The Role of AI in Strategic Portfolio Management
Artificial intelligence (AI) and machine learning (ML) are quickly changing strategic portfolio management in today’s financial landscape that is driven by technology. These advanced technologies offer unmatched capabilities in data analysis, decision-making, and risk management. This enables portfolio managers to achieve better efficiency and greater returns.
Introduction
Strategic portfolio management has changed with the addition of artificial intelligence in the finance sector. Machine learning, in particular is transforming traditional methods of doing certain tasks in the field. This article takes a dive into AI and its increased role in the world of portfolio management. It will also address what this increasing role means and how it might affect investment strategies going forward.
The Challenge
The challenge is integrating technology, AI and ML, into strategic portfolio management seamlessly. These technological advancements have the potential to add incremental value for data analysis, decision-making and risk management which in turn translate into improved portfolio performance and operational efficiencies. Using examples, we will see how AI and ML are solving long standing challenges in this space to deliver crucial suggestions for portfolio managers who are in this challenging environment.
The Solution
Artificial intelligence and machine learning in strategic portfolio management do the following:
Enhanced Data Analysis and Insights
AI and ML algorithms analyze huge amounts of financial data that humans cannot. By analyzing patterns and trends in detail, portfolio managers gain comprehensive data analysis for informed decision-making.
Predictive Analytics
AI offers predictive analytics and, through data analysis, gives future forecasts about market movements. Portfolio managers utilize these important insights to predict trends, adjusting their portfolios accordingly in order to get maximum returns with minimum risks.
Automated Trading and Execution
ServiceNow automates trading and execution with the help of AI-powered capabilities. Users don’t need to do anything; instead they just make trades and the remaining work is done by artificial intelligence which includes providing them with live data and predefined criteria. This eliminates laborious efforts previously done manually and develops a fully functional portfolio within minutes, resulting in improved performance.
Risk Management
AI enhances risk management by doing accurate evaluation of risks. Dynamic portfolio adjustments can also be made using artificial intelligence. By analyzing risk in real time, AI helps in risk mitigation for businesses.
Personalized Investment Strategies
You can get personalized investment strategies with the help of AI. It monitors an investor's goals while suggesting them anything and modifies its recommendations accordingly.
Case Studies of AI in Portfolio Management
Case Study 1: Tech Innovations Inc.
Challenge: The main hurdle was analyzing the data manually to make quick and effective decisions for project portfolios within ServiceNow.
Solution: Implemented AI-driven analytics were used in ServiceNow which automated data analysis.
Result: The result was quick decision-making for better resource allocation and improved project outcomes.
Case Study 2: Finance Solutions Ltd.
Challenge: Finance Solutions Ltd. was facing difficulties in predicting market trends and identifying investment opportunities within ServiceNow.
Solution: It utilized predictive analytics in ServiceNow to analyze historical market data and forecast future trends.
Result: The company gained a competitive advantage through proactive decision-making, which led to improved portfolio performance and client satisfaction.
Case Study 3: Investment Management Co.
Challenge: Trading processes and execution in Investment Management Co. were inefficient.
Solution: The company integrated AI-powered automated trading solutions in ServiceNow to address this issue.
Result: This helped to streamline trading operations, improve execution efficiency, and enhance portfolio performance.
Conclusion
Strategic portfolio management by ServiceNow can make great use of artificial intelligence and machine learning. Some of the benefits of AI in SPM include data analysis, predictive analytics, and automated trading solutions, offering better risk management in addition to tailor-made investment strategies.
Given that artificial intelligence is a constantly changing landscape, its role will only grow within portfolio management and across other departments in the finance sector. Contact us today and learn how to do SPM with ServiceNow.
ServiceNow-Azure DevOps Integration for Agile 2.0 Stories, Epics and Features
Not so long ago, a project by one of my clients gave me a chance to integrate Azure DevOps with the ServiceNow platform. The other requirement of the project that needed to be met was tracking different features along with epics and stories. This had to be done on both ServiceNow and Azure DevOps. The integration of ServiceNow and Azure DevOps helped me to synchronize them on both platforms.
Integrating ServiceNow with Azure DevOps assists in a number of ways. It makes project workflows simple and easy. This in results enhances collaboration. All this is done by managing stories, epics, and features. In this blog, we will learn about the benefits and strategies of utilizing this integration for effective Agile project management.
Integrating ServiceNow and Azure DevOps (Agile 2.0) enables smooth coordination of stories, epics, and features, enhancing visibility and accelerating project delivery.
Integration Highlights
So, what happens when you integrate Azure DevOps with ServiceNow? Here is how this integration is helpful for you.
- Unified Workflows: The integration combines ITSM processes in ServiceNow with Azure DevOps and makes epics, stories epics, and features management systematic.
- Collaborative Environment: Link ServiceNow's project management with Azure DevOps's backlog and sprint planning for efficient teamwork.
- Enhanced Visibility: Utilize ServiceNow's reporting and analytics integrated with Azure DevOps data for live insights into project progress.
