Category Big Data, Cloud, BI

Hackers Use AI to Create Terrifying Malware Targeting Sandboxes

Hackers Use AI to Create Terrifying Malware Targeting Sandboxes

Did you know that 42% of businesses were affected by cyberattacks in 2020? That figure is going to rise as cybercriminals use AI to attack businesses more efficiently.

Artificial intelligence technology has led to some tremendous advances that have changed the state of cybersecurity. Cybersecurity professionals are leveraging AI technology to fight hackers. AI-driven solutions include smart firewalls for intrusion detection and prevention, new malware prevention tools and risk scoring algorithms to identify possible phishing attacks.

Unfortunately, cybersecurity professionals aren’t the only ones with access to AI technology. Hackers and malware creators are also using artificial intelligence in much more horrifying ways.

Hackers have developed malware with sophisticated AI algorithms to take control of sandboxes. This is the newest threat in the realm of cybersecurity technology.

AI Powered Malware is the Biggest Threat to Sandboxes in 2022

Sandboxes have been widely used in software development workflows to run tests in a presumably safe environment. Today, they are also likely to be embedded in most cybersecurity solutions, such as endpoint detection & response (EDR), intrusion prevention systems (IPS), as well as standalone solutions.

However, sandboxes are also common entry points for cyber attackers. Over the years of the sandboxes’ functioning, adversaries have discovered AI algorithms to inject malware that can remain undetected in sandbox environments and even execute privilege escalation to higher levels of the infected networks.

What’s even more alarming is that sandbox-evading techniques keep evolving with advances in machine learning, posing a growing threat to organizations on a global scale. Let’s review the most widely used sandbox-evading malware as of the beginning of 2022.

Recognizing Humans

Typically, sandboxes are being used occasionally. For example, when there is a need to test untrusted software. So, attackers have used machine learning to develop new strains of malware that are able to track user interactions and only activate when no signs of the latter are visible.

Of course, there are ways to emulate users’ actions with AI, such as intelligent responses to dialog boxes and mouse clicks. File-based sandboxes run automatically without the need for human engineers to do anything, but it’s difficult to fake the meaningful actions that the real user would perform. Most recent sandbox-evading malware can distinguish real user interaction from the fake one and what’s more, even trigger after a certain real-user behavior was observed.

For instance, Trojan.APT.BaneChant is programmed to wait while the mouse clicks are abnormally fast. However, it activates after they track a certain amount of slower clicks, for example, three left-mouse clicks at a moderate pace, which are more likely to belong to a real user. Scrolling is also considered human by some malware. It can be activated after a user has scrolled a document to the second page. Detecting such malware is especially tricky, that’s why more agile SOC teams set up a continuous renewal process of threat detection rules by implementing solutions like SOC Prime’s Detection as Code platform where they can find the most accurate and up-to-date content. For example, there are cross-vendor detection rules for DevilsTongue malware which can typically execute kernel code without being captured by sandboxes.

Knowing Where They Are

Scanning for details like device IDs and MAC addresses, the malware can indicate virtualization with sophisticated AI algorithms and then run them against a blocklist of known virtualization vendors. After that, the malware would check the number of available CPU cores, amount of installed memory, and the hard drive size. Inside VMs, those values are lower than in physical systems. As a result, it’s possible for the malware to stay inactive and hide before the sandbox owners run a dynamic analysis. Although some sandbox vendors are able to hide their system specifications so that the malware can’t scan them.

Speaking of sandbox analysis tools, some malware types like CHOPSTICK can recognize whether or not they are in a sandbox by scanning for an analysis environment. Such an environment is considered too risky for attackers, so most viruses don’t activate if they recognize it. Another way for them to infiltrate is to send a smaller payload and thereby test the victim’s system before executing the full-fledged attack.

As you might already guess, malware can potentially scan for all sorts of system features with AI tools that are trained to recognize the underlying digital infrastructure. For example, they can seek digital signature systems to find out information about computer configuration or scan for active processes in the operating system to see if there’s any antivirus running.

If the malware is programmed to detect system reboots, it will activate only after this event took place. Reboot triggers can also distinguish a real reboot from an emulated one so VMs typically can’t trick such bots into exposing themselves upon a fake reboot.

Planning Perfect Timing

AI has also made malware more dangerous by perfecting the timing of attacks. Timing-based techniques are among the most common in sandbox evasion. Sandboxes usually don’t work around the clock so there is some limited time during which they scan for threats. Attackers abuse this feature to seed malware that lies dormant when the sandbox is active and executes an attack when it’s turned off. For example, malware like FatDuke can run the delaying algorithm that exploits free CPU cycles and waits until the sandbox goes off. Then, it activates the actual payload.

The less sophisticated malware examples will only have preset timing requirements until the code detonates. For example, GoldenSpy activates after two hours of being inside the system. Similarly, the “logic bomb” technique implies that the malicious code executes at a certain date and time. Logic bombs typically activate only on end users’ devices. For that, they have in-built scanners for system reboots and human interaction.

Hiding the Trace

Once the malware infects the target system, it wants to hide the evidence of its presence. A variety of techniques has been observed that help adversaries to make that happen. AI has made it easier for malware to modify its own code to fall under the radar of malware protection software and manual threat screening.

One of the primary targets of cybercriminals is to encrypt the communication with their Command & Control (C&C) servers so they can install further payloads through little backdoors. For that, they can frequently change attack artifacts like site IPs with domain generation algorithms (DGA). Some examples include Dridex, Pykspa, and Angler exploit kit. Another example is Smoke Loader malware that changed roughly 100 IP addresses in less than two weeks. In this case, there is no need for hard-coded domain names since they easily get detected. Any access to a victim’s system counts, even if it’s a sandbox.

Most DGAs come at increased maintenance costs so not all attackers can afford them. That’s why they developed other methods that don’t require the DGA. For example, DNSChanger malware alters the settings of a user’s DNS server to make it connect to a rogue DNS instead of the one pre-programmed by an Internet service provider.

Another way for malware to stay undetected in a sandbox is to encrypt data in formats that are unreadable in this particular environment. Some Trojans like Dridex use encrypted API calls. Andromeda botnet and Ebowla framework encrypt data with several keys to avoid communication with the server. Gauss cyber-espionage toolkit uses the specific path-and-folder combination to generate an embedded hash and bypass detection.

Hackers Will Keep Using AI to Create More Devastating Malware to Attack Sandboxes

AI technology has been a terrifying tool in the hands of savvy hackers. They are using it to take control of sandboxes in various applications.

For a long time, sandboxes seemed like a good idea: what can be better than having an isolated environment where you can safely test the untrusted software? However, it turns out that they are not as isolated as developers want them to be. Hackers using AI can create more horrific attacks against it. The presence of an interruption in processes, specific markers of virtual environments, and other typical features open a window of opportunity for attackers to base their malware algorithms on the sandboxes’ blind spots.

SOC engineers need to make sure that not only their key assets are regularly scanned for malware but also the sandboxes that are used in their organization, especially in times when they are inactive. To successfully maintain security posture and minimize the chances of intrusion, security teams should continuously enrich the detection base with new rules and update the existing stack to be able to identify the constantly mutating malware. Organizations tend to search for solutions that can save up to hundreds of hours per month on content research and development from scratch, as well as look for ways to optimize content creation. This can be achieved by choosing generic languages that make it fast to develop, modify, and translate rules, like Sigma. Moreover, leveraging free online translation tools like Uncoder.IO can help teams save sufficient time by instantly converting the latest Sigma detections into a variety of SIEM, EDR, and XDR formats.

