Lexically, image building is “improving the brand image or public image of something or someone by good public relations, advertising, etc.” Practically, the projection or image building is presentation of someone/something to people in a particular way, especially one that gives a real and good impression to viewers. A projection is required to make an effective appearance of a reality. Consequently, the image building shapes perceptions of public about someone/something. The right projection or definite perception of entrepreneur, institution, staff, and products/services is cornerstone of an effective marketing/branding/promotion struggle. It is now business standard globally to appoint some persons for psychological-based and aesthetic-driven projection of leadership, institution, workforce, and products/services. Accordingly, the projection or image-building has become an inevitable aspect of present-day businesses, both SMEs and LSEs.
An effective business projection has three dimensions – leadership dimension, institutional dimension, and product or service dimension. At leadership level, the ultimate purpose of an image building struggle is to portray a definite leadership style. An effective leader is missionary towards business objectives/threats, visionary towards ultimate business effects, dynamic towards manifold business processes/opportunities, and supportive towards all stakeholders/followers. At institutional level, the final motive of projection is to manifest a specific organizational behavior or to achieve goodwill. Academically, “A business’s image is composed of an infinite variety of facts, events, personal histories, advertising and goals that work together to make an impression on the public.” Generally, the organizational behavior is unique combination of competition, cooperation, and innovation approach of all stakeholders towards related business environs/people. The right business projection makes institutional strengths effective and institutional weaknesses irrelevant. At product/service level, a projection gives brand name to a product or a service, as a result, the business achieves Brand Equity. An effective projection process promotes simultaneously products/services quality, institutional efficacy, and persons’ productivity/effectiveness. It adopts multiple marketing techniques, launches various advertisement campaigns, and initiates manifold networking events. The best situation is to design marketing, advertisement, and networking in a reinforcing manner for effective projection of product/service, leadership, workforce, and institution.
Leader initiates a business and shapes a definite business culture through multiple organizational development strategies, so leader is a unique image of an institution. Moreover, he/she is an iconic representation of top management of an established organization and gives lasting identification to all stakeholders of the business. A strategic/tactical approach of effective appearance is all the more important for a leader, so that an image building campaign make precise projection of leadership profile. A slightest wrong projection of leadership would be detrimental for institutional growth and development. A veteran media cell is inevitable for accurate projection of top leadership in large organizations. A wrong image may eat precious time for fixing wrong messages due to ugly projection of top leadership.
A promotion campaign is an essential aspect for right projection of someone/something. Promotion is a communication activity based on some monetary incentives in order to increase or capture the market share of the product or service. The very purpose of a promotion is to attract new customers or engage the old ones. Moreover, promotion is an element of marketing mix, as well. There are seven elements of any marketing mix, i.e., price, product, promotion, place, people, process, and positioning. The marketing elements have physical & conceptual dimensions. The combined effect of seven elements is necessary for any successful marketing effort including right projection of someone/something.
4 Questions to Ask When Creating a Brand for Your Small Business
Whether it’s a large corporation or a small business, branding is one of the most important aspects of marketing.
Your brand differentiates you from your competitors, and it tells your customers what they can expect from you.
According to a Nielson survey, 59% of consumers prefer to buy new products from brands familiar to them. Corporate branding is one of the best ways to build and keep your customers’ trust.
Not only that, but proper business branding can also lead to an increase in sales, word-of-mouth referrals and advocacy for what you’re selling.
Here are 4 questions to ask and answer as you’re creating a brand:
1. Who Are You?
You can’t be everything to everyone. As you grow your corporate brand, you need to whittle down who your target customers are.
If your customers know you for your low-cost products, your brand message and brand strategy will reflect that. If your customers perceive your company as innovative and cutting-edge, be that to them.
Let’s use an example. A relationship therapist who offers marriage counselling will focus on brand development strategies to appeal to a target audience of married couples, not troubled teens or bereaved pet owners.
