Why Business Analytics Is Essential for Running a Successful Business

WHY IS BUSINESS ANALYTICS IMPORTANT?
The foremost goal of any organization is profitability, and customer satisfaction is a huge component of the success of a business. When an organization innovates and stays ahead of its competition, it fulfills and goes beyond customer expectations. Many businesses still rely on ineffective, time-consuming traditional techniques for decision making processes that cannot keep pace with the competition.

The use of “Gut feel” in taking strategic decisions still plays an important role among business leaders. But does reliance on “Gut feeling” and “Traditional techniques” make for smart decision-making? What’s the best approach?

The technology boom has given rise to innovations in how data is used. Business analytics is the solution and the best move to ensure competitiveness in today’s era. To define the term: “Business analytics, one of the emerging fields in the data science, refers to the methods and various statistical and quantitative techniques used by an organization for informed decision making and business modeling”.

Analytics is the change that helps you to get your business on track. It assists the businesses to convert the humongous amount of generalized data into observation, patterning and vision.

BENEFITS OF BUSINESS ANALYTICS
What was discussed above is just an academic definition. Now let’s discuss why one needs to adopt it in business operations:

  1. Fast decisions are easily taken, but what matters is smart decisions taken in a short period. It helps to inculcate faster and smarter decision making into business culture of your organization. With the help of business analytics, the company can empower a team for data analysis to extract targeted information. When a company accesses accurate and essential data, undoubtedly, it will take the right decisions.
  2. Analytics helps in quantifying business values.
  3. Most businesses provide training programs for fresh recruits or older employees where the core business values are imparted or refreshed. Instead, companies should go a step further and undertake the help of business analytics to translate business values into numbers. This is a more cost and time efficient undertaking.

CAREER PATH OF A BUSINESS ANALYST
A business analyst is one who assists organizations in the process of business analytics. The career path of a business analyst is not strictly defined as there are several options based on industry, qualifications, interests, preferences etc.

  • Training provides trainees with the skills and knowledge needed for a proper understanding and interpretation of data.
  • Training courses help students in getting exposed to data systems and tools like R, SAS, Python etc. making them eligible for various analytical jobs.
  • The best incentive for undergoing a course is that the industry-best average salary of a business analyst is Rs 491,522 a year. There are various skills that can increase the pay scale of a business analyst like project management, SAS etc.

CONCLUSION

  • The role of a business analyst is often seen as one that bridges the gap between different departments in an organization. There are various business analytics courses which can help you achieve all the benefits mentioned above. Candidates with these skills can help an organization to strategically improve operational efficiency.

 

4 Tips To Pick A Reliable Courier Service Provider For Your Business

In today’s world, high-quality production and efficient employees are not enough to survive the hard-hitting business atmosphere. Business houses need to be the fastest when it comes to delivering the final goods. The faster your products reach the market, the higher will be your profit margin. Hence, depending solely on the company’s labor resources for either transporting the raw materials or distributing the final products would not be a smart decision to pursue by any production manager.

Entrusting the job of delivering your goods to a courier service provider will not only make sure a hassle-free production but will also help you concentrate only on the core manufacturing processes. However, before you select any random courier service provider for business deliveries, make sure that the particular vendor is your correct choice. But how?

Here are 4 necessary factors to consider before moving forward with any courier service provider:

#1 Availability on a single call

If your service provider sets restrictions on its availabilities for picking your parcels or items, then you need to say no and start seeking a better option. A reliable courier company is one who is readily accessible 24*7 and has several local delivery branches. If it has an efficient chain of agents then you can rest assured that you will have on-time delivery of your products.

#2 Know the weight limit in advance

Most of the times service providers do not clarify the maximum weight of parcels they can deliver. This creates a lot of confusion at the time of packaging and final delivery. Thus, one should clarify the limitation of the package weight before signing the final agreement.

#3 Ability to track your delivery

Since time management is the most dominant factor in the process of production, any kind of delay and lack of access to delivery updates are completely unacceptable. As the customer, you should be able to get minute-to-minute updates of your parcels. Tracking your delivery via app, website, email or phone will help you know the exact time when your product will be delivered.

#4 Get insurance for your package

Insuring your deliverables is must to ensure that even in worst case if your package is damaged, is misplaced or goes missing, you can claim for the loss. Also, as soon as a company provides insurance for your package, its accountability towards you is ensured and you know that your products are now in safe hands.

