Function: CEOs

What is a Tech Stack?

A tech stack is a set of software tools and programming languages that serves as the foundation of any technology project, including websites, desktop software and apps.

It’s also the backbone of a project and can determine its performance, scalability and maintenance in the long run. Selecting the right one can help developers streamline their work, speed up the development process and provide a better user experience.

CASE STUDY: Transforming Big Data into Actionable Insights for Legal Services

Tech Stacks of Companies: Examples

1. The LAMP Stack is a widely used open-source web development stack that is suitable for creating dynamic websites. It comprises Linux, Apache, MySQL, and PHP, where Linux is the operating system, Apache is the web server software, MySQL is the database management system and PHP is the programming language used to create dynamic web pages.
2. MEAN Stack is a comprehensive JavaScript framework that is widely used to create dynamic web applications. It comprises MongoDB, Express.js, Angular and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, Angular is the front-end JavaScript framework that enables the creation of dynamic web pages and Node.js provides the back-end JavaScript runtime environment.
3. Another JavaScript framework that is commonly used for creating web applications that support real-time updates is the MERN Stack. It comprises MongoDB, Express.js, React, and Node.js. MongoDB serves as the NoSQL database management system, Express.js is a web application framework used with Node.js, React is the front-end JavaScript library used for building user interfaces and Node.js provides the back-end JavaScript runtime environment.
4. Ruby on Rails is a well-known web development framework that utilizes the Ruby programming language. It is a preferred choice for startups because of its user-friendly interface and straightforwardness. Ruby on Rails follows the Model-View-Controller (MVC) architectural pattern and emphasizes convention over configuration.
5. The .NET Stack is a Microsoft technology stack that includes tools such as C#, ASP.NET, and Microsoft SQL Server. It is widely used for creating enterprise-level web applications. C# is an object-oriented programming language that helps develop Windows desktop applications and ASP.NET is a web application framework used for creating dynamic web pages.
6. Django Stack is a Python web development framework that is widely used for creating scalable and secure web applications. Django follows the Model-View-Template (MVT) architectural pattern and incorporates an Object-Relational Mapping (ORM) layer that enables developers to interact with databases using Python code.
7. The iOS Stack is a comprehensive stack of tools that includes Xcode, Swift, and Objective-C and is widely used for creating iOS mobile applications. Xcode is an integrated development environment (IDE) used to develop iOS apps, Swift is a programming language developed by Apple specifically for iOS app development and Objective-C was previously used to develop iOS apps before Swift was introduced.
8. The Android Stack is another comprehensive stack of tools that includes Android Studio, Java, and Kotlin and is widely used for developing Android mobile applications. Android Studio is an IDE used to develop Android apps, Java is an object-oriented programming language that is used for building Android apps and Kotlin was introduced by Google as an alternative to Java for Android app development.

How To Choose the Right Tech Stack

Choosing the right tech stack is a critical decision for private equity firms. The right PE technology stack should be a cohesive system that enables fund managers to source deals, manage relationships with limited partners and portfolio companies, and close more deals.

A firm with the right technology solutions in place can work smarter and faster, deliver higher-margin services and ultimately increase profitability. For private equity firms, the technology stack should be viewed as an investment and a way to stay ahead of the competition.

READ MORE: The Power of AI, Data Analytics in IT Due Diligence

There are many factors that go into choosing the technology stack, but here are some of the more important ones:

1. Out-of-the-box solutions: These are pre-built software solutions that can be used to solve common problems. They can save time and money by reducing the need for custom development. Examples include WordPress, Shopify and Salesforce.
2. Integration with third-party solutions: This refers to the ability of a tech stack to work with other software solutions. It’s important to choose a tech stack that can easily integrate with other tools you may need in the future. Examples include Zapier, Segment and Twilio.
3. Developer availability: This refers to the availability of developers who are skilled in a particular tech stack. It’s important to choose a tech stack that has a large pool of developers available so that you can find the right talent for your project.
4. Documentation: This refers to the quality and quantity of documentation available for a particular tech stack. Good documentation can help developers get up to speed quickly and reduce the time needed for troubleshooting. Examples include React documentation and Django documentation.
5. Easy to test: This refers to how easy it is to test code written in a particular tech stack. A good tech stack should have testing tools built-in or have easy-to-use testing frameworks available. Examples include Jest for React and Pytest for Python.

READ MORE: Data Warehouse Types: How To Choose the Right One

If any of this sounds like unfamiliar territory (and even if it doesn’t), it may be a good reason to look for expert help.

There are experienced, proven service providers out there who know industry-specific tech stack requirements inside-out and can help your business make the best decisions every step of the way.

