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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

Marketing Analytics and its dependence on the Internet

In recent times, the quickest and the easiest way to reach out to the huge market is through paid search marketing like advertising on Google AdWords or through other engines. Research shows that almost 75% of the North American population remain online. Marketing Analytics allows you to monitor campaigns and their respective outcomes, enabling each dollar to be spent as effectively as possible. According to a study in 2008 by the Lenskold Group "companies making improvements in their measurement and ROI capabilities were more likely to report outgrowing competitors and a higher level of effectiveness and efficiency in their marketing". In search marketing, one of the most powerful marketing performance metrics comes in the form of keywords. It is the keyword data contained within each click which can be utilized to inform and optimize business processes, monitor industry trends, provide customer support and identify the product design. A successful online marketing strategy relies on a winning AdWords campaign. The strength of your AdWords campaigns will dictate how well you rank in Google; without a decent ranking, your site will never be seen by prospective clients. As was published by E-Consultancy Research, it's generally well known that "a paid search campaign will add prestige and credibility to an organization. To know more about marketing analytics go to: http://www.wordstream.com/marketing-analytics .

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Analytics to combat fraudsters

Fraudsters are more competent, better made, and creatively excellent than whatever possible time in the later past. Their adulteration arrangements include complex frameworks of individuals, records, and events. The evidence for these schemes may exist on multiple systems, incorporate various data sorts, and deliberately represent hidden activity. So an analyst has abundant investigative focuses on these frameworks with no true approach to join data or results. To prevent and uncover deception, one needs a solution that is more exceptional and advanced than hoaxers. A basic venture in fraud detection analytics is visualizing the patterns in your data between people, places, frameworks, and events. These data mining and profound analysis capabilities provide more context and better information, enabling more accurate data segmentation and data labelling, which further improves pattern recognition. To read more about it: http://www.21ct.com/solutions/fraud-detection-analytics/.

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Sample size: Is it important for predictive data analytics?

Sampling error can cause problems if they are not taken care of. Errors in judgment about sample size can be fixed easily and sample sizes must be considered seriously if big data is being used for predictive analysis. A leader trying to use big data in predictive analysis should always consult the data scientist. The way to understand whether enough data has been collected or not for the purpose of prediction involves understanding the tolerance of the risk associated to accept the assumptions drawn from the sample size characteristics. There are two types of risk: the risk that you're going to take some action when you shouldn't and the risk that you are not going to take some action when you should. Also enough information should be available about the sample variation and precision of measurement to know whether enough data has been collected to make prediction. To know more about importance of sample size in predictive analytics, go to John Weathington (President and CEO of Excellent Management Systems, Inc.)'s link: http://www.techrepublic.com/blog/big-data-analytics/why-samples-sizes-are-key-to-predictive-data-analytics/ 

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Quantifying Twitter sentiments

This article elaborates on the sentiment analysis from tweets using data mining techniques. Instead of using SQL, it shows how to conduct such analysis using a more sophisticated software called RapidMiner. It explains how one can extract Twitter data into Google Docs spread sheet and then transfer it into a local environment utilizing two different methods. The emphasis is on how to amass a decent pool of tweets in two different ways using a service called Zapier, Google Docs and a tool called GDocBackUpCMD, along with SSIS and a little bit of C#. Zapier is used to extract Twitter feeds into Google Docs spread sheet and then copy the data across to local environment to mine it for sentiment trends. Next, it is shown how this data can be analyzed for sentiments i.e. whether a concrete Twitter feed can be considered as negative or positive. For this purpose, RapidMiner as well as two separate data sets of already pre-relegated tweets for model learning and Microsoft SQL Server for some data polishing and storage engine. Read more at:http://bicortex.com/twitter-sentiment-analysis-mining-twitter-data-using-rapidminer-part-1/

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Practice fusion releases free healthcare analytics tool

Insight, a free healthcare analytics software tool launched by Practice Fusion uses real time data from healthcare industry to show patterns against various diagnoses and prescriptions against diseases across seasonality, age, gender and other parameters.

Membership can be taken where more details such as patient and doctor details etc. are available. This software can also be useful for pharmaceutical companies to change their strategies. To know more kindly visit:

 

http://www.informationweek.com/healthcare/analytics/practice-fusion-releases-free-healthcare-analytics-tool/d/d-id/1268917

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Healthcare data goes from big to great

With the advent of healthcare industry, the flow of data has increased by leaps and bounds. Now with the presence of analytics, huge number of unstructured data can be easily analysed to find out patterns and behaviours which in turn helps the companies associated with healthcare to take more sound and logical decisions.

