2) Radio Frequency Identification (RFID)
It is a advanced technology which can provide good benefits and tracking to the organisation. RFID chips are located and fixed on the company products to provide their exact tracking location say for inventory. RFID chips will immediately detect and inform if any anomaly or mistake has happened to correct it on time before loss or damage
Most importantly it allows business owners to track and enable business owners to have clarity on goods and products all the time from anywhere. Hence installing RFID drastically reduces cost and time to efficiently
Since whole world is connected through internet, it becomes easier to select business partners for the joint venture
Cost saving for example Reduce cost of preparing letters and sending letters,
Achieving order and placing order has become easy and less costly
Reduce lead time of material supply
Reduce retrieval time of documented information
Improves product promotional activities
Reduce the expenditure for market expansion and also reduce market mediation
Improve relation with customer
Business analytics is a kind of practice exploration of an organization’s data, with more stress on statistical analysis. Business analytics is used by companies committed to data-driven decision-making.
Business analytics is useful to understand the insights that inform business decisions and can be used to automate and optimize business processes.For example data of a company is been used by data driven companies as their asset and analyse to understand the need of the current market value Successful business analytics depends on data quality, skilled analysts who understand the technologies and the business, and an organizational commitment to data-driven decision-making.
Business analytics have different stages specified forlarge amount of data being processed at every level. As per the stages of type of work flow and the requirement of data analysis, there are basically four types of analytics –
The abve types of business analytics gives a detail about company and type of solution to be considered or adopted.
Also there is no competition between stages among them selves and they are interrelated and most of the companies from different insight rely on all type analytics.
Similarly music companies are also using huge data of customer following and analysing the consumer needs and requirements including their futiuure requirements to be fulfilled and utilised initialy at free of cost and later when demand increase then paid scheme can be started.
So over all consumer becomes aware of their needs and gets on paid basis
It is the companies who has to do right choice for analytical techniques and that how big data gives deep insight to the companies.
1) Descriptive Analytics: This can be termed as the simplest form of analytics Detailing and explain the current available data using latest tools to clearly understand about the scenario of what happened and the purpose of this analytics type is just to summarise the findings and understand what is going on.
2) Diagnostic Analytics: Focusing on Previous performance to analyise the past performance for what has happened and why it happened. The result of the analysis is often an analytic dashboard.. It mostly uses probabilities, likelihoods, and the distribution of outcomes for the analysis.
3) Predictive Analytics: Predictive analysis and what all are the possible reults based on statistical models and machine learning techniques. The essence of predictive analytics is to devise models such that the existing data is understood to extrapolate the future occurrence or simply, predict the future data
4) Prescriptive Analytics: It is a type of predictive analytics that is used to recommend one or more course of action on analysing the data.
The four techniques in analytics makes need to be implemented sequentially. However, but in maximum cases organisation directly go to prescriptive analytics also. But according to the latest study prescriptive analytics is still at the budding stage and not many firms have completely used its power. However, the advancements in predictive analytics will surely pave the way for its development.
Introduction social media :
Social media is online communications process which is dedicatedly for community and its inputs, interaction, detailed content-sharing and collaboration.
Social media has become an integral part of our day to day life. As social websites and applications has worldwide been used. In business, social media is used to market products, promote brands, connect to current customers and foster new business.
Social media analytics is the practice of gathering data from blogs and social media websites and analysing that data to make business decisions. The most common use of social media analytics is to manage customer sentiment to support marketing and customer service activities.
Social media marketing (SMM) takes advantage of social networking to help a company increase brand exposure and broaden customer reach. The goal is usually to create content compelling enough that user will share it with their social networks.
One of the key components of SMM is social media optimization (SMO). Like search engine optimization (SEO), SMO is a strategy for drawing new and unique visitors to a website. SMO can be done two ways: by adding social media links to content such as RSS feeds and sharing buttons, or by promoting activity through social media via status updates, tweets, or blog posts.
Social CRM (customer relationship marketing) can be a very powerful business tool. For example, establishing a Facebook page allows people who like your brand and the way you conduct business to like your page, which creates a venue for communication, marketing and networking. Through social media sites, you can follow conversations about your brand for real-time market data and feedback.
Enterprise social networking allows a company to connect individuals who share similar business interests or activities. Internally, social tools can help employees access information and resources they need to work together effectively and solve business problems. Externally, public social media platforms help an organization stay close to their customers and make it easier to conduct research that they can use to improve business processes and operations.
Social media is also often used for crowdsourcing. Customers can use social networking sites to offer ideas for future products or tweaks to current ones. In IT projects, crowdsourcing usually involves engaging and blending business and IT services from a mix of internal and external providers, sometimes with input from customers and/or the general public.
On the other hand, the integration of social media in the business world can also pose challenges. Social media policies are designed to set expectations for appropriate behaviour and ensure that an employee’s posts will not expose the company to legal problems or public embarrassment. Such policies include directives for when an employee should identify himself as a representative of the company on a social networking website, as well as rules for what types of information can be shared.
1. Communication Is Immediate
2. The Conversation Is Transparent
3. Follow-up Is Easy
4. Time Efficiency and Effortless Prospecting
5. Exponential Reach
Not only do your followers grow over time, so do those of your connections. The tagging technique consisting of typing your friend’s name in the message will deliver your content to their followers, too.
6. Money Efficiency
Compare working online to the expense of travel for prospecting, meetings, and conventions. In other words, working online costs $0 versus gas, toll roads, parking, hotel, luncheons, tips, vendor fees, raffle tickets, and giveaways.
7. Global and High-Level Reach
Traditional meetings and events normally attract people of the same calibre. Frequently, those who are more accomplished appear unapproachable.
8. Your Content Can Be Found, Liked, and Shared
Your reach toward potential audiences is leveraged. In this manner, more introductions and offers of opportunity are received.
9. Collaboration Replaces Competition
Using social media takes a different mind-set from the traditional career environment.
10. The New You and New Business
When you freely share your knowledge on multiple platforms including blogs and video, accessible on mobile devices, your ability to connect with wider and larger audiences increases your potential.