In the previous part, we have discussed about the marketing channels. In this part, we will discuss the main tools of marketing analysis. An ever-increasing flood of data is being generated by more and more data sources. Data protection, in particular, is a major challenge, but should not be considered in greater depth in this work. Marketing can use and analyze this amount of data for its … [Read more...]
Influence of Digitalization on Marketing : Part V
In the previous part of Influence of Digitalization on Marketing (Part IV), under the “Digitalization in the field of marketing” sub-header we discussed about the components of Marketing mix i.e. Product policy, Pricing policy, Communication policy and Distribution policy. In this part, we will discuss about the Marketing Channels. In marketing, the attention, interest, desire, action (AIDA) … [Read more...]
Influence of Digitalization on Marketing : Part IV
Before the global impact of pandemic, we published the part III of this series. As for a quip recap, under the "basics" sub-header we discussed "Digitization and Marketing". Under the "corporate and marketing goals" sub-header, we discussed Marketing strategies, Customer requirement, Customer acquisition, Customer loyalty and New markets. In the part before this part, under the "Digitalization in … [Read more...]
How to Use Process Mining in Business
As part of the digital transformation, many companies are currently preparing to optimize their business processes. Process mining is often used to identify the difference between the ideal state of a process and its actual execution. This article explains how to successfully anchor the analysis methodology in the company. Process mining enables companies to use transactional data to scrutinize … [Read more...]
What is Meant by In-Memory Database?
An in-memory database is a database management system that uses a computer's memory as a data store. An In-Memory Database is a type of analytical database, which is a read-only system that stores historical data about indicators for business intelligence/business analytics (BI/BA) applications, usually as part of a data store or data mart. These systems enable users to run queries and reports on … [Read more...]
Bayesian Probability Concept
The Bayesian probability is named after Thomas Bayes. It interprets probability as a degree of personal conviction and differs from the objectivistic perceptions of probability, such as the frequentistic concept of probability (which interprets probability as relative frequency). The concept of probability is often used to re-measure the plausibility of a statement in the light of new findings. … [Read more...]
What is Descriptive Statistics
The descriptive statistic aims to display and organize empirical data using tables, key figures (and also measures) and graphs. This is especially useful for large amounts of data, as it is not easy to understand. The univariate analysis involves describing the distribution of a single variable, and its central tendency including the mean, median, mode and dispersion. In bivariate and multivariate … [Read more...]
Why Can Industries Benefit From Blockchain?
A blockchain makes it possible to transmit information in a tamper-proof manner using a decentralized database shared by many participants so that copies are excluded. The database is also known as a distributed ledger. It is stored on many computers in a peer-to-peer network, with each new node taking over a full copy of the blockchain upon its accession and now having the task of checking and … [Read more...]
What are the advantages and disadvantages of the blockchain?
Blockchain technology raises hopes across industrial boundaries. In particular, the retail trade, logistics and the financial sector have already gained experience. We have an easy to understand article on blockchain written in plain English. A blockchain makes it possible to transmit information in a tamper-proof manner using a decentralized database shared by many participants so that copies are … [Read more...]
Call for Code 2020: The Hackathon to Fight Climate Change
While COVID-19 has created much destruction of human society, the threat of global warming has not gone away. Natural fluctuations in the climate are expected over some centuries but scientists say that the earth is becoming hotter because of the greenhouse effect. Several human activities such as deforestation are increasing carbon dioxide emissions, resulting in extreme weather. Storms such as … [Read more...]
What is Datafication in Data Science?
Datafication is an information technology-driven sense-making process. Business Intelligence (BI) is becoming of growing importance as it has broadened to encompass the applications, tools and best practices required for data science. The increasing availability of big data most typically characterised by 3 Vs - Volume, Velocity and Variety. Big Data Analytics is tying up the loose ends about our … [Read more...]
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