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Financial Market Services Technology Transportation & Logistics U.K

Holme Beach: An ANPR Camera Has Gone Live; Drivers Using the Car Park Being Charged Again

As declared, an automatic number plate recognition (ANPR) camera has reportedly been installed to monitor cars parked at Holme-next-the-Sea, near Hunstanton, in the English countryside of Norfolk.

With the new ANPR system enforced, drivers will now be charged £100 as fines if they don’t pay for using the Holme beach parking lot, according to Eastern Daily Press.

Fleshing Out the ANPR Parking System

Also known as Licence Plate Recognition (LPR), an Automatic Number Plate Recognition (ANPR) system is a specially designed high-speed image capture technology that can identify and read vehicle registration plates as they pass through an infrared camera.

Built on optical character recognition technology, an ANPR camera captures an image of a vehicle number plate as it enters or exits a parking lot. The image, when passed on to a compatible number plate reader, gets converted into standard Wiegand format ID numbers. Upon comparing this information with the record in the existing database, the access control system decides whether or not to grant access to that vehicle to the parking premises.

The recorded vehicle registration plate details and the location data can be used for various law enforcement and traffic management purposes.

Besides enforcing surveillance of vehicle entry/exit at parking facilities, an ANPR system ensures car parking security.

A cost-effective way to provide consistent data to parking management apps, an ANPR camera also helps with threat recognition, repeat delinquent detection, or targeting vehicles/block-listed vehicles.

For a ticketless parking lot, deploying high-quality ANPR surveillance cameras that seamlessly integrate with parking management and enforcement solutions, such as ZatPark, is essential for vehicle access control. 

High-end ANPR integration increases efficiency by enabling seamless processing of ANPR images. This type of system helps extend enforcement hours without increasing overhead expenses.

Advanced ANPR technologies ensure a 100% capture rate accuracy under recommended lighting conditions.

Fully automated ANPR camera systems do not require employees to operate them, thus reducing operating costs.

Deployment of ANPR Camera at Holme Beach Car Parking

The deployment of the ANPR system took shape after the Hunstanton Golf Club had been given a go-ahead by West Norfolk council in December to install the equipment in the parking lot it owns on Beach Road at Holme.

In a planning statement, the golf club, said: “The proposed installation of ticketing equipment would allow charges to be levied all year round on a more cost-effective basis.”

According to a report written by an officer who recommended the approval of the ANPR camera installation last year, “Based on the existing use of the land, the surrounding area and the level of natural screening, it is not considered that these small scale additions will have a significant visual impact or adversely affect the locality.”

Earlier, a kiosk was used to manage the parking premises at Holme beach. However, anyone arriving at the parking lot, when the kiosk was not open, could park their vehicles without paying until the concession closed in the summer of 2022.

Now that the ANPR surveillance camera is deployed, drivers need to pay £3 to park their vehicles for two hours, £5 for four hours, or £7 to park for an entire day.

Charges at the Holme beach parking are lower than the nearby Hunstanton Cliff Top car park, where drivers have to pay £2.20/hour, £4.20/two hours, £6/three hours, and £8/day.

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Arts & Entertainment Computers & Software Media & Communications Society & Culture Technology

How AI and Cloud-Based Filmmaking Could Redefine the Way Videos & Films Are Made

Social media users and visitors on image and meme-sharing sites must have seen the image of the pope in a fancy jacket that’s been doing the rounds. The image is fake, of course. It was created by the artificial intelligence (AI) image generator, Midjourney.

The platform has since discontinued its free trial, citing “extraordinary demand and trial abuse” as the reason.

The thing is, AI–generated images are not the only thing taking the content world by storm. AI and the cloud are also changing the way videos are being made and edited.

In an article by Forbes, the author discusses how film and TV show production is being transformed by AI and camera-to-cloud technology.

Using AI in Film Production

AI technology has been used to change the appearance of actors, going as far as to make them look younger. This can be seen in the Miramax feature, Here, starring Tom Hanks and Robin Wright. Both actors start as younger versions of themselves and age through the course of the film.

For agencies, this can be a good thing as their best-selling actors can be made to “last longer” and be suitable for a larger variety of roles. 

However, creatives are insisting that technology can only support human creativity, not replace it.

