The post The Importance of Torque Calibration in Precision Industries: Tools and Best Practices appeared first on Mozbot.co.uk.
]]>By regularly calibrating torque tools, industries can minimize the risk of errors, enhance product quality, and adhere to precise measurements crucial in fields like manufacturing and aerospace. Overall, torque calibration tools are vital in upholding precision and reliability in various applications.
This blog explores the vital role of torque calibration in maintaining precision, the essential tools involved, and best practices to uphold industry standards.
Precision industries, ranging from manufacturing to aerospace, rely heavily on torque-sensitive applications. Torque, the rotational force applied during assembly or testing, directly influences the quality and integrity of the final product. Calibration ensures that torque tools, such as torque wrenches and screwdrivers, consistently deliver the intended force, minimizing the risk of errors and enhancing overall product reliability.
In precision industries, where the margin for error is slim, the importance of torque calibration cannot be overstated. It serves as the linchpin for maintaining accuracy, reliability, and adherence to industry standards. With tools like torque testers, analyzers, and calibration software, combined with best practices such as regular schedules and qualified technicians, precision industries can ensure that every torque-sensitive application meets the stringent demands of quality assurance. Embracing a culture of precision through robust torque calibration practices ultimately safeguards the integrity of products and the reputation of industries where precision is non-negotiable.
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]]>The post Ivo Bozukov: Energy Transition Explained appeared first on Mozbot.co.uk.
]]>This article will look at the energy transition and how people, businesses and governments all over the world are coming under mounting pressure to make the shift from fossil fuel-based energy to renewable sources like solar and wind power.
With renewable energy accounting for an ever-increasing proportion of the energy supply mix, improvements in energy storage and electrification are key drivers of the global energy transition.
Global commitment to decarbonisation polices and regulations has been mixed. Nevertheless, the energy transition is predicted to continue to gain traction as investors increasingly prioritise environmental, social and governance factors.
Todays investors and companies seek greater transparency and confidence in accounting for long-term climate opportunities and risks. Forward-looking businesses are adapting in accordance with the energy transition, falling in line with global transformation in the energy sector and moving away from fossil fuel-based modes of energy production to renewable energy sources. Making the switch from non-renewable sources of energy like coal, oil and natural gas to sustainable sources has been made possible by technological advancements. The transition is further driven by a social push towards sustainability.
Spurred on by permanent structural changes to energy prices, demand and supply, in addition to easing the burden on natural resources like coal, oil and gas, the energy transition also aims to reduce greenhouse gas emissions through various means of decarbonisation.
After years of dependency on regulations to promote growth in the industry, renewable energy sources have finally become a powerful and cost-effective electricity source. The cost of both wind and solar power have fallen drastically globally in recent years, so much so that in some regions of the US, UK and Europe today, wind power is actually cheaper than traditional high-carbon electricity sources. As costs continue to decline and solar and wind power become increasingly mainstream, experts predict exponential growth in the renewable energy industry, solidifying its reputation as a strong investment opportunity.
The International Energy Agency predicts that between 2019 and 2024, the world’s total renewable-based energy capacity will increase by 50%. In response to this shift, utilities are rapidly transitioning away from coal-based energy sources. Although some market observers anticipate that this trend will slow, there is mounting pressure on power companies to retire existing assets that are dependent on coal supplies, investing instead in renewable forms of power generation. In addition, many oil companies are increasingly diversifying and investing in renewable, low-carbon energy sources in response to ever-increasing concerns over climate change, a movement that experts predict will continue to gain momentum.
The energy transition paves the way for a variety of different benefits, not only in terms of the climate but also the economy and society as a whole. For example, digitisation of electricity grids paves the way for a new age of smart grids, facilitating the provision of new services for consumers. From an environmental point of view, renewable energy sources reduce pollution, while coal-fired power plants can be repurposed, culminating in a circular economy that creates new jobs while protecting the environment.
Although in the United States federal subsidies for solar and wind energy are set to expire, demand for renewable energy is predicted to remain high, driven primarily by large-scale renewable energy purchases by corporations. Indeed, the corporate renewables market is tipped to see continued growth, with demand already secured through initiatives like the RE100 coalition, which encourages large companies to commit to sourcing 100% of their energy from renewable sources. In addition, there is also the Renewable Energy Buyer’s Alliance, which was launched by more than 300 companies, including General Motors Co., Walmart Inc., Facebook Inc. and Google LLC.