2. What’s Your Mission Statement?
One of the first elements of creating a brand is defining your mission statement. Your mission statement is related to what your company is most passionate about.
Some of the questions you can ask in this business branding exercise include:
• Why are you in business?
• What do you want for your customers?
• How do you differ from your competitors?
• Where do you see your company going in the future?
• What underlying philosophies or values do you have around your business?
Take a look at Nike’s mission statement. While you may be most familiar with their “Just Do It” tagline, here’s their mission statement. “Bring innovation and inspiration to every athlete in the world”.
Your mission statement will influence everything from your tagline and logo to your tone of voice.
3. What’s Your Brand Message?
When you’re creating a brand, it’s important to start with your brand message. Your brand message can be boiled down to your value proposition and the tone of your content.
Brand messaging is what inspires and persuades buyers to buy your product or service.
MailChimp has a simple, three-word brand message: Send better email. It’s direct and tells you exactly what you can expect if they use their service.
Let’s use the relationship therapist as an example again. He or she might create a brand message that’s bold and direct: Save your marriage. Or, he or she might focus on compassion and listening, and create a brand message around that: I’m here for both of you.
4. What’s Your Brand Strategy?
Your brand strategy refers to how, what where, when and to whom you deliver on your brand messages.
First, you need to determine your overall goals when it comes to your corporate branding. Are you trying to reach a new audience or steal market share from a competitor?
Included in your long-term brand strategy may be:
• What you communicate, such as your logo, tagline and language in website copy
• Where you advertise. Do you use Google AdWords, social media marketing, brochures, bus shelter ads…
• How you’ll reach customers, whether it’s weekly emails advertising sales or seasonal contests to keep them engaged with your brand
Corporate branding is a process.
It’s not easy, and it doesn’t happen overnight, or even in a few months. However, the ongoing effort can result in better relationships with your customers, increased leads and sales, and more trust in your product or service.
It can be very challenging to focus on brand development strategies on your own, and the risk of not doing it correctly can be devastating to your business.
In today’s competitive era, a lot of organizations still manage their travel expenses in a very unorganized manner. The traditional way wastes employee time and productivity and increases the stress of Account payable and Finance team in managing the process manually. To gain competitive advantage, organizations need to move to travel expense management platform that integrates travelers, approvers, travel desks, travel agents, accounts payable and finance on one portal to reduce miscommunication and streamline the process. Unnecessary trips and wasteful cancellations are decreased, travel is only with authorized vendors and travelers function within the recommended procedures and systems. This saves both time and money. Below mentioned are few benefits of an efficient Travel Expense Management Software:
Structured Travel Policy
Earlier when accounting for travel expenses was done manually, it was difficult to keep track of all the expenses and cost incurred. With the travel expense management software, the travel policies will be very clear and erroneous payments can be highlighted. Common travel expenses including hotel and food ought to be written down clearly. This helps in preventing issues in the future.
The finance and accounts payable team can get a clear visibility on the spend made. They will have all the related information available in the system with details of the same. They can easily know which department is spending how much and can put budget control wherever needed.
Entering expenses manually into a spreadsheet can be really tedious and can tend to be inaccurate. It becomes difficult for the accounts payable and finance team as well if you have several hundred employees in an organization. This is where the travel expense management software comes into the picture. The software allows employees to report their expenses in the system which automatically follows the workflow and goes for approval. Post approval it goes to the relevant department for authenticating and processing the payment. The entire process is seamless, automated and quick for employees and internal departments.
On-Time Employee Reimbursement
If you take too much time to reimburse your employee, it will lead to growing resentment. It could also lead to employees hesitant to go on business trips and maybe even flat-out refuse, which would ultimately affect the business. The software allows the employees to report their expenses on the go and it immediately goes for approval and payment. The entire process is quick and automated which saves a lot of time and helps to reimburse employee expenses on or before time.