AI can be very useful for sifting through information that might be tedious for humans to go through—like finding a scene from a longer piece of footage. This feature then frees up human creators to focus on other, less “automatable” tasks.

Camera-to-Cloud in Film Production

Michael Cioni, Adobe’s senior director of global innovation, claims that by 2030, all electronic assets in the media and entertainment industry would be “generated in the cloud, by the cloud.”

According to Cioni, edits and effects would be added to pre-shot scenes simply by telling the computer to do so, using text-based commands. For example, he said, one could shoot a scene and then add rain to it simply by typing “make it rain”.

Filmmakers would be able to create a rough “assembly” with basic visual effects, colour correction, and sound design. That would then be passed on to specialists to be refined.

Cloud-based filmmaking would also mean directors could collaborate with each other, even when they aren’t in the same physical location. It could also speed up short projects like music videos and advertisements.

In short, AI and cloud-based tools are being touted as a way to enhance productivity by delegating mundane tasks to them.

Legal Implications of AI in Filmmaking

However, lawyers are advising that contracts with “language that purports to control the right to simulate an actor’s performance are void and unenforceable until the terms have been negotiated with the union.”

This fact can be quite divisive as some actors might want to take advantage of technology to extend their “viability”. However, there is a concern that it might be used as a way to avoid paying for digital performances since they technically aren’t being played by the artist.

Content generation using AI has led to an authenticity concern, especially with deep fakes that seem extremely realistic.

Actor Keanu Reeves, who has been quoted as saying he finds the idea of deep fakes “scary” often has a clause in his contracts that forbid digital manipulation of his performance. Interestingly, this clause dates back several years—decades, even—when a production added a virtual tear on his face. 

According to the actor, any performer might expect the footage to be edited with their consent. However, deep fake is different, as it has no input from the performer.

Of course, this technology is still mostly limited to films and television productions. Corporate videos still require the services of video production companies, like Bold Content(Check out Bold Content’s contribution to encourage girls into STEM studies.)

However, with AI taking over so many tasks, it remains to be seen whether it will help enhance filmmaking or “take away jobs” in yet another industry.

Originally published in Geeky News

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Business Law & Legal Services Technology U.S

Legalese Decoder, AI legal language translation platform, announces its application to Seed Checks for funding

Legalese Decoder, the AI-powered legal language translation platform, announces its application to Seed Checks for funding. The startup aims to revolutionize the legal industry by providing a solution to a common problem experienced by many: the difficulty of understanding legal language.

Founders and entrepreneurs are often left in the dark when it comes to deciphering legalese, which can be a major barrier to creating and running successful businesses. Legalese Decoder seeks to solve this problem by providing an easy-to-use platform that translates complex legal language into plain English.

Seed Checks, launched by venture capitalist and growth marketing entrepreneur Julian Shapiro, is a platform that allows founders to apply for funding from top investors in a quick and efficient manner. Legalese Decoder is excited to apply for funding through Seed Checks and join the thousands of other startups that have already applied.

Legalese Decoder’s AI-powered technology is unique in the legal industry, and the company is confident that it will have a significant impact on the industry as a whole. With the support of Seed Checks, Legalese Decoder aims to continue developing its technology and expanding its reach.

“Our goal is to make legal language accessible to everyone, regardless of their background or experience,” said Legalese Decoder founder, William Tsui. “We believe that our platform has the potential to change the legal industry for the better, and we are excited to partner with Seed Checks to make that vision a reality.”

Legalese Decoder has already received significant interest from investors and entrepreneurs alike, and the company is eager to continue growing its reach and impact. With Seed Checks, Legalese Decoder hopes to find the right investors who share its vision and can help take the company to the next level.

For more information about Legalese Decoder, visit our website at www.legalesedecoder.com. To learn more about Seed Checks, visit their website at www.seedchecks.com.

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Computers & Software Professional Services Technology World

Help Net Security Discusses How Passive Cybersecurity Awareness Training Might Not Be Enough Anymore

There was an article on Help Net Security that claims that the era of passive cybersecurity training is over. The article discusses how, despite people realising the need for improved cybersecurity, there are still vulnerabilities that leave businesses exposed to cyber threats.

The aforementioned statement is based on the key findings of a survey conducted by Action1. These are presented here:

Breaches Due to Known Vulnerabilities

The survey found that 10% of the respondents had suffered from a cyber attack in the past year. And, out of them, 47% were through known security vulnerabilities.

