10 Common Data Analytics Mistakes to Avoid 

Data analytics is a critical part of business processes in today’s world. However, mistakes can be costly and lead to losses. Here, we’ll discuss the ways to avoid common mistakes in data analytics.  Data analytics is a part of the global industry, helping countless businesses derive and use actionable insights to make business decisions. More organizations now rely on big data analytics to detect patterns and trends in large datasets and uncover information not visible to human eyes.  Statistics show that the big data analytics market will touch $103 billion in 2023, and around 97.2% of businesses are investing in big data and AI. However, quite a few barriers affect the adoption of data analytics in enterprises. Limited access to data, lack of training, not investing in the correct tools, wrong metrics, etc., are common issues that lead to incorrect insights or errors.  In this blog, we’ll discuss data analytics and the common mistakes you should avoid when running data analytics. We will also discuss the importance of hiring a data analytics company to help businesses avoid these mistakes and achieve the desired results.  What is Data Analytics?  Data analytics is the process of collecting, transforming, and organizing data to derive actionable insights for decision-making. Raw data is used to arrive at meaningful conclusions that help optimize business performance and increase overall efficiency.  It is a continuous step-by-step process that can be automated using AI tools. Analyzing and reporting data with artificial intelligence tools makes it easy for employees to access the insights in real time. SMBs and large enterprises work with offshore data analytical service providers to integrate different systems and streamline data flow. Employees at various verticals can use intuitive dashboards to access data visualizations and make faster decisions.  Types of Data Analytics Before investing in data analytics projects, you should know about the different types of analytics and how these help your business.  As the name suggests, descriptive analytics describes data patterns and trends to help find more information and insights. Data mining and data aggregation are used in descriptive analytics to draw conclusions from vast datasets.  Large datasets are mined using predictive models to forecast future outcomes for a business. It also uses descriptive analytics to define and understand the predictions. Historical and present data is processed to detect patterns that forecast future opportunities and risks.  Diagnostic analytics describes the techniques used for processing data. It takes descriptive analytics one step ahead but identifies the reason for the results. Data mining, drill-down, and correlations are some techniques used for diagnostic analytics.  Prescriptive analytics uses the above three types of data analytics and focuses on data monitoring to derive more actionable insights. It combines mathematics, science, descriptive models, and predictive models to provide the necessary analytics to the business.  What are the Common Data Analytics Mistakes to Avoid?  While the concept of data analytics looks simple, it is easy to make mistakes that affect your business in the short term and long term. That’s why several enterprises partner with data analytics consulting firms to use their expertise and experience to successfully avoid the mistakes others make.  Here are the most common data analytical mistakes business organizations make and methods to avoid them effectively.  1. Sampling Bias and Cherry Picking Data  Data is the core of data analytics, and choosing incorrect or wrong sample data can lead to distorted insights. For example, sampling bias is one of the primary mistakes many organizations make. Sampling bias is when you choose non-representative samples. If you want to know how people feel about your product, you should choose a sample with your customers and non-customers. If your sample includes only your loyal customer base, you will not know how others view your product and whether they are even aware of your brand.  Similarly, cherry-picking is where you intentionally choose a sample that will align with your hypothesis. If a sales manager wants to prove that their campaign was successful, they might present only those reports that support their claim.  In both instances, you will not be aware of the actual market condition. To avoid this, you should gather data from multiple internal and external sources. Get data from social media mentions, websites, emails, chats, surveys, customer feedback, etc., to include more representations in your sample and use it for analytics.  2. Wrong Sample Size or Market  Here’s another vital question to consider when collecting data for analysis. Does the sample market align with your business industry? Businesses use large datasets to derive insights because a smaller sample size can lead to inaccurate conclusions.  However, you should also focus on where your data comes from. Demographics are important when finalizing the data sources. For example, a business selling hearing aids should focus on people with hearing difficulties to get their views and feedback. The sample market is highly specific in this case.  To avoid these mistakes, you should first define your business vision, mission, and goals. Be clear about what you offer so that you can identify your target market and proceed to list out data sources.  3. Not Standardizing Data  Raw data comes in various formats, structures, and types. It is collected from different sources like the cloud, spreadsheets, SaaS applications, social media, etc. Some data can be in tabular format, while some could be in percentages, fractions, and more. You cannot directly run analytics using these datasets if you want accurate insights. Not setting up a definite ETL process is one of the administrative mistakes examples in data analytics.  First, you should standardize the collected data. Establish ETL processes (Extract, Transform, and Load) to clean the data and format it uniformly. Label the datasets and add tags for easy categorization. Then, proceed to use analytical and business intelligence tools to derive insights. This also removes duplicate data and minimizes errors.  4. Vague Goals and Objectives  What is the purpose of running data analytics? Each department in your business has different goals and objectives. For example, the sales team needs analytics to understand market preferences and customer behavior.  The HR

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10 Ways Data Analytics is Revolutionizing Restaurant Industry

