BUSINESS

4 Types Of Data Analytics To Improve Business Decision-Making

Published

6 months ago

October 21, 2024

Data Analytics To Improve Business Decision-Making | fab.ng

Organizations now have access to data at a staggering scale as a powerful tool. Proper data analytics can drive decision-making, impact strategy formulation, and improve business performance.

A report reveals that 56 percent of respondents experienced “faster, more effective decision-making” at their companies through data analytics. Respondents also cited these benefits:

Improved efficiency and productivity (64 percent)
Better financial performance (51 percent)
Identification and creation of new product and service revenue (46 percent)
Improved customer acquisition and retention (46 percent)
Improved customer experiences (44 percent)
Competitive advantage (43 percent)

You can harness the power of data and experience these benefits at your company. Effective data analysis will enable you to conclude, make predictions, and generate actionable insights to drive impactful decision-making.

What is Data Analytics in Business?

What is Data Analytics and its Types?

Companies use data analytics to examine data, answer questions, identify trends, and extract insights. When organizations implement data analytics in business contexts, professionals often refer to it as business analytics.

Today, professionals can leverage various tools, frameworks, and software to analyze data effectively. For instance, platforms like Microsoft Excel, Power BI, Google Charts, Data Wrapper, Infogram, Tableau, and Zoho Analytics help examine data from multiple perspectives and create compelling visualizations that tell your data story.

Furthermore, the field encompasses algorithms and machine learning, which efficiently gather, sort, and analyze data at volumes and speeds surpassing human capabilities.

Although writing algorithms requires advanced data analytics expertise, professionals can still harness the benefits of data-driven decision-making without extensive coding and statistical modelling knowledge.

Who Needs Data Analytics?

Every business professional making decisions should possess foundational data analytics knowledge. In today’s digital age, data accessibility has reached unprecedented levels.

Consequently, formulating strategies and making decisions without considering available data could result in overlooking crucial opportunities or missing critical warning signs.

Specifically, these professionals can significantly benefit from data analytics skills:

Marketers analyze customer data, industry trends, and past campaign performance to develop effective marketing strategies.
Product managers evaluate market, industry, and user data to enhance their companies’ products.
Finance professionals examine historical performance data and industry trends to project their companies’ financial futures.
Human resources and diversity, equity, and inclusion professionals gain valuable insights by analyzing employee opinions, motivations, and behaviours, and then combining these findings with industry trend data to implement meaningful organizational changes.

To maximize the value of your data, understanding the four key types of data analytics becomes essential. Next, let’s explore these types, which you can implement individually or combine strategically to optimize your company’s data utilization.

4 Key Types of Data Analytics in Business

4 Types of Data Analytics to Improve Decision-Making

1. Descriptive Analytics

Descriptive analytics is the foundation for all other analytics types and helps professionals extract trends from raw data to describe past or current events. This fundamental approach answers the question, “What happened?”

Consider this example: Your company’s data reveals a seasonal surge in video game console sales. Through descriptive analytics, you can clearly identify that “This video game console experiences an increase in sales in October, November, and early December each year.”

Data visualization enhances descriptive analysis by presenting trends, dips, and spikes through clear, understandable charts, graphs, and maps.

2. Diagnostic Analytics

Diagnostic analytics delves deeper to answer, “Why did this happen?”

This analysis compares coexisting trends, uncovers correlations between variables, and determines potential causal relationships.

In our video game console example, demographic data shows users range from eight to 18 years old, while customers fall between 35 and 55 years old. Customer survey analysis reveals parents primarily purchase consoles as gifts for their children, explaining the sales spike during holiday gift-giving seasons.

Organizations frequently use diagnostic analytics to identify the root causes of business challenges.

3. Predictive Analytics

Predictive analytics empowers organizations to forecast future trends by answering, “What might happen in the future?”

Companies combine historical data analysis with industry trends to make informed future predictions.

For example, a decade of data showing consistent video game console sales spikes during October through early December, coupled with upward gaming industry trends, supports predictions of similar future patterns.

These forecasts help organizations develop strategies based on likely scenarios.

4. Prescriptive Analytics

Prescriptive analytics guides decision-making by answering, “What should we do next?”

This comprehensive analysis considers all scenario factors to suggest actionable steps.

Returning to our video game example: Organizations can leverage seasonal gift-giving trends through A/B testing different ad approaches – targeting either end-users (children) or purchasers (parents).

Test results guide strategies to maximize seasonal sales spikes. Alternatively, companies might launch September holiday-themed marketing campaigns to extend the sales period.

