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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

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Business Intelligence can be scary at times

Transparency in companies, publishing dashboards to everyone to keep everyone updated of the progress and not being able to adjust data can be scary for some people. A BI fail in a large corporation, we often consider faulty process or management to be the reason but it might be due to lack transparency between managers, board members and shareholders. Managers always refer to preferring  accuracy over speed, but accuracy takes months to implement so managers tweak the data which makes it useless. Nowadays, new generation managers are politics free and depend on technology and SaaS apps for improvement and speedy delivery of data. They don’t mind sacrificing 100% accuracy to 80% if they can get the job done 5-10 times faster. Read more at :

http://www.business2community.com/business-intelligence/dark-side-business-intelligence-01845255#7ot2lqmRUYVhQfAj.97

 

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Rapid growth of Digital workplace

Organizations are evolving from a traditional environment to  digital workplace reveals that gaining competitive advantage and improving business process are among the top goals of digital transformation strategy. Today, the digital workplace is no longer just made up of managers and co-workers collaborating with one another to complete projects, It’s increasingly populated by ‘virtual employees’ who do not exist in a physically , but play an important role. While AI technology is still in its infancy, it is sufficiently advanced to be working its way into companies in the form of virtual assistants, in certain industries such as banking, virtual tellers and advisors. Embedded into  applications, virtual assistants draw on AI engines and machine learning technology to respond to basic queries. 64% use analytics to improve their customer services, 58% use analytics to benchmark their workplace technologies. Read more at :

http://www.dataversity.net/artificial-intelligence-analytics-accelerate-pace-digital-workplace-transformation/

 

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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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Five Greatest Obstacles to Success in Business

Nobody sets out with a plan to fail, but so often people let obstacles get in the way of their success. They start off towards their goal, full of energy and ambition, and then years later we may find them still stuck in the same dead-end job or dreaming of the life they could have had. The author here, Daniel Milstein, CEO of Goldstar Family of Companies mentioned here that through his own successes in starting up four companies, he figured out a few things that can stall us. They are Time, Lack of Focus, Holding Back, Attitude and Fear. According to the author, one should obliterate the obstacles and move ahead. Read more at https://www.entrepreneur.com/article/297278

 

 

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Consumers Are Rooting For Artificial Intelligence(AI)

According to authors, innovations in the areas of Artificial Intelligence(AI),Machine Learning and Deep Learning are beginning to dominate the technology landscape but the actual user experience and concerns about privacy and security are obstacles that can prevent AI from reaching its potential. Despite it’s negative implications, a Consumer Intelligence Report by PwC, revealed, that most consumers believe AI will help humankind, by solving complex problems, like fatal diseases, city traffic, cybercrime, infrastructure and fraud, that plague modern societies , thereby helping people to live more fulfilling lives. AI could revolutionize  personalized healthcare by analyzing data thus helping in maximizing life expectancy and enhancing wellbeing.AI will expand access to financial, medical, legal and transportation services to those with lower incomes thus emerging  both as a process and a product that instills trust and transparency in consumers. Read more at https://aitrends.com/security/consumers-welcome-ai-despite-lingering-privacy-concerns/

 

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How Machine Learning Helps Companies In Eliminating Decision Biases

According to authors, modern-day marvels are the result of machine learning, which are programs that combine through millions of pieces of data and start making correlations and predictions about the world , by using machines that uses cold hard data to make decisions that are sometimes  more accurate than a human’s, thereby reducing biases. Computers don’t hold any inherent biases, as machine  knows only one approach i.e. the objective analysis and are capable of analyzing massive amounts of information, thus having  a distinct advantage over humans.  Utilizing the data for machine learning, can uncover contradictory and surprising results by  making data more accessible, more understandable and  enabling the organization to achieve a new level of business intelligence, thus empowering decision makers at all levels with a powerful tool. Read more at https://aitrends.com/machine-learning/machine-learning-cure-decision-bias/

 

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How Artificial Intelligence Is Powering Retail

According to authors, the development of Artificial Intelligence (AI) creates several opportunities for retailers to improve their customer services , insights and business processes.  AI makes it possible to generate insights on a scale like never before, it does this by combining customer data  across all platforms( from social media to CRM) like past purchases, search habits, click behavior, age, gender, season of the year and various other variables and self learning algorithms. By crawling the web and aggregating various forms of customer data, AI gives retailers the opportunity to engage with customers on a more personal level. Through chat applications such as Facebook and Messenger and by using chat bots on websites, the potential customers can communicate with the retailers using speech or text, that will assess and answer customer queries, thereby assisting in the selection process and helping in the execution of simple tasks. Read more at https://aitrends.com/retail/robots-ai-retail-8-things-must-know/