Data analytics in the food and beverage industry is revamping how restaurants, diners, food courts, etc., provide services to their customers. Many problems in the sector can be solved using AI and ML technology. Here, we’ll discuss how data analytics and advanced technologies are revolutionizing the restaurant industry.  The restaurant industry is among the most competitive markets around the world. Food is a part of our lives, and so is community living. Restaurants bring both aspects together with ease. Despite the competition, the restaurant industry is not with its issues. Like every other niche, it had to adapt and change to stay relevant in the global market.  For example, the lockdowns during the Covid-19 pandemic resulted in a multitude of problems for restaurants. According to National Restaurant Association, 92% of restaurant operators said that the increasing cost of food is a major issue. However, many operators are optimistic and aim to establish positive growth in 2023. The food industry is expected to reach $997 billion, mainly due to the increase in food prices. Furthermore, close to 50% of restaurant owners predict fierce competition in 2023 and the coming year.  Technology plays a major role in giving restaurants a definite edge over competitors. The global restaurant POS market size is estimated to grow at a CAGR (compound annual growth rate) of 6.4% from 2021 to 2028. Many small and large restaurants rely on data analytics service providers to plan and implement a data-driven model to make the most of analytics and insights to increase profits and customer base.  In this blog, we’ll read about the role of data analytics for restaurants and how it can solve various problems in the food industry.  How Can Data Science Help Restaurants? Data science can help restaurants make use of their raw data and derive actionable insights. These insights can be used to make faster and more effective decisions at different levels. Many restaurant operators hesitate to invest in data science as they don’t know where to start. Data science can help with the following: Ways Restaurant Analytics is Transforming the Industry  1. Greater Efficiency  The AI and ML tools used to derive analytics for restaurants help the operators to increase the overall efficiency of the place. From identifying the right sources of ingredients to increasing transparency in the supply chain and identifying ways to minimize costs without compromising quality, data analytics can help restaurants in becoming more efficient and thus enhance customer experience. For example, automating reservations allows the staff to pay more attention to improving the diner’s service. Using AI devices to take orders will minimize the risk of human error and even help the staff recommend dishes based on what the customers order. 2. Streamline Marketing  Restaurant data analytics is incomplete without focusing on marketing strategies. Every business needs a strong marketing plan to attract new customers and retain existing ones. A restaurant business has to understand what the customers want and establish communication channels to reach out to a wider audience. Special offers, discounts, suggestions based on previous orders, etc., can be set up based on insights provided by data analytics.  3. Quality Control  Big data analytics helps restaurants ensure that they maintain quality standards at all stages. This includes the procurement of raw ingredients, kitchen cleanliness and maintenance, cooking, packaging, delivery, dining services in the restaurant, staff behavior, etc. Food has a short shelf life which affects the quality. This can be prevented or minimized by monitoring the supply chain movement, storage, and production quantity.  4. Supply Chain Management  More customers are paying attention to how and where the ingredients are being sourced by restaurants. This is especially true for vegan consumers who prefer a transparent supply chain and want the restaurant to explicitly mention the sources. Similarly, diners and food courts that rely on local and international products can use data analytics for supply chain and inventory management to ensure there are no delays or issues with stock quantities.  5. Customer Sentiment Analysis  Sentiment analysis is the process of identifying the various emotions customers feel when they interact with the restaurant business. From the ‘like’ on a social media post to online reservations, dining experience, communicating with the staff, response to food served, reactions about pricing, etc., are all factored in this analysis. It helps restaurants understand the strengths and weaknesses of the business from the customer’s point of view. The best way to derive customer sentiment analytical reports would be to hire a company offering customized data analytics solutions in the industry. 6. Demand Forecasting  Restaurant predictive analytics helps the chefs finalize the menu based on customer preferences. If a restaurant gets more customers in the evening and has a maximum number of orders for pasta, it’s an indication that the dish is popular and should be definitely available during rush hour. This will help chefs plan the day’s work and adjust the meals cooked for other times. Even the portion of each serving can be decided based on this. It also minimizes food wastage by the restaurant.  7. Predicting Product Shelf Life  Food products are perishables. While some taste good only for a few hours, other items can last a week or more. For example, cookies last longer than cooked risotto. Data analytics assists restaurants in correctly determining the shelf life of each product and also lists the guidelines for consumers to prevent health issues (or lawsuits).  8. Personalized Customer Experience Every customer wants a personalized experience from the businesses they interact with. From food portions to special requests to multiple payment options and so on, it’s vital to meet the customers’ expectations to ensure loyalty. This is possible by processing their information (previous orders, payments, recurring visits, feedback, etc.) to derive actionable insights. Customer data and feedback are a goldmine for restaurants.  9. Restaurant Layout Optimization How can the restaurant’s dining room be organized to increase capacity but also ensure privacy and prevent the room from appearing stuffed or suffocating? This is one of the biggest concerns for many restaurants, especially the ones with limited space availability. How many

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11 Key HR Metrics to Track in 2023: Boost Your HR Operations