While manual prescriptive analysis remains valuable, many organizations employ machine-learning algorithms to process large data volumes and recommend optimal actions.

These algorithms utilize “if” and “else” statements as data parsing rules, combined with mathematical equations, to determine specific action recommendations based on met requirements.

Using Data to Drive Decision-Making

Organizations should integrate all four types of data analysis to develop a comprehensive understanding of their data story and make well-informed decisions.

Descriptive analytics illuminates your company’s current position, while diagnostic analytics reveals the path that led there. Companies leverage predictive analytics to forecast trend trajectories and determine future scenarios. Finally, prescriptive analytics empowers teams to evaluate all aspects of current and future situations, leading to strategic action plans.

Business professionals can adapt their analytical approach based on specific challenges and objectives. Some situations might require only two or three analytics types, while complex decisions benefit from implementing all four types sequentially to uncover deeper data insights.

When professionals strengthen their analytics capabilities, they unlock valuable data insights that drive both organizational success and career advancement. By mastering these analytical tools, decision-makers can transform raw data into actionable strategies that create measurable impact.

For more business tips, check here.

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BUSINESS

Samsung Galaxy S25 Series Sets The Standard Of AI Phones As A True AI Companion

Published

2 months ago

January 31, 2025

Adaeze Okechi

Samsung Galaxy S25 series sets the standard of AI phones as a true AI companion

…Pioneering the multimodal era with the most context-aware and personalized mobile experience

Lagos, Nigeria – January 23, 2025 – Samsung Electronics Co., Ltd. has announced the Samsung Galaxy S25 series: Galaxy S25 Ultra, Galaxy S25+ and Galaxy S25, setting a new standard as a true AI companion with the most natural and context-aware mobile experiences ever created. Introducing multimodal AI agents, the Galaxy S25 series is the first step in Samsung’s vision to change the way users interact with their phone – and with their world.

A first-of-its-kind customized Snapdragon® 8 Elite Mobile Platform for Galaxy chipset delivers greater on-device processing power for Galaxy AI and superior camera range and control with Galaxy’s next-gen ProVisual Engine.

Samsung Galaxy S25 series sets the standard of AI phones | fab.ng

Galaxy S25 Ultra

With One UI 7, the Galaxy S25 series is a true AI companion that understands the context of your needs and preferences and provides personalized AI experiences with privacy assured at every turn.

It’s the starting point of a shared vision with Google to imagine Android with AI at the core, bringing together developers and partners from around the world.

AI agents with multimodal capabilities enable Galaxy S25 to interpret text, speech, images and videos for interactions that feel natural. Upgrades to Google’s Circle to Search make searching your phone screen more helpful, fast and contextual. Circle to Search now quickly recognizes phone numbers, email and URLs on your screen, letting you call, email or visit a website with a single tap.

With Galaxy S25 series, you can also perform actionable searches with context-aware suggestions for next steps. Plus, Galaxy S25 makes it frictionless to switch between apps for quick follow-up actions, like sharing a GIF or saving event details.

Galaxy S25 represents a breakthrough in natural language understanding, making everyday interactions easier. Simply ask and intuitively find a specific photo in Samsung Gallery or adjust the size of display fonts in Settings.

In the era of AI, personalization goes hand in hand with privacy. On the Galaxy S25, the Personal Data Engine powers personalized AI features by safely analyzing your data on-device to deliver highly tailored experiences that reflect your preferences and usage patterns.

These insights enable tailored experiences, such as using natural language to search for an old photo in the Gallery or being guided through the day with Now Brief, which proactively offers suggestions accessible via Now Bar on the lock screen. Knox Vault keeps all personalized data private and secure.

Combined with enhanced on-device processing capabilities, this creates a powerful, protected AI experience that is unique to Galaxy.

Galaxy S25+

Galaxy’s Most Powerful Performance Ever

The Galaxy S25 series is powered by the Snapdragon® 8 Elite for Galaxy. With unique customizations by Galaxy, this is the most powerful processor ever on the Galaxy S series. Further delivering a performance boost of 40% in NPU, 37% in CPU and 30% in GPU. This is compared to the previous generation.

This power fuels the Galaxy S25 series’ ability to process more AI experiences on-device without compromise, including previously cloud-based AI tasks such as Generative Edit.

10-bit HDR recording is now applied by default, offering four times richer color expression compared to 8-bit. Galaxy S25 can thus capture details in any lighting conditions. Plus, low-light videos have never been clearer than with Galaxy S25.