 

 

 

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Difference between business analytics and business intelligence

Business analytics and business intelligence are like two sides of a coin. But there is a difference between them. Business analytics is like an umbrella term and intelligence is a part of it together with other aspects of business applications. Once a person runs a business, that person will be able to understand the difference between them, that is, business intelligence is like accessing to all kinds of business related data and software's and put them into the analysis. Business analytics is something using your business intelligence into your data and optimizing the performance of the business. To have a successful business, it is important to follow both. Business intelligence is generally used to look over the previous data, whereas business analytics look to the future needs of the business. It's necessary for a businessman to understand its difference for making any business decisions or predicting for the future. Read more at: http://www.analyticbridge.com/profiles/blogs/business-analytics-and-intelligence-compared

 

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Tricks to spot perfect customer

Marketing the contents those appeals to the customer or the client is best method to attract them. For this purpose, a good and catchy title having numerals and adjectives could do a lot good to the firms. Giving incentives and offers can help to identify the genuine customers and give many details about them. Also creating market content has 3 stages i.e. awareness among customer about your firm, consideration about other competitors and decision of the customer to select your brand or some other, hence care must be taken for each stage to attract the targeted customers.

Read more at: http://www.business2community.com/customer-experience/3-marketing-tactics-land-dream-customer-01832390#2uJv11PDEbHeKFVm.97

 

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Better Data Integration leads to better business growth

Data these days are easily accessible and interpretable by companies and are consumable by business stakeholder to optimise business decisions on the go. Business Intelligence software enabled the visualization and deciphering of data but it failed to understand the correlation in the data. Hence, Business Optimization evolved from BI and enabled stakeholders to get wider insights on data interaction and optimize business growth. This free passage of information allows the organization to further utilize raw data only if the company has industry-wide open API standard. Together it is called AoE (Analytics of Everything) now enables organizations to go through an integrated combinations of people, processes, data and technology to have greater insights on the business. Read more at :

https://www.domo.com/blog/transforming-your-data-from-intelligence-to-optimisation/

 

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Why Social Business Intelligence is the next big thing in data management

With every passing day, improvement in technology keeps making our lives easier and more organized. Social business intelligence is a technology which allows systematic data sharing, computing and analysis to obtain an efficient market data through different social media analytics. It is of utmost importance for companies today to have an efficient business management system which is capable to deal with huge databases coming from social media and IT systems. Also, the systems should be accessible and cost-effective. But, the occurrence of cyber hacks and security impeachments hamper the growth of this market. In the coming years, open-source software framework systems like Hadoop and MapReduce will benefit the companies in efficient data management. FMI reports suggest that business intelligence tools are likely to take over the BSFI, IT and the telecommunication sector by 2017. Read more at

 http://www.business2community.com/business-intelligence/social-business-intelligence-become-important-enterprises-01826088#zh5mpOHGhiZODQ7Y.97

 

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Personalized Marketing

Personalized Marketing is all about using customer information- their interests and behavior and to deliver the valuable information at the right place, at the right time, to the right person. It is valuable because we are barraged with so many generic ads that it gets fade away into the background. Furthermore, personalized marketing filters out all the gratuitous information and gives control to the consumer. It takes into account that customer is a narcissist. There are certain benefits of personalized marketing. Its main goal is to increase sales. It helps in building strong relationships with the customer and improving their experience with the brand. Personalized marketing technology works on analytical data. So, the more data we use, the easier it will be to make informed choices.  But, it is a major challenge to gather the right data and understand the customer's interest and behavior. Read more at: http://www.business2community.com/marketing/what-is-personalization-in-marketing-01871212

 

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Is Centralized Intelligence System a need of the hour?

Though all forms of market intelligence are not helpful to track customer loyalty or his preferences, a centralized intelligence system can bring consumer behavior insights. Intelligence in a market or an army is comparable as in both the cases remote insights bring limited information whereas central intelligence provides a more vast and detailed picture. Having an updated CRM could help tailoring the messages sent to prospective customers and more personalization is possible. It would predict customers’ next move. Read more at : http://www.optimove.com/blog/centralized-intelligence-system-will-win-customer-loyalty-battle 

 

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Secret To Entrepreneurial Success

According to authors ,  a recent global survey  from the medical industry workforce, threw light on the following for a business to flourish:

1)80% of the workforce in the remote counterparts,  pointed out that  Management/Managers should stay in touch with them, via instant messaging apps and frequent conversations  over phone

2)56% of them, stressed on video calls once a week .