There is undeniable evidence that the planet is heating up. Evidence from NASA indicates that in 2020, the earth’s average temperature was 1.02°C hotter than baseline 1950 to 1980 mean temperatures. In addition to melting the polar ice caps and resulting sea level rises, climate change is also causing other severe ecological impacts, including flooding and fires, hurricanes and desertification. The global scientific community is in virtually unanimous agreement that unless urgent action is taken, the environmental consequences will be dire.
At COP21 in Paris, the international community entered into a treaty designed to keep global warming within a maximum of 2°C higher than pre-industrial levels and ideally below 1.5°C. In terms of achieving this goal the energy transition will play a vital role, helping people, businesses, communities and entire countries to move away from fossil fuels and embrace renewable energy sources in order to drive down greenhouse gas emissions and mitigate the worst impacts of climate change.
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]]>The post The Ultimate Guide to Learning Python Programming appeared first on Mozbot.co.uk.
]]>Before we dive into the ‘how to’ process, let’s understand why learning Python is useful and why it has become one of the most popular programming languages in use today:
The time it takes to learn Python varies depending on many factors such as your level of experience in programming, the complexity of the concepts you’re trying to reach, the amount of time you can dedicate to learning, and how proficient you are in English. The good news is that if you create a good learning plan and put in a consistent level of effort, you will be able to grasp the basics in a very short time, and become proficient in a few months (and you could do it even faster by attending a good training course).
Now that we understand the benefits of learning Python and have a realistic timeframe in mind, let’s explore the best strategies to learn Python effectively: – So what is the best way to learn Python?
Consistency is key when learning any programming language, including Python. Make sure you do a bit of coding every day, even if it’s just for a few minutes. This will help develop muscle memory and reinforce the concepts you’ve learned.
Taking notes can significantly improve your learning retention. When learning Python, consider writing out the code by hand, especially when working on small projects or planning your code structure. This practice helps solidify your understanding of the syntax and logic behind the code.
Join online communities and forums where you can connect with fellow Python enthusiasts. Engaging in discussions, asking questions, and sharing your knowledge can help solidify your understanding of Python concepts and expose you to different perspectives.
Participate in coding meetups, hackathons, and workshops to interact with like-minded individuals. Collaborative learning environments foster creativity, encourage problem-solving, and provide networking opportunities.
Pair programming involves working with another programmer on the same codebase. This collaborative approach allows you to learn from each other, share ideas, and catch errors more effectively. Pair programming also improves communication and teamwork skills, which are highly valued in the industry.
Find a programming buddy or join pair programming sessions organized by coding communities. Collaborating with others can provide fresh perspectives and help you gain new insights into Python programming.
Asking questions is an essential part of the learning process. When seeking assistance or clarification, strive to ask “GOOD” questions – questions that are specific, well-researched, and demonstrate your effort to understand the problem.
Before asking a question, make sure to search for answers in documentation, forums, and other resources. This not only helps you develop problem-solving skills but also shows that you have done your due diligence.
When asking questions, provide context and include relevant code snippets or error messages. This allows others to understand your problem better and provide more accurate and helpful responses.
Perhaps the very best place to ask these questions, and to learn Python, is whilst learning on a professional, instructor-led training course, such as the ones that Framework Training offers. That way you can learn from the experts, collaborate with others, and get to ask those important questions in the knowledge that you are going to get an immediate answer.
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]]>The post Volker Hartzsch: Blockchain Based Decentralised Finance (DeFi) appeared first on Mozbot.co.uk.
]]>In traditional finance, banks and other financial institutions serve as intermediaries, essentially calling the shots in terms of the financial products they wish to offer and how much they wish to charge for those services. However, platforms such as Bitcoin and Ethereum are giving traditional financial institutions a run for their money, essentially cutting out the middleman and facilitating direct exchange of value between individuals, paving the way for decentralised finance or ‘DeFi’.
DeFi has several advantages over traditional finance, chief among them transparency. Other advantages of DeFi lie in the system’s security, which makes it less vulnerable to hacking attempts, and its availability compared with conventional finance, which is often restricted to customers of financial institutions and other monetary organisations.
