Sunday, February 26, 2017

Enterprise Data Management and the Role It Plays in Organizations

Whether you are a smalltime business or an industry giant, big data affects organizations in several ways. For instance, it allows companies to improve internal efficiency and customer service. It also tells useful information like what the customers want, which platforms they use to purchase, and how they decide to buy.

With big data being a powerful force that drives decision making, it is important that organizations make use of the collected information effectively and efficiently. Failing to establish a solid enterprise data strategy to manage your inventory of data may result to serious risks. This is where enterprise data management (EDM) comes in.

EDM, according to Techopedia, is “an organization’s ability to effectively create, integrate, disseminate and manage data for all enterprise applications, processes and entities requiring timely and accurate data delivery.” Its primary role is to prevent mismanagement of information and data through a structured data delivery strategy. By doing so, organizations can get rid of issues and conflicts resulting from mismanaged data.

By implementing a solid enterprise data strategy, organizations can also control vulnerabilities relative to data. It then ensures that the right information properly gets to the people, managing the data to its full potential.

Although enterprise data management slightly varies from organization to organization, its principles still remain. Data must still be modeled, managed, and secured for organizations to trust its processing results.

Aside from its main purpose, EDM also helps organizations in the following ways:

· Strengthening data quality process – a robust enterprise data strategy reduces gaps, redundancies, and inconsistencies in data quality tasks.

· Establishing accountability for data management and governance – accountability is a critical part in an effective enterprise data strategy. EDM helps establish mechanisms for accountability through data stewardship and governance tasks for each data source, owner, and application.

· Anticipating and managing data risks – data provides both useful information and risks in an organization. With strengthened data quality and governance, data transparency can be achieved, reducing various data risks.

· Making the enterprise more informed about the collected data – awareness of the total amount collected and stored helps avoid wasting storage costs for unnecessary data.

· Creating road map to foresee new big data sources – EDM helps understand the amount of effort the organization provides in maintaining daily operations and the capabilities of your systems.

· Improving the top and bottom lines – with effective governance and use of data, organizations will improve productivity and increase customer retention, customer approval ratings, and revenue. On the other hand, EDM will also lower the costs of quality and compliance.

With the amount of data quickly rising in the recent years, managing it is one key to achieve success in your chosen industry. Maximizing its full potential through effective enterprise data management should help you reap the rewards it has to offer.

Clearly, big data is a force to reckon with. And it is every organization’s responsibility to utilize it accordingly through careful planning and strategizing.

Tuesday, February 21, 2017

The Market for Qualitative Market Research

The information that a business can reap from a very effective market research is invaluable. Market research, especially a qualitative one, can dictate the course of a business plan. A smart analogy of the data presented on certain market researches give clear vision on where a business is currently at and where it stand among its competitors . In reality, it is not easy to just plunge in into business without looking up what is out there in the market. This is where it can do great wonders. With effective market research and a good strategy, a company can gain advantage on economic shifts, demographics, and the current market trends.

There are several ways in conducting a market research. One of the most effective types is using a qualitative market research. It is often done in times when trying to gain an understanding of underlying reasons and motivations on a certain specific area and trying to uncover prevalent trends in thought and opinion. It is also effective in situations wherein an insight is needed to be tried out in a setting of problem to generate ideas or hypotheses that can be beneficial for further researches.

It is important to understand that it can be used for pilot studies, to illustrate the results of a statistical analysis, in mixed methods studies. It aims to develop an initial understanding and sound base for further decision making so the data collection doesn’t necessarily follow a specific structure as it can come out in form of in-depth interview or discussion of theories. In this kind of market research, samples that are prepared are a lot smaller in quantity. Respondents are selected to fulfill a certain audience quota. But with how quickly market trends come and go due to the current technology emergence, one may question where does qualitative market research really stand in the market?

Researches can be really expensive even if a company decided to conduct it on their own. It might take some time for results to come up a solid data that would be impacting to business. Time is directly related to the costs, as the longer the research takes, the more costly it may turn out for the company. Another factor is that not every company may be able to conduct their own marketing research as it will require people that are knowledgeable in the research field as well as machinery an even if they are able to, the validity of the results may be compromised. In a qualitative market research where data analysis isn’t statistical, interpreting the data can be difficult.

Given the factors above, market research outsourcing has found its own premise in the market wielding the advantages a company can get from outsourcing including cost efficiency, the quality of work, and access to machinery. Outsourcing market research proposes minimizing the error on a research process end plus with guarantees.

There is no taking away that it is indeed an important aspect in business. It is necessary to understand that research is also considered as a first step in undertaking many key marketing tasks that may involve a marketing plan, product development, need analysis, hazard and risk assessment, branding, and even pricing. So if you are taking that first step, might as well start on a steady well-thought out plan that will come up from a quality market research.