Benefits
There are several advantages of integrating ServiceNow with DevOps. Some of these benefits include the following.
- Efficient Project Management: With the integration, you can centralize stories, epics, and features management. This will enhance teamwork as there will be improved coordination.
- Quick Issue Resolution: The incident tracking can also be connected with bug management. The integration helps to speed up the resolution of issues in their development phase.
- Agile Delivery: Change management can be synchronized with release pipelines. This helps to smoothly deploy features and updates.
Conclusion
Concluding the article, the integration of ServiceNow and Azure DevOps improves the project management of Agile project. This improvement is done with the help of efficient stories, epics, and handling of features. As a result, there is an improvement in collaboration, visibility, and delivery speed. It makes use of unified workflows, collaborative tools, and live insights to increase efficiency and make software development projects successful.
Maximizing Project Efficiency with ServiceNow Project Status Reports
The world we live in is seeing development in every field. As the time passes, the project management also gets complex. In such a situation, staying informed about project status, risks, and performance is crucial for ensuring successful outcomes. ServiceNow’s Strategic Portfolio Management (SPM) offers a comprehensive tool suite to improve project oversight and decision-making. Among the tools in SPM, Project Status Reports is one of the most helpful.
In this piece of writing, we will talk about the importance of Project Status Reports. We will also see what challenges are addressed by this tool and how to implement Project Status Reports in real-world projects to achieve maximum project efficiency.
Introduction
When it comes to project management, Project Status Reports play an integral role throughout a project's duration. These reports contain information about multiple aspects of the project. For example, you can get an overview of the progress of a project and status of individual tasks.
Other than this, these reports also give detailed information about progress, risks, milestones, and resource allocation. It is because of the Project Status Reports that all the stakeholders are kept in the loop about the project status. These highly useful reports also help decision-makers to make quick decisions in order to resolve the problems before they become big issues.
The Challenge
Organizations often struggle with effective project oversight due to a lack of real-time data, inconsistent reporting formats, limited risk visibility, and inefficient communication among stakeholders. These challenges can lead to a number of problems, such as project delays, budget overruns, and misalignment with strategic goals, making it difficult to manage projects successfully and keep all parties informed.
The Solution
ServiceNow's Project Status Reports created with Strategic Portfolio Management fulfill these requirements by collecting the data automatically in real time and producing standard report formats. They improve an organization’s visibility of project risks and issues, which helps in timely intervention and mitigation. They also provide better communication and collaboration capabilities, both for project team members and stakeholders, so that projects stay aligned with organizational goals.
Implementation
Implementing Project Status Reports in ServiceNow SPM involves different important steps. They are discussed below.
- Define Reporting Requirements: First, metrics like progress, milestones, budget status, and risks need to be identified.
- Configure SPM: Dashboards and automated notifications are set up in the next step. This is done with the help of the SPM module customization.
- Integrate Data Sources: Then, all the relevant project data is integrated into the SPM system.
- Train Users: Project managers and stakeholders are trained to use the Project Status Reports.
- Monitor and Optimize: In the last step, you oversee the reporting process and make adjustments if needed.
Case Study: Transforming Project Management for a Healthcare Provider
Let us take the example of a healthcare provider who is managing an important project regarding upgrading their existing infrastructure. In the initial phases of the project, keeping the leadership updated about the work progress was extremely difficult. This was caused because of manual and inconsistent reporting methods. Since the leadership did not have enough information, they were not aware of the project-related risks either. These problems resulted in a waste of time as decision-making got delayed, and no one knew what to do about mitigation of the risks related to the project.
Challenge
The struggle, in this project, was the project reports that were both incorrect and inconsistent. Because of this, neither the communications were proper nor any decisions were made in time. This resulted in an increase in costs which put the whole project at stake.
Solution
With the help of SPM and the configuration of Project Status Reports with ServiceNow, all the major metrics like project milestones, budget status, resource allocation, and potential risks were available to the user. In addition to that, with the help of automated notifications and real-time dashboards, the stakeholders were better informed about everything.
Implementation
In this phase, specific reporting requirements were defined. SPM dashboards were then configured according to those requirements. The SPM configuration was followed by data integration, which was done with the help of several project management tools. The project team was then trained on how to use this system. The customization of reports made them fit the requirements and helped in a collaborative environment.
Results
The introduction of Project Status Reports brought a change to the healthcare provider’s project management process. As the leadership now gets to see everything in real time, decisions can be made faster ensuring making informed improvements on a daily basis. Consistency has also increased due to the standardized reporting format. Also, the improved visibility of risks related to the project makes it possible to take timely mitigation measures, and keep the project costs in check.
Conclusion
Project Status Reports within Strategic Portfolio Management are an invaluable ServiceNow solution for enhancing project oversight. They also make sure that the project going in the same direction as the company’s strategic goals.
