Category Big Data, Cloud, BI

4 IT Management Best Practices Data-Driven Businesses Must Practice

4 IT Management Best Practices Data-Driven Businesses Must Practice

Data-driven businesses are far more successful than companies that don’t utilize data to their advantage. Unfortunately, they often find that managing their data effectively can be a challenge.

Companies that rely on big data need a reliable IT department. You have to make sure that your IT infrastructure is adequately equipped to handle the volume of data your company will be processing and that it will be properly secured.

Companies that Rely on Big Data Must Have a Functional IT Department

Due to modern advancements in big data technology, the IT sector is becoming more competitive with each passing day. Companies leverage modern technologies to streamline business operations and gain a competitive edge in this competitive marketplace. According to EasyVista, more than 70% of companies worldwide will have invested in digital technologies in 2022, which will increase in the coming years. This figure will increase as big data becomes even more important.

These numbers indicate that embracing IT organizational structure best practices 2021 is the key to staying competitive, streamlining business operations, and outperforming competitors.

While businesses are constantly looking for ways to grow as a whole, sometimes they often invest in the technology that generates no results. In fact, according to Gartner, it is expected that business owners will spend $750 million on investing in ineffective features of IT tools, up from $600 million in 2019. Thus, it is wise to implement a few essential ITSM best practices to combat overspending.

You have to make sure that you invest in the right technology to make the most of big data. Keep reading to learn how to do this.

What Is the Role Of IT Management In a Data-Centric Organization?

IT management plays a crucial role in every organization. Companies that rely on big data have to use it even more. IT managers are responsible for planning, coordinating, communicating, and leading computer-based activities in an organization. Moreover, they are also responsible for researching new technologies and understanding how they can help the business grow.

In short, they help determine the department’s needs and implement the best practices to fulfill the organization’s system requirements. Besides researching new technologies and streamlining the tech operations, they also seek to mitigate IT risks, such as threats to cybersecurity and misalignment between IT professionals and business requirements.

The IT department in an organization focuses on meeting the following objectives:

Enhance the overall IT processDeveloping employees’ skills to meet the future organization’s needsMaintenance of transparency within the companyControl the financial aspect of the IT department

IT management is also responsible for organized IT business operations. They implement the best practices and regularly measure the performance to understand which areas need improvement. This will help you make the most of your data resources.

4 Best Practices For IT Management in Companies that Rely on Big Data

Companies that depend on big data will need to follow these practices to create a functional IT department.

1.      Build A Clear Strategy

Initiate your journey by defining your business goals and vision. Develop a roadmap vision for your IT service management goals, as well as the types of data that you intend to store. Then, create a systematic approach to measure your efforts, define KPIs, and the state at every stage of the implementation process.

A roadmap should cover all three essential domains, including:

Front-end IT: It includes service design, service operations, and service transition. The perfect example of front-end IT is Service Desk applications.Middle IT: It includes business frameworks and automation efforts.Back-end IT: It includes leveraging modern technologies such as AI, IoT, robotics, etc., to help executives make informed business decisions.

You have to get this part right as a company that depends on big data.

2.      Invest In The Right Technology

A business that invests in the right technology invests in its overall growth. It will also make employees more efficient at work, resulting in streamlining business operations. However, choosing the right tool can be challenging, especially for startups.

The reason is that they don’t determine their business needs, and they have a tight budget, too. However, it doesn’t mean investing in cheap tools and regretting later. Instead, it is wise to monitor your business needs and invest accordingly.

Digital transformation has taken over the corporate world like a storm. Most businesses have embraced digital transformation technologies to automate tasks and improve the employee experience. Artificial Intelligence performs human-like tasks like problem-solving, speech, and text recognition.

Moreover, it can accomplish specific tasks by analyzing vast amounts of data and recognizing recurrent patterns in these data recurrent patterns. According to Transparency Market Research, the global market for AI is estimated to gain 36.1% CAGR between 2016 and 2024. It is expected to reach a soaring height of $3,061.35 billion by 2024. Thus, investing in such technologies can benefit your business a lot in the long run.

3.      Seek Help from Top Management

Your decisions can make or break your business. To ensure business sustainability and revamp the business operations, involving senior management in the process can be a better option. They are well-experienced executives and know what’s good and bad for a business.

Without the involvement of senior management in the business decision process, revamping the IT department for business success may become an enormous challenge.

4.      Remote Work Expansion

It would be almost impossible to discuss the recent changes in the corporate world without mentioning the importance of remote working. Thanks to the pandemic; it introduced the remote work or work-from-home model across companies worldwide.

Today, companies must adapt to modern corporate world changes to boost employees’ productivity and overall business growth. However, if you believe that returning employees to the office will enhance productivity, you are mistaken. According to Flexjobs, more than 94% of companies report that their productivity has been the same (67%) or higher (27%) since employees started working remotely.

Another benefit of embracing the remote work model is that you are no longer limited to hiring local IT talent. You can boost your business efficiency by hiring talented folks across boundaries.

IT Management is Crucial for Companies that Depend on Big Data

Adapting to modern changes is challenging, even for companies that utilize big data effectively. You can’t create a successful data-driven company without a dependable IT department. You need to be clear about your goals and accordingly plan, communicate, and implement the right strategies that contribute to your business growth.

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Use Data Analytics to Benefit from Fibonacci Retracement Levels

Use Data Analytics to Benefit from Fibonacci Retracement Levels

Data analytics has led to some major changes in the field of finance. Financial institutions invest heavily in big data technology in order to offer the highest ROI to their clients.

However, individuals are also using big data to improve their own financial strategies. One of the ways that savvy investors are leveraging big data is through the use of technical analysis. This helps them increase the ROI of their own trading strategies.