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Mining City Uses Blockchain to Offer Reliable New Bitcoin Wallet

Mining City Uses Blockchain to Offer Reliable New Bitcoin Wallet

Have you ever heard of blockchain? It is the ledger and authentication system behind the bitcoin network. Blockchain is the reason that bitcoin become a sustainable digital coin, unlike many of the other digital coins that came before it.

Many companies have used the blockchain system to create tertiary services, such as bitcoin wallets. Bitcoin wallets are essentially blockchain wallets that are capable of holding digital coins. Some of them can even access blockchain ATMs.

One of the companies using blockchain to offer highly reliable bitcoin wallets is Mining City. You should familiarize yourself with their service if you are interested in using a new bitcoin wallet.

Mining City Offers a New Blockchain Wallet

Mining City is a platform that provides mining plans, giving users access to hash power and mining rewards.  Hashpower is the computing power needed to generate cryptocurrencies

Mining City users can buy crypto mining plans that give them access to hash power and mining rewards.  Hashpower provided by Mining City is used to mine Bitcoin (BTC) and other cryptocurrencies. 

Is Mining City Legit

Whether you are looking for a platform that provides mining plans or software to secure your Bitcoin with advanced blockchain solutions, how can you tell if a cryptocurrency player, like Mining City is legit?

Here’re 6 things to look for:

Does the brand or company provide a real product or service?Does the service actually connect to the blockchain?Does the brand or company leave markets when crypto products or services are outlawed?Does the brand or company keep up with new regulations and legal compliance?Is the brand or company transparent in their communications about what they are doing?Is the brand or company making efforts to suppress real scams?

For example, Mining City provides real hash power for users. Mining City also leaves banned markets and takes a compliant approach to new laws and regulations, adjusting to global markets. A good example of Mining City’s commitment to compliance is its recent implementation of KYC, AML, and other compliance check processes.

When considering a mining plan like those offered by Mining City, review their Website, social media and other informational resources and remember to take appropriate safeguards to secure your cryptocurrency on the blockchain.

Safety and Security 

Bitcoin is the most popular and widely held cryptocurrency, which has paved the way for numerous methods of using this digital currency. One such method is a blockchain wallet—a digital wallet that safely and securely stores your private keys for your personal bitcoin use.

Moreover, only the owner of the bitcoin has control over their blockchain wallet. As such, it isn’t sharable or distributable like you find with the blockchain. Think of your bitcoin wallet like you do your online bank account. 

You need a strong password to ensure its security, and you need to make every effort to keep its data away from prying eyes. Once you’ve taken the necessary steps to keep your digital assets safe, you can use your blockchain wallet in many different ways.

But it’s important that you choose the most suitable wallet for your needs. Below, we’ll take a closer look at the various wallet types to help you make the best decision.

What Is a Blockchain Wallet?

A bitcoin wallet is a software application that stores your bitcoin. Similar to the way you would have a bank account for fiat currency, you can have a bitcoin wallet for your private keys. The wallet’s job is to store these keys securely so that you can spend your bitcoin accordingly.

A person who has their own wallet has two different types of keys—one public key that others can use to send bitcoins and one private key that they can use to prove their identity and ownership of the bitcoin.

Types of Wallets

There are many different types of wallets that are able to store digital currencies by connecting to the blockchain, each with its own benefits. If you are new to Bitcoin, the first thing you will need to do is set up a bitcoin wallet. There are several main types of blockchain wallets, so let’s look at them individually.

Desktop Wallets

Desktop wallets are one of the most common types of blockchain wallets. They are also known as “desktop” wallets because they are downloaded to your computer. The software is compatible with all major operating systems, including Windows, OSX, and Linux.

Moreover, desktop wallets are usually less secure than other types of wallets because they can be corrupted if there’s a system failure. This means that if something happens to your computer, your bitcoins are permanently lost. 

Brain Wallets

Brain wallets function via the use of a secret passphrase. While this might sound appealing at first, users have to remember increasingly complex strings of characters to access their bitcoins through the blockchain. The complexity of the passphrase is essential in curbing unauthorized access.

But if you forget your secret passphrase, your bitcoins are gone forever. As such, you may want to choose a different wallet option for storing your bitcoin keys.

Hardware Wallets

A hardware wallet is a physical device that can securely store your bitcoin. The device connects to your computer and acts as another type of wallet, similar to a USB stick.

Hardware wallets are great for security and convenience because you’re able to store your Bitcoin on the device and never worry about transferring it to another location. And you can access your Bitcoin whenever you need it, as long as the device is present.

Paper Wallets

A paper wallet is another popular method for storing your bitcoin. It is a document that contains all of the information necessary to spend bitcoins. It includes the public address and private key that are needed to access your coins. You can think of it as a physical version of an online wallet, also known as cold storage.

The benefits of a paper wallet are that it’s not connected to the internet, which makes it difficult for hackers to steal your coins. Your coins are also not subject to being stolen if your machine gets hacked or you accidentally install malware on your computer.

Web-Based Wallets

Many people are looking for a blockchain wallet that is accessible anywhere they have internet access. Web-based wallets are one of the most popular options because they can be accessed from any computer with an internet connection. They are also easy to set up, and you don’t have to create your own hardware wallet.

Web-based wallets have some disadvantages, however. If a hacker gets ahold of your login credentials, they can take all your Bitcoin without being stopped by any security features built into the site. This means it’s important to find a safe and secure website with a trustworthy reputation.

Mobile Wallets

These are simply wallets designed for use on your mobile device. With it, you can scan QR codes and navigate your wallet functions with just a few taps. And you can do so all while you’re on the go for portable bitcoin management.

Choosing the Right Wallet

The first thing to think about when choosing a wallet is whether you want one that is controlled by a third party or if you want to have control over your own keys. In the event of a lost or stolen wallet, it’s important for people to have two sets of the same key—one private key and one public key. Not everyone has this second set of keys, which can be problematic in some circumstances.

If you’re looking for a wallet that will allow you to trade bitcoin, then consider looking for a wallet that offers cryptocurrency trading services. If you’re not interested in trading bitcoin and just need a secure place to store it, you should choose from any number of mobile, desktop, hardware, or paper wallets. 

The Importance of Backups

Now that you’re familiar with the various types of wallets, it’s important to mention the importance of backups. Backups are a safety net for your wallet(s) in case something happens like your computer crashes, or you misplace your wallet. If you have a backup, you can easily retrieve your bitcoin and resume using it like nothing ever happened.

It’s also good to keep in mind that the bigger your wallet becomes, the longer it takes to make a full backup. That means if you’re investing right now and expecting that growth will continue at the same rate over time, think about how much space that will take up on your computer or external hard drive.

Get the Right Blockchain Wallet for Your Needs

We hope this guide helped you to understand what a blockchain wallet is and how to choose the best wallet based on your needs. We also recommend that you keep your bitcoin wallet secure at all times. The more secure a bitcoin wallet is, the more likely it is to protect your bitcoins from cyber-attacks and the easier it is to trade bitcoins over the blockchain.