On Bitcoin trading platforms, DeFi has had a revolutionary impact in terms of enabling users to access financial instruments without the need for intermediaries. One prominent area where DeFi has had a game-changing impact is in the field of crypto exchange platforms.
DeFi applications are integrated into blockchain platforms such as Ethereum, enabling developers to create smart contracts – facilitating the execution of complex financial transactions automatically and without the need for intermediaries. For example, platforms like Ethereum allow users to lend cryptocurrency to others, borrow cryptocurrency and repay it with interest, and earn interest on deposits. Cryptocurrency users can trade with each other via decentralised exchanges that are essentially open to anyone with an internet connection.
Although DeFi has several benefits, it also presents some challenges. Built on decentralised blockchain networks, DeFi is not subject to the same legislative monitoring as traditional finance, increasing the risk of fraud and other types of financial crime.
Another potential issue lies in the technology’s adaptability, with existing blockchain infrastructure currently inadequate in terms of processing the same trading volume as traditional finance.
DeFi aims to democratise finance by replacing traditional, centralised institutions with peer-to-peer relationships capable of providing a full spectrum of services, from routine, everyday banking, including mortgages and loans, to asset trading and complicated financial relationships.
Today, virtually every aspect of the financial services sector is managed by centralised systems operated by gatekeepers and governing bodies. DeFi challenges the status quo of the traditional banking system by disempowering these middlemen.
TrustToken co-founder and CEO Rafael Cosman describes decentralised finance as ‘an unbundling of traditional finance’. Essentially, DeFi takes power back from the banks, exchanges and insurers, putting it in the hands of regular people and enabling them to trade with each other freely via peer-to-peer exchanges.
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]]>The post Holger Ziegeler Presents the Max Planck Society’s Images of Science Exhibition appeared first on Mozbot.co.uk.
]]>The Images of Science exhibition in Karachi was staged at the Mohatta Palace Museum in June 2022. Holger Ziegeler joined with Nasreen Askari, Curator of the Mohatta Palace Museum, greeting event guests in person. Mr Ziegeler invited students, academic groups, and the public at large to visit the Max Planck Society’s Images of Science exhibition to stimulate their interest in academic research.
As Mr Ziegeler highlighted, Germany is a nation with a proud history of wide-ranging research activities and a welcoming academic culture. Science has enabled humankind to push back the boundaries of the known world, exploring the new and making the unseen visible. In the process, imaging techniques play an ever-increasing role, with scientific images often conveying surprising visual structures and forms: abstract works of art that are largely hidden from the human eye in daily life.
Bringing together scientists from over 80 research institutes, the Max Planck Society created the Images of Science exhibition to provide fascinating glimpses into the world of science. Images showcased in the exhibition covered a variety of research fields and were captured using a variety of different techniques, ranging from conventional photography to computer simulation and colored microscopic images.
In an interview with Business Recorder, Holger Ziegeler explained that the exhibition came within the framework of 70 years of bilateral relations between Pakistan and Germany. He said that the exhibition had a scientific background, and a scientific background formed the basis for German industry, trade, and technology.
As Holger Ziegeler, himself a scientist, pointed out, Germany is a world technology leader in many aspects. To seek the truth and discover the secrets of nature requires scientific research. The Images of Science exhibition brought together the truth and beauty of the world, as Mr Ziegeler explained, quoting the poet John Keats, who famously said: “Beauty is truth, truth is beauty.”
The Images of Science exhibition incorporated a variety of scientific images, including a piece produced by Dr Asifa Akhtar, a native of Karachi who serves as Vice President of the Max Planck Society and is the organization’s Director for Immunobiology and Epigenetics in Freiburg.
Images featured in the exhibition covered a variety of different areas of scientific research, from insights into the composition of the early universe to tiny neurons within the brain and various other areas of earth science and biology. Providing unprecedented images of the smallest details that form the base of knowledge and beauty in the world, the Max Planck Society’s Images of Science exhibition was a collaborative initiative that was funded by the German Federal Foreign Office, supported by the Federation of German Industries, and implemented by the Goethe-Institute.
The exhibition featured larval models of Danio rerio, commonly known as the zebra fish, which is a popular model organism in developmental biology since it grows from a fertilized egg to a sexually mature adult in the space of just three months.