49% of the respondents said phishing was the most common attack vector, and over half (54%) reported they lost control of their data due to ransomware attacks.

Lack of Support from Executive Teams

Several IT teams reported that they didn’t receive adequate support for cybersecurity initiatives from upper management. That, according to them, has been a critical threat to the business’s cybersecurity posture.

The teams also reported that they often were too busy with operational issues to be able to adequately take care of cybersecurity.

Inadequate Response Time and Remediation Efforts

According to the respondents, the time taken to identify vulnerabilities, failure to prioritise security issues, and the delays in remediating known vulnerabilities might cost their companies in security breaches.

Not Enough Cybersecurity Awareness Amongst Employees

The survey reported that employees need more time to improve their cybersecurity awareness. That means organisations are more at risk through phishing and other cyber attacks.

Based on these findings, what can businesses do to reduce their risk of cyber threats?

Manage Security Vulnerabilities Better

Since known vulnerabilities are often the ones exploited by threat actors, it is essential for businesses to manage and patch these flaws as soon as possible.

Use Automation to Reduce Cybersecurity Costs

Executive teams might not see any direct benefits of spending on cybersecurity, even though a cyber attack can end up costing the business a lot. However, IT security teams can use automation to lower their costs. This can be useful in arguing their case for a stronger cybersecurity posture.

Improving Cybersecurity Awareness

Since any cybersecurity strategy is only as strong as its weakest link—the employees—it is imperative that they are educated on the threats they might face and how to tackle them.

Communication channels are the preferred mode of social engineering attacks. Data stolen from other sources can be used to customise messages to make them more personalised and appear trustworthy.

With such attacks on the rise, employees should not only be equipped to identify phishing attacks but to also understand the importance of verifying before trusting.

Moreover, threat actors are now also using AI to generate malware, which, depending on how it’s used, might be more sophisticated than the average, run-of-the-mill computer virus.

In other words, businesses need to reduce their reliance on passive cybersecurity training.

Luckily, instead of a six-hour training session, which will be forgotten within the week, there are tools to help with ongoing training and monitoring. One such tool is CultureAI—a platform that helps “improve cybersecurity behaviours and reduce security incidents caused by employees”. 

The platform offers human risk monitoring, security awareness coaching, employee security empowerment, and human risk response.

This platform can help alleviate some of the problems faced by businesses, such as poor cybersecurity awareness among employees, lack of knowledge on how to deal with potential risks, and what to do when an employee is at risk.

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Computers & Software Professional Services Technology

Can Digital Transformation Make the Life Insurance Industry More Empathetic?

Life insurance is one of those things that regular people don’t fully understand. Calculating premiums is a complex task that takes various factors into account. Then there are different types of life insurance policies, which makes it difficult for someone to choose from. Then there are the anecdotal reports of people not getting a payout because they didn’t have enough coverage.

The thing is, if the beneficiary is making a claim on a life insurance policy due to the death of the policyholder, it’s already a sensitive time for them. If they are told they are not eligible for a payout at that time, it can affect their perception of the company.

And, it will definitely affect how other people close to them view the insurance company.

At the same time, insurance companies have to follow rules as well. They have to ensure that the terms of the policy are being met. 

This conundrum has led to people not trusting insurance companies and “keeping their distance”.

However, there is an unlikely mediator who could help the industry build a better relationship with customers.

The Use of Technology in the Insurance Business

This author has already discussed the benefits of the insurance industry using AI to deliver a better experience to customers. However, digital transformation can be used to improve user experience across the board for all customers.

In fact, insurance software provider, Zinnia, has said that life insurance quoting software products is not the only way to keep customers happy. 

The key is to provide great customer service throughout the process.

The best part is, technology can also make insurance companies show more empathy to clients. 

However, building a relationship starts much earlier than that stage, so here’s how technology can make life easier for customers.

Demystifying the Onboarding Process

This article touched upon how the initial stages of purchasing a life insurance policy are so complicated that they put people off. 

Technology is already making this phase easier through automation.

Insurance companies are leveraging technology to allow potential customers to register themselves quickly and easily. They no longer need to navigate through complex options.

Optimising Customer Communications

With the rise of AI chatbots, insurance companies no longer need humans manning phones. Well, they do, but a vast majority of queries can be answered using automated responses.