HR metrics are quantitative measures that track and analyze various aspects of an organization’s human resources to drive informed decision-making and improve the success of the organization. Are you ready to unlock the power of HR metrics and take your human resource management game to the next level? From employee turnover to training costs, data analytics can provide valuable insights to help you make informed decisions and drive your company’s success. So without much ado, let’s deep dive into top key HR metrics to track in 2023. What are HR metrics? HR metrics are measurements that identify how effective the human resources practices and processes are within an organization. They make it easier to track recruiting, onboarding, and other HR-specific activities. It also helps obtain valuable data about employees such as employee satisfaction, salary, and tenure. Examples of HR metrics ●  Employee Absence Rate: Percentage of workdays missed by employees due to unplanned absences. ●  Employee Growth Rate: The rate at which the organization’s workforce is expanding or contracting ●  Staff Diversity and Inclusion: Level of representation and inclusiveness of diverse individuals within the organization. ●  Healthcare Costs per Employee: Average cost of healthcare benefits provided to each employee. ●  New Hire Turnover Rate: Percentage of newly hired employees who leave the organization within a certain period, typically measured within the first year. These metrics can help HR professionals identify areas for improvement, track progress, and make data-driven decisions for the growth and success of an organization.  Here’re the Top 11 Key HR Metrics to Track 1. Employee Retention  Hiring and retaining skilled employees is the hallmark of a successful company. A high employee retention rate indicates a stable workforce and that employees are satisfied with the job. To apply the right retention strategies, HR needs to track employee retention rate, one of the most important HR metrics in 2023. Measuring this key performance indicator helps you monitor and improve the onboarding process, leadership or employee engagement, satisfaction issues, and problems with employee productivity.  2. Cost per Hire Do you keep your hiring costs in check? Is your recruitment process efficient? If not then cost per hire (CPH) is one of the timeless HR metrics to measure recruitment expenses. CPH gives you the details of the average amount spent to acquire new talent as well as reach out to all new prospective candidates. Included are both internal and external costs such as interviewing costs, advertising, relocation fees, and more. CPH is a great indicator of cost-effectiveness. So, keep a track of your expenses and optimize over time.  3. Time to Hire Does it take too long for your company to hire a new employee? Then, it is a sign of a poor talent acquisition process! Reasons could be anything from bad promotion to unclear job descriptions or ineffective screening of prospective candidates to time-taking onboarding process.  And, this is why ‘time to hire’ is the crucial one on the list of HR metrics. Measure this KPI to quickly fill in an open position and avoid losing a star employee to your competitor. 4. Quality of Hire How valuable are your new hires? Are they contributing well to salary hikes and client satisfaction?  About 43% of HR professionals find it difficult to hire the right candidates because of competition from other employers.  The ‘quality of hire’ is the right HR metric to gauge this. It encompasses several parameters like retention rates, performance appraisal scores, and other employee indicators. Measure this KPI to get a clear idea of your return on investment.  5. Absenteeism Rate If you want to make sure that your team stays on track, measure the absenteeism rate.  Start tracking and managing attendance. Whether it is poor management, work dissatisfaction, or poor workplace policies it is sure to spike unscheduled absences and drop your company’s productivity. Taking the help of a data analytics firm and their Power BI experts can smoothen the tedious job of analyzing large datasets like patterns of missed time with the help of sophisticated software.  6. Employee Productivity  This is the right metric if you are trying to figure out which employees are productive and which ones need more training. As an HR manager, tracking this key performance indicator is a must to address poor work output issues. 7. Employee Turnover Rate Keep an eye on employee turnover – it shows how many people are leaving and why. Treat high rates as red flags. To keep costs low and productivity high, create strategies to retain employees. To track turnover, simply record departures over a period of time and divide them by the average number of remaining employees.  8. Benefits Administration Does your company offer rewards and recognition? Are they serving your employees’ needs? Are you aware of your underutilized benefits? Or what benefits to keep, add or remove? Here comes the role of the benefits administration metric – one of the core HR metrics to track how effective are your company’s benefits.  Hire a data analytics company for easy tracking and management of employees’ health insurance and other benefits.  9. Employee Net Promoter Score (NPS) Your employees represent your organization to customers, business partners, and vendors. Tracking employee Net Promoter Score (NPS) measures employee loyalty and their likelihood to recommend your company to others.  A high NPS indicates a strong company culture, and it lets you know if your employees enjoy working with you. Improving this metric can help you attract top talent and make your company culture even better. 10. Training Costs Per Employee Training programs are crucial for improving employee productivity. How much do you invest in training each employee? How effective is your employee training program? To measure this, training cost per employee is an important HR KPI. And you can better analyze the return on investment for employee training programs. You can then take action to change the program if it is not worth it or doesn’t fetch desired outcomes. 11. Diversity Metrics Are you planning to build a diverse

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Top 12 Benefits of HR Analytics in 2023: Revolutionizing Human Resources

