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Living in the era of digital technology and big data has made organizations dependent on the wealth of information data can bring. You might have seen how reporting and analysis are used interchangeably, especially the manner in which outsourcing companies market their services. While both areas are part of web analytics (note that analytics isn’t similar to analysis), there’s a vast difference between them, and it’s more than just spelling.
It’s important that we differentiate the two because some organizations might be selling themselves short in one area and not reap the benefits, which web analytics can bring to the table. The first core component of web analytics, reporting, is merely organizing data into summaries. On the other hand, analysis is the process of inspecting, cleansing, transforming, and modeling these summaries (reports) with the goal of highlighting useful information.
Simply put, reporting translates data into information while analysis turns information into insights. Also, reporting should enable users to ask “What?” questions about the information, whereas analysis, should answer to “Why” and “What can we do about it?”
Here are five differences between reporting and analysis:
1. Purpose
Reporting helps companies monitor their data even before digital technology boomed. Various organizations have been dependent on the information it brings to their business, as reporting extracts that and makes it easier to understand.
Analysis of interprets data at a deeper level. While reporting can link between cross-channels of data, provide a comparison, and make understand information easier (think of a dashboard, charts, and graphs, which are reporting tools and not analysis reports), analysis interprets this information and provides recommendations on actions.
2. Tasks
As reporting and analysis have a very fine line dividing them, sometimes it’s easy to confuse tasks that have analysis labeled on top of them when all it does is reporting. Hence, ensure that your analytics team has a healthy balance doing both.
Here’s a great differentiator to keep in mind if what you’re doing is reporting or analysis:
Reporting includes building, configuring, consolidating, organizing, formatting, and summarizing. It’s very similar to the above mentioned like turning data into charts, graphs, and linking data across multiple channels.
The analysis consists of questioning, examining, interpreting, comparing, and confirming. With big data, predicting is possible as well.
3. Outputs
Reporting and analysis have the push and pull effect from its users through their outputs. Reporting has a push approach, as it pushes information to users and outputs come in the forms of canned reports, dashboards, and alerts.
Analysis has a pull approach, where a data analyst draws information to further probe and to answer business questions. Outputs from such can be in the form of ad hoc responses and analysis presentations. Analysis presentations are comprised of insights, recommended actions, and a forecast of its impact on the company—all in a language that’s easy to understand at the level of the user who’ll be reading and deciding on it.
This is important for organizations to realize truly the value of data, such that a standard report is not similar to a meaningful analytics.
Read More: https://resourcecenter.infinit-o.com/blog/5-differences-between-reporting-and-analysis
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About Infinit-O:
Infinit-O is a trusted global solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your business goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your information is safe with us.
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Information Security Means Better Business
In the progressively competitive business world, information is a valuable resource that needs utmost protection. Information security is integral in managing your business and ensuring that vital information is not compromised in any way.
Securing information is paramount for the survival of your enterprise. Hence, it must be proactively secured against malicious attacks especially when business information is transmitted over networks.
A secure information system is built on the foundation of five essential building blocks. Setting these pillars properly into place is central to developing any kind of information security mechanism in your business. Read on.
Five Pillars of Information Assurance Framework
Information Assurance (IA) is the practice of protecting against and managing risks related to the use, processing, storage, and transmission of data and information systems. The U.S. Department of Defense has promulgated the Five Pillars of Information Assurance model that includes the protection of confidentiality, integrity, availability, authenticity, and non-repudiation of user data.
Here are the five pillars of the IA framework that you need to manage in your office cyberspace:
1. Confidentiality
This is the assurance that information is not disclosed to unauthorized individuals, groups, processes, or devices. Highly confidential data must be encrypted so third parties cannot easily decrypt it. Only those who are authorized to view the information are allowed access.
2. Integrity
The accuracy and completeness of vital information must be safeguarded. Data should not be altered or destroyed during transmission and storage. This involves making sure that an information system is not tampered by any unauthorized entities. Policies should be in place so that users know how to properly utilize their system.