The Max Planck Society is one of Germany’s leading non-university research organizations. Max Planck Institutes conduct innovative research into natural, biological, and social sciences and the humanities. The organization presents international researchers with many interesting opportunities in a variety of different research fields via its 86 research institutes and facilities.
Enjoying global recognition for its excellence in research, the Max Planck Society has produced a staggering 29 Nobel laureates in total who were members of the society – or the Kaiser Wilhelm Society, as it was once known – in the year in which they were awarded the Nobel Prize. For example, Emmanuelle Charpentier, who served as the Max Planck Unit for the Science of Pathogens in Berlin’s Scientific and Managing Director, received the prestigious Nobel Prize in Chemistry in 2020. In 2021, two researchers from the Max Planck Society received Nobel Prizes, namely Benjamin List, Director of the Max Planck Institut für Kohlenforschung, who received the Nobel Prize in Chemistry, and Klaus Hasselmann, Founding Director of the Max Planck Institute for Physics, who received the Nobel Prize in Physics.
The Max Planck Institutes present an open, vibrant working environment where more than half of all researchers hold a foreign passport, culminating in a creative cosmos where intercultural and interdisciplinary concepts and innovative ideas come to fruition. This in turn ensures the continuance of the exceptional research for which the society is renowned.
Today, almost 24,000 individuals are employed by the Max Planck Society, including doctoral students, researchers, graduates, visiting researchers, scholarship holders and staff. Headquartered in Munich, the Max Planck Society’s research institutions are located not just within Germany but overseas too, with each Max Planck Institute benefiting from its own budget, enjoying autonomy over its own research projects, and choosing its own staff, cooperation partners, and subject matter.
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]]>The post Exploring the Basics of Medical Billing and Coding appeared first on Mozbot.co.uk.
]]>Effective healthcare management ensures accurate billing, timely reimbursement, and proper documentation. In this blog post, we explain the basics of two important topics for healthcare operations—billing and coding. We will also discuss how it works in the dental segment.
Services such as medical billing and coding service have different processes than those offered by other back-office professionals such as medical assistants.
It begins with a patient visit for medical treatment, followed by the physician taking notes. The coding and billing specialist then evaluates the patient’s electronic medical record. Proper reporting includes assigning the correct code related to the diagnosis, procedure, and cost.
Coding is important for keeping track of medical services and getting paid. Professionals use codes to describe procedures and costs. They also handle the billing process to submit claims and make sure everything is accurate. Understanding and following correct coding and billing practices helps ensure things run smoothly in healthcare.
Medical billing is how healthcare organizations submit claims to payers and bill patients. The medical coder and biller create a “superbill” that breaks down the services, which
allows providers to create claims for the patient’s visit. These processes ensure accurate reporting and billing of medical services.
Exploring Billing Categories
Medical billing can be divided into two main categories: Front-End and Back-End
Front-end billing
This is the initial billing process where a patient signs up and fills out information forms. The patient is informed of the charges and medical coders convert them into billable codes.
Back-end billing
Individual payers as well as government insurers and third parties submit claims. Services are listed on a bill, and the medical coder and biller ensure that the information is correct at the claim preparation stage.
Now that you have an overview of the medical billing and coding processes, let us look at an example of its application in one specific field within the healthcare industry.
An example of Coding and Billing in Healthcare Organizations – Dental Practice
In the context of dental practices and dental care institutions, dental billing services are an integral part of the coding and billing process. In many healthcare organizations, however, there are some specific codes and billing practices:
Proper financial management is crucial for healthcare administration to be successful. Codes are necessary for keeping accurate records, getting paid on time, and making sure medical care is provided. Healthcare professionals use codes to report and bill for the services they provide. Knowing code categories and billing processes helps them manage the complexities of billing.
Effective management helps healthcare organizations make more money, reduce mistakes, and work better. This allows them to focus on giving patients excellent care while keeping their finances stable. By using codes and managing finances well, healthcare can be successful and patients can get the best treatment. Having the right software and systems help to streamline the management process and make it easier to ensure accuracy.
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]]>The post Johnson Salako: Highspeed Broadband Penetration in Nigeria appeared first on Mozbot.co.uk.
