Category: Business

Four Stages of Business Growth

1st Stage-Initiation:

There can be varied reasons for a business start-up but the main values in running the business are of those who are the founders. We can see that company exhibits the main skills of the founder in its spirits, for example, if the founder is an engineer, he will emphasize in production rather than sales and marketing which should not be neglected. Main efforts are centered on the acceptability of the product in the market. If the owner can provide the demands of business i.e. time, energy, and finances, he/she can move to the second stage. Otherwise, he/she will have to wind up their business as there is limited time for the company to stay at one stage. Here the main focus changes to establish the company and earn profits. With this financial push company will need to formalize the system and start record keeping, an unskilled manager can’t handle this all. After this, there will be demand for change in administration’s style because of increased activity in his business.

2nd Stage-Growth:

The moment a company moves forward to the expansion stage it should be able to earn a decent profit, but that profit will not go to the owner. This is because it will be invested in the business in order to assist in the capital demands of the company. It demands time for coordinating functional managerial activities; it demands complicated organizational structure mainly focusing on functional lines. Now research and development will be established in order to increase product range. At the start, it will be on a smaller scale because of lack of capital. If management continues changing its environment, the company can stay at this stage for some time. In many cases, owners sell their business at this stage for substantial benefits. The increase of new markets and product will demand more finances. This stage faces larger competitors who deal the situation by putting stress on emerging firm; this stress can be in the form of very low prices as well. At this stage over trading is the biggest threat if not handled properly it can lead the business to demise. As the company grows it need to extend geographical trading and distribution, so ‘supervised supervision’ will be required at this stage. If new competitors enter the market and the owner wants to maintain his shares, he will have to put more capital by himself or attract some partners.

3rd Stage-Expansion:

This stage demands proper management reports, budget control, and dispersed authority, along with a formal accounting system. Basic adaptation at this stage will be to systemize administrative roles which are keys to survival through this stage. The expansion stage demands stable long term funds which will be important and if there is not plan for partners then this stage must be considered right now. Although retained earnings are major forms of funds but dividends are the special attraction to the investors; at this stage these are inevitable. Now company’s track record will help in gaining long term loans but the company will have to give security in the form of assets.

4th Stage-Maturity:

At this stage main issues are about expense control, search for growth opportunities and productivity. The direction of authority can be towards functional lines or it is reorganized with production lines. As there is severe price competition, therefore, productions department should be the center of focus and authorities should emphasize on innovative moves towards betterment.

Now basic investments are in sales and marketing struggles and maintenance and plant up gradation. The company grows up to a level that income is sufficient to tackle this but occasionally more long term load prove to be a support. At this level firm may limit its operations or move on, normally acquisition or floatation in order to become a large corporation.

Whatever the situation, managers are pressured by shareholders to safeguard the future of the firm. However, the time of great trial falls to the founder. He built his business with great effort and sacrifices, and now he is asked to give it away.


The Growing Importance of Data Science in This Modern Generation

ORIGIN OF DATA SCIENCE

Throughout the years, data science has become an essential part of many sectors of land management, commerce sectors, threat control, fraud, business analytics and many other areas. It solves many problems and issues within a given field with the help of data analysis and interpretation of various kinds of data. It concentrates on the utilization of particular statistical methodologies which are applied in the same way regardless of the field.

FUTURE OF DATA SCIENCE

Because the fields using data science are continuously increasing, the importance of data science is also increasing at an accelerated rate. It can help to pinpoint trends and make recommendations which will affect decision making and business performance while guaranteeing the best possible solutions. Data scientists will have to come up with a variety of solutions to cope with the challenges presented across all the different fields.

All in all, data scientists are the future of the coming generation. Businesses now realize what a gold mine of information is present in their data and are pursuing data science professionals to access that information. This emphasis on data science will continue for the foreseeable future.

With digital technology such as mobile phones and laptops becoming an important element of the education process, it can help more and more students learn and improve their skills. It can be the key to lucrative, fulfilling professions for the next generation.

ROLE OF DATA SCIENTISTS IN THE WORLD

A data scientist’s main role is to inspect large amounts of data using software basically designed for the work. The final results of a data scientist’s analysis should be understandable and easy enough for all the organizations to use. The approach to data analysis for a data scientist depends upon the organization and its specific needs. Departments need to communicate to the data scientist what their goal is so that the data scientist can determine the best approach to solving the problem. According to stats and surveys, job opportunities for data scientists have increased by 75%.

