Connect with us

Business News

What Business Metrics Are and How to Use Them to Develop the Company

Published

on

Business metrics - investors king

Business analytics is a tool that helps efficiently allocate financial and team resources. It’s based on the collection and analysis of statistical data obtained manually or with the help of online services. These data are measured and described by special numerical indicators – business metrics.

Business Analytics Separates Conjecture From Fact and Saves Company Resources

Business intelligence is the collection, processing and analysis of company data. Its purpose is to provide valuable insights that help businesses make informed decisions, reduce costs and implement more efficient processes.

Of course, it’s possible to make management decisions intuitively, but in conditions of increased risk, multitasking and information overload it is more reliable to rely on figures. Especially now there are tools and technologies that allow you to collect the most detailed statistics.

Here are the benefits that business intelligence gives a company.

Reduces the Time Required to React to the Behavior of the Market or Customer

Time is the most valuable resource in a highly competitive market, especially in times of crisis. This is most true for problems that are important to find and solve quickly:

  • Site stops opening in Safari browsers – Security certificate license has expired → trial subscriptions or applications will drop dramatically.
  • New app releases cause bugs on Android or iOS → there will be a surge of negative feedback on social networks or app stores.
  • The online payment system doesn’t send a verification SMS to the customer → card payments will stop working.

Similar problems can lead to serious consequences for business, so it’s important to detect and fix them as soon as possible.

Adapts to Sector, Industry, and Segment

There are a large number of useful and working analytics tools on the market, so it’s important to consider the industry, the business and the needs of the company itself.

A startup selling solar panels to another business doesn’t need 24/7 social media monitoring as much as a Facebook page about betting Uganda that needs to be in touch with a customer 24/7.

Saves Human Resources

Business intelligence tools can automate some operations, such as collecting data or creating reports. This is especially relevant for growing companies with a large number of users. If you automate routine operations, labor productivity will increase and the need for personnel, on the contrary, will decrease.

Shows the Effectiveness of Processes and Decisions in Real Time

If the company changed tariffs on its website: it made three payment plans instead of two, analytics will help you understand whether that decision was correct or not. It will show if the revenue increased or vice versa: the interface became more complicated, the time to choose increased, and the customers signed up less.

Metrics as Business Intelligence Tools

To measure and describe a company’s performance at different stages, analysts use special numerical indicators – business metrics. The right metrics help make effective management decisions.

It’s impossible to grow all metrics at once: neither internal nor external resources are enough for that. So, it’s important to focus on the short term, determine the period and make a list of hypotheses: what actions can affect a particular metric. After that, depending on the goal and the hypothesis, marketing tactics can be selected.

Let’s say we have a hypothesis: customers don’t buy a product because they don’t know the brand well. To verify this, we need to measure awareness with a sociological survey.

If the answers of the target audience confirm the hypothesis, then you need to work on recognition: write articles in the media, seek partnerships with more well-known brands, and take part in industry awards. If the hypothesis isn’t confirmed, the next hypothesis in the list is checked.

It’s necessary to correlate the indicators of different metrics and analyze the data comprehensively. You can’t make decisions based on numbers alone.

Sales may increase due to the introduction of a bonus program, or they may increase due to seasonality or the appearance of a new product item. To find out, you need to compare data from different sources.

It’s also important to communicate with other departments and discuss the results of analytics together. Sometimes the source of a problem is known to one employee, but others don’t even know about it.

It’s important to have a response team. When something happens: a new law comes out, a new technology emerges, or there is a problem with raw materials, a team of key employees takes immediate action and creates a plan of action.

Knowing the Key Metrics and Seeing the Target Is the Main Task in Working With Metrics

Collecting and analyzing data is an integral part of any business. Analytics helps make strategic decisions, choose tactics in difficult situations and allocate resources.

Business metrics are used to describe key indicators. Growth metrics, activity metrics and monetization metrics are considered critical for a company – they show whether the business is growing or not, whether the product is paying off.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Business News

What Areas Can You Invest in When You Don’t Have Much Money?

