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

Predictive Analytics and the Future of Markets

Nowadays, daily sales are not enough to ensure longevity of a business. Markets are beginning to realize the necessity of predicting future sales. They are tapping into the business trends and applying machine learning algorithms on big data to allow businesses to maximize their efforts in the most profitable areas. By knowing ahead of time, what a customer will buy, profits can be maximized and businesses can be tailored accordingly. Predictive Analytics allows us to segment customers, find patterns in their behavior and take preemptive measures to reduce churn. Analytics can be used to identify correlations and also to find causation. It can allow us to predict an individual's purchase behavior once we understand the causation underlying a pattern. Read more at: http://www.computerworld.com/article/2934086/business-intelligence/marketers-are-betting-big-on-predictive-analytics.html

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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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Up-gradation of marketing automation systems

A famous marketing automation provider claims that the new analytics abilities of the company are helping consumers in retrieving marketing data and transferring it for 'deeper analytics' to business intelligence (BI) systems. The features include accessibility of configured datasets and integrations. Traditional marketing automation systems didn't give marketers enough flexibility and accessibility to their specific, desired data, also requiring them to use a specific BI platform only. Present automation systems not only give access to the specific, required data but it can also be analyzed using any tool ranging from excel to different other BI tools. Read more at:

http://www.cmswire.com/marketing-automation/act-on-debuts-data-studio-capabilities/

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Big Data and Restaurant Performance

A famous chain that oversees the operation of 514 restaurants across the US, has found a way to integrate Big Data with Business Intelligence Services. The system works on data from point-of-sale, marketing, promotions and customer surveys to provide feedback on sales in real time. This not only helps them maintain a competitive edge, but also maximize profits. Big Data was used to select which item to put on the restaurant's menu too. After evaluation of sales, simplicity of preparation, profitability, quality and brand. Only once they met the required target, were they made permanent on the menu of that restaurant. Read more at: http://www.forbes.com/sites/bernardmarr/2015/06/02/big-data-at-dickeys-barbecue-pit-how-analytics-drives-restaurant-performance/

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"Big Data"- Changing the way we use the news!

News agencies are venturing into analytics. A news agency also cleans the Internet for news, indexes it, and then allows users to ask questions of that data. It also allows you to extract facts and do trend analysis. Firms are taking data collected by machines or people, and using that data to generate news. Thanks to big data technology, it's becoming more practical to incorporate the field intelligence into the predictive models that executives increasingly rely on to make good, fast decisions.  Read more here: 

 

http://www.datanami.com/2015/05/29/how-big-data-is-changing-how-businesses-use-the-news/ana

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Contact center analytics: A Study

Companies are recognizing the need of contact center analytics to gain more consumer awareness but problems like cost of hiring new staff and procurement of new equipment are holding back contact centers from investing in analytics. Other factors like funding and prioritization are to be blamed as contact centers are now seen as cost centers but terms like customer experience and customer journey are gaining exposure. Read more at:

 http://searchcrm.techtarget.com/news/4500246053/Contact-center-analytics-still-an-uncharted-frontier

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Importance Of Data Preparation

Vendors often focus on showcasing their front-end capabilities, i.e. dashboard reporting and data visualizations, while ignoring the vital aspect of analytics, namely data preparation: cleansing, structuring and integrating data to make it ready for analysis. The typical scenarios include using more than one type of data source, working with large datasets, working with messy, unorganized data. This is where your business intelligence tools come in. These tools are meant to automate or simplify the bulk of the data preparation process by using pre-programmed adapters that connect into different types of data sources, and restructuring the data into a single centralized repository. Here are 3 crucial aspects of data preparation one should be aware of when evaluating business intelligence software: Access to the original data, joining multiple data sources and data management. Choosing the wrong software could skew your initial price estimate when you are forced to allocate technical resources or purchase additional programs to handle data preparation.