Employee Travel Expense Trends
With a spreadsheet, it is difficult to say if a particular employee’s expenditure is atypical to the normal pattern. The software helps to capture data and analyse the trend based on historical data. Management can run multiple reports and get analytics to help them make business decisions. For ex. It is easy to look up different trips and find out whether inflation is bringing up the expenses or if the employee is skirting along the edge of allowed expenses. Both the Travel Expense Management Software and the Procure to Pay Software helps bring financial control in the organization saving a lot of cost and time.
For a daily shop-o-need cycle, a small investment to ‘try-out’ the new and be in ‘trend’ is perfect. But, what about bigger and larger decisions for your office or which window blinds to invest in while renovating a home or which agency to trust your SEO campaign or which chat software to install for your customers or which builder will give you a dream space. The large investments demand a trusted partner, and here, we are sharing the top things you should give importance to before reaching the decision.
1. How big is the team? – Let’s continue working with the above examples if you are looking to get a Hanas Blind installed, a small team is OK, but to purchase one or two floors in a commercial building, trust a builder with a larger team. Your need should define the team size. Why? A bigger team means, more people, more ideas and a better-managed team at both micro- and macro-level. But, in rare cases, a bigger teams can mean, more chaos.
2. What are the skill sets? – Once again, this is a basic requirement – the company or team you wish to hire should have the necessary aptitude to deliver. If you are looking for someone to drive your digital marketing campaign, knowledge of online marketing tools is a must – even if it’s a start-up. A person starting a business may be able to meet the demands of the profession, while an established player’s creativity has been tested, time and again, and they can be result-driven as per requirements.
3. What kind of experience do they have? – A wannabe entrepreneur may not have the experience, but their creativity may not be a match to the seasoned players. Once again, it all boils down to what you need! Creativity in decorating your home is welcome, but a seasoned player who knows the ins and outs of building bye-laws is required when you build a commercial space. Keep in mind, however, there is always an overlap between real-life knowledge and bending of rules to stand over the head and shoulders of others.
4. Have they worked for your industry before? – This question may not be applicable to personal purchases but to hiring agencies and personnel chosen for a job. Knowledge of the industry easily translates into a team well-versed with the challenges and benefits to focus on your industry. Don’t be hesitant, ask for references from old clients or customers, and if possible check-out the work they have done earlier. However, they should not compromise on the value you and your company represents.
5. Are they open to communication? – Communication is not all about speaking, it is also about listening. It is a two-way street – you have to articulate your ideas and dreams clearly. And, then you have to keep your mind open to the suggestions of the agency you want to hire. In the initial talks, you can gauge, how attentive they are when listening, and how clearly they state their ideas to you. A good agency or company will be judging you on these parameters.
6. Are they discussing achievable deliverables? – Once again, the line between the two is so thin, that is quite possible for you to be misled. When discussing the deliverables, say the increase in traffic from an SEO campaign, are they just saying, “Trust us, we will increase the traffic.” Or are they concentrating on telling you – 1x growth is possible in the next six months if these steps are implemented. The latter may come back and say, results were not achieved, because of lack of support, but then they will have to back-up each piece with evidence giving you an unbeatable experience for the future.
7. What are people saying about them? – That’s why word-of-mouth references and online reviews are so very important. These are genuine experiences from people who have associated with the company, and are either bowled over or are filled with anger. The fact is most agencies and sellers working can deliver good to outstanding results. But, there will always the ones that fell short of expectations – people messed up, planning was not right, communication stalled, etc., etc. Talk to as many people as you can to gauge the average success and failure rate.
8. What is their demeanour? – Do they smile often while speaking to you, even while making the presentation to you? Are they relaxed while communicating or are all of them tensed up? Share incorrect information or demand an outdated process, do they agree while secretly rolling their eyes? Or do they stand up and correct you, sharing with you the reasons why your ideas need to be ditched? Any intelligent person knows they need a person who smiles, is relaxed and is not averse to telling off their clients, in a reasonable manner. You may have heard of arrogant geniuses, with no manners, but those men and women are few and far in between, and if you are working with one of them, then you should be ditching this write-up and spending time on benefitting.