You can use data analytics to build neural networks to take advantage of Fibonacci retracement. This is one of the best ways to grow your portfolio through using data analytics as a financial trader.

Using Data Analytics to Improve Your Trading Strategy with Fibonacci Retracements

You can use data analytics to improve your technical analysis strategy with Fibonacci retracements. However, you first need to understand what these are.

How can you use Fibonacci retracements? Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers, which are a series of numbers in which each number is the sum of the previous two.

You can use data analytics technology to make the most of these technical analysis tools. Towards Data Science has a great guide on this, which entails building neural networks to handle them.

The most popular Fibonacci ratios are 23.6%, 38.2%, and 61.8%. These ratios can be found by dividing one number in the series by the number immediately following it. For example, 21 divided by 34 equals 0.618, or 61.8%.

Traders use Fibonacci retracement levels to identify potential support and resistance levels on a price chart. They will get more value from them if they use data analytics effectively.

How to Use Fibonacci Retracement Levels?

Fibonacci retracement levels are typically used as a larger technical analysis strategy. For example, a trader may identify a stock in a long-term uptrend and then use Fibonacci retracement levels to time entries during pullbacks.

The most important thing to remember when using Fibonacci retracement levels is that they are not exact numbers but rather zones where support or resistance is likely to occur. Therefore, using them in conjunction with other technical indicators or chart patterns is often best.

It can be difficult to identify these zones on your own, which is why data analytics tools can be so helpful. They have AI algorithms that can identify important data points and help you determine the right buy and sell points to boost profit.

Fibonacci Retracements vs. Fibonacci Extensions

How to use Fibonacci retracement? While Fibonacci retracement levels identify potential support and resistance levels, Fibonacci extensions are used to predict potential price targets.

Fibonacci extensions are based on the same Fibonacci numbers as Fibonacci retracement levels. However, instead of dividing one number in the series by the number immediately following it, Fibonacci extensions use division by two numbers further down the sequence. So, for example, 23.6% is found by dividing 21 by 89 (21/89=0.236).

Fibonacci extension levels are typically used as a larger technical analysis strategy. For example, a trader may identify a stock in a long-term uptrend and then use Fibonacci extension levels to predict potential price targets.

What Do Fibonacci Extension Levels Tell You?

Fibonacci extension levels can help you predict potential price targets. However, it is important to remember that they are not exact numbers but rather zones where the price is likely to reach. Therefore, using them in conjunction with other technical indicators or chart patterns is often best.

Fibonacci Retracements vs. Fibonacci Arcs

How to use Fibonacci retracement? While Fibonacci retracement levels and Fibonacci extension levels are based on the Fibonacci numbers, Fibonacci arcs are based on the Fibonacci ratios.

Fibonacci arcs are half circles drawn from a price move’s high to the low. The most popular Fibonacci ratios used for Fibonacci arcs are 23.6%, 38.2%, and 61.8%. These ratios can be found by dividing one number in the series by the number immediately following it. For example, 21 divided by 34 equals 0.618, or 61.8%.

How to use Fibonacci retracement? Fibonacci arcs are typically used as part of a larger technical analysis strategy. For example, a trader may identify a stock in a long-term uptrend and then use Fibonacci arcs to predict potential price targets.

What Do Fibonacci Arcs Tell You?

Fibonacci arcs can help you predict potential price targets. However, it is important to remember that they are not exact numbers but rather zones where the price is likely to reach. Therefore, using them in conjunction with other technical indicators or chart patterns is often best.

The Formula for Fibonacci Retracement Levels

The Fibonacci retracement levels are based on a mathematical formula to calculate the Fibonacci numbers. The formula is as follows:

Fn = Fn-1 + Fn-2

where

Fn = the nth Fibonacci number

Fn-1 = the previous Fibonacci number

Fn-2 = the Fibonacci number before that

The first two Fibonacci numbers are 0 and 1, so the formula starts with:

F0 = 0

F1 = 1

Each subsequent Fibonacci number is the sum of the previous two. So, the next Fibonacci number would be:

F2 = F1 + F0 = 1 + 0 = 1

and the one after that would be:

F3 = F2 + F1 = 1 + 1 = 2

Why are Fibonacci Retracements Important?

How to use Fibonacci retracement? Fibonacci retracement levels are important because many traders use them to predict potential support and resistance levels.

The Fibonacci numbers are a sequence of numbers first discovered by Italian mathematician Leonardo Fibonacci in the 13th century. The sequence starts with 0 and 1, and each subsequent number is the sum of the previous two. So, the next number in the sequence would be 1+0=1, followed by 1+1=2, 2+1=3, 3+2=5, 5+3=8, 8+5=13, and so on.

The Fibonacci numbers have been found to occur naturally in many places, including in the arrangement of leaves on a stem and the spiral of a seashell.

The Fibonacci ratios are derived from the Fibonacci numbers and are used by traders to predict potential support and resistance levels. The most popular Fibonacci ratios are 23.6%, 38.2%, and 61.8%. These ratios can be found by dividing one number in the series by the number immediately following it. For example, 21 divided by 34 equals 0.618, or 61.8%.

Fibonacci retracement levels are important because many traders use them to predict potential support and resistance levels. However, it is important to remember that they are not exact numbers but rather zones where the price is likely to reach. Therefore, using them in conjunction with other technical indicators or chart patterns is often best.

Use Data Analytics Tools to Create Neural Networks to Spot Fibonacci Retracement Levels

Data analytics technology can be very effective at creating neural networks, which is invaluable for financial traders. You will want to make the most of them, especially if you are depending on Fibonacci retracement levels as indicators for your technical analysis trading strategy.

