable Threat Prevention: Use Palo Alto Networks Threat IDs (e.g., 95746, 95747) to block known attack vectors.
• Monitor Activity: Regularly review logs for unusual administrative actions or traffic patterns.
• Implement Role-Based Controls: Restrict root-level access to essential administrative users only.

How Can TPRM Professionals Leverage Black Kite for CVE-2024-0012 and CVE-2024-9474?

Black Kite’s FocusTag™ for these vulnerabilities, published on November 19, 2024 (with updates on November 20, 2024), provides TPRM professionals with critical insights, including:

• Identification of affected vendors: Black Kite helps pinpoint vendors with potential exposure to these vulnerabilities.
• Detailed asset information: This includes IP addresses and subdomains associated with the vulnerabilities.
• Streamlined prioritization: Professionals can focus their efforts on vendors with the highest risk exposure, ensuring efficient remediation.

CVE-2024-10979: PostgreSQL Arbitrary Code Execution Vulnerability

What is the PostgreSQL Arbitrary Code Execution Vulnerability?

CVE-2024-10979 is a high-severity vulnerability in PostgreSQL’s PL/Perl procedural language, identified on November 14, 2024. This flaw allows unprivileged database users to manipulate environment variables, such as PATH, potentially leading to arbitrary code execution. The vulnerability has a CVSS score of 8.8. As of now, there is no evidence of active exploitation in the wild, and it has not been added to CISA’s Known Exploited Vulnerabilities (KEV) catalog.

Why Should TPRM Professionals Be Concerned About CVE-2024-10979?

PostgreSQL is a widely used relational database management system across various industries. A vulnerability that permits arbitrary code execution poses significant risks, including unauthorized access to sensitive data, system compromise, and potential lateral movement within an organization’s network. For Third-Party Risk Management (TPRM) professionals, this vulnerability is particularly concerning when vendors utilize PostgreSQL in their operations, as it could lead to compromised data integrity and confidentiality.

What Questions Should TPRM Professionals Ask Vendors Regarding CVE-2024-10979?

To assess the impact of this vulnerability on your vendors, consider asking the following questions:

1. Have you identified any instances where unprivileged users have manipulated environment variables in your PostgreSQL deployments?
2. What measures have you implemented to prevent unauthorized access to environment variables within your PostgreSQL databases?
3. Have you applied the necessary patches or updates to address CVE-2024-10979 in your PostgreSQL installations?
4. What steps have you taken to monitor and detect potential exploitation attempts related to this vulnerability?

Remediation Recommendations for Vendors Affected by CVE-2024-10979

Vendors should take the following actions to mitigate the risks associated with this vulnerability:

• Upgrade PostgreSQL: Update to the latest fixed versions: 17.1, 16.5, 15.9, 14.14, 13.17, or 12.21.
• Restrict Environment Variable Access: Limit unprivileged users’ ability to interact with environment variables in the database.
• Implement Strong Access Controls: Enforce strict privilege management policies to minimize risks from unauthorized access.
• Monitor for Exploitation Indicators: Review logs and monitor system activity for unusual database queries or environment variable changes.

How Can TPRM Professionals Leverage Black Kite for CVE-2024-10979?

Black Kite published the FocusTag™ for CVE-2024-10979 on November 19, 2024. TPRM professionals can utilize this FocusTag to identify vendors potentially affected by this vulnerability. Black Kite’s platform offers detailed insights, including the specific assets (IP addresses and subdomains) associated with the vulnerable versions of PostgreSQL within a vendor’s infrastructure. This information enables organizations to prioritize their risk assessments and remediation efforts effectively. By leveraging Black Kite’s intelligence, TPRM professionals can streamline their processes, reduce the scope of vendor inquiries, and focus on those most at risk, thereby enhancing the overall security posture of their supply chain.

CVE-2024-45784: Apache Airflow Vulnerability Exposes Sensitive Data in Logs

What is the Apache Airflow Vulnerability CVE-2024-45784?

CVE-2024-45784 is a high-severity vulnerability in Apache Airflow versions prior to 2.10.3, with a CVSS score of 7.5. Discovered on November 16, 2024, this flaw arises from the platform’s failure to mask sensitive configuration values in task logs. This oversight allows Directed Acyclic Graph (DAG) authors to inadvertently or deliberately log sensitive information, such as API keys and database credentials. If unauthorized individuals access these logs, they could exploit the exposed data to compromise the security of the Airflow deployment. As of now, there is no evidence of active exploitation in the wild, and it has not been added to CISA’s Known Exploited Vulnerabilities (KEV) catalog.

