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Pension Loans Scheme interest rate reduced from 4.5% to 3.95%. The new rate applies to all Pension Loans Scheme loans. The Pension Loans Scheme is being renamed the Home Equity Access Scheme. These ra... View More
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Data science is emerging as one of the most prominent disciplines of the big data era. Credit goes to a large number of data science courses in Delhi as well as the applications of data science in numerous fields. Out of a large number of fields that data science has contributed to, the most prominent one is econometrics. The discipline of econometrics is all about the utilisation of various types of statistical techniques for the formulation of data models.
The role of data in econometrics
Various concepts and theories of econometrics rely on voluminous amount of data which is both reliable and valid. The primary aim is to further develop these theories with the help of quantitative data. However, the role of data in econometrics is not limited to quantification of theories alone. With the help of statistical tools like frequency distribution tables, histograms, and pie charts, the validity of different types of datasets that need to be used for theoretical validation can be established.
In addition to this, the economists make continuous use of predictive analytics and regression analysis. When it comes to regression analysis, the economists require large data sets to predict the the course of an event with a high degree of precision and accuracy. Another important technique that is used for forecasting the future outcome of an event based on historical data is called predictive analytics. The time series analysis of data may also be undertaken to shape large data sets in accordance with a given set of parameters.
We make use of data analytics techniques to understand the concepts of econometrics and extend it to the application domains like stock market analysis and prediction of boom and bust cycles in the market. Other application domains include checking of unemployment rates, inflation in the market as well as comprehension of customer behaviour.
The widening scope of application domains
The application domains that are formed by the intersection of econometrics with data science are constantly expanding. Various e-commerce companies in the present times are competing with each other for a safe place in the data market. As such, they are harnessing the power of data for understanding the pulse of the market, the choice of the customer and also the projection of the demand curve. The scope of design thinking and predictive analytics is also getting enlarged with the extensive horizons of the data economy. As such, we are seeing a direct relationship between processing power of companies and the AI engineered products.
Concluding remarks
The relationship between data science and econometrics would be further strengthened in the coming times with the arrival of novel products and systems that use data as a critical raw material for their functioning.
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In the current scenario when process automation is a thing, almost every corporate organization has an HR software in place. And with the mechanization of tasks, these human resource management systems make more or less every HR operation as easy as pie! Be it time and attendance management, payroll processing or performance evaluation, a suitable HR software can do it all like it is nothing.
All the time and energy that was earlier consumed in following the traditional HR management practices is now reduced exponentially due to the application of these advanced software. There is a gamut of actions that an HR software can control but the priority levels differ. You can do without the automation of some of the functions such as Employee Engagement and Helpdesk Services. However, some are considered a little more crucial as compared to the others like HR recruitment software, etc. So, there is a befitting software for each.
In this article, we will walk you through two chief types of HR software, i.e., Expense and Recruitment Management:
Expense Management Software
This is an extremely vital function handled by the HR department. Since the boom in technology, there has been a notable increase in the production of expense management software in India. There is a wide range of functions that this solution can perform such as:
Prior approval for trips
Making use of E-payments
Mobile management reporting
Receipt scanning and attachment
Complying with audit rules and IRS
Reporting and analytics of expenses
Advance booking for tours and travel
Incorporating credit/ debit cards for payments
Payment reimbursements using direct deposit
Reporting and approval of expenses & workflow
Apart from the aforementioned features, there are several advanced functionalities that the expense management software carries out such as Real-time expense performance management and reporting, integrating location and GPS services, mileage tracking among others. So, all the processes pertinent to expense administration are effortlessly managed by this one-stop solution.
HR Recruitment Software
Coming to the second type of HR software, i.e. HR recruitment software, as the name implies, it is used to deal with the processes involved in the employee hiring and recruitment procedure. The initial stages before and during the onboarding of a new employee are controlled by the recruitment software. It is integrated with an ATS (Applicant Tracking System) to manage the administrative recruiting operations. Mentioned below are the major functions that this solution can execute:
Posting job advertisements
Organizing online tests
Scheduling interviews and exams
Shortlisting candidate applications
Automating performance assessment
Sending bulk emails for communication
Sharing offer letters and other documents
There are various other important functions that different types of HR software can easily accomplish. The bottom line is that we need to recognize and assess which part is more important to our businesses and then implement the one particularly. Otherwise, a better option is always to invest in an all-inclusive HCM suite that can act as a unified platform to perform all the necessary functions from a singular source.
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One of the best things happened in the past few years has been transitioning from manual payroll processing to payroll management software. Also, it has always been a topic of debate- Manual or software? So, whether you have already decided one or still searching for good software, let me tell you- the end result will be worth it.