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5 Huge Benefits of Financial Analytics for Your Business

5 Huge Benefits of Financial Analytics for Your Business

Data analytics technology has become a pillar in modern business. A growing number of companies are utilizing data analytics to improve their operating strategies.

One of the most important functions that data analytics is helping with is finance. Companies are projected to spend just shy of $20 billion on financial analytics services in 2030.

Are youu wondering how your company can benefit from financial analytics? Keep reading to learn more.

Financial Analytics Offers Huge Benefits for Companies of All Sizes

You can do a lot to improve your business’ financial performance by using data analytics. This can greatly impact your ability to hire the best people, maintain staff’s salaries and effectively grow your business.

So while a lot of us are busy focusing on the day-to-day tasks of running a business, there are many things that we can do to boost our business’ financial performance and make it run more effectively. The right data analytics tools can be very valuable.

Here are some financial analytics tools that are worth exploring:

TrendingView is a financial analytics tool that helps you create useful financial visualizations.FactSet Research Management is a financial analytics tool that helps companies take advantage of opportunities more quickly.eMoney is a financial analytics tool designed for financial advisors, but your business can try using it as well.

This article will list five fundamental focus areas for a business’ financial performance. You can keep reading to learn how to use financial analytics technology to make the most of them.

1.      Chase any outstanding payments

This is extremely important, regardless of whether the payments due are small or large. You always want to ensure that there are clearly stated terms and conditions with the payment due date. You need to pay attention to this whenever contracts are signed for goods and services. It is important to set reminders closer to the time to remind whoever may owe you to pay.
For some businesses, it may be worth investing in certain financial analytics software that takes payments automatically. This can remove the administrative frustrations of chasing the other party for the outstanding amount.

A lot of financial analytics tools make it easier to keep track of outstanding invoices. You can easily mark any billables and use your analytics tools to see the state of payment.

2.      Find ways to rearrange expenses

Expenses should be evaluated every month or quarter. You might have standing orders for a service you are paying for that you no longer need for the remainder of the year, so these can be eliminated.
Other expenses that could be changed include shopping around online for the best insurance deals, offering exchanges in goods or services instead of as, or making up for discounted payments.
Finally, if your company is paying for office space through renting, it may be worth adopting a hybrid working model and only using communal workspaces on the days you need to get together. This can help save on expenses, including rent, utility bills, and transport.

Data analytics tools make it easier to take a deep dive into your finances. Some budgeting tools will connect with your bank account and data mine information about your spending habits. You can use this data to make more informed decisions.

3.      Offer multiple payment options

“Offering payment options open to customers can open up your business to different markets,” explains David Soffer of financial price comparison, Proper Finance.

“This could include paying in cash, credit, PayPal, or even via stalled payment services such as Klarna. By providing more payment options, this will allow your business to cater to a greater number of potential customers, consequently resulting in more purchases being made.”

“This can help to increase sales and avoid customers going elsewhere.”

4.      Make use of Government grants where possible

The UK Government offers many financial grants to businesses, both small and large. This can be a great way to borrow money to invest in infrastructure, talent, and technology to help make your business more efficient and thus consequently improve your financial performance. The Government offers grants to companies that may be interested in pursuing the following; research and development, innovation, exporting, and expansion.

Data mining tools make it a lot easier to find government grants. Some of them can aggregate data from search engines, so you don’t have to manually look for new grants all the time. A full listing of government grants that businesses can apply for can be found here: https://www.gov.uk/business-finance-support.

5.      Keep track of your cash flow

One of the most important benefits of financial analytics tools is that they can help manage your cash flow more easily. Trovata and CashAnalytics are two of the best tools for doing this. They can help you resolve many financial issues.

“It is highly important to stay on top of your business’ cash flow,” says Richard Allan of funding startup, Capital Bean.

“This includes monitoring all ingoings and outgoings. This can help you to identify trends, as well as plan ahead for the financial year – working out where to budget, what to sell, as well as which offerings you may need to forgo.”

“Keeping track of your cash flow could simply consist of routinely checking in on expenses every month or quarter but will certainly prove to be beneficial in saving money on certain areas of the business that may not require investment right now.”

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How Credit Providers and Lenders Use Data Effectively

How Credit Providers and Lenders Use Data Effectively

Big data technology has had massive implications for the financial industry. Banks, credit card companies and other financial service providers are leveraging big data in unprecedented ways.

One of the biggest benefits of big data is with loan and mortgage processing. The use of data can be crucial for credit card companies and those offering loans and mortgages. The Forbes Technology Council discussed these benefits in an article last spring.

The ability to carry out checks on credit histories, income, employment and expenses can play a huge role to learn from previous customers and determine which are the best customers to pursue and which to avoid.

We speak to two finance startup founders to get a better idea of how they use data effectively to do underwriting, grow and scale their businesses.

Initial Approval

Data is vital for the initial approval of a credit card or loan. A customer’s journey typically starts with filling in a few details via an online form, often taking around 5 to 10 minutes. From this, the lender is able to determine a customer’s profile and whether they meet the initial criteria which might be having a certain minimum age (e.g 18 or 21), having a permanent residence and regular employment.

This initial data can help siphon out any applicants who will not be eligible and who are not worth pursuing.

For Underwriting and Funding

“For underwriting and deciding who is going to be approved for a loan, the use of data is everything,” explains Richard Dent of Finger Finance. This is a great example of how big data has changed the financial industry.

“We are always looking at data, including new customers that come in and fundamentally historical data and trying to spot trends of customers who paid us on time and who have not.”