9. What are the services included? – Take in writing the services included and not included. If you planning an SEO campaign for the first time, you need to study the industry, ask questions of the experts, even the silliest one and get them answered in a cohesive and comprehensive manner. These are to be discussed before finalising or signing the deal. As was mentioned earlier, there can be no compromise on the communication between you and the person who you are dealing with
10. What is the proposed budget? – This has been saved for the last, for the simple reason, you know the heart of a purchase rests on the cost. You may be a person will pockets as deep as the Pacific Ocean, but even you would not want to waste your money on things which do not bring value – in terms of beauty or functionality to your home or office. Ask for the costs to be incurred, and please opt for a smaller or cheaper option, if you are in doubt about payment.
According to a report published on Deloitte Insights, 86% of companies interviewed in a survey say that developing new leaders is an urgent or important need. This means that the majority of organizations would prefer to groom a number of their employees who have the potential to handle higher positions than to hire externally.
Taking up leadership training courses is a great way to boost your confidence and gain the additional skills and knowledge you need to be an effective leader. Once you think you’re ready to take on a leadership role, you can demonstrate your readiness and competency through these strategic actions:
1. Bring extra value to the table
When you were still applying for your job, during the interview, you were probably asked the question, “What can you bring to the table?” You probably answered this all-important question by enumerating a list of your accomplishments, skills, experiences, etc. But once you’re ready to take on a higher position, you’ll need to bring more to the table.
This means taking on more work that you’re sure you can do competently and complete. If you have a set of tasks you need to do daily, go beyond the norm and put in more effort in your output.
For instance, if you’re in retail, don’t just aim to close the required or minimum number of sales every day. Work on getting more sales and giving patrons better customer experiences. By going beyond what you and your boss are used to, you are showing that you’re ready for more responsibilities.
2. Solve a big or recurring problem
Problem-solving is one crucial skill that all leaders should have. You can demonstrate that you have this highly prized ability by actually solving a huge problem or one that never seems to go away in the workplace.
Take the time to study certain processes or the office overall. Find out what causes delays in operations, dissatisfaction among customers, and discontent among your co-employees.
Do some research and recommend research-backed strategies or solutions to solve these problems. Work with the HR team, manager or business owner, and your co-workers to know if these are feasible fixes.
Once the new processes will be implemented, make sure you take a proactive stand and take the lead in accepting and following these changes.
3. Take ownership of your work
Humility is another trait people look for in leaders, and it is something that you should have as well. However, you should also own your contribution to success.
When others (especially your boss) notice and praise your accomplishments, accept and thank them. If you took the lead in a successful project, acknowledge your teammates’ efforts, but make sure you are aware of the important role you played in its realization.
4. Generously give credit to those who deserve it
Unless you took on a project yourself, always recognize and call out the efforts of your teammates. This is a crucial element in demonstrating and cultivating great teamwork. Appreciating the work of your colleagues shows your boss that you are paying attention to other people’s input and that you understand how everyone’s work contributes to the success of the company.
Recognition is one of the biggest things employees want to get from their bosses for inspiration. Even if you’re not a boss yet, acknowledge your colleagues’ efforts; they (and your superior) will appreciate you for it.
5. Inspire others
Genuinely acknowledging the hard work of others is a wonderful way to get the respect and admiration of your co-workers. However, take your appreciation a step further by motivating them to be better and to perform at a higher capacity as well.
Aside from leading by example, find different ways to inspire your colleagues. If some of them are experiencing burnout, offer tips on how they can overcome this. In case you’ve already experienced the same thing before, share some things about what you went through and how you successfully managed it.
