Analytics is becoming more important than ever in the world of business. Over 70% of global businesses use some form of analytics. This figure will rise as globalization, supply chain challenges and other factors increase competitiveness.
This is an important year for enterprises keeping in view that most global industries are recovering from the pandemic horror, and the era of web 3.0 is at the doorstep. For both reasons, the role of CIOs has to embrace automation and analytical thinking in strategizing the organization’s initiatives. Until now, they were proactively involved to maximize IT efficiencies and accelerate cost savings in general.
However, the rapid technology change, the increasing demand for user-centric processes and the adoption of blockchain & IoT have all positioned business analytics (BA) as an integral component in an enterprise CoE. They are using analytics to help drive business growth. And since no one except CIOs has the technical nerve of a business; they are seizing the opportunity to increase value to the organization while positioning themselves as thought leaders.
While we are at it, Gartner’s 2022 report on business composability further pushes the need for analytics. It suggests the immediate need for decision-makers including CIOs to embrace automation to absorb the pressures of the rapidly changing business landscape.
Continuous Building of BA practice in your organization
Even though business analytics operates across organizational verticals and all levels of the hierarchy, a CIO owns the responsibility to ensure the building of the practice. It requires a deep-rooted understanding of the organizational workflows and the scope of analytics in making significant improvements. Therefore, building BA is a continuous practice and often involves partners to kick-start.
One such education institution called Adaptive US collaborates with multiple organizations with a focus on building/improving their BA practice. Such platforms provide full-stack training solutions for IIBA certifications & several training programs for professionals of different work experience groups. Various educational groups deliver sessions in different formats such as self-learning, guided learning, live & recorded sessions, exam prep sessions, office hours and others to suit the learning needs of the various kinds of learners.
CIOs, in collaboration with such groups, can categorize their practice building into 3 focus areas:
Team Upskilling: Train business analysts on planning, gap analysis, scoping & blueprinting, cost-benefit calculation of new initiatives, solution architecture, modelling, elicitation, requirement management, performance management, and other improvement initiatives. Process Upgrade: Ensure following industry standards and benchmarking the process against the Business Analysis Body of Knowledge (BABOK) and modernize them.Tools Updating: A business analyst is as good as his/her tools. Having effective tools is vital to the organization’s success. Having cost-effective and high-quality business analytics tools such as Atlassian, MS Visio, Business Process Modeller, Balsamiq, and similar BA tools is essential for org initiative improvement.
Not to miss, Cloud analytics are increasingly dominating their on-premise predecessors. It is growing at a CAGR of 23.0% and shall touch USD 65.4 bn by 2025.
Executive Portfolio Management
Unlike previously when only corporates would consider portfolio management as an important arm of C-level decision making, scenes are different today. Given the on-demand accessibility of data, start-ups and SMEs want their CIOs to manage resource investments through application portfolios, infrastructure portfolios, and project portfolios.
Since there’s vast information at disposal, business analysis has a crucial role for CIOs. Here, the dashboard could include project health elements such as cost, schedule, scope, ROIs, feedback, value to the partner, evaluation of meaningful outcomes, and management hierarchy to name a few. Not to miss, a low-level (detailed) view of such a dashboard would include a problem statement, business case, status, budget, delegation, etc.
The answers captured above further enable a CIO to create a top-level view and evaluate how optimal is the spending, how progressive is the pipeline and ultimately how on track are the committed deliverables.
Extract Value From Customer
Predictive analytics have an unquestionable influence on drawing patterns around consumer behavior and their likelihood to either re-subscribe or discontinue the service. Based on the engagement with the product, the customer experience team, a key part of the CIO’s team has to score customers on these metrics and position them in the growth funnel, also known as the pirate funnel.
This sales/marketing funnel can consume insights from BA to predict the probability of upselling. Subsequently, the outcome of the tool/funnel would prompt the ‘sales’ to offer incentives or other rewards against an upsell or referral to the potential customers. This analytical ability to predict customer churn can assist insetting appropriate goals but also strengthening their financial planning area as discussed previously.
Financial Management
Financial planning is a critical area and involves all stakeholders including CIOs. For most organizations, it sets the narrative for project forecasting, recruiting, scaling, and others. CIOs, along with everyone on the leadership board use finance models to anticipate any hurdles.
For CIOs, financial planning coupled with business forecasting through analysts is a primary role. So if the overall spending trails the expected forecast, it’s a good indicator and an opportunity to discover newer avenues that could work for the organization. At the same time, if the spending exceeds the expected limit, CIOs have to identify weak links and rewrite the quarterly plan.
Financial visualization in key areas can fuel analytical decision-making. These include budgeting, forecasting, actuals & accruals, variance & absolute variance, spending economics, vendors, contracts, and more.
Conclusion
Organizations waking up to the importance of analytics at C-level decision-making need no detailing. However, the market trends in the post-pandemic era ask for rapid adoption and CIOs are at the helm of that transformation. So far, we discussed the confluence of business analytics across verticals and how that changes the role of CIOs. From the discussion, it is inevitably clear that this association will further strengthen in the web 3.0 era. Organizations that have captured the hint will have a lasting stint in the competition.
If you are building a career in business analytics, you are a step closer to building a profession as a future CIO.
Artificial intelligence has become a very important technological development in the life sciences. Michel L. Leite and his colleagues at Universidade Católica de Brasília addressed this phenomenon in their study Artificial intelligence and the future of life sciences.
AI is helping advance the life sciences in many ways, which include improving the outcomes of clinical trials and making certain features more accessible to both researchers and patients. One of the benefits of AI in the life sciences is in the field of cryopreservation.
Cryopreservation is the practice of preserving cells and tissues. It is a complex process where things can easily go wrong, but AI technology can help mitigate some of the challenges.
