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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

Analytics in Retail

Like others, retailers also require advanced analytics to compete in the digitalized marketplace. With the expansion of Internet of Things (IoT), the effect of multichannel retailers will increase as they will start using advanced analytics. Advanced analytics, the analysis of data kinds using sophisticated quantitative methods that produce insights unlike the traditional approaches to business intelligence (BI).  These advanced analytics tools put information in the hands of business analysts and business users offering significant potential to create business value and competitive advantage. The need to improve real-time business decision-making will force retailers to acquire self-service and big data discovery capabilities. Read more at: http://www.analytics-magazine.org/special-articles/1352-retailers-need-advanced-analytics-to-compete-in-the-digitalized-marketplace

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HR Analytics solving Racism

However developed and industrialized the country has become, still racism prevails in each and every corner of American society. And this is seen maximum in the workplace where someone named like an African American is less likely to get a call back from the company they applied for job. Also, women face a battle to succeed in the workplace which implied the gender pay gap. But HR analytics may help solve this where a data-driven department can better understand the statistics of recruitment decisions, retaining employee by evaluating employee turnover. But only if at first the attitude of individuals are changed towards others, then can analytics help ensuring that the same problem won’t return back. Read more at:  https://channels.theinnovationenterprise.com/articles/how-can-analytics-help-solve-diversity-issues

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Mountain Biking in the Trend

Road cycling had been a dominant sports form through publicity of celebrities. But mountain biking has never been so easy because of its complex technology. Effective suspension to absorb huge bumps with powerful pedal strokes are required for mountain biking. World’s top mountain bikers, Tracey Moseley and Jerome fitness, endurance as well as technical skills, all are required to be at the top of the list. Practice makes a person perfect – so better to practice at various terrain in various weather to know how to use skills efficiently.  The new technologies include increasing stiffness of bikes allows for a better power transfer from pedal strokes to the drive train. Thus basically technology is improved based on the performances. According to both, the skills learnt in mountain biking provides a broad base which can be transferred. Read more at: https://channels.theinnovationenterprise.com/articles/talking-mountain-bikes-with-two-world-champions

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Rising Value of Sports Analytics

Other than having health implication, alcohol have a direct impact on match’s performance and cost the team valuable performance. So Arsène Wenger, manager of Arsenal started waving away team’s bad habits. His sophisticated approach and implemented policies, worked as catalysts for sport’s keen interest in analytics. The sports current value is predicted to rise due to the increasing accessibility to cloud computing, improved infrastructure allowing smart-phones and tablets play a bigger role in training programs.Arsenal’s rivals, Manchester United use analytics to maintain squad balance. Many sports are still unconvinced which shows that analytics still has room to grow. Other than elite sport, there is a rising valuation of sports analytics in amateur sport also. Major sporting institutions and amateur athletes still remain to tap in. Read more about it at:  https://channels.theinnovationenterprise.com/articles/sports-analytics-market-to-reach-4-7bn-by-2021

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Big Data in Digital Marketing

Nowadays, like other fields, big data insights affects strategies of digital marketers helping them to create effective campaigns. The discovery of various marketing technologies makes it clear that, companies are keen to invest in this. Sentiment Analysis tool is unethical but not illegal and is really helpful to find opinion –rich information to be acted upon. This “opinion mining” with the help of other tools can actually manage conversations about a brand when used with some other tools. But the drawback of it is we never know if the analysis becomes misleading and leads to the loss of a brand. There are many more such tools used. This proves the relationship between big data and digital marking has transformed into a more sophisticated one. Read more at:  https://channels.theinnovationenterprise.com/articles/where-big-data-marketing-meet

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Investing in Predictive Mobile Analytics

Through Predictive analytics, customer behavior can be predicted to learn engaging with them and improve their experience. Mobile on the other hand is making marketers refocus their analytic efforts. Thus, predictive mobile analytics enable organizations discover consumer behavior by looking at data of how apps are used and finding their acting patterns. Using this information, marketers can focus on their marketing and advertising initiatives, looking at customer engagement during a promotion in real-time to facilitate greater targeting. Through predictive analytics, one can find the targeted customers. Digital tags enable to create a digital dossier where browsing history can link to a particular unidentified individual helping maintain their privacy. Thus can establish repeat behaviors that lead either to a purchase, or a rejection. Read more about it at:  https://channels.theinnovationenterprise.com/articles/why-you-must-invest-in-mobile-analytics

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Ways to Achieve Success

No one can guarantee success but obviously can influence success. Selling a product or a service or an idea is an art which rarely people possess. But not like people would be successful in selling every time. So rather than feeling de-motivated, they should learn from it. Practice makes people behave perfect in real-life situations. So rather than avoiding, we should get involved in uncomfortable discussions to be prepared for the future. But not everything can be done alone always. Hence, hiring and training more people makes it easier to grow a business quickly and effectively. Finally to achieve the goal, we must get started today, in fact right now to avoid the risk of tomorrow. Read more about this article at:  https://channels.theinnovationenterprise.com/articles/5-important-ingredients-for-success

