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

Rules to Follow in Data Analytics

Analytics is one of the major jobs performed in companies these days. Daily operations are carried out involving data that presents us with results which helps an organization to carry out further processes and helps in decision making. Effective business intelligence is the product of data processed. This data is raw and can be either structured or unstructured. 

Firstly, one needs to manage data before processing it. Rules are to be set for the analytics process which can offer better insight and an easy processing. Below are the five rules that can help in managing your data more effectively:

  1. Establish Clear Analytics Goals Before Getting Started
  2. Simplify and Centralize Your Data Streams
  3. Scrub Your Data Before Warehousing
  4. Establish Clear Data Governance Protocols
  5. Create Dynamic Data Structures

The field of data analytics is always evolving and thus it is important to create a proper structure that can help in future. By establishing them we can enhance the quality of data processing.

Read more about it at: https://www.sisense.com/blog/data-management-rules-analytics/

 

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Business Success under GST

GST regime necessitates a high level of synchronization between tax payer’s application, invoicing software, and  GST system, which without automation would be difficult. These include item level detail in invoices, maintenance of trail of all amended entries, reconciliation of sales and purchase register between vendors and buyers on a minimum three monthly returns and other events such as auto reversals demand or automation of tax compliance process within any tax entity. If anything is a miss, it will directly impact the business’s compliance rating and act as a deciding factor for the buyers, lenders and insurers, whether to deal with that business or not. Till now, Goods and Services Network (GSTN), a private company set up to provide IT infrastructure to the government, taxpayers and stakeholders for GST implementation have appointed 34 GSPs which will offer support and services in form of GST APIs to help tax payers and businesses in compliance. Functionalities available through GST APIs includes registration of tax payer and consultants, return filling , payments, ledger maintenance, etc. Factors such as intuitiveness of reconciliation, validation and tax determination engine, data security, storage and privacy policies etc. should be taken into consideration by taxpayers while choosing the right technology vendor to ensure smooth compliance. Read more at https://www.entrepreneur.com/article/297632

 

 

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Business Analytics and Business Intelligence: No More A Luxury

Each and every sector of the economy is about personalized experiences. Business analytics and business intelligence is now a necessity. Data driven marketing strategies directly translate into conversions and revenues.  It is high time for the financial services industry to adopt the same.  The financial institutions are lagging in terms of consumer expectations and level of customization. Exclusive focus should be on their consumers and their specific needs.  In fact, successful implementation can add up to 14% to the annual revenue. Read more at: https://thefinancialbrand.com/65396/banking-data-analytics-marketing-personalization/

 

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The Right Metrics Required For Analytics In Business

Converting analytics to action is a nightmare as it is fraught with problems, of which, not the least is the political nature of organizational decision-making. When it comes to ROI, we see lots of organizations taking on the analytics bandwagon and are happy to have more insight into which pages, and segments are driving returns. A host of digital tools can transform data into pretty dashboards to help improve ROI.

Overall, businesses do a great job of monitoring, understanding, and utilizing ROI information–translating it into effective actions. These relatively simple metrics guide managers on which messages, segments, products, and channels are working their best, allowing them to tweak strategy in order to improve market performance and intelligence. Still, sometimes issues of data quality and politics impede implementation of the right actions based on available data.


Read more at: 
http://www.business2community.com/digital-marketing/translating-analytics-action-right-metrics-right-time-01702969#LDbDrcQKbELE1vEd.99

 

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Integrating Business Analytics and ERP

Analytics has become much easier with the introduction of ERP. ERP nowadays includes a large no. of analytical and business intelligence tools. So this has made analysis much advanced as the emphasis in the modern ERP system is on practicality rather than comprehensiveness. But it is important to note that the businesses have to provide training to obtain the full benefits of these software. Another important thing is that business analysis must be introduced to people before the tools. Business intelligence must be an essential part of the corporate culture as BI tools gives better and more accurate information and solutions rather than a simple Excel spreadsheet. Introducing the managers to an environment of dashboards (which supplies enormous information at a glance) can simplify the analytical business culture. To read more follow:- http://it.toolbox.com/blogs/inside-erp/business-analytics-and-erp-74058

 

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How can we Develop Insights from Data?

As more and more organizations are becoming data driven, the importance of analytic or data insights is increasing. Following are the capabilities that business can adopt to turn data into insights.

Firstly, it is significant to meet business alignment, which means understanding the value a new insight will provide to the business.

Secondly, “data understanding” that is creation of glossaries, dictionary, updating the data and address where the data have been stored.

Thirdly, checking for the required quality (relevance and accuracy) of the data and accordingly seeking new adjustments.