SYNOPSIS

We are living in a world of Big Data in which everything is recorded. Subsequently, professions like this are mostly used for extracting specific values from multiple pieces of information. As the demand for professionals in the field of data science increases, more and more new ideas are being introduced day by day through which it will be easier to obtain and store data. It is related to the computer application field which is in great demand these days and will provide a lot of opportunities for the newcomers who are willing to work in the computer field. Because of the large demand by multinational industries for professionals to handle their data, this field is proving to be the trendiest, most lucrative field in which to work. It will be in your best interest to update your skills and strengthen your command over this field to allow you to take advantage of this trend.


10 Things for Choosing the Best Company When Purchasing Products & Services

For a daily shop-o-need cycle, a small investment to ‘try-out’ the new and be in ‘trend’ is perfect. But, what about bigger and larger decisions for your office or which window blinds to invest in while renovating a home or which agency to trust your SEO campaign or which chat software to install for your customers or which builder will give you a dream space. The large investments demand a trusted partner, and here, we are sharing the top things you should give importance to before reaching the decision.

1. How big is the team? – Let’s continue working with the above examples if you are looking to get a Hanas Blind installed, a small team is OK, but to purchase one or two floors in a commercial building, trust a builder with a larger team. Your need should define the team size. Why? A bigger team means, more people, more ideas and a better-managed team at both micro- and macro-level. But, in rare cases, a bigger teams can mean, more chaos.

2. What are the skill sets? – Once again, this is a basic requirement – the company or team you wish to hire should have the necessary aptitude to deliver. If you are looking for someone to drive your digital marketing campaign, knowledge of online marketing tools is a must – even if it’s a start-up. A person starting a business may be able to meet the demands of the profession, while an established player’s creativity has been tested, time and again, and they can be result-driven as per requirements.

3. What kind of experience do they have? – A wannabe entrepreneur may not have the experience, but their creativity may not be a match to the seasoned players. Once again, it all boils down to what you need! Creativity in decorating your home is welcome, but a seasoned player who knows the ins and outs of building bye-laws is required when you build a commercial space. Keep in mind, however, there is always an overlap between real-life knowledge and bending of rules to stand over the head and shoulders of others.

4. Have they worked for your industry before? – This question may not be applicable to personal purchases but to hiring agencies and personnel chosen for a job. Knowledge of the industry easily translates into a team well-versed with the challenges and benefits to focus on your industry. Don’t be hesitant, ask for references from old clients or customers, and if possible check-out the work they have done earlier. However, they should not compromise on the value you and your company represents.

5. Are they open to communication? – Communication is not all about speaking, it is also about listening. It is a two-way street – you have to articulate your ideas and dreams clearly. And, then you have to keep your mind open to the suggestions of the agency you want to hire. In the initial talks, you can gauge, how attentive they are when listening, and how clearly they state their ideas to you. A good agency or company will be judging you on these parameters.

6. Are they discussing achievable deliverables? – Once again, the line between the two is so thin, that is quite possible for you to be misled. When discussing the deliverables, say the increase in traffic from an SEO campaign, are they just saying, “Trust us, we will increase the traffic.” Or are they concentrating on telling you – 1x growth is possible in the next six months if these steps are implemented. The latter may come back and say, results were not achieved, because of lack of support, but then they will have to back-up each piece with evidence giving you an unbeatable experience for the future.

7. What are people saying about them? – That’s why word-of-mouth references and online reviews are so very important. These are genuine experiences from people who have associated with the company, and are either bowled over or are filled with anger. The fact is most agencies and sellers working can deliver good to outstanding results. But, there will always the ones that fell short of expectations – people messed up, planning was not right, communication stalled, etc., etc. Talk to as many people as you can to gauge the average success and failure rate.

8. What is their demeanour? – Do they smile often while speaking to you, even while making the presentation to you? Are they relaxed while communicating or are all of them tensed up? Share incorrect information or demand an outdated process, do they agree while secretly rolling their eyes? Or do they stand up and correct you, sharing with you the reasons why your ideas need to be ditched? Any intelligent person knows they need a person who smiles, is relaxed and is not averse to telling off their clients, in a reasonable manner. You may have heard of arrogant geniuses, with no manners, but those men and women are few and far in between, and if you are working with one of them, then you should be ditching this write-up and spending time on benefitting.