How Can AI Improve the State of Cryopreservation?
There is a growing need for stem cell storage which makes the idea of starting a business around this practice can be very profitable. Companies like IBM have also been involved in biological research. However, the preservation of the cells can be a very complex challenge to overcome. Getting the cells preserved while also maintaining their structural integrity is complex and is the reason why so many labs will outsource storage.
There are many benefits of using artificial intelligence in these settings. They include improving safety and making sure biological materials are stored optimally. It also helps with bioinformatics.
In order to appreciate the benefits of using AI, it is important to first understand the issues clinicians and researchers will face. Biological material needs to be preserved for long periods of time and it is essential that it be kept in the same exact condition by the end of the process as it was in during the beginning. If you are trying to do this as a medical field business then it is important to understand the process well. In this article, we will go over the essentials to keep in mind when you are trying to use a cryopreservation liquid nitrogen freezer for stem cell preservation.
Here are some ways that AI can help with this process.
1 – Identify the best medium with machine learning
Every system is going to need its own medium to successfully preserve the samples. It is crucial to understand which one is going to give you the right results.
Cryoprotectants are used for a few primary reasons. The first is to slowly freeze the sample while also reducing the salt concentrations. Secondly, they decrease cell shrinkage, and lastly, they minimize intracellular ice formation. With all that in mind, it is usually the case that you’ll need Glycerol, salts, and dimethyl sulfoxide (DMSO).
Some of these protectants are more effective at protecting biological systems that are cooled quickly since they promote extracellular glass formation. It’s important that the water remains liquid during this process which requires a temperature just below the glass formation stage.
For some applications, ready-to-use solutions are the best idea as they are the most effective and also easy to use. They also work with various media for great results. Unfortunately, they may not be best for all storage options.
AI technology is useful for identifying the best mediums to store biological material. Many labs carefully track data on the different storage systems they use and figure out which ones seem to work best under different conditions. An application with AI monitoring tools can recommend the best medium for a given material based on readily available data.
2 – Use the right method
The freezing method is as important as any other part of the process. There are several different methods to choose from but the one that’s best for you is the one that will give you specific results with your specific medium and sample.
The most common method and one that works very well with many different media is liquid nitrogen. It’s a popular choice due to it being chemically inert, non-flammable, and often the most economical.
Another common method is using Direct Temperature Feedback which does also use liquid nitrogen as it’s injected directly into the chamber and automatically adjusts for freezing rates.
When using a small number of straws or vials, the Plunge Freezing method is useful as it controls the cooling temperature by submerging the block of vials which controls the freezing rate.
AI technology can make it easier to automate the use of these materials. You can use a robot that relies on machine learning technology to handle these processes, so you don’t have to expose yourself to harmful liquid nitrogen and can accurately control the use of these materials.
3 – Safety
The lab environment that uses a lot of nitrogen can be quite dangerous if protocols are not adhered to. Since it is odorless and colorless, it can be inhaled without knowing. It is important to make sure that all containers are properly sealed and stored in a way that will prevent them from exploding or becoming contaminated with other chemicals.
This is another area where AI technology can be very helpful. More clinicians and researchers are using AI to improve the safety of their labs.
Consumers today want retailers they do dealings with, to provide them with simplified and personalized services. If you fail to meet their standards for an effective and focused product offering, most of them will quickly take their money elsewhere.
According to many surveys, more than 90% of retail organizations across a wide range of sectors feel location data is crucial to their success.
In fact, the popularity of location data has grown so much that it is expected to touch about $35 billion in value by 2027.
In this article, we will talk about nine ways location data can help you excel in retail.
9 Ways Location Data Can Help You Excel in Retail
Retailers can utilize data analysis to uncover trends in consumer behavior in order to make wiser decisions about product development, price, customer engagement, and so on.
From the most basic to the most complicated concerns, data may assist guide your decision-making strategy.
You may go beyond mere purchase behavior by incorporating social media activity into marketing techniques specific to your key demographics.
As the current business world has changed rapidly owing to technology and other advancements, the most agile merchants have thrived and even prospered, typically by employing data-driven tactics.
Enhance the client experienceBetter Understand Customer DemographicsForecast customer behaviorImprove pricing decisionsHighlights Expansion PotentialImprove product display in-storeReduce customer acquisition expensesImprove the online customer experienceCustomer persona identification
Here it goes.
1. Enhance the client experience
Data analysis is critical for designing experiences that meet today’s consumers’ desire for personalization. Retailers of all sizes may benefit from current analytics systems’ capacity to take enormous volumes of data and provide relevant insights.
This information may be used to match a customer’s interests to the interaction your brand provides.
This application can take the shape of developing items, adapting marketing strategies, or generating recommendations based on the products that a consumer is most interested in.
Accurate client data collection and analysis are critical to maximizing all of these activities.
2. Better Understand Customer Demographics
A marketplace, or the geographic region from which a retailer acquires its clients, is crucial to the longevity of a retail shop establishment. So, your retail personnel must make sure that you open stores in locations where your target consumers reside or visit regularly.
Using retail site selection mapping software to gain better insights into your client base will allow you to give more appropriate services and goods. Such software provides you with real-time data and behavioral insights about the people who live and travel near specific retail locations.
You will learn much more about the demographic trends of your intended market’s clients. Additionally, you can also examine where customers like to purchase or visit in their leisure time.
This will immediately improve your leads. It will also help you to better plan your marketing and spend more in specific age brackets because everybody in that region would pick your store first.
3. Forecast customer behavior
Consumer data gives you a glimpse into future customer behavior by allowing you to examine it for trends. This may include purchase history, customer habits, and other crucial data points.