“We use this data to change our decision rules, and this could let in more customers to the final stages or stop any that are not deemed worthy. We will find examples whereby a woman over 35 in a certain location and earning a certain amount have a 8% chance of defaulting on their loans. From here, we know that we can operate profitably at a 15% default rate – we will use data to alter our decision rules and look at this type of customer more favorably.”

To Minimize Default Rates

Trying to lower default rates is of paramount importance to credit card, mortgage and loan vendors. You ideally want to find customers who repay and do not default, even though this is inevitable.

“We therefore try to find shared characteristics of customers who default,” continues Dent.

“Do they live in certain areas, have certain professions or is it the loan amount or credit limit that they cannot handle?”

“We will analyze this data constantly to improve our processes and lower the default rate wherever possible.”

To Reduce Fraud

“Fraud is a huge financial burden for us as a lender and credit provider,” explains Richard Allan of business loans provider Funding Zest.

“Whether it is through fake applicants or stolen details, fraudsters are always looking for new and innovative ways to game our system to loans with no intention of paying them back.”

“We use data to find any patterns in the fraud. There are some obvious cues when the name of the customer does not vaguely resemble their email address or if we have seen the same mobile number come up on various occasions.”

“Otherwise, we look for patterns in the time of day, number of applications and even loan amounts to spot fraud and avoid it from being a huge liability on our business.”

It is expected that big data will continue to change the trajectory of the financial industry for years to come.

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Is it OK to Send Emails to a Database That Isn’t Yours?

Is it OK to Send Emails to a Database That Isn’t Yours?

Data privacy is more important than ever. Seventy-seven percent of customers in the United States at at least somewhat concerned about data privacy, according to a 2019 survey by Pew Research. You can’t just focus on protecting consumer data privacy because they expect it. Data protection is now a legal requirement.

The GDPR regulation which we are all too familiar with was introduced in 2016, signaling an end to bulk-sent chainmail which recipients had not consented to receiving. It is the most drastic legislation ever passed to protect data from being leaked.

Prior to this point, marketers were able to email whomever they liked, however much they liked, and it was irrelevant as to how they obtained their contact details. The new legislation means that marketers must take more stringent measures to protect their data. While some people are still debating whether data privacy is a right or a luxury, there is no disputing the fact that it is a legal expectation, at least for companies doing business in Europe.

Now, five years on from GDPR’s introduction, companies and marketers must stay firmly in line with data privacy regulation. This means that they are prohibited from emailing recipients who have not consented to receiving their mail. If marketers fail to comply with these rules, they could be levied with a fine by the ICO following an investigation. In simple terms, it’s risky (and illegal) to not comply with GDPR.

What Are The Data Privacy Rules on Email Marketing And When Can I Send Marketing Emails?

Data privacy requirements don’t usually prohibit you from messaging people that want to be contacted. As long as those you are emailing have opted in to receive contact from you, then you are well within your rights to contact them. This usually refers to emails or text messages, which could contain updates, information, offers, competitions, discount codes and much more. When customers tick that box that says ‘opt into contact’ or words to those effects, it means they want to hear from you, and you are well placed to get in touch.

However, when customers agree to hearing from you, they can change their mind at any point. For that reason, it is pivotal that marketing emails provide the option for readers to unsubscribe from your mailing list. You need a regularly updated database to meet their needs. You have to avoid data privacy complacency at all costs. Failing to honor their request can land you in trouble, and can damage your reputation as you show a lack of care for customers.

You should not seek to buy email addresses, contact lists or similar data from third parties. This is usually looked upon unfavorably, as you are essentially buying data and the ability to contact people who haven’t consented to your contact.  Even so, engaging in brand partnerships can provide you with the opportunity to contact their clientele, with genuine reason and through respectable means. When doing so, you should outline to recipients how you retrieved their details and, yet again, provide the option to unsubscribe.

How Can I Safely Send Emails?

If you are trying to contact somebody for a particular purpose, and their contact details have been made visible by them online, then you are generally safe to send them an email.

‘Contacting someone is perfectly fine,’ said Ben Sweiry of installment loans provider, Dime Alley. “As long as you are not sending endless emails their way, there is nothing wrong with finding someone’s email address if it is already online and sending someone a message.”

“Respecting customer privacy is essential to a strong business. Customers are your audience, and your audience should be treated well.”

“It is also perfectly fine to send someone a follow-up email. Where the line is drawn is where you opt them into regular contact where they have not consented. Adding them to your subscription list without their say-so is in breach of GDPR and can have serious consequences if they report you.”

Partnering with brands allows you to get in touch with a new and wide audience, and this is a safe, and customer-centric means of reaching a greater client base. However, to be safe and respectful, you should always include how you received their contact details, and how to unsubscribe.

If you are still unsure, or have further queries, you should have a look at the GDPR guidelines online.

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Using Data Analytics and QR Codes to Boost Your Marketing Strategy

Using Data Analytics and QR Codes to Boost Your Marketing Strategy

Data analytics technology has helped countless companies improve their marketing strategies. Global companies are spending over $3 billion a year on marketing analytics technology and this figure is growing over 12% a year.

There are a lot of different ways that companies can use data analytics to improve their marketing strategies. One of the most effective approaches involves taking advantage of QR codes.

Using QR Codes and Data Analytics Helps Companies Bolster their Marketing Strategies

QR codes and marketing analytics tools are twin pillars in modern retail marketing strategies. More companies are leveraging them together to enhance their marketing efforts.