In this tough competitive business world, managing everything single-handedly starting from purchasing raw material, manufacturing goods to delivering the final commodities is near to impossible. According to business experts, managers should delegate the task of transporting their final products to a courier company and focus on other important business functions. However, one needs to compare and evaluate first to pick the best service provider for his business.

 

Emerging Technology Is Changing How You Can Do Business

I love technology, and we’re fortunate to be living at a time when most of us are experiencing the great evolution of technology. For instance, we have cars that are out on our streets driving themselves. We have incredible advances in medicine and have eradicated diseases. And, as the U.S. shifts from government to public and private partnerships, I’m sure that we’re going to see incredible achievements in the space industry as humanity seeks to create a society that will thrive beyond the boundaries of Earth. The success of the reusable rocket by SpaceXin 2017 is a step in the right direction. However, technology can also be straightforward and affect our daily lives and businesses.

Zoom Room

In my company, one of the technologies that have fundamentally shifted how my team, client and our vendors relate to each other and work is Zoom. Zoom is one of the top video and web conferencing platforms on the market.

I love the technology because my team is spread out across the U.S. and even in Europe. Every single week we’re getting online with prescheduled or unscheduled Zoom meetings in our conference room, which we now call the Zoom room. People can join us at a moment’s notice from anywhere they have internet access using their desktops, tablets or smartphones.

OWL Labs

After using Zoom for a couple of months, we went one further for one-touch conferencing, which is supported by OWL Lab 360 degree camera and microphone. What does that mean? It means that attending one of our video conferences is a much more dynamic experience.

Instead of seeing a flat look into the conference room, which is not only dull but can have people outside of the Zoom room miss subtle body language or even missed discussion points, the OWL Lab camera and microphone follows the speaker. That means that the moment someone begins to speak, the camera and microphone immediately rotate and focus on that individual, making the discussion much more animated and dynamic. If you want to see what we’re doing and how it works, take a look at the OWL Labs experience.

What People Are Saying

Our team loves the technology, and everyone is pleased to get on a conference call because it is the next best thing to having people actually in the same room. In addition, the technology is regularly used for screen shares, and productivity has increased exponentially.

However, as an entrepreneur and businessman, one of the best compliments we’ve received come from our clients and partners. Quite simply, they’ve been wowed, and we’re always getting new comments about how “forward thinking,” “ingenious” and “practical” we are in our use of technology.

I’m a big believer that you have to embrace all of the resources at your disposal and in the modern era, that includes technology. One of the best things you can do for yourself and your business is to embrace technology, even something as simple as the platforms you use for video conferencing.

 

The Top Business Trends You Must Keep in Mind

As you know, we live in an environment where it’s “blink,” and you missed it. Still, there’s always an urgent need to keep on top of what is happening so that you can stay ahead in business. I own several companies and, candidly, I don’t think there’s a single day I’m not thinking about how to make things better and improve our competitive advantage in our industries.

A couple of days ago I read an article about a luxury yacht company that had been in business for generations, and although they had client orders on hand, in the tens of millions of dollars, they fired everyone and shuddered their doors. They were hemorrhaging money and not paying attention to the changing winds.

The reality is that I can sit here today and write what you want to be looking for in business trends and then a year from now, write the same sort of article with different ideas to keep an eye on as business and society evolve. Still, there are some areas that I think will remain constant and you should pay attention to in your company.

Always Pay Extra Attention to Millennials

For decades and decades, the “darling” of generations were the Baby Boomers because of their sheer size and buying power. As the Boomers are now seniors, the same can be said about Millennials. They will be, and already are, a force for years to come and they are the first generation that is pure digital natives. Your products and services should be marketed to them and how they think. By 2020, Millennials will have an estimated $1.4 trillion in spending power.

Get Comfortable With AI, IoT, and ML

What used to be buzzwords such as AI, IoT, and ML, are not anymore. They are not the future; they are the present. Most of you know about AI (Artificial intelligence), IoT (Internet of Things), but maybe you have not heard about ML (Machine Learning). Machine learning is when computers do things without being programmed to do it because they are learning it for themselves. Through machine learning, we are given self-driving cars, excellent web search tools, practical speech recognition programs and a host of other platforms. As technology evolves, all of these elements will play a more substantial part in life and business.

Remote Workforce

I have a preference for my team to be onsite, but for some functions and aspects of our work, these elements are outsourced. Currently 40% plus of American workers are doing some work remotely, without having to be present at their place of business all the time. This trend creates demand for adequately training remote employees through video conferencing platforms, especially for social media and programming positions. All that is required is a computer and Internet.