Fourthly, Data centric process takes data as an input and not as an output in the operational processes.

Lastly, in order to establish data-centric process effectively and efficiently. Employees require training to acquire skills to handle data like six sigma quality training.

To read more:http://www.cio.com/article/3041483/analytics/5-critical-success-factors-to-turn-data-into-insight.html

 

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Know your customer more with Business intelligence

Customer service is the most effective part of any company. It not only helps to improve customer retention rate, but also helps to understand new market trends. Big data analytics and business intelligence play a crucial role here. Simple web crawling into a social site helps to understand the on-going sentiment and current market trend. Different social responses, video hits, ads and newsletters help to optimize the search results. In other word this process facilitates smother recommendation system and customer centred predictive modelling. To make a better prediction we can use –

1. Connectors help to integrate diverse data sets in different formats

2. Lightweight search facilitates even non-technical data analysis

3. Queries optimizes the search dynamics

4. Enterprise search also scores with its semantic search, which means that the context is recognized and included in the analysis and structuring of the data.

Using all these parameters business enterprises can design a better profitability model.

To read, follow: http://www.computerweekly.com/blogs/Data-Matters/2016/02/search-driven-business-intelligence-intelligence-for-a-customer-centric-business-world.html

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Why we require SAP Cloud for Analytics

Over last quarter-century, there has been a steady increase in the features available for different application of analytics industry. At one level all the features help organisation get the most value possible from their information assets. All different technologies are designed for different user types. Due to merging of needs of different user, if we want to leverage all the features, we typically need several servers and interfaces. SAP cloud analytics integrates all technologies into a fast blazing platform which we don’t even need to install. With SAP HANA, we can easily cleanse, integrate combination of data sources and provide insightful budget forecasting. We can also analyse combination of structured and unstructured data and augment data exploration with sophisticated geographical mapping with the ultimate vision of Big Data Discovery. Based on SAP HANA’s HTAP capabilities, its all possible on real operational data with instant sophisticated of data for analysis. Read more at:- http://timoelliott.com/blog/2015/10/reinventing-the-analytics-experience-sideways.html

 

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Big Data Analytics Adoption

Big data is an emerging phenomenon. Nowadays, many organizations have adopted information technology (IT) and information systems (IS) in business to handle huge amounts of data and gain better insights into their business. Many scholars believe that Business Intelligence (BI), solutions with analytics capabilities, offer benefits to companies to achieve competitive advantage towards their competitors. But this journey of increasing adoption of analytics requires much more thinking with an organization.

1. Promotion of decision making based on business outcomes: 

Investment should focus on implementation of analytics rather than infrastructure. Great companies link analytics to results to ensure gains.

2. Data –led decision making: 

Adoption of analytics should be encouraged and intuitive decision making should be discouraged.

3. Technology and business move together: 

Capabilities are built by amalgamating data, technology and business talent.

Therefore, decision makers should realize the importance of big data analytics in improving their business. Changes should be created in organizations for successful adoption of business analytics.

To know more- http://analyticsindiamag.com/successful-adoption-of-analytics-the-journey-from-good-to-great/

 

 

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How Big Data is changing the Hospitality Industry

Hospitality industry has not been concerned about technology and big data which resulted in widening of the gap between customers and industry. Big Data can result in improved customer satisfaction and personalized marketing campaigns. In addition, Big Data results in a boost in employee productivity and more efficient operations. The advantages of Big Data for the hotel industry are enormous.

1. Improving Customer experience through Personalization  

To improve customer experience, businesses must work towards gauging preferences .There is likely to be an enormous amount of information about every person on the Internet, so the key is to mine this information, and get the most relevant details out of it

2. Marketing Strategies

Big data can help companies devise the best marketing strategies for each target segment, based on their activities and preferences. When businesses understand their customers well, they can devise the right strategies to reach out to them. For example, if a company knows that a particular target group is spending an average of thirty hours a week on social media, they can devise their marketing strategies through social media channels. Such a strategy will give the greatest visibility for the company within their target group. 

3. Competitive Advantage

Companies that make use of big data have edge over others. They are able to foresee trends and make pricing strategies accordingly.

