Big Data is a term increasingly used in companies around the world and is nothing more than the constant search for the improvement of business processes and the acquisition of important insights about market trends and consumer behavior. When a company is able to gain valuable insight into the environment in which it operates, it becomes much easier to make good decisions for the future of the business. In today’s article we talk about Big Data Analytics!
Big Data is the term that describes the immeasurable volume of data (structured or otherwise) that has a daily business impact. More important than the amount of data, is what companies can effectively do with this data. Big Data is associated with 3 V’s: data volume, data variety, and data speed. Big Data relates to huge amounts of data produced by human interaction with technology, plus the information that is generated by communication between machines. The variety of data relates to the multiple sources of information that companies deal with daily (posts on social networks, financial information, marketing information, among many others). The speed with which data is produced is increasing and companies need to use tools such as Multipeers that allow them to analyze in real time what is going on in the business.
Big Data Types
Structured data vs. unstructured data: the former can be used in their original format and are usually organized in rows and columns, as in an Excel sheet. An example of structured data is the financial information of a company organized in an Excel table. Unstructured data doesn’t follow any rules or have a defined structure and images and publications on social networks are good examples of unstructured data.
Advantages of Big Data Analytics
Analyze the business in real time
Information is growing at a very fast pace, which makes its analysis increasingly difficult. The solution is to analyze the data in real time to get the most out of the information. Products like Multipeers allow you to analyze every second what is going on with the business. In this way, you can make the most of the data to make the best decisions for the business. Allying the large amount of data generated in companies to a real-time analysis allows you to gain essential insights for business success.
Better data collection
The data come from the most diverse channels and through Big Data it is possible to centralize them and group them by affinities. It is possible to be closer to the customer through the collection of data through questionnaires, applications, loyalty cards, among other instruments. The data collected is essential for assertive planning of marketing and communication actions.
Greater effectiveness of the business
More than knowing the market, companies are able, through Big Data, to use the data to change the business and increase the return on investment. Using analytical expertise allows companies to create new business indicators and analyze them more comprehensively and objectively. In this way, they will achieve better levels of income that will be reflected in the success of the business.
Making decisions for the future of the business is a daunting task for managers. Often, they don’t have all the necessary information to analyze situations objectively, which complicates to a large extent correct decision-making. In the day-to-day fulfilled in which they live constantly, the lack of time to evaluate the operations of the company is a major enemy of the decision-making. The large amount of information that currently exists is also a concern for companies, which increasingly find it difficult to deal with this information and manage it so that better decisions are made. BAM tools are used to increase the effectiveness of the business and to obtain all the data to make the right decisions. Let’s talk about the importance of BAM tools for decision making!
The information is delivered in real time
Business life happens now, every moment, and it is essential that you know what is going on with your business. Decisions based on a few days’ reporting are always reactive and risk being overtaken by a competition that is quicker to act. Knowing everything that goes on in real time with your business is essential so you can make timely decisions and have a proactive stance in the market.
Quick and intuitive query
The information provided by BAM tools comes in a consolidated way so that your query is easier and faster. You can choose to get the information through bar charts, multi-series charts, meters, among many other options. The information can be displayed using the most appropriate presentation, improving the analysis that the user can make of each indicator. In addition, each indicator is fully customizable according to business needs. When using the desktop, in the case of Multipeers, you can also use the ticker tool, which allows you to divulge external or internal news, messages and alerts, thus allowing all employees to be aware of what is important in the organization, which means that everyone is able to contribute to effective decision-making.
Immediate perception of problems
The real-time information provided by BAM tools informs us at the moment about the state of things, which allows us to know in good time what is going wrong, so that we can solve the situations. With this new management model, it is not necessary to resort to old reports to find out why something went wrong, because we are alerted immediately.
No need for clicks
BAM tools update permanently and automatically, so there is no need for user intervention. Instead of being the user looking for the information, it is the information that, in an autonomous way, finds the user. Business monitoring is a simple and intuitive process.
It is no longer a novelty that companies need to protect their information more and more. We live in a highly digital world and therefore the threats have proliferated at a very fast speed. Nowadays companies need to effectively use data security solutions, otherwise they will see their confidential information exposed. A security breach can be dramatic for a business, and can even dictate the end of it. In today’s article, we’ll realize how much does a security breach actually cost.