READ MORE: How To Extract Data from ERP Systems

Fortunately, you don’t have to waste time searching for them. Hundreds of PE firms and private and public companies tap into the Business Builders’ Network for this exact reason.

Not only will you be connected in less than one business day, but we’ll only provide the exact-fit resources that are experienced in your particular industry.

Contact out research and operations team to get started with your firm’s or company’s tech stack.

What is Centralized Data in Business?

Centralized data in business analytics involves consolidating information from across an organization into a single system for easier analysis.

“This aspect of business intelligence and analytics is important because it gives companies visibility into KPIs at a high level,” says Brandon John, BluWave’s Service Provider Relationship Manager.

The consolidation usually happens in something called a data warehouse.

Read More:What Are the Different Data Warehouse Types?

Business intelligence practices like centralization are becoming more and more important to businesses, whether that mean private equity, portcos or private and public companies.

According to our most recent quarterly report, we saw “broad-scale adoption of data quality and visualization endeavors and emergent efforts in higher level analytics and AI.”

Let’s take a closer look at what data centralization can do for your business.

Read More: What is Business Intelligence Automation?

Benefits of Data Centralization

Increased Visibility and Transparency

Centralized data provides a single source of truth so leadership can make faster, more accurate business decisions.

Early Detection of Issues

Centralized data allows businesses to identify problems sooner before they become bigger issues.

More Consistency

Different departments often have the same definitions and metrics for things like active users and sales. By centralizing data, you can eliminate confusion at the leadership level.

Holistic View of Customer Journey

Centralized data from marketing, sales and customer service systems provide a complete picture of the customer experience.

Advanced Capabilities

It is easier to analyze data and find insights when all of the relevant data is in one place. Businesses can more easily see correlations across different data sets.

Increased Efficiency

Employees don’t have to spend time aggregating data from different systems. Everything is available in a single source.

Improved Trust

There is confidence that the data and reports are accurate and consistent since there is only one version of the truth.

Digital transformation is no longer something only the biggest, wealthiest companies can afford.

Not only are these services within reach for businesses of all sizes – from enterprise organizations to lower middle market companies – but they’re also essential.

Learn about common improvement areas all businesses can implement to accelerate digital transformation efforts.

• Business leaders, including operations partners at private equity firms, C-level executives and functional leads are evaluating the digital capabilities and infrastructure in their companies to identify areas for improvement
• Simple improvements to workflows or procedures can significantly trim manual tasks and optimize human capital during economic uncertainty
• “No-regret” moves such as the following can accelerate change in a targeted, cost-effective way:
  • Adopting cloud and SaaS solutions
  • Improving cybersecurity
  • Enhancing website capabilities with tools like chatbots
  • Automating order processing and inventory management

Companies conduct voice of customer (VoC) studies to better understand how people interact with their product or service.

While there are many techniques to gather this information, the objective is largely the same: Ensure the customer is being heard and served as best as possible.

READ MORE: What Makes a Commercial Due Diligence Firm ‘Specialized’?

Private equity firms, portfolio companies, and private and public companies can all benefit from a strong voice of customer framework.

“Voice of the customer is extremely important to businesses because it allows companies to have visibility into where they are performing highly and where they are not,” says Brandon John, BluWave’s service provider relationship manager. “By hearing exactly how their customers feel about their brand, they can allocate the appropriate resources to improve some identified areas.”

Let’s talk about some of the advantages organizations can gain with the information gathered in VoC research.

Benefits of VoC

There are several advantages to conducting a voice-of-customer survey. It come as no surprise, then, that it’s been top-of-mind for our clients for years.

“VoC projects are always going to be something PE firms prioritize with their portcos,” John says. “We receive steady demand in this space and have since BluWave was founded.”

READ MORE: Voice of Customer Process: Methodologies for Better Service

Deeper Customer Understanding

Rather than merely gathering feedback, VoC research helps companies reimagine their products and services to surpass customers’ needs by gaining an intricate understanding of who they are and what they want.

This includes how and when they use the product, as well as why they’re more (or less) likely to choose it over a competitor.

Improved Loyalty and Retention

Listening to customers and resolving their concerns establishes trust and loyalty, decreasing attrition and boosting customer lifetime value.

A client is more likely to stick with a brand that it feels has its best interests in mind.

Better Business Decisions

Actionable insights gleaned from customer input can steer key business choices around product roadmaps, marketing campaigns, pricing strategies and service models.

Increased Bottom Line

An unparalleled customer experience not only spurs growth, but also a competitive edge. One study showed that companies with strong VoC programs boast 10X more annual revenue growth.