9. What are the services included? – Take in writing the services included and not included. If you planning an SEO campaign for the first time, you need to study the industry, ask questions of the experts, even the silliest one and get them answered in a cohesive and comprehensive manner. These are to be discussed before finalising or signing the deal. As was mentioned earlier, there can be no compromise on the communication between you and the person who you are dealing with

10. What is the proposed budget? – This has been saved for the last, for the simple reason, you know the heart of a purchase rests on the cost. You may be a person will pockets as deep as the Pacific Ocean, but even you would not want to waste your money on things which do not bring value – in terms of beauty or functionality to your home or office. Ask for the costs to be incurred, and please opt for a smaller or cheaper option, if you are in doubt about payment.

In conclusion, hiring an agency or a company may be a part of the shop-o-system, but that system rests on the shoulders of responsible salespersons, account managers and clients. Yes, you have to be careful while choosing a company, but your contribution is just as responsible for the final success.

Service is the heart of every industry. It is also the basics which help it survive the competition and bag the good projects. But, before you judge the services of a company, you need to first identify one to partner with for your needs. Magnum Window Styles is one such company in Delhi NCR offering the best products and service to its clients searching for Window Blinds, Rods and Floorings for both the residential and commercial properties.


Decisions to Be Made for Analytics Training

Ways in which you can identify the kind of analytics training you need

Many people inquire about ways in which they can further the knowledge that they have in analytics. This is an industry that is still in its infancy and there are many developments that are bound to occur in the future. It is therefore important to choose the right kind of analytics training that will get you ahead and keep you current.

The boom in training

In the recent past, analytics education has experienced a boom. Some of the training is done in classes, some use software while there are also workshops and online tutorials that have become profuse. This makes it quite hard to identify the best program to choose. The other issue is the lack of clarity regarding pertinence, practice and process so as to clearly tell people what is really needed to succeed in analytics.

What do you want to do?

This should be the very first step regardless of the career in question. What kind of role currently or in the future are you aiming at? Do you want to be a data scientist or an analyst? You may also be a business professional looking for a way to leverage analytics into your daily workflow. There are also those who seek to make a transition within their career to become analysts. When you have made a clear determination of where you are at and what industry you are in, you will be in a better position to choose your path.

Identify the skills gap

When it is clear to you exactly what it is you want to do, it is time to identify the skills gap. One of the things that should be noted is the fact that the skills needed in different areas like marketing, product development and so on are different from those needed by a data scientist. There are many analytics skills that successful professionals apply. They should be able to get data from different sources and then organize it to be able to analyze it.

An analyst must learn different techniques to successfully extract value from the raw data. An analyst should also be in a position to work with the different stakeholders through effective communication.

Choose the best training option

When you have clearly defined the skills gap, you should be able to choose the best training option. The kind of training that you need is usually based on the gaps that you intend to fill. It also depends on exactly what you want to do.

There are several options when it comes to training. There are universities that offer a master’s degree in this area. The programs are usually ideal for persons who don’t have any kind of professional experience but want to handle analytics roles. The programs are usually comprehensive but can be time-consuming. You can also choose the online options that are quite accessible.

Local universities also offer some semester courses. It may be wise to also keep an eye open for the professional workshops that are usually held by major companies.


The Quick and Easy Guide to Data Science

WHY DATA SCIENCE?

Keeping up with day to day trends is easy because of the internet, but you may have wondered at times what happens to the data we generate on a daily basis, how it all works, how tiny ads in your browser know just what you have been looking for on e-commerce websites. At the heart of all these are algorithms whose sole purpose is to extract all the useful information from the data that is being generated by us on a daily basis. What is the significance of this data? This data helps companies understand their customer base. In short data science is a vital part of today’s IT field and it presents an unlimited number of opportunities for career growth.

WHAT IS DATA SCIENCE?

Data which is generated is often available in two forms, structured and unstructured, and this data is unintelligible to most people. Data science uses scientific methods and statistical algorithms to extract valuable insights from the data. Data science is interdisciplinary because data science requires an individual to combine knowledge from various fields such as statistics, mathematics, advanced computing, etc.