If some of your co-workers want to become better employees, or are also aspiring for a higher position as well, encourage them to join you in team coaching sessions. All of you will learn something valuable from these programs. It is also an amazing way to let others know you are thinking of their welfare and success too; this, in turn, will encourage them to strive for more.
6. Know how to listen
Listening to another person with an open mind is a highly admired quality. It is essential to building and sustaining quality relationships.
If you know how to listen with an empathetic ear and open mind, you can develop a culture of passion and energetic teamworks. This is a clear indication that you have what it takes to be a leader. These are also traits that employers and managers look for and value in their next leaders.
7. See the big picture
Developing the ability to see and think big now will help you become an effective employee and leader. This refers to the capacity to keep an eye on the bigger vision of successful leadership without getting affected or caught up in various obstacles or issues at work.
Big picture thinking will also enable you to act proactively instead of reactively. When you already have this trait, your boss will know you are ready for a leadership role. This is because this quality is highly helpful in effectively managing people and time, and with turning challenges into opportunities.
8. Find, define and strengthen your voice
Building your personal brand is a by-word in the corporate world today. This is something that job-seekers are encouraged to focus on.
Finding and building up your brand’s voice and standing out from the crowd in a positive way will also help others see you as a potential leader. This can also spill over to your convictions; staying true to what you believe in is a good sign of a remarkable leader.
There is nothing wrong with pulling out all the stops if you’re keen on taking a leadership role. After all, aiming for a higher position is a goal worth working hard for. It is rewarding in many aspects and it is a clear sign that you’re on the right track to achieving greater success.
If you have a question in mind regarding the future of data science then you are definitely concerned with whether the techniques and tools such as Python, Hadoop or SAS will become outdated or whether investing in a data science course will be beneficial for your career in the long-run. But there is no need for worry. Businesses have only recently begun to realize the worth of their data and have just begun to make significant investment in these areas. So data science careers will be around for quite some time.
HISTORY OF DATA SCIENCE
The history of data as well as statistics is proof of the fact that the transformation of data into useful insights is something which has been happening for a long, long time.
The high-tech data-driven world has forced companies to develop cheaper and more reliable sources of data storage so as to store lots and lots of business data. The extraction of useful insights from this mass of data requires the skills and knowledge base of statistician and programmers. This combination of statistic skills and programming skills can be seen only in the DATA SCIENTIST. The job of data scientists is not only extracting useful insights but extends to designing new tools and techniques for processing and storage of data.
A SECURE AND LUCRATIVE CAREER AS A DATA SCIENTIST
The individuals with right mix of skills necessary for jobs as data scientists will have a challenging career. The job and salary prospects of DATA SCIENTISTS make it an even more worthwhile educational investment for new entrants and professionals in the near term. Data scientists will have a wonderful career in the future as well. The field of data science (machine learning in particular) is not going to disappear but rather outshine other fields. So the future of data science looks promising.
The market for data is regarded as highly competitive. Standing out from the crowd and having an edge over the competition are the two important traits to keep in mind when pursuing your career in the field of data science.
HOW CAN THIS BE ACHIEVED?
A lot has been discussed about the use and benefits of data. But now the question arises regarding how to accomplish training in this field. Professionals can advance their skills and knowledge base by taking classes in data as it is always said that upgrading one’s skillset (by way of training, education or any other mode) is the key to a successful career and a bright future. It is always beneficial to be in sync with the latest technology and trends.
THE FUTURE OF DATA SCIENCE IS DEFINITELY GOING TO BE BRIGHTER THAN EVER
But remember, getting into this field is not easy. You will need to have an in-depth and thorough knowledge of all the techniques and methodologies utilized in the field of data science.
WHAT DOES ARTIFICIAL INTELLIGENCE MEAN?
Artificial Intelligence refers to the vicinity of science and engineering focusing on developing the machines as intelligent as the humans. They are created to be fitted into place on behaviors that human regard as intelligent i.e. simulation of human behaviors which they consider as intelligent via the use of machines.
It is all concerned with developing the intelligent computer programs. The main objective behind the adoption of AI is to enable a machine to discover, analyze and crack the problems in parallel.
It is not essential that the computer programs developed are as intelligent as humans in all aspects. But in some aspects, the machine fitted with artificial intelligence can be even more intelligent than humans.
The future of artificial intelligence will change everything in our lives.
WHY DO WE NEED ARTIFICIAL INTELLIGENCE?
The integration of artificial intelligence into the computer programs, assists to create more efficient and effective systems. The opportunity in the form of AI is challenging and efficient at the same time.
The glaring pitfall to be kept in mind while talking about the efficiencies and the opportunities offered by this hi-tech world is that the amount of data being generated on a daily basis is rapidly increasing and it is becoming impossible to mine and analyze the data fully. The amount of data generation has made it impossible for the humans to deal with i.e. it has exceeded the capabilities of humans that they can extract the valuable information out of it.
The skilled professionals in the field of data science with the expertise and their skill sets try to create correlations between various inputs in order to draw out a specific output. But with the sheer volume of data, it has become relatively impossible to correlate every possible input.
This is where Artificial Intelligence can help. Incorporating AI into the systems lets you purify the raw facts into useful and palatable information.
The driver seat in the field of artificial intelligence is handled by the fresh and innovative codes generally referred to as algorithms.
Let us consider an example to understand how the AI works:
Facebook is a very popular social media platform. Facebook deciphers the user’s likes, the activities etc. and then determine what all content is to be placed on his/her news feed. The longer the time you remain active on Facebook, the more and more data is being generated and stored in the warehouse.
The systems incorporated with AI uses the deep learning to get the incessant feedbacks on its algorithms as the users interact. This way the algorithms generally referred to as coding assist the Facebook to analyze the interactions of the users to determine the content to be mentioned on the news feed.
Not only Facebook, even Twitter uses the concept of AI to position the tweets based on the users’ relevance and interests and also suggest them the tweets as per their interests.
ORIGIN OF DATA SCIENCE
Throughout the years, data science has become an essential part of many sectors of land management, commerce sectors, threat control, fraud, business analytics and many other areas. It solves many problems and issues within a given field with the help of data analysis and interpretation of various kinds of data. It concentrates on the utilization of particular statistical methodologies which are applied in the same way regardless of the field.
FUTURE OF DATA SCIENCE
Because the fields using data science are continuously increasing, the importance of data science is also increasing at an accelerated rate. It can help to pinpoint trends and make recommendations which will affect decision making and business performance while guaranteeing the best possible solutions. Data scientists will have to come up with a variety of solutions to cope with the challenges presented across all the different fields.
All in all, data scientists are the future of the coming generation. Businesses now realize what a gold mine of information is present in their data and are pursuing data science professionals to access that information. This emphasis on data science will continue for the foreseeable future.
With digital technology such as mobile phones and laptops becoming an important element of the education process, it can help more and more students learn and improve their skills. It can be the key to lucrative, fulfilling professions for the next generation.
ROLE OF DATA SCIENTISTS IN THE WORLD
A data scientist’s main role is to inspect large amounts of data using software basically designed for the work. The final results of a data scientist’s analysis should be understandable and easy enough for all the organizations to use. The approach to data analysis for a data scientist depends upon the organization and its specific needs. Departments need to communicate to the data scientist what their goal is so that the data scientist can determine the best approach to solving the problem. According to stats and surveys, job opportunities for data scientists have increased by 75%.
There is really no business segment that doesn’t rely on courier and delivery transportation. From consumer goods manufacturers to retail stores, automotive and parts repairing houses to offices, hospitals to educational centers, courier services are an integral part of all. While there are hundreds of courier companies reigning everywhere to provide assistance to them, there are myriad types of delivery services to cater to each of the organization’s specific requirements. However, here are illustrated the five most common types of courier delivery solutions offered by the transit companies.
