Category Archives: Analyzing Business Data

How Business Analytics Improves Customer Experience

Solid customer relationships are the core of any successful business. Because of this, company leaders worldwide are taking full advantage of tools, techniques, and systems that help strengthen these relationships. But, of course, one of the best ways to build strong relationships with customers is to provide an exceptional customer experience. And you can ensure you’re providing an excellent customer experience by utilizing business analytics. Learn how business analytics improves customer experience. Continue reading How Business Analytics Improves Customer Experience

How Do You Use Artificial Intelligence in a Small Business?

Small-scale businesses such as startups or IT and marketing agencies can often feel underpowered compared to large-scale enterprises. However, artificial intelligence (AI) is slowly making it possible for small businesses to compete in the big league thanks to machine learning AI algorithms. How do you use artificial intelligence in a small business?

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What Is the Cost of Poor Quality?

If you are trying to explain the importance of quality to management, then you need to explain it to management using the language of management — costs and return on investment. Crosby described the cost of quality as the cost of nonconformance. Juran, another quality guru, explained it as the cost of poor quality or the costs incurred as a result of poor quality. What Is the Cost of Poor Quality (COPQ)? Continue reading What Is the Cost of Poor Quality?

How Data Science Can Help Retain or Onboard Your Clients

How can data science help you retain or onboard your clients? Understanding what your customer experience metrics say about your business is exactly what you need to improve both onboarding and retention. This guide will cover customer onboarding basics, customer retention basics, and four ways to use data science to improve customer onboarding and retention.

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What Are the Uses of Cost Accounting Information?

 

Basic Cost Accounting Information starts with cost: a financial measure within your accounting management system defined as resources consumed or acquired in accomplishing a specified purpose such as performing a service, providing a product, or carrying out a project or program regardless of when the resources were ordered, received, or paid. Cost can be defined in a variety of ways depending on the objectives or information desired.  Continue reading What Are the Uses of Cost Accounting Information?

How Do You Measure the Effectiveness of Remote Working?

The outbreak of the COVID-19 pandemic sent millions of people from working in an office to working remotely. This sudden shift left team managers, leaders, and business owners confused and worried about keeping the business up and running. This explains the sudden need for innovative KPI solutions with leading indicators for measuring organizational success, which begs the question: how do you measure the effectiveness of remote working? Continue reading How Do You Measure the Effectiveness of Remote Working?

Use Knowledge and Wisdom from Information as a Strategic Advantage

Information defines your business, representing not only your organization’s past experience, but also its future potential. Your usage of technology to manage your information could be a source of strategic advantage. But information is not enough. You need knowledge and wisdom to build an organization.  Continue reading Use Knowledge and Wisdom from Information as a Strategic Advantage

Using Behavioral Analytics to Boost Business Cyber-Security

Worrying statistics have found that 43% of all cyber-attacks target small businesses. These figures point to other precarious facts, for instance: about half of all small businesses don’t survive the first cyber attacks. Continue reading Using Behavioral Analytics to Boost Business Cyber-Security

How Do You Analyze Correlation?

You may know how to use cause-effect diagrams and scatter diagrams to identify the causes of problems and to quantify the impact of solving those problems. Before you try to understand control charts, you need to understand the concept of correlation and how to analyze correlation between variables data. Continue reading How Do You Analyze Correlation?