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How to Make a Successful Business Plan?

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How to Make a Successful Business Plan?

Do you know how to make a successful business plan?

If you are thinking of creating your own business or already have one, you have probably heard about business plans. This document is fundamental to know how a business works and what its viability is.

At No Commissions we take it very seriously that you achieve business success as effectively as possible.

At the beginning you will be overwhelmed with the amount of information you need to make your own business plan, but do not be discouraged, if you do it step by step and following some of the recommendations that we will give you below you will see how easy and fast it is.

The most important thing is that you know and have very clear what you want to undertake. With this information, the rest will be just a matter of knowing how to expose your ideas. Business plans are a document that cannot be missing in any company, so it is important that you devote the necessary time and do your best.

What is a Business Plan?

A business plan is a document that details your business and is created after a thorough analysis of what you are proposing. You can see some of the best examples of business plan shared on the Niche Beasts Blog. The idea is that it includes all kinds of information, such as what you are going to sell, where you are going to do it and who your target audience is.

It should also have details about the financing you require and how you plan to invest it, financial projections and other issues such as licenses you need from the government or real estate rentals.

What is a Business Plan for?

The reality is that a business plan seeks to make visible, both to yourself and to others, whether an idea is viable or not. It also allows you to see the risks and opportunities of your venture, knowing then what you will have to face.

It is very useful for entrepreneurs who are looking for sources of financing, since with it they can expose how the business idea would work. If you do it in the right way it is a fundamental tool to take the right direction and have greater opportunities for success.

If you do it on a company that is already in operation serves to detect failures in the process or create action plans to improve results. It seeks to make decision making easier and to detect irregularities.

How to Make a Business Plan Step by Step

As we said before, the business plan is a document that results from the analysis you make of your business idea or company and how you plan to develop it. For this document to be effective it must have some basic elements.

If you take into account the following points you will be able to make your business plan step by step. The order of the items is how it should be presented, but not necessarily how you should develop it, even the first point can be left to the end.

Learn how to make a business plan. Enroll in a Post Graduate business analysis certification training program.

Executive Summary

The executive summary is a short text in which it is expressed in a general and simple way what the business idea is about. It should be very explanatory and easy to read, since it should be designed so that anyone can understand what your objectives are.

You can do it after having the complete content of the business plan, so you will have more clarity when writing it and you will be able to extract the fundamental ideas of each one of the items. Remember that it should be a maximum of one page and should contain certain key points.

This will be the first approach they will have with your business, so it should explain in a simple way everything the plan includes. It is a synopsis of everything that will be found inside the document and that is why it is important that it is engaging and very clear.  

Summary: in no more than two paragraphs you must explain what the company is about, where it is located, what it sells and which are its customers.

Profile: within this text you must make a small profile of the company. This should include the structure of the business, the owners and each of the skills it will provide and also what would be the profiles of the first employees.

Products or Services: in a very brief way you must make clear what you are going to offer, that is to say, which products and services you will launch to the market and why they are better than others that already exist.

Market: Before starting any business, it is essential to have a clear idea of who it is aimed at. In this space you must detail it in a clear and summarized way.

Finance: Every business needs financing, so it is important that your executive summary includes where you plan to get the resources to start and what your future projections are.

Company Description

Your business plans should have a detailed description of the company. Here you can expand all the information in the executive summary without being too extensive. You must include the whole structure of the business, how, when and why are questions that you will have to answer in a simple way.

Keep in mind that within this section it is important to make a description of the market needs you plan to meet with your business. Remember that it is always better to use simple language but express clearly everything that has to do with your business idea.

Market Analysis

The executive summary should have a basic description of your market analysis, but here you will have to go into detail. Answer the basic questions such as who is your product or service aimed at and why that segment of the population was chosen.

You must be as detailed as possible with the target audience, so that you have a specific niche that you can later expand. You must analyze very well what profile would be interested in your product or service and why would you choose it over what already exists.

Making a buyer a person is always an option. Create profiles of your potential customers, use names, ages, professions and family life, so you can understand what they are looking for and why they would choose you to meet their needs.