WHAT DO THESE DATA SCIENTISTS DO?

The real task of a data scientist is to design high performing prediction engines. Prediction engines in turn help the company either expand business or increase revenue. Typically, they are dealing with massive datasets of customer information. So not only do data scientists perform data analysis, they must know how to access the data in these huge datasets. They also present their findings to management, so communication skills are also necessary.

NO CERTIFICATE, NO ENTRY

In today’s competitive environment not everyone has the time to interview endless queues of people looking for that one suitable candidate. Often a good certificate comes in handy, telling them that you have passed the test and you know your way around data. If you are trying to make your own mark in the field of data science or just trying to get your dream job, then you would be wise to invest in a certificate. A certificate will demonstrate your skill and expertise in the field. Various training institutes provide you the means to acquire a certificate, but only a very good training institute will train you to be worthy of the title “Data Scientist”.

PERKS OF AN ONLINE COURSE

Online courses have, for quite some time, been a trend among the current generation of learners who do not wish to be bound by a schedule, for it allows them the freedom to learn at their own pace. The entire content of the course is broken up into segments of prerecorded video lectures by some of the most qualified people in the field. In addition, courses like these allow you access to other learning material free of charge. Once you have opted for the online course the provisional reading material and all the lectures are yours to keep and review at any time at your convenience.

HOW TO PROCEED

As a new career path, data science is making quite the splash as this field has some of the best paying and highest job satisfaction openings in the market. The only proper way to embark on the journey to become a data scientist is to sign up for training, figure out the basics and then head on to more advanced topics on the way to getting that certification.


Make Your Big Data Certification a Reality

BRIEF INTRO TO BIG DATA

Big data, the next big thing in IT, has been here for quite some time now. The real question is what can you do to take advantage of it. It is what most modern companies rely on to make sure they get the most out of the market. One of the biggest issues companies face these days is that it is hard to get the attention of customers. There are so many options available for the same thing that the customers are as distracted as ever. This is where it comes into play. The way big data works is that it provides companies valuable information from their data to help them make crucial decisions about which product to promote or which section of the population to target. Big data is not just in the marketing domain. It is essentially everywhere.

JOB OPPORTUNITIES

Big data is spreading across the IT sector like wildfire. Statistics indicated that by 2018 roughly millions of IT jobs will be created globally. In a sector as vast as this it opens up a lot of job opportunities and some of the roles possible are chief data officer, data analyst, data visualizer and data engineer. These are only a few of the roles that you can look into. There are a lot of possibilities when it comes to big data.

TRAIN AND GAIN

For curious professionals such as yourself, training can give you the much-needed knowledge that might help you land your big data job this coming year. Training at a good institute not only will give you access to their vast repository of knowledge but also heighten your confidence by involving you in their industrial environment. Knowledge acquired just from reading will be of no help at all when you do not know how to implement it in practice. That is where training institutes prove useful, from senior industry experts mentoring you to showing you how to work your way around the problem while keeping all of the bases covered.

PROOF OF COMPETENCE

At the end of the course, you are often awarded a certificate. It is the most basic yet most powerful thing you receive out of a course you complete. A certificate will tell your employers that you have successfully passed the course and you are ready for whatever comes your way.

GET SET, GO

Don’t procrastinate any longer. This is exactly the point when a well-timed decision can help you make that big jump from one job to another or just help you land a job in the first place. If you have your mind set on having a successful career as a big data scientist, then you need to learn with the best and make sure you get all of those little tips and tricks down. There are some things only experience will teach you, but having experts teach you often fast tracks your process of learning as they pass on their valuable experience as they mentor you.


5 Ways Courier Companies Help Businesses In Goods Transit

There is really no business segment that doesn’t rely on courier and delivery transportation. From consumer goods manufacturers to retail stores, automotive and parts repairing houses to offices, hospitals to educational centers, courier services are an integral part of all. While there are hundreds of courier companies reigning everywhere to provide assistance to them, there are myriad types of delivery services to cater to each of the organization’s specific requirements. However, here are illustrated the five most common types of courier delivery solutions offered by the transit companies.

International Courier Services

It is the primary and most common form of service found in every advanced or commercialized area. It refers to the transportation of goods/services across the geographical borders. As the companies offer transportation from one country to another, irrespective of the distance between them, the charges are obviously very high. The users of these services comprise of multinational organizations, manufacturing business brands, retail brands, and even households.