Why Should TPRM Professionals Be Concerned About CVE-2024-45784?

Apache Airflow is widely used for orchestrating complex workflows across various industries. A vulnerability that exposes sensitive configuration data poses significant risks, including unauthorized access to critical systems, data breaches, and potential lateral movement within an organization’s network. For Third-Party Risk Management (TPRM) professionals, this vulnerability is particularly concerning when vendors utilize Airflow in their operations, as it could lead to compromised data integrity and confidentiality.

What Questions Should TPRM Professionals Ask Vendors Regarding CVE-2024-45784?

To assess the impact of this vulnerability on your vendors, consider asking the following questions:

1. Have you identified any instances where sensitive configuration variables were logged in your Airflow task logs?
2. What measures have you implemented to prevent unauthorized access to Airflow logs? Have you implemented strict access controls for logs and enabled role-based access to sensitive Airflow components as recommended to address the vulnerability?
3. Have you rotated any credentials or secrets that were potentially exposed due to this vulnerability?
4. Have you educated your Directed Acyclic Graph (DAG) authors to avoid logging sensitive information in workflows, and have you rotated any credentials or secrets found in logs as part of your response to the Apache Airflow vulnerability?

Remediation Recommendations for Vendors Affected by CVE-2024-45784

Vendors should take the following actions to mitigate the risks associated with this vulnerability:

• Upgrade Airflow: Update to version 2.10.3 or the latest release to ensure sensitive configuration variables are masked in task logs.
• Audit Logs: Review existing task logs for any exposed secrets and update them as necessary.
• Credential Rotation: Rotate any credentials or secrets identified in logs to prevent unauthorized access.
• Access Controls: Enforce strict access controls for logs and implement role-based access for sensitive Airflow components.
• DAG Author Education: Provide guidelines and training to DAG authors to minimize the logging of sensitive information in workflows.

How Can TPRM Professionals Leverage Black Kite for CVE-2024-45784?

Black Kite published the FocusTag™ for CVE-2024-45784 on November 18, 2024. TPRM professionals can utilize this FocusTag to identify vendors potentially affected by this vulnerability. Black Kite’s platform offers detailed insights, including the specific assets (IP addresses and subdomains) associated with the vulnerable versions of Apache Airflow within a vendor’s infrastructure. This information enables organizations to prioritize their risk assessments and remediation efforts effectively. By leveraging Black Kite’s intelligence, TPRM professionals can streamline their processes, reduce the scope of vendor inquiries, and focus on those most at risk, thereby enhancing the overall security posture of their supply chain.

Maximizing TPRM Efficiency with Black Kite’s FocusTags™

Black Kite’s FocusTags™ redefine how organizations approach Third-Party Risk Management (TPRM) by providing actionable insights into the latest vulnerabilities, such as those affecting PAN-OS, PostgreSQL, and Apache Airflow. Here’s how these innovative tools can enhance TPRM strategies:

• Real-Time Threat Identification: FocusTags™ allow organizations to quickly pinpoint vendors impacted by critical vulnerabilities, enabling immediate action to mitigate risks.
• Strategic Risk Management: By combining vulnerability severity and vendor criticality, these tags help prioritize efforts where they are needed most.
• Enhanced Vendor Communication: FocusTags™ facilitates targeted and informed discussions with vendors, addressing their specific security challenges and exposures.
• Comprehensive Risk Visibility: Providing a panoramic view of the threat landscape, FocusTags™ enable TPRM teams to build stronger and more adaptive security ecosystems.

In an era of increasing cyber threats, Black Kite’s FocusTags™ offer an indispensable resource for managing third-party risks effectively and proactively. By transforming complex cyber threat data into clear, actionable intelligence, they empower organizations to safeguard their supply chains with confidence.

About Focus Friday

Every week, we delve into the realms of critical vulnerabilities and their implications from a Third-Party Risk Management (TPRM) perspective. This series is dedicated to shedding light on pressing cybersecurity threats, offering in-depth analyses, and providing actionable insights.