This method entails examining patterns and connections uncovered when recording client interactions with your company at various touchpoints.
You may anticipate future behavior by analyzing this data to establish the major elements driving client purchase decisions, and then utilize these predictions to steer your branding and marketing development efforts..
4. Improve pricing decisions
Given how easy it is for people to price shop on the internet these days, merchants want as much info as feasible when formulating pricing determinations.
Making these judgments entails doing more than just evaluating your internal cost/profit assessment. It also involves engaging in competitor intelligence gathering to design a pricing strategy that is most likely to succeed given market circumstances.
Pricing information may also assist you in determining when giving discounts or other promotions is most likely to help you sell things.
5. Highlights expansion potential
Retail location data also aids in the finding of ideal sites by evaluating what interests them and their profit potential. As a consequence, it is an essential instrument for doing market research and conducting extensive competition analysis.
It is also vital to discover external elements that influence the success of your present and anticipated enterprises. Intelligent mapping allows corporate executives to see how certain regions are evolving, helping them to have a competitive edge in a variety of sectors.
6. Improve product display in-store
Product placement in-store is critical for increasing retail sales.
Products that are likely to be purchased on impulse, for example, are often positioned closest to the checkout register to optimize their sales potential.
By observing how different techniques function in real-time, data analysis may assist support diverse product placement methods.
7. Reduce customer acquisition expenses
Data analytics allow you to see which of your web marketing initiatives are working and which aren’t. Rather than waiting days or weeks, as with conventional marketing initiatives, digital marketing gives real-time or near-real-time information that may be used to enhance your marketing efforts.
Reduce client acquisition expenses by eliminating low-performing portions of your ads and accentuating top-performing features.
Campaign data analytics also aids in the scalability of paid advertising campaigns, allowing you to increase traffic to the sites and advertisements with the highest conversion rates.
This tailored method outperforms allocating advertising expenditures over a variety of channels without analyzing each channel’s performance in terms of ROI and client acquisition cost.
Analyzing your marketing and website data allows you to avoid wasting money on strategies that don’t provide a favorable ROI. By reducing the speculation associated with marketing, expenditures that might otherwise be squandered may be allocated to channels that have been demonstrated to be fruitful.
Any channel activity that does not eventually lead to sales and revenue should be eliminated in web marketing.
8. Improve the online customer experience
When customers visit your website, they generate data points that may be mined for important insights about what works and what doesn’t on your site.
Statistics such as average time on page, bounce rate, conversion rate, and others may be used to perfect your website and make changes to make it more appealing to visitors.
The longer people stay on your site, the more likely they are to convert, and the higher your conversion rate.
9. Better identify customer persona
Client data may be used to segment your customer base based on demographics and other factors, allowing you to better understand who and where your consumers are.
You may create an ideal customer persona by assembling the attributes of your top customers and using them in product development and marketing efforts.
Given digital marketing’s capacity to accurately target certain groups of individuals, having a good grasp of your model client persona is critical for improving your marketing initiatives.
Location Data is Helping Retailers Improve their Competitive Edge
That’s all for this article. Hopefully, after reading it, you are compelled to use location data for your retail business too. Remember, customers these days are looking for personalization and wouldn’t mind taking their business elsewhere if you fail to meet their needs.
Retailers who want to prosper in the future months and even years can’t risk making choices without using data. Agreed, establishing the correct processes and understanding how to gather intelligence may take some effort, but the information and insights you obtain will make it all rewarding.
How are you utilizing retail insights in your company? Tell us in the comments.
Author – Tuba Sarosh
Tuba Sarosh is a versatile copy and content writer and editor, who helps businesses turn their readers into clients. She writes about trends, tips, how-tos, and other cool stuff that helps businesses serve their customers better. When not writing, she’s either reading a good book or experimenting with recipes.
Data breaches are becoming increasingly common each year. The costs of data breaches are becoming worse, which can easily cripple many companies. An estimated 60% of companies that fall victim to data breaches have to shut down within six months. As a result, 10% of all companies file for bankruptcy due to data breaches.
Companies are not wasting any resources trying to mitigate the growing risk of data breaches. They are hiring security experts that can fortify their security to stop cybercriminals in their tracks. If you want to do your part to fight data breaches, you should consider getting a network security certification and join the front lines against these cybercriminals.
Getting a Network Security Certification Can Help You Thwart Data Breaches
The security of the network is critical to the overall security of any organization, especially since data breaches have become so common. There were 4,145 publicly recorded data breaches last year, which exposed more than 22 million records. This figure is going to increase as cybercriminals become bolder.
Unfortunately, fighting data breaches is easier said than done. Most organizations have large numbers of devices such as computers, laptops, servers, and other equipment that are all interconnected with one another and this network is always vulnerable to attacks. Communication between devices occurs on a regular basis, and the sensitive data that passes through them is usually shared among them.
It is, therefore, necessary to ensure the security of the network and the devices that are connected to it. This is one of the most important lines of defense against data breaches. To build a better infrastructure where enterprises face fewer threats and can better protect themselves from cybercriminals trying to steal their data, organizations must be constantly on the lookout for qualified individuals to join their teams.
To properly configure and secure a network, firms look for applicants that are experienced in debugging, configuring, troubleshooting, and securing these devices. Candidates that have received training are always in demand, and organizations is always looking to hire them to fight data breaches.
Certification is the first step in this direction because it demonstrates the worth of a candidate. To obtain the certification, a candidate must pass an exam that typically contains a large number of different questions and may also require completion of a practical exam. Several certifications are available that can be beneficial to those who want to advance their careers in the field of network security.
Let us talk about a couple of them.
CATO SASE Expert Level 1
Gartner has developed a new enterprise networking technology category called Secure Access Service Edge (SASE) that brings together network operations and security point solutions to form a unified, global cloud service.