QR codes can be especially effective for small businesses trying to gain a competitive edge in a global marketplace. According to the latest figures from the SBA, about 32.5 million small business owners in the U.S. employ 46.8% of the private workforce. Effective marketing remains the key to America’s small business success, which can’t be done without relying heavily on data analytics. As a result, small businesses increase their annual marketing spending, especially on social media, as they understand how effectively it reaches targeted audiences. They are using their marketing budgets to gain access to data analytics tools to help them make these insights.

However, small business owners know that social media alone is not always enough to market their small businesses effectively. That is why they increasingly use a mix of marketing that includes traditional methods and the help of data analytics and QR codes.

Directing Customers with QR Codes and Using Analytics to Get a Better Understanding of their Behavior

QR or quick response codes use a barcode system that a smartphone can scan and read to relay messages to people, direct them to a website, or send a pre-prepared message. The advantage of using QR codes for your business is that they are easy to create. You can embed any information in them, place the codes almost anywhere, and they are simple for your customers to use. You can collect the data from them and use analytics tools to make sense of it.

Effective QR Code Marketing

The uses of QR codes are numerous, meaning that you can adapt them to various marketing efforts. Whether you want to direct a customer to your website, provide them with a promotion code, or give them a filled-in subscription form, QR codes make it straightforward for your customers to use them.

These are the different ways you can use QR codes to help boost your business marketing efforts:

Connect Users to Your Website

A URL or Uniform Resource Locator QR code is the most popular. Create it to connect users to its embedded website address so that when your user scans this code, it seamlessly takes them to the website or web page you want. Of course, where you take them depends on you; it could be your eCommerce store, your Facebook page, or even your LinkedIn page.

For example, if you own a restaurant, you may want to take them to the menu page of your website, where you upload your daily dishes, saving you the time and money needed to print new menus regularly.

Present A Virtual Business Card

Turn your business card into something unique to present to customers. For example, a vCard QR Code allows you to give them a digital business card they can print or save on any smart device. When scanning the QR code, the information displayed can include your name, phone number, email address, a professional photo, and social media links.

Make it Easy for Customers to Connect by Phone

Use a phone number QR Code to share your contact number, allowing new customers to connect with you instantly. Customers can call the connected number when they scan the QR code without needing to open the call function or dial the number.

Let Customers Send an Email Effortlessly

The concept behind the email QR Code is the same as the one with the phone number. However, the user sends an email with a pre-planned message when scanning it without having to type in your email address or the message. That way, you can prompt users to become subscribers to a newsletter or can effectively solve any customer support problems they have.

Boost Sales with Plain Text QR Code

Plain text QR codes are pretty versatile because they allow you to use them to pass on operational information about stocks to staff for better inventory management. However, as a marketing tool, plain text QR codes enable you to let customers know about any promotions to help you boost sales.

Prepared SMS Messages

An SMS QR code allows you to create a code containing a pre-written text with your phone number. Then, when a customer scans the QR code, they need to press send, making it easier for you to collect customer data for marketing purposes. SMS QR code is also a valuable customer support tool.

Connect To Your Wi-Fi Network

If you own a business that offers its customers free WiFi, a WiFi QR code makes it effortless for your customers to join. They don’t need a password but automatically scan the QR code to your WiFi.

Brand Awareness and Social Media

Social Media QR Codes make it easier for your customers to find you on Instagram, Twitter, Facebook, etc. Your digital presence is essential for customers, so use QR codes to make it easier for them to find you there.

Analytics and QR Codes Help with Your Marketing Strategy

There are a lot of great benefits of using data analytics and QR codes to boost your marketing strategy. The guidelines listed above will help you get started.

TRUiC’s free QR code generator allows you to easily create several types of personalized QR codes in just a few simple steps. These versatile codes developed more than two decades ago based on a Chinese board game are both easy to download and allow you to customize your design. Therefore, don’t hesitate to add your logo and branding colors to all the QR codes you generate, helping to increase user engagement and brand loyalty as you market your small businesses.

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5 Best AI-Driven Vanity Phone Number Generators

5 Best AI-Driven Vanity Phone Number Generators

Artificial intelligence technology has become widely used by major corporations since the beginning of the century. However, a growing number of small businesses are finding ways to use AI technology as well, especially when it comes to marketing.

Ninety-one percent of the most successful businesses use AI technology to some degree. However, many businesses are not sure how to use it effectively.

One of the best ways to use AI is with your call center support and telemarketing strategies. AI technology is very effective at making it easier to connect with customers over the phone.

There are powerful AI tools that enable you to create vanity phone numbers. You will want to use these applications to get the most of your strategy.

Use AI to Create Vanity Phone Numbers to Connect with Customers

You might be wondering if social media and Zoom have really replaced using the phone in modern business? The truth is that they haven’t been as disruptive as some people think. That is why it is worth looking into a vanity phone number, which  is a custom-made number that uses a set of numbers to spell out a unique and memorable word. It can either be a local or toll-free number. For example, 1-800-ARTWORK translates to 1-800-2789675.

You can learn how to find a customized phone number to help your business gain a competitive advantage in a changing marketplace. A number of new tools use AI to generate phone numbers more easily. They work by quickly sorting through directories of known phone numbers to find ones that are available. They can also sometimes recommend similar phone numbers by using sophisticaated machine learning algorithms.

How to Create a Vanity Phone Number with AI Tools

The best method to find a vanity phone number is by using a vanity phone number generator that relies on advanced AI algorithms. This is an online tool that not only searches the availability of a number but also generates number ideas from a few keywords supplied. It can help a lot with your telemarketing strategy
Generally, vanity phone number generators are free and easy to use.

The Best AI-Driven Vanity Phone Number Generators

A simple online search can bring up a list of vanity phone number generators to choose from, but not all are made equal. Below is a list of the top 5 vanity phone number generators that can be used to find the perfect fit for your business. They all use AI to create phone numbers for their users.