Products or Services

Here you will have your opportunity to show why your product or service is important and will be welcomed in the market. Take the time to analyze it, see all its advantages and disadvantages, so you can make the description as accurate as possible.

Focus on what its added value is over others that already exist. In this space it is recommended that you be very descriptive, but also that you can argue, so you can use studies of other similar products or services and their development in the market.

If you have several lines of your product or service you should be very specific. For example, if you are going to launch a clothing brand, make a description of the men’s section and another of the women’s section. If there are sports, formal and informal categories, you should describe each one with its advantages and disadvantages described by Wall Street Prep guide.

Operations and Management

This part is very important, because here you will have to say very clearly how you plan to make your business work. Everything must be explained and summarized. Keep in mind that you can modify this later if you think it is necessary, but you must try to be as real and coherent as possible.

It’s all about how it will work, that is, who will be in charge of what tasks, how many people you need on your team, and what the roles and responsibilities of each member will be.

It is good that you make biographies of your work team, that you include knowledge, training and experience by which the responsibilities or tasks are assigned. Everything you can argue will serve to give more value to your business plan.

Marketing Plan

This is one of the most important points. You must say how you plan to promote and sell your service or product. What channels will you use to reach your target audience and why. If you are going to use digital marketing you will have to take into account different types of ads and social networks.

You should specify whether you will be doing ordinary advertising or using online marketing. If you have a physical point of sale, for example, you should include the visuals, logo and ads with which you plan to reach your customers.

Everything you think will help you sell your product should be in this part of your business plan. Take the time to do it the right way, so you will have a great advance in the moment of starting your business.

Financial Plan

Forecasting Basically, as with pretty much anything else business-related, a robust plan will help you no end. With a cash flow forecast, you can plan what you expect your business’ finances to look like. A cash flow forecast is essential to any successful business plan. Granted, this plan will only be an estimate. But you will have based it on how you expect your business to perform. So if the forecast doesn’t match the actual figures you get, comparing the two may provide valuable insight into business costs and expenditure. Let’s say your utility bills are a lot higher than those budgeted for in the cash flow forecast. Maybe it’s time to switch electricity provider to ensure you’re getting the best deal. Or perhaps you could work on making the office a more energy-efficient space?

This point includes everything that has to do with money. From the amount you need to get started to what you expect to pay back over a period of months or even years. What do you plan to invest the money in and why.

Always include salaries and hours invested, both yours and your partners and team’s. Everything must be detailed. If you think about credits you must take into account how and when you are going to pay it, if you have to pay rent for premises or offices it must be in the budget.

Don’t leave anything out. If you need to move around in a car, consider the gasoline and the wear and tear of the vehicle, the internet and the equipment you use. Also, you must consider if you have to pay taxes or not and how to do it.   

Examples of Business Plans

Business plans are not only for ventures, they can also be used in already established companies to make an evaluation of their evolution or to determine a plan of action that seeks to address a particular situation.

Depending on how you use your business plan, you can focus it on one of its aspects. Below we will give you some examples of business plans and what their objective would be:

For new Businesses: This business plan is made, generally to analyze the viability of a business idea. It is also used to apply for financing. Its information is always subject to change, although the author should take into account situations that may alter what has been foreseen.

For Operating Companies: it must take into account how the company is currently and whether the objectives set have been achieved. It is regularly used to create action plans to achieve better results.

For Managers: it is more focused on what has been done in the company so far and what the next steps should be. It includes a work guide and is used to make specific decisions.

For Investors: if you are looking for an investor for your company, you should highlight certain points in your business plan, such as financial projections. Everything you expect in a given time and how you are going to use the money you need.

Simple Business Plan: it is a document that is aimed at any type of person and therefore its preparation is simple and should be very easy to understand.

Standard: it is the one used in any type of business. It must have the description of all the important points of your company.

One Page: it is more of an executive summary but a little more detailed. The objective is to make sure that in one page the most important points of your business are known and understood.

Feasibility: it seeks to determine if the business idea is viable and if it will be successful in the market. You must specify the product or service, the need you want to cover and the difference with other similar ones.

Expansion: with this document you want to project if an expansion of your business is viable or not. Here you must make a description of the projections and the current situation to know if it is, or not, convenient to invest in growth.