Because of SASE, which advances networking technology, many organizations are shifting their attention to SASE and recruiting individuals who are capable of handling and implementing it in their organization. Given that Cato Cloud was the first SASE platform, Cato Networks’ SASE Expert Level 1 certification course has successfully provided a comprehensive understanding of SASE and its architecture, and it has done so in an exceptionally well-organized manner.
The CATO SASE expert Level 1 certification covers a wide range of topics, including how networks evolved from MPLS to SD-WAN to SASE, as well as the improvements that have been made, their essential distinctions and the advantages they provide, virtual private networks (VPNs), and other related subjects of security such as CASB, FWaaS and DNS. All of these guidelines can help security professionals learn to fight data breaches. In order to obtain the Cato certification, you must first apply to the Cato SASE course and then pass the certification exam with an 85 percent passing score.
GIAC Security Essentials
As the name implies, the GIAC Security Essentials certification is governed by the GIAC. The candidate who holds this certification demonstrates that they are competent in executing security-related actions and that they not only possess theoretical knowledge but also have hands-on experience in the field of data security. Candidates’ understanding of information security and terminology beyond the basic level is verified and validated through this certification.
Practical job experience is quite beneficial for passing this exam, and there is a great deal of live training available for these qualifications. Those with a security experience or network understanding, such as security experts, pentester testers, forensic analysts, and information technology engineers, can pursue this certification.
The topics addressed by this certification include active defense, access control on devices, IT risk management, security policy development, endpoint security, Linux security, incident response, and incident handling, among others. This certification requires candidates to pass a web-based, proctored examination that comprises 106-180 questions and must be completed in 4-5 hours with a minimum score of 73 percent.
CCIE Security Certification
The CCIE Security Certification is governed by CISCO, and it is most commonly chosen by experienced networking professionals who wish to advance their careers to the level of network security professional. Network security professionals are capable of implementing, maintaining, configuring, securing, and troubleshooting the complex enterprise networking infrastructures that exist in organizations today. In addition, candidates who earn this certification are capable of creating a network for a business while keeping security in mind, which is a significant amount of responsibility.
As it demands both experience and knowledge, the candidate will need to dedicate a significant amount of time to passing this certification. They must also pass a practical examination, which is conducted in a lab, to verify their technical ability. This is an expert-level certification that covers a wide range of security topics, including wireless, service provider, routing and switching, data center, and collaborative work environments, among others.
The exam for this certification consists of 100 questions that must be completed in 120 minutes, and the candidate must score 80 percent or above in each part in order to achieve this certification. They must also pass a practical lab to receive this certification.
CompTIA Network+
The CompTIA Network+ certification is apt for those capable of performing basic network troubleshooting and wishing to learn more about the security perspective, for people who wish to learn about networks from a security standpoint,. To design a network infrastructure, applicants must have a fundamental understanding of networks and related technologies, including correct installation or configuration of devices, creating topologies, and comprehension of network protocols.
According to the new guidelines, this certification covers five main areas of network security, including network concept, network infrastructure, network security, network troubleshooting, and network tools, among others.
Although this certification covers the exterior security of infrastructure, it does not cover the internal or operational security of infrastructure. This certification consists of a series of 90 questions, which can be either multiple choice or performance based, and the applicant must finish it in 90 minutes to be eligible for the certification. The passing score for this certification is 80 percent, which is the minimum requirement.
The Right Certifications Can Help Fight Data Breaches
Today, we learned some network security certifications for different levels of experienced candidates. Experts with these credentials will be able to help fight data breaches. Certification helps candidates grow their career, learn something new, make themselves unique and sustainable in the highly demanding market of security. There can be more certifications, but picking the right one depends on individuals choice, interest, and experience.
Before pursuing any certification make sure to carefully consider your interest first. Because, if you have interest, you will put your effort into gaining that certification and organizations always prefer skilled professionals. Lastly, certifications are very helpful in negotiating for competitive compensation.
Artificial intelligence is gaining traction in different sectors, including customer service. Call centers alone spent over $3.4 billion on AI in 2019, but the market for AI in customer service sector as a whole is much greater.
AI technology offers an opportunity for businesses to enhance their services while learning more about their customers. Interestingly, AI can enhance customer service in almost all elements, including improving response time and providing predictable insights.
Some people might be aware of the potential benefits of AI in customer service on a rational level, but don’t appreciate it from a visceral perspective. They are more amenable to the idea after hearing that 91% of top companies use AI to boost their customer service strategies.
Below is how AI supercharging your customer service.
Multichannel Support
Customers prefer different channels when engaging with a business. However, some businesses find it challenging to maintain multiple channels at once. AI offers an intelligent support system that encompasses parallel support channels. Overall, AI in customer support ensures a total balance in the support system. This is actually one of the biggest customer service challenges that can be solved with AI. Besides meeting customer needs, AI also enables agents to fulfill their service commitments and relieve loaded support channels.
Most businesses can be overwhelmed with a high volume of customer queries, which can be impossible for agents to handle. However, with AI, bots provide an effective way to manage a high volume of customer inquiries. AI can also collect actionable insights on each interaction and estimate the time the next customer will wait before interacting with a live agent.
CRM Compatibility
AI can easily complement the role of CRM in your business. CRM assists in using customer data to understand their needs, but AI can step in and unveil means to offer a more personalized experience. AI uses customer data like age, gender, region, and sales history to understand their needs quickly. Additionally, AI integrated with CRM systems can assist in automating tasks in return saving time. You can engage entities like Goodway to understand how your CRM can be integrated with AI.