At Mobiz, we are committed to helping our clients harness the full potential of ServiceNow’s SPM to achieve their project management objectives. So, contact us and learn more about how we can help you get the required visibility and insights needed to keep your projects on track.
Streamline Your License Management with ServiceNow
Organizations often struggle to maintain a seamless license management. Mobiz is also struggling with the same issuing terms of inactive users with specific licenses and other roles to ensure better compliance and allocation of resources. When done manually, such tracking requires more time and energy.
In this article, you will learn about a solution that streamlines license reporting for proactive decision-making to optimize resources. And this all is made possible with the help of ServiceNow, Slack, and Mobiz Integration Hub. Let’s begin!
Importance of Licence Management
An efficient management of licenses is crucial for organizations to ensure optimal resource allocation and compliance. But tracking licenses manually consumes a lot of time and can be erroneous. ServiceNow completely automates the license management and gives real-time information about license statuses, user roles, and inactive users. This helps managers in making informed decisions.
However, before moving to the solution, let’s first see the importance of license management in ServiceNow. Several roles, like ITIL, ITIL_admin, sn_customerservice_agent, and sn_customerservice_manager, each of which grant specific permissions or access levels for users within ServiceNow. By identifying inactive users and monitoring licenses, resources can be utilized efficiently and compliance with licenses can be ensured.
The Solution
In order to manage licenses, a scheduled job script was developed that was automatically executed every Monday using ServiceNow. The scheduled script queries license statuses and user roles, and generates a thorough report.
With the help of Mobiz Slack Integration, a message is initiated by the script in the designated Slack channel for the ServiceNow Teams Channel #sn_teams. The message gives the following details.
- Total users with specific roles (itil, itil_admin, sn_customerservice_agent, sn_customerservice_manager) along with a link to their user list.
- The number of inactive users (itil, itil_admin, sn_customerservice_agent, sn_customerservice_manager) licenses, accompanied by a link to the inactive users list.
- Users with (itil, itil_admin, sn_customerservice_agent, sn_customerservice_manager) licenses outside the Fulfillers group, with a link for reference.
Initially, in Mobiz, three different reports need to be checked. A link to the user list of that specific record is added in the message so that it is easily accessible from Slack.
Here is how messages from the script in Scheduled Job are sent to Slack.
By doing this every Monday, the manager can see and get insights into the users who are using which license. If some inactive users are eating licensing costs, they can be easily removed simply by clicking the link in the message. Implementing this solution has yielded remarkable outcomes for our organization.
Managers now receive timely updates on license statuses, enabling proactive license management and resource optimization. By identifying and quickly removing inactive users, compliance is ensured and unnecessary licensing costs are reduced.
Conclusion
If you also want to streamline your license management process and optimize resource allocation, then use this ServiceNow solution. Integrating ServiceNow with Slack and Mobiz Integration Hub helps you to automate license reporting and improve decision-making capabilities.
Contact us today if you want to learn more about how to integrate ServiceNow with Slack and Mobiz Integration Hub.
Implementing User Impersonation Functionality in ServiceNow
Every developed application or platform faces the inevitable need for testing requirements. There are many types of users with different accesses and permissions to different processes in ServiceNow. There is an impersonation feature in ServiceNow that will help you analyze whether the user is able to access a desired set of data or not. As this feature is not available OOB in Service Portals, administrators are required to add it manually.
Impersonation and Service Portals
Impersonation in ServiceNow is a powerful feature that enables administrators and users with the appropriate permissions to temporarily assume another user's identity within the system. This functionality is essential for troubleshooting, testing, and providing support, as it enables administrators to view and interact with the platform exactly as the impersonated user would.
Impersonation allows admins to troubleshoot and verify what a user can and see in their context menu based on the permissions they have been assigned or the role applied to them without having to log out and back in as different users. This facilitates administrator’s management of user experiences and ensures security by logging impersonation actions in the system logs.
What are Service Portals?
Service Portals in ServiceNow are web-based interfaces. They are designed to provide a practical and easy way for users to interact with the platform's various services and applications. These portals are highly customizable, and allow organizations to tailor their look, feel, and functionality to meet their needs and branding requirements.
This article will explore adding impersonation functionality to the Customer Support Portal. Firstly, let us see how we can add the Impersonation button to a Portal in ServiceNow.
Adding Impersonation Button to CSM
The Impersonation button can be added by creating or editing a widget. In this case, the Impersonation user widget was already added and is being used in the Employee Center portal. First, let’s see how to add Impersonation in the Employee Center, followed by adding it in CSM.
Below are the screenshots for the Employee Center portal and how another user can be impersonated.
By clicking on “Impersonate User,” a model will appear that allows searching for and finding the user who needs to be impersonated.
You can also end impersonation by clicking on the “End Impersonation” button once you end your testing. Below are the screenshot demos of how this was implemented. After some research, it was found that in the Employee Center, there is a header named “Employee Center Header,” which is a widget in which all the functionalities are implemented.
