SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

THE PHENOMENON OF ‘’PINK TAX’’ IN CAR INSURANCE RATES

The existence of a gender based price discrimination where women’s products are typically more expensive than men without any reasonable cause is widely known as ‘’pink tax’’. Lately, this gender discrimination has extended to car insurance with women paying more despite men being risky drivers. A recent study concluded that women especially older ones pay higher care insurance in at least 25 states. The Consumer Federation of America (CFA) revealed that insurance company not only charges different rates based on gender but also on the city in which a particular person lives in. While some countries including California, Massachusetts have already prohibited gender based car insurance pricing, we can hope that greater reliance on big data can provide some solution. Big data is greatly helpful in determining fairer and accurate insurance rates based on relevant factors. Read more at: https://channels.theinnovationenterprise.com/articles/inconsistent-correlations-between-gender-car-insurance-rates

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BUSINESS INTELLIGENCE TOOLS: THE GAME CHANGER IN SMALL BUSINESSES

Business intelligence (BI) tools, used to prepare, present and analyze data are now transforming the small businesses. The chief role of BI is to convert tons of raw data into useful information that the business executives can use. Small businesses will grow if and only if it can break down and analyze the information available on its server. BI tools help businesses make smarter decisions and also in Customer Relationship Management (CRM). Businesses must always find ways to understand their customers better. This is where BI solutions like YellowFin and Looker play a massive role.BI tools also help in boosting data governance and compliance. Thus BI helps small business owners avoid mistakes by keeping data accurate and up to date.Read more at: https://www.business2community.com/business-intelligence/how-business-intelligence-tools-are-transforming-small-businesses-02208030

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NEURAL NETWORKS: UNFOLDING THE BLACK BOX

The most powerful algorithms extensively used in the field of deep learning are neural networks. Here we focus on the artificial neural networks which are nothing but the computing system based on the structure of human brain. It is a type of machine learning which is used for detecting patterns in unstructured data. A lot of business applications today depend on neural networks to solve various complicated problems. However companies use neural networks in various ways. For instance, as explained by LinkedIn’s Deepak Agarwal, neural networks are used in LinkedIn along with text classifiers to detect spams. Neural networks are widely used in activities like marketing, finance, operations management, insurance etc. Thus the capabilities of artificial neural networks are inexhaustible. Read more at: https://www.cmswire.com/digital-experience/what-is-a-neural-network-and-how-are-businesses-using-it/

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How Big Data Is Beneficial In Manufacturing

Implementing Big Data in Manufacturing innovation, the integral part of our economic success, allows for great industry gains. With respect to the objective of the manufacturers of improving their systems, big data reduces inefficiency by probing meticulously into the supply chain. Big data solves the trade-off between managing reduced cost supply and customization. It provides real-time insights to customer data which improves order-to-fulfilment times and delivers demand predictions looking at historical data sales trends. Predicaments like breakdown of manufacturing assets can be avoided using big data’s power of predictive maintenance. Big data replaces guesswork with connected supply line thereby improving strategic decision making. Before extracting the advantages of big data, it is essential that accurate data is gathered and stored, cleaned and analysed, mined and monitored besides ensuring that it is actionable.

Read more at: https://www.smartdatacollective.com/heres-how-to-implement-manufacturing-analytics-today/

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USING VIDEOS IN EMAIL MARKETING

Nowadays video based marketing is a great way to engage with customers and increase followers. Recent studies have found that open rate increases by almost six percent if videos are included in emails. Not only that it is an implausible way to ensure engagement and increase sales substantially. Videos in email save time and are easily understandable to the viewer. Apart from that, it is cost effective and it quickly grabs audiences’ attention. However companies must be well aware of the fact that using videos in each and every email can go against the marketing tactics resulting in ignorance by the subscribers. Being creative, choosing the right email provider and monitoring open rates are some of the important tasks that should not be neglected while using videos in email marketing. Read more at: https://www.business2community.com/video-marketing/your-2019-guide-on-how-to-use-video-in-email-marketing-02211325

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Machine Learning: Solution For Frustrated Bloggers