Improved Response Time
Most customers appreciate businesses that respond to their queries promptly. Relying on human input can result in unnecessary delays. However, leveraging AI to build a customer engagement platform can automatically deploy behavioral data from the customer to determine the right message. Additionally, using AI can monitor how different customer messages perform and then suggest the correct response in real-time.
Data Gathering
With AI, data collection is simplified significantly and unified to create a single customer view. The data is collected based on factors like the customers’ behavioral patterns. With advances, AI can quickly request the correct data without human interference. The data is analyzed and instantly responds to the needs and sentiments of the customer. Most importantly, eliminating human intervention guarantees the accuracy of the data collected.
Prediction and Insights
Insightful predictions on customer behavior can be used for future policies impacting customers based on their choices. Additionally, AI can suggest the best action for agents through understanding the proper responses to the customer-generated ticket.
Chatbot Customer Support
Customer support staff are tasked to handle multiple calls every day. They also face the challenge of reducing the time it takes to resolve customer inquiries per hour. Chatbots play a critical role in answering customer queries promptly and accurately in real-time.
AI is Invaluable to Customer Service Strategies for Most Brands
Artificial intelligence is changing many aspects of modern business. One of the overlooked departments that is evolving in response to advances in AI is customer service.
Customer service is the backbone of any industry. Based on the highlighted benefits, businesses need to leverage emerging technologies like AI to improve the customer experience to sustain growth. It is important to utilize the best AI tools to get the most of your customer service strategy.
Did you know that the market for financial analytics services is worth over $25 billion? This figure is growing every year, as more financial organizations are discovering the benefits data analytics technology offers.
However, financial executives aren’t the only ones leveraging data to improve their financial decision-making. Many individual traders are also finding ways to take advantage of financial analytics to get a higher ROI from their investing decisions.
We recently interviewed a trader that uses financial analytics to make better trading decisions. They have been a successful algorithmic trader for the past 17 months. This trader never imagined that their life would be completely transformed by becoming an algorithmic trader. They had to learn about the nuances of data analytics to get the highest ROI from their trades.
This trader wanted to share how they became a successful investor and how anyone can do the same if they dedicate themselves to being a successful algorithmic trader by making the most of data analytics.
What is algorithmic trading and what role does data analytics play?
Multiple commodities and financial instruments are traded on financial platforms every moment of the day. This is one of the reasons that the market is considered to be highly efficient.
Traders make money by betting on how prices move in these markets. But traders often fall prey to their psychology and fail to stick with their strategy. To overcome this, traders can use trading bots to execute algorithmic (rule-based) strategies. This ensures that they stick with their strategies and generate consistent profits. This automated trading with rule-based trading bots is algorithmic trading.
This wouldn’t have been possible without data analytics. These bots use historic data to get a better understanding of the behavior of the markets. They rely on complex AI algorithms that can employ technical analysis principles, as well as other factors that influence the direction of financial markets.
Can analytics-driven bots help make up for the lack of a strategy?
When the trader we interviewed started out, they were new to the whole trading world. Josh was their only guide and they did not have sufficient knowledge to navigate the markets. Josh knew this and suggested their protégé try algorithmic trading with existing robot traders. He also uses such robots frequently, even though he is an experienced trader.
The truth is that these robots help both experienced and novice traders make more profitable decisions. They can automate their trades and use historical data to identify the best times to place them and the best securities to buy and sell.
How do data-savvy investors take advantage of these trading bots?
First, you need to enable algorithmic trading on MetaTrader 5. For that, click on Tools in the menu bar and click Options. In the pop-up window, choose the Expert Advisors tab. Click the checkbox against Allow algorithmic trading and choose the sub-options as per your needs. This enables algorithmic trading for your account. The trader we spoke did the same when they were setting up my account. In MetaTrader 5, algorithmic trading robots are called Expert Advisors.
Once that was set up, the trader went to the MQL5 Marketplace to look for a suitable algorithmic trading bot. Clicking on Experts in the sidebar, under MetaTrader 5, lists out all expert advisors sorted according to popularity. Since the trader was just starting out, they opted only for free expert advisors by clicking the Free tab. You can choose any of the free or paid expert advisors after reading the description and other information provided. You can also sort expert advisors according to type by selecting the appropriate ones in the left sidebar.
You can use the web portal to browse the various expert advisors in detail and at leisure. But you can do the same from the MetaTrader 5 terminal itself. Click on Tools in the menu bar and click on MQL5 Market. You can choose any of the expert advisors and read the overview, screenshots, and reviews. You can also download it from the terminal. You just need to have a registered account to download any application. There is also an option to get developers to develop custom trading bots to suit your needs. This can be done by creating an order in the freelance section of the MQL5.community. Let us see how to use Dark Venus MT5, a free algorithmic trading bot, for a demonstration.
Testing the bot
You can test any trading bot downloaded from the platform with a demo account. You need not put any money down to test the strategies. There’s also the option to test even the paid bots before you make a purchase decision. You can select the trading bot you downloaded from the left sidebar of the terminal, in the Navigator section.
Right click on the bot and click on the Test option to start testing. You can vary the different variables and parameters on the strategy tester. Click Start to test the bot. You can choose to backtest the chosen strategy with historical data. If your desktop is not capable of testing or you want to free up processing power, you can test the strategy using MQL5 Сloud Network.
Once you are The expert advisor will start algorithmic trading on your behalf with the instrument of your choice. The profit/loss of the trades will be displayed on the chart you selected. You can stop the bot and take profits when you feel like it. You are in complete control of the instruments the bot trades on, when to trade, how long to trade, and when to take profit or loss.
