Gaining an Edge With Business Intelligence Tools in Banking

The foundation of banks, like any other business, is “data”. This data constitutes customer data, operational data, compliance data and more. Then, why is it that even today when the banking sector is growing like never before, there is still lack of smart and intuitive tools like Business Analytics and Intelligence to nurture this data.

Business Intelligence is the scope of using the power of analytics and reporting to utilise the banking data to identify new markets/prospects, manage risks and make decisions based on actionable insights.

According to Forrester, BI is listed as a top technology priority for CIOs for five consecutive years across all the industries.

As a result of the many changes happening in the past year in terms of banking regulations, lower interest rates and NPA levels reaching an all-time high, bank’s profit margins are severely impacted. Banks have to figure out new ways of doing business and make profits by strengthening their customer relations.

It has been noted that the banks who have already invested in BI technology are gaining a competitive edge on their competitors. On exploiting the advanced capabilities of analytics and BI banks can:

• Gain opportunity to cross-sell products and services to all customers

• Identify customers and products that are more profitable

• Reduce cost of collecting, formatting and polishing banking data

• Improve decision making capability based on fact-based information, at the right time.

This is just the beginning

Though business Intelligence in banking is comparatively a new concept, however, it has been embraced with open hands. And, it is only increasing in its capabilities. With every passing day, measures are being taken to make BI tools more robust, accessible, economic and attainable.

The banking CIOs are looking forward to investing in BI in future. check out the Indian banks who have already been availing the benefits of Advanced Analytics and Business Intelligence.

Setting our Banks for Future with BI

The key to effectively serve banks’ customers is by accurately utilising the data for offering them highest value at all times. Banks must differentiate their products and encourage customers to choose them by highlighting how they’re better. Plugging-in a Customer Relationship Management (CRM) software can prove to be a good idea alongside a well implemented BI solution.

For this, there must be enough coordination between the business and technology deployed. Banks and other financial institutions can certainly unlock new horizons of business growth by efficiently utilising organisational data and thus gain valuable, actionable insights.

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8 Ways To Reduce Your Monthly Business Expenditure

Even the most successful of businesses inevitably face a cash crunch or two during their lifetime during which paying bills, giving employee wages, handling operational costs, etc become a nightmare. Here’s how to avert such adverse events through cost-cutting strategies.

We’re not talking about laying off employees or cutting corners from an already tight budget. We’re talking about practical ways like the ones below to save your business a substantial sum of money every month.

Make friends with technology

Is that document submission process taking too long? Is accounting eating into your team’s valuable time? Use technology! Many companies feel that investing in such products is a waste of money but very few realise that time is money. Using products and services saves time and minimises instances of manual error, making work smooth and thereby, giving more room to creativity.

Test before you buy

Seasoned shoppers all have one mantra; “One needs to shop around before buying.” Similarly, companies too should not jump on a product and purchase it for the entire team. Most products offer free trials or discount offers for the first month which gives your team to test it out and then purchase it. In case the tool does not offer free trials, buy it for an individual before purchasing for the entire team. Make sure to compare different products available in the market, consider their pricing, read reviews by peers, etc before making a decision.

Buy in bulk

Buying in bulk is a money-saving principle used by businesses, big and small. Be it the retail shop owner across the street or designers who bulk buy fabrics to make profits, it is always cheaper to purchase in bulk. Buy essentials like office supplies, like paper, printer cartridges, etc or products like tissues, coffee, etc. in bulk. You may be able to save thousands this way.

Track every little expense

Keep a record of all miscellaneous expenses or buy tools to track every kind of expense no matter how small or insignificant they look. Small expenses often add up and create bottlenecks when claiming taxes. The best way to track these expenses is to save all the receipts and review credit card settlements at the end of the month. There are many apps and service products that can help with this.

Review expenses every quarter

Purchased a SaaS tool last quarter? Don’t forget to stop the subscription once you no longer require it! If you forget, you will find that your business is burdened by services you never use that simply weigh down the balance sheet.

Find creative alternatives to traditional vendors

Some services are required by every business irrespective of their size. If you are looking for HR and Recruitment services don’t just rely on conventional options but explore and then select the agency or services based on your requirements.

Apply credit card rewards points for gift card purchases

Use your credit card reward points to purchase gift cards to minimise business expenses like employee gifts, office supplies or travel. You can save thousands with these points.

Renegotiate your payment terms and timelines with clients

If yours is a B2B Business and your clients ask for payment terms of 30-90 days, offer them a discount on their next purchase in exchange of timely payment. Alternatively, you could also give a discount on current invoices in return for early payment that can boost your business growth and maintain a healthy cash flow through invoice discounting platforms.

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Who Else Wants To Know About Operating Cash Flow

Today we’re going to take a look at operating cash flow, which is one of the most important numbers in a company’s accounts. Many investors pay a great deal of attention to these figures as it gives vital clues to an investor trying to assess the health, and value of a company.