Published

on

Business metrics - investors king

Why Investing is Important

Even if you’ve never tried or simply thought of investing yourself, you likely know someone who has— and with good reason. Investing is beneficial and important for a variety of reasons. The first is you want to ensure that you won’t have to work forever. Depending on where you live, the retirement age keeps rising, which means you’ll have to work longer before you can access your retirement.

You also want your money to work for you, instead of having to always work for your money. This is also known as earning passive income (i.e., the income you don’t have to work for). Investing allows your money to work for you by earning returns.

Investing today is also easier than it was decades ago. There are also many ways you can invest and have your money make money. If you’re not investing, you’re missing out on free money— especially with it being so easy to get started. Here are three areas you can invest in, even if you don’t have much money.

#1: Real Estate

Believe it or not, you don’t have to have hundreds of thousands of dollars to be able to invest in real estate— nor do you need to take out a loan. Real estate indeed is one of the most expensive things you can invest in, but investing in REITs (real estate investment trusts) allows you to reap some of the benefits of investing in commercial real estate (e.g., office buildings, malls, hotels, etc.). REITs are similar to mutual funds; big companies own the REIT (and the property), and the investors who own a piece of it receive payments from it regularly. Investing in REITs also gets you familiar with the real estate market in case you’d like to directly invest in properties one day.

#2: The Stock Market

Don’t think that just because you don’t have a lot of money you still can’t participate in investing in the stock market. In today’s digital world, investing in the stock market is more widely available and all you need is a few dollars to start. This is a great way to get your feet wet and familiarize yourself with how the market works, without much risk. You also don’t need a stockbroker or have to pay commissions with various trading platforms available.

You can also invest in partial (also known as fractional) shares with some companies. This means that you only buy a part or a fraction of their stock, which means you spend less money while still reaping some benefits. This method also allows you to diversify your investments.

#3: Your Own Savings

Invest in yourself by opening a savings account. Many banks don’t require a certain amount you have to deposit into savings, so you can put back as much money as you want. Banks even offer interest on your savings if you don’t withdraw money from them often. For the best interest rates, you’ll want to look into opening an online savings account because online banks offer higher interest rates and less fees than traditional banks, which means you get more money.

You can also look into apps that transfer your change to savings (some online banks do this as well). Soon, all of your transferred change will add up and you’ll even earn interest on it if you do this with an online bank.

It’s important to note that while now is a good time to try any one of these methods of investing, you may need to do some things before your start. For example, it’s always good to build an emergency fund before you start investing since investing of any type carries some amount of risk. The good news is that investing in a savings account builds this emergency fund with little to no risk. Next, you’ll want to pay off as much of your debts as possible, especially if it’s high-interest debt.

Finally, make sure that you do your research before you start dipping into any type of investment. As easy as investing is these days, you’ll still need to do your research to ensure that you’re likely to get some returns. You should also understand and make a list of our goals and why you’re choosing to invest. The last and most important tip to remember is that you must be patient because it does take some time to earn a profit and see returns on your investment(s).

Continue Reading

Business News

Fifa World Cup Embraces the Crypto Industry Through Sponsors

The FIFA World Cup is the most highly anticipated international tournament event in football and possibly the world

Published

on

Fifa

The FIFA World Cup is the most highly anticipated international tournament event in football and possibly the world. 32 teams get to play in the competition, each one representing their own nation and comprising their country’s best football players. This will be the 22nd running of the World Cup and it is sponsored by some of the world’s biggest companies in the crypto industry. FIFA has announced Crypto.com and Algorand as the official sponsors for the event this year.

FIFA World Cup 2022 official sponsors

Crypto.com is a crypto exchange, a platform where you can buy, sell, or convert cryptocurrencies using other assets. This includes buying them using fiat currencies from your country, allowing you to become an investor with ease. As a sponsor for the event, Crypto.com provides financial support to run World Cup events in Qatar in 2022.

Algorand, on the other hand, is a green blockchain tech company proof-of-stake (PoS). It comes with a variety of features including the ability to trade ALGO, the native currency of its blockchain. This currency is not that widely accepted for live betting, all sports markets included but it can be swapped for Ethereum thanks to being an ERC20 token. Algorand also comes with a more exciting feature namely the ability to mint a collection of non-fungible tokens (NFT).

