Predictions are forecasting. What we likely to do, we premeditate. The business world tastes the same medicine to derive new decisions and business plans. Its stalwarts ground up viable plans. Their viability reflects from their profitability.
Let’s make it a walkover for you to understand what I mean through this scenario. A startup insurance company had to put its shutter down. It was a wind up call for his business. The clientele was contracting; revenue was frequently rolling down; sale of policies was very steep and the profitability became a dream. But the entrepreneur decided to bounce back. Rather than building castle in the air, he chose SAP-based predictive analysis.
What’s SAP predictive analysis?
As foresaid, the prediction stands for foreseeing. In conjunction with SAP or System Applications and Products, it determines the analysis of large data sets to draft future outcomes and customers’ behaviours. SAP predictive analysis derives sense by combing through crude data sets. Unseen opportunities, better customers and uncover hidden risks are tapped to make the predictions.
By employing this analytics, that entrepreneur decided to kick-start a marketing campaign. But he couldn’t hit the bull’s eye until collecting valuable customers’ data. So, the very first thing he did was data mining. It identifies the process of scraping data from various resources. Let’s check how he tuned that stone to catch on meaningful data:
Which predictive strategies did he derive through analysis?
Which one format would be more comprehensive -textual or visual? For sure, the latter gains an edge in terms of interest and understanding. Suppose a logistic company wants to educate A to Z operations of its new staff member. Rather than taking an induction session, the glimpse of visuals with the dash of educative words can cut on time. And the new staff would get enough time to clear doubts and suspicions.
This is why most of the companies import the scrapped data in raw format. Thereafter, data executives give it a touch up of visuals. Be it in the form of powerpoint presentation or pdf or the spreadsheet, the crude data gets shapeup in more comprehensive format. Subsequently, reports are generated to deliver it to the data analysts. The clarity through visuals reaches excellence. Thereby, deriving innovative strategies become effortless & hazy. Glitches are found in no time, if persist.
In the nutshell, data conversion plays a decisive role to change the entire business-game. The narrative that would begin with data conversion would end up in ground-breaking intelligence.
1.Trigger engagement via visualized data: The exclusive report presented in incredible format is makes the difference. The point to emphasize is comprehensiveness. It is the fundamental determinant that decides the class of any outsourcing market research company.
An array of statistical figures can prove futile if the analyst fails to dig out nothing substantial. It does mean that the collected data is meaningless. The process of data conversion breathes fresh life into it. Rather, it identifies the lack of understanding. But conversion of data into visual format can do the trick.
Let’s say, the metrological department withdraws temperature report of a week. Undoubtedly, the textual report will require valuable time to read and understand it. On the other hand, the graphical presentation of the same would take a few seconds to understand.
2.Develop intelligence: Do you why logos are created? Of course, a small picture represents a brand to which people recognize easily. The data in pictorial form needs no tussling with mind since it involves the most powerful preceptor called eyes. By catching the view, the brain prompts the decision and recognizes. This is why conversion of complex data is preferred.
For instance, the CEO of a fashion brand wants to review its company’s performance in a year. Studying the report in booklet format would be time-consuming. Besides, he would reach the consensus only when clarity will be there. By taking this fact into account, another replica is prepared. An outsourcing company that deals in data conversion is hired. Causes of its slashed sale are visualized in the form of infographics. It prepares ups and downs of its sales in graphical form.
Eventually, the CEO would be able to develop ideas to enhance sales.
3.Helps to collate: To push-up the efficiency, it’s essential to have synchronization. From foremen to top level management, every entity of an organization must collate. Otherwise, productivity and efficiency face off a big blow.
Lack of communication can disturb the sync. Suppose the manager conveyed some changes in the sales strategy. But the executives did not catch what he expected. Consequently, the sale-cycle will be paralyzed.
On the contrary, if the manager delivered data in pictorial format the executives would be able to understand. Thereby, collation with the manager would not defect the business goal eventually.
Convincing a customer is an uphill battle. Every seller wants to win it. But only a few claims the victory. Yes! It’s true. Actually, just a few becomes able to read customers’ requirement correctly. And then, it’s the accurate evaluation that lays foundation of the most persuasive selling strategy.
However, data is the king. Withdrawing untraced business models, an entrepreneur can come in win-win situation. But what if it is not analyzed? No matter how richer would you be by data, it’s evaluation that declares you the king.
Let’s see how consumer buying decision process helps to evaluate his behaviour.