Are you a frustrated blogger? Has your website traffic come to a standstill? Have your dreams of earning a six figured income been shattered? Worry not! Machine learning can come to your rescue with its releases of keyword research tools that help bloggers find profitable longtail keywords. Longtail keywords are a set of less competitive or less targeted keywords which have higher conversion rates and can maximize the visits to a website. ML driven keyword research tools provide keywords that are at least related to, even if they don’t include the exact phrase that bloggers use to run their reports. Drawbacks like omitting relevant keywords and including inapt ones exist. Nonetheless, implementation of ML is any day more effective for a successful blogging career.

Read more at: https://www.smartdatacollective.com/machine-learning-helps-bloggers-secure-more-traffic-with-long-tail-keywords/

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IS YOUR BUSINESS A VICTIM OF BAD DATA?

Bad data generally refers to the faulty or flawed data. All the marketing strategies and tactics become futile if the business falls prey to bad data. Studies have found that bad data are expensive and can cost upto $3.1 trillion per year. One of the important contributors of bad data is the reliance on traditional lead generation tactics by the companies. Third party intent data is a savior to the bad data problem. It helps companies overcome the inaccuracies that might have existed in their Customer Relationship Management (CRM) for years. Companies must ensure that the data provider is a trusted one. To overcome bad data problem, the intent data must be accurate, actionable and targeted. Read more at: https://www.business2community.com/marketing/solving-the-bad-data-problem-in-marketing-02210818

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Role of Data Analytics In Sustainable Technology Business

Contrary to the common belief that Big Data and green business have little intersection, the former provides an array of solutions to sustainability issues faced by businesses. Benefits of big data can alleviate threats of climate change in future. According to Annie Qureshi, the author of the original blog, following the IPCC report on climate change in October 2018, businesses are expected to shift their investments to green tech companies from fossil fuel resources. Prospective investors can be attracted if local investors focus on big data and predict to yield high return for investors or by launching social media campaigns. As more and more companies are meeting UN sustainability goals, big data is making the world greener. Hence investing in big data should help green companies flourish.

Read more at: https://www.smartdatacollective.com/how-to-use-data-analytics-to-launch-sustainable-technology-business/

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Big Data, Visual Social Media and Marketing

Big Data is facilitating the marketing profession by giving marketers the advantage of detailed analytics capabilities. Visual social media networks like Pinterest and Instagram collect enormous data on their users, optimizing which, marketers can reach potential customers. This is where big data’s role comes in. In order for tracking the performance of different posts to derive patterns, online tools use machine learning to help marketers develop more engrossing pictures. Big data helps in keyword analysis as well where marketers look at the monthly search volume of different keywords to reach more customers. Shrewd marketers use big data get more views and hence expand their audience. Marketers using social networks need to keep up with new trends which be forecasted and prepared for using predictive analytics.

Read more at: https://www.smartdatacollective.com/data-optimization-facilitates-pinterest-and-instagram-marketing/

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How Big Data Stream Processing Helps Emerging Markets In The World

In order for fast procession of data, companies today increasingly demand for stream processing. Big data is an enormous collection of structured and unstructured data which are analysed by companies for making smart decisions, reducing cost and time, developing new products and optimizing offerings. Being a means of reviewing real time data while it’s still in motion, Stream Processing, which finds its application in financial institutions, is beneficial as it accelerates data delivery and enhances real time analytics, deepens data cognizance of companies by working together with machine learning, etc. With big data stream processing, emerging companies can quickly transform time into innovation, respond to issues faster besides realizing the game changing ability of real time data. In this era of continuous evolution of technology, emerging markets and businesses should equip streaming applications to resolve business problems. 

Read more at: https://www.smartdatacollective.com/big-data-sets-standards-in-stream-processing/

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Customer Self-Service: Bridging the Gap

Every brand’s prior importance is designing customer experiences, keeping in mind the self service which is fast coming in trend. Gartner states 81% of the customers try finding the solutions themselves first and seek expert advice only when they can’t. Five rules for creating beneficial self-service options are:

• Making IVR options relevant which enables the customers to easily get to the option needed and can contact an agent in case of need.