Read more at:

http://www.sisense.com/blog/data-preparation-checking-hood-analytics-software/

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Essential Things for long term survival

According to Brian Sutter (Director of Marketing, Wasp Barcode), small business owner need to think strategically for long term survival. They should know how to use employee's time and skills effectively. Business should use CRM software for accessing customer data and analyze performance and business metrics for spotting pattern and trends. Small business owner need business intelligence tools for quick decision making, analyzing business opportunities and threats and improve management of the business. According to a recent report, 56% of small businesses plan to invest less than 3% of revenue on marketing. But, small organizations should use email marketing for maintaining long term relationship with customers. Read more at: http://www.entrepreneur.com/article/245386

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Punk Analytics: A New Trend

Punk in Punk Analytics means working fearless and having an approach to ‘do-it-yourself way’. In the last few years with the rise of new technologies, we entered into the era of punk-style analytics. Some characteristics of punk analytics are:

 

• No barriers for information search, as you can download easily and free of cost.
• Mistakes are part of the process, but we can overcome by using analytics software and by having familiarity with the data.
• Fast and to the point is good.
• Idea should be transparent and it should have less processed time.
• Punk Analytics are basically concentrating on the issues of the moment, as it is the starting point for active exploration.
•   Working collaboratively is important to achieve a common goal.
To know more about punk analytics follow the article link of James Richardson (Business Analytics Strategist at Qlik): http://www.itproportal.com/2015/04/19/rise-punk-analytics/

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Speech Analytics: A Research

Speech analytics or audio mining is used to analyze spoken words that reveal information when an interaction takes place between the contact centers and organizations and it optimizes workers performance and enhances customer experience. Speech analytics technology is used mostly in call centers to extract valuable business intelligence. North America is the strongest initial market for speech analytics and this market is expected to grow from $241.8 million in 2014 to $696.2 million by 2019, at a CAGR of 23.6% from 2014 to 2019. Read more at: http://www.sys-con.com/node/3287613

 

 

 

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Improving Retail performance with Locational Analytics

Traditionally business have relied on graphs and charts to analyse crucial information. But these basic visualizations have a propensity to miss two of the most important aspects of a retailer’s data — where things are located and what is happening around them. Imagine being able to better understand where customers live, what they buy, what they do and why they do. Location analytics is a game changer. It helps organisations see where data is, not just what it is. Location analytics brings together dynamic, interactive mapping; sophisticated spatial analytics; and rich, complementary data to enhance the overall picture of business operations. Best of all, it is available from within already-established analytics software, so there is no need to say goodbye to familiar business tools or workflows.

The combined solution joins key business intelligence (BI) data with spatial location, resulting in improved store performance driven by better marketing decisions. It covers all stores operated by the group to guide expansion and development strategy, optimize direct marketing actions such as distribution of weekly circulars, monitor store performance, and gain a better understanding of the sales territory. Moreover, it helps in viewing and analysing data, including traditional retail information such as trade and mailing areas, competition analysis, customer locations, and advertising hoardings. Geographic data used includes Bing Maps, Nokia data, and aerial and satellite images. A BI map service’s bi-directional link provides a unique and dynamic integration solution between the mapping and BI systems.

The geo-marketing application is used for many strategic activities such as guiding expansion and development strategy of the company and optimizing direct-marketing actions including distributing weekly circulars store performance can be monitored and a better understanding of territories can be provided. All this information feeds one database and can be shared across the enterprise. Location analytics is enabling a refined and deeper understanding of how to improve marketing and other store-level operations. It enriches data for a more intimate understanding of customer relationships, behavior, and need. See more at: http://blogs.hbr.org/2014/03/how-location-analytics-will-transform-retail/

 

 

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Emerging trends of Data Analytics

The year 2014 tends to be an important year where technology discovery will further build a future in which companies make data-driven decisions. The Top 5 data analytics trends that companies believe are going to rule the industry are:

• Data Visualization Goes Mainstream-Visual analytics allows business users to ask interactive questions regarding their prepared data sets which makes the whole process engaging.