Get Past the Clutter

The way you brand your business is essential. People are drowning in data and information, and you have to be able to cut to the chase immediately. Branding, which encompasses the name, logo, etc., creates instant identification. With excellent branding, you are perceived as an authority, successful and trustworthy because you pay attention to the details. Also it makes prospecting easier. Customers find you. You can hire better talent. Candidates seek you out rather than looking to apply for a position with an unknown company. Because of branding, it is easier to create more businesses under the same name.

Opportunity Exists in Buying Businesses

There are more businesses for sale due to the retirement of the Baby Boomer and Millennials will be buying them and then reinventing the companies they buy. Keep an eye out for your competition because there’s always an opportunity in looking to buy an existing competitor. For instance, you can buy their entire client base, or perhaps they’ve excelled in e-commerce, and you’re able to bring that into your portfolio. I’ve successfully purchased some of my competitors, and it’s only helped my businesses grow.

 

15 Business Etiquettes Professionals Should Know

“A man without a smiling face must never open a shop” or so the Chinese proverb goes. Truly, smiling goes a long way to lighting up the mood for a friendlier, more understanding conversation. This is true in business as well, especially when trying to make a business partnership. However, there are more business etiquettes beyond smiling and demonstrating these will show others that your customers and your business are worth respecting.

* Introduce everyone, even when in doubt – There is a proper way to introduce people to each other. First, introduce the person who is the most senior, using their full name and their job title or responsibility. Next introduce that person to the person who has lower authority. Make sure to also mention his or her full name. To end, you may mention some details about each other as a topic of common interest. When being introduced to someone, always stand up if you are sitting.

* A firm handshake – The way businessmen shake hands more often than not sets the tone between them. Giving a good, firm handshake will set a good first impression as it may eventually end up in a successful business partnership. If you are the host or the senior member, you should be the one initiating the handshake.

* Admit if you forget their names – Forgetting the names of people you were recently introduced to is not uncommon. If it happens, admit it and ask for it again as this shows that you give them importance.

* Sitting down for a meeting – Whether the meeting is in a restaurant or in an office, in a group or a one-on-one, it is best not to pull out the chair for anyone. In a business setting, everyone should dismiss social gender rules and treat everyone equally. When seated, never cross your legs as it may be distracting and disrespectful.

* Meeting in a restaurant – Contrary to business instincts, do not use your knife to break bread. Tear it off with your bare hands as this signifies your openness to your potential business partner. When finished with the meal, never push your plate away nor stack the plates. Try not to have any left overs as well. If your guest orders appetizers or dessert, you should be ordering as well. This avoids the potential awkwardness of having other people in your party eating and you have nothing on your plate. If you are the host, you should pay for your guest unless he or she insists otherwise or is against their company’s gifting policy.

* Dress properly – The way someone dresses is a form of nonverbal communication. Dressing appropriately for a meeting shows an automatic sign of respect for either the guests or for the host. Additionally, always check the dress code for an event as some events may require either more or less formal attire.

* Keep cellphones in your pockets – Never place phones on the meeting table and don’t use them during the meeting. Only answer calls that are urgent and excuse yourself from the meeting and take your call outside so you don’t interrupt the meeting.

* “Please” and “Thank You” – These two phrases show politeness in any conversation and it is all the more important in a professional setting. Saying “please” can be used as much as needed. “Thank you”, however, should be used once or twice as saying it too many times may lower its impact. As much as possible, give thanks to everyone individually after a meeting.

* Stay sober – Businessmen have lost reputations and careers because drunken behavior. Although none of the things said or done while drunk were meant, it is a clear sign of disrespect towards either the host or guests. Don’t embarrass yourself or your business. Know your limits and control your pace.

* Be genuinely interested – Always make eye contact in a conversation and make sure to pay attention to every detail the guest says. Take the time to ask questions as this shows that you were listening and interested.

* Double check emails – Simple mistakes can be made to derail a meeting or blow a deal. You may have date and time wrong for a meeting, left out some paperwork to be signed, or worse, your emails were sent to the wrong person and may potentially endanger the company.

* Use professional photos – When using your or anyone’s photos for business matters, always use a proper headshot. Businesses would need to look credible to other businesses.

* Greet everyone anywhere – Regardless of seniority, always greet people. You may never know that he may actually be your next business partner. When people greet you, it is imperative that you greet back.

* Don’t forget to smile – Just like the Chinese proverb, smiling works wonders in any occasion, whether in a meeting, during introductions, or in a business social gathering.

End on a polite note – When you need to leave, make sure you exit politely with either, “It was nice to meet you” or “See you at the next meeting”.