They are the costs related to the notification to customers and other stakeholders, not forgetting the authorities that by law should be advised in case of security breaches. These costs include monetary and human resource costs, which need to set a strategy and spend time sending notifications.
Businesses suffering from a security breach face serious productivity problems, especially if they are not equipped with a disaster recovery strategy. When companies have their data exposed and threatened, they need to focus on activities that are outside the normal work routine, which will obviously have detrimental consequences on productive outcomes. For example, at the retail level, a manager will have to focus on retrieving data from his client portfolio instead of looking for new business.
Rebuild the image of the company
After a company has experienced a security breach, it is necessary to rebuild the entire brand image and ensure that the target audiences with whom it works continue to rely on its work. This is one of the higher costs, because it is necessary to invest in a good communication plan that can recover the value of the brand and bring back the trust of the customers.
When there is a security breach, IT managers need to plan an investment in recovering the IT infrastructure and hardware and software affected by the security breach. At this stage, it is necessary to consider the possible costs of an audit required by business partners and investors to ensure that there are no risks associated with working with the company.
Repetition of work
When there are security holes, IT teams are very likely to be forced to do the same tasks over and over to recover data that has been lost. It is essential that the company has well-defined processes for managing and processing confidential data to minimize damage caused by security problems. The constant repetition of tasks can lead to the demotivation of employees and the consequent increase of the turnover rate in the company, which will translate into recruitment costs.
Threats to data security are getting bigger and more sophisticated, making it harder to ensure data security in the business. Protecting the information your company generates on a daily basis is essential for business success and at this stage when the new general data protection regulation has already come into force, it is even more important to work towards securing company and its stakeholders.
Having defined KPIs is essential to the good performance of a company. KPIs are key performance indicators that tell us what state the business is in and how far (or near) we are from meeting the stated goals. Based on the indicators and the company’s performance, managers can make more informed decisions. The IT area is one of the most important in any business, as it supports all the activity of the company. In today’s article, we cover 4 essential IT metrics in your business!
Performance of applications
This is one of the most important IT metrics, and for this purpose it is necessary to use constant monitoring tools that evaluate the performance of the applications in the end user’s perspective. Companies increasingly rely on the management of their IT assets to specialised companies that guarantee security, high performance and permanent availability.
Average offline time
This KPI is used to analyse the average time an IT device or infrastructure was not available. It is a metric known as MDT (mean down time). This metric tells us all the time that the service was not available, either because of minor problems, malfunctions, among others. This value is obtained by adding the time the system was not available dividing by the number of occurrences in that period.
Average service time
Another very important metric is the average time that professionals take to respond to requests placed in the service desk. The faster the service and the resolution of the situation, the better the IT performance.
This is one of the most important IT metrics. It tells us how long IT applications have been available to users, so the longer it is, the better the IT structure performs. It is essential that the company’s technological infrastructures are always available so that productivity rates remain constant.
BAM tools such as Multipeers allow you to track KPIs continuously and in real time. Analysing performance consistently ensures that more attention is paid to meeting the objectives, effectively increasing the degree of achievement of the objectives. Continuous performance monitoring plays a key role in planning and subsequent control because it provides information on processes developed by the organization. The effectiveness of any control strategy depends to a large extent on the correct suitability of developed performance metrics and KPIs.
Business is happening at a very fast pace today, which means that managers need to monitor in real time everything that happens in companies, otherwise they will lose relevant information that is needed for conscious decision making. Nowadays, it is no longer advisable to only analyze reports that are a few days late: the market demands that you always keep abreast of what happens in your business. In today’s article, we will realize what the impact of real-time data analysis is for business.
More efficient decision making
When you know exactly what is going on in your business, it is much easier to make the right decisions. Analyzing your business in real time will give you all the inputs you need so you can consciously decide on the best course to take. The reports with a few days present outdated information, which doesn’t correspond to the actual state of the company at that time. Therefore, often the decisions made are mismatched and don’t benefit the business. Monitoring the business in real time will change this scenario, because you will have reliable information in your hand and will be able to make better decisions.