1.      TRUiC 

Their vanity phone number generator is free to use and provides a seamless user experience. It uses AI technology to generate results instantly by searching through thousands of available toll-free numbers.
The user can enter one or more keywords related to the business niche to generate a result matching the specific products or services.

2.      Grasshopper

Not only does Grasshopper offer a vanity phone generator, but they are also a vanity phone number service provider. Their lookup tool can accommodate up to 7 customizable numbers and will search for the availability. This wouldn’t have been possible without advanced AI algorithms.
Once a number has been chosen, a user can select one of the plans provided, starting at $29 per month. They also offer a user-friendly app that you can download to a mobile device or desktop.

3.      iTeleCenter

Their vanity phone number generator is free to use and provides the option to search for a toll-free or local number. Plans start at $19 per month, which gets you one phone number, 500 minutes, and 10 extensions.
As with some other providers, they also have an app feature that can be downloaded to manage calls.
They service some very well-known brands like Mcdonald’s and Nestle, and it is clear from the customer reviews that the brand is well-liked.

4.      UniTel Voice

UniTel Voice is an established company that has been around for more than 20 years. Their vanity phone number generator uses AI-based data mining tools to search through all the available toll-free numbers to generate many options to choose from.
For start-ups, plans start at an affordable $9.99 per month, and customers can even choose to have a 30-day free trial period. In addition, a plan can be upgraded at any time, which is a great feature for businesses that have to scale quickly.

5.      800.com

Another well-known service provider that offers a free vanity phone number generator. It works similar to other number generators and the plans start at $19 per month. Once an account has been created, it takes around 3-5 business days before it is activated.
800.com has some advanced calling features like an auto-attendant which provides greeting messages, menu options and can manage extensions.

Why Vanity Phone Numbers are Important

Many businesses choose vanity phone numbers not only for their memorability and sales lead generation, but they are an incredibly important part of a business’s brand and marketing strategy. Some of the critical benefits of a vanity phone number are:

They are easy for customers to remember and recall.They make a business look professionalThey are a great marketing toolThey generate better sales leads which bring better turnoverThey are flexible and mobileThey can are toll-free

The benefits of a vanity phone number can help a business gain a competitive edge in the market. The commercial sector is constantly moving towards a more automated and technological environment which aims to make customer experiences as seamless as possible.

More than 60% of customers still prefer to communicate with business via telephone. Most customers will dial a number that they can remember first if it means they do not have to spend time searching online for contact details.

AI Helps Businesses Create Excellent Vanity Phone Numbers

AI technology has been invaluable for modern marketing. One of the best ways to use AI in marketing is by creating vanity phone numbers that help you better connect with customers. The AI tools listed above can help immensely.

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How to Use Data Technology to Make Your Business More Efficient

How to Use Data Technology to Make Your Business More Efficient

Data technology is clearly a gamechanger for most businesses. Around a third of businesses have a clearly articulated data strategy in place. These companies are usually much more successful than their less data savvy counterparts.

If your company is not currently relying on big data, then it is time to make a change. A great data strategy can help your company identify cost-saving opportunities, streamline mundane processes, identify ideal investing opportunities and solve complex challenges.

According to a survey conducted by Oracle, businesses that utilize big data and other emerging technologies have increased their annual revenue by 58%. Keep reading to learn more about the merits of utilizing big data in your business.

Big Data Helps Businesses Improve Their Competitive Edge

Business efficiency used to primarily revolve at the rate at which an employee could work. However, in recent years this has since changed. Instead, business efficiency is judged on its structure – which includes what technology practices and systems it uses.

Companies need to tap the benefits of big data to improve efficiency. There are a lot of platforms that leverage data analytics and AI to help them reach these goals.

Alex Chilsholm, Chief Operating Officer of the Civil Service told the Future of Work Summit this week that new data technology is allowing workers to “spend less time on routine manual tasks and more time to work on what people do best – working together to tackle complex issues and deliver great services of public value.”

As such, for a business to be successful, it should incorporate a host of technologies and systems into its business model. They can use big data for improving their supply chains, learning more about their customers, managing their finances more efficiently, finding the best employees, improving their social media marketing strategies and tackling other challenges.

This article will outline some of the significant ways in which tech can be used within a business to improve its efficiency.

Data technology improves payment solutions

Financial management tends to be one of the slowest and most troublesome areas of a company. Many businesses often overlook adopting financial management systems, resorting to Google Sheets, Excel spreadsheets and physical documentations – all of which when mixed together can cause lots of confusion. This can thus leave finance teams often overwhelmed and overworked, the opposite of efficient.

However, most of these tools don’t even begin to scratch the surface when it comes to the benefits that big data brings to the table in the financial sector. One of the biggest advantages of big data in finance is that it can significantly improve payment solutions.

Several online payment platform systems can be adopted by a business to allow their internal finance team to access all payments, invoices, spending and budgets with sophisticated data technology. These systems can additionally produce automatic payroll payments too.

The digitization of financial services for businesses will allow them to reduce costs in the long run. According to Statista, FinTech’s largest segment, digital payment solutions, reached approximately $6,685,102 million in 2021.

Centralize materials using cloud software

Cloud software allows for employees to digitally access every crucial file and document online, from anywhere in the world. This can prove useful for a host of reasons, for instance, for employees who are travelling a lot, working from home and so on. As such, this makes cloud software far superior in terms of efficiency in contrast to physical documents and paper trails, which may only have one copy and be stored in a specific physical space.