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How Big Data is Changing the World of Investing

How Big Data is Changing the World of Investing

Last year, in an article that talked about the impact big data has on finance, we said that location data sets can make investing easier. Companies spent nearly $11 billion on financial analytics in 2020. A large portion of this market is driven by investment companies and mutual funds. This is because accurate data about consumer movement can help you know about consumer trends and corresponding market movements. Today, we are going to look at the potential influence big data has on personal finance in detail.

Big Data & Investment Today

We will start by talking briefly about the state of big data in the practice of investing. In the article that we wrote last year, we talked about how data especially location data can be used in market management. Many investment funds and financial firms have come to realize the importance of big data and are using these data to help them make investing decisions and find big opportunities in small-cap stocks.

The use of big data and AI has changed the investment process in many ways (and through big companies like JP Morgan, SoFi, BlackRock, and so on. In some instances, AI labs are used to analyze the performance of investors and recommend changes that give significant results quickly.

In other cases, advanced AI applications use a deep-learning approach to sift through big data to predict the prices of stocks in the near future. For instance, real-time car purchases can help predict the price of Rolls Royce shares in the near future. An approach like this can give mixed results but its impact when it comes to genuine predictive analytics in large-scale investing and venture capital funding and investment is huge.

There are no full AI operations that focus explicitly on using location data. However, deep-learning approaches are comprehensive in theory. They can use this type of data and share company data, prices, asset histories, macroeconomic indicators, and so on. Location data can be part of an analytical effort.

Automated Investing Tool

Even though many investment firms can use big data and act on it quickly, ordinary people cannot do the same. A true day trader who can access adequate data on things like locations can make quick decisions when reacting to new information as they have the information that can help them make decisions.

However, it is more realistic for those who manage stock portfolios to try to leverage data that relates to broader movements. Some of the automated investing tools can be used particularly in some online depot tools. What comes to your mind when you hear the word automated tools? I am sure that most of you will think of mobile apps like Stash and Acorns that can manage investments on your behalf. These apps can enable you to create a portfolio, or a type of collection based on your risk aversion and/or category preferences and makes it possible for money to work for you in an automated way.

Automation can be used in more traditional trading methods, and it brings an interesting way of leveraging big data. For instance, some platforms allow investors to place profit and loss limits on their positions. This enables investors to set up automated safeguards that will prevent further losses or lock in profits when a certain profit has been achieved or loss has occurred. It does this by closing positions when a certain price limit is reached be it losses or profits.

The good thing is that as an investor using automation, you will still be the one to determine entry points on individual stocks. So, with automation, you can set up your investments and contracts and leave the rest to automation as it will manage them on your behalf. How does this relate to big data? It is more likely for an investor to make a long-term trade than a short-term trade based on big data.

To help you understand this better, consider consumer location data based on a product release vs. data based on a more significant trade. For instance, data on a surprise hit film may suggest a short-term surge in the number of moviegoers. A large fund or day trader can take advantage of this quickly by investing in major cinemas.

On the other hand, an average investor may not recognize and act quickly enough on that data. For instance, if consumer location data shows that people have returned to shopping malls after abandoning them because of the effects of COVID 19, an investor can choose to buy stock in department stores and set automated limits. Automated options encourage responsible long-term positions making an investor feel more comfortable trying to leverage particular types of data.

Location and Digital Payment

I am sure that you have noticed that one of the major problems with big data in personal investments is that the best analysis and most information can be accessed by giant funds and financial companies. Even though there are ways for people to access more advanced analysis of investment-related data, it is not easy to compete on a daily basis.

 In some instances, the significant funds will interpret data and take advantage of a trend quickly that everyone else may not have much opportunity to do so. This is what makes location data interesting for individual investors. Comprehensive data analysis that leading financial firms do may be difficult for an individual investor to manage or access.

By contrast, location data may become more convenient in the future. How will this happen? This is based on the fact that electronic payments have increased. In fact, by 2019, it is estimated that 2.1 billion people use a digital wallet and moving forward, it is highly likely that moving forward, the number of those who have used a digital wallet is likely to increase as more and more people will embrace digital payments.

Electronic payments are meant to provide a convenient and more secure payment alternative to both consumers and businesses. Electronic payments are also more traceable as it is easy to know those who send money to you.

Soon, information about where consumers are spending digitally will be accessed easily whether through payment processing company reports, public ledgers, and so on. This will make it possible for individual investors to access consumer location data and use it easy compared to other forms of relevant data.

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VPNs Are Crucial for Data Security on Public Wi-Fi

VPNs Are Crucial for Data Security on Public Wi-Fi

Data security is a greater concern than ever before. There were 1,862 data breaches in 2021, which is a 20% increase from the previous record set in 2017.

You have to take stringent measures to secure your data. This includes using a VPN whenever you connect to a public Wi-Fi network.

VPNs Are Invaluable for Data Security

The Internet plays an important role in everyone’s lives these days. The Internet has given us a lot, especially during the pandemic when there were global lockdowns and everyone was worried about getting infected with COVID-19.

During that time, the internet helped us make money and get an education. Many people already knew the importance of the internet, but many didn’t consider the internet such a necessity before the pandemic. However, after the pandemic, that has changed. Now people understand that the internet is a necessity and not a luxury.

Unfortunately, the growing dependence on the Internet has led to an increase in data breaches. It is important to take steps to prevent them as cybercriminals up their game.

People have to be more cautious about data protection when working remote. This is the case whether they are working from home or a public Wi-Fi.

Due to the high demand for the internet, there are many public spots where you can find free Wi-Fi networks offered by the government, telecommunication companies, cinemas, hotels, restaurants, and cafes. Those networks are not safe, and you should not connect your device to those open networks because of security concerns. You can get your device hacked by connecting your device to such networks unless you take some precautions. It is highly recommended not to use the public Wi-Fi, but if there is an emergency and you need to connect the device to the public Wi-Fi, then use a VPN.

A VPN plays a vital role in securing your devices and the data that you have stored on your devices when you use public Wi-Fi. If you are using public Wi-Fi, the person who shared the hotspot can trace your IP address easily. If you are outside of your house and you have to connect to a public Wi-Fi because of some work, make sure you use VPN, so data that you have stored on your system is secured. A VPN encrypts data and might cause the website to load slow, but it will help you secure your data as no one can intrude on your privacy. VPNs will offer you a dedicated and safe internet connection.

What is a VPN?

A Virtual Private Network helps secure your data and the activities you do online from cybercriminals. It also secures your privacy from third-party attacks and dangers. Your data is encrypted the moment you start using a VPN. Some hackers might know that you are using a VPN, but they won’t be able to access your device or your personal information. Your IP address would be changed, and you won’t be traced.

Why should we use a VPN?

If we are using a private network, it is not necessary to use a VPN, as many providers like Cox offers internet security that comes with internet services. The companies understand the importance of data security and ensure that their customers get the services via the secured path. Click here to find more about the data security features you get with a service like Cox.

If you are using public Wi-Fi, you need to use a VPN so that your data is protected from criminals and hackers. The data that hackers access is usually used for criminal activities and is provided to terrorist organizations.

Using internet security or being safe while surfing the web is very important these days. You need to make sure that your devices and your sensitive information are secured. Millions of people are using internet services in this digital world but only a few people care about the security they should get while getting the internet services. Anything can go wrong anytime. Malicious third-parties can easily access your data if you are not using the internet securely even if you are on a private home network.