This widget is composed of HTML, CSS, Server Script, Client Logic, and a link function. What was needed was found in the server script in a line where another widget was called.
In line 19, using Angular, shows how to render a widget whose value is equal to data.avatarDropDown.
Line 149 in the screenshot above shows the widget profile-with-dropdown and how to pass some parameters to it. This widget is what was seen in the Employee Center screenshots, where the profile icon was clicked, and a dropdown appeared. So, what is implemented in this widget? In HTML, there are some buttons with conditions to make them visible on the screen or hide them from it. But right now, the focus is only on the “Impersonate” and “End Impersonation” buttons.
These buttons are bound to these functions. When the conditions for making these buttons are true, these buttons will appear on the model, and by clicking them, the functions below will be executed.
This functionality was for the Employee Center, and from this, one could get an idea of how to add this to CSM. The widget was not added to the CSM Header as there was already some functionality implemented there. Just an Impersonation button was added and bound to the right function. The screenshots below will explain it in detail.
The Impersonate button is what was added to the code in HTML. And on the server-side, just this function. It worked fine.
Here is a demo of impersonation in CSM as well. It is not much different, but it shows that you must add these functionalities yourself in Service Portals.
Mobiz CSM also has impersonation functionality.
You don’t face many issues to complete this as a developer as all the functionalities are there in the case. However, one thing that is new is the Application Restricted Caller Access. It came to prominence because, while testing the header widget, when preview was enabled, it caused some issues. Because of the problem, the header widget could not load in the Employee Center portal.
After some research on the developer community, this error appeared which was about restricted access to cross-applications. In that article, the given solution suggested going to the Application Restricted Caller Access module and finding the right record that was causing the error. Here is a screenshot showing the error that appeared.
So, after following the instructions, the error record was finally found, which initially looked like this.
When the status was changed to “Allowed,” the header widget was already in the Employee Center.
Final Word
This was all about adding the Impersonation button to the header widget in CSM and the Employee Center. There are several customizations available by Mobiz. The good thing about these customizations is they are not OOB from ServiceNow which will help you if you are also an organization like us. Get in touch to know more.
Automating Override Tracking and Notification in ServiceNow with Slack Integration
In domain separated instance, managing and tracking overrides across different environments (e.g., development, user acceptance testing, production) is crucial for maintaining system integrity and compliance.
ServiceNow offers you comprehensive workflows, which means you can address all your service requests and manage resources individually in an effective way to save time which is otherwise wasted on these tasks. This article will focus on how to automatically track and notify override data through ServiceNow workflow and Slack plugin integration.
Introduction
First of all, let's see what overrides are. "Overrides" is the term used to refer to the modifications to system configurations or processes. Businesses can bypass approval and control mechanisms with the help of overrides.
Overrides are also important because you can troubleshoot problems and resolve those issues that need to be fixed on urgent basis. Having said that, there are some downsides of overrides too which come in the form of risks if you don't manage them properly. Therefore, it is important to automate the tracking and notification of overrides in order to follow the policies of an organization, have transparency, accountability, and compliance.
The Challenge
One of the top challenges with domain separation is override management. That challenge has been resolved by ServiceNow Domain Separation. This tool by ServiceNow makes form or list layout customization easy for clients. But the real issue arises when they switch domains and tweak the way forms look.
Because when the developers forget to switch domains, overrides can happen. Since they can accidentally get overridden, it is essential to automate the override tracking in all environments. This is because manual error can lead to a negative customer feedback.
The Solution
We utilized ServiceNow Workflows and Slack Integration, a widely used team collaboration tool to automate override tracking and notification in ServiceNow. Here is a breakdown of how to do the automotive override tracking.
Step 1: Create an "Override Tracker" Subflow
We implemented a reusable Subflow, leveraging Integration Hub alongside the Slack spoke, to facilitate the posting of Slack messages directly from ServiceNow. This is a very helpful feature, especially for clients who are seeking seamless communication. Additionally, we have business rules on tables related to form and list layouts to trigger the automation.
Step 2: Send a Notification to Slack
We configured the "Mobiz Slack Message" action within the subflow to figure out on which environment it was running and then based on that publish a message in correct Slack channel. The notification showed the override details like overrider, affected configuration item, optional description or note as applicable. This way to go about this it enhances efficiency and provides a very usable solution for the same kind of automation necessities.
Our ServiceNow management team prioritizes monitoring any unexpected overrides initiated by developers. Each override must undergo scrutiny to verify its necessity and approval. This meticulous oversight is vital for maintaining the integrity of our lists and forms. It also eliminates redundant fields that may clutter the interface and ensures a smooth user experience.
Conclusion
With the help of tracking override and notification in ServiceNow you can simplify operations, improves visibility, and enforces compliance wiht the Mobiz policy. Mobiz can manage these overrides across different situations and environments, and it does that with the help of ServiceNow workflows and Slack integration.