Crypto.com aims to drive awareness around cryptocurrencies using the World Cup as one of the biggest events in sports. On the other hand, Algorand wants to collect tournament highlights and mint them into a collectible set of NFTs. Both projects are also set to benefit FIFA because these are some of the biggest companies in the crypto industry.

FIFA World Cup highlights as NFT collectibles

FIFA’s and Algorand’s plans for the World Cup 2022 NFT set is an exciting project football fans are anticipating but the idea isn’t entirely new to sports. There are no details yet but the idea is going to be similar to the successful NBA Hot Shots. It’s a collection of highlight clips from events during the season featuring star players and specific team matchups.

Every highlighted clip will be labelled by its date, players and teams involved, as well as what kind of shot it was. They are then valued by how special that clip is to the match overall then grouped into levels of rarity. Fans can buy and own these moments in NFT that they can also view or display on the Algorand blockchain.

What do these mean for the crypto industry?

The FIFA World Cup is one of the biggest tournaments in all of sports with millions of fans looking forward to it around the world. Seeing two of the biggest companies in the crypto industry as official partners shows great confidence in the future of digital assets.

This ensures investors that crypto is the future of finance and it is lucrative enough to support such important tournaments. Likewise, this also boosts awareness of how to use cryptocurrencies.

Crypto.com offers an exchange where fans of the sport can buy digital assets to become an investor or use it for live betting, all sports or on the World Cup’s games. Algorand’s NFT project, on the other hand, further promotes the merchandising capabilities of blockchain technology. These partnerships are set to be the foundation of a wider crypto adoption in the world and you can look forward to it unfolding.

Continue Reading

Business News

Basic Steps on How to Bet on Ice Hockey Using Bitcoin

Bitcoin (BTC) is a widely accepted medium of exchange in the crypto space, and it’s already influencing how online casinos and sportsbooks operate. With the surge of crypto, it’s time for you to start getting in the hype train and bet using BTC.

Published

on

Like most coins in the market, BTC is a decentralised digital asset that can be used as a medium of exchange online. Since it uses blockchain technology, transactions are faster and more secure because of the absence of a third party.

Bitcoin betting is incredibly beneficial, and starting now will help you have a more seamless and enjoyable experience. Below are the simple steps to become a bonafide Bitcoin ice hockey punter in minutes!

Step 1: Secure a digital wallet

A digital asset is required if you want to use Bitcoin for any transaction. This includes betting on ice hockey games. Just like fiat currency, a wallet is needed to store your coins safely.

Digital wallets come in two forms: Hot and cold. The former is more versatile in that they can be used online for exchanging. However, they are more susceptible to cyber theft as anything exposed online will always run some risks of third party interference.

On the contrary, cold wallets are only used to store large quantities of coins. They usually come with hardware like a USB drive to make the storage capacity much more robust, thus having the name of ‘hardware’ wallet sometimes.

Step 2: Use a secure exchange

After securing your digital wallet, you now need to exchange your fiat with BTC. To do this, you have to visit a reputable exchange or trading site to start buying crypto coins like Bitcoin.

Similar to a stock exchange, a trading platform is like the central hub for those who want to buy and sell crypto. With platforms like Binance and Coinbase, it’s easy to buy your first BTC depending on what the current market value is.

Step 3: Choose the best online sportsbook

With a digital wallet in hand and BTC, it’s now time to go to an online sportsbook that accepts Bitcoin. It is also best to go with a site that is regulated and licensed to avoid losing your money or any fraudulent activity.

When you think about it, there really wouldn’t be a huge difference between each sportsbook in terms of the sports available for betting. Most likely, there will be ice hockey in their lineup of sports to bet on.

What it will come down to is how their crypto betting features work and if their payment methods are quick and responsive when doing transactions online. If a sportsbook tips all these check marks, you have yourself a reliable online sports betting site to go to every time you want to place wagers on ice hockey matches.

There are a lot of great benefits to betting with Bitcoin. If an online sportsbook offers an option to do so, grab the opportunity immediately. Another perk of ice hockey betting on crypto casinos and sportsbooks is that some of these sites feature sports legends.

Here is an exciting interview with one of ice hockey’s greats: https://bitcasino.io/blog/promotions/exclusive-interview-with-pavel-barber

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending