by Felicien | Jul 14, 2017 | Education
This article talks about predictive analytics in detail. It also discusses how it can be used to help an organization succeed.
In most companies, the sales team is always at war with the marketing department. The sales team claims it is unable to do its work because of ineffective marketing. On the other hand, the marketing department claims that it cannot be effective since it does not have enough data.
Most companies have become quite good at collecting data from their customers. However, the data is only as good as how the company is able to exploit it. Most businesses today only collect huge amounts of data, but they fail at making use of it to grow revenues. To make use of big data, a big part of it relies on predictive analytics. This type of analysis allows companies to glean more information about their customers.
What Is Predictive Analytics?
Predictive analytics is the process of using data, machine learning, and statistical analysis to assess the chances of certain future events taking place. These algorithms used in this analysis come up with a predictive score based on the past.
The scores are numerical, and they represent the probability of a customer having a certain interaction with the company. For instance, it predicts their chances of making their next purchase at a certain time. This data is then used to inform the organization’s actions in relation to that of a customer. It is the insight from the patterns of customer behavior that can be used to grow sales. However, it is important to note that predictive analytics cannot define the exact behavior of a customer. Instead, it only predicts the chances that it is what they will do.
Predictive analytics gives you an Edge.
Although the use of predictive analytics has tripled in recent years, only a third of all businesses even consider using it. Thus, if you do decide to make use of it, you will be having an edge on the competition.
This advantage can vary by industry. For an e-commerce site, the use of predictive analytics can play a crucial role in pricing over time. It can also be used to show the right promotional material to the right target customers.
It is not just used to show what people will buy. It is also used in determining how effective you will be at their job. In the US military, it is now used to determine how likely it is that a person will be effective in their role. This analysis is based on analyzing data of people who have been successful in the past.
Even banks and other financial institutions have not been left out. It is thought that the use of predictive analytics has cut the decision making time by about 13 percent compared to companies that do not use predictive analytics. This type of science has proven invaluable to financial experts in the areas of fraud mitigation, collateral management, and risk.
Best Practices for Using Predictive Analytics.
When coming up with a system for utilizing predictive analytics, some best practices will help you succeed. These practices work well no matter the industry in which you intend to use predictive analytics.
Have Clear Objectives.
You will need to define the outcomes that you want to predict. Whether they are equipment repairs, sales, or other metrics, a clear understanding of the metrics will help you get to your objective in an efficient manner.
Have the Physical Infrastructure in Place.
Predictive analytics works better the more data there is. That means your entire organization will need to have proper interconnectivity. This helps to avoid the problem of having important data isolated in one department of your organization. There is also need to ensure that the communication tools used in different departments are effective.
Define Your Measure of Success.
For you to tell whether your predictive analytics is working, you will need to define what success is. This way, you can tell if you are making good use of resources or if it is a huge waste of time and money.
Use Proof of Concepts.
Before you begin predicting data, make a prediction using data that you have. If the predictions come out as you expected, you can proceed to demonstrate that the technology works.
Take good Care of Your Data.
Getting the process started is quite easy. However, your system will be bombarded with a lot of garbage over time. It is important for you to have the right tools in place to sift garbage from real data.
Make use of the Predictions.
Predictive analytics will no doubt use some of your company’s resources. It will be a waste of money if you do not take advantage of the data to grow profits. Hire the right experts who can assist you take advantage of any outcomes.
How you can Use Predictive Analytics.
1. Provide you with Insight into your Customers.
Sometimes, you may think you understand your customers from a few samples. However, there is also a higher chance that you are wrong. Without an accurate idea of your customers, including their age, gender, income, it is difficult to make predictions that help you grow profits.
Predictive analytics will provide you with insight into what drives your customers. You will also be able to understand what their motivation is for making a purchase. With such nuggets of wisdom, you can market to them more effectively.
2. Use it to Streamline Email Marketing Strategies.
If you have an email program, there is a good chance that it collects data for you. However, you may find it hard to make good use of the data. With predictive analytics, you are able to use the data to come up with a marketing strategy that is cost effective.
3. You are Able to Perfect the Inventory Process.
Predictive analysis can help you cut losses by preventing being out of stock. When you are able to predict how much customers will buy from you, you can make orders with that in mind. That will also help you avoid issues such as expired inventory.
4. You Can Plan for Expansion.
Predictive analysis can help you plan your expansion with a high degree of success. For instance, if you are planning to expand retail, you can make use of predictive analytics. You may find that a huge segment of your customers travels a long distance just to access your services. By utilizing data, you are able to identify the optional location where you should build your new retail outlet.
Conclusion.
Predictive analytics uses past data to build models that are likely to succeed. However, there is still need for an effective marketing team to interpret and make use of this data.
by Felicien | Jul 14, 2017 | Education
There are three types of technologies that every business needs if they want to transform, grow, and achieve new levels of success.
Technology has been at the forefront of business development for decades. However, as technology has begun to advance more rapidly, so too has the need for nearly instantaneous business transformations. Across the globe, enterprises are using technology to enhance productivity, improve innovation, draw closer to customers, and create new business models. However, as technology advances so too does its complexity, which means that enterprises must choose wisely if they want to successfully edge out their competition by transforming.
What Technologies Are Increasing?
It is true that technology as a whole has numerous benefits, and yet certain technologies are advancing more quickly than others. A recent economic report showed that technologies associated with the cloud, Internet of Things, and mobility were on the rise. The report went on to note that there is an ever-growing need to outpace existing and new competitors, which has led to the rapid adoption of new, innovative technologies. In fact, if you want to enhance job satisfaction, improve productivity levels, reduce inefficiencies, and more effectively “achieve the bottom line,” then you need to carefully choose the right types of business technologies by remembering the following insights:
Innovation in technology is highly likely to drive business transformation over the next few years. In particular, SaaS, PaaS, and IaaS, mobile, apps, Internet of Things, biotech, and health care will lead the way in innovative technologies.
The consumer markets, healthcare industry, automotive, transportation, and manufacturing sector are most likely to be affected by technology changes in the next few years.
The top barriers that must be overcome if technological innovation is to continue to occur are security, complexity, and customer adoption.
Businesses will increasingly look to technologies to assist with cost reductions, faster innovation cycles, increased business efficiencies, and enhanced customer loyalty.
What Technologies Can Help To Transform Your Business?
Transforming your business is a task that should not be approached lightly. In fact, choosing the right technologies is not only a financial decision, but it is also marketing, brand recognition, and company shaping the decision. With these high stakes in mind, here are a few must-have technologies that will help your business continue to grow, develop, and achieve industry success.
Achieving Mass Growth Means Using Mobile Technology. — As of the start of 2107 more than six billion people throughout the globe used at least one mobile device. Combine this knowledge with the fact that approximately 56 percent of consumer traffic for the top U.S. websites was generated on mobile devices. The moral of the story is clear, any business that wants to transform the way it does business, while simultaneously creating the platform needed for massive growth, needs to leverage the power of mobile technologies. In fact, mobile should be incorporated in a multitude of avenues, including website design, apps, and to improve the customer experience.
Marketing Automation Technologies Should Be Used To Increase Efficiencies. — Did you know that marketing automation software can be used to more easily conduct marketing activities? That’s right, through automation technologies you can increase the efficiency with which you complete your vital marketing tasks. One popular software / CRM is Microsoft Dynamics 365, which can do the “heavy lifting” that previously would have been achieved via a time-consuming manual process. Now, with the right CRM, you can bridge the gap between your marketing and sales departments, obtain a 360-degree view of each current, future, or prospective customer, and implement the processes needed for trigger specific responses that lead to enhanced business relationships, higher conversions, and increased sales.
Don’t Make Your Remote Workforce Feel Out Of The Loop. — A recent study showed that by 2022 an estimated 60 percent of office-based workers will regularly work from home rather than making the trek to a designated company office. The increase in the remote workforce means that businesses need to find practical technological solutions to remain connected. One such solution is to leverage the power of Microsoft Teams, which makes it easier for teams to efficiently collaborate. Through digital chats, video conference, and remote communication platforms, teams can now complete their tasks from anywhere in the world. If you want to reduce overhead, while simultaneously improving your management techniques for remote workers, then you need to use collaborative technologies, such as Skype for business, that will help your employees stay connected whether they are working from home, a local coffee shop, or your central office’s board room.
The Bottom Line: The Right Technologies Will Depend On Your Business Goals
Determining the specific technologies that you need to transform your business will depend on your current and future goals. By understanding where you want your business to go, you can choose the technologies that you need to support innovation, growth, and success. With this in mind, no matter your business goals, you will want to ensure that you leverage the power of mobile, automation, and collaboration technologies to streamline efficiencies, increase productivity, reduce costs, and promote business transformations. To discover the specific technologies that you need to transform your business, contact {company} located in {city} via {email} or {phone}.
by Felicien | Jul 13, 2017 | Education
Here are the real benefits to using managed data services at your growing company – see what’s right for you!
When companies start advertising managed IT and data services, they tend to trot out all the same claims: Lower costs! Speed up your business! Find peace of mind! Those are some nice generalities, but they don’t really tell you much about the specific ways your company could benefit from outsourcing the right data services to an expert. We want to dig deeper into the advantages you may not know about – particularly, the benefits for smaller companies that are ready to start growing or make significant operation decisions. Beyond the fluffy promises, here’s what you can really get help with.
1. Making Room for Operational Ramp-Up
It’s easy to assume that only larger corporations have enough resources to outsource data services to other firms, and several years ago when the industry was much younger, this may have been true. Today, however, more reliable services offer some of the greatest benefits to start-ups and young companies – businesses that are ready to rapidly expand output as needed but need to be very careful about where they place their resources. Managed services provide a way to deftly control costs through transparent fee structures while focusing in-house talent and resources on what matters most to the company. Start-ups risk a lot when spreading themselves too thin through expansion: Outsourcing the right data services (payroll, IT, etc.) can help lower these risks.
2. Acquiring the Necessary Data Security
The key word here is necessary: Many industries have compliance standards that even small businesses must meet when storing and sharing sensitive data. Fail to meet these requirements, and hefty fines can quickly shut down a growing organization. Even if regulations don’t come with these imposing costs, a data attack (costing an average of around $4 million) and the resulting loss of business is typically enough to permanently shutter any small company. Outsourcing security to experts who know what needs to be done and how services must be secured can remove this problem for organizations that may not know exactly what is necessary. Don’t make the mistake of thinking that you aren’t at risk: Hackers are increasingly targeting small and mid-sized companies, expecting that they will have inadequate security. Don’t prove them right.
3. Meeting the Latest Tax Requirements
Compliance isn’t just about security, it’s also about the most recent tax regulations. This isn’t all bad news: One of the advantages of outsourcing services and adopting new automation features is that many companies with less experience end up avoiding tax penalties that they would otherwise incur, and even find new tax incentives that they didn’t know about. If there is any paperwork, especially financial or payroll forms, that your company doesn’t have much experience in, it may be worth at least a consultation with an expert to see if you can benefit from outsourcing some of the projects.
4. Making Early Structural Decisions
Another issue frequently raised when discussing managed services is “flexibility” which often refers to a workforce that can be deployed in different ways and augmented as necessary. The gig economy, home or remote work situations, more flexible schedules – they are all drivers for adopting more cloud services and outsourcing office work. This is particularly important for growing companies ready to make decisions about how flat they want their organizations to be, and what sort of hiring and scheduling practices to depend on as they expand their workforce. Structural changes are challenging to make later on in development, so having a clear road map and the necessary is an important first step.
5. Setting Up Remote Work the Safe Way
Speaking of remote work situations, here’s an aspect that many companies don’t think about until late in the process: How are you going to protect data both at work and at other work locations? Data security in the office is one thing, but you won’t have direct control over what happens to devices or what wireless networks are used when people work on the go or at home. So what happens to collaboration and shared data? It stays protected – if you use the right services that include encryption, threat management, and virtualization where needed. Embracing remote work situations is great, but you need to have a data plan that makes it safe!
6. Offering Better Benefits
One roadblock smaller companies have to offer substantial benefits packages is that it’s just too difficult for them to get started and manage with the current workforce. But outsourcing specific HR and payroll functions, when done correctly, gives these companies better access to health coverage plans, retirement benefits, FSAs, wellness programs, and more (in addition to making it easier for employees to fill out the paperwork). Putting together a strong benefits package is particularly important early on since it allows companies to attract talent at just the right time for growth.
7. Cleaning Up Administration
Administrative functions are on the fast track to automation these days – as long as you can get everyone on the same page. From voice assistants and email clients to integrated data centers like SharePoint, it’s important to know your options and set a strategy for scheduling and sharing information. The good news is that when that is completed, administrative costs tend to go down and companies can get rid of a lot of bloat. A data services expert can help you get there if you’re tired of administrative duties being a little too scattered.
8. Keeping Updated on New Features and Tech
Managed services providers do something else, too – they keep track of the latest capabilities, and know about solutions that you may have missed. That includes RMM tools (remote monitoring and management), new features added by Microsoft or Apple, communication innovations like chatbots, and much more. Not sure if you can use any of these services? That’s why going outside the company and asking an expert is a good idea!
Do you have more questions about available services in {city} and just what they can do for you? Contact {company} today! You can reach us at {phone} or {email} to find more information about our services and plans.
by Felicien | Jul 13, 2017 | Education
Technology is changing the way businesses operate and connect with prospects; how will innovation change your business?