FocusTags™ in the Last 30 Days:

• PAN-OS: CVE-2024-0012, CVE-2024-9474, Authentication Bypass Vulnerability and Privilege Escalation Vulnerability in Palo Alto’s PAN-OS.
• PostgreSQL: CVE-2024-10979, Arbitrary Code Execution Vulnerability in PostgreSQL.
• Apache Airflow: CVE-2024-45784, Debug Messages Revealing Unnecessary Information in Apache Airflow.
• Atlassian Jira: CVE-2021-26086, Path Traversal Vulnerability in Atlassian Jira Server and Data Center.
• Ivanti Connect Secure: CVE-2024-9420, CVE-2024-47906, CVE-2024-38655, CVE-2024-38656, CVE-2024-39710, CVE-2024-11007, CVE-2024-11006, CVE-2024-11005, and CVE-2024-11004, Use-After-Free, Stack-Based Buffer Overflow, Argument Injection, and Reflected XSS Vulnerabilities in Ivanti Connect Secure.
• Nostromo nhttpd: CVE-2019-16278, Path Traversal Vulnerability, RCE Vulnerability in Nostromo nhttpd.
• LiteSpeed Cache: CVE-2024-50550, Privilege Escalation Vulnerability iin LiteSpeed Cache plugin.
• RICOH Web Image Monitor: CVE-2024-47939, Buffer Overflow Vulnerability in RICOH Web Image Monitor.
• Squid Proxy: CVE-2024-45802, DoS Vulnerability in Squid Proxy Servers.
• XLight FTP: CVE-2024-46483, Integer Overflow and RCE Vulnerabilities in XLight FTP Servers.
• Exchange Server RCE: CVE-2021-26855, CVE-2021-27065, CVE-2021-26858, CVE-2021-26857, Remote Code Execution Vulnerability in Exchange Server.
• FortiManager: CVE-2024-47575, Missing Authentication Vulnerability in FortiManager.
• Grafana: CVE-2024-9264, Remote Code Execution Vulnerability  in Grafana.
• Roundcube Webmail: CVE-2024-37383, Cross-Site Scripting (XSS) Vulnerability in Roundcube Webmail.
• Cisco FMC: CVE-2024-20424, Command Injection Vulnerability in Cisco Secure Firewall Management Center.
• Oracle WebLogic Server: CVE-2024-21216, Remote Code Execution Vulnerability in Oracle WebLogic Server.
• GitHub Enterprise: CVE-2024-9487, SAML SSO Authentication Bypass Vulnerability in GitHub Enterprise Server.
• Fortinet Core Products: CVE-2024-23113, Format String Vulnerability in FortiOS, FortiPAM, FortiProxy, and FortiWeb. 
• Cisco RV Routers: CVE-2024-20393, CVE-2024-20470, Privilege Escalation and RCE Vulnerability in RV340, RV340W, RV345, and RV345P Dual WAN Gigabit VPN Routers. 

References

https://nvd.nist.gov/vuln/detail/CVE-2024-0012

https://nvd.nist.gov/vuln/detail/CVE-2024-9474

https://security.paloaltonetworks.com/CVE-2024-0012

https://security.paloaltonetworks.com/CVE-2024-9474

https://nvd.nist.gov/vuln/detail/CVE-2024-10979

https://www.postgresql.org/support/security/CVE-2024-10979

https://github.com/apache/airflow/pull/43040

https://lists.apache.org/thread/k2jm55jztlbmk4zrlh10syvq3n57hl4h

https://securityonline.info/cve-2024-45784-apache-airflow-vulnerability-exposes-sensitive-data-in-logs/

The post Focus Friday: TPRM Insights On PAN-OS, PostgreSQL, and Apache Airflow Vulnerabilities appeared first on Black Kite.

Did you know that there are over 700,000 daily crypto transactions only in Bitcoin? The crypto market keeps hitting new peaks in popularity, attracting more users and increasing the necessity of cybersecurity.

The Content Delivery & Security Association (CDSA) has long been a cornerstone in the media and entertainment industries. It ensures that the highest content security and delivery standards are met. As the digital landscape continues to evolve, the role of the CDSA has become more critical than ever. It addresses new challenges and provides innovative solutions to protect valuable content from piracy, unauthorized access, and other security threats. For organizations within the risk and compliance sector, aligning with CDSA standards is essential in managing content-related risks and maintaining regulatory compliance.