Same-day delivery services

This is the newest form of delivery services that came to the forefront with advancement in transport vehicles and reduction of freight charges. Moreover, it was brought into action to pay heed to the last-minute needs of businesses, hospitals and for other emergency services. Delivery is deliberately made on the same day the order is sent, and it is mostly availed for the transit of crucial documentations.

Online Shipment Services Booking

While everything is moving to online and mobile space, why not courier and delivery services? Users no longer have to wait in long queues to book services from the front desk of the courier companies, nor have they to take their packages to the nearby service outlet. They can now book their shipment online via their mobiles or desktops directly from the company’s website.

Pallet courier services

This service assures the fast and prompt delivery of goods using the pallets at extremely reasonable rates. It is availed mostly by the businesses or clients who have strict delivery rules and have fixed time limits.

Warehouse courier services

A much new concept in the delivery and logistics industry, warehousing services soon left a profound impact on the goods manufacturing businesses. It is helping companies or manufacturers to store goods, inventory at a warehouse and supply them to customers or dealers as and when required. This is found extremely useful for companies who do not have warehouses. Besides helping businesses to speed up their delivery service to customers, they also manage stocks, help in picking, packaging and dispatch and keep tracks of stock levels.

However, with so many options of courier services available, you need to opt for the right form of services for your needs and also meet up your budget expectations.


Product Design and Development Firms

There is a common saying about the devastating loss that strikes when an idea dies in the mind before its actual fruition. It is, therefore, largely advocated that all ideas must be put into action and with the help of product design and development firms, individuals have been able to realize their dreams.

Who are these product design and development firms? These are designed to help turn ideas into tangible products. Many brilliant minds choke with ideas that they cannot bring to reality simply because they lack the manpower, the resources and the maybe lack some few essential basics. Product design firms help you design the product to meet the taste of the consumers as well as compete well market wise.

Benefits of hiring a product design and manufacturing agencies

Some of the innovators as discussed above lack some key essential requirements to manufacture their products. These firms take away these troubles and guide you all the way to the end to see your brilliance in action.

For a new product to succeed in this competitive market certain factors must be considered and this requires professionals to conduct market research and other studies. Product design and manufacturing companies carry out these market studies and provide strategies that help the product do well and be as profitable as possible.

In the manufacturing process, certain requirements must be met such as engineering and prototyping the product before the actual final product. This is one of the key roles played by these firms.

With the right firm, certain future problems may be avoided as they help with projections and prediction of the market and will help in redesigning the product to suit the market at all times.

Lastly, these firms help you deal with patent issues and offer guidelines pertaining to the set regulations on your product. This can save the innovator from a lot of legal issues that may arise along the way.

What to look for in a great product design and development company

Their client base, this helps you to know a lot about their level of professionalism and how great they are. The testimonies and reviews can help you make an easy judgment.

The number of years that the firm has been in operation, this helps you to understand its ability to give right market projections.

The company workforce, they should comprise of all the necessary minds such as market researcher, engineers, and all the right professionals. The right firm will always have the right people for you with experience and workmanship that complements your ambitions.


To Have a Successful Organization, Be Ridiculous

Recently I had a conversation with Dan Pallotta, who is an entrepreneur, activist, and humanitarian. I love having discussions with global thought leaders. Everyone needs inspiration from time to time, and there’s nothing better than getting an injection of energy from a kindred spirit. Following are some of the words that Dan told me:

“Be ridiculous. If you’re not being ridiculous, you’re not exploring your organization’s true potential. Everything in the world that makes us go “Wow,” was born of some absurd human being with a ridiculous, impossible idea-from the Eiffel Tower to landing on the moon to the idea of America herself. We are taught that prudence is sophistication. The opposite is true. The most sophisticated things I’ve ever seen in my life-the most intelligent solutions to the greatest technical challenges in history-all came from someone being ridiculous. Ridiculous is what really tests us. Stretches us. Forces us to use the full measures of our intelligence, creativity, fortitude, and strength.

“Anything less and our true potential for intelligence, creativity, strength, and fortitude gets left on the table, never to see the light of day.”