The self-driving, ride-sharing car, robots that replace humans when it comes to not only manual labor but the inputting and processing of data and even the ability to build an entire home in 24 hours or less using 3D printing. These business technology innovations make headlines every day, and the brands that are using them are running faster, better and more efficiently.
It’s one thing to read about these big brand, cutting-edge innovations from instantly recognizable companies like BMW, and another to integrate technology into your own business – it may even seem like the innovation and digital transformation is leaving small and mid-sized organizations behind. The truth is, though that some of the latest digital innovations can easily be integrated into any organization and reduce hassle, improve output and even transform your entire workflow process. Learning more about the most recent changes allows you to make the best possible decisions when it comes to integrating technology into your own organization and to make investments in all the right places.
5 Ways Technology is Changing Business – and How to Put it to Work for You
Boosted Efficiency and Productivity via Automation and Robots
One of the biggest innovations is impacting both B2B and B2C businesses in a huge variety of industries, from insurance to healthcare and IT. Organizations can use robots to input data and perform basic processing and workflow tasks, reducing the need for a human workforce and increasing both accuracy and productivity. These “robots” are not physical beings at all, but automated software applications that exist in your network and work diligently around the clock to intake, process and store information for your business.
In the insurance industry, robots are already at work, inputting information collected from customers and for claims. When a robotic system intakes data, there is no room for human error; hearing a number, name or address and then writing it down or entering it into a workstation can cause errors when you rely on a human operator. That same task can be effectively handled in seconds by robotic technology and the data is error free. BY integrating claims intake and processing with artificial intelligence, digital leaders in the insurance industry are improving productivity cutting costs when it comes to claims processing.
In the Fintech and banking space, robots are making decisions about loans and lending based not only on customer provided data but a history of spending trends and even a consumers texts and personal connections. Apps like MyBucks rely on AI to not only predict which customers will pay a loan back but to select the right due date for that payment. By identifying the consumers spending habits and date of payment, the AI driven app can detect the right day and time to request payment. For loan intake, processing, and even decision making, AI robots are changing the way banks and financial agencies work and interact with customers.
What does this mean for your business? If you have regular, mundane tasks like inputting and processing customer data, then automated, artificial intelligence could help you save time and money and improve the client experience. You don’t have to buy an actual, physical robot to implement AI into your organization, just identify those areas with repetitive and ongoing tasks that could be served better by 24/7 robotic software.
Improved Access to Information and Data
Cloud computing and technology make it easier than ever to research and find data without leaving the office. Since you can access everything from SaaS to manage your workflow and processes to statistics and research data from your own workstation, both you and your business can be more agile and better equipped to make decisions.
Enhanced access to data is for more than external research purposes; it can streamline and improve your internal services as well. From the ability to offer your customer service team not only a way to connect with customers but a way to instantly access complete customer history, you can provide a better user experience for anyone who interacts with your brand.
The Rise of the Paperless Office
Running a paperless office does help you stay green; a critical component of any business, but it also helps streamline and improve collaboration and impacts your entire workflow process. If your team still needs to handle physical files to complete tasks, you could be missing out.
In a physical paper document system, one employee will have physical control of a document and may make changes or additions. For the next employee to access that file, they need to go and get it – and then find and identify any changes A paperless system allows those employees to instantly access the data they require and informs anyone who opens the document of any changes. BY tracking changes and allowing multiple users to access workflow documents, the process is vastly improved – it is faster, more agile and fewer mistakes are made.
Paperless technology is even making headway into industries that rely heavily on paperwork, from healthcare to legal services; going paperless is one of the fastest and easiest ways to integrate technology into your workspace without making a huge investment.
Increased Interest in and Need for Security
Breaches and ransomware assaults make headlines nearly every week, and businesses of all sizes need to be increasingly aware of the need for enhanced security. The rise in crime has also led to an increase in interest in protecting data, training employees and incorporating IT into every aspect of the business, not just data handling and workstation setup and maintenance. At the very least, an organization needs to be committed to protecting data with backups, integrating patches and updates regularly and training all employees to spot the signs of trouble. Heightened interest in security can only benefit small and mid-sized brands as B2B IT concerns work to create affordable, game-changing solutions for this space.
Shift to Mobile First is a game changer for sites and marketing
Your website is no longer just a helper or a nice way to connect with customers. As Google and other industry leaders shift to a mobile-first environment, you’ll need to adapt or be left behind. According to PEW research, about 70% of consumers now make purchases and interact with businesses via mobile device; running a business and site that is mobile first is no longer an option, it is an essential ingredient for success.