About the Author
Shabana Khalid is a Junior ServiceNow Developer at MobizInc. With a year of experience in ServiceNow development and workflow automation, Shabana specializes in building scalable and efficient solutions to drive business innovation and increase productivity.
About MobizInc
MobizInc is a leading provider of ServiceNow solutions, helping organizations streamline operations, improve efficiency, and deliver exceptional customer experiences. With a focus on innovation and technology. MobizInc empowers businesses to achieve their goals and stay ahead in today's competitive landscape.
Contact Us
If you have inquiries or need assistance with ServiceNow development and workflow automation, please contact us or visit our website at www.mobizinc.com.
Enhancing Data Security in ServiceNow with Data Filtration
Data filtration in ServiceNow is a means of restricting access to specific data stored within the platform. Filters on data and criteria for the subject can set an additional layer of security for the data present in ServiceNow by elaborating exactly what information should be displayed to which users.
By implementing custom data filtration, organizations can ensure that sensitive information is visible only to those who need it, thus maintaining privacy and compliance with data protection regulations.
In this blog, we’ll provide you with a step-by-step guide so you can implement ServiceNow data filtration with ease. Let’s begin!
The Challenge
Our customer needed to restrict access to HR emails so only HR Admins could see them, excluding System Admins and everyone else from that sensitive email loop. Managing lots of ACLs manually is ineffective and full of errors. Our challenge: The development of an automated, reliable system so that, in ServiceNow, only HR Admins receive HR emails.
The Solution
To address this challenge, we implemented a Data Filtration plugin in ServiceNow. To use the plugin you need to follow the steps mentioned below.
Step 1: Install the plugin
Firstly, you need to install the Data Filtration plugin. You can do that by visiting com.glide.data_filtration.
Once the plugin is installed, we can go to “Data Filtration” and see the Application menu and modules that are added to the instance.
Step 2: Creating a Data Filtration Record
From here you need to create a data filtration record. This can be done by opening the “Table” drop-down menu and choosing the “sys_email” option.
Step 3: Adding Subject Condition
The subject condition specifies which users should be able to see the specified data. It can be of three types:
- IP filter Criteria
- Role Filter Criteria
- Group Filter Criteria
- Subject Criteria
In our case, we can either add a role criterion where we add the HR Admin role or filter by group.
Step 4: Adding Data Condition
Simple filters can help you specify the data which needs to be protected.
Conclusion
By implementing a custom data filtration solution in ServiceNow, we at Mobiz raised the level of data security for clients in the way that management of these sensitive HR emails is accessible only by authorized HR admins.
This streamlined the data access process, reduced the risk of unauthorized exposure, and was easier to implement. Get in touch with us today and learn more about how we can help you harness data filtration in ServiceNow.
Cyber Anxiety: What It Is and How to Overcome It
Cyber security anxiety encompasses the apprehension linked to technology use, driven by the pervasive news of cyber threats and the worry of inadequate data protection online. Small business owners are particularly vulnerable to this anxiety, given the stakes associated with potential data breaches. However, proactive steps can help mitigate these concerns and safeguard your business effectively.
Cyber Anxiety Definition
Cyber anxiety includes the emotional and psychological unease individuals or organizations experience when confronted with the myriad threats and risks associated with cybersecurity in technology usage. It represents a sense of apprehension, stress, and vulnerability stemming from the awareness of potential dangers lurking in the digital landscape, such as hacking, data breaches, identity theft, malware, phishing attacks, and other cybercrimes. This anxiety from cyber bullying often arises from the continuous exposure to news and reports about cybersecurity incidents, the complexities involved in implementing effective protective measures, the significant repercussions of potential data breaches, and a pervasive sense of insufficiency in safeguarding oneself adequately online.
Cyber Bullying Causing Anxiety: How to Overcome It?
With the ongoing technological advancement, you can’t overlook the fact that cyber bullying causes anxiety. To avoid the risk of cyber bullying anxiety, it is essential to know what is cybersecurity mesh and how it helps individuals and organizations understand cybersecurity metrics & KPIs that need to be implemented.
To make it easier for you, we have shortlisted some of the best tips and preventative measures to follow:
Maintain a Positive Outlook
Amidst understandable concerns about online threats, cultivating a positive perspective is crucial. Empower yourself by taking proactive measures: enforce robust security protocols, educate your team, and stay informed about evolving cyber risks. Remember, cybersecurity experts continuously innovate solutions, assuring ongoing efforts to fortify systems and protect data across the digital landscape.
Maintaining a positive outlook involves acknowledging potential threats and actively addressing them. Regularly updating security measures and educating employees about cybersecurity protocols helps instill a sense of proactive defense. Knowing that cybersecurity experts are tirelessly developing new solutions can offer reassurance, highlighting collective efforts to enhance digital security on a broader scale.
Understand Your Environment
To enhance your data security efforts, invest time in comprehending your operational landscape. Gain clarity on your devices, software, network access, and data types used, tailored to your business needs. For instance, safeguarding an online store requires protecting customer credit card details and internal financial data. Conversely, managing a blog or website necessitates securing web pages for universal accessibility.