Why public Wi-Fi is not secure?

Public Wi-Fi is an unsecured network that does not require any password. Anyone can access that. These networks are un-encrypted connections that leave your devices at risk. Some hackers offer public Wi-Fi just to capture your data and to get your personal information. Following are the threats and dangers, which you might be facing on the internet.

Phishing attack

If you are using public Wi-Fi, the probability of getting phishing emails or links is more because your IP address can be traced. Cybercriminals usually use this approach to get your personal information and access your sensitive data.

Identity theft

It’s easier for cybercriminals to get access to your IP address if you are not taking any security precautions. They can easily get access to all your sensitive data and personal information that could include pictures, videos, or the work you have on your device. They can have access to your private accounts, the transaction that you make online can be traced and this way they can misuse that information for illegal purposes.

Precautions to be adopted while using Public Wi-Fi

Some security measures need to be adopted to make sure that even while you are using public hotspots, your personal information and your devices are secured. If you are using a private home network, try to have internet security software in your device or system so your devices can be secured from all these threats and dangers. Try not to open random links and emails, which can result in you losing your personal information.

Tips for using Virtual private network (VPN)

While using public Wi-Fi, make sure that you have a VPN on your computing/mobile device. Try to get a paid VPN, so you get all the features, and your VPN will run smoothly. Before doing any work or surfing on the internet while using the public hotspot, make sure that you connect VPN first, so no one can access your data and your device is secured.

Summing it up

Many people don’t take internet security as seriously as it should be taken due to a lack of awareness. There are many big companies, who have been a victim of these internet threats and have lost not just money but also their place in the market. When you are using public Wi-Fi, it’s like you are giving an invitation to hackers and cybercriminals to access your data. Try not to use public Wi-Fi but if by any chance you are using a public hotspot, just make sure you take all the security measures before you connect your device to that network.

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5 Reasons Data-Savvy Accountants Are Becoming Vital to Businesses

5 Reasons Data-Savvy Accountants Are Becoming Vital to Businesses

There is no doubt that big data has been a major gamechanger for the financial sector. Companies around the world are expected to spend over $25 billion on financial analytics by 2028.

Large financial institutions aren’t the only ones being impacted by big data. Small businesses are also using data analytics to improve their own finances. One of the most important ways to capitalize off of the benefits of it is by hiring accountants that have a detailed knowledge of big data.

Hiring a Data-Savvy Accountant is More Important than Ever

As a business owner, you have to keep an eye on different matters to ensure nothing goes off track. You have to ensure that all operations keep working smoothly, from sales to marketing to investment. But one of the most integral components of any business is accounting and finance.

As financial regulations and accounting standards evolve, it is more important than ever to take advantage of data-driven financial management practices. To keep your financial and accounting matters on track, you need a reliable and competent accounting professional that uses data analytics to keep themselves organized.

An accountant with a detailed knowledge of data analytics will provide valuable insights that can accelerate business growth and also enable you to deal with tax issues. All companies prefer to have CPAs (certified public accountants) that can help them in tax planning, financial statement, budget creation, and much more.

You may think that hiring a professional CPA will be too costly. But you need to understand that it is a long-term investment that will reward you in the future. Accounting and finance management is the backbone of any business. It will be a blessing if you have a reliable CPA equipped with relevant hands-on knowledge and experience. Experienced CPAs better understand different financial situations and give their input to help you make the right business decisions. Furthermore, data analytics has helped streamline many accounting processes, so you might not have to spend as much to hire a CPA to complete certain accounting tasks.

Let’s find out some of the benefits of hiring a CPA with a detailed understanding of data analytics.

1. Better Tax Handling

Dealing with tax issues is one of the biggest concerns for all businesses. They want to reduce tax deductions or any other tax-related issue that harms their company. They need a CPA who can provide them with better guidance in this regard. 

As businesses need CPAs, there are great opportunities for all aspiring individuals who want to be CPA. However, passing the CPA exam is hard, and you might need professional help. Many educational platforms such as Wiley education offer services to help students pass the exam. It facilitates you in preparing for the CPA exam from any part of the world at your convenience. CPAs play a key role in minimizing the credits and tax deductions that help businesses save money, allowing them to invest more to grow their business.

Data analytics has made it a lot easier to handle taxes. Deloitte actually wrote a white paper on this topic, which pointed out that data analytics helps improve the decision-making infrastructure and make smarter decisions by leveraging real-time data. They can also use visual data to better conceptualize their tax situations.

2. Dealing with Filing Issues

Another headache for businesses is to reduce the filing issues. A CPA keeps businesses updated about the changing tax laws to manage finances accordingly. CPAs are aware of the current financial and tax landscape and can help create better strategies to prevent filing issues.

Digitization has made filing taxes easier, but there are still problems that can arise. Fortunately, data analytics makes it easier to address them by quickly reviewing documents before filing.

3. Taking Care of Audit

An audit can be a complex and tedious process. It would be best if you had the expertise of a CPA who can represent you efficiently in front of the government bodies like the IRS (internal revenue service). Audit involves the management and presentation of different financial records and materials.

With experience and knowledge of CPA, you will have a better idea of how you have to represent yourself for the items included in the tax return report. A professional CPA has a solid grasp of government laws and regulations and can make auditing a hassle-free process for you.

An accountant that understands data analytics will have a better edge during an audit. They will be able to mine your records much more quickly to identify possible red flags that warrant an explanation. Of course, the IRS is also using big data on its end of audits, so having a data-savvy accountant is more important than ever.

4. Full-time Availability

Once you hire a CPA, you have his full-time availability. If you need any financial or tax-related advice, you can consult them anytime. You can also call a meeting any time with your CPA for tax planning and get their strategic advice based on the financial statistics of your company.

Having financial expertise in your company can help you make strategic decisions based on facts and figures to accomplish your financial goals. It is pertinent to mention here that some business owners get the service of a finance company to deal with their financial matters; however, it is not a good strategy as you cannot approach them anytime. It may increase your cost, so hiring the CPA is the best option for you.

You will be able to hire a full-time CPA more at a lower cost if they are leveraging data analytics, because this helps them complete their job more efficiently.

5. Managing Assets and Reducing Overhead

CPAs know how to manage your business assets, from keeping data safe to looking after commercial real estate. They help businesses assess competitors’ strengths and create strategies according to the customer response. It gives companies an idea of how they have to manage or modify their assets according to market trends. Eventually, it helps companies to attain financial stability through the valuable input of CPA.

On the other hand, CPA helps you to minimize business overhead. A good CPA can help you determine areas where you are overspending to help you keep track of your expenses. Also, CPA can fulfill different financial responsibilities, so you do not have to hire additional staff, and you will save a lot of your money.

Again, big data is crucial for managing your resources as efficiently and cost-effectively as possible.

Data Analytics Makes Accountants More

There is no question that big data has changed the field of accounting. You must know that running a business is not a one-person show. You need quality resources like a CPA who can positively manage your business expenses and keep everything on track. They will have an easier time doing the job if they have a handle on data analytics. It will eventually impact your business growth positively, and you will accomplish your goals.

Hope you enjoyed the article. Happy Reading!