In fact, if companies invest in consolidating their customer data, the customer can communicate with the company through any channel of their choice without it being disjointed.

Technology can also be harnessed to customise the user’s profile so they get marketing communications tailored to their needs. That means they get offers and promotions that are relevant to them, and not what they’d consider spam.

Humanising Payouts

As mentioned earlier, when beneficiaries make a claim on a life insurance policy, they are already going through a difficult time. The post-death processes of a loved one can take an average of 420 hours across months.

It makes no sense to make them jump through hoops when they and their families are already grieving.

Using technology, companies have made it easier for claimants to file claims digitally. Others are going the extra mile by using technology to provide support to grieving families. These include grief counselling, funeral assistance, and logistical as well as emotional support.

The Tech–Human Balance

Whilst technology can be an excellent tool, it can never replace the human touch. Insurance companies can use automation and AI to streamline their processes, but empathy has to come from the people. 

However, digital transformation can be very useful in making the lives of their customers easier. That, in turn, will help mitigate some of the “bad press” the insurance business gets. And, eventually, it might even help these companies build stronger relationships with their customers.

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Computers & Software Shopping & Deal Technology

Top 10 Antivirus Site Announces Latest Rankings for 2023

New York, NY, 03.23.2023 – Top 10 Antivirus Site, the newest and most reliable online platform for antivirus reviews and recommendations, has officially launched. The site is dedicated to providing users with the best antivirus software solutions available on the market. With cyber threats on the rise and more people working remotely, the need for reliable antivirus software is more important than ever before.

The site provides detailed reviews of the top 10 antivirus software programs, giving users a comprehensive guide on the features, pros, and cons of each program. The site also features a comparison tool that allows users to easily compare the various antivirus programs side-by-side, making it easier for them to choose the best option for their needs.

“As cybersecurity threats continue to increase, it is important for everyone to have the best possible protection against them,” said Franck Manroe, founder of Top 10 Antivirus Site. “Our site is dedicated to making it easier for users to find the most reliable and efficient antivirus software on the market. We’ve done all the research so you don’t have to.”

The site’s team of experts has tested and reviewed each antivirus program extensively, ensuring that the information provided is accurate and reliable. The site also provides users with the latest news and updates on cybersecurity threats, ensuring that they are always up-to-date on the latest trends and developments in the industry.

Top 10 Antivirus Site is committed to providing users with the best possible service and support. The site’s team of experts is available around-the-clock to answer any questions and provide assistance to users who may need it.

For more information on Top 10 Antivirus Site, please visit the site at Top 10 Antivirus. Stay safe online with the best antivirus software programs available on the market.

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Computers & Software Energy & Environment Leisure Activities Technology U.K

Energy Efficiency: Re-Using Heat From Data Centres to Heat Up Public Swimming Pools

The rising energy prices in the UK have affected not just households but also businesses. Data centres, for example, require a lot of energy to keep their computers cool. The cost of running air conditioning for these can be astronomical.

Similarly, public swimming pools require energy to keep the water warm enough to swim in. Maintaining a steady 30 degrees C means an energy bill can cost thousands. And, with the anticipated increase in heating costs, leisure centres are expecting to pay £100,000 more this year.

However, someone noticed the opposing requirements of these two entities and figured why not get them to help each other out.

But, why do data centres need help? 

One can see how the heating cost is a factor for public pools. In fact, BBC News reported that 65 pools have closed down since 2019, with rising costs being listed as a significant factor. But data centres?

The Problem Data Centres Face

Cloud computing and digital transformation have meant that the need for data centres has grown exponentially. Microsoft, Google, and Amazon Web Services need more data centres in the UK. 

However, they face the likelihood of being hit with sustainability-related regulations to keep them out of certain parts of London. Some of these regulations might limit the amount of power they consume and mandate how they reuse heat.

These regulations will mean data centres might have to either scale back their expansion plans or look into newer ways of energy efficiency and heat capture.

Swimming Pools to the Rescue

The founder of tech startup, Deep Green, Mark Bjornsgaard, came up with the idea of using small data centres as “digital boilers” for swimming pools. He provided a small, washing-machine-sized data centre to the Exmouth Leisure Centre.