Wednesday, January 11, 2017

5 Simple Tips on How to Make a Good Data Presentation Even Better

qualitative-market-researchQualitative Market Research

Data handling especially on quantitative and qualitative market research companies can be really confusing and may create chaos if the interpretation is not done properly. They acknowledge that presenting data and coming up with a solution to make the audience understand and absorb the implications of the data without beating around the bush too much is important to businesses. Even an effective research or the most accurate data gathering method can be rendered useless if not presented properly.

There is no sure formula or an exact format to a successful and effective data presentation. Some market research companies may have their own templates for presentations but each presentation is unique and different from each other that it would require careful analysis. The following are just some tips and guidelines that can help you in data presentation:

1. State what your presentation is about. It may sound simple but with how much information is flowing into a single presentation, audience may lose track of what’s the sense and purpose of the whole presentation is all about.

2. Never assume that your audience or readers has prior knowledge to the subject of you are presenting. Make sure that you will provide them with supporting details that will help them eliminate any difficulties they may encounter during the presentation. Introduce the jargons that you will be using throughout the presentation. An Introduction of Terms section before the actual discussion of data or after defining the objectives of the presentation will be very helpful in guiding the audience/readers throughout run of the demonstration of the data.

3. Utilize use of graphs and charts. Graphs and charts showcases large amount of information, condensing them into easy-to-understand formats that clearly and effectively communicate important points. Graphs can be also an effective tool in catching the attention of your audience. Be warned that overusing these graphic can do more damage than help and can render the whole presentation useless. In selecting how best to present your data, think about the purpose of your graph or chart and what you want to present, then decide which variables you want to include and whether they should be expressed as frequencies, percentages, or categories.

4. Take time to highlight that data that matters the most. Data presentation can be really confusing especially when it involves different sets of data. Make sure to give emphasis by giving summary statements of the most impacting details of the presentation.

5. Keep the language simple. A common mistake in data presentation is that presenters often want to exaggerate the language for effect and make the presentation to sound intelligent than it actually is. In reality, these hifalutin words will just create hurdles in understanding what the whole presentation is all about.

Presentations, be it oral presentation or written, presented inside a class or prepared by a huge market research companies, are mediums of informing the public that such data are available. While these are just simple tips on data presentation, these can serve as excellent points in polishing a good presentation into a better one.

Tuesday, December 13, 2016

Qualitative Market Research Versus Quantitative Market Research

Qualitative Market Research

Market research is an important aspect in business. And for marketers, researches are not only used for the purpose of knowing, it is also a very important and crucial component needed to make good logical business decisions. Research is also considered as a first step in undertaking many key marketing tasks that may involve a marketing plan, product development, need analysis, hazard and risk assessment, branding, and even pricing. We can think of the marketing field as an unfamiliar field and research as a map. Market research give marketers a clear idea of what is going on or what might come up. If the research is thoroughly executed, it can result into wise business moves that may convert to financial gains or product improvement. This is the exact reason why market research is very essential to businesses.

Researching in general provides data and information that can be beneficial for the company. And there are two type of research that can be incorporated to market research: quantitative and qualitative market research. To identify which marker research direction to go, let us differentiate and identify the function of the two.

Quantitative Market Research –

Samples used in a Quantitative Market Research are usually a large number of cases representing the population of interest and the respondents are randomly selected. Sometimes it also focuses on a certain demographic to obtain a more concrete and specific information. The data collection method are structured techniques such as online questionnaires, on-street or telephone interviews. It also involves statistical data analysis and is usually in forms of tabulation. The findings are conclusive and descriptive in nature. Quantitative market research is often followed by qualitative market research to boost and help recommend a course of action.

When to use a quantitative market research?

- When you want to quantify and make a generalization of interest from a sample population.
- When you want to measure the frequency of incidents of various views and opinion in a chosen sample.

Qualitative Market Research –

Compared to quantitative market research, qualitative samples are a lot smaller in number of non-representative cases and respondents are selected to fulfill a given quota. Data collection doesn’t follow a certain structure as it can be an in-depth interview or discussion of theories. Data analysis isn’t statistical although most of the time it makes use of a quantitative research results to come up with a thorough research findings and back up its claims. Findings are also not conclusive and cannot be used to make generalizations about the population of interest. A qualitative market research aims to develop an initial understanding and sound base for further decision making.

When to use a qualitative market research?

- When you want to gain an understanding of underlying reasons and motivations on a certain area.
- When you want to provide insight about a problem, and generate ideas and/or hypotheses for later quantitative research.
- When you want to uncover prevalent trends in thought and opinion.

Market research do not just end with coming up with an outcome or interpretation. What really is important than knowing which direction to go, is how these researches can be beneficial in making it big in the market.

If you need an in depth qualitative research for your company, just visit Infinit Datum.

Monday, October 24, 2016

How to Save Your Brand from a Social Media Crisis

The social media outsourcing company you’ve hired should not only be on the lookout for the latest trends in the industry but it must be ready in times of social media crisis as well. After all, they’re the ones who are handling your accounts and in the frontline of your company’s defense online.

