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

This sections contains articles submitted by site users and articles imported from other sites on analytics

Importance of Real Time Data

Business Intelligence or BI is all about the data. The ability to consume data in a systematic format empowers any team to understand their business better. New insights acquired through a BI tool can be used as a spotlight on challenges that was previously difficult to pinpoint. Businesses using BI technology nowadays also understand how to make changes to inefficient processes that result in significant positive impacts to their company’s bottom line. Many projects require additional requirements. One common request is the need for real time data. This is crucial when you are making important business decisions based on the data you are pulling. Read more at: http://www.business2community.com/business-intelligence/real-time-data-2015-anytime-data-counts-01937693#GmjO9761ycdido3d.97

 

 

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New Trends in ERP

Nowadays, Enterprise Resource Planning has become an integral part of the business and ERP vendors are also continuously coming up with less complex and more inexpensive options. The author here explores how the new trends of ERP that can help organizations extract the maximum mileage out of their ERP solutions. They trends are: Cloud ERP, user friendly experience, mobile ERP, flexibility, security, business intelligence and social ERP. Read more at: http://it.toolbox.com/blogs/inside-erp/7-emerging-erp-trends-78717

 

 

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Local CRM versus Cloud Based CRM

While choosing a CRM system, it is important to decide whether you want it to be hosted locally or in the cloud. Both the approaches have their advantages and disadvantages but both offer you with lot of choices. Local CRM can give you more control about everything and offer capital-based payment system. In local CRM, you are responsible for all the maintenance and takes time, effort and expenses. On the other hand, Cloud-based CRM can take most of the administrative load off your organization and tends toward an operating expense method of payment. It can offload most of the administrative effort and maintenance on to the service provider and the overall effort is much less. Read more at: http://it.toolbox.com/blogs/insidecrm/cloud-or-local-choosing-your-crm-system-78708

 

 

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ERP and Blockchain Technology

We are moving towards a new enterprise resource planning (ERP) digital transformation with the introduction of blockchain technology, also known as a digital ledger i.e. distributed database behind cryptocurrency. Several businesses are nowadays adopting blockchain as a trusted system through which to share records with partners. This is where the blockchain enter the enterprise. Read more at: http://it.toolbox.com/blogs/inside-erp/when-erp-meets-blockchain-78538

 

 

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Insurance agencies and the role of CRM

Small, independent insurance agencies must stay competitive by investing in technologies including CRM systems.  Smaller insurance agents are not in a good place due to their lack of leverage to negotiate with large carriers, thereby missing the financial resources to invest in IT upgrades. So, agencies are focusing on their connections with carriers, accounting procedures and the generation of new business. CRM is playing a big role in helping to automate this. Read more at: http://it.toolbox.com/blogs/insidecrm/crm-delivering-a-competitive-edge-for-insurance-agencies-78529

 

 

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Choosing the right CRM project

You should select the right projects for your CRM so that you have a positive return on your investment. It is found that many of the things CRM will let you do won’t show a positive payoff. Others will show long-term benefits that is worth doing. You should choose the projects as a lot of CRM projects are started because they sound like a good idea, without a careful consideration of costs and benefits. Therefore, the projects fail wasting efforts and time. The most important question you should to ask before starting a CRM or any other kind project is “Is it worth doing the project?” Usually a lot of people skip this step and end up wasting time and resources on projects that never pays off. Read more at: http://it.toolbox.com/blogs/insidecrm/is-it-worth-it-selecting-the-right-projects-78498

 

 

 

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Artificial Intelligence Applications in Business

Artificial Intelligence technology usually uses algorithms to analyze data and then uses this data to spot trends and irregularities. It can also analyze huge data sets much faster than any data analyst, thus, proving an efficient tool for businesses. This article explores the ways that A.I. applications can be applied in multiple areas of your business today. Read more at: http://www.sage.com/za/business-resources/essential-reading/5-practical-artificial-intelligence-applications-to-support-your-business

 

 

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Tips for Getting More Benefits Out of CRM

Nowadays, CRM is surrounding marketing, customer service, business intelligence and several other functions. Some CRM systems can also be transformed into enterprise resource planning solutions with the use of apps and third-party add-ons. CRM has come a long way and now can include artificial intelligence, automation, data enrichment through aggregation of contact information from other sources. This article explores some tips for getting more from CRM. They are:

1.       Automate processes and data entry

2.       Clear the clutter of unnecessary data fields

3.       Integrate customer behavior

4.       Use activity management within the CRM

5.       Revisit integrations frequently

6.       Implement automation

 

Read more at: http://it.toolbox.com/blogs/insidecrm/6-tips-for-getting-the-most-from-your-crm-78266

 

 