What does Operating Cash Flow Means?

It’s simply the amount of cash that company generates from its normal operations. For example, if you are a retailer like Walmart, the bulk of your revenue will come from the difference between the sale price of an item, and how much it costs you to sell it.

The operating cash flow shares a lot of similarities with E.B.I.T.D.A., that’s earnings before interest taxes, depreciation, and amortization. And typically these numbers are not hugely different, that’s why I say they’re very similar.

The difference is due to working capital. I can assume you know what working capital is. One of the problems with learning accounting is that you have to learn multiple things at once. Eventually you will piece it all together.

Working Capital

So let’s take a very quick look at working capital. Working capital is the difference between current assets and current liabilities. The word current simply means that it should be off the company’s books within a year. So a current asset is something that is expected to be sold or consumed within one year.

Now, we can see the formula. Operating cash flow equals the net income plus non-cash expenses. This is typically depreciation and amortization, mainly let’s add our power of E.B.I.T.DA., plus changes in working capital.

That’s the fundamental formula for operating cash flow

Mathematically,

Working Capital = Current Assets – Current Liabilities = Net Income + Non-cash Expenses + Changes in Working Capital = FUNDAMENTAL FORMULA FOR OPERATING CASH FLOW.

Some Applications and How this is Useful to an Investor.

Working capital is very useful; the main use is that;

It can reveal dodgy accounting. For example; a company may generate huge profits but very little cash flow. This may indicate a problem, and you should be very skeptical about the source of the profit when it is not backed up by strong cash flows.

It gives you a more realistic idea of a company’s health. Consider a retailer that owns its own stores, if the property market rockets, the company will report huge profits. But its flow of cash won’t be huge. So when you go into those numbers, and analyze them, you’ll see that the core business is not nearly as profitable as the overall profit figures would indicate. The other thing you need to be aware of is that

A company’s cash flow is what is used to expand its business. So a company that is not generating much cash flow will need to get its expansion capital from somewhere else. Usually a bank.

Finally, now that you know what operating cash flow is, you can’t just believe the statements figures. There are tricks that companies have used to make their numbers bigger. The classic one is extending the time taken to pay suppliers while collecting the money that’s owed to you faster. You see how that would increase the operating numbers? Think of it. You’re bringing in money faster and paying out slower. It’s really a farce, but it gives the illusion of a higher operating numbers. So hopefully you understand the basic ideas. To Find More On Bookkeeping services , Go Here Now!

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Monograms – Engrave Special Moments!

Special life moments require a unique type of gift. Monogram gifts make special occasions like birthdays and weddings a little more personal. A monogram is a decorative motif that uses one, two or more letters of a person’s name, usually in a fancy font. In most circumstances, the letters used are the initials of the person receiving the gift.

Monogram Styles and Arrangements

A monogram comes in many different styles and arrangements. The arrangement of the initials can vary based on the recipient of the gift being given. These are the common types of monograms that might be seen:

The initial style monogram
uses a one-letter monogram, usually a first or last initial, or the letter of a company

Block style
popularly used in three-letter monograms, letters are all the same size and width

Traditional style
typically used with names in a three-initial format, the middle letter represents the first letter of the last name and is slightly larger than the side letters which are indicative of the first and middle name

Stacked style
used best with the three-letter monograms, the first and middle initials are stacked and placed to the left of the initial of the last name

Interlocking
used with fonts that have flourishes on them, allowing the elements to touch one another

Circle monogram
a style that works best with two or three-letter monograms, letters are fit inside and in the shape of a circle

Diamond
works in the same way as the circle monogram, only the letters are enclosed in a diamond shape or take the shape of a diamond

Split-Letter
a small space overlaps the initial character, and this space can contain the entire word that the initial letter stands for

Different Ways To Monogram

Monograms can be created using the font and arrangement that fits the occasion. Many monogrammed gifts are often made by etching or engraving the monogram into the gift. An example of these is jewelry, drinking glasses, wooden keepsakes, etc.

Other ways to monogram include embroidery and vinyl decals. Many jackets or polo shirts may be emblazoned with the monogram of a company or the owner in embroidered letters. These letters can also be done in various fonts. Vinyl decals are made for items like plastic tumblers and car windows.

Why Monogram?

Monograms are a great way to make a gift personal for the recipient. Most monogram gifts are also functional, meaning that the recipient can use it instead of just sitting it on a shelf. For special occasions, using monograms provide a personal experience and shows the thought of the person giving the gift.

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5 Tips to Take Care of Your Newly Replaced Windshield

Have you just had your windshield replaced? If so, you are on the right page. In this article, we are going to share with you a couple of tips that will help you take care of your newly replaced windshield. With these tips on your mind, you can prevent further damage and save a lot of money. Without further ado, let’s take a look at 5 of the tips that you may want to consider. Read on to find out more.