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Alternatives of Fivetran: Get Better Data Insights

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Alternatives of Fivetran: Get Better Data Insights

Data is the information we find, use, and store in our lives. It includes the things we read, the things we watch, the places we travel, the conversations we have, the things we buy, and the things we create. Data can be found in books, movies, music, websites, social media, mobile apps, physical spaces, and more. It can be analyzed to yield information such as the number of books sold, the number of people who watched a particular movie, the number of people who visited a particular country, the number of people who liked a particular brand on Facebook, and much more.

Data is the lifeblood of organizations and societies, enabling people to do and be things, and enabling organizations to do and be better things. It drives businesses, helps governments serve their citizens, and drives scientific discovery. Without data, our lives would be much less rich, our societies much less efficient, and our world much less interconnected. Data has become an invaluable resource, and we must protect it.

Fivetran is on a quest to make data access as simple and dependable as electricity. Data is an enabling for contemporary business in the same way that energy is an enabler for modern living (actually powering our world). It takes the same amount of planning to make analytics as simple as flipping a light switch.

Fivetran is an open platform that makes it simple and dependable to access, analyze, and act on data in a way that is convenient and intuitive for users. The Fivetran platform enables users to access a variety of data analytics tools and services, ranging from simple text analytics to complex analytics that requires programming knowledge.

With their Fivetran account, users can access their data and analysis tools and services, including their data and analysis history; they can also access a variety of analytics services provided by Fivetran partners, such as fraud detection services, and sentiment analysis, and language translation.

Fivetran is a new service that puts all the robust intelligence of today’s data scientists in your hands. Whether you are analyzing market trends, competitor strategies, customer behavior, or anything else, Fivetran brings you the answers you need with the power of technology.

Alternatives of Fivetran: Get Better Data Insights

Fivetran’s mission is to help businesses succeed by helping them integrate data from their internal systems with data from their external systems, increase their customer-facing productivity, and reduce costs and complexity. Fivetran is one of the first companies to apply artificial intelligence to the customer experience. Its powerful search algorithms enable Fivetran to provide relevant, personalized information for millions of people across the world.

Users of Fivetran also took this into account while making their purchase decision. Potential buyers assess competencies in categories such as evaluation and contracting, integration and deployment, service and support, and particular product capabilities when comparing alternative solutions. Check out authentic reviews to discover how it stacks up against the best Fivetran alternative. Thus, below are some of the benefits of Fivetran.

  • More Accurate Reporting-

  • Fivetran’s algorithms provide more accurate reporting, so you can make smarter decisions. Fivetran’s predictive analytics enable you to identify a higher percentage of customers who are likely to become repeat customers. This allows you to provide higher-quality service, and it also improves your profitability. It also enables you to identify which customers are spending the most, which allows you to allocate more resources to those customers.
  • Generating Insights-

  • Fivetran’s advanced analytics provide you with insights that you couldn’t have generated before. You can use Fivetran’s insights to discover patterns that would otherwise have remained hidden. You can use Fivetran’s insights to identify opportunities to generate additional revenue. Rather than asking customers to process their orders one by one, Fivetran’s workflow automation technology helps customers get their orders out faster and improve the customer experience.
  • Better Planning-

  • Fivetran’s workflow automation technology brings your planning process up a notch by automatically alerting you to reallocate resources and reallocate processes as shifts in demand or circumstances occur. If you run a low-margin business and don’t have a high-margin business, you might want to automate some processes to make you more efficient. For example, if your sales process involves sending invoices out to clients, then you might consider automating that process through the use of an invoicing solution.

  • Save Developers Time-

  • Fivetran saves developers time by automatically switching which task to perform each time they interact with Fivetran. For example, as you’re working on a sales order, if you choose to perform the approval step automatically using workflow automation technology, then you can save developers time and let them focus on more valuable things.
  • Minimize Downtime-

  • With Fivetran’s platform, operations staff can quickly access and react to alerts, and can take corrective actions before a major outage occurs. Fivetran works around the clock to minimize its downtime and improve the level of availability and service after incidents occur. It is built to minimize down time and help you be more productive. It automatically switches which task you perform each time you interact with it. For example, if you’re working on an order, it will switch to the sales order task each time you click a button on the screen.
  • Quick To Set Up-

  • Fivetran’s solution is quick to set up and easy to use. Fivetran makes it simple to associate tasks with workflows and to automate the workflow to suit your needs. It is an easy-to-use business application that quickly sets up, manages, and automates your entire workflow across sales, marketing, customer service, and finance. Import your data from anywhere and get real-time updates when it changes. Connect your accounting system or ERP to get a complete view of your business. Fivetran is trusted by tens of thousands of businesses around the world.