1. Recognizing Problems: The marketer must acquaint what the customers require. Most of the marketers fail to connect what the customers have and what they want.For example, maggi has become a household name in India. A confectioner assumes that it’s the only noodle brand that every consumer loves. So, he stored it more than its predicted demand to cope up with its scarcity.
Meanwhile, the widespread popularity and commercialization of Baba Ramdev’s Patanjali Atta Noodles has swollen its demand. And it is cheaper by INR 10. Wooed with its health benefits & low price, consumers replaced maggi with it.
Eventually, it’s the seller’s wrong evaluation that unleashed loss. So, it’s not only the demand but also the price factors, availability and benefits that derive demand.
2. Internal & External Information Research: Internet has empowered buyers to google. Since every person is connected to it, he seeks solution on internet to browse solutions to every problem.
The consumer is habitual to hear his conscious mind. He finds it richer repository of information. Probably, the past experiences configure it. And if it does not satisfy, he prefers to consult it with his family, friends, relatives and some external media sources.
For example, a man wants to buy a new Volvo car by selling the old one. As per human tendency, he would consult it with his family, friends and relatives. In case his mind clashes in regarding with a number of choices, he can seek external information from press, TV, case studies (of customers’ experience) & newspapers.
3. Evaluation of Alternatives: The presence of innumerable alternatives creates confusion. Not only buyers but also do the sellers get trapped in dilemma.
Let’s say, a catering company has to shortlist the beverages’ brands for catering in a cultural event. And market has many soft drink brands like Coke, Sprite, Maaza and Fanta. At this point, recounting its past experience of catering its clientele will rescue to process data for evaluation. Rather than seeking external information from data processing outsourcing, the company would evaluate on the basis of research of its past experience.
4. Finally, Convince for Purchase! Finally, the consumer decides to purchase. In this situation a number of factors do influence. Such factors can be price, availability, place and convenience.
For instance, if I want to buy tailored-sleeve leather for men online, I will browse amazon, flipkart and Myntra. I would compare price on all eCommerce websites and check the brand. Eventually, I will buy Wrangler’s Jacket from Myntra since it assures free and early shipping. Moreover, discount and guarantee will be other factors that would convince me to buy from it.
5. Post-Purchase Feedback: Customer reviews mirror the performance of the business. When the customer used a product or is using it, it is the right time to approach for their feed. It takes the business a long way & access indefinite success.
Satisfied customer will rave and do mouth to mouth publicity. Conversely, enraged customers can stir negative reviews which can lead to loss.
A corporate entity frequently exchanges multiple documents online. Be it a business proposal or a project report, it tends to exchange multiple pages. And if it’s a bulky data file, transferring it will be a time-taking process. Moreover, its sending can be failed. How should it cope with such problem? Should it deliver the file manually?
Why PDF version?
Online data transference is evolved to beat the clock. And today, it’s proving economical as well. Then, why one should put manual efforts in dispatching a file? It can be done within a click. So what if it’s a bulky? Portable document format (PDF) can help out.
Now, one can paint the picture of how outsourcing data entry services providers proceed. They save millions of emails, id, consumers/ clients’ details, addresses and other data every day. But when such data is exported to clients, the data executives redefine its size.
This trick eliminates fallout in sending important files. Its compressibility strikingly attracts to use it. When 81/2*11 letters are scanned, they occupy 1,000 kilobytes. PDF conversion squeezes a file up to 25% of its original size. It means 20 kilobytes will remain 5 kilobyte after PDF conversion. Isn’t it great!
PDF conversion in MS Office (2010 & 2013):
Let’s go through the steps of converting a word file (of MS office 2010 & 2013) into pdf format.
Today users love to swipe and click-open their FB lite, messenger, whatsapp, imo, makemytrip and myriads of apps. They are proving as a friend indeed while the users are in need. Uber, ola and meru’s apps for booking cab; HDFC, Axis and SBI’s mobile banking app; Paypal, myidea, and paytm for monitory transactions-all these are adding comfy factor to our lives.
Mobile apps are today’s sensation. They cordially collate with the functionality of Android, iOS and Windows platforms. This quality qualifies them to rule the audience.
Now, let’s head to catch secret formulae to develop a winning app.
Get the picture of users’ demography: Before developing an app, the web developers must complete their homework. They should have A to Z information of the target audience. Comprehending demography, the picture of their ethnography becomes clear. But is it a piece of cake?