• Training chatbots regularly by keeping them updated on information like brand prices, new product, product description etc. Also, availability of real time customer data which would provide assistance. Another step can be analyzing the tone of customers for providing a smoother conversation.

• Keeping agents on standby because computer programs cannot always resolve all kinds of problems.

• Updating the FAQs by analyzing customer feedback and service transcripts

• Using video tutorials so that the customer queries can be resolved having both subtitles and voiceovers in various languages.

Read more at: https://www.vocalcom.com/en/blog/digital-customer-engagement/5-rules-for-giving-customers-the-self-service-they-want/

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Vertical Integration of Wearables and Insurance Companies

Overtime the demand for wearables, like Fitbit, are increasing. The owners of the product get the details about themselves. However, at a large scale this data is beneficial for various sectors like the insurance companies, the pharmaceutical companies, doctors, etc. But this aggregate data is available only with the brand owner. Considering the insurance company, it can come into an agreement with its insurers, wherein the insurers would use the Fitbit and report the data to the company, which in return would give special discounts on premium amount. This aggregate data, or the Big Data, can then be used for the cost-benefit analysis. Faced with the fear of being misreported, the insurance companies might also go for vertical integration with the Fitbit companies, ensuring a greater market for the same in return of the Big Data. This would ensure a substantial portion of the market to the firm. The insurance company on the other hand would be successful in maximizing its profits. Hence, vertical integration and Big Data can do wonders in these markets. Read more at http://bigdatatobigprofits.com/2015/12/04/lessons-on-big-data-risk-and-the-vertical-integration-of-wearables-and-startups-2/

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Big Data in ensuring Gmail security

Gmail has become a huge platform with almost 1.2 billion monthly users and holds a 20% share of the global email market. However, Gmail is not really secure as they require personal information such as name, interests, who is one talking to, and many more things. Hence, for trusting Gmail, several tips should be implemented for ensuring maximum security. • Big Data plays a big role in cybersecurity and malware protection. Machine Learning tools are capable of understanding newest thus it is advisable to invest in email specific antivirus software. • Enabling two-step verification, again made reliable by the Big Data. Along with this is the easy-to-use update which adds to the security. • Upgrading the browser whenever possible reduces changes of cybercrimes. • Using a sophisticated password. Read more at: https://www.smartdatacollective.com/4-brilliant-ways-to-use-big-data-to-boost-gmail-security/

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Can Machine Learning help bloggers?

The main motive of bloggers is getting traffic to their websites. They therefore focus on competitive high-volume keywords. But, unfortunately, it is not these, but longtail keywords that will serve the purpose. There are two reasons behind preferring such keywords are: • Keywords not targeted by other bloggers can be used. This uniqueness will automatically increase traffic. • Many a times people are specific with certain keywords. Acknowledging and using them will also be a smart move. After longtail keywords have been used, the machine learning helps further in increasing the traffic. With machine learning, keyword research tools are getting more efficient at finding better contextual relationship between the terms. This therefore enables the bloggers to have access to a much more exhaustive list of longtail keywords to choose from. Although limitations still exist, improvements are faster. Read more https://www.smartdatacollective.com/machine-learning-helps-bloggers-secure-more-traffic-with-long-tail-keywords/

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Personalizing Customer Experience

Building good relationship with customers satisfies them with their purchases and makes them recommend it to others. With increasing competition in the online market, personalizing customer experience is one good way to attract customers. Success rates are as high as 77%. The ways to personalize experience are: • People tend to search for goods online and purchase in store. Hence, by using geological tools, customers can be notified about nearest shops and the ongoing deals which provokes them to make an early purchase. • Saving information like card details, shipping information, preferences saves time and gives customers a good experience. • Studying the customer preference and making personalized recommendations attracts more customers. • Determining the geographical location of the customers and using their native language and quoting prices in their local currencies gives the customers a clearer overview and therefore convincing them to make the purchase. • Customers are more driven by personalized videos of the products as compared to written description as watching a video involves almost no effort. Read more at https://www.vocalcom.com/en/blog/customer-experience/5-innovative-ways-to-personalize-the-customer-experience/

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AI to Understand Facial Structure Mutations to Diagnose Diseases.