Human resources department can hugely benefit from using data analytics to make effective decisions about hiring, compensation, employee training, performance, etc. Here, we’ll discuss the benefits of HR analytics for a growing business.  The human resource department has always been vital in connecting employees with the organization. They are essential in taking care of employees’ needs and ensuring that the company continues to be productive and profitable. For years, the HR department relied on its own resources. However, times are changing.  HR teams now use the latest technology to enhance their services in the enterprise. The HR software market is estimated to grow at a CAGR of 10% to reach $33.57 billion by 2028. As per Tidio, 67% of HR professionals said that AI will positively impact recruitment.   Data and analytics are gradually becoming an integral part of the HR department. This led to a new discipline called HR analytics. Many BI companies offer offshore HR analytical services to help businesses adopt data-driven decision-making in their human resource departments.  In this blog, we’ll read answer questions like what is HR analytics and why is it important, and the importance of HR Analytics in an organization.  What is HR Analytics? HR analytics is defined as the process of collecting human resource data from multiple sources and analyzing it to increase the performance of the company’s workforce. HR analytics companies offering these services also term it as people analytics, workforce analytics, or talent analytics.  Using data science in HR gives your business an added advantage over competitors and helps in gaining an in-depth understanding of your employees, their abilities, requirements, etc. Broadly speaking, HR analytics allows you to leverage the following:  Benefits of HR Analytics 1. Talent Acquisition  Recruitment or talent acquisition can be streamlined by tracking the data related to hiring KPIs (cost per hire, quality of hire, candidate experience, application completion rate, etc.). It not only reduces the time taken to recruit a candidate but helps the HR teams find the right candidates for the right roles. This further reduces the employee turnover rate and increases the retention rate.  2. Evidence-Based HR The HR department has been traditionally relying on supposed trends about what’s effective for the business and employees. This includes missing information, biases, etc. However, using data to make day-to-day decisions eliminates errors and strengthens the stand of the HR teams. For example, the HR department can use employee feedback to determine what kind of incentives they should offer instead of assuming or copying a competitor.  3. Employee Performance Management Performance appraisal shouldn’t be a year-end activity. The HR teams can use analytics to monitor the KPIs of employee performance and provide them feedback at regular intervals. Here, instead of using information shared by immediate supervisors (which can be biased), the department uses data collected from the systems (collaborations, project status, errors reported and solved, etc.)  4. Compensation and Payroll Management Payroll and compensation management is time-consuming and complex in many businesses. How do you ensure pay equity in your business? How do you value your employees’ productivity? For example, around 62% of Staples employees said that they wouldn’t mind a lower pay package if they got better perks. What additional perks can you provide to make your employees feel valued? HR analytics help find answers to these questions.  5. Workforce Planning Your business won’t be the same forever. As you achieve your goals, the business expands and enters newer markets. This means your workforce should be capable of handling additional work. When to recruit new employees? Should you have an internal hiring team or rely on staffing companies? HR analytics help the human resource department stay one step ahead and be ready to take advantage of market opportunities.  6. Save Time, Money, and Resources Budget and resources are a constant issue for many businesses. HR analytics can help the teams support their plans and projects to enhance employee performance through training, upskilling, etc. Similarly, the teams can discontinue programs or schemes that aren’t delivering the expected results but are draining the company’s resources. Budget allocation and management will be more effective when you make decisions based on analytical reports.  7. Analyzing and Bridging Talent Gaps One of the most interesting benefits of HR analytics tools is their ability to analyze the talent gap in your business and identify the exact areas where you need to hire new employees or train existing ones. This is done by analyzing employee information, such as education, experience, performance, current skills, etc. It also reduces the cost of recruitment by helping you hire only the necessary candidates.  8. Upskilling and Reskilling Training and development are vital in any organization. HR analytics gives insights into new upskilling and reskilling opportunities to boost employee performance. The HR teams can pick the right employees for specific training programs based on their interests, performance, and abilities. For example, an employee displaying leadership traits can be trained to become a better team leader or manager.  9. Internal Mobility  Internal hiring or mobility can be very advantageous for the business. It increases retention rates and employee satisfaction. It also reduces the need to hire new candidates and provides greater work opportunities for existing employees. HR analytics and AI tools can help the teams map an employee’s career graph in the organization based on their strengths and weaknesses. This will allow them to achieve their goals without leaving the company.  10. Workplace Ethics Management Harassment, bias, misconduct, irresponsible behavior, etc., can reduce overall productivity. These issues can affect employees severely and have to be controlled by the HR department. HR analytics can help the teams collect information about previous complaints and identify potential employees who need workplace ethics training to prevent such incidents from repeating.  11. Supporting DEIB Goals DEIB (Diversity, Equity, Inclusion, and Belonging) goals have gained prominence in recent times. How can the HR teams ensure that their company has a diverse and inclusive workplace without compromising merit? HR analytical tools collect information from within the organization and recruitment platforms to provide a comprehensive report about how to make the

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8 Advantages of Outsourcing Data Analytics: Get More from Your Data