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Using Analytics to Maximize Revenue with a SaaS Business Model

Using Analytics to Maximize Revenue with a SaaS Business Model

Data analytics technology is becoming a more important aspect of business models in all industries. SaaS companies are no exception. They need to leverage analytics strategically to maximize their revenue.

Data Analytics is an Invaluable Part of SaaS Revenue Optimization

The importance of customer loyalty and customer service has become increasingly well-known and companies have needed to adapt their business models accordingly to gain a competitive edge. One survey found 83% of customers attributed their brand loyalty to the ability to trust a company. Additionally, loyalty is a main contributing factor when it comes to making a repeat purchase.

Customer retention and loyalty are particularly crucial for Software-as-a-Sales companies who rely on repeat subscriptions of products. In order to achieve this, many have utilized new technology and business strategies to provide solutions for customers.

There are a lot of ways to take advantage of data analytics to get the most value of your SaaS business. There are entire analytics interfaces dedicated exclusively to SaaS companies. Qrvey, Mixpanel and Domo are some of the best SaaS analytics tools out there.

However, knowing about the best SaaS tools won’t do you any good if you don’t have the right strategy in place first. In this article, we will cover what SaaS sales is, the SaaS cycle, choosing strategies and models, and how to measure the success of SaaS sales.

What Are SaaS sales?

SaaS sales is a complex process that utilizes a variety of sales techniques and models to provide solutions to client problems using specialized products.

The first stage of understanding SaaS sales is having an understanding of what SaaS products are and how to effectively sell them to customers, whether that is through business to consumer (B2C) or business to business (B2B).

What does SaaS stand for?

Software-as-a-service (SaaS) is a business model that provides users with a utility on a subscription basis. Users access the software through apps and browsers using the internet.

Advances in data analytics technology have made it easier than ever to develop SaaS models. Companies can leverage customer data and machine learning algorithms to offer the best possible service.

A couple of well-known examples of SaaS businesses are Spotify and Netflix, where users pay a monthly or yearly subscription to access the services provided. Netflix uses sophisticated analytics tools to offer the best movie recommendations to their customers, which is how they captured the largest market share in the video streaming sector.

SaaS sales is the process by which companies grow their businesses and sell to clients, focusing on acquiring, engaging, and retaining customers. Analytics doesn’t just help offer a better user experience to improve customer retention with customer data. It also helps improve marketing.

How is SaaS sales different?

SaaS sales differs from traditional sales as the sales models used are more complex and focus on customer retention over a period of time, rather than aiming for one-time purchases. SaaS sales processes are concerned with managing revenue by providing value in the subscriptions of the product which result in repeat payments. Customer retention is particularly important as the process relies on consistent income from clients. In order to achieve this, many SaaS companies use relationship selling which focuses on building a trusting, long-term relationship between the company and the client instead of concentrating on the transaction itself.

Additionally, sales reps for SaaS products need to educate potential clients on the full capabilities of the software in order to provide the value and problem-solving abilities that make a subscription a worthwhile purchase.

This is an area where analytics can be highly valuable. Sales reps can get access to important sales data to see what customers want to buy and what upgrades they like the most. This helps them offer the best services to customers to keep them onboard.

Using SaaS to Improve the SaaS Sales Cycle

The length of a SaaS sales cycle depends on several factors including:

Type of customerThe complexity of the productPrice of the productLength of any free trials

If your client is a larger company, they are likely to take longer to form a decision as there are more stages and people required to come to a conclusion for purchasing products. Smaller businesses and individuals tend to carry out their decisions in a shorter period of time, making SaaS sales cycles less time-consuming.

If your software is complex, more time will be needed to properly educate prospective clients on the benefits of the product and to provide demonstrations.

Expensive products usually have longer sales cycles as it is a bigger commitment for the client and they need to know they are getting value for their money. This is again why demonstrations are so important, along with educating clients on your product’s full capabilities.

The length of a free trial will be added to the overall length of a sales cycle, therefore it is important to take this into account when deciding on a time frame offered to clients.

This is another are where analytics can be very helpful. You can use customer data to see where hang-ups are in the conversion process and address them more quickly, which shortens the length of the sales cycle.

What are the stages of the SaaS sales process?

There are seven stages in the SaaS sales process:

Define the Ideal Customer: Before you attempt to chase leads, identify your company’s ideal customer so that you are more likely to acquire high-quality leads.Prospecting: This is when you can start using a marketing team or equivalent to increase awareness of your company and product for prospective clients.Qualifying: Set criteria to identify the most promising leads, therefore saving your company time and money by not chasing low-quality leads. At this stage, your company may offer product trials to prospective clients to gauge interest levels.Follow-up: If your customers are nearing the end of their trial period they may need a little encouragement to renew or upgrade their subscription. Contacting prospective clients at this point is an effective way of highlighting any concerns or questions they may have, at which point you can resolve any issues and provide further assistance.Handling objection: If your customer has any concerns or objections, skillfully handling them can avoid losing a deal. It is important to know your SaaS product well in order to answer any questions and emphasize the value for the client.Closing the deal: This is the conversion point from prospect to customer and any contracts are agreed upon and signed.Nurturing the relationship: The process does not end when the contract is signed, it continues through nurturing the customer relationship. This is a key stage for customer retention.

SaaS Sales Models

There are three models used for SaaS sales, each with its own advantages that can be utilized depending on the nature of the software on offer. Choosing the right SaaS sales model is incredibly important as it dictates your company’s ability to grow.

Customer Self-Service Model

This model works best for high sales volumes of products sold at a lower price point. Self-service software allows customers to access products and information easily, with less interaction with a sales team or customer support.

The self-service model is great for companies offering SaaS products that are easy to understand and not complex enough to require demonstrations from a SaaS sales rep.

Transactional Sales Model

The transactional sales model is the most commonly used of the three models, and it can be easily modified as your business grows and develops.

It usually requires a dedicated sales team that is trained to provide extensive knowledge of the product, along with online support and information that focuses on building relationships with clients. This is particularly important if your product has a higher price point as clients will be less likely to purchase having had little to no interaction with your company.

Enterprise Sales Model

Companies using the enterprise sales model usually have multiple sales teams dedicated to selling niche SaaS products that have a high price point and are sold in low quantities.

The sales cycle for these kinds of products are longer and require SaaS sales reps to spend time building and nurturing strong relationships with clients. Due to the higher price of the product, clients will usually expect more from the company including personalized customer service, contracts and invoices.

SaaS Sales Strategy

There are various tactics that can be used when selling SaaS:

Create a value proposition for your SaaS product – identify your customer and provide a valuable solution to a problem they face.Create templates for your sales teams – these can include scripts, tips on closing deals, and guidance for your sales reps.Set targets for the sales teams – many successful companies set clear goals for their teams to increase motivation and performance.Keep track of performance using key performance indicators.

How do you track the success of SaaS sales?

There are many key performance indicators (KPIs) that can be used to track the success of your company’s SaaS sales. Here are some sales metrics that can be used to measure performance:

Churn rate – the percentage rate at which you lose customers annually.Net promoter score – this measures customer experience and serves as a prediction for business growth.Monthly recurring revenue – the amount of income your company receives from clients monthly.Annual recurring revenue – the amount of income your company receives from client fees annually.Customer acquisition cost – how much it costs to acquire a new customer.Conversion rate – the rate at which customers are converted from potential to paying customers.