Well, its answer lies in these fundamental questions:
Accept the fact that it rejects most of the app. However, users download any app in seconds but they remove it in less than a second. So, conduct a research to learn their behaviour first.
Develop one app for multiple platforms: Developing an app for single platform, be it android or iOS, is a silly mistake. Statista.com has premeditated figures of smartphone users that may reach to 2.08 billion in 2016. And Apple iPhone App store’s market share is 82.7%.
The aforementioned figures provide valid reasons to develop a winning app for multiple platforms. Any seller or company can hire application development services from a reputed app manufacturer.
You would be the happiest of all app developers who have maximum reach to the audience.
Carve great design for better UX: Users’ experience is the key to maximum engagement. First identify its prototype. The prototype determines how the design will melt & fit to multiple screens.
Embrace an engaging design but be attentive to its faster loading. It should have descriptive onboard screen, a hassle free login process, guest checkout option on the payment page (for E-Commerce site) easy navigation and minimum content.
Continuously test to refine: Developers and designers part User Interface (UI) into various segments for developing the app together. Their combine effort refines also.
They don’t forget running testing models frequently (actually continually). It will help identify how many assumptions met realization. This is an easy way to adapt to changes without affecting speed of the work.
Keep upgrading your app frequently: After launch, be religious to tune it as per prevalent tech-trend. The developers can add some interactive features, like videos, images, offers and so on for inducing competitive edge.
Users want something new and creative. So, don’t underestimate the power of social media handles. These can prove a link that users love to have.
Migrating data from one form or format to another is known as data conversion. Its introduction has deducted efforts, cost and labour. But don’t worry about quality. It’s better. Suppose, if I am supposed to send business proposal, I will forward the PDF or PPT version. It’s simple, easy, fast and costs lesser. And impression-wise, it’s far ahead of lengthy and messy traditional methods.
Likewise, many CAs, e-commerce companies, finance sector and almost all companies require data conversion. Transforming hard copy into digital form in any form has taken a revolutionary turn. It’s seamless and cost-effective to switch from manual method to digital solution.
Scroll down to learn how a data conversion company can deduct production and earn higher margin of profit.
Differentiate wanted data from unwanted one: A large volume of data might be intimidated. Useless data, image, content or table can make it voluminous. Such a bulky data will require more effort. Even economically, it will lash tremendous monitory loss.
For example, a market research team browsed 1k hotels’ name and location every day. Moreover, its team recorded email id, contact no. and owner’s name as an additional info. But eventually, it was to deliver name and location only. So, the team had to put extra efforts for removing the additional records. Thereby, the procedure consumed more bucks and energies.
Hence, sifting usable and useless data is necessary.
Cleanse it all: The foregone point stated how advantageous it is to differ useless from the useful data. Now, the unneeded data must be deleted. This way only important data will be imported, exported and conversed. Thereby, compiling, re-organizing, data transfer and testing will occupy less time, space and efforts. Isn’t it a handsome money-savior trick?
Open invoices conversion: Open invoices refer to the document that holds information of how much money is obligated to pay with the due date. Many companies hire data conversion services for financial transactions transformation. It can be time-consuming method. Bit its time can be cut short by assuming open invoices as the static data while conversion.
Manual data conversion for short sets: Deploying software for converting word files into PDF or PPT into jpeg or png file can be expensive. It’s the professional’s arena. An unskilled converter can’t do so. And the salary package for the professional will slash the burden of extra expenditure. And investing in converting software or technique like OCR will be more expensive. So, hiring manual power for the small subset’s conversion will be a wise idea.
Keep the backup: Some uncertain faults can delete upshot data in a second. It can cause hefty loss. Thus, always keep the backup saved in drive or drop box.
Business is a strategy to configure inputs for achieving specific commercial goals. Traditional business is embracing new fashion today. And this fashion has data at its core. Big-data is a parent directory from where various subsets of information channelize.
Consider an example of shopping mall. It is segregated into dresses, stationery, crockery, toys, kitchen utensils, beauty products and confectionery sections. All segments are well stocked. Several customers make purchases worth thousands individually. They search commodities and match their requirements. Finally, they pick up what is relevant to them. Now, replace consumers with outsourcing market research companies and the mall with big-data. The former put big data into the funnel of their relevancy criteria. They scrap the most relevant out of it for meeting business requirements. Thereby, business intelligence is crafted through transformative ideas.
Foretold example illustrated how data is explored and extracted. Below given functions will present its deep illustration which helps in business processing.
How data processing functions?