The Most Audacious Ideas Work

I agree with Dan. Being ridiculous works. I’ve done it plenty of times, and it’s worked for the creation of my various businesses and brands. Having the most audacious idea and being determined to do it is what has made the U.S. the powerhouse that it has been for generations regarding innovation and leadership in business. As Dan said, the idea of America was formed by Europeans who decided to move to another continent and build a new nation. More than likely, many of our country’s forefathers and mothers had people telling them that they were crazy or couldn’t achieve what they wanted.

I bet that in the years that Benjamin Franklin spent in France in the French royal court keeping them engaged in helping fund the American Revolutionary War, some of the French thought he was crazy and the vision for America was not ultimately possible.

Ridiculously Audacious Companies

Some of the most successful businesses have been those created by entrepreneurs and leaders with ideas that were big, and they decided to get out there and see what they could make of those ridiculously audacious ideas. These companies include:

  • Thinkmodo has created some of the world’s craziest video mash-ups that have gone viral as a marketing company for other businesses.
  • Factual is looking to be the world’s largest repository of data. It already runs the data information of 70 million businesses around the world.
  • Goldieblox decided it was time to break gender stereotypes for girls in the toy industry and in fewer than two years of operation placed an ad on the Super Bowl.
  • Icon Aircraft developed a flying craft that is akin to a flying car. It was designed to sell to the public, and because of it, it had to be simple to operate.
  • Eventbrite wanted to have a happy and productive company, and it lowered its attrition rate in the competitive Silicon Valley area to 5 percent. In Silicon Valley, the rate is 14 percent.

As an entrepreneur, one of the tragedies I’ve seen in corporate business, and life, is that many talented people have incredibly good ideas for a new product, service or company. Then, they begin to speak to people who tell them that “it won’t work.” An essential thing to remember is that countless people, unfortunately, like to play it safe. Taking the risk and putting yourself out there, especially when it’s something that others don’t really understand or fully appreciate, is not easy. But, the alternative has caused the world to be littered with ridiculous ideas that could have worked–if only that person decided to ignore everyone else.

Why Business Analytics Is Essential for Running a Successful Business

WHY IS BUSINESS ANALYTICS IMPORTANT?
The foremost goal of any organization is profitability, and customer satisfaction is a huge component of the success of a business. When an organization innovates and stays ahead of its competition, it fulfills and goes beyond customer expectations. Many businesses still rely on ineffective, time-consuming traditional techniques for decision making processes that cannot keep pace with the competition.

The use of “Gut feel” in taking strategic decisions still plays an important role among business leaders. But does reliance on “Gut feeling” and “Traditional techniques” make for smart decision-making? What’s the best approach?

The technology boom has given rise to innovations in how data is used. Business analytics is the solution and the best move to ensure competitiveness in today’s era. To define the term: “Business analytics, one of the emerging fields in the data science, refers to the methods and various statistical and quantitative techniques used by an organization for informed decision making and business modeling”.

Analytics is the change that helps you to get your business on track. It assists the businesses to convert the humongous amount of generalized data into observation, patterning and vision.

BENEFITS OF BUSINESS ANALYTICS
What was discussed above is just an academic definition. Now let’s discuss why one needs to adopt it in business operations:

  1. Fast decisions are easily taken, but what matters is smart decisions taken in a short period. It helps to inculcate faster and smarter decision making into business culture of your organization. With the help of business analytics, the company can empower a team for data analysis to extract targeted information. When a company accesses accurate and essential data, undoubtedly, it will take the right decisions.
  2. Analytics helps in quantifying business values.
  3. Most businesses provide training programs for fresh recruits or older employees where the core business values are imparted or refreshed. Instead, companies should go a step further and undertake the help of business analytics to translate business values into numbers. This is a more cost and time efficient undertaking.

CAREER PATH OF A BUSINESS ANALYST
A business analyst is one who assists organizations in the process of business analytics. The career path of a business analyst is not strictly defined as there are several options based on industry, qualifications, interests, preferences etc.

  • Training provides trainees with the skills and knowledge needed for a proper understanding and interpretation of data.
  • Training courses help students in getting exposed to data systems and tools like R, SAS, Python etc. making them eligible for various analytical jobs.
  • The best incentive for undergoing a course is that the industry-best average salary of a business analyst is Rs 491,522 a year. There are various skills that can increase the pay scale of a business analyst like project management, SAS etc.