Understanding your business environment extends beyond surface-level knowledge. Delve into the intricacies of data usage, access points, and sensitive information storage. Recognizing the specific vulnerabilities and entry points for potential threats allows for more targeted and effective security strategies. Customizing security measures based on the nature of your business operations amplifies their impact.
Recognize the Real Threats
To alleviate cybersecurity anxiety stemming from uncertainty, empower yourself with knowledge about diverse cybersecurity myths, facts, risks, and preventive measures. This understanding enables a tailored security strategy addressing your business's unique needs and potential threats.
Recognizing real threats involves more than just a general awareness of cybersecurity risks. Detailed knowledge of various cyber threats such as ransomware, phishing, or insider threats, along with their potential impact on your business, allows for a more focused and effective security approach. This targeted understanding helps in crafting a robust defense against the specific vulnerabilities your business faces.
Continuous Education in Cybersecurity
- Empowers stakeholders: Knowledge on the latest trends and threats reduces anxiety and enhances decision-making.
- Tailored learning paths: Customizes education to fit the roles within organizations or individual needs, making learning relevant.
- Ongoing commitment: Stresses the need for continual learning to adapt to the evolving cybersecurity landscape.
Preventive vs. Reactive Measures in Cybersecurity
| Preventive Measures | Reactive Strategies |
| - Building and maintaining digital fortresses | - Incident response planning |
| - Regular software updates to patch vulnerabilities | - Disaster recovery plans |
| - Implementing strong password policies | - Business continuity strategies |
| - Conducting regular security audits | - Outline clear steps for breach containment |
| - Training on phishing recognition and cyber hygiene | - Regular drills and updates to plans |
| - Aims to deter attackers and reduce breach risk | - Ensures swift recovery and minimizes impact |
Sign Up for Cybersecurity Services
In a world full of evolving cyber threats and risks, it is crucial to safeguard your data, applications, and systems using robust cybersecurity solutions. At Mobiz, we offer protection against cybersecurity threats using cutting-edge technology to ensure your online assets, data, and networks remain safe and secure. With Azure and ServiceNow support, you can mitigate risks ahead of time and avoid the risk of data breaches, resulting in increased productivity, higher profitability, and better brand reputation.
Accept That You Cannot Control Everything
Recognizing the limitations of cybersecurity control is crucial. Despite robust measures, the evolving nature of online threats means data compromise remains possible. Preparation is vital; consider investing in cyber liability insurance to mitigate the potential costs of a breach or cyberattack.
Acknowledging the unpredictable nature of cyber threats reinforces the importance of proactive preparation. While maintaining strong security measures is imperative, accepting the possibility of a breach despite these efforts is pragmatic. Cyber liability insurance serves as a safety net, mitigating financial risks associated with potential cybersecurity incidents and allowing businesses to recover more effectively in case of an attack.
The Bottom Line
In the landscape of cybersecurity, addressing cyber anxiety is crucial, especially for small business owners vulnerable to its impact. Cyber anxiety encompasses emotional distress arising from technology-related risks, driven by ongoing exposure to cyber threats, complexities in safeguarding data, and the pervasive fear of inadequate online protection. Overcoming this anxiety necessitates a multifaceted approach. Cultivating positivity through reinforced security protocols, team education, and staying informed about evolving risks is paramount. Understanding the operational landscape and identifying real threats allows for targeted security strategies. Embracing the unpredictable nature of cybersecurity while investing in risk-mitigating measures, such as cyber liability insurance, serves as a safety net against potential breaches. Acknowledging the limitations and uncertainties while adopting proactive measures empowers small business owners to navigate the digital realm with resilience and confidence.
Frequently Asked Questions
What Is Cyber Anxiety?
Cyber anxiety is the stress and unease from concerns about cybersecurity threats, including hacking, data breaches, and online vulnerabilities, impacting individuals' and organizations' emotional well-being.
Mobiz Announces Launch of New Business Applications Practice
Mobiz, a leader in innovative IT solutions, is thrilled to announce the launch of its new Business Applications practice. This strategic move underscores Mobiz’s commitment to providing cutting-edge solutions and driving transformative outcomes for businesses worldwide.
With the new Business Applications practice, Mobiz aims to redefine excellence in delivering Microsoft Dynamics 365 and Power Platform solutions. The practice will focus on helping organizations leverage the full potential of Microsoft's suite of business applications to streamline operations, enhance productivity, and achieve sustainable growth.
“We are excited to launch our new Business Applications practice,” said Hamad Riaz, CEO of Mobiz. “This initiative is a testament to our dedication to innovation and excellence through Microsoft technologies. Our goal is to empower businesses to harness the power of Microsoft D365 and Power Platform, driving innovation and delivering impactful results.”
This new practice will offer a comprehensive range of services, including:
- Dynamics 365 Customer Engagement (D365 CE): Sales & Marketing, Field Services, and Project Operations.