The “digital boiler” is made up of computers housed inside a white box, which is surrounded by oil. The oil absorbs the heat generated by the servers and then it’s pumped into the heat exchanger, where the absorbed heat is transferred to the water.

The cooled oil is sent back into the boiler to continue the heat transfer process.

This system has provided around 60% of the heating required for the pool. And, it’s been so successful that up to 20 public pools might adopt this heating system this year. 

The best part is, this system is free for the pools. As mentioned above, data centres need to demonstrate sustainability, whilst also keeping servers cool. The data centre installed in the Exmouth Leisure Centre pool has been provided free of charge.

What’s more, Bjornsgaard also refunded them the electricity cost of running the server.

Is This the Heating Solution of the Future?

As the need for more data centres grows, there is a possibility that, at some point in the future, people could house (pun intended!) data centres in their homes as “digital boilers”. However, for now, people still need to rely on traditional boilers to heat their homes. 

Of course, as heating costs rise, regular maintenance and repair of boilers (by reliable service providers, like Mulgas Boiler Care Specialists) will help keep homes energy efficient for now.

In the future, however, it is entirely possible that when boilers act up, homeowners might need to call a server repair technician.

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Business Computers & Software Technology U.K

Vulnerability Management 101 for Businesses That Care About Cybersecurity

Businesses, both small and large, rely on technology. That means using computers (and other devices), apps, software, and, of course, a connection to the internet.

And, as technology becomes more sophisticated, it also falls prey to misconfiguration and vulnerabilities. 

These, in turn, can leave the business open to cyber attacks, leading to data breaches or loss control of assets.

That’s why vulnerability management is so essential.

What Is Vulnerability Management?

“Vulnerability management” refers to an integral part of cybersecurity management. It’s a task periodically carried out to identify, evaluate, remediate/mitigate, and report any potential weaknesses in a business’ network, system, infrastructure, or endpoints.

It forms a part of an overall strategy where cybersecurity is maintained by constantly evaluating risk and finding points that threat actors could use to gain access. Once these weak points are identified, the threat can be assessed and patch implementation carried out.

The reason why vulnerability management is essential is that it can help businesses reduce the avenues a threat actor has to get into the data and network of the company.

How Does Vulnerability Management Work?

As stated previously, vulnerability management is a process where a business scans its systems and network for exploitable weaknesses. It generates a list of potential “problem areas”.

These are then assessed and given a priority ranking. This ranking helps business team identify issues that need fixing first.

Since the process is periodic and ongoing, businesses can monitor all its digital assets to ensure your data stays safe.

What Is the Vulnerability Management Process?

The Vulnerability Management Policy

As with anything else in a business, vulnerability management starts with a plan. Here’s what security teams need to map out:

Prepare the vulnerability management policy: Once created, the policy should be shared with other stakeholders to get their input before proceeding further.

Create a priority system: certain systems might not require as much security as others. By creating a priority list, teams can focus on the important parts whilst giving others slightly less, but adequate, attention.

Factor in the industry- and region-specific regulations: Certain industries have to follow regulations and policies specific to the work they do. Certain regions might have more stringent regulations around cybersecurity and data protection.

Train cybersecurity and vulnerability management stakeholders: Whilst it is important that everyone in the organisation is trained on cyber secure behaviour, certain people would have to take on extra responsibilities. 

For example, security officers, cybersecurity or vulnerability engineers, asset and data owners, managed security service providers (MSSPs), and other business leaders. For a smoother operation, these people should know their roles and responsibilities in the vulnerability management process.

The Vulnerability Management Process

Once the policy is drafted and in place, teams can start implementing it. The vulnerability management lifecycle can be broken down into the following steps (bear in mind, all of these steps have to be repeated regularly if you want to stay on top of threats):

Finding out the vulnerabilities: Identifying vulnerabilities in a business’ networks, systems, and IT assets can be done through vulnerability scanning (an automated process that identifies and reports exploitable weaknesses) or penetration testing (a mock attack carried out by a person who uses any weak points they find to “attack” a system like a hacker would).

Evaluating and prioritising vulnerabilities: Once there’s a list of vulnerabilities, a business doesn’t just start fixing them in any order. They need to be assessed and prioritised in order of how likely they are to be exploited and how much damage the threat actor can do through them. 

It is entirely possible that there’s a vulnerability that doesn’t actually pose any threat to an organisation. That’s why they need assessing and prioritising, so serious weaknesses are dealt with first.