You’re likely already incorporating some of these technological advancements into your business already, but knowing what innovations are having the biggest impact can help you make the best decisions for your brand. We’re committed to keeping our clients aware of emerging technology and putting them in the driver’s seat when it comes to innovation. Contact us at {email} or by phone at {phone} to learn more about putting innovation to work in your business and making the most of the latest technology; we’re here to help you succeed.
by Felicien | Jul 13, 2017 | Education
Technology is changing nearly every industry, but few as significantly as the accounting field.
Here’s what you need to know about staying in business.
Accounting firms have always had a bit fo a rocky relationship with technology… and that has only been exacerbated by the developments in the last few years. The accounting industry has seen many radical changes in technology over the past decade, and many companies are trying to find ways to continue to catch up without having to repeatedly invest in the “new tech” every few years. Here are some of the biggest technology changes that are currently faced by the accounting industry — and what you can do about it.
Technology is Automating Much of the Accounting Sector
Bookkeepers are practically obsolete, and that’s not something that’s making everyone happy. On one end, accounting companies are now able to vastly reduce the amount of staff they take on. On the other hand, that also means fewer people in the accounting industry in general… it means careers that are shrinking. Long-term, there are going to be fewer accountants and financial advisors, because there simply isn’t the need for any “busy work.”
It’s not only that transactions are being automatically recorded, but it’s also that they are automatically analyzed. Tools are now being used for many of the things that accountants used to do, such as provide quick depreciation schedules. And because the technology is so simple and easy to use, they often don’t even need an accountant to explain the results to them.
In short-term this means industry disruption — but in the long-term this is is a positive thing. Accounting firms need fewer people and more technology, and they will be able to invest far less money into maintaining their overhead. Accounting firms will also be able to demand the best talent because the industry is going to be even more competitive.
Technology Means You Always Need to be Available
In the old days, it wasn’t uncommon for partners to get the middle of the night calls from their panicked clients. But this is even worse now that email, text messaging, and other avenues are open. Accountants can now expect to be “on call” to their clients almost constantly, and it’s not as simple as having business hours — the competition is answering their calls, so you need to too.
This means that there may be fewer accountants working in the data analysis areas (where technology is taking up the slack), but more accountants working directly with customers. Accounting is likely shifting to a more human-centric approach, helping individuals reach their business and personal financial goals rather than dealing with raw numbers. But this also means that people skills are going to become paramount, and accountants are going to have to get used to office hours that potentially don’t end.
Technology Is Changing the Way Accountants Think
Accountants who are graduating now have never dealt with paper tax forms, nor have they had to deal with sending in paper documents to the IRS or manually compiling payroll. In fact, many accountants are not used to setting up their own algorithms or doing their own accounting at all; all of the software now handles it for them.
For larger firms and older firms, this can be a bit difficult to work with. Accountants are no longer being taught many of the more basic fundamentals; instead, software solutions are doing the heavy lifting. For the most part, this really doesn’t make a difference.. the work still gets done. But for more complex cases, this can lead to mistakes or things being overlooked, simply because the accountants have no experience in it.
Accounting firms may need to adjust to this through training sessions and through on-the-job learning. Internships may need to be more intensive, and new hires may need to be introduced to some basic accounting principles. On the other hand, they will often already know how to use the leading software solutions.
Technology Is Making Accounting Accessible to Everyone
Finally, accountants are going to see their roles shift and possibly shrink a bit. Many people are now doing everything from their taxes to their investing on their own and they are rarely looking for an accountant unless they need something special done — such as opening a business. Accountants are going to see fewer casual clients and walk-ins. Those who rely on individual tax returns or individual advising for the bulk of their business are going to be the hardest hit.
This is going to be mitigated somewhat by the fact that accountants are now able to reduce their workforce, but accountants who want to remain healthy and competitive are going to need to be more aggressive with procuring clientele — and they may need to start offering more accurate services, such as portfolio analysis and business management.
Technology is changing the accounting industry not only quickly but also permanently. These are not trends: these are things that accounting firms are going to need to deal with for the foreseeable future. Accounting firms need to understand that many of the services that they provide are going to be rendered all but obsolete in the next decade. The role of the traditional accounting firm is going to need to advance to a technology-focused, customer-centric business model to survive.
If your {city} accounting firm wants to learn more about modern technology, its benefits, and its challenges, contact the experts at {company}. Call us at {phone} or email us at {email} to get started!