Possibility of correcting deviations in operational processes
A failure in the production process can mean serious problems with customers, suppliers and partners if it is not detected and corrected in a timely manner. Keeping track of the production process in real time allows us to identify any failures and their correctness, without letting the process with a problem drag to its final stage. Thus, even if there are problems in the production phase, it will be easier to avoid that these problems have an impact on the final result.
Using multiple sources of data and content
With the use of a system of data analysis in real time it’s possible to aggregate in a single system all the information related to the company. In this way, access to information becomes much easier and the time previously spent to gather information from various sources is reduced. There will no longer be a need to open multiple programs to understand what happened at a given time.
Ability to set business alerts
Business monitoring software such as Multipeers allows you to set up business alerts whenever there is a deviation from what is considered normal within your company. Wherever you are, you will be notified by SMS or email about any changes and you can act immediately, even before there is damage to the organization. This proves to be an enormous competitive advantage because it enables immediate action, even before there are consequences for the company’s processes.
More efficient people management
Real-time information on human resources can be a great competitive advantage for companies that want to adapt to changes. The monitoring systems provide immediate data on the distribution of employees in different sectors of the company, as well as updated information on their availability. Thus, it becomes easier to manage teams and optimize the work of employees, increasing the collective income.
A dashboard is a dashboard that visually displays the most important information about the business. In case of using a tool like Multipeers, the information is updated permanently and automatically, so that you have at your disposal the most current information on everything that happens in the company. By using a dashboard, you can easily see if your business goals are being met. Linking KPIs with day-to-day activities is essential if individual and global goals are achieved more simply. In today’s article, we leave you 5 dashboards that you cannot miss in your company!
An executive dashboard groups essential information for decision making. It is a panel that uses graphical features to simplify the general understanding of information. It is a very useful dashboard to analyze the KPIs and all the processes of a company. The standard executive dashboard is based on management methodologies such as the Balance Scorecard. The objective of this panel is to provide all executives with access to important data for the correct evaluation of new opportunities and improvement points.
This dashboard is used by the work teams and focuses on the processes that each team needs to perform its functions. The data contained in this dashboard are intended to identify critical points of the operation, helping to correct them. They also facilitate communication between all members of the same team.
This dashboard provides detailed information and is used to set trends against corporate goals. This panel allows you to see the results of internal actions as well as external public reactions to campaigns. A good example of this type of dashboard is Google Analytics.
Dashboard project management
This panel allows to follow all the management of the project, from planned activities, schedules, among other aspects. It is a very important tool because it decreases the probability of error and increases the effectiveness of communication.
Managers are not always able to identify deviations in work routines in a timely manner, which compromises business productivity. The dashboard will aggregate the history of the company’s operations and can set defaults to detect deviations and anomalies in real time. So the system is able to realize that something is not right and to alert you right away so that you can act before it becomes a serious problem!
Monitoring the competition is something that companies must do frequently, because only through effective monitoring can we know what state the market is in and know its trends. However, it is very difficult to keep up with all that goes on with our competitors, because we live in an age when we are “flooded” by information, coming from many different places. So we’ve prepared this article to present you 5 steps to follow the competition!
This is a very simple and very easy to use tool. If you want to be alerted every time your competition is cited in the Web world, simply monitor the keywords related to the competition. This tool also has the advantage of being completely free!
Benchmarking is an instrument that aims to improve performance in order to position itself ahead of the competition. The process is based on learning with the best experiences of companies operating in the same industry. Competitive benchmarking aims to analyze direct competition and focuses on the comparison of products and services, methods, strategies and campaigns used. The goal is to outperform the competition by improving the methods it uses.
This is one of the favorite tools of marketers as it specializes in competing data. Simply put the URL of your competitor’s website and you will immediately receive information about the keywords it uses, the organic searches it has, the traffic and paid ads in effect. The results are presented in graph format, which greatly facilitates the understanding and analysis of the data.
If you want to know the trends in your circles on social networks, you just have to use InfiniGraph. The idea is to use the power of your audience to know what content and brand trends are between them. This is a tool that can be used both for your company and to follow the competition.
This tool allows you to keep track of what goes on in blogs, videos and social networks. When searching for a term, either a keyword or a company, the tool shows you everything that is being said about that term in blogs and social platforms. Its use is very similar to Google Alerts, but in addition to publishing on websites, it also shows us sharing on social networks and on video platforms.