Remediating and mitigating: Once a team knows which vulnerabilities they need to deal with and in what order, they can start the process of fixing them. Some can be fixed with vulnerability patches. Others might not be fixable, and may require mitigation instead.

Assessing if the fixes worked: If a team doesn’t test its solutions, it won’t know whether they worked or not. This process might require additional scanning or penetration testing. That way, businesses can definitively determine if the remediation and mitigation worked.

Documenting and reporting: The team will need to document any vulnerabilities discovered as well as the steps taken towards their resolution. Of course, if there are a different sets of reports coming in from processes like scans, pen testing, or other such activities, it might help to have them all in one place. 

Leading cybersecurity service provider, DigitalXRAID, recently launched a one-of-a-kind portal that “allows a company’s cybersecurity measures to be viewed from a single source and enables greater collaboration across the business.” 

This portal, called OrbitalX, enables businesses to create bespoke and automated reports to provide clients with “a holistic overview and better visibility of [their] cybersecurity posture and risk.”

Reassess the cybersecurity framework from time to time: Cyber threats continue to evolve. To keep up with them, the cybersecurity industry keeps developing new methods and tools for protecting data. 

A business has to keep up with both the potential threats and the available solutions in order to be truly protected. The best way of doing so is by periodically reassessing the cybersecurity framework.

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Computers & Software Marketing & Sales Technology U.K Website & Blog

Gartner’s Report Discusses Four Market Trends for IT Companies in 2023

Gartner recently released a report on the four ways the technology market will change for IT companies in 2023.

According to the report, there are nine trends that would affect tech vendors but only four of them are “new” trends. The nine trends have been classified into three categories:

Increased reliance on tech

  • Federated enterprise tech buying
  • Co-innovation ecosystems
  • Democratisation of tech
  • Product-led growth

Opportunities through new tech

  • Digital marketplaces
  • Intelligent applications
  • Marketing and CX with metaverse tech

Impact of macro forces

  • Sustainable business
  • Techno-nationalism

Of these nine, the report focuses on:

  • More federated enterprise tech buying
  • The increase in product-led growth strategies
  • The rise of digital marketplaces
  • Metaverse technologies incorporated into marketing and CX

Important Tech Trends in 2023

More Federated Enterprise Tech Buying

In a survey conducted in 2022, Gartner found that “67% of enterprise IT decision-makers are not in IT”. 

According to the report, as more and more decisions are made by non-technical stakeholders, buying the latest technology becomes less important than the outcomes and value businesses get out of them.

To use this trend optimally, Gartner recommends that businesses:

  • Shift their marketing strategy to focus on customer-oriented value rather than technology-based scenarios
  • Use their Ideal Customer Profile (ICP) to understand the buying behaviour of the target audience, and leverage that information to maximise better quality and successful deals
  • Guide clients who aren’t tech-educated to make better, more informed decisions

Increase in Product-Led Growth Strategies

Product-Led Growth (PLG) is a strategy where the product is used to give potential customers a taste of how it could add value to their processes. This happens before there is any sales talk.

According to Gartner, this trend is going to pick up so rapidly that PLG will become an accepted market practice by 90% of SaaS businesses in 2025. Considering that only 58% of businesses currently use this practice, that’s quite a steep rise.

Under this strategy, customers will enjoy “self-service product experiences”. The signals gathered from these would be used to create “sales-driven conversions and expansion plays”.

This strategy can offer a rapid growth pattern. However, it requires more thought than simply introducing a free version of the product and hoping it’ll lead to sales.

In order to be successful, the PLG strategy requires buyer awareness marketing as well as onboarding. Customers have to be provided with the right guidance and support. Finally, it requires a data-driven, at-scale strategy for conversion and expansion.

Of course, the entire strategy would rely on a product with an intuitive user experience, easy or quick onboarding, and the ability to quickly demonstrate value to customers.

Rise of Digital Marketplaces

Tech buyers, especially non-tech ones, are increasingly looking at digital marketplaces for buying “composable and easily consumable solutions”. 

Gartner predicts that, by 2026, all major application service providers and cloud platforms will offer customers composable solutions. These will be differentiated by “quality, convenience, and security”.