Data analytics is increasingly becoming an integral part of any business. Irrespective of the industry or the scale of business, it is important to have a strong foundation in data analytics. With the rising amount of data being generated from various sources, its effective use is critical for success. Businesses often find it challenging or overwhelming to put in place the mechanisms for effective data management. It can be due to the current priorities, lack of technical expertise, or due to lack of time. The fact remains that the business is unable to harness the capabilities of data. Some companies opt to outsource data analytics to ensure that the focus remains on core activities and the organization is still able to move ahead with the times. The global data analytics outsourcing market stood at $3 billion in 2021. It is expected that the market will grow at a CAGR of 21.50% over 2022-2030, reaching a valuation of $70.68 billion by the end of 2030. Outsourcing data analytics can bring a variety of advantages to a business. Apart from being able to access the latest solutions, there are several other benefits of outsourcing big data analytics to a professional partner. What is Data Analytics? Data analytics is the science with which a business can utilize raw data to derive meaningful insights and conclusions to support business growth. Data analysis can help a business increase productivity and performance in a variety of areas like marketing, logistics, finance, sales, customer service, etc. Data analytics help a business gather data from various sources and uncover patterns that can help generate useful insights. With the right frameworks and structure, data analytics can emerge as a strong competitive advantage for any business. Why Should You Outsource Data Analytics? We are living in the era of outsourcing. Businesses are outsourcing all types of IT and business functions, including strategic processes. The reason for outsourcing data analytics can be different for each business. However, at the core, it is important to understand that data is already playing an important role in business operations and its prominence is only expected to grow further. As a result, all businesses need to consider data analytics as an important aspect. With the evolving technology, businesses utilize software systems with modern technologies like artificial intelligence, machine learning and automation capabilities. Establishing these systems from scratch in an organization can be time-consuming, expensive and challenging. However, with data science outsourcing, any business can make the most of the evolving technological trends and stay ahead of the competition. Key Advantages of Data Analytics Outsourcing Outsourcing data analytics has the potential to accelerate the growth of any business. Here are the key advantages: 1. Professional Assistance By deciding to outsource data analytics, a business has a chance to access skill sets that may otherwise be in short supply in the market. It is a known fact that talent is in short supply in the IT industry. As a result, a business is better placed to have access to professionals who have deep expertise in areas like cloud computing, advanced analytics, big data, data science and data lakes. A business can close the gap in the skillset landscape by outsourcing data analytics. With the explosion in the volume of data across structured and unstructured sources, a business can’t meet its increasing requirements using a traditional data center setup. Businesses need modern cloud platforms so that they can build data lakes and manage data loads. However, it becomes challenging to operationalize these changes with an in-house IT team that offers limited talent and skill set. Outsourcing the data analytics function can expand the net of skill sets available for business growth. 2. Industry Expertise While some analytics functions are universal, some industry-specific functions can prove to be critical in effective data management. For instance, sectors like healthcare and financial services can have specific analytics functions that are required to build capabilities in the area of data analytics. Therefore, getting an industry partner that has deep expertise in that particular sector can help accelerate the data transformation journey for a business. For instance, a partner that has the capabilities to deliver high-quality data analytics service in the retail industry will be able to build analysis points like customer lifetime value analysis, market basket analysis, store sales analysis and profitability analysis. In other words, the partner will be able to bring to the table techniques that are very specific to the retail industry. At the same time, by opting to outsource data analysis, a business can benchmark its growth against its peers or the industry in general. Over time, this can emerge as a solid competitive advantage for any business.  3. Easily Scalable Apart from the fact that outsourcing services can help a business achieve data analytics skills quickly, it is equally helpful in creating a scalable ecosystem that may otherwise not be easy or possible to create with in-house capabilities. Effective data analytics requires a level of scalability and complexity that may not be possible to achieve in-house. As a professional data analytics partner will have analytical assets like frameworks and accelerators, it is possible to scale the data analytics processes quickly. With a third-party handling data analytics function for a business, it is also easier to follow a quick path to analytics maturity in a business. 4. Ensuring Compliance With the increasing amount of data, it is becoming increasingly important for businesses to comply with various regulations regarding data capturing, processing, storage and usage. With a professional data analytics partner on your side, the business is better equipped to understand and handle compliance requirements. Businesses need to create easily audited data which can be achieved much more easily with an external outsourcing partner. For instance, with the General Data Protection Regulation (GDPR) and other similar versions in other markets, a business must be on the right side of the law to ensure seamless functioning. 5. Greater Use of Data It is often said that data is the

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How Can Data Analytics Enhance Investment Decisions to Maximize Private Equity Returns?