• Mobile Data Marches to the Top- The top priorities for companies will be defining mobile metrics that matter, understanding mobile technology and collecting and analyzing mobile data.

• Analytics in the Cloud Grows Up- Innovations like cloud data warehouse platform from Amazon will gain importance  enabling fast and secure solution at very cheap prices.

• Predictive Analytics Takes Center Stage- the increasing demand for business users to examine data for decision making, provide the base for predictive analytics to gain significant ground in 2014.

• Internet of Things -- It’s everywhere! - Companies that are doing a great effort in product design and development will emerge as the first winners as they adopt through innovative marketing.

Read more at: 

http://tdwi.org/Articles/2014/01/28/5-Data-Analytics-Trends-2014.aspx?Page=1</a

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Is Business Intelligence for small business too?

Today companies have vast amounts of informations available to carry business moves. The General Mills and IBMs of the world now are using complicated-and expensive-Business Intelligence (BI) systems that can combine data together from a multiple operating systems and generate best reports that highlight not only what has occured and what is happening, but also what will probably happen. Can Small Business Benefit From Business Intelligence Software?

• It can help a small business compete with larger competitors or enhance market share.

• Vendors are getting experienced at making software that’s affordable.

• BI vendors are starting to educate a younger crowd. 

• The cloud now puts non-IT users in the driver’s seat. 

• Before investing in BI tools, one must know what answers they are looking for.

• Forget about using BI software if one don’t have access to best operational data.

• BI is increasingly going mobile. 

 Read more at:

http://www.inc.com/articles/201109/business-intelligence-software-for-small-business.html

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Success factors for Master Data Management (MDM)

Master Data Management (MDM) programs often start with the analysis of the available technology and products but not the business problem they tend to solve. Three primary categories of MDM benefits are operational efficiency, better business intelligence, and regulatory compliance. The following are ten things one can do now to prepare the organization for  MDM initiative:

• Set goals and success criteria.

• Prepare a business case.

• Build a governance process.

• Choose the first subject areas to attack.

• Carry a data inventory.

• Recognize executive sponsorship.

• Identify business champions.

• Set up an educational forum.

• Educate yourself about products and approaches.

• Develop a business model of the data to be handled.

Read more about this article at: 

http://esj.com/Articles/2008/06/25/Ten-Tips-for-Master-Data-Management-Success.aspx?Page=1

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Strategic Focus Report on Business Intelligence

Strategic Focus report analyses drivers, current trends and inhibitors, outlines the evolution of BI technologies, identifies and assesses the best performing vendors in the market. The BI market is going through a transformational phase where vendors are looking to develop analytical tools for broader market usage and not just for power users. BI vendors are striving to enhance the functionality of their mobile. The top ten BI vendors constitute a significant share of the total market. The reasons to buy are: It helps the reader to understand the BI market landscape, drivers, the recent trends and inhibitors shaping the BI segment, provide an assessment of business intelligence vendors and their relative performance in the business intelligence market. The most exhaustive and up-to-date report providing revenue opportunity forecasts in the business intelligence market from 2014 to 2018 and extensive technology growth predictions based on adoption indicators, end-user technology demand, and macroeconomic factors. Read more at: 

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Mobile analytics to make Data analysis easier

Nowadays a new set of tools is developed to help business users visualize data and interact with it in real time. One may think of mobile reporting as a good device for business but it is not good enough indeed and we need analytics tools too. Mobile analytics can be quite different from traditional business intelligence, in fact, and may even change the way you work with data comfortably behind the desk. Three basic aspects of mobile analytics are- For any application, the touch interface makes the difference between mobile and desktop environments. It encourages exploration. It is possible to make interactive areas large enough to touch through a mobile device. Mobile analytics also demands responsive interface design and the analysis must work across many devices. A responsive interface supports many form factors and one’s BI platform if designed for mobile ought to handle these scenarios generically. Mobile analytics also helps in speedy discovery and facilitates an interactive experience which is touch-enabled. These practices not only enable, but encourage exploration.