Once you have tracked these KPIs, you can identify areas of improvement and adjust your sales tactics accordingly.

Customer Data is Vital to SaaS Revenue Maximization

You need to utilize analytics to make the most of your SaaS business model. You will improve sales considerably if you use big data to improve the customer experience and strengthen your marketing strategy.

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Analytics for UX Design with “Yes” and “No” Buttons in Exit Intent Popups

Analytics for UX Design with “Yes” and “No” Buttons in Exit Intent Popups

Internet users’ expectations have evolved considerably over the past two decades. As companies strive to meet these expectations, data analytics has become an essential aspect of modern UX design.

There are a lot of variables that you have to test when you are optimizing your website for these users. You will need to know how to leverage website analytics tools to perform these tests effectively. One of the UX variables that you should test with website analytics is the use of exit intent popups.

Using Website Analytics Tools to Test Exit Intent Buttons

Exit intent popups with “Yes” and “No” buttons can deliver amazing results if you know how to create and use them properly. This will be much easier if you leverage the right website analytics tools to test them. Read this article to find out how to make the most of this type of popups!

Exit intent popups with “Yes” and “No” buttons can help you increase conversions, expand your email list and enlarge your client base. Consumers appreciate it that you give them a chance to opt out of the offer if they don’t feel like accepting it. And that’s exactly what drives the conversion rate up! From this article, you’ll get to know how to create top-notch exit intent popups with “Yes” and “No” buttons for your site and test them with the right analytics tools.

What Analytics Tools Can You Use to Test Your Buttons?

There are a lot of great UX analytics tools that you can use to perfect your website designs. Some of the best are:

Crazy Egg is a great website analytics tool that allows you to create visual heatmaps to see what website elements users are interacting with.Loop11 is a great user analytics tool that is great for path testing, remote usability testing and has other advanced testing capabilities. Google Analytics is one of the simplest but most effective website analytics tools on the market. You can create conversion goals and run experiments to see how various elements stack up.

You don’t want to be careless with UX. You need advanced analytics tools to conduct it effectively.

Goals to Keep in Mind When Testing Buttons with Website Analytics Tools

Website analytics technology has made it a lot easier to test buttons and other website elements. However, you can’t properly setup your analytics campaigns without first having a goal in place. Here are some goals worth pursuing.

Offer a Simple Choice

You shouldn’t make your clients think for too long. In one second, they should understand what you offer them and find it tempting. For instance, it would be wise to use a simple copy that says something like “Do you want to learn more about managing your own finances? Sign Up to our newsletter and we’ll send you the best tips straight to your inbox.” In this case, you can add the “Sign me up!” copy to the “Yes” button and “Not today” to the “No” one.

Simplicity isn’t just good for improving conversions. It also helps with analytics testing. You will get more meaningful data when a higher percentage of people follow-through, which means you don’t have to draw nearly as many visitors for your analytics tool to get an adequate sample size.

Answer Customer Service Questions

You should encourage consumers to get in touch with your sales reps. The reps will know from which page the clients reach out to them and will be ready for a motivating conversation. Let’s imagine a popup that says “Over 50% of visitors will never open your site if its main page loads longer than 3 seconds“. With the “Yes” button, you offer users to purchase your services for accelerating their sites’ work. If they push it, they will see your pricing. On the “No” button, you put the “I have a few questions first!” copy and it will redirect them to your reps.

You will need an analytics tool that is able to merge data with your customer service backend and the engagement interface. This will help you get more accurate data during your testing phase.

Educate Your Visitors

Imagine the situation when a visitor opens your site without knowing anything about your brand. If you invite them to sign up for your newsletter, they probably won’t to do it because they don’t know who you are. To start building a relationship with this person, you should motivate them to read, watch or listen to your content. For instance, a popup can offer them access to a free analytics report that can help them grow their subscriber list by up to 500%. The “Yes” button can have the “Send me the guide!” copy on it and the “No” one can say “I’d rather read the blog”.

You should direct customers to a panel that uses data mining to find the answers to their questions. Data mining tools make it easier for them to research their issues in depth.

Give Clients a Content Upgrade

A content upgrade is a lead magnet specifically related to the blog post the client is currently reading. If they’re reading a pasta recipe on your food blog, this magnet can feature a list of products they should buy. It’s a great tool of getting new signups. Some users might want to click on the content upgrade button right away, others would prefer to read the page with the recipe till the end. For those who scroll till the end, you can create a timed popup that says “Grab the printable shopping list for this recipe! Do you want us to send you a complete ingredients list, so you can take it with you to the supermarket?”. In this case, you don’t need to be too creative with the copy on the buttons. The “Yes” button can say “Yes, please” and the “No” one can feature the words “Continue reading”.

You can use data analytics tools to help create more effective lead magnets. For example, you can keyword analytics tools to mine keywords that might be relevant to someone looking for SEO tips and give them away in a spreadsheet. You could use data mining tools to find public domain recipes and copy them into an ebook if you run a recipe site. Data mining can help create amazing lead magnets.

Offer Different Options

Some popups might lack the “No” button at all. Instead, they can feature two “Yes” button with different offers. For example, you can offer users to consume the same information as a slideshow or during a videoconference. Some people prefer to read new information while others enjoy live conversations. To expand your customer base, you should cater to both groups.

Boost Your Affiliate Sales

When a user is about to leave your site, it might be wise to show them a popup that says “One-time only offer: get an entire month of [the name of your product] for free! This is the only time you’ll see this offer”. The copies on the buttons should be as straightforward as possible: “Yeah, I want a free month!” and “No thanks, I don’t want a free month”, respectively. That’s a highly efficient instrument for promoting your affiliate deals and maximizing your revenue.

This is one of the best ways to use data analytics in website optimization. Tools like Crazy Egg help you get the most bang for your buck as an affiliate marketer and create better converting sales pages.

Create a Welcome Gate for Your Visitors

The term “welcome gate” is synonymous to “splash page”. It’s a full-screen page that shows up before the visitor can see any content. On the one hand, such gates enable site owners to grab users’ attention and build their email lists. On the other hand, many users perceive splash pages as annoying. Moreover, this trick might have a negative impact on your site’s SEO.

To evoke only positive emotions, your welcome gate should look cool and offer valuable information. It shouldn’t feature a long fill-in form or tons of navigational options. Instead, you should give users only two choices. For example, the popup might say “Get my free SEO report! It’s full of my latest tips and tricks”. One button can feature the copy “Yes, I want this!” and the other one — “Read my blog”. If the users opt for the former, you’ll ask them to share their email address so that you can send them the report. Such an approach should increase your conversions.

Segment Visitors

High-level targeting can considerably boost your conversions. This is how it works. You create a popup that says something like “Healthy snack delivery! Please choose one”. Below, there are two buttons: “Home” and “Office”. The better you know who your clients and what they like, the better you can meet their needs. And you don’t even need to ask them to fill in boring questionnaires!

Visitor segmentation will be even more effective when you use a data-driven targeting interface. You will be able to identify your users and segment by geography and other demographic variables.

Website Analytics is Crucial for UX Optimization With Buttons

Hopefully, you found this article informative and now you better know how to use “Yes” and “No” in the exit intent popup and how to optimize your UX with analytics. You should offer your clients a simple choice, answer their service questions, educate them, give them content upgrades and let them choose from two different content formats. It would be wise to segment visitors, create a welcome gate and use popups to boost affiliate sales.