As the data coming from company portfolios becomes vast and complex, a standard approach to private equity (PE) business analysis crumbles. It is no longer sufficient to get precise and data-rich insights to measure, track, and grow the performance of your company portfolios. As technology keeps evolving and businesses and their underlying operational models become more complex, making profitable and smart private equity investment decisions becomes even more daunting. Some key questions arise: The other key pain points that need a data-driven remedy include operational efficiency, increasing market valuation, performing due diligence, etc. Furthermore, the ongoing pandemic has also led to a paradigm shift in the PE investment sector and investors are more positive about potential portfolio companies that can adapt to the market changes as well as stay on the growth path. All this compiles into a highly relevant and massive use case umbrella for data analytics or private equity analytics. Combine that with automation and digital transformation and we have a very thought-provoking discussion topic: the rise, challenges, and applications of analytics and automation in the PE sector. Let’s explore the various ways analytics can help both companies as well as investors to make well-informed investment decisions. Data Analytics For Private Equity Investment Decisions: An Introduction A recent study published by Deloitte identified the huge potential and different applications data analytics offers in private equity investment decision-making. The study outlined seven key points that make data analytics extremely relevant and crucial for investment decision-making. Data and analytics are the key drivers of success when it comes to tech startups and organizations having their roots or branches in IT. These companies are spurring worldwide disruptions and giving birth to innovative and digital business models. Some common examples include Rocket Loans and Quicken Loans, where approvals for mortgages and loans are given based on simple and automated processes. These companies are more relevant for data analytics-based investment decisions, as data is readily available in the ready-to-process form. However, even brick-and-mortar establishments can respond to technology-enabled disruptors. Such is the power of data analytics and automation! Key Benefits Offered In Decision-Making For Private Equity Investments Automation and data analytics can offer three major benefits for the digital transformation of private equity investments (PEIs), which are discussed in detail in this section of the article. 1. Tracking Project Profitability Investors can establish a preferred vendor approach by adopting a hybrid model for investment decision-making. This hybrid model can help investors develop better governance policies and performance expectations and calculate better scale efficiencies. Hence, the investors can see the projects running behind schedule, or the companies running over budget, or identify the other key problems that are leading to unprofitable businesses. Thus, the investors can change, manage, or increase investments in their portfolio companies in a better and data-driven manner. 2. Ensuring Transparency Of Cash Flows Volatile cash flows can not only amount to outstanding loans or debts, but they can also drag massive investments down as they crash or become a steady drain of resources. Using predictive analytics in association with quantitative and qualitative studies done specifically on portfolio companies can lead to highly consequential results or data insights. Investors can see how well their investments are going to be used or are going to spur results in the long run. They can conduct these studies again after some time and compare the results with the previous analysis to identify any hidden patterns or discrepancies in the reports. Such comparative studies will also help them in understanding the various points of concern that arise over time and whether they can escalate into business risks or not. 3. Comparative Analysis Almost all PE investors are prone to the common occurrence, where the same brand is yielding different returns in different locations. While some branches tend to bring higher revenues, others fail to even stay afloat. In such cases, data analytics can be of immense importance as it can help in collecting, processing, and evaluating multiple types of data, such as: Thus, data analytics is of extreme importance and can have many amazing and crucial applications in PEI decision-making for better returns. Up next, we discuss the three major trends in PEIs that are all set to transform the sector and reinforce the hold and relevance of data analytics in the sector. Private Equity Investment Decision-Making: Why Data Analytics? Below, we discuss the various reasons PE stakeholders, right from PE firms to investors, are looking for data analytics-based solutions for key decision-making and strategizing. 1. The Role Of PE CFOs Is Evolving Given the massive change spurred by the COVID-induced meltdown, the roles and responsibilities of PE CFOs have seen a major revision and evolution. CFOs now need to be more tactical, technical, strategic, and empowered with insights stemming from data and analytics rather than hunches or business acumen. Recent studies done by E&Y suggest that 78% of CFOs are looking for raising larger investments that have led to a serious race for assets among investors. So, PE firms are looking at ways to make more strategic decisions, in terms of capturing investor allocations for alternative investments, such as: All this requires a heavily data-driven mindset and resourcefulness that screams for data analytics-based offerings such as software tools, analytics apps, or custom SaaS offerings. 2. The Talent Profile Of PE Firms Is Also Evolving Amid the increasing skill gap and the Great Resignation, and COVID-wave scares, companies are also focusing on increasing workplace engagement and employee motivation to retain and enhance their talent profiles. Studies reveal that 73% of PE managers focus on employee productivity and engagement for talent management. Talent management activities and attitude require an immersive understanding of the various factors that influence the entry and exit of an employee, such as: Such specific decision-making further creates the grounds for embracing data analytics to gain visibility into the granular level of organizational operations and processes. 3. Process Improvement And Innovation Within a short span of just four or five years, the digital transformation and innovation vision of

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A Step-by-Step Roadmap to Big Data Implementation (Infographic)

Big data projects start by defining business needs. A step-by-step roadmap gives a clear picture of what results to expect from the project. The success of the establishment depends on how well the big data analytics model is integrated with the existing applications to provide seamless and real-time insights.  Consolidate Data Sources  Finalize and build a big data solution for the business. Choose between Data Warehouse or Data Lake to collect data from multiple sources and build a data flow within the enterprise.   Data Storage  The master data storage sends historical and real-time data for analytics. Choose technologies to build the data architecture and leverage big data solutions.  Prepare and Train Data The quality of data determines the accuracy of the analytics. Clean, format, prepare, and train data to deliver actionable insights for better decisions.  Data Governance  Manage big data flow in the business and set up employee access to master data storage. Ensure consistency in data quality while optimizing cost and resources spent on the project.  Data Visualization  Establish a data-driven model and build self-service analytics at different verticals in the organization. Invest in data visualization tools to generate in-depth graphical reports at any time. 