Flexera found in 2020 that 56% of small and medium businesses spent $120k to $600k on cloud software in order to simplify the distribution, delivery and maintenance of their business systems.

Automated checks

The use of automated checks can add huge efficiency to increase response and result times for products. The likes of Deliveroo and Uber use automated checks for customer security and locations and to verify orders and identities.

“Automated checks are huge for the consumer finance and mortgage industry,” explains Justine Gray, co-founder of fintech startup, Dollar Hand.

“Automated checks are often used to validate the initial details of a customer and their eligibility for a loan or mortgage, looking up their name against the electoral register, location, income, email address and more.”

“Certainly, for products that are time-sensitive such as payday loans or getting car insurance quotes – automation allows offers to be made faster and this often secures the deal a lot quicker than if they had to go and come back to you with fees.”

Employee training

Big data can also help with human resources. One of the biggest benefits is with employee training. Training can often consume not only time, but also monetary resources. Businesses may even shy away from externally resourcing candidates in fear of the lengthy and sometimes tedious process.

There are a number of business systems with staff training at the core of their focus. For instance, health and safety and data privacy protection training can be conducted remotely via a digital plan or subscription service. This allows new employees to train at their own pace, without taking up the time of their peers. It also buys back time for the experienced employees who would have to take time out of their day to train new peers.

With remote working deemed to be an inherent aspect of working life now, it is important to ensure that employees are additionally trained to communicate both internally and externally via digital communication channels, such as Zoom or Google Meets.

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7 Accounting Practice Management Software that Rely on AI

7 Accounting Practice Management Software that Rely on AI

Artificial intelligence technology has led to some surprising changes in the field of accounting. Justin Hatch of the Forbes Technology Council reports that AI helps accountants streamline many mundane tasks. Therefore, they can use it to boost productivity as much as 40%.

Unfortunately, it can be difficult to know how to use AI effectively. There are a number of great software applications that use AI to help accountants. However, you have to know which ones to rely on.

Why Invest in Accounting Practice Management Software?

Accounting practice management software can help your practice improve efficiency and boost productivity while also reducing costs with AI. They rely heavily on AI technology to make the most of various features. But to unlock those benefits, you need to find the right software for your specific company.

That’s why we’ve put together this guide. It covers seven of the best accounting practice management software options on the market today. These applications use AI to make your job easier as an accountant.

Accounting practice management software helps companies in this industry get more out of their employees. 58% of accountants say the technology has improved their efficiency and productivity. Similarly, 45% of accountants intend to use automation to save time and improve efficiency. AI has made automation possible in the field of accounting.

The bottom line is that accounting practice management software that uses complex AI algorithms makes your practice more competitive and effective. Keep reading to see the list.

Financial Cents

Financial Cents is another accounting practice management software that could make sense for your company’s goals.

It is worth using to help you manage staff and scale your firm as it grows. Since it uses AI to improve your accounting practices, you can boost productivity considerably. With Financial Cents, you can easily:

Delegate and track recurring workCollaborative with your staff remotelyKeep essential tasks from falling through the cracksSecurely store all of your data in one, easy-to-access place

The company offers a free trial of its service. So you can give it a shot without making any commitments if you’re interested in trying out the benefits of its AI features..

QuickBooks Online Accountant

Quickbooks is perhaps the biggest name in accounting software, for a good reason. The company’s suite of accounting products is super effective and easy to use. Their modern software applications use tons of AI algorithms to automate accounting processes and help streamline your financial management strategy.

QuickBooks Online Accountant is a software tool that’s specifically designed for professionals. It includes features like:

Month-end reviews to ensure books are closed accurately and on-timeA performance center to easily visualize your practice’s productivityEasy integration with Intuit QuickbooksStraightforward systems for recurring transactions and bank feeds

Karbon

Karbon is another accounting management tool that could be good for your practice. It focuses on providing a collaborative platform that makes it easier for businesses to do the following with AI:

Manage workflowsCommunicate with teamsDeliver standout work for clients

The platform puts everything your employees need to thrive in a single place, making it easier for them to collaborate and deliver work for clients on time and within budget.

Canopy

Canopy is a cloud-based accounting practice management software that’s loaded with features. It can help you get more out of document management, workflow optimization, client management, and time & billing processes.

The cool thing about Canopy is that you can pick and choose which features you pay for based on what you truly need. You have a lot of flexibility when it comes to leveraging AI for optimal effectiveness.

For example, maybe you already have a good process for document management, but you know your company’s workflow could use some improvement. In that case, you could pay specifically for Canopy’s workflow optimization module without also purchasing its document management features.

Xero Practice Manager

Xero is another big name in the accounting software industry. But its Practice Manager tool is specifically meant to help firms streamline workflows and boost efficiency.

The software comes with loads of features to help your business achieve those goals, including:

Automated work assignmentSimplified time, invoice, and work trackingCustomize report creationEasy integration with Xero to keep invoices, payments, and clients in sync

This software could be your best option if your practice already uses the standard Xero software for its accounting objectives. But you don’t have to use Xero to enjoy the benefits of this tool.

TaxDome

TaxDome is designed to be an all-in-one solution for managing your accounting practice. It offers AI tools for both internal practice management tactics and client-facing ones.

For example, you can use TaxDome for:

Customer relationship managementWorkflow optimizationReport generationInvoicingDocument and signature management

There’s only a Lite and a Pro version of TaxDome, which means that you don’t have a ton of room for customizing what you pay for with this software.

Jetpack Workflow

Finally, Jetpack Workflow rounds out our list. It’s a tool specifically designed to help your accounting practice optimize its workflow practices. It does that by offering a variety of tools to help with the standardization, tracking, and automation of various accounting practices.