]]>This article will look at the increased integration of highspeed broadband across Nigeria, exploring the potential of digitization to help businesses grow across the country – and, in the process, boosting Nigeria’s GDP.
In July 2022, broadband penetration reached 44.5% in Nigeria, according to a report from the Nigerian Communications Commission. By contrast, broadband usage was at 40.9% in the country in February 2022.
Nigeria’s rapidly increasing broadband penetration rate is a hopeful sign for achieving the national target of 70% in 2025. Ranking as the largest mobile telecommunications market in the whole of the African continent, Nigeria’s rapid development started in 2001 with the successful auction of Digital Mobile Licenses.
In 2022, MTN made history as the first telecom company to launch a 5G network in the country. Nevertheless, in Nigeria today, internet services are largely delivered via 2G, 3G and 4G mobile telecommunications networks.
Between December 2021 and September 2022, the number of internet service providers in Nigeria increased from 187 to 225. These figures are based on data published by the Nigerian Communications Commission, which indicates that 38 more companies have been licensed, including Starlink, Elon Musk’s company, which was granted a licensed in May of 2022.
As of July 2022, Airtel, MTN, 9mobile, Globacom and other Nigerian mobile network operators had a collective total of 151 million active internet subscriptions. Alongside voice and other services, the industry’s biggest players are also offering internet services.
The Nigerian National Broadband Plan 2022-2025 was created with the intention of achieving 25mbps and 10mbps internet speeds for urban and rural regions respectively. In addition, under the plan, consumers would pay no more than the equivalent of 1% of the minimum wage for 1GB of data.
In Lagos, Google recently installed ‘Equiano’, a subsea cable. The Nigerian Government partnered with Google as part of its broadband policy drive. The internet cable will have a significant impact on connectivity, according to Google, providing faster internet speeds at a reduced rate and improving user experiences overall.
In January 2020, the Nigerian Communications Commission announced that it would be investing N265 billion, the equivalent of $732 million at the time, into revamping the country’s fiber optic network infrastructure, including the deployment of an additional 30,000 km of fiber optic cable by 2025. However, the public-private partnership has been hampered by red tape. A spokesman for Telcos explained that broadband penetration would be affected by the implementation of a proposed excise duty on telecommunications services, which had previously been suspended by the Ministry of Communications and Digital Economy.
A World Bank report published in 2009 revealed a direct correlation between broadband penetration and GDP, with the report suggesting that for every 10% increase in broadband coverage in developed countries, the GDP would grow by an average of 1%. In addition, a 2019 study carried out by the International Telecommunications Union revealed that a 10% rise in mobile broadband penetration equated to a 2% increase in GDP in low-income countries and a 2.5% increase of GDP per capita.
Between 2019 and 2022, the percentage of 4G coverage across the country grew from 23% to 77.52%. Analysts indicate that although 5G was introduced to Nigeria in 2022, 4G remains the dominant force in mobile technology, supporting the vast majority of internet connectivity in a trend that is only predicted to increase in years to come.
However, in terms of density of coverage, the benefits of 5G are vast. While 4G facilitates connection of around 1 million devices per 500 square kilometers, 5G could support the same number of devices in an area of a single kilometer squared. Mobile operators are predicted to spend somewhere in the region of $1.1 trillion globally between 2020 and 2025, with 80% of that figure investing in 5G networks.
Although an uptick in 3G and 4G coverage has facilitated increased adoption of broadband across Nigeria, end-user adoption is yet to meet expectations, in large part due to socio-economic constraints. As part of its efforts to increase broadband penetration, the Nigerian Federal Government joined forces with SpaceX, Elon Musk’s internet satellite company, with SpaceX pledging to provide the country with broadband connectivity ahead of the 2025 deadline stipulated in the National Broadband Plan.
The introduction of fifth-generation technology is predicted to culminate in many benefits and opportunities across Nigeria, engendering smart living and accelerated growth across the country when fully deployed. Experts anticipate that widespread adoption of 5G across the nation will usher in a wide array of business opportunities, helping enterprise to expand their frontiers at speed with operational ease.
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]]>The post Which Heat Pump Type is Commonly Used to Supply Domestic Hot Water? appeared first on Mozbot.co.uk.
]]>Do you know what type of pump is primarily used for hot water in a domestic setting? If you don’t, it can make sourcing replacements or finding a new model difficult. With that being said, let’s take a look at what you need to know about the best type of heat pump for domestic hot water and how it can affect you.