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Self-Service Analytics Framework (Infographic)

More than 60% of the collected data is not used for analytics. This is due to the excessive load on the IT department to handle all data requests while troubleshooting and providing maintenance support.  Self-serving analytics can solve the problem and help employees make the most of data by running analytics at each vertical and department in the enterprise. The self-serving framework is a part of the big data implementation project.  Business Needs                                                                         Convert the business needs into use cases to define the analytical framework in the enterprise. It helps create a proper data flow for uninterrupted data analytics and insights.  Data Architecture  The big data architecture should align with the business needs and long-term goals. It should be flexible, scalable, and secure.  System Integration  Which existing applications are important for the business? How do the applications use the insights derived from the big data model? Integrate the systems to streamline the workflow.  Data Quality  Get rid of poor quality and duplicate data by establishing data governance regulations. Derive better and more accurate insights.  Coding  It’s time to turn the design into code and build the big data pipeline in the enterprise (either on-premises or cloud servers).  Training Employees  Finally, train and empower employees to use data analytics and data visualization tools to derive insights without relying on the IT department. 

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Data Analytics in FMCG: Its Meaning, Importance & Use Cases

Data analytics help the FMCG industry to reduce costs, streamline production and supply chain, and take the products to the right target market at the right time. It provides companies with the necessary insights to adopt the data-driven model for decision-making. Let’s understand the effective role of data analytics in the FMCG sector. Data analytics is the practice of analyzing datasets to derive meaningful insights. It answers questions, gives patterns, and helps in making decisions based on proper evidence/ context. During the last few years, many establishments from various industries have adopted new technology to process data and derive insights. The FMCG (Fast Moving Consumer Goods) industry too followed suit to streamline its manufacturing, supplying, and customer care services. The FMCG industry is also known as Consumer Packed Goods (CPG) industry and happens to be the largest market internationally. The MENA (Middle East and North Africa) region saw high demand for consumer goods before the Covid-19 pandemic pushed things into turmoil. Statistics show that Saudi Arabia has a total retail consumer spending of $271919.41 million. Though there has been a 64% decrease in customers who went to supermarkets, the demand for goods hasn’t gone down. The market shifted from brick-and-mortar stores to online retailing. Moreover, the consumer trends in GCC (Gulf Corporation Council) have begun to resemble the trends in the US.There has been a polarization of consumers based on price, branding, quality, and convenience. In fact, the changes started after 2015, when major developments took place in the GCC, be it the introduction of VAT or an increase in working hours. A research report shows that 69% of UAE and 63% of Saudi Arabia consumers prefer to pay more if a brand guarantees quality products. Furthermore, modern trade is continuing to become famous in the region. In such instances, an FMCG manufacturer/seller needs to understand the market/ consumer requirements to become successful and gain a competitive edge over other players. This is possible when the establishment makes use of big data analytics to gather accurate and meaningful insights for decision-making. The Significance of Big Data Analytics in FMCG Data analytics in FMCG companies helps improve the scalability, flexibility, and value creation of the business. It is a dynamic industry that requires an equally dynamic approach to stay ahead of the trends and provide consumers with valuable services. For example, the omnichannel shopping experience can be best delivered when the enterprise leverages big data analytics.  Running data analytics requires making changes to the existing business systems. Outdated technologies and legacy systems cannot work efficiently with advanced analytical tools. Businesses should first work on digital transformation and invest in data management solutions to build a streamlined data flow within the establishment. Knowing which tools and technology to use is vital to successfully implementing the data-driven model in the business. That’s where offshore solution providers step into the picture and offer end-to-end services to set up, integrate, implement, and manage big data analytical tools.  The main purpose of using data analytics in the FMCG industry is to increase sales and profits by providing consumers with what they want. This requires flexibility, adaptability, and agility to align and realign the goals with the market demands. Understanding customers and working on real-time customer engagement will lead to an increase in customer loyalty. Why Data Analytics Is Important in FMCG Be it inventory, supply chain, or consumer experience, data analytics can help the FMCG industry use predictive intelligence in real-time to make the right decisions. Here, we’ll focus solely on how big data analytics companies assist businesses in dealing with consumer preferences and understanding the target market.   Analyzing Target Customers  There’s no denying the pressure of a competitive market. It’s hard to have loyal customers in the FMCG industry with new brands, products, and companies entering the market every day. Data analytics help you to understand your target audience.  Who are your target customers? What do you know about them? What are the demographics? Such questions can be answered using data analytics. It helps identify potential customers for a long-term relationship with the business.  Better Targeting  Marketing and promotions play a significant role in today’s world. Businesses need to grab customers’ attention with marketing and wow them with their products. For that, the business should know which type of marketing and advertising strategies will deliver results.  For example, having a business website and optimizing it for search engines has become compulsory to reach internet users. TV ads work for brands whose target customers spend more time watching the telly. Data analytics will give the necessary insights to plan marketing campaigns.  Reduce the Risk of Fraud  If attracting customers is one aspect, identifying fraudsters is another crucial issue. How does a business know that the person is a genuine customer and not a fraudster? The advent of online retailing and eCommerce has increased the rate of fraudulent transactions. Many businesses face losses due to a lack of awareness and control over such incidents.  Data analytics can help define the weak spots and analyze a customer to determine the chances of a fraudulent transaction. Such transactions can be blocked, rejected, or prevented to avoid losses.  Anticipate Customer Needs One way to inspire consumer loyalty is by anticipating their needs and delivering the products/ services. If a customer wants to go digital and make online purchases, an eCommerce website will help keep the customer instead of losing them to a competitor who offers this service.  Data analytics in FMGC uses data from multiple sources and processes this data in real-time to anticipate what customer wants through predictive analytics.  Plan Innovations  What kind of products will the customers buy? What changes does a brand need to make to the existing products to drive sales? How can you redesign the store to make customers spend more time because of the attractive atmosphere and not because they can’t find what they want?  Data analytics will help the business read the market trends accurately and be ready to grab opportunities before the competitors. Moreover,