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Will Blockchain Be Resilient for Russians Using Cryptocurrencies?

Will Blockchain Be Resilient for Russians Using Cryptocurrencies?

Blockchain technology has had a huge impact on the financial sector. Although many traditional financial institutions like Bank of America use blockchain, it is still mostly used for cryptocurrency transactions.

The benefits of the blockchain network are soon going to be put to the test. There are indicators that Russia is going to start moving towards cryptocurrencies in response to recent sanctions. This is driving up the value of bitcoin, but it will also prove to the world just how resilient the blockchain really is, for better or worse.

Blockchain Makes Cryptocurrency a Stable Haven for Russians

Bitcoin, the number one cryptocurrency, has continued to rise since Monday night. In the early morning of Tuesday, Bitcoin rose by $2,000 in the short term, breaking through the $44,000 mark at the highest level, rising by more than 17%. While it’s unclear what’s driving the price hike, there’s speculation that cryptocurrencies will gain favor in the wake of Russia’s sanctions.

The conflict between Russia and Ukraine has triggered the United States, Europe, and other Western countries to impose extensive economic sanctions on Russia, including freezing Russian assets and disabling the SWIFT system for some Russian banks. These sanctions further isolated Russia economically and caused the ruble to plummet.

The ruble’s slump is understood to have led many Russians to withdraw money from banks and put it into other assets, primarily U.S. dollars. In addition, many Russians looking for a haven for their assets may also be turning to Bitcoin.

In the past, many people would have been skeptical that bitcoin would be a sound investment. However, the blockchain that supports the cryptocurrency market has shown that it is extremely dependable. It has been shown to be highly secure and helps preserve anonymity to the greatest extent possible (although that anonymity is certainly not absolute).

This might make Russians more reliant on cryptocurrencies. They may feel that they can comfortably invest in a digital coin that is backed by this dependable blockchain network. However, this will depend on how reliable the blockchain proves to be in the face of the blockchain.

The outcome will likely not depend on the technical nature of the blockchain itself, but rather the political pressure the entities managing it might face. Some public policy experts have put pressure on the cryptocurrency networks to bar Russians from investing in digital coins. They have refused such requests so far. It is not outside the scope of possibility that the blockchain itself might face similar pressure.

This would have a devastating impact on the trust in the blockchain. However, those calls seem unlikely so far and Russians are investing more than ever. According to the data, Russian citizens have 12 million cryptocurrency wallets. The cryptocurrency value in these digital wallets is estimated to reach 23.9 billion US dollars; Russia is the third-largest country in the world in terms of Bitcoin mining. Therefore, it is reasonable to assume that Russian citizens may turn to the blockchain to transfer depreciated Russian currency into Bitcoin and other cryptocurrencies as a store of value.

Speaking of Bitcoin mining, according to a mining market revenue ranking, the top ones are Innosilicon A10 Pro, Whatsminer M30S++ and Antminer S19 pro, and other well-known brand miners.

While it is unclear whether cryptocurrency exchanges will prevent individuals from exchanging rubles for cryptocurrencies, the nature of decentralized exchanges means they may allow these transactions.

According to the 2021 Chainalysis Global Cryptocurrency Adoption Index, the Russian Federation ranks 18th globally in adopting bitcoin and other cryptocurrencies, and the conflict between Russia and Ukraine could push cryptocurrency usage within the country to new all-time highs.

According to crypto data, bitcoin transactions in rubles have surged to their highest level this year, while the hryvnia, the Ukrainian currency, climbed to its highest level since last October.

Notably, Bitcoin’s 60-day correlation with the S&P 500 rose to 0.6 following the outbreak of the Russia-Ukraine conflict. But looking at historical data, Bitcoin’s move on Monday could be the start of a divergence. Joey Krug, co-chief investment officer at Pantera Capital, said: “In the next few weeks, cryptocurrencies will decouple from traditional markets and start trading again.

According to CoinDesk, the U.S. Department of the Treasury issued a new rule that prohibits Americans from providing any support to Russian oligarchs and entities, including through the use of digital currencies or assets for transactions. The rule went into effect on March 1.

The U.S. Treasury Department has also asked Binance, FTX, and Coinbase to block sanctioned Russian people and addresses.

Previously, Ukraine’s Ministry of Digital Transformation sent official letters to eight cryptocurrency exchanges, Coinbase, Binance, Huobi, KuCoin, Bybit, asking them to stop serving Russian users due to fears that digital currencies could be used to evade sanctions, Gate, WhiteBIT, and the Ukrainian exchange Kuna.

Coinbase said it would not impose any blanket ban on transactions involving Russian addresses but would block those accounts or transactions that could involve sanctioned individuals or entities. Regulators have not put pressure on them to refuse, which bodes well for the blockchain as well. It seems unlikely that the government would try to take over the blockchain which would be devastating for the future of digital currencies.

Binance said it has no plans to unilaterally freeze accounts of Russian users: “We will not unilaterally freeze accounts of several users, aiming to provide greater financial freedom to people around the world.”

However, Russians will still need to know how the blockchain works if they are trading cryptocurrencies over it. This will help them make the most of it.

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5 Practical Applications of Big Data for Small Businesses

5 Practical Applications of Big Data for Small Businesses

Big data is a tool typically talked about in the context of the benefits it provides for larger organizations, and yet it is also within reach of small businesses as well.

A wealth of tools and solutions that bring big data to up-and-coming companies are available, so let’s go over the most impactful and practical applications these can achieve.

Delivery Route Planning for Teams Of Drivers

A deluge of data is created by delivery fleets, so it makes sense that a modern route planning solution will harness this to achieve improvements in efficiency, safety and sustainability.

As well as pulling in data in real time, the latest route planning tools can use historic data to determine the best way to orchestrate individual drivers as well as entire teams, taking into account road conditions, congestion and more besides.

Furthermore, with tracking capabilities, it is possible to get insights into the driving habits of employees, and use this information to make recommendations for improvements, and analyze performance over time.

Market Research for Customer Engagement

Knowing what customers want is the key to creating a successful business, as if you can appreciate the pain points, they face, you can make products and services to address them.

Carrying out market research is easier than ever thanks to a combination of public data sources as well as information you harvest through your own internal operations.

From using social media to pinpoint current trends that will help engage new audiences, to assessing feedback from existing customers so you can improve your business systems and processes, there are myriad tools at your disposal today, even as a small business.

Analyzing Competitors to Get the Edge Over Them

Knowing what your rivals are up to and working out whether their efforts are proving successful or fruitless will help you to form your own business strategies.

With big data tools, and access to public resources, you can review and rank the competition, see how audiences respond to them, check if their campaigns are gaining traction, and generally stay one step ahead.

Something as well-known as Google Trends can help not only for your own SEO efforts, but also for competitor research.

Wrangling Recruitment & Retention

Small businesses used to have a tough time of finding talented employees to add to the team, let alone recruiting them successfully.

Today, big data tools provided via recruitment platforms mean that a wellspring of information and analysis can be brought to bear on this critical process.

Likewise once employees are onboard, you can ensure that they are kept happy and satisfied, and thus loyal to the organization, by collecting, collating and scrutinizing data points from across the spectrum and acting to improve the experience of working for your business.