The tool also offers easy integrations for popular software like G-Suite, Quickbooks Online, and Zapier.

Which AI-Based Accounting Practice Software is Right For My Company?

AI technology has helped accountants do their jobs more effectively and boost efficiency. This question will depend on your company’s size, goals, and current practices.

For example, if you’re looking for an all-in-one solution to accounting practice management, then TaxDome could be a good fit. But if you’re looking for a lightweight platform for optimizing your workflow, then Financial Cents could be a better option.

To make this decision, you need to understand what your practice needs to hit its business goals. Once you know that, it becomes easier to select the software that will help you achieve those goals.

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Big Data Leads to the Possibility of a Cashless Society

Big Data Leads to the Possibility of a Cashless Society

The financial sector is among the industries most affected by developments in big data. A study by Allied Market Research has found that the market for financial analytics services will be worth nearly $20 billion by 2030.

This market doesn’t seem to even include a number of new services financial institutions use that rely on big data. Nor does it seem to cover some of the ways independent businesses are using big data to improve their financial management services.

One of the biggest changes brought on by big data is that it is helping companies accept and process financial transactions more easily.

Big Data Change the Future of Payment Processing for Small Businesses

The proportion of payments being made by contactless “tap and go” technology has rocketed in the UK during the last few years. Big data technology has made it possible for companies to offer these services.

In 2016, just 7% of payments were made by a debit or credit card. That rose to 19% by 2018.

By 2020, half of all payments in the UK were made by card, more than a quarter (27%) using contactless. By the end of 2021, 70% of card payments were contactless. In the last two years the trend towards contactless payments has definitely been accelerated by Covid-19.

It’s clear from the stats that it’s nearly a decade long trend towards contactless payments that has simply accelerated. Big data is at the heart of this change. Big data has helped make this possible. One of the biggest benefits of data technology is that it has helped fight credit card fraud.

And the trend continues to evolve.

Apple Pay, Samsung Pay, other eWallets and digital payments have continually grown in popularity in the last few years (again, especially during the Covid-19 pandemic) and this has pushed older payment methods like cash further down the pecking order. They are all using new big data algorithms to streamline their transactions.

With contactless payments becoming so popular, businesses now more than ever need to invest in new technology whether it’s contactless card machines, online payments or even Pay by Link so they can sell directly through emails and social media.

Whenever anyone talks about the future of payments, cash is always an afterthought.

Who carries cash anyway, right?

But it’s not the case that cash will disappear from business and there are still plenty of shoppers and consumers who rely on it.

In fact, the UK Government is actively looking into how to protect cash and ensure it continues to be readily available for those consumers who still use it.

The fact is, it’s highly unlikely that the UK will become a ‘cashless society’ – here’s why.

Will big data create a cashless society and what would it actually look like?

Big data is creating a real possibility of cashless society, but many people still wonder what that would really mean. While there’s little chance of going fully cashless, there are actually several benefits for businesses to at least consider it.

One, businesses don’t have to worry about dealing with notes and cash or storing cash in store overnight (which could make them a target for criminals). Big data could actually help make them far less vulnerable to criminals.

Even for customers it removes the limits to only spending what you have in your pockets at a given time (an annoying issue we’ve all experienced at some point when we’ve been a few pounds short)

It makes payments a lot quicker too because you only have to tap your payment card or smart device, rather than handing over cash and waiting for change.

For businesses and customers, removing cash also reduces the risk of payment fraud from counterfeit notes (which are a bigger issue than card payment fraud). When you combine this with the other fraud fighting initiatives brought on by big data, the risk of theft seems much lower.

Cashless payments also provide a clear audit trail for business owners so they can see every card and digital payment that has been made to their business on a given day (including the details of the payee and the date and time the payment was made)

But that’s not to say there aren’t benefits to keeping cash, here’s just a few reasons.

Why you wouldn’t want a cashless society

There are plenty of positives to moving towards a cashless society. But there are lots of reasons why the future of payments will include cash. The harsh reality is that not all changes brought on by big data are beneficial.

For a start, there is still a large percentage of the population that is still reliant on using cash – particularly older consumers. This was highlighted in a Government report compiled as part of a consultation about the future of cash in the economy. It found that – despite all the talk that cash is obsolete – that cash payments still made up a fifth of all payments made by the end of 2021. So cash is still the second most popular form of payment in the UK. Perhaps it’s not time to count it out just yet.

Making concessions for those without a bank account

Another sign that cash still has a role to play in the future of payments, is that 1.2 million people in the UK don’t have a bank account or access to a bank card or a digital wallet.

These consumers don’t have a bank card that they can sync to a digital wallet, so they can’t make card or contactless payments. According to the Government’s report which highlighted the stats, the majority of these “unbanked” customers are younger people aged 18-24 and unemployed people. Some of these people don’t trust banks and don’t want to take the risk of having their financial data exposed.

Many older customers also prefer to use cash, even if they have access to a bank account and bank card.

So even when consumers do have access to the tools for contactless cards, they still prefer cash so you should accommodate them.

Cash has a place, but the future of payments is dictated by big data technology

Big data has brought many changes to the future of finance. One of the biggest is a shift towards a cashless society. This is a trend we discussed in one of our blog posts 10 years ago based on a Gartner report.

Cash will likely never leave the economy fully (at least not any time soon) as a lot of customers are still reliant on it. But it’s clear that the future of payments is based on better technology like contactless “tap and go” payments.

Customers have become accustomed to using their debits, credit cards and other contactless methods.

Businesses should also recognise favoured payment methods and make them available for customers.

This includes contactless card readers that accept both card and digital payments.

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