3) Mandatory  face-to-face interaction, via  attending monthly meetings with managers .

4) Utilizing IT system for both tracking and measuring productivity per worker.

5) Research and evaluation of tools and techniques on a regular basis to stay notified about the new techies .

6) Assuring full support and engagement of the employees in the remote areas.     Read more at https://www.processexcellencenetwork.com/pex-tools-technologies/articles/remote-control

 

 

 

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The Future Of Work: The Intersection Of Artificial Intelligence And Human Resources

According to authors, AI and Machine Learning algorithms, introduces us to an era of intelligent conversational environments , by  bringing  about a paradigm shift in technologies and strategies ,thereby  collaborating the rate of progress in business and process for automation, thus making an enterprise more smarter ,flexible and conversational.  AI mainly focuses on making support systems more efficient across a multitude of applications, processes and business domains, bringing  about  intelligent collaboration capabilities to the emerging Conversational  Workspace platforms, improving workflows, automating repetitive tasks and  initiating automated interactions via voice assistance ,thereby, helping an organization to take better decisions and grow. Read more at https://aitrends.com/speech-recognition/idg-contributor-network-the-growing-impact-of-artificial-intelligence-on-workplace-collaboration/

 

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Shifting to offline strategy: A new trend in e-commerce industry.

Flipkart is not the first of the many e-commerce players to start their operations online. All has not been well for this industry in the past, both for consumers and investors. This has happened for various reasons including the entry of diverse competition as well as government policies—particularly demonetization. Following a offline to online strategy is only because of declining growth in the e-commerce industry is an overstatement. The idea is to provide interior designing consultancy and offer a holistic experience to the consumers for better decision making. Another reason for an offline presence is offering a platform for increasing brand credibility and cement its online business. Read more at https://theindianeconomist.com/online-offline-e-commerce-industry-declining/

 

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How to attract first-time customers to second purchase?

Customers who have made purchases with a business once, make up a significant chunk of customer database. The second purchase is a key milestone in the customer journey. Now, using data, certain areas should be focused on first time customers that can help to push these customers into their second purchase. They are:

• A varied basket – with items from multiple departments – doubles the chances that a customer will make a second purchase.

• By offering discounts.

• Returns predict a higher customer lifetime value.

Optimizing these above factors can attract many customers on a long term basis. Read more at http://www.optimove.com/blog/ecomm-using-data-push-customers-second-purchase

 

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Artificial Intelligence in Practice

Artificial Intelligence is development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. Therefore, AI can process a lot more data than human brain can, and thus can do more work accurately in less time. Along with data analysis AI can perform much more complex tasks such as determining customer preferences for products based on previous buying habits and understanding unstructured data. AI is augmenting the capabilities of human by solving such complex challenges. The importance of artificial intelligence can also be seen in healthcare industry for suggesting appropriate treatments for patients, fraud detection, financial services and retail. AI can be incorporated in business by using machine, deep and memory based learning which is AI’s core. Read more at: http://www.datasciencecentral.com/profiles/blogs/artificial-or-augmented-intelligence-talks-with-intel-s-chief

 

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The Rising Importance of Artificial Intelligence

The world is entering the age of abundance, abundance of data. And with this, the age of intelligence is on its way. According to Eric Schmidt, the author of the original article, in today’s world, science and critical thinking really matter a lot. People are becoming wary of changes looking at the rate at which technological advancement is taking place. With the massive increase in data in almost every field, the need for artificial intelligence and machine learning is being felt in a broad range of sectors including farming, energy, fashion and healthcare. Read more at: https://www.theguardian.com/small-business-network/2017/jun/22/alphabets-eric-schmidt-google-artificial-intelligence-viva-technology-mckinsey

 

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Technology – Shaping The Future of Money.

At Singularity University’s Exponential Finance Summit in New York last month, Peter Diamandis talked about technology, money and a demonetized world. We all have access to everything at the palm of our hands due to advanced technology, robots implying higher efficiency and lower cost. But technological unemployment follows. The counterbalance to technological unemployment, is the demonetization of living. The most common example of this phenomenon is the smartphone where a bunch of different things can be performed in a single device. Demonetization is one of the factors of technological disruption, where money is taken out of the equation for a given product or service, making it available to   everyone. Communication, Entertainment, Energy, Transportation, Housing, Education, Healthcare are a few fields of example Diamandis gave in this context. Read more at https://singularityhub.com/2017/06/08/technology-will-erase-jobs-but-also-make-everything-cheap-or-free/

 

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