Be Gentle

After you have got your windshield replaced, make sure you get at least 60 minutes before taking your car outside on the road. The thing is that the adhesive requires at least a couple of minutes to get hard and set. If you don’t give it enough time to settle down, the windshield won’t be able to fit firmly into the frame. And this can be disastrous and can have a negative impact on the structural integrity of your car.

Apart from this, it can cost you a good deal of money as you will have to spend more money to reinstall the glass. For the next 24 hours, you should be very gentle with your vehicle. In other words, you should shut the doors of your car gently and drive it on even roads.

Keep the Retention Tape in place

Although removing the retention tape won’t make your car look ugly, it plays a great role in fixing the position of the molding in addition to keeping the glass in place. Therefore, you may want to wait at least 24 to 48 hours before you drive your car just like before. Therefore, it is a good idea to leave the retention tape untouched if you want to be on the safe side.

Don’t Wash Your Car

For the next 24 hours, don’t think about a car wash. In fact, you don’t even try to wash the car yourself. Ideally, you may want to wait for at least two to three days before you take your car for a car wash. This is of paramount importance.

Keep a Window Open

The integrity of your vehicle windshield will be negatively impacted if the air pressure inside the cabin continues to build up. Therefore, we suggest that you keep at least one window open slightly. This will allow the hot air to escape the vehicle and prevent any cracks or leaks. This step is quite important if you want to equalize the pressure inside your car.

Change Your Route

If you had to replace your car windshield due to rough roads, we suggest that you take an alternate route. In other words, you may want to drive along a different route, in addition, to park it in a shady spot.

Replacing your car windshield costs a great deal of money. Therefore, you may want to get it done by a professional and follow the steps given in this article. This will help you make sure that the windshield stays in place.

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Common Questions About Machine Learning

In this article, we are going to talk about machine learning. We will answer a lot of common questions that most people may have on their minds. Without further ado, let’s get into details. Read on.

1. What is Machine Learning?

Machine learning is a type of (AI), aka Artificial Intelligence that empowers a system to learn and make decisions itself without being programmed. These algorithms make the computer smart enough so that it can make choices on the basis of the data it has without any human intervention. The primary aim is to make algorithms that allow a system to learn and make their own decisions in future, based on the past data.

2. Why do we need Machine Learning?

Given below are some of the reasons we use these in the here and now.

2.2. Prediction while Traveling

We all have been using GPS system while traveling in our lives. Whenever you book a cab it tells you the approximated fare and time required to reach your destination. How does your smart phone do that? The answer is machine learning! It calculates the velocities and location of our vehicles. based on this information, it even tells us if there is traffic jam on this road. The programmers did not program the computer to tell you that there is a traffic jam, but they designed a system that makes smart decisions on the basis of past and current events of people who passed by that area. Plus, it warns you about the traffic jam.

2.3. Search Engine Optimization

web search engines automatically show you the accurate results based upon your location and past searches. Programmers don’t program it to show you those results, but it gives accurate results within seconds according to your interests and recent searches.

2.4. Spam Mail Classification

In our email boxes, the system automatically classifies some emails as spam or junk mails and some mails as primary mails that could be very important for us. The system is never wrong and it is all possible with the help of these learnings.

3. Types of Machine Learning:

The basic idea of machine learning is the same for all types but it has been further divided into 3 following types:

3.1. Supervised Learning Supervised learning is one of the most popular types of machine learning and it is easy to understand and implement. In this type, the algorithm is trained on given data but and the data needs to be labelled. You allow the system to predict the data and you make corrections if the predictions it makes are not accurate enough.

3.2. Unsupervised Machine Learning

Unsupervised machine learning works without any labeled data but you have to provide a lot of data so that the system understands the properties that provide a base for the decision it has to make. This can improve the productivity in a lot of fields.

3.3. Reinforcement Learning

It is based upon trial and error methods. The system makes mistakes and learns from them in order to avoid these mistakes again. For example, in a maze, when the system fails to find a path, it won’t go on the same path again because it knows that the path doesn’t work. It labels positive outcomes and negative outcomes and runs on the basis of these outcomes.

In short, these were some of the common questions about machine learning. Hopefully, the answers to these questions will help you get a deeper insight into this field of science.

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Coastal Beach Farmhouse Interiors

The coastal farmhouse beach home is a sanctuary of warmth, comfort and serenity, simple and understated yet alive with your creative design elements. An exciting blend of farmhouse and coastal design it mixes elements of the old world rustic charm and new clean lines, using natural reclaimed wood, earthing metal and distressed vintage furniture to give your home a clean, and earthy look. The coastal style brings elements of the water into your home and brings in the vibes of peace and tranquility. These two styles blend together to bring an earthing yet invigorating interior to your home.