A rare hereditary disease is difficult to diagnose. Sufferers have to go through innumerable tests,that take up valuable time of doctors and patients alike with still no definitive result. This additional time delays therapy that could actually be directed to forestall damage. Professors from the University Hospital Bonn and a team of researchers had data of 679 patients suffering from 105 different diseases .They trained a neural network model with 30,000 portrait pictures of affected people and demonstrated how artificial intelligence can be used to perform efficient and reliable facial analysis in cases where the facial structure does show mutations when afflicted with a rare disease. Together with other symptoms and genetic data,it was possible to get accurate diagnosis.

Read more at: https://www.sciencedaily.com/releases/2019/06/190606133805.htm

 

 

 

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NASA uses AI to Fill Data Gaps

In 2014,NASA had lost an instrument located on the Solar Dynamics Observatory that measured UV rays coming from the sun,to forecast solar storms and to alleviate their affects. This is when scientists and engineers turned to artificial intelligence,with the thought that well-trained data can fill the data void. Four years of data captured by space instruments that included images of the sun were used to design processes.Using the best software tools to test these models,the scientists concluded that CNN is a good fit for the data giving 97.5% accuracy. Superior images of the sun generated were used to predict UV measurements.Our question stands at- if AI can be used to fill data gaps,can it forecast UV spectra as well and can it address a wider spectrum of problems?

Read more at: https://www.aitrends.com/neural-networks/how-ai-came-to-the-rescue-of-scientists-studying-the-sun/

 

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Do emotional intelligence training and sales go hand in hand?

Nowadays emotional intelligence is changing the way we view sales. It is an effective way of understanding customers’ emotions and analyzing their buying behavior. An emotionally intelligent sales person must possess qualities like managing client relationships, self-awareness and self-management. Convincing the customers to buy products is an important task. An emotionally intelligent sales person must be able to resolve any issue that might arise. Being aware of how one’s action affect others can help develop a sense of self awareness. A self aware salesperson should know the right time to talk and should be an active listener. To be able to control one’s emotion is an important trait that a salesperson must possess. Emotional intelligence training therefore gives an all new perspective to sales. Read more at: https://www.business2community.com/sales-management/why-emotional-intelligence-training-is-vital-for-sales-02208645

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Big Data Analytics: Helping Organizations detect frauds in early stages!

Big Data gained popularity during mid-1990s. But what exactly ‘’Big Data’’ means? It generally refers to the voluminous data, which the conventional data processing system is unable to process. It is widely used because of its advanced fraud detection and prevention techniques. The severity of frauds in credit card industry, insurance fraud and email based frauds are not new. Using big data to understand the card usage pattern of every customer, building specific fraud detection models, analyzing the geographical location of a person, can help companies prevent fraud. Pattern analysis with the help of big data helps banking sector detect fraud beforehand. Big Data helps prevent Medicare fraud  within minutes! Thus Big Data helps companies perform tasks on a much broader scale than a human being can actually do. Read more at: https://channels.theinnovationenterprise.com/articles/how-big-data-is-being-used-to-improve-fraud-detection

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Artificial Intelligence and Healthcare

In the modern era, with almost all industrial sector adopting new technologies, healthcare sector is no exception. Artificial Intelligence has changed the way in which we seek medical care.The use of artificial intelligence in medicine has reduced manual tasks and increased efficiency and patient care. With robots already assisting in various surgeries, few other AI systems used in medical sectors are WOEBOT,DA VINCI, PARO etc. As of now, there is always a high skilled surgeon in total control of the robots. It is believed that we have to still go a long way before robots have the sensitivity to perform surgeries on their own. They lack the common sense and the experience that humans possess. Thus a balance between human and machine is required. Read more at: https://community.nasscom.in/communities/iot-ai/artificial-intelligence-in-the-healthcare-sector.html

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