Data Analytics Creates Great Opportunities for Traders to Maximize their Profits
The trader we interviewed started algorithmic trading when they were a novice with markets. Now they have learnt and understood a great deal about the various markets across the world. With that insight they choose appropriate algorithmic trading bots (expert advisors) for various markets. The trader choose from the various expert advisors in the MQL5 marketplace. Sometimes, they create custom bots using the freelance feature of the platform. With these in place, they are consistently earning mid 5-figures every month. My aim is to increase that to a 6-figure monthly income within another year.
For you, it is easy to start algorithmic trading today. But what generates consistent profits is sticking to trading with the conviction to stay the course. If you get disheartened by short-term losses, you will lose out on future profits. Algorithmic trading eventually works with persistence and perseverance.
Big data technology is disrupting almost every industry in the modern economy. Global businesses are projected to spend over $103 billion on big data by 2027. While many industries benefit from the growing use of big data, online businesses are among those most affected.
There are many practical benefits of using big data to grow your online business. You want to educate yourself on the possibilities, so you can make the most of this remarkable new technology.
How Big Data Can Help Your Online Business Maximize Growth Opportunities
Running your own business can be one of the most rewarding career paths anyone can take. However, it doesn’t come without its difficulties. High risk means high reward but there are certain steps you can take that almost guarantee commercial success, particularly when it comes to an online business. Without the outlay costs of rent, utilities, and limited customer base that a physical business has, an online business is a great way to get your company off the ground to reach new heights in a fast, more efficient way.
The good news is that new advances in big data technology can help online entrepreneurs mitigate the challenges their companies will face, while also gaining the most of new opportunities that come their way. We’ve put together some ideas to help you along the way so that you can grow your business with big data. You can check them out below!
1. Build the Perfect Website
Your website will be the foundation for your triumph so making it great from the outset is essential. Hiring a professional is a good option, however, they don’t come cheap so unless you have a solid amount of seed money it’s not always possible. The good news is, you can create your own website online, using tools that can mean you can bring your vision to life. Look for free builders with drag and drop editors that will make the process easier without needing to understand how to code.
Big data has made it easier than ever to create excellent websites. Companies can use big data to better anticipate user needs and improve the user experience, automate updates, setup analytics systems to monitor traffic and test new landing pages more efficiently.
You should focus on the user experience, as well as the aesthetic. Since big data makes the process more efficient, it should be easy to do both. It’s all well and good having a beautiful website but if it’s not easy to use then customers and clients will be turned off and won’t use your services.
2. Establish your Audience
Part of identifying your brand is understanding who your audience is. You need to figure out who your product or service most appeals to and who you had in mind when creating it. Your key demographic will likely have a particular need for what you are offering and so you need to market your business in a way that caters to that particular group. Think TikTok marketing for the Y2K generation, or LinkedIn messaging if your services are business to business. Knowing who your audience is will make it much easier to develop and deepen your brand’s strength in your marketplace. The best way to do this is by generating a buyer persona or a model of your typical customer or client which helps you establish a clear way of promoting your services to the right people.
Data analytics has made it easier to identify the best audience for your online business. Tools like Quantcast use complex data analytics capabilities that to help companies get a better understanding of their target demographics. Advertising platforms like Facebook Ads also have sophisticated audience analytics features that help companies learn more about their target customer.
3. Use Analytics to Identify Points of Differentiation for Your Brand
With Google at our fingertips, it is easy to find yourself lost in such a saturated market. Even if your products or offerings aren’t particularly unique your brand should be. You need to make yourself stand out from the crowd with your content, logo, aesthetic, and message. Do your research and find out how you can make yourself appeal to the wider masses.
You want to take advantage of analytics to learn more about the pain points of your customers. You can use data mining tools to evaluate feedback from customer surveys and other resources that will help you get a better understanding of their expectations. You can also use your own data analytics dashboards to see what customers are telling you. This will help your company build a brand that aligns with their needs.
4. Use Data Analytics to Optimize Your Social Media Strategy
Social media is a powerful tool that will help you get your name out there for free. Set up business accounts on the appropriate channels and make sure you upload regular content. Build your follower count by creating content that is in line with current trends such as popular Instagram Reel audio clips or challenges. Of course, if your business is corporate you don’t want to come across as gimmicky, but never underestimate the power of viral trends that could send your profiles into the stratosphere. If you have products. Send them free of charge to influencers to review in exchange for promotion or ads. LinkedIn is a fantastic way to network with your target audience as you can have a huge reach right from your living room or home office. If you create a physical handmade product, film a short video about your creation process, or shoot a short piece of content about a day in your life as you’re working.
While social media marketing can be very beneficial, it won’t have a good ROI if you aren’t making informed decisions when creating content and optimizing your profiles. You want to use data analytics to monitor engagement on your social media profiles to make the most of your marketing strategy.
5. Use Data Mining to Hone Your Content Creation Skills
While you can pay for Google Ads on a Pay Per Click (PPC) basis, the best way to push your website up the ranks is by creating organic content that includes plenty of keywords that are Search Engine Optimised (SEO) appropriate. add a blog to your website and fill it with multiple blogs between 500 and 1000 words. Choose your topics carefully so that they relate to your business offering and think about the questions people may have about you and what you do. For example, if you run a corporate training company, write a piece of content about the importance of leadership. If you’re not a skilled writer, you can employ freelance writers from places like Upwork and Freelancer for a relatively low price.
If you want to create content yourself, then data mining can help immensely. You will be able to use data mining tools to do more efficient research, which will help create higher quality content. There are other data-driven content marketing ideas worth exploring as well.
6. Create Webinars
If you sell a service rather than a physical product, a free webinar is a fantastic way of reaching out to potential clients and showcasing a snippet of your work. Use video conferencing tools such as Zoom or Teams to speak directly with viewers and run workshops to give them a little taste of what you have to offer. They’ll be so impressed you’ll be leaving them wanting more.