Read More: https://resourcecenter.infinit-o.com/blog/the-5-pillars-of-information-security-and-how-to-manage-them
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Finance & Accounting: https://www.infinit-o.com/solutions/finance-accounting
Research & Data: https://www.infinit-o.com/solutions/research-data
Customer Experience: https://www.infinit-o.com/solutions/customer-experience
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About Infinit-O:
Infinit-O is a trusted global solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your business goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your information is safe with us.
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In this modern age when almost everything comes handy, customers have become less appreciative and are difficult to please. With the advancement in technology and the accessibility of information, product quality among competing brands and companies are almost equal. Hence, the determining factor in choosing the brand or company lies in customer service.
Customer service in today’s world is an essential part of a company. With the increasing competition among all industries, the challenge is to deliver high-quality products accompanied by great customer service. This task, however, is not a piece of cake. Read on to know more about the challenges of delivering customer satisfaction and how to resolve them.
1. Understanding Customer Expectations
The first, and probably the biggest, the challenge is understanding diverse and constantly changing customer expectations. Most companies target specific customers -- by gender, race, age, generation, etc. While these customer classifications may share similar basic requirements of a certain product, they do have varied desires that they take into account when purchasing a product. This is the reason why talking to customers is the best strategy. It is important for a business to get to know its clients, customers, and consumers. Find out their expectations, their needs, their preferences, their non-negotiables, their opinions on the product and their suggestions for improvement.
2. Reaching Out to Customers
Doing the research and gathering data on customer expectations bring us to the task of reaching out to customers. There are plenty of ways to advertise and get through the customers. We have print media, radios, televisions, phones, emails, social media and of course, face-to-face campaigns. The primary challenge, though, is to get the message across. With telephones, the challenge is to understand just by listening. The challenge in emails and chats is to understand emotions by reading through the opinions that have no tone. In social media, the challenge is to present everything with the pressure of doing it in public. Implementing a customer feedback service and having a systematic approach to gathering data from customers will help the company understand and work for better customer experience.
Read More: https://resourcecenter.infinit-o.com/blog/challenges-of-delivering-customer-satisfaction-and-how-to-go-through-them
We match & build the right team for you!
Visit: https://www.infinit-o.com
Contact: https://www.infinit-o.com/contact
We provide customized, high-quality solutions for your unique needs.
Healthcare: https://www.infinit-o.com/solutions/healthcare
Finance & Accounting: https://www.infinit-o.com/solutions/finance-accounting
Research & Data: https://www.infinit-o.com/solutions/research-data
Customer Experience: https://www.infinit-o.com/solutions/customer-experience
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Twitter: https://twitter.com/InfinitOInc
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About Infinit-O:
Infinit-O is a trusted global solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your business goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your information is safe with us.
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Is your healthcare company experiencing challenges in recruiting quality specialists and unpaid medical claims? Partner with a healthcare solutions provider that can build a great medical claims proce... View More
Exceed Expectations in Medical Claims Processing — Infinit-O Global healthcare solutions partner
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We match & build the right team for you!
Visit: https://www.infinit-o.com
Contact: https://www.infinit-o.com/contact
We provide customized, high-quality solutions for your unique needs.
Healthcare: https://www.infinit-o.com/solutions/healthcare
Finance & Accounting: https://www.infinit-o.com/solutions/finance-accounting
Research & Data: https://www.infinit-o.com/solutions/research-data
Customer Experience: https://www.infinit-o.com/solutions/customer-experience
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About Infinit-O:
Infinit-O is a trusted global solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your business goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your information is safe with us.
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The US housing crisis from 2006 to 2009 changed how banks approved their mortgage loans. They’ve become stricter with the approval of these loans. Before the housing issue, the average borrower paid 20% of their down payment. Today’s borrowers only pay 5%, which has a significant impact on a mortgage lending business’s profit and operational costs. Can mortgage processing be done at a lower cost such that the lender or bank can focus on improving their services within these circumstances?