To know more kindly visit:-

 

http://www.healthcareitnews.com/news/healthcare-data-goes-big-great

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Technical side of bull market

While taking decisions on buying and selling in the bull market, very few follow the various technical indicators that are available with any charting software. These are some vital signals which people choose to ignore while making decisions on the market. But, if statistics are to be believed they are helpful in making profitable decisions. To know more kindly visit:-

 

http://www.forbes.com/sites/greatspeculations/2014/05/05/taking-the-technical-vital-signs-of-an-aging-bull-market/

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Cloud analytics is in demand

Recently, Tibco made an announcement to acquire Jaspersoft for some $185 million and D&B announced that it has acquired small analytics startup Indicee. This shows that companies in order to be more focused and remain valuable to customers, it is very important to provide more value through insights from big data. Please go through the link for more details: http://www.forbes.com/sites/benkepes/2014/04/30/suddenly-everyone-wants-to-be-in-cloud-analytics/

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Analytics Vs Intuition

In an article written by Jeff Bertolucci, technology journalist, he very articulately takes us through various aspects of big data and human intuition. With the evolution of analytics, companies are looking to invest heavily in the field of analytics. Human intuition has long been a source for old timers to take big decisions. In this blog he tries to explain why both cant outdo each other but can surely see great success if both of them can stick with each other.

For more information please visit:-

http://www.informationweek.com/big-data/big-data-analytics/big-data-debate-do-analytics-trump-intuition/d/d-id/1269193
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Analytics and dairy development

In a country like India where dairy products are used daily by people of all caste, creed and religion. It’s only but natural that government agencies would ensure that all the parameters of this industry falls within the strict parameters of government rules and regulation. Analytics is helping this industry to bloom and conform to the policies laid down by the government

For more information please visit:-

http://www.nddb.coop/english/Services/CALF/Pages/Centre-for-Analysis-Learning-in-Livestock-Food.aspx
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Analytics and enterprise performance management

In today’s highly competitive atmosphere companies have to constantly collect, evaluate and analyze data so as to deliver high value to their consumers. In this context big data analytics is helping EPM to collect and analyze much more unstructured data than it was doing before.EPM deals with the processes which help in managing and evaluating corporate performance so as to monitor strategic and operations performance goals

For more information please visit:-

http://www.informationweek.in/informationweek/perspective/287755/impact-analytics-enterprise-performance-management
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Analytics Re-invented

People analytics is being used by Google to completely redefine different aspects of HR industry .In a recent article by DR. John Sullivan, well known author, academician and HR thought leader, we come across different practices by Hr functionaries at Google which are redefining the industry as a whole.

For more information please visit:-

http://www.tlnt.com/2013/02/26/how-google-is-using-people-analytics-to-completely-reinvent-hr/
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Which comes first? Analytics or understanding your customers?

The way technology is making a progress and competition is becoming tougher with increased uncertainty, big data and analytics tools have become important to your company. There is another matter that is also important - your customers. So, which will you give more importance? Your analytics tools or your customers? It is of no doubt that big data and analytics tools will give you hidden information that is not visible easily, by sifting through customer data. But, you have to remember one thing - analytics tools have no brains. It will never ever answer 'why' - well, that is the biggest answer for your business. The reason - analytics tools never understand your customers!

To attract customers to your shop, or to your website, you have to build an experience within them. Your marketing communication strategies will form that experience and reshape them. You have to address questions like what your customers want and why they want - in short, you have to understand their behavior. So, to excel in business, it is more important to understand your customers, not analytics tools.

How to understand your customers' behavior? Read them at: http://thenextweb.com/entrepreneur/2014/05/21/beyond-analytics-understanding-humans-scaling-business/ .