Data refining passes through several processes to release an outstanding analytical report at the end. The commonest of them are below:
Validation: Validations means verifications. Exploring big-data can trap the data miner in puzzles. Most of the time dilemma catches them over which data should be extracted. Thus, they match their requirements with the data on internet and other resources. For example, a financial data researcher extracted transactions details of its client’s company. His aim was to track the banking transactions during a particular financial year. His client did banking transactions with many banks. The researcher collected details from receipts, invoices and cheque-book. Eventually, he cross examined the available information accessing his online banking details. This way, he ensured the correctness of the data.
Likewise, data validation removes flaws and garnishes specific information to develop business intelligence.
Sorting: It stands for arranging items. Extracting data is just the beginning. It should be arranged in proper order. Could it be possible to withdraw prospective business strategies from the messy data? Of course, it’s a herculean act! Classifying the extracted data into patterns wins half the battle of comprehension. Thereafter, analyst analyzes and anticipates future strategies.
Summarization: Synopsis mirrors what the researcher digs out. Like minutes of the meeting, summary highlights the main points. Thus, deriving bottom line becomes a piece of cake. It catches eyeballs and builds intelligence instantly because it’s short and crispy. One can catch all the points there if lacks time to go through the long report.
Aggregation: Aggregation combines multiple chunks of data together. Multiple tables, charts, images and statistics can be a report’s elements. So, aggregation brings them together to prepare an influential report at the end.
Analysis: Interpreting the dug information presents analysis. It’s important as it is served as a report card carrying pros and cons of operational activities. Data processing aims at analyzing to configure future strategies. Expansion, growth and profit ratio stand on this data processing pillar.
Reporting: The entire data processing wraps up in reporting. It determines the loopholes in performance, suggestions, recommendations, betterment strategies, prospective operational parameters etc..
Thus, outsourcing data processing determines operational and prospective operations of the company. And unbelievably, it costs dirt cheap. The entrepreneur gets enough time to maintain core competencies. So, a business can evolve way to success through the power of data.
Can you guess why outsourcing is as popular as viral news? Why corporate sector is inclining towards it? The answer of these questions is hidden in its benefits. Suppose a publishing company hired an offshore partner to take care of its book conversion. Subsequently, the company generated bumper revenue. This miracle occurred due to outsourcing. The entrepreneur got enough time for attending his core competencies. And an additional profit also fell into his lap through the delegated work.
Halt! Turning a blind eye to the trending hiring of offshore partner is not a wise idea. Catch the roundup of some mistakes that may prove a nonstarter. One must seriously consider them while deploying an outsourcing company.
When saving money is considered priority: Every businessman burn the candle at both ends. One does it for saving bucks. But he/she must be sure that they are investing in the cash cow.
Take an example of a data research company. It inked a deal with its overseas partner on urgent basis. An underlying desire of the former company was to harvest fat profit. Thus, it signed the one that assured dirt cheap primary research. Consequently, the delivered project lacked quality. However, the primary research was not proven an expensive deal. But the client had chip on his shoulders due to inferior quality of the research. So, the discontented client ceased corporate relations with it. Later, the research company lost its utmost good faith as well as prospective projects. It impact manifested on its profit ration in the later years.
When communication is distorted: There should have a strong and efficient chain of communication. Clients are integrated with the company through it. But one broken link in the chain of communication can break down relationship between the two partners.
Consider this example. An aircraft company of the US approached a data entry outsourcing in India. The project demanded support to its email services. The aircraft company assured voice as well as messaging support to its overseas partner. But the former did not follow the proper channelization of the text or mail. Thus, the latter one fell out in meeting the deadline. Thus, both companies suffered losses. And idea to outsource was proved ‘flop’.
When KPIs are wrongly defined: Key performance indicators or KPIs are the prime indicators of a company’s performance. The future goals are predefined. KPIs are prefixed. Thereby, its overall performance is monitored and tracked conveniently. But wrong or incorrect defining of these KPIs can lead the firm to the brink of bankruptcy. So, these metrics should be predefined with intensive care.
For example, an image data entry project was entrusted to the offshore partner. The partner chose quantity over quality as its KPI. As a result, the editing and conversion quality of the image were not up to the mark. Thus, the digitized images were proved ‘litter’ for the former company. Eventually, the wrong definition of KPI led to winding-up of the project and also, the relationship between them.