Read more at:http://www.infoworld.com/t/business-intelligence/getting-your-hands-data-mobile-analytics-246331?page=0,0

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When Market Intelligence meets Business Intelligence

The problem that corporate decision makers face is not the lack of available data, but how readily that data can be accessed, understood and used. A BI system gives companies a really valuable insight into operational things. One must also navigate the market environment properly to operate a company perfectly looking at the internal metrics. Business Intelligence systems seem to see the Internet almost as an afterthought. BI has never made its way in any meaningful way to those that are looking at external data: The insights teams, strategy teams and tactical marketing teams. There's more good data out there than most people realize but the problem is discovery and access, not availability. Business Intelligence and Market Intelligence are about to meet up in a big and transformational way for both industries. BI will have to learn about the needs and desires of the world's marketing departments and Market Intelligence companies will have to learn how to deliver their data in a more useful way than they currently do. Read more at: 

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The spirit of Social Analytics to commerce

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Social analytics is now well thought-out to be an element of trade aptitude approach where statistical data is composed, analyzed and utilized in anticipating consumer behavior. The logical consequences impending from the social data used help business to turn into more approachable to the altering desires of their clients and market industry trend. It is also employ by online shoppers to analyze and examine the marketing strategies of their competitors. The exercise of analytics has happen to be an important instrument for businesses in accepting the collection of significant data that is obtainable to progress their market competition. Analyzing shared data can be very difficult when made physically. Use of an analytics tool can make the progression smarter, organized and can arrest main metrics that would be hard through human involvement. The Google Analytics is the accepted tool used by online marketers in calculating social metrics and signals.

 

. Read more at:

http://www.socialmediatoday.com/content/analytics-strategies-measure-social-signals

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How can the intertwining of business intelligence and online marketing create waves in today’s world?

In today's highly competitive online marketplace, marketers must utilize every advantage they can get. Business intelligence (BI) software can help you look at your data in different ways, and draw actionable insights to allow allocating resources more effectively. BI software can use large amount of datasets, so you can execute successful strategies on the basis of information. By controlling the right key performance indicators (KPIs), businesses can look at trends that would otherwise be hidden. Online marketers have different indicators which are : 1)The Basics  2)Return On Investment 3)Incremental Sales 4)Conversions by Campaign 5)Cost per Lead 6)Visitor to Buyer Ratio 7)Sales by Lead Source 8)Social Media 9)Tracking Keywords. By visualizing sales funnel with business intelligence software, you can get a good view of how your customers move through the sales process from an initial lead to a sale. Having the correct data displayed in a dashboard format can enable your company be proactive instead of reactive.Read more about this aspect at Jayson DeMers (Founder and CEO, AudienceBloom)'s article link: 

http://www.huffingtonpost.com/jayson-demers/how-business-intelligence_b_3507510.html

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Internet of Things: Driver of CRM

Cloud, social, mobile and big data technology have been primarily viewed as the drivers behind Customer Relationship Management (CRM). According to a Gartner report, they are now being joined by an emerging driver- the Internet of Things (IoT). According to Joanne M. Correia “CRM will be the heart of digital initiatives in the coming years”. In the report Gartner views that ioT, where sensors connect devices to the internet, create new services previously never considered. Gartner forecasts CRM market to reach $ 23.9 billion this year, with cloud revenue accounting for 49 percent. IoT joins cloud, social, mobile and big data to spur a critical need for more operational CRM, according to Correia. According to an article in Information Week, Gartner predicts that in 2020, there will be 7.3 billion smart phones, tablets and PCs in use- but about 26 billion IoT devices. IoT is driving CRM investments, because the use of cloud- connected intelligent devices is creating new business opportunities for marketing, sales and support executives. Read more at:

http://www.cio.com/article/2453781/big-data/big-data-as-a-driver-for-crm-investments.html

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