The History and Mission of CDSA

Founded in 1970, the CDSA initially focused on protecting physical media assets. However, as the industry shifted toward digital formats, the CD SA evolved its mission to address the unique security challenges posed by digital content. Today, the association works closely with content creators, distributors, and technology providers to develop and promote best practices in secure content delivery.

CDSA’s mission is to provide a secure environment for creating, distributing, and monetizing entertainment content. This involves setting standards for secure workflows, promoting industry-wide collaboration, and offering certification programs that help companies meet the highest security standards. 

Key Initiatives and Programs

One of the CDSA’s most significant contributions to the industry is its Content Protection & Security (CPS) program. This initiative offers a comprehensive framework for securing content throughout its lifecycle, from production to distribution. The CPS program is widely recognized in the industry, with many leading studios and production companies adopting its guidelines to safeguard their assets. Adhering to these guidelines ensures that risk and compliance officers’ organizations minimize risks associated with content breaches and are in compliance with industry standards.

Another vital program is the CDSA’s Anti-Piracy and Content Protection (APCP) initiative, which focuses on combating the growing threat of piracy in the digital age. The APCP initiative brings together industry stakeholders to share knowledge, develop new technologies, and implement strategies that reduce the risk of piracy and unauthorized distribution. For compliance professionals, participating in or aligning with the APCP initiative can be a strategic move to 

mitigate the legal and financial risks associated with content piracy.

In addition to these programs, the CDSA hosts regular events and conferences, providing a platform for industry professionals to discuss emerging trends, share best practices, and collaborate on new solutions. These events are instrumental in keeping the industry informed and prepared to tackle the latest security challenges, which are crucial for those in the risk and compliance sectors.

Recent Developments: The Transition to the Trusted Partner Network (TPN)

In 2018, CDSA and the Motion Picture Association (MPA) launched the Trusted Partner Network (TPN), a unified assessment program designed to improve content security across the media and entertainment industry. The TPN combines and streamlines the individual security assessment programs previously managed by CDSA and MPA, offering a comprehensive framework for content protection and compliance.

Azure Media Services and CDSA Compliance: Microsoft Azure Media Services became the first hyper-scale cloud media platform to achieve CDSA CPS certification, demonstrating its commitment to high standards in content security. This certification ensured that Azure’s cloud-based services, including encoding, encryption, and streaming, adhered to rigorous security practices. Azure Media Services’ compliance with CDSA CPS standards provided assurance that media assets stored and managed within Azure were protected against unauthorized access and breaches.

The transition to TPN has led CDSA to cease its individual security assessment programs, focusing instead on managing and developing the unified TPN program. As a result, past CDSA audits and certifications, including those for Azure Media Services, remain valid for historical reference but are no longer renewable under the previous program. The TPN continues to oversee annual assessments and provide updated guidelines for content security.

The Relevance of CDSA to Risk and Compliance

In today’s digital environment, content security is intrinsically linked to broader risk management and compliance strategies. Organizations that fail to adequately secure their content assets face the threat of piracy and intellectual property theft and risk non-compliance with industry regulations and standards. This can result in significant financial penalties and damage to brand reputation.

CDSA certification is particularly relevant for those in the risk and compliance sector. Achieving CDSA certification, whether through the Content Protection & Security (CPS) program or the Trusted Partner Network (TPN) certification, ensures that an organization is adhering to the highest content security standards. This certification demonstrates a proactive approach to risk management, ensuring that content is protected throughout its lifecycle and that the organization complies with industry standards.

The CDSA’s focus on developing secure workflows and implementing anti-piracy measures directly supports compliance with global regulations such as the General Data Protection Regulation (GDPR) and other data protection laws. For risk and compliance professionals, CDSA certification mitigates the risk of security breaches and ensures that their organization meets its regulatory obligations.

CDSA’s Role in Enhancing Risk Management and Compliance

The Content Delivery & Security Association (CDSA) is more than just a standard-setting body; it is a vital resource for managing risks and ensuring compliance in the media and entertainment industries. By adhering to CDSA guidelines and achieving certification, organizations can protect their valuable content, mitigate risks, and ensure compliance with industry standards and regulations. As the digital landscape continues to evolve, the role of the CDSA will remain crucial in safeguarding the future of media and entertainment.