7. Find A Mentor
Every good business leader has got to where they are with some help. Attend networking events that relate to your field and get to know people who are already running successful online businesses. Establish a relationship with them and ask them if they’d consider becoming your mentor. They will be able to guide you through your journey of business growth and help you avoid mistakes that they have already made while building their success.
8. Check Your Metrics
There is no point in creating a fantastic website if you fail to measure its success. Checking your metrics will enable you to see at which point during your potential client or customer’s journey you may have lost the sale. If you use email marketing, you can discover how many clicks you received and compare them to how many sales you made. If you’re not making as much money as you would like, you can use your data to see at which stage in the sales process you may be going wrong and then you will be able to fix it.
Data analytics tools can help you monitor these metrics much more easily. Google Analytics and Crazy Egg are among the best analytics tools. They can help online businesses make the most informed decisions.
Which of these tips will you be trying to help grow your online business into a success? Share in the comments!
Are you interested in a career in data science? This is the best time ever to pursue this career track. The Bureau of Labor Statistics reports that there are over 105,000 data scientists in the United States. The average data scientist earns over $108,000 a year.
The interdisciplinary field of data science involves using processes, algorithms, and systems to extract knowledge and insights from both structured and unstructured data and then applying the knowledge gained from that data across a wide range of applications.
While much data science work is starting to become automated, there is still a high demand for data science professionals. There are a lot of great reasons to consider a career track in data science, but you have to know what paths are available. Experts in data science are needed in all kinds of industries, from companies developing dating apps to government security.
Businesses and organizations of all kinds rely on big data to find solutions to problems and provide better services, so there are lots of different types of careers you could pursue with a degree in data science.
If you are planning on getting a data science degree, here are nine careers that you could consider after graduation.
1. Data Scientist
Armed with a Master of Data Science, which you can study either online or at a traditional educational establishment, you could pursue a career as a data scientist.
In the role, you would find, clean, and organize data on behalf of an organization.
You would need to have the skills to analyze large amounts of complex data and find patterns that would benefit the business or organization you work for. The organization can then come up with effective and strategic decisions.
2. Data Engineer
In this role, you would perform batch processing or real-time processing on data that has been collected and stored. As a data engineer, you could also build and maintain data pipelines that create an interconnected data ecosystem that makes information available to data scientists.
3. Machine Learning Engineer
As a machine learning engineer, you would create data funnels and deliver software solutions. To work in this field, you will need strong programming and statistics skills and excellent knowledge of software engineering.
As well as designing and building machine learning systems, you could be responsible for running tests and monitoring the functionality and performance of systems.
The typical duties and responsibilities of a data architect include ensuring data solutions are built for design analytics and performance across numerous platforms.
The role could also involve finding ways to improve the functionality and performance of existing systems and providing access to database analysts and administrators.
5. Machine Learning Scientist
Working as a machine learning scientist, you would research new data approaches and algorithms that can be used in adaptive systems, utilizing supervised, unsupervised, and deep learning methods.
6. Business Intelligence Developer
A career in business intelligence development would involve designing and developing strategies that can assist users in quickly finding relevant information that can help them make better business decisions.
You will need to have a broad range of data expertise to work as a business intelligence developer.
7. Data Analyst
You would transform and manipulate large data sets to meet the desired analysis for businesses, working as a data analyst.
Your duties and responsibilities could include tracking web analytics, analyzing A/B testing, and preparing reports for organizational leaders that effectively communicate the insights and trends found from your analysis.
8. Enterprise Architect
The main duty of an enterprise architect is to align an organization’s strategy with the right technology to execute the required objectives.
That means enterprise architects must have a full understanding of the specific businesses they work for in order to design the systems architecture that meets those needs.
9. Applications Architect
As an applications architect, you would track the behavior of applications that are used within a business or organization and discover how those applications interact with each other and how users interact with them.
You would also focus on designing the architecture of applications, which would include building elements like the infrastructure and user interface.
Did you know that companies around the world spent over $641 billion on AI last year? One of the industries that is driving demand for AI is the design profession.
Artificial intelligence technology is profoundly changing the trajectory of the design profession. More designers are using AI to improve the quality of their designs and streamline the design process.
Some of the ways that designers take advantage of AI technology include:
Selecting the subject of a photo when the designer wants to remove a background or alter the subjectChoosing an appropriate color when modifying a photo in some way (such as colorizing a black and white photo)Adding interesting effects, such as pixelating a photo
AI technology is a breaking technology that is forever changing the design field. There are a lot of great reasons designers will leverage AI to improve their work.
AI is changing the game across all facets of the design profession. Both product and UX designers can find ways to take advantage of it.
Often used interchangeably, Product Designers and User Experience (UX) Designers roles might seem broadly similar. However, in reality, a Product Designer and a UX Designer are quite different. A comparative analysis between the two suggests that these digital product design roles can be confusing to people as they both focus on product development and follow the design thinking process for problem-solving.
However, despite the differences between the two professions, they both have discovered the wonders of using AI to improve the quality of their designs. We will give you a broad overview of the two disciplines, before delving into the applications of AI.
So, the question is – how is a Product Designer different from a UX Designer?
To begin with, Product Designers and UX Designers both play crucial roles in how technology or products are used on a daily basis. But they both serve different purposes. Product Designers are the ones responsible for ideating and thinking through each step of the product creation process. On the other hand, UX Designers are the ones in charge of how users interact with the product once it is introduced to them.
In other words, Product Designers and UX Designers focus on two entirely different areas in product development. Though there are some overlapping roles when it comes to both jobs, on paper, their roles are often interchangeable.
But had they been the same, they would not have been named different!
Let’s jump into a comparative analysis to figure out how a Product Designer differs from a UX Designer, and to what way do their roles overlap.