Unlike commercial properties, which frequently employ ground-source heat pumps to generate the heat they need, a domestic property will use an air-source heat pump, relying on the outdoor air for heating purposes.
However, this is a specialist type of air-to-water heat pump. Unlike the standard offerings, this is designed uniquely for showers and sinks. This means that it can be a good choice for homes that don’t have space heating.
What you’ll come to learn about an air source pump is that it can offer a lot of benefits for domestic property. Let’s take a look at some of the common benefits here:
Every air pump has both strengths and weaknesses, so it is important to keep them in mind when looking at an air-source heat pump.
The primary consideration is that your home needs to be insulated properly already and also that they become less efficient in extreme cold. However, these issues can be worked around with enough time and planning.
There is also some consideration as to the noise – it’s a little louder than other forms of heating. However, don’t let that discourage you – it’s a small price to pay for energy efficiency.
When all is said and done, an air source heat pump is a useful tool for your home and can provide a lot of hot water with consistency. However, you’ll need to choose the right type of pump for your needs, and this is, understandably, where a lot of people have the most issues. However, if you’re prepared to experiment and look at what’s on offer, it’s easy enough to do.
Air pumps are better than most types of domestic heating, and they’re easy to install. They’re becoming more popular across the country and the western world, and it’s not difficult to see why this is the case.
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]]>The post Central Heating Pump Problems and Their Fixes appeared first on Mozbot.co.uk.
]]>Let’s take a look at some of the common issues that can affect your system and then talk about some of the central heating pumps fixes that you can use. These are all quite simple to work out, and they all perform very well.
If the central heat pump is running, but there’s no water, then it should be slightly vibrating. The most likely problem is that the propeller or shaft on your pump has become stuck. If the pump is very hot, then it’s a problem with the motor. Your motor is designed to heat the pump, but it should never be too hot to touch.
This should be an easy fix. If the pump is stuck and not circulating any water, then give it a tap and see if there are any components that have become seized. If they have, the force will help to nudge them free.
Alternatively, if your seizures are happening on a regular basis, this is a sign that your pump is going to fail soon. The best thing you can do in that case is replace it. We recommend replacing it with the Lowara Ecocirc S+ 25-4/130.
As any type of central heating system gets older, you will find metal and dirt from pipework that begins to break down and flow through major parts of the pump. As this dirt and grime start to build up in all the major components, it can cause them to fail. Thankfully, these are quite easy to solve because it just requires a little bit of a clean.
In other situations, it’s possible for the pump to build up with dirt and then stop working completely. If this happens, your heating system may not work or simply heat up to a lower temperature.
There are a couple of different things you can do to fix this kind of problem when it happens. First, you need to flush the entire system with chemicals.
However, you should be careful about doing this because if you flood the system with chemicals, you risk further damaging the older parts of your pipework, as well as weakening joints.
Once you have successfully cleaned the system, you could attach a magnetic system filter. This will catch any pieces of debris. If you need to replace it outright, we recommend using the Lowara Ecocirc L+ 15-8/130.
Another common issue that can affect many different pumps is that the speed settings are not correct, so the pump doesn’t work as it should. Thankfully, this is very easy to fix with new pumps.
Most modern pump systems are fitted with a single dial that can be used to change the pump speed, and in some cases, there is smart technology built into the device that you can use to remotely change the speed with a tablet or smartphone. Something like the Lowara Ecocirc M 20-6/130 is a good pick for this easy change system.
These are some of the most common problems that can affect a pump system. Thankfully, they’re not difficult to fix, and most of them you can solve yourself. Obviously, there are going to be situations where you need to replace a pump system outright simply because it’s not efficient anymore or because it has become damaged in some fashion. This is a normal part of routine maintenance and repairs.
However, these pumps are designed to be low maintenance, so most problems you can fix by yourself with only a limited knowledge of how they work. Make sure that you examine the pump carefully and observe basic health and safety. Don’t do anything reckless, and if you don’t know what the problem is, contact the professional. If you try and fix it by yourself, you could cause irreparable damage to the pump or the surrounding area.
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]]>The post Business Analytics and its Applications appeared first on Mozbot.co.uk.