Based on powerful processor, Galaxy S25 analyzes movement and time to reduce noise more effectively. This integration allows detecting both moving and static objects with greater precision, ensuring sharper, cleaner footage in any scenario.

Galaxy S25 also introduces a range of tools once limited to specialized software, making advanced editing accessible for all. Now anyone can be a pro at editing photos and videos. Audio Eraser simplifies the removal of unwanted noise in videos. By isolating categories of sounds – including voices, music, wind, nature, crowd and noise – you can control what to tone down or eliminate entirely.

Galaxy S25 Series

Durable Design Embracing a More Circular Approach

The Galaxy S25 series builds upon Galaxy’s ‘Essential Design’ grounded in ‘Simple, Impactful and Emotive’ elements.

Galaxy S25 Ultra refines this essence into the slimmest, lightest and most durable Galaxy S series yet. This is with a rounded edge for a comfortable grip that complements the series’ aesthetic identity.

Galaxy S25 Ultra features durable titanium and the new Corning® Gorilla® Armor 2, a first-of-its-kind material that is more durable than glass. It combines Corning’s glass-ceramic with a proprietary anti-reflective surface treatment. This helps to ensure advanced drop protection alongside anti-reflection surface treatment and scratch resistance.

Combined with seven generations of OS upgrades and seven years of security updates, the Galaxy S25 series ensures a reliable and optimized performance over a longer lifespan.

For greater peace of mind, Samsung Care+ offers comprehensive coverage for accidental damage, repairs, and replacements, ensuring peace of mind for Galaxy users.

The Galaxy S25 series is available to order. Galaxy S25 Ultra will be available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ will be available in Navy, Silver Shadow, Icyblue and Mint.

For more information about the Galaxy S25 series, please visit: Samsung Newsroom, SamsungMobilePress.com or Samsung.com.

BUSINESS

5 Success Tips For Start-Up Businesses In Nigeria

Published

4 months ago

December 23, 2024

wpadminee

5 Success Tips For Start-Up Businesses In Nigeria | fab.ng

Nigeria’s entrepreneurial landscape is vibrant yet demanding, and success tips for start-up businesses in Nigeria are essential for navigating its challenges.

Achieving business success requires a combination of strategic planning, resilience, and a clear understanding of the market.

For start-ups, mastering these success tips for start-up businesses in Nigeria can help transform obstacles into opportunities and turn ideas into thriving ventures.

By adopting the right strategies, entrepreneurs can effectively launch and scale their businesses in Nigeria’s competitive environment.

These success tips for start-up businesses in Nigeria offer crucial insights into overcoming challenges, seizing opportunities, and building sustainable growth.

1. Develop a Robust Business Plan

Crafting a comprehensive business plan is fundamental for start-ups in Nigeria. Successful entrepreneurs recognise that a well-structured plan serves as a roadmap for growth. Your business strategy should include:

Detailed market research
Clear financial projections
Competitive analysis
Realistic operational strategies

Success tips for business always emphasise the importance of thorough planning. Nigerian start-ups must create flexible plans that can adapt to the dynamic economic environment.

2. Leverage Technology and Digital Platforms

Digital transformation is crucial for modern start-ups in Nigeria. Embracing technological solutions can significantly enhance business efficiency and market reach. Success tips for business in the digital age include:

Utilising cloud computing
Implementing robust cybersecurity measures
Exploring e-commerce platforms
Developing mobile-friendly interfaces

Start-ups in Nigeria must invest in technological infrastructure to remain competitive and innovative.

3. Build a Strong Network and Partnerships

Networking is a critical success tip for business growth in Nigeria. Building strategic relationships can open doors to opportunities, funding, and mentorship. Entrepreneurs should:

Attend industry conferences
Join professional associations
Engage with local and international business communities
Seek mentorship from experienced entrepreneurs

Successful start-ups in Nigeria understand that connections are as valuable as capital.

4. Secure Adequate Funding and Financial Management

Financial stability is paramount for start-ups in Nigeria. Success tips for business include:

Exploring multiple funding sources
Maintaining transparent financial records
Understanding government grants and initiatives
Developing sound financial management strategies

Nigerian entrepreneurs must be creative in securing and managing their financial resources.

5. Prioritise Customer Experience and Market Adaptation

Customer-centric approaches distinguish successful start-ups in Nigeria. Entrepreneurs should:

Conduct regular market research
Gather and implement customer feedback
Stay agile and responsive to market changes
Develop unique value propositions

Success tips for business always highlight the importance of understanding and serving customer needs effectively.