This gorgeous living room with a rustic blue patina sideboard and a huge antique arch floor mirror brings in elements of the coastal farmhouse style. The stunning farmhouse old door coffee table uses reclaimed woods and studded iron, and the cool, airy translucent sheer curtains give a coastal feel to the room. Turquoise, aqua and teal pillows on a white sofa chaise gives a laid back luxurious ambiance.

The kitchen is the main focus of the house as we all love a well prepared meal and there is nothing like a family cooking together. The dining table is custom- made from old carved doors with beautiful unique detail. With eight stylistic chairs, each upholstered in different fabrics, selected individually by each family member, the uniqueness in design is quaint and exotic. Warm red paisley mixed with teal blues bring out the patina of the old woods in the table. Sheer white self checkered curtains and beach greenery brings in the coastal vibe. Stainless steel ultra modern appliances and of course the table would be incomplete without vintage glass bottles and mason jars. Shells and driftwood complete the setting.

Bring in the tranquility of the beach into your home office with these natural wood antique barndoors carved in florals and ocean waves. The office table is made from brass cladded vintage doors and the legs are painted a deep ocean blue. State of the art computers and a huge television screen hangs in front of the desk for virtual meetings. A huge magnificently detailed arched bookcase houses your collection of books, shells and driftwood while the cool watery blue and frothy white twill upholstered office chair is the coastal element. Earthy rustic armoires with vintage carved floral detail in whitewash play with the blue blown glass jar that carries a beautiful arrangement of palm fronds and pampas grass.

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Know Your Rights: Choose a Doctor for Your L&I Claim or Workers’ Compensation Claim

In Washington State, work injury claimants have the right to choose their doctor or attending provider (AP) for their claim. This right is part of RCW 51.36.010. Surprisingly, many people that suffer a workplace injury don’t know that they can select their own doctor. Yet, the only requirement is that the doctor or the provider must be part of the L&I Medical Provider Network (MPN).

L&I claim and your right to choose a doctor

There are many reasons for which people with an L&I claim or a workers’ compensation claim are unaware of their rights. Explicitly, the main reasons I see include:

• Not understanding how a workers’ compensation claim works. Most people never had a L&I claim They don’t know what an attending provider is, or what is their role. In fact, the attending provider has a very important role in L&I claims. This provider manages treatment, reports progress, and provides critical assessments throughout the claim. Therefore, it’s important for work injury claimants to choose a doctor or provider who will help them recover and manage their claim productively.

• Not realizing how a provider becomes their attending physician. Often, the Department of Labor and Industries (L&I) considers the provider that filed the application for benefits as the attending physician. If that provider is an urgent care provider, it’s unlikely they’ll agree to be the attending provider on the workers’ comp claim. If you had a workplace injury and treated in emergency setting, you should seek follow-up care from another doctor that will be an effective AP.

Making your own decisions in your L&I claim

In addition to the reasons above, there are other cases where work injury victims follow recommendations from others. In practice, many recommendations don’t help you choose the right provider for your claim. Such cases include:

• Being directed to a specific clinic or medical provider. Frequently, work injury claimants tell me their employer told them to see a specific doctor for initial treatment. Then, when they report their injury back at work, the employer provides the name and address of a specific medical provider or clinic for further treatment. Here, claimants are usually under the impression they can only see that provider.

• Getting referral to occupational medicine doctors from a primary care physician (PCP). Some people ask their primary care doctor for guidance after a work injury. Some PCPs are members of the MPN and can easily become the attending provider. Often, this is an ideal situation. However, when the PCP is part of a large medical group, the work injury claimant gets a referral to the “occupational medicine” division of the same group. These groups are often a L&I COHE. This practice is common at The Everett Clinic and Kaiser Permanente, among others. Yet, many folks with an L&I claim or a workers’ comp claim don’t realize they don’t have to get treatment there. Regardless of insurance, workplace injury claimants can treat with any provider in the MPN. Even if the attending doctor isn’t part of the same medical group as their primary doctor.

Changing a doctor in your L&I claim

There is no doubt that the attending provider has a critical role in a workman’s compensation claim. One key right is the ability to choose the doctor for your claim. Moreover, with some narrow exceptions, you also have the right to change the doctor for an L&I claim. Changing the attending provider is very simple. More explicitly, you can download and fill the Transfer of Care form (from the L&I website) and send it to your claim manager. As always, keep a record of all communications. This way, you can track and document your decision to designate a new provider.

Final remarks

In summary, the attending provider plays a very important role in workers’ compensation claims. And remember – people with a work injury claim have the right to choose their attending provider. Therefore, it’s important to choose a physician that’s going to focus on helping you get better and will help move the claim forward productively. Finally, if your attending physician isn’t right for you, then you have the right to switch to a different provider.

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