Customers no longer punch your hotline number to voice out their complaints. Social media is the modern customer service center. It is where they could easily reach you with the hopes that you can see their tweet or comment immediately. Regrettably, anyone in the world with a social media account can see it, too. A simple complaint could turn into a public debacle in a matter of seconds.

How can you contain and fix a social media crisis?

First, let us identify what a social media crisis is. According to Social Media Examiner, if there’s a high volume of incoming social media messages on one particular topic, chances are you have a social media crisis on your hands. Or a dear employee of yours posts something offensive or malicious on the official Facebook page of your company.
Here are the tips you and your social media outsourcing partner should keep in mind:

Turn your social listening ear on
Hootsuite suggests you should monitor:
·         Your company name
·         Your products and/or brands
·         The competition
·         Customer service inquiries
·         Influencers
·         The CEO
·         Your media spokesperson or PR representatives
·         Keywords related to your industry

We are not telling you to watch every social media account of yours like a hawk because you might never sleep a wink to be able to do it. Instead, use social listening tools like Google Alerts and Social Mention where you can automate and categorize every social mention related to your brand.

Social media crisis management plan
Create this before your social media outsourcing vendor creates your Facebook or Twitter account. As the late Benjamin Franklin said, “Failing to plan is planning to fail.”

Form a crisis committee
Who is involved? Hint: it is not a five-man team. The entire company and your vendor must be involved in this. Anyone in the company with a social media account can share their sentiments on the matter. And sometimes, it could create further damage even if they’re only trying to ‘help.’ Distribute a social media policy to each employee that contains the guidelines everyone should follow during a crisis.

Conduct a drill
Simulate a crisis scenario after you’ve created a social media management plan with your outsourcing partner. In this way, you will able to identify the loopholes on your plan and fix it accordingly. Only a foolproof plan can handle any social media crisis.

Act fast
How long should you respond to an online rant? Is it after an hour or a day or a week? Prolong response time and you will be creating your own quicksand where your brand will never survive. Keep in mind the real-time nature of social media. Being proactive is the key. However, acting fast doesn’t mean you can reply in haste. As you formulate a well thought-out response, you may acknowledge the comment first and an assurance that you will get back to them after you gathered enough information on the matter.   

Post moderation guidelines
This is an idea we’ve got from an article on Forbes. “Post moderation guidelines on your social media pages to make it obvious what behavior will or will not be tolerated within your social communities.” Think of it as a making a play book on your brands persona and ethical handling of crises in the brand’s personally special way.
Don’t send out ‘robotic’ replies
Users can see through automated responses and it could hurt your brand even more. It does not only sound robotic or lame, it also shows you don’t care for other people’s opinion. Remind your social media outsourcing partner to avoid doing this.

A social media crisis can happen anytime but once you have a well-formulated plan in place you could definitely save your brand’s reputation and image.

Monday, July 25, 2016

4 Courier Service Horror Stories The E-Commerce World Will Never Unsee

If you have never attempted to purchase anything online, this post is not for you. There are a lot of very good things that you can avail off the internet and we are not going to talk about that. If you’ve ever had the opportunity to buy stuff online, you probably had initial jitters about being scammed or having mangled products delivered to your doorstep and that’s a very valid concern—there are faulty courier services worldwide. At least for the Philippines, there are courier services are almost always totally reliable, but what about items that transit from other countries through other unfamiliar courier services?

Here are some nightmare stories about deliveries that hit the fan.

Wrong Item Deliveries
If you think that selling rare Rock & Roll classics and sandwiching them between pizzas is weird, think about your 14 year old kid opening a package with firearms inside. In North Texas, one Luke Tanner saw an unusual package at the door that he took inside. The eighth grader, upon asking permission from his dad, proceeded to opening the package to discover a semi-automatic rifle. It was shipped from Louisiana and UPS had right after made things with the delivery right.

Items that Never Make It At least surprise packages have their own charm—what’s really frustrating is expecting and never seeing it come. Especially for diehards who subscribe to certain fandoms, saving money to support your idol’s cause or at least be a little bit closer to their branding is your own piece of personal heaven. For some of the people who ordered the Lip Kit by Kylie, heaven never happened. They made paid and never got the item. The system accepted more orders than they had in stock and people got refunded. Still, how disappointing is that to think you’re going to get a limited edition anything just to be told “oops! We messed up. Sorry!”


Customs Seizure

If some deliveries from courier services in the Philippines never reach you, some just stay a little ways out of reach—almost inches away even! This is what happened during the popular Bureau of Customs(BoC) scandal in 2015 when a lot of deliveries from abroad are being charged too much for tax. Have you ever needed to pay an additional P1,088, after every other cost(shipping, processing, etc), just you can get your hands on an item? Elizabeth Ramos certainly had and she has some choice words for everyone’s wisdom on right with regard to how BoC charges for deliveries.

Downright Destroyed Deliverables

Need we say more? Here are some actual footages of handlers making sure you’ll cry after seeing what you purchased. At least these footages aren’t from courier services in the Phillippines but be vigilant of whose hands will be handling your packages from now on.