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Trends of CRM in 2018

In today’s business, buzzwords such as artificial intelligence and IoT are common. But, these technologies will soon invade CRM as most businesses won’t be mixing their customer data with such technologies in the next few months. These technologies are certainly on the way, but today’s CRM evolution is the result of the delivery of good customer experience. Today’s, better customer experience is where CRM is heading right now. CRM is now embracing CX in a variety of ways. They are: Managing CX through CRM, The Reemergence of Social Data, Deeper Data Intelligence, Reduced Data Silos and More Third Party Data. Read more at: http://it.toolbox.com/blogs/insidecrm/where-crm-is-heading-in-2018-78364

 

 

 

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New Innovations in CRM

Nowadays, business is moving faster and getting more demanding due to the increased competition and consumer expectations that come from online and mobile-centered economy. Now, meeting these demands requires managing customer experience at every touch point, and that is in turn putting added importance on automation, artificial intelligence, big data and analytics. CRM is also coming up with some innovations. Here are five of the CRM innovations which are coming up and will help your business to handle today’s market demands. They are:

1.       Automatic Workflow Adjustment

2.       Chatbots and Conversational Interfaces

3.       Automatic Data Entry

4.       IoT Integration

5.       Customization

 

Read more at: : http://it.toolbox.com/blogs/insidecrm/five-crm-innovations-youll-see-in-2018-78395

 

 

 

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Robotic process automation and its reach

In today’s business world, robotic process automation or RPA is everywhere. Nowadays, you can automate any business function with a software robot you wish to. It is found that the emergence of RPA in the enterprise is like an arbitrage of software i.e.  you can use the price differences between business process outsourcing and RPA as an advantage in a business. It is also predicted that the RPA market would grow to $2.9 billion by 2021 from a base of $250 million in 2016. The basic advantage of  RPA is that it can unite with existing business process management (BPM) and workflow tools. Read more at: http://www.cmswire.com/digital-workplace/robotic-process-automations-reach-expands-in-the-enterprise/?utm_source=cmswire.com&utm_medium=email&utm_campaign=cm&utm_content=nl-daily-170823&mkt_tok=eyJpIjoiTW1SbE16ZzRPVE0wT1dZeCIsInQiOiJ5WXd3XC9Ybm45d3FvUnRwZjIxcGdzcENSK0ZPNCtjNlAraTZ2c2NZMjUyMythMlwvbjJ5dXpVSDJtVXFDWnNVYnRKM2ZcLzB4eGxhbTNia0hwaWlmRWxIMmlJWlhDclhYMTl5bVlVZUdBVklZVFwvQUxTM1NYNVdEamIzTmV5Tmk2YVgifQ%3D%3D

 

 

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Predictive analytics helping healthcare industry

Many executives in the healthcare industry suggest that predictive analytics will cut cost in their organization. A survey conducted in February 2017 forecasted that predictive analytics processes will reduce 15% of the cost for more than five years. A majority of healthcare industries already use them. Lack of budget is a biggest challenge for the implementation of predictive analytics. Lack of skilled employees, too much data, lack of confidence in the accuracy of data and lack of support of technology and executives are some of the important challenges healthcare industry faces of implementing predictive analytics. Read more at :

https://www.information-management.com/news/predictive-analytics-seen-as-cost-cutter-by-healthcare-execs?feed=0000015a-13e1-deb4-ab5e-9bfd65d50000

 

 

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Ways to hold existing customers

There are many ways in which a first-time customer will feel enticed to be a full-time customer and maintain a long relationship with the company. One should understand the profile of the typical customer of the company and segment the group both geographically and demographically. Giving customer's a positive experience by accurately replying to their queries goes a long way. Companies should understand that customer retention is much more than the cost incurred in the advertising campaigns. While offering subscription information, companies should keep in mind not to cost their customers anything. Rather, moving subscriptions to social media can reach thousands customers within minutes. Hence social media posts should be updated according to the customers interests. Read more at :

https://www.smartdatacollective.com/customer-feedback-data-analysis-keys-good-customer-retention-rate/

 

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Why BI is crucial in decision making process

Data is an important aspect of decision making and for valuable insights over the data, BI has emerged crucial in organizations. Some useful ways to manage your data and team are : 1.Invest in a robust BI service like Google Analytics or CoolaData so as to get better insights on behavioral analytics and better collaboration. 2.Break down silos - when organizations go through silo effect and information stops flowing, BI can prevent this through transparency. 3.Teams should acquire data analysis skills and grow as they work. 4.One should relate to the context, not depend solely on the numbers but on the why, how. 5.Decide on how to decide for better data implementation. 6.Drive action through insights, study how trends correlate and act accordingly. Read more at :

http://www.networkworld.com/article/3197753/big-data-business-intelligence/6-ways-to-manage-your-data-and-team.html

 

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Prevention of Fraud in banks

 

 In the recent days, prevention of fraud is a very difficult task and banks should keep in mind some non-financial signals that might prevent a fraud. Fraudsters take advantage of the growing technology where a simple code interception can lead a criminal to hack a person's credentials. It is difficult to suspect any change in contact details as people change phone numbers very frequently and so the bank managers should put this down as a sign of potential threat. Bank managers should have the correct  solutions for these fraudulent actions happening. Fraud managers should have the latest fraud-preventing programs in order to receive the signals of a fraud before hand and can prevent it from causing severe damage. Read more at :

http://banking.com/analysis/non-financial-events-must-play-role-fraud-prevention-program/

 

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Voice Conversation matters!