]]>Information is everywhere, whether it be within statistics, academic papers or online articles, for example. Companies use data to improve their productivity and efficiency and to make effective decisions and drive better financial performance.
The role of business analytics is to use quantitative methods to obtain meaning from data to make well-informed business decisions.
According to the Institute of Analytics, better user experiences are now driving greater organisational intelligence and therefore improving the use of data in this continually developing industry.
The four main analysis types can be used individually or together to analyse past efforts and improve future business performance. These include:
Descriptive: In which historical data is used to identify patterns and trends.
Diagnostic: Where historical data is interpreted to determine how and why something has occurred.
Predictive: In which statistics are used to forecast outcomes in the future.
Prescriptive: Where users test techniques to determine which outcome will provide the best results in a particular scenario.
Businesses rely on data in order to make crucial decisions about their products and services, whether they are small local companies or large multinationals. Organisations of all kinds need business analysts to help them capture, manage and interpret large datasets.
The proper qualification will prepare candidates for the challenges of this expanding sector of the workforce, and the online business analytics degree from Aston University will provide students with the knowledge they will need to start their careers.
The curriculum is designed to provide an understanding of data analytics and is relevant to a wide range of industries, including information technology, accounting and finance and advertising and sales.
However, for now, let’s keep it simple and take a deeper look into the different types of business analytics.
Descriptive analytics involves breaking down data, then summarising its main characteristics and features, and then exploring what has happened, but not why or how it has happened. The findings are often presented using reports and visualisations such as histograms, pie charts, line graphs and box and whisker plots.
Generally regarded as a first step in understanding the data, it can describe patterns or trends but nothing more profound. It provides an excellent way to introduce analysts to previously unknown information. Descriptive analytics presents complex data in an easy-to-follow format, provides a direct measure of key data points, is inexpensive and does not require an in-depth knowledge of math to perform.
It also relies on data that companies already have and looks at a complete population rather than a sample, making it very accurate and faster than methods that involve data collection.
Data that can be summarised using descriptive analytics includes:
Diagnostic analytics assists companies in better understanding the factors, both external and internal, that affect their outcomes, giving a comprehensive picture of individual situations so that organisations can make well-informed decisions. For example, if the organisation discovers that a specific marketing campaign produced higher sales, it can create similar campaigns for other products or services.
Some of the techniques used include:
Data drilling, in which diving deep into a dataset can show detailed information about which aspects of the data are driving the particular trends being tracked.
Data mining searches through large volumes of data to identify patterns and associations within it. This can be done manually or automatically using machine learning technology.
Correlations analysis is a technique that examines how strongly different variables are linked together – for example, the sale of ice cream and cold drinks may both rise steeply on hot days.
The stages of the diagnostic analysis process are:
Identifying anomalies and trends which are highlighted by descriptive analysis could require diagnostic analytics if the causes are not obvious.
Data discovery which looks for data that explains anomalies and trends could involve gathering both internal and external data. The latter could include finding new regulatory requirements, weather patterns or changes in supply chains that make an impact on trends.
Identifying causal relationships, although further investigations may be required to determine whether the associations discovered within the data are the real cause of the findings.
Predictive analytics makes predictions about future outcomes by using historical data in combination with statistical modelling, data mining and machine learning. Businesses often use it to work out patterns in data so that risks and opportunities can be identified.
Types of predictive modelling include:
Classification models which categorise data based on historical information, describing relationships within a specific set. These can be used, for example, to classify customers or prospects into groups.
Clustering models in which, for example, e-commerce sites can separate customers into similar groups, which are based on common features, thereby enabling companies to develop customised marketing strategies aimed at each one.
Time series models generally use data inputs at a specific time frequency, such as daily or weekly, in order to assess data for seasonality trends and cyclical behaviour. For example, a call centre could use this technique to forecast how many calls it will receive per hour.
Prescriptive analytics enables companies to analyse data and then provide recommendations on how to optimise business practices to suit many predicted outcomes. It takes what is known, analyses the data to predict what will happen and then suggests the best way forward based on a range of simulations. This helps data scientists and marketers understand what their data truly means and how it can be used.
Examples of where prescriptive analytics is used include investment decisions about venture capital, lead scoring within sales, algorithmic recommendations, fraud detection within banking and product development and improvement.
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