To know more- http://analyticsindiamag.com/how-big-data-is-leveraging-the-hospitality-industry/

 

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Healthcare:Adopting Business analytics

In the healthcare industry, big data and business intelligence work as complements which have helped the industry to achieve a remarkable growth. In today’s world data collection has its own advantages but we need instruments to refine them and make sense out of them. Herein lies the importance of clinical and business intelligence. More and more organizations are resorting to business analytics. It helps to make better clinical decisions and organizations stand to benefit from it in the transition from a fee based industry to a value-based one. Organizations have targeted their focus on population health and are implementing C&BI solutions accordingly. These help in deciding on the best strategy for the industry as the care models are undergoing a change. Read more at: http://www.dataversity.net/infographic-business-intelligence-in-healthcare/

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Which analytics one should be looking at- marketing or business analytics?

Sales and marketing platforms can easily be combined to generate a closed-loop approach to marketing analytics whereas business analytics understands the structure of the past to estimate what might happen in the future. Through marketing analytics, marketers can easily measure all aspects of their marketing efforts. Business Analytics can measure everything from warehouse efficiency and manufacturing. Business Analytics typically incorporate high level data from each department to gain knowledge of how the organization works. What makes marketing analytics different from other business analytics, is its concentration on real market output. Marketing analytics go beyond measuring strictly online performance and provide representatives from sales, customer service and senior business management with real market feedback that helps guide decisions on where to invest and how to prioritize. Thus marketing and business analytics are really a two way street - without marketing data business analytics wouldn't tell the whole tale, and vice versa. Read more at: 

http://blog.hubspot.com/insiders/marketing-analytics-vs-business-analytics

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Can Business Analytics Improve Healthcare Overnight?

Could business analytics provide a solution to the pressures faced by the American healthcare system? As in the case of Mount Sinai Medical Centre in Miami, business analytics generated a very high payoff because it involves efficiency driven, intensive, statistical exploration of an organization's data. In the above case, it determined that the center was overpaying for the pacemakers. At the HIMSS conference, we witnessed plenty of startups peddling immediate business analytics solutions to healthcare organizations. Eventually healthcare organizations will adopt business analytics, but the process will take several years for the following reasons: Lack of Compatibility between Systems as introduction of business analytics and then integrating it with existing infrastructure is challenging. For business analytics to get to market it needs to undergo trials in one or two hospitals. Organizations require their softwares to be customized. So suppliers require time. Staff members need to be trained on how to use the software correctly. All these are time consuming. Hospitals should approach their management strategy from a higher level, planning systematic solutions. Read more at:

http://www.informationweek.com/healthcare/analytics/business-analytics-will-help-healthcare-just-not-overnight/a/d-id/1279087

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Business analytics: Trends that will make waves in 2014

According to the Business Technology Innovation Research, analytics is the topmost priority. Three key core areas comprise 2014 analytics research agenda. The first consists of a definite focus on business analytics and methods like discovery and exploratory. The people and process aspects of the research include how governance and controls are being implemented along with these discoveries. The exploratory analytics space comprises business intelligence. Value indexes, mobile business intelligence and business intelligence will provide deep explanations and ranking of vendors in these categories. The area of second agenda is big data and predictive analytics. The first research on this topic will be released as benchmark research on big data analytics which explains vendors of software that helps organizations do real-time analytics against vast data. The third focus area includes information simplification and cloud-based business analytics including business intelligence. Thus, Analytics as a business discipline is getting more importance as we move forward in the 21st century. Read more at: 

http://tonycosentino.ventanaresearch.com/2014/01/23/business-analytics-in-2014-trends-and-possibilities/

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The power of predictive analysis

 “The future is like a corridor into which we can see only by the light coming from behind”, well said by Edward Weyer Jr..  Like that, to analyze anything, the first step is to collect relevant data and develop predictive score for each element, the second step is to assess these predictive score and then implement it into a model. Finally prediction and conclusion can be made accordingly.  The book, Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die by Eric Siegel explains how predictive and other insights associated with predictive analysis work.

Please go through the link for more details:

http://www.amazon.com/Predictive-Analytics-Power-Predict-Click/dp/1118356853

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Mobile Business Intelligence

Working at a stretch of 8 hours is tiresome and that too sitting at the same desk. So, TIBCO Software Inc., a US based company, developed TIBCO Spotfire Mobile Metrics, a highly accessible and user-friendly Business Intelligence tool. With the help of this tool, employees can monitor the pulse of the business instantly and business leaders can act on business opportunities and problems using personalized key performance indicators.

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Objectives of business analytics

With the advancement of technology, business analytics helps to analyze huge number of data and create predictive models. It also helps in the areas like data mining, statistical sampling and forecasting. The main objective of business analytics is to cluster data from different systems into a common storehouse. Using Business Analytics, smart enterprise set up can be built that benefit businesses to combat the volatile demand.

For more information please follow 

http://dreamfireinteractive.com/industry_insights/accelerating-business-analytics

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