Outsourcing removes the burden of mortgage processing and other time-consuming related tasks on a lending company’s theme. Lenders aren’t the only ones to benefit from outsourcing mortgage processing. Both small and big banks, as well as mortgage brokers, can also seek help from a third-party service provider. These smaller companies can save more money by outsourcing a portion of or all their mortgage processing if need be. So how exactly will mortgage processing improve when outsourced?
1. Faster Customer Satisfaction
At the end of the day, you’re still servicing a customer with whom you build a relationship with. Outsourcing your loan processing tasks gives your core team time to focus and improve on customer relationships. The third-party service provider has all the time to go through your back-office tasks, which ensures the stability and error-free execution of your mortgage loan processing. At the same time, you can invest more time and money into marketing your company’s services and checking in on your customers’ needs.
2. Sharpened Focus on Company Management
With an expert on your side doing the mortgage processing, your company’s managers can spend more time on developing and improving your business. They can continue strategizing the business’ goals and reviewing their current performance. They can also focus on the developments around housing and the market in which they can expand to housing loans.
Read More: https://resourcecenter.infinit-o.com/blog/5-ways-outsourcing-improves-your-companys-mortgage-processing
We match & build the right team for you!
Visit: https://www.infinit-o.com
Contact: https://www.infinit-o.com/contact
We provide customized, high-quality solutions for your unique needs.
Healthcare: https://www.infinit-o.com/solutions/healthcare
Finance & Accounting: https://www.infinit-o.com/solutions/finance-accounting
Research & Data: https://www.infinit-o.com/solutions/research-data
Customer Experience: https://www.infinit-o.com/solutions/customer-experience
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LinkedIn: https://www.linkedin.com/company/infinit-o-global/
Twitter: https://twitter.com/InfinitOInc
Facebook: https://www.facebook.com/InfinitOGlobal/
Instagram: https://www.instagram.com/infinitoglobal/
About Infinit-O:
Infinit-O is a trusted global solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your business goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your information is safe with us.
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When you’re growing your business, you’ll need data to lead you in the right direction. Companies who don’t immediately see the importance of Big Data often lead to misusing resources, spending too much time and money on one or a few business improvements and ignoring other key innovations, and slowing down overall business operations, leaving your competitors to get ahead of you.
Your business might be experiencing these situations. But it’s time to innovate and embrace Big Data. One energy company took the step forward to use electrical data to grow their business and continue to satisfy their customers.
Electricity as Big Data
An energy manufacturer based in New York, USA offers electric and thermal energy solutions to the healthcare, hospitality, and educational industries throughout the United States. In order to maintain the quality service to their consumers, they rely on data to ensure that each facility can generate enough electricity to sustain their respective businesses.
But this isn’t ordinary data. They study electrical data and fault analyses to ensure their clients receive electricity and are properly billed for their consumption. With both company growth and the consumer in mind, the company decided to create a partnership with Infinit-O and built a team of research analysts and monitoring specialists for data tracking tasks.
The partnership yielded excellent results. Year on year, the highly-trained team maintains 98% service efficiency and quality accuracy, while resolving issues 90% of the time. They are able to capture one hour’s worth of interval data to create an annual analysis of a customer’s kilowatt usage, while also interpreting monthly downtime and analyzing real-time data for accurate billing. The team also creates a summary of all consumer usage, both produced and consumed, for electric, thermal, and gas energy types.
With the team interpreting the numbers at the back end, engineers and operators help their prospective customers use their power generation solutions and maintain successful relationships with current customers. This then helps the company grow and innovate as their market starts to evolve.
Big Data worked for them in the end, but will it for you? Here are 5 reasons why you need to embrace Big Data today.
Read More: https://resourcecenter.infinit-o.com/blog/5-reasons-why-you-need-to-embrace-big-data
We match & build the right team for you!
Visit: https://www.infinit-o.com
Contact: https://www.infinit-o.com/contact
We provide customized, high-quality solutions for your unique needs.