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Financial Ecosystem Affected by Data Technologies

To stay ahead of new disruptive competitors, banks must understand the value of the data produced from daily transactions across email, mobile and online channels by digitally-led customers and use them to build on their strengths. High street banks and private financial service organizations give customers potential to develop new initiatives with cross-marketing events, loyalty programs. Bank must adopt a mobile-first strategy which engages with customers to maximize longevity. They must deploy mission-critical analytics tools with access to real-time data. Also, more flexible and intelligent OS harnessing the use of big data must be used. By using sophisticated analytics features, banks’ risk management departments can access information on customer-purchasing behavior enabling them to make immediate adjustments to individual customer credit limits or lending rights. Read more about it at: https://channels.theinnovationenterprise.com/articles/7749-how-is-data-remodelling-the-fs-ecosystem 

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Better Fitness With Big Data Analytics

Big data like other day-to-day works, have also entered into fitness. Just like Fitbit and Nike+ Running App, some other technology tools are also available now. Swimmers can now use Speedo Aquabeat which is an underwater iPad. The tool Trace, used in surfing and wakeboarding can now be mounted to any board to track the motion, speed, height and the tricks used while landing. The AiQ Bioman Tank monitors temperature, heart rate, and breathing of our body. For volleyball and basketball players, Vert app measures the jump and send the data to the smartphone comparing ability over time. Prescription sunglasses used for outdoor sports are also at a high popularity now. Read more about this article at: https://channels.theinnovationenterprise.com/articles/7636-top-5-unique-sports-tech-gadgets-making-fitness-better

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Improved Social Healthcare

Just like the earlier days, even now we view healthcare solutions in two-dimensional ways – patient-doctor relationship or technology revolutionizing patient’s health and wellness. The problem gets more acute with invention of new technology solutions. But if we don’t intervene to gather the data and use them, there’s no use of new technologies such as wearable devices. Thus real collaboration is required where every member connected to the patient acting as a crew member can steer the patient towards possible better health. Everyone working collaboratively can harness the power of technology and big data, to deliver a 360 degree-solution built around the patient. Implementing the approach of multi-stakeholder interaction of social media, can make true social healthcare realize its potential. Read more at:  http://www.socialmediatoday.com/social-business/paul-tunnah/2015-07-09/effective-healthcare-requires-social-approach

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Social Media Marketing Increases Digital Marketing

Changing attitude of the young generation along with urbanization in India is driving the expansion of digital marketing in the Asia hugely. Noticing such changes, digital ad spending is also increasing gradually. Increasing use of mobile is enhancing marketing by helping product research work better.  Smartphone has penetrated regions in Asia Pacific like never before. This increases the usage of mobile app which indirectly increases mobile internet ad spending as marketers are benefiting. Western marketers are also looking to move into this region as they can have better social measurement. They focus on the impact of social on key business objectives. Digital marketing increases in countries like India, China that grow into true economic powerhouses with increasing ROI. Read more about it by Stuart Found (Global Digital Events Manager) at: https://channels.theinnovationenterprise.com/articles/how-is-digital-marketing-expanding-in-asia

 

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Predictive Analytics to Correlational Analytics

 Through a randomized double-blind controlled trial, we can guarantee predictive analysis though these trials sometimes fail. So in real-world the chances of true predictive analytics is virtually none as randomized double-blind control trials are also highly suspected. Thus workforce analysts should start using correlational analytics by first accepting that predictive analytics probably doesn't exist in most organizational settings and that we need to do with correlational analytics. Then they can assess the risk of investing large sums based on analytics which are correlational rather than predictive. Next always run a small pilot or two before spending big money on implementing the results of "predictive analytics" as we now know it is just correlational analytics. Read more about it by Max Blumberg (Workforce analytics and automation consultant) at:  https://www.linkedin.com/pulse/dont-waste-money-predictive-analytics-doesnt-exist-hr-max-blumberg?trk=hp-feed-article-title-like

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Mastering Social Media

To master social media, learning Social Media Management Software, we can schedule posts at different social media channels to know if someone is complaining or mentioning about me. Adding new features masters us in learning the software better. Automation is everything in social media marketing as we get more time to manage other aspects. But it is a pitfall as we need to respond to changing needs of the clients. Using analytical tools, we can track our followers within each network. Making it interactive and fun with free stuff, no one can stop from being famous with more followers. Do good, feel good – make that a moto. Taking healthy risks be creative enough and check that through SWOT analysis. Read more at: http://www.socialmediatoday.com/marketing/sarah-snow/2015-07-10/how-master-social-marketing-quickly-and-effectively

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Big Data Increasing Daily Profit