In order to make the most of this trend, businesses would need to:

  • Identify which marketplace channel works best, based on their solution fit and the preferences of their potential customers
  • Understand that their customer base is shifting to a non-tech one, which means they might need to tweak their marketing strategy
  • Realise that they’re part of a marketplace for the benefit of their customers, so join marketplaces based on their suitability, or launch their own

More Metaverse Technology in Marketing and CX

Metaverse—described as “a collective virtual shared space”—represents various technologies. These include virtual reality (VR), augmented reality, (AR), flexible work styles, head-mounted displays (HMDs), AR cloud, internet of things (IoT), 5G, artificial intelligence (AI), and spatial computing.

(Take a look at how AI is going to disrupt digital marketing as well!)

These technologies are being used as marketing tools to generate engagement through unique experiences and memorable interactions.

Of course, since most of these technologies are quite new, it is up to businesses to determine which ones work for them and when they need to implement them. Businesses would need to evaluate how viable they are and invest in a strategy for continuous evaluation as they continue to evolve.

The trends discussed by Gartner might mean businesses will have to rethink (or at least gently tweak) their tech marketing strategy to capitalise on these. Of course, there are specialist software marketing agencies, like Geeky Tech, that could help.

However, the fact remains that we are witnessing a moment in history where a paradigm shift might be approaching. How businesses use the information from this report might be what differentiates them from their competitors.

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Finance Financial Market Services Technology World

PerkinElmer Completes Divestiture of its Applied, Food and Enterprise Services Businesses; Aims to Accelerate Scientific Innovation

Right on schedule, PerkinElmer has successfully divested its applied science, food, and enterprise services units to American private equity firm New Mountain Capital, and merged the remaining life sciences and diagnostics entities into a standalone business.

“Today marks the culmination of the hard work and dedication from PerkinElmer teams around the world to ensure that both new companies are in a position to succeed on day one,” said Prahlad Singh, president, and CEO of the PerkinElmer Life Sciences and Diagnostics company. “As we look ahead, our new Life Sciences and Diagnostics organisation has an immense opportunity to continue to lead with science to redefine human health.”

Fleshing Out the Spin-Off

Under the terms and conditions of the spin-off drafted in August 2022, New Mountain Capital—a private equity firm—offered USD 2.3B in cash as part of its effort to acquire the trio of PerkinElmer businesses, according to Yahoo Finance.

According to PerkinElmer’s annual earnings report, in 2022, the divested equities generated just under $1.3B ROI and constituted one-third of the company’s total workforce. Altogether, the firm represented roughly 5% year-on-year/YOY growth last year. 

On the other hand, PerkinElmer’s core businesses generated over $3.3B in revenue in 2022—a slip of around 13% from $3.8B in 2021. The plunge in revenue has an obvious reason: as COVID-19 responses are winding down, the demand for diagnostics worldwide has plummeted. 

However, the company expects the completed spin-off to boost its revenue by 10% each year.

PerkinElmer underscored this spin-off as part of its long-term effort to slim down its focus solely on its two core businesses—life sciences and diagnostics research.

The company expects the influx of cash from the transaction to help it evolve into a high-margin, high-growth company with a unique scale.

“Today’s announcement is a pivotal step in the significant portfolio transformation we have been executing over the last several years,” stated Singh while announcing the divestment last August, and added that the funding will help support “accelerated investment into attractive end markets across science and disease.”

The entities taken over by New Mountain Capital will work on producing novel scientific breakthroughs. The plan is to retain PerkinElmer’s name with the applied, food, and enterprise services businesses until a new appellation, logo, and stock ticker is finalised. PerkinElmer announced at the execution of the sell-off that the newly formed business expects to receive a new moniker by the second quarter of the year, which is yet to be approved by the shareholders.

A Successful Divestiture Needs an Effort in Coordination

The strategic process of selling an asset or a business unit, a divestment is a highly intricate transaction in the M&A industry that needs a coordinated effort to be successful. 

For future-focus companies looking to ensure successful spin-off or carve-out of their business entities, leveraging a high-end M&A and IT service provider like Fission Consulting is a sensible business investment. 

Industry-leading IT transformation services help private equity firms and enterprise-level clients navigate complex transactions while ensuring minimal business disruption. 

Wrapping Up

Regardless of the reason behind the divestment, PerkinElmer expects this transaction project to act as a step-change in helping the company accelerate diagnostic and life sciences research.