Healthcare: https://www.infinit-o.com/solutions/healthcare
Finance & Accounting: https://www.infinit-o.com/solutions/finance-accounting
Research & Data: https://www.infinit-o.com/solutions/research-data
Customer Experience: https://www.infinit-o.com/solutions/customer-experience
Connect with us!
LinkedIn: https://www.linkedin.com/company/infinit-o-global/
Twitter: https://twitter.com/InfinitOInc
Facebook: https://www.facebook.com/InfinitOGlobal/
Instagram: https://www.instagram.com/infinitoglobal/
About Infinit-O:
Infinit-O is a trusted global solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your business goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your information is safe with us.
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Businesses are now going beyond the best practices in accounting and see now that digital innovations are improving financial processes. These address pain points in production output, operational costs, and return on investment, among others. Finance leaders are now creating a balance of maintaining their traditional responsibilities while developing a corporate strategy with digitization and automation in mind.
However, according to a McKinsey & Company Survey, few organizations are taking advantage of new financial trends. Only around 25% of their functions have been digitized in the last year, while the adoption of new tools is low.
If you’ve been experiencing stagnancy in your business, then it’s time to make the decision.
As we close 2019 and look forward to 2020, take a look at 5 big finance and accounting trends that you can add to your strategy.
1. Highly-Sophisticated Automation
Is your company still on the fence about automation? Those who do not adopt this trend may still encounter slow processes, disorganization, miscommunication, and increased staff involvement that may lead to burnout. This may lead to increased operational costs and veering away from your core functions.
Artificial intelligence and machine learning are two of the most important trends in accounting. In 2020, this will be a big help in reducing labor-intensive tasks such as payroll and tax preparation. For example, AI can help companies identify possible market threats, efficiently compile big data, and offer critical insights to improve a business’ performance.
2. Secure Audit Preparation
According to a DocuWare whitepaper, monitoring audit trails will still be important. But if you’re still using paper-based accounting information, you better switch to accounting software or document management programs that can categorize everything for you. This makes it easier for everyone in your company to prepare audits almost instantly.
3. Faster Fraud Detection
Financial institutions often face fraud charges which can cause damage to a company’s reputation, loss of revenue and direct business, and additional legal costs to settle cases.
The age-old saying “prevention is better than cure” rings true. That is why in 2020, a major trend for companies would be faster fraud monitoring. Creating a digital approval workflow can help you filter out dubious invoices or delete duplicate payments. You can also use highly-secure document management tools to process invoices in order to decrease fraud.
These can help you avoid any problems with fraud and help your company maintain customer trust and revenue.
Read more: https://resourcecenter.infinit-o.com/blog/5-big-finance-accounting-trends-in-2020
We match & build the right team for you!
Visit: https://www.infinit-o.com
Contact: https://www.infinit-o.com/contact
We provide customized, high-quality solutions for your unique needs.
Healthcare: https://www.infinit-o.com/solutions/healthcare
Finance & Accounting: https://www.infinit-o.com/solutions/finance-accounting
Research & Data: https://www.infinit-o.com/solutions/research-data
Customer Experience: https://www.infinit-o.com/solutions/customer-experience
Connect with us!
LinkedIn: https://www.linkedin.com/company/infinit-o-global/
Twitter: https://twitter.com/InfinitOInc
Facebook: https://www.facebook.com/InfinitOGlobal/
Instagram: https://www.instagram.com/infinitoglobal/
About Infinit-O:
Infinit-O is a trusted global solutions partner that can help you build and operate a dedicated team of well-trained specialists specifically designed for your unique needs, with cost savings of up to 70%. We can help you meet your business goals, whether they be growth, better productivity or simply bottom-line cost savings. With access to excellent talent that uses cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified and GDPR-compliant, so your information is safe with us.
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Infinit-O Outsourcing
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Accountants are no longer just the number crunchers in a business. With the increased automation of their basic tasks, they are now expected to focus on strategic finance and accounting operations and make important business decisions to drive growth.