Additional Considerations for Nigerian Start-ups

Beyond these core strategies, start-ups in Nigeria must also:

Navigate regulatory environments
Understand local business cultures
Develop resilience against economic fluctuations
Continuously learn and upgrade skills

Conclusion

Success tips for business are not one-size-fits-all solutions. Start-ups in Nigeria must combine strategic planning, technological innovation, strong networks, financial acumen, and customer focus to thrive.

By implementing these strategies, Nigerian entrepreneurs can transform challenges into opportunities and build sustainable, successful businesses in an increasingly competitive global marketplace.

If you found this article helpful, continue reading here.

BUSINESS

5 Myths About The Job Market And Their Solutions

Published

4 months ago

December 8, 2024

wpadminee

5 Myths About The Job Market And Their Solutions | fab.ng

Myths about the job market can mislead job seekers and professionals navigating career transitions. Many individuals fall prey to outdated beliefs that no longer reflect the dynamic employment landscape.

Myths about the job market often include misconceptions about required qualifications, salary expectations, and career progression.

One prevalent myth suggests that a traditional four-year degree guarantees immediate employment when in reality, skills, adaptability, and networking play crucial roles.

Another widespread misconception is that changing careers is impossible after a certain age, which undermines the potential of experienced professionals seeking transformation.

Myths about the job market also perpetuate the idea that stability means staying in one role for decades. Modern career paths are increasingly non-linear, with professionals expecting to change jobs multiple times.

The solution lies in continuous learning, developing transferable skills, embracing technological advancements, and maintaining a flexible, growth-orientated mindset.

Myths about the job market can be debunked through proactive research, upskilling, and understanding emerging industry trends.

Let’s take a quick look at these myths and how to solve them below.

Myth 1: You Need a Four-Year Degree to Succeed

While a college degree can open doors, it’s not the only path to a fulfilling career. Many successful professionals have built thriving careers without a traditional degree.

Solution:

Skill-Based Learning: Focus on developing in-demand skills through online courses, boot camps, or certifications.
Networking: Build relationships with professionals in your desired field, regardless of their educational background.
Freelancing and Gig Work: Gain experience and build a portfolio through freelance projects.

Myth 2: The Job Market is Saturated

It’s true that competition can be fierce, but there are still plenty of opportunities for skilled individuals. The key is to identify niche markets and unique value propositions.

Solution:

Niche Down: Specialise in a specific area within your industry to stand out from the crowd.
Continuous Learning: Stay updated on industry trends and emerging technologies to remain competitive.
Personal Branding: Build a strong personal brand to attract potential employers and clients.

Myth 3: You Should Only Apply to Job Postings

While applying to job postings is a traditional approach, it’s not the only way to land a job. Proactive job hunting can yield better results.

Solution:

Networking: Connect with people in your industry and let them know you’re looking for opportunities.
Informational Interviews: Schedule informational interviews to learn about potential job openings and company culture.
Cold Emailing: Reach out to hiring managers directly to express your interest in a position.

Myth 4: You Should Stay in a Job You Hate

Staying in a job you despise can negatively impact your mental health and career progression. It’s essential to prioritise your well-being and seek new opportunities.

Solution:

Set Career Goals: Define your long-term career aspirations and create a plan to achieve them.
Upskill and Reskill: Invest in your professional development to enhance your job prospects.
Network Strategically: Build relationships with people who can help you find new opportunities.

Myth 5: The Job Market is Only for Young People

Age discrimination is a real issue, but it doesn’t mean older workers can’t find fulfilling careers. Experience and wisdom are valuable assets in the job market.

Solution:

Highlight Your Experience: Emphasise your skills and accomplishments, focusing on how they can benefit your potential employer.
Adapt to Change: Stay updated on technological advancements and industry trends.
Mentor Younger Professionals: Sharing your knowledge and experience can boost your credibility and open doors to new opportunities.

Remember, the job market is constantly evolving. By debunking these myths and taking proactive steps, you can increase your chances of finding a fulfilling career.

So, don’t let these misconceptions hold you back. Keep learning, keep networking, and keep believing in yourself.

Key takeaways:

Myths about the job market can hinder your job search.
A four-year degree is not always necessary to succeed.
Skill-based learning and networking can help you land a job.
The job market is not saturated, but you need to niche down and continuously learn.
Applying to job postings is not the only way to find a job.
You should not stay in a job you hate.
The job market is not only for young people.
Older workers can still find fulfilling careers by highlighting their experience and adapting to change.

By understanding these myths and implementing the suggested solutions, you can empower yourself to navigate the job market with confidence and achieve your career goals.

Check out more updates here.