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How to Assure Data Security in Internal Business Communications

Digital security has become of utmost importance to most companies, especially those who operate online or have large transactions. Cyber attackers and hackers lurk behind every unsafe click and untrusted network or website. This is crucial for employee internal communication as they often send and receive confidential information. So, if the hackers are so powerful, how can you make sure your data is safe? Impact of Insecure Communications With each email or text message you receive from a risky sender, you’re putting your entire organization at risk. Some of the most common and prominent risks include identity and account theft, exploitability, fraud, or any similar means of data abuse. You can’t predict when the next cyberattack is going to happen. However, you can implement certain safety procedures that will keep your employees, data, and transactions safe. Since, communication is usually the least protected, unlike banks and codes, you need to strengthen security in that field. 1. Write Clear Policies Many may think that cyber security policies are unnecessary since most people know how to properly use a computer. However, we don’t live in the 2000s anymore, as cyber threats have advanced. So, if you run a business with employees, create a policy that will help your workers understand the importance of data and information preservation. So, what should one policy include? Firstly, you need to set password requirements and help employees create stronger passwords that are harder to breakthrough. If you have IT experts, you need to ensure each employee has a unique password for their email. Since email is the channel most employees use to communicate, outline email security protocols, and help them detect spam, unsafe, and junk mail. On top of that, don’t forget to include assessment in the policy. IT experts should evaluate security levels daily to keep the organization safe.  2. Train Your Employees The importance of safe digital interactions can’t be fitted into a single manual. To highlight the true dangers of cyber attacks, you need to organize training where employees will see the consequences in person. It will help them understand the severity of the issue and make them aware of their role in it. How can training help in communication? It will help employees utilize technology in communication safely. Teach them how to handle sensitive data and when it’s appropriate to share information with others. Also, show them the uses of machine learning in communication which will, with proper training, make things easier for them. Lastly, educate them on what to do during an incident. Even though you can do everything in your willpower to prevent it, you can’t predict it! 3. Implement Encryption In business communication with little to no security, information and sensitive data can leak quite easily. Therefore, encryption is necessary. Even though some may think that encrypting every single communication channel is excessive, it can save you a lot of struggles later on. So, how does encryption work in business communication? Encryption is locking data from anyone who doesn’t have the key to access it. It ensures that two entities can communicate freely, without having a third party intervening or listening in. This sounds great and safe for businesses, but it has its downsides. True and effective encryption requires a lot of resources many companies don’t have, which makes them sustainable to cyber attacks. 4. Multi-Factor Authentication In digital communication, you can’t be sure who’s sitting on the other end of the line, especially if you’ve never met this individual in person. This is especially common in remote teams. Therefore, employers usually limit who access sensitive data by using two or multi-factor authentication. What does that mean and how does that improve business communication? With these types of authentications users can’t access sensitive data and conversations without presenting two or more pieces of evidence it’s truly them. For instance, the password can be one, while fingerprint, face, and code sent directly to the phone can be other types of verification. It’s a complex method companies use in only extreme cases. 5. Use Safe Tools Instead of wasting resources on expensive and complicated tools and solutions, you can simply use safer tools for business communication. As you’ve probably noticed, not all apps and platforms offer the same quality of data security. That’s why you need to be careful when choosing technology for your internal communication strategy. Depending on the strategy you’ve tailored for your business, a wide variety of apps are suitable for your business. Check out internal communication examples that will help you create the best strategy and choose the best solution for your business and employees. Prioritize safety, usability, and effectiveness over price. 6. Create Backups In times when cyberattacks are becoming more frequent and you never know when they might happen, having clouds and backups are vital for business communication. It’s one of the last lines of defense and data preservation. How do they work? During conversations, data is automatically backed up on an online cloud. Only the chosen people have access to it. This prevents hackers and malware from stealing your data as it adds another layer of protection. Even though clouds aren’t unhackable, breaking through all the security systems is sometimes not worth it. Final Thoughts Cyber security has become one of the top priorities in every company. With skillful hackers, negligent employees, and unsafe networks and systems, you’re making it too easy for attackers to get what they want. So, implement these tips to ensure safety in your organization and communication.

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