This shift is happening for two main reasons:
Clients are demanding more from their accounting firms every year, and;
Business owners are looking for more ways to cut costs, increase efficiency, and scale rapidly.
But there are other processes that are time-consuming and expensive. What can you do to help your accounting team reach optimal productivity?
There are several ways to streamline your finance operations and move seamlessly from number crunching to strategic leadership.
It’s Time to Streamline your Finance Operations
With the advancement of technology in finance, there are a number of ways you can streamline your finance operations. Here are three simple ways to develop more strategic finance and accounting operations:
1. Use New Technology
Is your current accounting software meeting all your business needs? There are tons of updated software available to help streamline your business’ finance operations.
Modern accounting software connects to various systems, including point-of-sale systems, bank accounts, and payroll systems, saving time in the accounts process. Also, cloud accounting solutions allow accountants to work from anywhere. This level of automation helps streamline your finance process and increases efficiency.
Admittedly, new technology is a huge investment for businesses. To keep costs down, consider outsourcing your business finance processes. Outsourcing companies are specialists in their fields, which means they already have the latest technology available.
2. Reduce focus on administrative tasks
With so many opportunities to automate basic accounting tasks, accountants have increased productivity and more time for more strategic finance and accounting operations.
One way of making the most of this new found free time is to focus on technology education within the finance department. The use of artificial intelligence in finance is on the rise. Workers who are well educated on these new developments will ultimately be more helpful to the business.
Another way to reduce your accountant's focus on repetitive administrative tasks is to outsource. Outsourcing allows your team to focus on core functions aimed at growing your business.
Learn more from our blog: https://resourcecenter.infinit-o.com/blog/streamlining-finance-operations-from-number-crunchers-to-strategic-leaders
Read more: https://resourcecenter.infinit-o.com/blog
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The world’s busiest economies practically consists of startups. According to Startup Rankings, the USA had 28,862 startup companies in 2018. India followed at 4,781, while the UK had 2,989 companies. All these small business owners face one challenge: starting and sustaining a profitable business. Unfortunately, not all startups make the cut. The global average of closing down within one year is at 90 percent. How then does the other 10 percent make it?
A Deloitte global outsourcing survey reports that 53% of startups outsource their IT functions, and that 66% similarly delegate other process-based tasks. Outsourcing isn’t just a cost-effective solution for these startups, it is an imperative for them to compete and grow. Delegating important operational tasks such as finance, accounting, IT, RCM, analytics, research, and customer service to ensure consistent and smooth operations as well as cost savings. As a result, the company is more prepared to manage the difficulties associated with expansion and building its business. Here are some specific ways outsourcing enables company growth.
1. Sharper Focus on Core Business (Do what you do best)
Business owners tend to assume they can do just about every task and head every department in their company. This can shift your focus away from developing your product and ensuring consistent growth within your first year. As your company expands, so does the amount of work needed to be done for back office operations such as finance, human resources, and IT. Outsourcing lets you leave these crucial operational tasks to the experts. At the same time, you can rely on them to deliver the work efficiently and quickly.
2. Lower Overhead Costs (Spend your money wisely)
Company expansion entails more tasks that involve even more people. Your current office may not have space or budget to accommodate HR, finance, and/or customer service staff. An established outsourcing company, however, has space and is likely to hire a dedicated team for each task. Outsourced labor for these operations save you thousands in overhead costs such as office space, utilities, training, and monthly salaries.
3. Minimize Distraction of Hiring and Managing Staff
At this point, your startup can’t afford high employee turnover rates. Adding a new HR or IT department may increase this likelihood. It will also add uncertainty to your current operations. An outsourcing company would take care of all aspects involved in back-end operations. From hiring, training, to maintaining employees, you won’t have to worry about the risk of additional staff.
Learn more from our blog: https://resourcecenter.infinit-o.com/blog/6-ways-outsourcing-jumpstart-startups
Read more: https://resourcecenter.infinit-o.com/blog
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