Enhanced Customer Satisfaction

Catering to customers’ needs and wants forges lasting connections. It not only enhances the existing customer experience, but makes it more likely to acquire new ones as you get a better grasp on your target market.

This can have a compound effect as a happy customer is also more likely to recommend your brand or service to friends, families, colleagues and industry peers.

Employee Retention

This might come as a surprise, but your own employees can also benefit from VoC studies. That’s because it gives them a stronger connection to the customer by putting themselves in their shoes. The more aligned the employees are with the clients, the more satisfied they tend to be, thus limiting turnover.

Voice of the Customer Best Practices

Use Multiple Channels

To comprehensively capture the opinions of your customers, you should employ multiple avenues for feedback, including surveys, social media, reviews, emails and phone calls.

By using a variety of channels to gather input, companies can gain a multifaceted understanding of client needs and desires that fuels business decisions, improved experiences and financial gains.

Choose Timing Wisely

The timing of requests for customer feedback can significantly impact the quality and amount of responses. Businesses should choose a moment that is relevant, convenient and respectful for clients, such as after a purchase, service interaction or milestone.

Businesses that are considerate in their requests for input are more likely to receive thoughtful, actionable responses that can drive key business decisions and improved outcomes.

READ MORE: What is Commercial Due Diligence?

Act Quickly

The best moment to act on feedback received is as soon as possible. While you want to be diligent about understanding and applying what customers tell you, times is of the essence.

This is especially important when it comes to fixing problems, resolving negative feedback and staying ahead of competitors.

Segmentation

To gain business insights, companies should analyze customer feedback and group clients by factors like demographics or habits. Tailoring actions to different groups helps build loyalty and boost revenue.

It also establishes trust, decreases attrition and increases lifetime value by making each experience as tailored as possible.

READ MORE: 5 Steps to an Effective Voice of Customer (VoC) Strategy

Ask Clear Questions

The quality of your feedback depends largely on the quality of your questions. You should ask clear, concise and specific questions that are easy to understand and answer. You should also avoid leading, biased or ambiguous questions that can skew your results.

The value of customer input hinges greatly on the quality of the questions posed. Aim for clear, crisp and targeted inquiries that are easy to comprehend and respond to. Avoid being suggestive, biased or obscure lines of questioning that can skew results.

Your goal is to learn what customers think about your business, not try to convince them of something.

Acknowledge Feedback

One of the most important VoC best practices is to acknowledge your customers’ feedback and show them that you appreciate their time and opinions. There’s never been more competition for our time, so the fact that someone is willing to participate in your study means they probably have strong feelings.

Follow up with a thank-you message, sharing how their feedback will be used or even offering a reward (see below).

Share Findings Internally

To turn feedback into action, you need to share your findings with the relevant stakeholders in your organization. You should communicate the key insights, recommendations and action plans to your employees, managers and leaders. You should also encourage collaboration and accountability across different teams and departments.

Benchmark Against Your Industry

To measure your performance and progress against your competitors and industry standards, you should benchmark your VoC metrics against external data sources. You can use industry reports, surveys or benchmarks to compare your customer satisfaction, loyalty and advocacy levels with others in your field.

Test and Optimize

VoC best practices are dynamic, not static. You should constantly refine your program to ensure that it is effective, efficient and aligned with your overall business goals.

This can be done with A/B testing, analytics or feedback loops to evaluate and improve your VoC methods, tools and strategies.

Involve Key Stakeholders

To ensure that your VoC program has the support and resources it needs to succeed, you should involve key stakeholders from the start.

Identify decision-makers, influencers and beneficiaries of your program and engage them in defining the goals, scope and outcomes of your efforts.

Offer Participation Incentives

To increase your response rates and motivate your customers to share their feedback , you can offer participation incentives such as discounts, coupons, freebies or loyalty points.

Choose incentives that are relevant, attractive and proportional to the effort required from your customers.

READ MORE: Understanding Voice of Customer: Metrics, KPIs, Analytics

The expert service providers in the BluWave network know the importance of understanding your customers.

We constantly vet and re-vet the best third-party resources for this exact need, no matter what your customer type or industry.

“We have a solid bench of VoC providers in the BluWave network,” says John, who interacts with these third-party resources on a daily basis. “However, it is important to have the right group, for the right need, at the right time.”

Contact our research and operations team and walk us through your VoC needs. In less than one business day, we’ll introduce you to two or three exact-match options.

“Like all service toolboxes in the BluWave network, the VoC toolbox is always rapidly expanding,” John adds.

Once you make a selection, we’ll hold the service provider accountable from start to finish as they bring their voice of customer expertise to your specific situation.