Big Data is nowadays drastically affecting people's lives by its various uses. 1) With the growing population, infrastructure also have to grow. Hence, Transport for London (TFL) is going through a data-driven approach to increase the network access across England's capital city. This helps in informing people about alternatives when there are closures in a route. 2) With considerable growth, the necessity to plan proper waste management has increased. Greater Manchester Waste Disposal Authority (GMWDA) in UK collects data to increase the recycling level to move more towards a sustainable age. 3) Accuracy of weather forecasting is increasing with the help of big data using complex and more accurate devices. It still isn't perfect but is on the track to get that accuracy helping outside worker plan ahead of time. Read more about this article by Chris Towers (Big Data Divisional Head) at: https://channels.theinnovationenterprise.com/articles/big-data-in-real-time

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Big Data vs. Human Spirit

Big Data Analytics which is nowadays so useful in sports, also couldn't save England cricketers during their recent World Cup match against Bangladesh. The then coach of England, Peter Moore started believing in numbers more than the spirit of the cricketers. But a great-turnover came up over the team when they defeated New Zealand in a series of one-day match by 3-2. Both teams broke one-day records and entertained the English cricketing public like never before. This wasn't done by analysis of numbers but by abilities of cricketers. Thus, Big Data is all-time powerful but can never be more than what human spirit is. Same example goes for recruitment. Read more about this article by Matthew Reaney, Director and Founder (Big Cloud) at: https://channels.theinnovationenterprise.com/articles/big-data-and-the-human-spirit

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Digital Transformation Through Analytics

As the number of smart wearable technology is growing, companies who have the potential to rapidly optimize their value chain are growing into a digital business through competitive advantage. Customer’s loyalty is also increasing with the changing rules of their digital lives. Their experience can be transformed by improving their understanding with analytics, enhancing top-line growth and through social media. To transform operational processes, process digitalization is must along with enabling proper staff and their performance management. Thus to transform business, every business is now digitally modified to make digital globalization. In this way, companies worldwide are adapting digital transformation with social media, mobility, big data analytics and cloud to make a better business plan than others. Read more about this article at:  https://channels.theinnovationenterprise.com/articles/digital-transformation-a-need-of-now

 

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Adopting Wearables to Monitor Workforce

Suppose, if wearable were introduced into the workforce which could monitor about the employee wearing. How would be like?  The fact is that data collected from such wearable were used at an individual level, many might not welcome the idea as it might terminate employment for unhealthy employees. Nowadays, organizations engage employees rewarding their performances. Regular feedback helps directly for employees better perform thus affecting growth of the organization. With changing demands, if employees share their information through smart-watch, organizations should reward them empowering those employees. Though many might not like the concept but none can deny the internet of things (IoT) getting into our daily lives. Meanwhile, many organizations are already on their way to adopt this technology. Read more about this article at:  https://channels.theinnovationenterprise.com/articles/7582-getting-the-best-out-of-wearables-with-your-workforce

 

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Future Of Predictive Analytics In Public Safety

Predictive analytics helps police officers in America and the UK solve crimes. To reduce crime rates, there is an increase in budgeting, planning, installing cost which aren't considerable to the proportionate reduction. Thus more money spending would help improve public spending. New equipment will also assist public safety. Likewise, gradually predictive analysis will also be used to solve terrorism. PredPol is one such systems to target robberies, crime etc. Obviously, like others it too has backdrops as it involves mass data collection. But the advantage that has occurred and might occur because of it are much important to focus on than its backdrops. Read more about this article at: https://channels.theinnovationenterprise.com/articles/how-predictive-analytics-is-revolutionising-public-safety

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Promise And Problems Of Text Analytics

Through predictive algorithms, text analytics in Big Data can discover a wide range of happening things about a business. On the positive side, text analytics can be fed a lot of unstructured text. Customer experience management, brand monitoring, compliance and brand management can be done with the help of text analytics. This was of great use during the US election as it found out reasons behind interested voters.  Though on the negative side, text analytics tool get confused for words which has a dual meaning in the same culture or for different cultures. Hence, it should be made such that it can stand up successful for different sentiments too which many are trying to establish now. Read more about this article by Elliot Pannaman (International Events Director) at: https://channels.theinnovationenterprise.com/articles/maximizing-business-performance-with-text-analytics

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Healthcare Engulfed By Analytics

Healthcare Analytics Market has been predicted to have tremendous potential over time with low cost and improved population health. Survey report gives an increase in analytics adoption rate though many still don't use predictive modelling techniques. Data integration is required to derive analytical value which comes as a big challenge. Data Breeches and Data Security is a lesser factor than the former one since enterprises take their own data. But this factor works when external data is taken into account. People with a unique combination of statistics training, technology skills, and data knowledge are also required in large number. Also, infrastructure improvement for analytics must be done according as many healthcare decision makers. Thus analytics is getting much priority in healthcare in recent times. Read more about this article at:  http://www.cio.com/article/2904270/healthcare/healthcare-analytics-4-things-impacting-the-adoption-rate.html

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