When instant makeover is expected: Association with an offshore partner does not imply instant makeover. It’s not a magic. However, distribution of the workload escalates production. But sometimes, a poor selection of the partner can land the associate to a crucial stage. So, a proper research should be conducted to choose an outsourcing company in India or any other country.
India, of course, is the first choice for choosing an offshore partner. It is so because of the survey published by a London-based global management firm ranked this country as top-notch among 55 others in 2016.
When governance has loopholes: Organization is the key around which ensures quality, timely delivery and profit margin.
For example, an outsourcing data entry Company lacks organized hierarchy of the workforce. It anyhow earns bread and butter. But setting up a hierarchy of the data entry operators, executives, quality analysts and managers shape it organized. Thus, its profit margin jumps up due to its timely delivery and quality work.
Identify market trends: How does a company know about the prevalent trend? Online business is pushing offline sale behind. It’s a simple demo of data’s exponential role. Market research outsourcing companies scrap the data from the web, magazines, surveys and other sources. This they do to deliver data-driven information to diverse companies.
Customers’ needs, social behaviour and their purchasing habits rest in the data repositories. It’s relevant and rich collection prepares ground to develop specific marketing campaigns. Driven marketing strategies from data-analysis let you eye on core competencies, customer on-boarding and customer support.
As data empowers you to forecast, you can detect upcoming risks as well. Your findings can help you to premeditate how to combat them.
Monitor the competitors: Insight about your competitors that data highlights empowers you to cash on. You can learn how they influence, retain and fasten their customers.
Keeping an eye on their social networks reveals how your business rivals bank on that rich information. It also hides the tricks how to call on influencers for supporting their brand.
Remember! Making comparisons will never let you learn how to innovate. So, don’t follow them just for the sake of monitoring and imitating their ideology. Brainstorm how you can go beyond their ideology for hooking customers.
Pitch the customers: The strategies to woo customers lie in the data. Web scraping companies can utilize their software and technology to sift the valuable information about customers.
Once you get it, rush to the integrated market approach. The finest in present scenario is content marketing. It’s emerging all the way around. Let your marketing plans be perched on blogs, portals, search engines, hoardings, banners and so on. It will make pitching easy for you. And then, the rest role will be of observing conversion rate. Don’t forget to analyze it time to time.
Check out internal operations for storing efficiency: Induce efficiency to your internal operations and functionality. Study the collected data about your company’s insight. Identify the gaps in the way of efficient communication, processes and technologies.
Generate report to deploy work to your team in advance. For making your community of customers larger, adhere to email marketing. Don’t underestimate your customers’ reviews. Satisfy them with positive approach and worthy answer.
Eliminate potential fraud: Your data repository is expensive. Keep it safe and out of hacker’s breaching. The real-time data that you have scrapped should be moulded in to predictive model. If so happens, you can have leading edge to foresee upcoming risks.
Data stores historical records. Tracking it can give you clues of those ones who did fraud. So, you can premeditate how to tackle them.
Asking if you do present on Facebook, Twitter or LinkedIn will be futile. The following facts will put stamp of authenticity on my saying. Facebook needs no introduction. It’s in the lead among various social networking channels with 1.591 billion monthly and 1.038 billion active users daily. Around 320 million active users tweet daily while 414 million users house on LinkedIn. Over 100 billion searches are recorded every month. OMG! Social networks seem the most lovable hubs for gossip mongers & information seekers. So, how can the marketers skip these hubs for tapping real-time customers! After all, real time data rests here. You can mine it to enrich your information repository.
Let’s check out how these networks can help in weaving marketing strategies:
Facebook: Catch the roundup of these points in Facebook Insight. These carry the visualized as well as statistical figures to conclude and analyze what the preferences of the customers are.
LinkedIn: It’s the most preferred gathering place for variant professionals. From a newbie to administrator, each and every chain of the business work loves to mark its presence here. Here, serious business turns around. Just like huge biz conferences and workshops of business tycoons, it acts as an access key to the biggies of business world.
Twitter: It’s a micro-blogging site. With a tweet, you get instantly connected with other tweetarians. ‘Twitter Analytics’ is synonymous to ‘Facebook Insight’. But here, the users can have an edge through:
Google Analytics: Do you have your own website? This is the most impressive and impactful tool. For example, Eminenture data mining services has many updates that it publishes on its website. It lets the corporates know its agility. If you don’t have a website, don’t mind! You have an access card to peep into the performance of your rivals. The social media icons on it prompt users to navigate and jump to your social media profile. From there, you can determine the behaviour of customers.