Internet has opened up new possibilities for communicating, from emailing and blogging to mobile video chatting. Most businesses now communicate with their customers through multiple online channels. As brands prioritize this digital experience, they often overlook communicating by voice is faster, easier, and more effective than typing messages. According to the advertising and marketing advisory firm BIA/Kelsey, calls to businesses are expected to exceed 169 billion per year by 2020. These calls are 10-15 times more likely to generate a successful sale or follow-up activity than digital form submissions, which means they are more efficient in generating revenue. Voice is central to communication, and because it’s not strictly an online channel, it presents a challenge for brands that treat digital transformation as a matter of generating clicks and website views. The challenge is particularly acute for businesses that operate in categories such as insurance, lending, travel, or healthcare. In these “considered purchase” categories, consumers typically reach out to a brand after conducting preliminary research online, and are thus well qualified to buy. Read more at https://hbr.org/2017/07/your-customers-still-want-to-talk-to-a-human-being

 

 

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Must Read Books

To all voracious readers, here is an ideal list of books to have in bookshelf of every data scientist and analyst. These books cover a wide range of topics and perspective, which would help to become a well-rounded data scientist and analyst. Here are a few:

• R Cookbook by Paul Teetor

• Python for Data Analysis by Wes McKinney 

• Web Analytics: An Hour a Day by Avinash Kaushik 

• Web Analytics 2.0 by Avinash Kaushik 

• How to Measure Social Media: A Step-By-Step Guide to Developing and Assessing Social Media ROI by Nichole Kelly

• The Visual Display of Quantitative Information by Edward R. Tufte

• Visualize This: The Flowing Data Guide to Design, Visualization, and Statistics by Nathan Yau

• The Wall Street Journal Guide to Information Graphics: The Dos & Don’ts of Presenting Data, Facts, & Figures by Dona M. Wong

• Now You See It: Simple Visualization Techniques for Quantitative Analysis by Stephen Few

Read more at https://www.analyticsvidhya.com/blog/2015/06/infographic-read-books-analytics-data-science/

 

 

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How to attract more customers

Every business wants to improve its customer experiences and they want to turn its ordinary customers into a loyal customer. In order to make a fabulous customer experience there are 4 ways to attract customers and foster lifelong loyalty. 1) Use Technology to provide Top-Notch Customer support- Customer is needed to provide with mobile customer support, live chat, self-service management, social media support and Omni channel support.  2) Create Personalized Experiences-Customers are needed to be treated in the more personalized manner, or by catering messaging, offers and creating more communication. 3) Leverage Big Data to Get to Know your customer on an Individual level- Understanding the customer on different levels- behavioral, contextual, service-interaction ,social and consumption  4) Reward Customer Loyalty to Foster Brand Ambassadorship- Customers are needed to be given loyalty awards through brand leveraging loyalty programs. These all over enhance the customer experience and the business will able to get loyal customers. Read more at: https://www.ngdata.com/ways-to-improve-customer-experience/

 

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Hunt for analytics executives

Nowadays companies are on the hunt for analytics executives and organizations in the industry have created hundreds of executive roles in analytics. Employers are hunt for leaders who understand the data and threats and opportunities related to it. In order to identify for the analytics initiatives the males and females are divided according to age groups and experiences which lead them to their roles. The executives landed into their current positions by one of their career paths- 1) Linear- It’s an upward movement of the analysis function who has experience in computer experience, statistics and analytics and ability to gain customer attraction 2) Nonlinear- it’s a movement between and within analysis function and are experience in IT, marketing and accounting.  3) Parachute- there is no previous work experience needed in engineering and technology and should have knowledge of project management, telecommunications, mobile systems, project management and security. Read more at: http://www.cio.com/article/3182718/analytics/3-paths-to-analytics-leadership-roles.html

 

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Can web analytics and digital analytics be used interchangeably?

Both terms web analytics and digital analytics are interchangeable. But there is a difference between two of them. When Web analytics association changed its name to the digital analytics association then the word digital analytics came up. During the early days of the internet, Web analytics were analyzing the website data, such as users, visitors, links and many more alike. When other forms of online came like emails, search, social, etc., then a new term called digital analytics came into being where all these channels were analyzed. Now all the online channels have been transformed from web analytics tools to digital analytics tools. Web analytics is the analysis of website data, whereas digital analytics is an analysis of all data from digital channels that includes websites also. But till now web analytics are still searched more than digital analytics according to Google Trends chart. Read more at: http://webanalysis.blogspot.in/#axzz4hutH4lMG

 

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