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Start with small data in emerging markets to get to big data analytics

For emerging markets, exploring data to predict trends is not an easy option, mostly because of less availability of data in new fields. However, organizations in the emerging markets have the option of gradual progress. They have to start with analysing small data and then there will be scope to move into big data in near future. Problems for companies trying to do business in these areas are limited access to information and appropriate analytic modelling techniques. Gartner reports that companies are predicting 40 to 60% of their growth in revenues will come from emerging markets over the next decade, and McKinsey & Company predicts that in 12 years, 57% of the nearly one billion households with earnings greater than $20,000 a year will live in the developing world. "Companies need analytics to cope with these new markets," said Richard Howells, vice president of Go to Market for SAP. To know about this aspect, please visit the following link: http://www.techrepublic.com/article/start-with-small-data-in-emerging-markets-to-get-to-big-data-analytics/#

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Database design and big data

In an article written by Lockwood Lyon, author at databasejournal.com, we come to know about different aspects of database design in the era of big data. He also tells us about different considerations that database designers have to look into before designing a database. In this era of big data DBMS is going through a changing phase. Lockwood Lyon tries to take us through different observation about traditional database design to the new evolving database design and different proprietary hardware appliance that can store huge amounts of data while providing extremely fast data access.

For more information please visit:-

http://www.databasejournal.com/features/db2/do-we-still-need-database-design-in-the-era-of-big-data.html
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Going deep into capital markets with Big Data

When it comes to businesses and increasing their profitability, it is of no doubt that Big Data has brought in revolutionary changes. With proper handling of Big Data and data management, companies are trying to increase customer satisfaction and increase customer retention. Now, let's take a different look. 

Consider trading - capital market is one industry, where millions and millions of data float around. Regulatory bodies, banks, financial institutions store and analyze all these data that range over a large time horizon. They also need to study risk management practices and create new trading strategies. In capital market where focus has shifted from high frequency trading to discovering patterns and insights from financial data that can be used as case studies, big data can be made to its use. Financial services organizations are needed to invest in data management software that can harness the power of big data technology and extract hidden information.

How can they do so? Read them at: http://www.bankingtech.com/221932/big-data-and-data-management-in-capital-markets/ .

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What companies need to make money out of Analytics?

Companies are using data analytics intensively and they should remember that to make money out of it and enjoy profits, they have to measure it.

At VentureBeat’s Databeat 2014, experts were of the opinion that companies are not using analytics to its full potential. Data scientists must be engaged with the organizational activities for providing support and insights, based on which the concerned employees can react. In the background are various social networks. By using the right social media tools, they can get a view about their operations from a real – time perspective. They can generate dashboards and graphs which will provide them valuable inputs in terms of revenues. Apart from this, it can be an effective marketing tool also.

All this will zero in the ultimate thing – increase the profitability. But, for implementing analytics, cultural change in the organization is also necessary.

Read at http://venturebeat.com/2014/05/19/some-simple-but-important-reminders-on-how-user-analytics-can-help-you-make-more-money/  to know what the experts told in the conference.

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Healthcare dives into big data

The successes of big data analytics in other markets have influenced the healthcare industry. Healthcare providers are on the verge of implementing big data analytics to reduce the cost and improve the care. Hosted analytics, partnerships and collaborations, and lower-cost internal applications have opened the door for smaller organizations to use big data. As most of the providers adopted EHER, many healthcare professionals got centralized access to patient records and to manage risk, providers needed accurate data from a range of sources; hence cloud has become very significant. To know more about this topic, please visit: http://www.informationweek.com/healthcare/analytics/healthcare-dives-into-big-data/d/d-id/1251138

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Necessity of human interpretation in analytics

In the 21st century with rapid development of technology and analytics, organizations claim that they are data driven and rely on customer information gathered from a diversity of sources. Data analysis provides us the effects, but fails to interpret the causes. As per Mike Mothner CEO of Wpromote "Data can tell you that this ad is better than that one, but human intuition asks why." He also said "The key to a successful, data-driven marketing strategy is finding the perfect intersection between technology and human expertise." As there is much customer information available, it is important for commercial enterprises to determine which information is relevant for processing to reach the target. For more details please visit: http://www.businessnewsdaily.com/6393-big-data-human-interpretation.html

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Hitting the jackpot: take culture along with big data analytics

Today, every company is talking about Big Data, but there is also an important thing to consider - that is organizational culture. As high technology companies are embracing Big Data, the direct beneficiaries will be their IT professionals – who will have the opportunity to outshine themselves. Companies need to look for new generation talents who can handle latest challenges keeping in tune with the advancement of Big Data technologies.  With bright futures ahead, big data can make a scope in every aspect – be it scientific research, medical science, or any data driven industry, companies and their IT professionals can see a silver line. To see increased productivity and boost profitability, what is required is the right mix of big data tools, vendor support and IT talent team.

To know how organizations can earn the feather cap by using big data analytics tools, taking alongside the cultural change, read at http://midsizeinsider.com/en-us/article/big-data-analytics-success-through-cult .

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