The post What Is The Content Delivery & Security Association (CDSA)? appeared first on Centraleyes.

Written by: Gulsum Budakoglu & Gokcen Tapkan

Today, Third-Party Risk Management (TPRM) is more critical than ever for organizations striving to maintain security and compliance. As external partnerships multiply, the complexities and risks associated with managing risks also increase. Large Language Models (LLMs) bring advanced natural language processing capabilities that can revolutionize tasks like information extraction, report analysis, contract evaluation, and compliance monitoring. To truly harness the power of LLMs in TPRM, it’s essential to fine-tune and adjust hyperparameters such as:

• Temperature
• Top-p
• Token length
• Max tokens 
• Stop tokens

As well as deciding on the context (cashing) and output format.

LLM Parameters and Configurations in Action

LLMs are powered by an array of parameters that dictate the model’s behavior and output. If appropriately fine-tuned, they can boost productivity and accuracy in TPRM processes. Let’s see how adjusting certain parameters will improve the performance of LLM in TPRM.

1. Temperature: Controlling Output Randomness

Temperature is a hyperparameter that controls the randomness of the model’s output. In Third-Party Risk Management (TPRM), you often need deterministic and reliable responses—such as when detecting compliance risks or analyzing contracts. Setting a lower temperature, between 0.2 and 0.5, yields conservative and predictable results, making it ideal for factual tasks like verifying if a requirement is met based on provided evidence. On the other hand, a higher temperature, such as 0.8 to 1.0, can be helpful for creative or scenario-based risk assessments, where more variability and imaginative responses are valuable.

Lesson 1: Set the temperature to align model output with your specific business requirements.

2. Top-p (Nucleus Sampling): Enhancing Result Diversity

Top-p, also known as nucleus sampling, is a hyperparameter that determines how the model selects words based on their probability distribution. By setting a Top-p value—for example, 0.9—you instruct the model to consider only the most probable words whose cumulative probability adds up to 90%. This means the model focuses on a subset of the vocabulary that is most relevant to the context, ensuring the output remains on track while introducing a healthy variety.

For instance, when analyzing the risk profiles of third parties, using top-p sampling allows the model to suggest plausible risks by filtering out less likely outcomes. This is particularly valuable in assessments involving complex vendor relationships with many factors to consider. By concentrating on the most probable words, the model provides insights that are both diverse and pertinent, enhancing the quality of risk evaluations.

Lesson 2: Use Top-p to balance relevance and diversity in model outputs.

3. Token Length: Balancing Context and Efficiency

Token length is the number of words or characters in a sequence that the model processes. Within the context of TPRM, it is both input and output lengths** that matters. For the input, you may consider augmenting LLM with compliance evidence, certification, test reports, etc. While a short input may not contain enough context for meaningful risk predictions, a long input can be overwhelming for the model and yield irrelevant results. It’s all about finding the right balance.

This will ensure that while making complex contract reviews or due diligence checks, among others, the input provides enough context without overloading the model. This is where adjusting the token length comes into play in building efficient prompts that get the LLM to focus on relevant information.

Lesson 3: Find the token length sweet spot to balance rich context with efficient processing.

4. Max Tokens: Managing Complexity

Max tokens are the maximum number of tokens the model generates. In TPRM, this takes on particular significance when doing more complex analyses that require coherent and well-structured output. Setting a longer max token allows for more in-depth analysis, for example, when the model is evaluating the compliance track record of a particular vendor. However, when doing quick, high-level summaries or initial risk flags, shorter max token may be advisable since it balances speed with resource use.

This saves computational costs by efficiently managing the max setting to provide insightful and actionable outputs from the model without getting bogged down in unnecessary detail.

Lesson 4: Use max tokens to control complexity—letting your model dive deep into details or keep it concise when brevity is key.

5. Stop Tokens: Fine-tuning Output Length

The stop token defines where the model stops, and that can be manipulated depending on how long or short one wants the response to be. In TPRM, setting appropriate stop tokens means that LLM will give responses which are concise and actionable, avoiding verbosity.

Setting stop tokens for one sentence, for example, may be helpful when you need a quick verdict on risk, while setting them to full paragraph output may be needed with in-depth analyses of contracts.