Industry-Specific Operational Improvements

Just as delivery and logistics will be ameliorated through big data apps and services, so too other industries and niches stand to benefit from this trend.

In manufacturing, for example, the rollout of smart, connected devices at many points along the production line mean that even relatively small-scale operations can be monitored, managed and synchronized more effectively.

This can even assist in things like preventative maintenance, with individual machines able to be monitored and have their performance compared against big data models so that even minor deviations are detected and faults dealt with preemptively.

Final Thoughts

Big data and small businesses can go hand in glove together, leveling the playing field and allowing startups to stand up to larger rivals.

Furthermore, with time these tools naturally become more effective, because the more data they are fed, the higher the accuracy of the analysis, so getting onboard now is wise.

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5 Sources of Data for Customer Analytics and Their Benefits

5 Sources of Data for Customer Analytics and Their Benefits

There is no disputing that data analytics is a huge gamechanger for companies all over the world. Global businesses are projected to spend over $684 billion on big data by 2030.

There are many ways that companies are using big data to boost their profitability. One of the most important is in the field of marketing.

Do you know what motivates your customers? This may appear to be a simple question, but every company knows it isn’t. Before making a purchase, clients conduct thorough online research and call the business’s virtual phone address. Therefore, you need sophisticated customer analytics to analyze complex customer behavior.

This article will go over the concept of customer service analytics and some of the uses and advantages it could provide to a business.

What Is Customer Service Analytics?

Customer service analytics is a process that involves gathering and evaluating all data and metrics produced by a company’s or organization’s customer care department. Messages, transactions, survey comments, returns, and demographics are all data sources in a customer relationship. Companies frequently use analytical tools to gather customer data from across the organization and provide important insights. Marketing, product development, and customer experience should all benefit from these discoveries.

This technology is growing in importance. Market analysts project that companies around the world will spend over $47 billion on customer journey analytics by 2030. This amounts to around 8% of the entire future big data market!

Using solutions driven by artificial intelligence (AI), businesses can gain new insights and improve client experiences. Predicting client behavior is also possible based on previous behavior. As a result, your customer support representatives will be more prepared to help them in the future.

Customer Service Analytics: Use Cases

Customer service analytics is necessary for businesses that want to assess the level of help provided to customers and other key stakeholders. The information you gather will assist you in identifying strategies that are effective and pinpointing areas where you can improve. There are a lot of great benefits of using big data in customer service. Some of the most important customer service analytics use cases are listed below.

Detecting Customer Dissatisfaction

Content from social media and other publicly accessible websites can be mined for useful information. Consumer attitudes or opinions regarding specific products, services, or customer communication channels are examples of such content. If negative sentiments are discovered, you can adjust your branding or email marketing campaigns to make your product more appealing to buyers.

Identifying the Next Best Offer

You can determine which items or offers people are most likely to be interested in during their next purchase by looking at their transaction history, trends, and conversations. The information you gather assists you in determining what your consumers require at the right time. Customers’ changing shopping habits can help companies target them with special product promotions.

Analyzing the Reasons of Customer Churn

Data analytics can assist you in figuring out why people abandon your brand or prefer alternative products instead. Predictive analytics, which analyses historical activities to uncover trends and forecast a specific event, can also predict if a customer is ready to churn or defect. The drop in consumer involvement or interest is crucial for approaching churn.

To reduce customer churn, you must first evaluate the fundamental reason for the problem and whether or not your product is losing its appeal to certain of your customers. For example, a company with a high turnover rate can boost customer satisfaction by creating customized offers for each customer category.

Performance Evaluation

Customer service analytics assist you in tracking and comparing key performance indicators (KPIs) to service level agreements (SLAs). You can see which representatives are meeting their targets and which ones need to boost their statistics this way. You may also reward top achievers and encourage your staff to perform better.

Finding New Revenue Sources

Every business’s profitability will be impacted by constantly changing market dynamics and rising customer service costs. You can, however, use your existing data to find new cash streams for your company. Data about your buyers’ preferences can help you come up with new service alternatives to provide as add-ons to your existing products. You can also recommend a new product that will go well with the customer’s most recent purchase.

Types of Customer Service Analytics

Below are the different types of customer service analytics and why they matter to your business.

1. Customer Experience Analytics

Customer experience analytics can help you make more money. CX analytics is a type of descriptive analytics in which “what happened” during the customer journey is asked. These are the “standard” types of customer analytics: they summarize raw data into something easy to comprehend and explain.

Key performance indicators such as Customer Satisfaction (CSAT), First Response Time (FRT), and Total Time to Resolution (TTR) can be extracted and interpreted from support data to help improve current workflows. 

With descriptive customer experience data, service managers may see trends, such as an increase in tickets around new product launches or during the Holiday period and use this information to improve their service. These insights can develop strategies for when the events occur again.

2. Customer Journey Analytics

It’s critical to have a bird’s-eye view of your customer’s journey if you want to provide a superior customer experience. This means having exposure to things like abandoned shopping carts and returns and understanding your customer’s purchase history and buying habits. It contains customer service interactions, emails opened, and customer satisfaction scores. 

It also allows you to see relevant comments left on social media platforms. When all of this data is available to your company, you can gain invaluable insights into adjusting your strategy and increasing earnings.

Predictive customer journey analytics can assist managers in determining which patterns are currently driving success, allowing them to replicate, iterate, and optimize their efforts. Customer data like this can help fill in data gaps that customer experience analytics might overlook.

3. Customer Retention Analytics

Customer retention is influenced by customer loyalty, and there is a definite correlation between loyalty, retention, and minimal customer effort. Customer effort, often known as a Customer Effort Score, describes how much effort a customer puts during support interactions. A high level of customer effort results in a poor customer experience. When customers have negative experiences, they become less loyal to your brand and are more likely to shop elsewhere.

Customer retention analytics will aid your company in improving marketing as well as overall product and support. Prescriptive customer retention analytics may help you upsell and cross-sell to existing customers because keeping customers is significantly easier and more profitable than acquiring new ones.

In addition to the Customer Effort Score (CES), Customer Churn Rate (CCR) is another helpful customer retention indicator in which customers lost are divided by customers from the beginning. Customer Lifetime Value (CLV) forecasts a customer’s worth in relation to other metrics. In contrast, Loyal Customer Rate (LCR) indicates which customers are most likely to stay around and refer your brand or product to others.

4. Customer Engagement Analytics

Knowing customer experience includes a large component called engagement. All conversations between a brand and its customers through various communication channels are called customer engagement. This could include social media interactions, customer service channels, or survey data. 

Customers want companies to incorporate their feedback into new products and services. Today, the greatest approach to assess customer engagement is through software that incorporates data from all of your client touchpoints – from conversion rates and customer sales, pages per session, customer interactions, and session duration.

5. Customer Lifetime Analytics

In a broader sense, customer lifetime overlaps with the customer journey and the customer experience. However, the Customer Lifetime Value is an essential additional metric in this type of analytics. It shows you how much money you may expect from a single customer throughout their relationship with your brand.

Conclusion

Businesses can use customer service analytics to gain meaningful information into the performance of their customer service representatives and the needs of their customers. It increases brand exposure, sales, revenue, and customer satisfaction. For great customer analytics, use software that already integrates support data from all channels and touchpoints, so you don’t have to dig for it manually.

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