- Dynamics 365 Finance & Operations (D365 F&O).
- Power Platform: Copilot Studio, CoE enablement, and Power App development.
Sanjay Salgaonkar, a distinguished professional with over 25 years of experience in the IT industry, brings a wealth of knowledge and expertise to Mobiz as Director of Dynamics 365 and Power Platform. Under his leadership, Mobiz’s approach is centered on addressing current trends and challenges such as digital transformation, enhancing customer experience, data-driven decision making, and integrating AI and automation technologies. By providing scalable and flexible solutions, Mobiz ensures businesses can adapt to the evolving market landscape and achieve their strategic objectives.
“I am honored to lead Mobiz’s new Business Applications practice,” said Sanjay Salgaonkar, Director of Microsoft D365 & Power Platform. “Our goal is to empower businesses to harness the power of Microsoft D365 and Power Platform, driving innovation and delivering impactful results. I look forward to working with our talented team to create exceptional value for our clients.”
What Is Cloud FinOps and Why Should Your Company Take Advantage of It?
As cloud computing becomes integral to businesses, managing its costs becomes pivotal. Gartner projects that by 2025, more than half of enterprise IT spending will focus on the cloud. Yet, the allure of the cloud comes with potential pitfalls—operational expenses that may surpass initial estimations. Overspending and misallocated resources pose challenges as companies expand. The remedy lies in Cloud FinOps, a methodology ensuring optimized cloud spending and resource allocation.
Employing FinOps principles enables businesses to pinpoint overspending, make necessary adjustments for cost reduction, and bolster performance without sacrificing quality. This approach results in substantial cost savings, heightened business agility, and overall operational enhancement. Our exploration into Cloud FinOps details its fundamental concepts, benefits, implementation strategies, and transformative impact, revealing its ability to maximize the value derived from cloud investments.
What Is Cloud FinOps?
FinOps represents a burgeoning framework embraced by businesses seeking to finely tune their cloud expenditure. This evolving practice hinges on cross-functional collaboration among engineering, financial, business, and product teams to pinpoint avenues for enhancing and streamlining cost management. Successful cloud cost optimization demands collective involvement from these stakeholders.
Yet, Cloud FinOps transcends mere cost curtailment; it serves as a compass for companies, harmonizing expenditure with expansion while mitigating risks. It empowers teams to decipher the cost ramifications of diverse design choices, enabling informed trade-offs that amplify the returns on cloud investments. Through cohesive teamwork and the adept utilization of tools and strategies, enterprises can adeptly steer their cloud expenses, thereby maximizing the worth of their investments.
The Benefits of Introducing a FinOps Approach
Adopting a FinOps methodology within your cloud solutions yields a multitude of benefits, encapsulated in the following key advantages:
- Mitigating monthly costs associated with a specific system or implemented solution
- Enhancing the efficacy of your cloud provider's services
- Cultivating a comprehensive comprehension of cloud utilization and expenditures, enabling more precise budgeting and forecasting
- Shielding against potential escalations in future expenses through adept understanding of cost controls and industry benchmarks
- Expediting the deployment of products and services
- Augmenting security measures and financial transparency within your organization
FinOps Framework’s Main Concepts
A FinOps Framework serves as the operational blueprint for implementing FinOps practices. Customizing this framework facilitates tailored optimization strategies, ensuring substantial cost savings across projects. Its primary elements comprise:
FinOps Principles are defined as the guiding metrics steering every FinOps practice, established by the FinOps Foundation. These encompass six core principles:
- Collaborative team efforts
- Centralized FinOps team leadership
- Individual ownership of cloud usage
- Timely and accessible reporting
- Decision-making based on cloud's business value
- Utilization of cloud computing's variable cost models
FinOps Personas are representations of key stakeholders and their roles within the process, encompassing a FinOps practitioner, executive, business or product owner, finance expert, engineer, and procurement specialist.
FinOps Phases are the iterative stages comprising the FinOps journey are:
- Inform: Enhances visibility into cloud costs and usage through setting up cost allocation tags, generating accurate chargeback reports, and forecasting future costs. It aims to ensure stakeholders comprehend the cost implications of their actions.
- Optimize: Identifies opportunities to minimize waste and enhance efficiency, encompassing rightsizing resources, eliminating unused assets, and leveraging available discounts like reserved instances or savings plans.
- Operate: Focuses on the operational efficiency of the cloud environment by implementing policies and governance structures to control costs, utilizing automation for effective resource scaling, and continual monitoring to promptly address cost-related issues.
The FinOps Maturity Model delineates the progressive stages of the ongoing FinOps process, depicted through three evolutionary phases: crawl, walk, and run.
Regarding the FinOps Domains and Capabilities, they constitute the landscape of activities and applied knowledge within the FinOps paradigm. Every organization embracing FinOps engages in activities across all domains, each housing specific capabilities. For instance:
Domains such as understanding cloud usage and cost, performance tracking, and benchmarking. Capabilities including budget management, cloud policy, and governance.