International Courier Services
It is the primary and most common form of service found in every advanced or commercialized area. It refers to the transportation of goods/services across the geographical borders. As the companies offer transportation from one country to another, irrespective of the distance between them, the charges are obviously very high. The users of these services comprise of multinational organizations, manufacturing business brands, retail brands, and even households.
Same-day delivery services
This is the newest form of delivery services that came to the forefront with advancement in transport vehicles and reduction of freight charges. Moreover, it was brought into action to pay heed to the last-minute needs of businesses, hospitals and for other emergency services. Delivery is deliberately made on the same day the order is sent, and it is mostly availed for the transit of crucial documentations.
Online Shipment Services Booking
While everything is moving to online and mobile space, why not courier and delivery services? Users no longer have to wait in long queues to book services from the front desk of the courier companies, nor have they to take their packages to the nearby service outlet. They can now book their shipment online via their mobiles or desktops directly from the company’s website.
Pallet courier services
This service assures the fast and prompt delivery of goods using the pallets at extremely reasonable rates. It is availed mostly by the businesses or clients who have strict delivery rules and have fixed time limits.
Warehouse courier services
A much new concept in the delivery and logistics industry, warehousing services soon left a profound impact on the goods manufacturing businesses. It is helping companies or manufacturers to store goods, inventory at a warehouse and supply them to customers or dealers as and when required. This is found extremely useful for companies who do not have warehouses. Besides helping businesses to speed up their delivery service to customers, they also manage stocks, help in picking, packaging and dispatch and keep tracks of stock levels.
However, with so many options of courier services available, you need to opt for the right form of services for your needs and also meet up your budget expectations.
Business analytics is a wide area that covers the analysis of data using operations research and statistical analysis. It also has to do with the formation of predictive models and application of optimization techniques. The results are then conveyed to the executives, the business partners, and the customers. This is an area that requires the application of quantitative methods as well as data that is evidence-based so as to model business activity and aid in the decision-making process.
Business analytics usually deals with a massive amount of data whether structured and unstructured. It uses the business data collected on a daily basis. Business analytics techniques are applied so as to get to the different insights provided by the data that are needed when making good business decisions as well as smart strategic moves.
The Benefits of the Data-driven Approach
The results of business analytics are typically used in the making of decisions that are data-driven. The insight provided by analytics allows companies to optimize and automate the different business processes. Such companies are in a position to achieve an advantage over the competition.
Business analysis can be used to accomplish many different things including:
· Perform data mining where data is explored so as to find relationships or new patterns.
· Do thorough statistical and quantitative analysis so as to understand exactly why some of the results are achieved.
· Look at previous decisions and test them.
· Use predictive analytics and modeling so as to have an idea of how future results will turn out.
· Support for the making of proactive decisions. With this approach, they can also automate the process of decision making so as to have real-time responses where support is required.
As with any other approach, there are some challenges that are associated with business analytics. There are some concerns about invasion of privacy as well as great financial exposure, especially if one is in a fast-moving market. Determining what is true insight and what is not can be a bit of a problem. You may also spend a lot of money and time dealing with opportunities or problems that aren’t well defined.
To integrate a predictive model into the decision making process, there needs to be a corporate strategy laid out clearly as well as support from the senior leadership.
There is also the involvement of IT. The technological infrastructure and the tools need to be in a position to handle the business needs as well as the data analytics process to maximize effectiveness. The technological infrastructure needs to be considered so as to have the most current, most ideal data available. This will help you differentiate between historical data and real-time data.
The Best Practices
Implementing business analytics cannot be achieved overnight by any one given company. However, a company can follow best practices and over a period of time they will achieve the kind of insight that they are looking for. Ultimately, they will be successful and very competitive. However, you will have to decide on the practices that best fit your organization.