Who is a Product Designer?
A Product Designer is a full-stack designer who does UX, UI, coding, project management, and of course, problem-solving (most importantly). A Product Designer ideates and designs solutions to critical issues and problems that are found in the initial process of product development.
To solve these issues, product designers facilitate solutions, create multiple test plans, produce wireframes, and make rounds of A/B testing.
Product Designers also support developers during the launch process as well as work with marketing teams to offer a synergy between the brand and the product.
Product Designers have been around longer than UX Designers and are often considered the guardians of the product, since they are responsible for relevant, cost-effective, and functional products.
Who is a UX Designer?
A UX Designer is the one who focus on user satisfaction for a particular product. They keep in mind user interaction as the prime concern and work on the design accordingly. They also ensure that there is a consistent improvement in the usability and accessibility of the product.
A UX Designer takes control of the full scope of the design thinking procedure – right from research to ideation and keeps focus on user satisfaction. In other words, they are responsible for ensuring that the product created is optimized exclusively for the user.
Product Designer Vs UX Designer: Similarities!
Well, of course – there are indeed some similarities between Product Designers and UX Designers. Both of them are responsible for the design thinking process and consider human-centered approach in designing.
In fact, both of them use the same wireframing tools like Balsamiq and Sketch during the design process, as well as user mapping software like Lucid Chart and Overflow.
But, what are their differences?
Product Designers and UX Designers majorly differ in the way they ask questions! A UX Designer would ask if the product is easy to use, while the Product Designer would ask if the product adds to any sense in the current economy.
A UX Designer is concerned if the product is user-friendly. And a Product Designer is focused on making it cost-effective.
In other words, their priorities are different, and hence their roles are different.
Additionally, for obvious reasons, their skillsets and pay scales also differ. And so are their strategies and team focus.
How Does AI Technology Affect Product and UX Designers?
There are a lot of ways that product designers are using AI technology. One of the biggest benefits is that they can use machine learning to create digital twins. In essence, this means that they can replicate a product in an AI-driven ecosystem. They can see how a product would operate in a theoretical scenario. They can also use AI for predictive maintenance and to optimize the assembly process.
How UX Designers Use AI
There are just as many benefits of using AI in UX design. UX designers can anticipate how customers will respond to many visual elements based on past customer engagement data. They can also use AI to ensure the website runs smoothly by optimizing loading times and other factors. There are some misconceptions about AI-driven design, but it is very effective nonetheless.
Read here to know further about how a Product Designer and a UX Designer are different (or similar).
Cloud technology is becoming an increasingly important part of modern business. Global companies are projected to spend around $495 billion on cloud services this year. One of the biggest reasons cloud technology is becoming important is that it is helping companies make e-procurement possible.
Cloud Automation Helps
Many offices have started taking their business practices remote and operating online. This new trend means these offices now work from remote locations. This is all made possible with cloud technology. Employees also work from home or other remote locations but stay in touch with the team through online means.
Many companies have started sourcing online. This is the key to the successful management of any organization through remote mode. Many recent breakthroughs in cloud automation have made it possible. This process is also called e-procurement.
Cloud automation helps firms procure to pay for various goods and services that they buy online. Companies can invest in specialized cloud software that provides essential data that helps give them real-time access to suppliers, electronic invoices, and other information. The process is prompt and transparent. You can easily use these cloud solutions to get in touch with new suppliers through this process.
Here are some of the advantages that every firm should leverage through the process of using cloud technology to implement an e-procurement system.
Meticulous Implementation of Procurement Strategy
E-procurement is all about automated document management. It relies on cloud technology to handle everything from selecting suppliers, signing contracts, and furnishing them with new orders. It enhances the overall execution speed of the business with the help of timely decisions.
At the same time, through cloud automation, you can avoid unnecessary business interruptions and costly errors. The use of such software facilitates many important processes and helps companies make easy comparisons between supplier prices and terms and conditions. Since information on suppliers is usually readily available in the cloud, they can tap this data and make timely decisions.
Leverage the Potential of Diversification
As a growing business, you should have a diversified supplier base. It makes your procurement process more transparent and smooth. You also get a competitive advantage with the help of diversification. When you have a diversified base of suppliers, you can easily procure goods and products at their best-buy rate.
This arguably one of the most important benefits of cloud technology in the modern economy. The cloud helps expedite the procurement process at your firm. E-procurement is the only process, which helps the production and logistic process run even in times of international health emergency-like situations such as the COVID-19 pandemic.
ROI-Driven Concept
E-procurement technology gives you an opportunity to enhance your ROI. All you have to do is use cloud solutions to implement online sourcing in your business and see how the automation process reduces plenty of risks associated with the manual procurement process.
Through the use of e-procurement, you will have greater control over your accounts, finance, cash flow, and business-related data. Collectively, these will help you improve the productivity of your business while giving you more insight into business forecasting and budgeting.
Some of the relevant concepts that come under e-procurement include e-ordering, e-sourcing, and e-bidding. Each of them directly helps in saving your money while improving your ROI and profitability.
In Conclusion
Cloud technology is at the heart of modern e-procurement practices. Online sourcing or e-procurement helps firms furnish their order or request through a transparent and secured online platform. The owner and purchase manager can easily analyze various suppliers’ quotations and prices to finalize one of them. All of this data can easily be stored on the cloud, so the process can be handled very quickly.
Everything happens in real-time and such decisions are implemented within a few hours instead of weeks. This is one of the wonders of cloud technology. You can get some better insights by studying case studies of companies that have benefited with cloud computing. Thus, it improves the productivity of firms and lets the production process move smoothly without any interruption.
E-procurement also gives you significant business-related insights, which will help you improve the quality of your business or services in the long run.