Fivetran has become a trusted partner for tens of thousands of small business owners around the world. They’re delighted by the opportunity to serve you and are committed to helping you achieve big goals.

Fivetran allows you to connect your data from anywhere and get real-time updates when it changes. You can connect your accounting system or ERP to get a complete view of your business. Fivetran is trusted by millions of businesses around the world. Fivetran’s algorithms enable them to provide relevant, personalized information for millions of people across the world.

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WHAT IS THE DIFFERENCE BETWEEN POLYGON (MATIC) AND POLKADOT (DOT)?

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Other than sharing a name, Polkadot and Polygon are similar in that they both aim to grow blockchain networks.

 

Blockchains are getting more and more dispersed as their quantity increases dramatically.

 

They don’t exchange words with one another. Interoperability is something that Polkadot and Polygon are working on. In this instance, they are attempting to become “the Internet of Blockchain” and link blockchains. Let’s examine the differences between Polkadot and Polygon coins, which seem to be similar.

Polkadot (DOT)

  1. Prior to becoming a community project in 2020, Polkadot was a web3 foundation project. Polkadot launched in 2016, and the Mainnet went live on May 26, 2020.
  2. Polkadot has a relay blockchain of its own that uses a similar idea to parachains, or sidechains, and implements it by a community governance vote.
  3. Polkadot has a total supply of 1.11 billion DOT tokens and a circulating supply of 1 billion DOT coins, according to Coinmarketcap.
  4. The Nominated Proof of Stake (BABE/GRANDPA) consensus mechanism is another nPOS used by Polkadot on its network.
  5. Although Polkadot’s relay chain lacks smart contract functionality, the parachains that are a part of it may utilize them.
  6. On its relay and parachains, Polkadot also supports dApps, NFT, digital assets, and DeFi.
  7. Polkadot price prediction 2030 can significantly change the picture of the market.

 

Polygon (MATIC)

  1. In October 2017, Polygon began as the MATIC project, a layer-2 solution on the Ethereum network.
  2. On the Ethereum blockchain, Polygon is a layer 2 solution that was created to grow Ethereum via sidechains.
  3. 10,000,000,000 MATIC coins are available overall and 6,652,300,637 MATIC coins are now in circulation in Polygon.
  4. In order to provide Proof of Stake consensus checkpoints for its transactions, Polygon uses the Plasma Framework.
  5. Polygon supports the smart contract since it is a component of the layer 2 Ethereum solution.
  6. NFT, dApps, and the DeFi solutions are all supported by Polygon, Ethereum’s layer 2 solutions.
  7. Find out Polygon price prediction before investing in this cryptocurrency.

Polygon (MATIC) or Polkadot (DOT)?

Both of these businesses have a place in the market since they deal with similar issues in certain locations.

 

Polygon was created to be a layer-2 solution for the Ethereum chain that can link sidechains for interoperability. In addition to any other blockchain problem it may solve, it is intended to address mainnet interoperability on Ethereum for DeFi and financial applications. Gas costs will be kept as low as possible.

 

On the other hand, Polkadot was created with web3 connection in mind and was developed with interoperability, governance, security, and decentralization in mind. It uses converters and bridges for DeFi and other blockchain solutions to handle issues in various blockchains.

 

When programmers wish to deploy their applications on the Ethereum blockchain, they choose Polygon. When deploying systems that can link on and off chain, developers choose for Polkadot. If you’re an investor, your choices will depend on the cost and the use case scenario, which may change depending on the user.