Lesson 5: Master stop tokens to control your model’s voice—choosing when to be succinct or when to explore topics in depth.

6. Context Window: Expanding Possibilities with Larger Memory

LLM models now come with context windows ranging from 8K to even up to 2 million tokens as of this writing. This expanded capacity allows the models to process and “remember” larger amounts of text within a single interaction. In the realm of TPRM (Third-Party Risk Management), this means you can feed extensive documents—like compliance evidence, certifications, and detailed test reports—directly into the model for analysis. With advanced context caching, uploading large documents for information extraction becomes feasible, enabling the LLM to consider a multitude of factors simultaneously. This is particularly beneficial when dealing with complex vendor relationships that require comprehensive due diligence.

Lesson 6: Harness expansive context windows to empower your model with a richer memory for deeper insights.

7. Frequency Penalty: Keeping Language Fresh and Human

Frequency penalty, as the name suggests, is a parameter that penalizes the model for repeating the same words in generated text. By setting a higher frequency penalty, you reduce the likelihood of the model overusing certain words or phrases. When the generated text repeats the same words over and over, it can come across as robotic and dull, causing readers to lose interest and potentially miss important information. Applying an appropriate frequency penalty helps the model produce more varied and engaging language, making the content feel more human and less like AI-generated text.

Lesson 7: Apply frequency penalties to ensure your model speaks like a human—not a robot.

Practical LLM Tips in TPRM

These different parameters help tune LLMs for streamlined Third-Party Risk Management (TPRM) tasks, which include but are not limited to the following:

Vendor Risk Assessments through Evidence: This scenario focuses on extracting evidence from compliance documents such as questionnaires, surveys, compliance reports, audits, and information security policies. Given the volume of documents involved, tuning parameters like temperature and top-up allows LLMs to make comprehensive assessments of third-party vendors, considering a variety of factors that could pose    risks—including compliance history, financial stability, and more.

Contract Analysis is a critical process that involves a thorough examination of vendor agreements to identify terms and clauses that might pose risks or lead to non-compliance with legal and regulatory standards.  By leveraging AI-powered LLMs, vast amounts of textual data can be analyzed highlighting critical clauses and flagging potential risks that might be overlooked by human reviewers. By optimizing token length, you ensure that the model captures the necessary context within each segment of the contract. This is crucial for understanding complex clauses that span multiple sentences or paragraphs. The optimum Max Token can allow the LLM to generate comprehensive analyses without cutting off important information or generating excessively long outputs that are hard to parse.

Compliance Monitoring: Fine-tuned LLMs enable organizations to continuously scan for regulatory changes and security threats. This ensures that third-party partnerships operate within legal guidelines and adhere to ethical standards. A lower temperature reduces randomness, ensuring that the model provides consistent and reliable summaries of regulatory changes.  Implementing suitable stop tokens ensures the model’s responses are concise and end appropriately. This prevents the generation of redundant or off-topic information.

Supply Chain Threat Intelligence: LLMs can provide timely and organized information about vendor-related security incidents or other intelligence, helping organizations respond swiftly and appropriately. Intelligence feeds can be sourced from social media or other online platforms. It’s crucial to choose the right model for this task; since accuracy is paramount, keeping the temperature setting low is advisable to ensure precise and reliable outputs.

Unlocking New Possibilities in TPRM with Large Language Models

Integrating Large Language Models (LLMs) into Third-Party Risk Management (TPRM) processes offers substantial benefits—especially when the models are fine-tuned to suit specific tasks. By carefully adjusting hyperparameters like temperature, top-p, token length, max tokens, and stop tokens, organizations can leverage LLMs to enhance third-party risk assessments, contract analysis, compliance monitoring, and more.

In a world where third-party risks are continually evolving, efficiently utilizing LLMs can make all the difference in staying one step ahead. By harnessing the power of these advanced tools, organizations can proactively manage risks, ensure compliance, and maintain a competitive edge in an ever-changing landscape.

Ready to dive deeper into how AI can transform your TPRM strategy? Download our latest whitepaper, Artificial Intelligence in TPRM: The NLP Engineer’s Guide to Building a Domain-Aware AI, to discover cutting-edge insights and practical applications of LLMs in risk management.

The post Lessons and Useful Tips From 3 Years of LLM Fine-Tuning and Optimization appeared first on Black Kite.