Undeniably, managing and processing payroll is one of the most meticulous tasks because even a small mistake can be expensive for a company. That being said, admit it- payroll management is not a normal back-office task!!
A company comes across numerous payroll challenges, but there are some major issues that are common for everyone. Also, both manual and outsourcing payroll are outdated now as today we need standardized and centralized payroll processing. This is where a Payroll Management Software comes in.
Such software enables HR managers to handle payroll tasks effectively, cuts down all the possibility of errors and…. No, I won’t be a spoiler! You are supposed to read the complete blog to know more!!
First Challenge: Administrative Problems
Many companies today; especially the smaller ones are still using that paper-based payroll processing. A manager needs to do a lot of interventions while managing payroll manually that result in an administrative burden that further lead to the following-
Administrative Burden → Data Entry Mistakes → Costly Payroll Errors
To solve this challenge, a company can switch to a payroll management software that is not only cost-effective but also manages the whole process with no error.
Second Challenge: Organizational Problems
Maintaining payroll and employee data is one of the greatest challenges of any company. It is high time to say goodbye to those piles of papers, files, folders and start working smartly!
There is nothing better than switching to a payroll management software. Plus, go for a software that factors in all the HR and payroll functions such as HROne.
Third Challenge: Time Consuming
Manual payroll processing consumes a lot of time that can be easily cut down using an HR and payroll management software.
From checking the accuracy of attendance data to calculating payroll and deductions, a manager spends a big chunk of time. Most importantly, one has to also ensure compliance with government laws. Sounds so much, right? Payroll software is an excellent solution to save time that can be actually used on various other profitable and productive tasks. Now, that sounds good!!
Fourth Challenge: Tracking Absence
Tracking employees’ paid holidays, sick days, half days can turn a bit of a cumbersome task if done manually. In addition to this, there are high chances of mistakes also, which may affect the overall payroll calculation. Solution? You know it already! Just purchase an efficient software with real-time tracking. Problem solved!!
Fourth Challenge: Compliance Risks
No matter small or big, a payroll error can cost a lot to an organization. In order to prevent compliance risks and challenges, every organization should stay compliant with all those federal as well as state labor laws.
A smart company will always be well-versed with the laws and regulations and if any company overlooks this, then it may result in various legal risks. And a great solution for this is to just invest in HRMS software.
Bottom Line!
So, no extra expenditure on recruiting employees to handle payroll. From building reports to accessing numerous reports including bank reports, deductions, payslips, pay-outs, etc- a Payroll Management Software does it all in no time.
Also, make sure you take a free demo before purchasing any software. In my opinion, one should go for HROne software that is an intelligent enterprise-ready HCM tool and one of the leading payroll software. HROne is also known for empowering HR managers to acquire 10x greater results.
Lastly, you will be more efficient, less exhausted and also acquire a great peace of mind after switching to a payroll management software. Make your decision wisely!!!
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The intersection of the modern technologies with the help of globalisation has changed the foundation of the business. The tech-savvy entrepreneurs have changed the way of doing business and are creating many new opportunities in the digital market. On close observation, the working pattern of platforms like Facebook, Twitter, Google, WhatsApp, Ola, Uber, and so on, quickly brings to mind the qualities like high growth, modernised technologies and mind blogging innovations. But what about the most important factor that business entrepreneurs should consider i.e., the long-term survival plans?
The platforms that are buzzing today will be outdated tomorrow. Despite heavy market demands and high turnover, there is no guarantee that these platforms will continue to be the best serving companies of the future. So, what should be done in order to maintain the current economy with high stability?
New Approach:
The best BPO companies just not focus only on the front-office systems, but they also work simultaneously for improving their back-offices. There is an urgent need to align the working pattern like combining the newer technologies with the traditional approach or using the technologies that serve the best interest of the customers. With this approach, you can not only meet customers’ agile demands but can also improve the sustainability of the company. Unless the latest innovations are the best in class systems, companies will certainly face challenges in the stability and in the fulfilment of long-term goals.
Flexible working pattern:
Stiff and inflexible demands force the companies to build new tools, add more resources and work on more than one platforms, in order to tailor the shopper's needs. While on the other hand, the best BPO companies or the best companies are righteously focusing on meeting the requirements and expectations of the customers. They understand that providing customers with the exemplary services is the only way to achieve a sustainable and constant growth.