Conclusion

On the Ethereum chain, Polygon is still working to address some interoperability, communications, and decentralization problems. Consider Polygon to be Ethereum’s Polkadot. The performance, decentralization, interoperability, security, and robust governance of Polkadot, on and off its chain via bridges, are carried out independently.

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Small Business Ideas For Women In 2022

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Small Business Ideas For Women In 2022

Women comprise almost half of the population in the world. Women have great potential to contribute to the betterment of the economy. According to the Census Bureau’s Annual Business Survey (ABS), women-owned businesses made up only 19.9% of all companies hiring people in the United States in 2018. The number has been growing over the years.

If you are a woman and passionate about starting a new business, nothing is there to stop you. You need to seek the right opportunity and move forward with choosing the right service to form your business entity. Visit the link to know more about authentic business consultancy services and a complete guide for your business startup and maintenance. Bizreport provided information on quality services, best-reviewed and ranked business formation services, financial guidelines, and business development guides, especially for women-owned startups.

Following are the low-cost, high-pitch business ideas for women entrepreneurs.

Small Business Ideas For Women In 2022

Top Seven  Business Ideas for Women

1. Center Of Fitness

Running a fitness center is one of the most popular businesses. However, it requires careful planning and research. The fitness industry is profitable, and it hardly faces a recession. Suppose you have up-to-date knowledge of the fitness industry. In that case, you need a small capital required to run this business in the USA.

2. Mobile Food Truck

The mobile food truck is an innovative business idea. Choosing a mobile food truck will allow you to deliver your food service to the customer where they are located. This service is different from the food service shops in specific locations in two different ways. First, you are providing a moving service that is not location-bound. Second, you don’t require any technical knowledge about the food business or minimum experience in the food services industry.

3. Freelancing

Freelancing can serve your part-time business. Women who are skilled in a specific subject or might be able to use a particular tool or software can start freelancing right away. Freelancing skills may start from content writing, administrative support, e.g. virtual assistant, teaching online, data entry, and developing a website.

All you need to start freelancing is a smartphone, a laptop, and a good internet connection.

4. Handicrafts Making

Handicrafts are handmade products made by artisans without using machines. According to Opportunity and Forecast 2021-2026, The US handicrafts market will show visible growth during the next five years. Women with a passion for handicraft will surely benefit from the rising market segment of the handicraft market in the US.

Small Business Ideas For Women In 2022

5. Event Management

Event Management is a profitable business. Women entrepreneurs can start with basic marketing and management skills. The event management business is in high demand in the US. You can take an edge in offering event management service by providing quality food and beverages, flower arrangement, decoration services, photography, and DJ.

6. Jewelry Making

Jewelry making is an art. Therefore, women who have a passion for designing jewelry; can also choose it as a profession. In addition, increasing fashion trends made the jewelry business increasingly profitable. Women are usually more prone to fashion and style. Therefore, they have a good insight into using fashion and accessories. So,  knowledge about current fashion trends and passion for working for jewelry turns into a profitable business.

7. Wedding Consultancy

Wedding consultancy is one of the best-suited businesses for women entrepreneurs. However, the owner needs to be organized and focused on details to successfully run a wedding consultancy business.

The wedding consultancy business is proliferating, as people are more prone to choose the right partner for their life as marriage is a long-term relationship and should also be long-lasting.

Whatever business you choose to start, businesswomen need to get their business entity registered. The most suitable and recommended business structure is LLC. Women-owned companies should be well organized with the state. So that they may enjoy the tax shield and avoid any uncertainty or penalties for not registering the business with the respective state.

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7 Ways to Cut Business Expenses

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The world is now more uncertain than ever, and businesses are struggling to stay afloat. In these tough times, it’s crucial to cut costs wherever possible to stay in the black. Are you looking for ways to reduce your business expenses? Below,  we’ve listed seven effective ways to do just that.

1. Rent A Smaller Office Space

If your business is based in an office, now is the time to re-evaluate your space needs. Do you really need a large office with dozens of cubicles? Or would a smaller, more intimate space be more conducive to productivity? Renting a smaller office can save you hundreds or more dollars each month.

Small businesses especially can save money by renting a smaller office space. A smaller space will result in lower rent payments, and it can also lead to reduced costs for utilities and other expenses. In addition, a smaller office space can be more efficiently utilized, resulting in better use of resources.