This framework comprises two essential constituents. The first, the framework's core content, furnishes insights into establishing a FinOps practice and offers a holistic view of the FinOps journey. The second component, framework implementations, encompasses open-source resources like how-to guides, videos, and articles seamlessly integrated into the core content. These resources serve as adaptable tools, readily deployable or customizable to align with the unique requirements of individual FinOps practices.
How to Successfully Implement FinOps in Cloud Computing?
Prior to initiating a FinOps process, a thorough evaluation of service costs and efficiency with the cloud provider is paramount. Achieving success in FinOps necessitates close collaboration among finance, technology, and business units. Establishing a dedicated FinOps team comprising representatives from these spheres fosters communication and alignment towards shared objectives.
Reports and recommendations stemming from this audit should encompass strategies for enhancing the current environment, potentially including the selection of an alternate service provider, along with estimated savings resultant from such a transition. Pre-deployment, the FinOps team might conduct audits spanning the entire cloud environment, deployed solutions, or planned deployments, optimizing resources before implementation.
To effectively implement FinOps, a comprehensive audit conducted by seasoned cloud experts is pivotal. This audit should furnish detailed reports and actionable recommendations for refining the existing environment, potentially including a change in service provider to leverage potential savings. Moreover, audits before deploying the cloud environment, solution deployment, or planned deployments optimize resources and enable informed decision-making regarding cloud services.
Clearly defining goals and metrics stands as a critical aspect of successful FinOps adoption. Specific, measurable objectives lay the foundation for the FinOps journey, offering a benchmark for evaluating progress. Choosing pertinent metrics that mirror the company's cloud usage and financial objectives provides insights into the efficacy of cost optimization strategies. Regular reassessment and adjustment of these metrics ensure alignment with evolving business needs and market conditions, fostering accountability and informed decision-making.
Investing in comprehensive training and education initiatives within the FinOps framework is indispensable. This involves delving into cloud pricing models, mastering cost optimization techniques, and cultivating a deep understanding of effective cost management's strategic significance. Equipping teams with this knowledge nurtures an environment of informed decision-making and financial accountability, vital for successful cloud financial operations. Proficient teams drive strategic resource utilization, accurate forecasting, and budgeting, thereby maximizing the value derived from cloud investments.
Challenges in Implementing Cloud FinOps
Implementing Cloud FinOps involves navigating several challenges. A key obstacle is shifting organizational culture to prioritize cost management and foster cross-functional collaboration. FinOps requires breaking down silos, which can meet resistance from different teams used to operating independently.
Additionally, finding the right expertise for effective FinOps implementation can be difficult, especially as the concept is relatively new. Many organizations lack a clear understanding of FinOps principles, leading to a steeper learning curve.
Moreover, ensuring consistent cloud governance and compliance across various cloud services poses a challenge, as each cloud provider has unique pricing models and cost structures. This requires a comprehensive approach to monitor and manage cloud spending effectively.
Addressing these challenges involves a concerted effort to educate stakeholders, establish clear governance structures, and promote continuous communication and transparency in cost-related decisions. Organizations must embrace iterative processes and remain adaptable to evolving business requirements and cloud market trends.
Cloud FinOps Will Elevate Your Organization
Successful FinOps teams necessitate a diverse set of predictive analytics skills. These competencies empower them to forecast future demand, assess unit economics related to cloud usage, optimize resource utilization, and catalyze organizational behavioral shifts.
Realizing the maximal business value from cloud operations isn't a one-size-fits-all endeavor. Implementing FinOps practices involves an iterative process, demanding regular reassessment in alignment with the specific needs of stakeholders and business functions. While navigating this iterative journey independently might seem daunting, engaging an experienced external advisor proves invaluable.
Seasoned consultants offer invaluable insights and guidance, aiding in identifying potential obstacles and facilitating informed decisions that harmonize with overarching business objectives. Ultimately, proactively embracing cloud FinOps not only enhances operational efficiency and cost reduction but also amplifies the overall value derived from your cloud investments.
Closing Thoughts
Cloud FinOps revolutionizes cloud expenditure, fostering collaboration across teams to optimize costs and mitigate risks. It goes beyond mere cost containment, aligning spending with growth while empowering informed decision-making. The framework, rooted in principles, personas, and iterative phases, guides organizations in understanding, optimizing, and efficiently operating their cloud environments. Implementing FinOps requires thorough audits, team collaboration, and defined metrics to ensure alignment with business objectives. Investing in training and seeking expert advice enhances decision-making and financial accountability. Cloud FinOps isn't a static process; it demands iterative refinement and adaptation. Engaging external advisors aids in navigating complexities, identifying hurdles, and harmonizing strategies with business goals. Ultimately, adopting FinOps cultivates an environment of efficient resource usage, precise forecasting, and maximized value from cloud investments, transcending mere cost reduction to elevate operational efficiency and overall business value.