The way forward:
Considering the perspective of experienced professionals, what's needed is a strong connection between your working pattern and the customer's insight. You should know which service will interest your customers. Eventually, this will succour you to create a distinct platform from your competitors. By combining features like the resources, tools, and services, you will be able to create different business models to deliver value to the customers and develop a new way to generate revenue. To meet the bizarre expectations of the customers, there should be a perfect plan and perfect strategies to implement the plan. Business entrepreneurs should collaborate and respond to challenges together with dedication and with the vision of improving the customer experience with the best possible solution. For example, companies can provide Omni-channel support with a multiple f query handling platforms that will tailor the requests of the customers. Incorporating this method will lead to continuous improvements and will help in creating a remarkable brand image in front of your competitors.
We are entering into a new landscape with these system integrators and global innovations, which will favour the economy to a great extent. Eventually, people will start adopting the latest trends and inculcate the habit of thinking out of the box. Business specialists just need to bring together the core elements of BPO sector like the flexible operations, infrastructure, cost-effective strategies, technological support, and experienced agents. Once, the aforementioned elements are combined, companies can reap great benefits and seamlessly integrate with the company's needs.
Conclusion:
Eventually, business process outsourcing companies are becoming one of the leading service providers and highest revenue generators in the IT sector. However, there are still some companies struggling to meet the requirements of the customers. Many outsourcing firms have eliminated the risk and have helped figuring out the doubts that may restrict other entrepreneurs from outsourcing. New outsourcing trends and digital innovations offer sources to know your customers even better. Though the exact routes to success are not certain, the business owners who are willing to take challenges will certainly achieve success on a global basis.
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In today’s world, the competition is ever-increasing. After the implementation of GST, more and more individuals are starting their business online. The already existing companies are also not behind. They are growing their business fervently. This is increasing the number of customers exponentially. In turn, it is increasing the number of inquisitions. That is why companies are hiring 24 hour telephone answering service providers. However, they are forgetting the fact that today individuals love texting more than calling. Thanks to social media channels, people all over the globe have become slaves of technology. They prefer texting over call as they can chat while doing other important tasks.
All this has given rise to the need of hiring a service provider which offers more than just call handling facility for getting the queries of your customers solved. You actually need to be available to your customers at all the platforms they are so as to show them their value. Otherwise, the market is flooded with options, they will not think twice before availing the same service or product from some other company.
Hence, in this blog we mention the facilities that the call centre company you hire must have besides providing 24 hour telephone answering service. Take a look.
• E-mail support-
Give the outsourcing company all your general mail IDs and let it handle all of them. Millions of e-mails are send every second which is a huge figure in itself. Hence, the company you hire should have agents for taking up queries that are sent by your customers on mail. Ideally, your customers should get a response from your end within an hour or at most a day.
• Contact form-
Many individuals visit your company’s website. They might be your company’s existing customers or the potential ones. Some of them would call on your customer care number from there while some would fill a form. Many companies don’t even see these forms. Hence, if the call centre company you have hired will have an agent who can look after this segment as well, your company will get in the good books of many customers.
• Web chat support-
No one wants to wait for getting their issues solved. Moreover, some visitor of your website might be looking for options of various products or services. He must be looking for quick answers to his questions. In such a situation, if a rival company will answer the query of the person, it might gain a customer. However, if you would not have this live chat option on your website, you will lose one important lead.
• Text messaging-
Some people don’t have smartphones. They might not want to call you as they don’t like being put on hold for long. Hence, they would prefer texting over call. If your call center service provider will not have agents looking after texts, the customers who would have contacted that way will feel neglected. This will make them opt for a company which listens to their problems quickly and at the platform of their choice.
• Social media chat option-
Every person, even the one who doesn’t have a smart phone is on Facebook. Hence, it is the best medium to not only solve the problems of the customers but make them listen you as well. Your company must have a page on each of the social media websites. Agents should be there to help the customers and potential customers.
• Phone calls –
Undeniably, even after so many mediums to get the queries solved, phone calls still stay the most preferred option for getting any problem solved. However, the call centre company you hire should be so proficient that it rarely puts a customer on hold. Moreover, 24 hour telephone answering service would be an added advantage to the phone calling service you are availing. This will help you in catering to the needs and problems of the customers irrespective of their geological location.
Follow the aforementioned points and hire an answering service provider that is so efficient and proficient that every customer hangs the call satisfactorily.
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An organisation’s growth does not solely depend upon the manager’s managerial skills, it also depends on the ways you respond to your customers’ requirements. So, the main point is that your communication should be intriguing and informational at the same time. The best way to enhance your responsive skills is to enable a live call answering service in your organisation. This will help you to streamline your communication channels and expand your connections.
Sometimes it’s difficult to level with your competitors, so the best way to out-stand your competition is to provide an outstanding support system with a human touch.
Here are seven great tips that will help you to understand the importance of call answering services and improve your business.