2. Streamline Your Marketing Efforts

Do you disburse a lot of funds for marketing and advertising? If so, now is the time to examine your marketing budget closely. Evaluate your marketing strategies and determine which ones are most effective. Then, focus your efforts on those strategies while cutting back on or eliminating the others.

One thing you can consider is utilizing digital marketing channels more effectively. With digital marketing, you can often get more bang for your buck, reaching a larger audience with less money. Additionally, you can track results more effectively to ensure that your advertising measures are paying off.

3. Outsource Some Of Your Work

If your business is like most, you could probably outsource some tasks to save money. For example, you might outsource accounting, human resources, or customer service. These are all essential functions of a business, but they don’t necessarily require to be done in-house.

Outsourcing can save you cash in several ways. First, it can free up your time so that you can focus on more important tasks. Second, it can reduce your overhead costs. And third, it can give you access to experts in their respective fields who can help your business run more smoothly and efficiently.

4. Get Rid Of Unnecessary Expenses

Take a close look at your business expenses and determine which ones are absolutely essential. Then, get rid of any unnecessary expenses that are draining your resources. This could include expensive office furniture, monthly subscriptions, or unused software licenses.

Remember, every dollar you save by eliminating unnecessary expenses is one more dollar you can put towards growing your business. So, this is a nice place to begin if you’re looking to save money.

Also, consider using expense management software to help you track and supervise your business expenditures. This can help you identify areas where you’re spending too much money so that you can make the necessary changes.

5. Find Cheaper Suppliers

If your business relies on supplies, it’s important to find the best deals on those supplies. This can be a bit tough, but it’s absolutely worth the grind. There are several ways to find cheaper suppliers, including online directories, trade shows, and supplier websites.

In addition, don’t be afraid to bargain with your suppliers. If you can secure a lower price, you’ll be able to save money on your supplies, which can improve your bottom line.

6. Use Technology To Your Advantage

Technology can be a great way to save money in your business. Many affordable or even free tools can help you automate tasks, manage your finances, and keep track of your customers. Using these tools can preserve time and money, allowing you to concentrate on more critical parts of your enterprise.

Additionally, consider using cloud-based services instead of traditional software applications. Cloud-based services are often more affordable and easier to utilise, making them a superb option for small businesses.

7. Narrow Your Focus

One way to save capital in your business is to concentrate on a niche market. You can eliminate unnecessary expenses and better utilize your resources by narrowing your focus. Additionally, you’ll be able to target your marketing measures more virtually, guiding to risen sales and profits.

If you’re unsure how to narrow your focus, assess your business’s potencies and flaws. Then, identify your target market and focus your efforts on that group of consumers. By accomplishing this, you’ll be able to save money and grow your business more effectively.

Conclusion

Saving money on your business is essential to its long-term success. Following the tips above can cut your business expenditures and enhance your bottom line. So, don’t hesitate to implement these tips today to help your business save money and thrive. Best of luck!

 

 

 

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Artificial Intelligence in Business Analytics: Challenges for Investors and Developers

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Business Analytics

The current state of the market of AI for Business Analytics is showing upward trends and is supported by the leaders of most companies, who are ready to increase their investments in this area. A positive attitude towards the use of AI is associated with the benefits expected: optimization of business processes, increased efficiency, and capitalization of production, logistics, and distribution schemes, as well as consumer services. Is AI the prerogative of only large companies operating in international markets? What are the areas where AI technology is helping companies build effective business schemes? We will tell you in this article.

How global players are using AI tools

There are many tools for introducing AI into Business Analytics on the market. Examples are Data Robot and Alteryx, which provide Business Analysts with a friendly interface to improve employee productivity. These solutions allow specialists to save and catalog data in a form that is universal and convenient for processing by AI algorithms so that they make the necessary decisions in the future.

Among the leading players in the AI market for Business Analytics are Amazon, IBM, Nvidia, and Microsoft; as for popular products, we can mention such systems as Dataiku, Data Splunk, H20.ai, Modzy, SignalFx, and others. Microsoft, for example, offers a whole line of applications for its cloud platform Azure, which are defined as “mission-critical” by the vendor. With the help of AI, they perform such operations in data analytics as data management and verification, search and smart sorting, work with cloud storage, etc.