Analyzing the competition is a very important step to know the market in which it is inserted and to follow the trends and preferences of the consumer. We live in an information age, in which it is difficult to follow everything that goes on inside the company and also abroad. More than ever, BAM tools such as Multipeers have a leading role in companies, since they condense in a single platform information from the most diverse sources of information!
We have already talked about the importance of indicators for business success, but it is never too much to remember that having defined KPIs is a fundamental part of a company’s management strategy. These business metrics allow for closer monitoring and better management of the level of success of the actions performed. There are thousands of possible indicators for each business and it is very important to know which indicators to choose to always follow the financial health of the business. In today’s article, we present the 7 most important indicators to assess the financial health of your business!
It’s one of the most important values for any company. We’ve reached this amount after adding up the entire billing volume and deducting costs and expenses.
Liquidity is the ability to turn an asset into cash. The faster the conversion, the more liquid an asset is. This indicator assesses the ability of the company to pay employees and suppliers.
EBITDA stands for Earnings Before Interest, Taxes Depreciation and Amortization and is a way of calculating how much a company generates of resources only with its operation, that is to say, before subtracting the value of the taxes. The formula for achieving EBITDA is Net Operating Income + Depreciation + Amortization. This is a very important value for companies looking for investors and serves as a comparative point with other companies in the same industry.
Cost per lead
This figure shows us how much it costs the company to acquire a lead. We get the value after dividing the amount of money invested in digital marketing by the number of leads generated. Studies report that the cost per lead generated through digital marketing is about 61% lower than the leads generated by traditional marketing. Knowing how much it costs us to generate a lead is essential so that we can redistribute the investments and improve the results.
ROI means return on investment and measures the end result of an investment: it relates all the expenses involved in a share to the profits made by that same share. The formula for calculating ROI is as follows: ROI = Net Profit (Total Investment Profit – Cost of Total Investment)/Cost of Investment. If the ROI is greater than zero, it means that the investment was positive for the company. If it has negative values, there was a loss.
Net Profit Margin
The profit margin represents what the company plans to profit from in return for what has been invested. In addition to calculating net income to obtain the net profit margin, companies must stipulate a value that is in accordance with what the market is willing to pay for their product. If the expectation of profits is well above normal there may be problems with future planning.
Market share means the participation of a company in the market in which it is located. This value can be found through billing measurement, quantity of customers, among others.
KPIs are of vital importance to companies because they measure process performance and by analyzing collected information work to improve future action.
Having defined KPIs is essential to the good performance of a company. KPIs are key performance indicators that tell us what state the business is in and how far (or near) we are from meeting the stated goals. Based on the company’s indicators and performance, managers can make more informed decisions. However, KPIs are only useful if they are defined correctly. In today’s article, we will address the best practices for defining KPIs.
Define measurable indicators
For an indicator to be well defined, it is necessary to measure it easily, that is, you must always opt for quantitative and non-qualitative indicators. In the case of qualitative indicators, there is a high probability of a subjective evaluation. For example, instead of aiming to improve sales, set an indicator on the conversion rate to sales.
KPIs should be simple so that the entire team is able to understand them. If you get too complicated a KPI runs the risk of not being able to extract any useful information from your analysis. And if the employees do not understand the indicator can be unmotivated, which harms the whole performance of the company.
Define indicators appropriate to the business reality
Not all indicators are for all companies. There are indicators that fit one type of business, but that do not make any sense in other areas of activity. Defining indicators only to be defined will create harmful noise to employees’ performance and this will have a negative impact on the company’s final results.
Evaluate KPIs frequently
A KPI should be analyzed frequently because only with constant monitoring is it possible to understand whether we are moving in the right direction or not. You should always opt for indicators that can be measured easily and frequently so that you can make day-to-day decisions based on reliable and up-to-date information.
Make the dynamic indicators
An indicator that yesterday was quite important, today may have lost some of its importance. Companies are living and dynamic organisms and as such changes must be monitored in all areas of the company. Evaluate at least every three months whether the indicators that have “assets” are the most appropriate given the period the company is going through.
Defining performance metrics is essential if you are to succeed in your business. Working without knowing which way the business is going is the first step to failure. It is essential that you be aware that defining indicators is a job that deserves your attention and dedication, because only in this way will you be able to involve the entire work team in pursuit of global business objectives!