Establishes trust:
It becomes difficult to establish trust when every time a customer receives an automated message from the contracting company. Whilst the times your customers hear a live voice from the other end they are certain enough that the problems they are encountering will be solved.
Personalised services:
With live answering structure on board, you have an advantage over your competitors, as you can give a better experience to your customers with an essence of personalised touch. It becomes easy to explain a problem when you know that there is someone to listen to your problems, besides the caller himself.
Build up your brand’s credibility:
There are certain things that require being proved before your customer starts asking questions, i.e., your company’s authenticity. It is important to ensure that you are working or taking the required services from a company that is authentic and legally approved by the government.
Customers are less likely to hand up:
Generally, an unreceived customer’s call is transferred to voicemail. But in most cases, customers are unaware of this feature and hangs up the calls. A live answering service ensures that your message will directly reach the required customers or the intended departments.
Customers do not want to experience delay:
One of the key benefits of live call answering service is the ease with which the queries are heard and answered. The answering services navigate the customers through a series of questions and update the customers with the recent information.
Facility to choose languages:
It’s a challenge for customers to clear their doubts when the answering services do not answer in your native language. A live answering services provide services in various other languages for a customer’s facility. All those customers who are impatient and want their queries to be answered soon are now satisfied with the services of answering machine.
Customers feel important:
Often the voicemail messages are ignored and a customer keeps wondering whether their queries will be answered or not. A live answering service provides services with complete clarity and personalisation. Which is not available in most of the automated recordings.
Conclusion:
A live answering service can boost revenue multiple fold times. While a live answering service bridges the communication gap between the customers and employees, it also stimulates the sales cycle, thereby boosting customer experiences.
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Outsourcing a part of service or various services is like embarking your business in someone else’s hand. You have no idea what outcomes you will achieve after collaborating with the outbound telemarketing companies. While there are numerous risks related to outsourcing that can disappoint you, but being a business entrepreneur it’s your job to take risks and figure out a route to success.
Also, hiring a bunch of staff, training them, and making them customer-ready includes huge capital investments. So, there can be no better time to look for outsourcing and collaborating with telemarketing companies. Explained below are fantastic six techniques to avoid outsourcing mistakes and fence your premise with an error-free working condition:
Focus on the right outsourcing activities
Outsourcing can be tough when you do not know the right activities you want to outsource. Before taking any further steps, focus on the activities that are important for your business growth. Be aware of not outsourcing the core areas that makes you unique and different from your competitors. While you are known for the essence that you incorporate in your services, try to find an outsourcing company that value those.
Understand the need to outsource
Inability to manage a company’s miscellaneous activities does not always indicate outsourcing. It can be the lack of managerial skills. First, you need to understand that is it really necessary to outsource? If the demand for any part of your business is overpowering your resources and staff, there comes the need for outsourcing. Because outsourcing is a decision that will directly affect you and your customers. The happy part about outsourcing is that you can completely give someone the authority to manage your tasks when you are unable to, and reduce your level of stress.
Consider all types of costs
With all types of cost here, we mean all the figurative while the hidden costs involved in outsourcing. The vital reason for any company to outsource is because you want to save those extra bucks spent on training and hiring staffs. But there is no point when your estimated saving is significantly low compared to the amount spent.
All the outsourcing cost might not click while planning, you are more clear when you implement those decisions. Therefore, fix demos with the company you are planning to outsource.
Take the right help
Not always you will find the best option in the very first instance. Even if you end up getting the right contractor for yourself, take sufficient time to judge and analyse their prior work. Also, find time to surf and look for a couple of more companies that are equally good for you. Because in the end, it’s the quality that matters.
Organisations who are new to the outsourcing business can take the right assistance and required help from an experienced professional. These professional employees can pinpoint all the hidden features of outsourcing that you may miss.
Rule out low bidders
While you are not in favour to experience huge capital expenses in the outsourcing business, yet the pay should be a handsome amount reflecting your capability, experience, and value for agents. The pay that the agents receive is the result of their hard work, dedication, experience, and over time, also it gives them the motivation to continue with the same efforts. Therefore, while you are not focusing on spending such heavy prices, do not hold back too much – you might regret later.
Aim for transparency
Since outsourcing occurs out of the line of sight, you are unable to get a clear idea about the important decisions or the culture that prevails there. Therefore, set meetings after a certain span, set clear objectives, discuss the key performance indexes, and most importantly cost.
Wrapping Up
Outbound telemarketing companies can affect you in many ways. Implementing the idea of outsourcing might make customers judge your capabilities. Therefore, it’s better to disclose your decisions once you are utmost clear about your idea. Taking risks on vulnerable decisions can harm your entire career. Therefore look for outsourcing partners whom you can trust blindfold.
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