How other companies are putting AI into practice

When big players in the online retail market like Amazon, AliExpress, and eBay order data processing by AI models, it sounds cut and dried. Can companies that don’t belong to the high-tech industry or don’t view data as a key priority apply AI for data analytics and strategic planning? To answer this question, let’s look through a few examples.

Restaurant businesses

The use of Machine Learning algorithms helps restaurant businesses regularly analyze electronic orders, predict the dynamics of demand, and improve the speed of service. For example, Domino’s Pizza has optimized a number of its processes by using the NVIDIA DGX-1 server, an integrated computer appliance system for Deep Learning, and a Machine Learning operational platform (MLOP) – Datatron. The latter helps to track and adjust the performance of the used models in real-time.

The introduction of these technologies has enabled the chain to make its branch and online operations better, improve client service, and distribute orders more efficiently. For example, a self-learning delivery forecasting model, trained on five million orders, can predict when an order will be completed. For this purpose, the model takes into account the parameters of the order and the service department – for example, the number of employees, managers, and clients who have made an order. Powerful servers have reduced model training time to one hour, increased order prediction accuracy from 75% to 95%, and made it possible to streamline data exchange between different departments.

Zachary Fragoso, Data Science and AI Manager at Domino’s, gave the following recommendation on the application of AI technologies for a business:

“Think about how your data scientists will work together and collaborate. In our case, the DGX-1 and our data scientists are interacting in a common workspace. It was something that our team didn’t really consider when we first acquired this product and has been a real value for us.”

Satellite map creation

An example of an outstanding application of AI tools for data analytics can be seen in the Blackshark.ai platform, which also uses NVIDIA DRIVE Sim technology to create satellite 3D maps of the planet.

Satellite imagery information is used by government agencies – for example, to assess energy consumption or tax revenues, including determining the size of buildings by the visible elements of ventilation systems. Also, analysis of data from seismic areas and places of frequent floods and tsunamis helps government agencies, private companies, and insurance organizations to better calculate risk structures and damage amounts.

Semantic reconstruction of analysis results helps businesses and individuals make critical decisions. Previously, images were usually processed manually to provide visual information with explanations, and now AI algorithms are doing this at high speed, providing the necessary semantic decoding.

The use of 3D models helps to make technological forecasts for cellular companies based on the analysis of the terrain and landscape elements. They model geospatial functions and analyze the range of coverage and engineering costs for optimal ROI when placing 3G, 4G, and 5G towers.

Healthcare

When healthcare provider organizations work with large amounts of medical data, analytics of this data is in high demand. As an example of how AI technologies are already helping to fight the coronavirus pandemic, we will cite the development of GlobalSNS under the AID-Tes brand. The project is designed for Israeli clinics that use PCR instruments for Covid tests.

Files from these instruments are imported into the system, analyzed by a shape detector, a bias detector, and a slope checker, and are normalized using the Savitzky-Golay filter. Then, the data is passed to the Ct controller and the threshold value calculator and, if possible, the system calculates its value by passing it to the result interpreter. The built-in validator checks the accuracy of the received data in comparison with the control samples, after which the interpreter gives its evaluation of the test result: positive, weak positive, negative, invalid, or requires a re-evaluation.

Mark Malko, a Business Analyst at Andersen and a solution team member, notes:

The product is already used in clinics in Israel. It helps to interpret test results more accurately and rapidly (previously, it was done by the laboratory staff), which now requires fewer people. Since the work is carried out quickly, the clinic promptly informs patients about the test results, which reduces the likelihood of infecting other people.”

Banking

The influence of AI systems on the banking services’ performance indicators is convincingly demonstrated by McKinsey’s analytics.

Conclusion

AI tools for Business Analysis services and predictive modeling are widely used in a variety of areas, being in demand among both corporations and international enterprises and small companies. At the same time, although some developments have moved from the pilot stage of implementation to commercial use, a significant part of services and applications are at the promising startup stage. These new projects require investment from businesses that are seeking to optimize the performance of their processes.

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