How Impactful Is Machine Learning In Today’s Business World?

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Since 2012, with the proliferation of Python in general software development, Machine Learning has become the biggest trend in the technology world. Because of the many applications that ML could have within every business, it’s quite easy to understand why the topic is so heavily looked after. With applications ranging from the mobile world to the automotive industry, let’s break down Machine Learning in its complexity.

Why Automation Is Important

Machine learning as a matter it’s appealing because it proposes as an automated form of management for both infrastructures and digital tools. The brightest example would surely be related to warehouse management and production, where robots are the majority of the entire chain. In this case, a Machine Learning coded program could definitely be implemented in terms of management: the tool, installed in the central brain, could heavily optimise the entire production chain.

On the other hand, automation is as fragile as it could be: a simple error in the mainframe could cause a series of cascade malfunctions, naturally leading the entire production process to the end.

StrategyDriven Evaluation and Control Article
 
The Mobile Sector

Smartphones have been taking over the world since the launch of the first iPhone. Many mobile app development companies, in fact, are heavily working on different Machine Learning algorithms, in particular, the ones that are UX (User Experience) focused.

Applications like Alexa’s voice search, for example, have been incredibly popular from a development point of view, given the fact that Voice Search Optimisation will be potentially the biggest thing in the near future.

StrategyDriven Evaluation and Control Article
 
Service Providers

When it comes to personal finance and mortgages, there is a variety of tools available online which are calculating requirements, status and projections. An interesting case study would be related to bridging loans, given the fact that fast-paced finance is heavily looked after by many clients. There are reasons to believe that in the near future most of the calculators, online tools and projections will automatically be generated by Python coded applications. This is incredibly important because it states the fact that the current Machine Learning development level is at a point in which we are able to create and monitor complex finance matters.

To Conclude

With dozens of applications available, machine learning is definitely going to be the biggest focus in the near future, given the fact that automating certain sides of a business can definitely be a very impactful thing.

About the Author

StrategyDriven ContributorPaul Matthews is a Manchester based business writer who writes in order to better inform business owners on how to run a successful business. You can usually find him at the local library or browsing Forbes’ latest pieces.

8 Easy Ways Any Company Can Improve Inventory Management

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StrategyDriven Tactical Execution ArticleProper inventory management is one of the keys to keeping your business running smoothly and remaining profitable. Make mistakes here, and you may run out of best sellers, buy products you don’t need, and waste resources you can’t afford to lose. Here are eight essential inventory management tips every business should follow. We’ll focus on universal advice that almost any firm can implement.

Manage Inventory via Software

Don’t rely on spreadsheets to track software. Spreadsheets can be deleted. Cell values could be deleted or overwritten. Formulas may be altered, scrambling values elsewhere in the spreadsheet.

One of the best ways to manage inventory is by using software designed for this task instead. The ideal case is switching to inventory management software that integrates with your accounting system. Then the inventory is automatically updated as you sell items or buy more. That is why a QuickBooks Inventory management tool is invaluable – it is already tied to software you already use. QuickBooks lacks serial numbers, scanning barcodes and shipping. An inventory management tool can handle all of this. There are several tools that will allow you adjust stock levels in inventory checks and automatically remove inventory from stock when you receive orders so you don’t accidentally sell more than you actually have on hand. They will also help you track items reserved for sales orders and you can track inventory status, such as when you’re waiting for products to arrive so you can fill outstanding orders.

Have Clear Product Names

If you want to avoid problems with customer orders and internal inventory management, have a clear product naming system. You could use manufacturer part numbers, though this may be confusing if different manufacturers use similar part numbers for very different products. The ideal situation is creating internal part numbers that make it very obvious what someone is picking up. Instead of CRAY008 and CRAY016 for crayons in boxes of 8 and 18, label them “crayons, set of 8” and “crayons, set of 16”.

Set Minimum Stock Levels

Nearly every inventory management system allows you to set minimum stock levels, and most have reorder points. This ensures that you won’t run out of items. The best inventory management systems allow you to calculate reorder points based on historical data so you can order items based on how quickly you actually consume the product. You can still set low inventory alerts to ensure that you never run out.

Implement FIFO

FIFO is first in, first out inventory management. This is one of the oldest inventory management techniques, and it remains one of the most popular. A major reason of this is that it minimizes spoilage and the associated waste, since you’re selling the oldest items first. This isn’t limited to perishable goods that can spoil; it is applicable to other products, as well. Move your oldest products first so that they don’t become obsolete due to changes in packaging or industry standards. It simply requires setting up inventory so that the oldest items are on the front of the shelf and picked by employees, though you’ll want to train people to check expiration dates. You’ll also have to train staff to ensure that the FIFO system is properly maintained, instead of someone hurriedly stocking the front of each shelf with the newest products.

Keep the Warehouse Organized

If the warehouse itself is disorganized, how can you reasonably expect your staff to keep your inventory organized? Don’t let crates of packaged inventory pile up in aisles; have them immediately emptied and the shelves stocked. Keep work surfaces as clean as possible. Make certain that items are clearly labeled.

Also, make sure that you have formal processes for each task. Document how people perform tasks like placing purchase orders, receiving items, fulfilling orders and checking stock levels.

Do Regular Checks

Inventory management systems don’t eliminate the need to do inventory checks. People may make mistakes when checking in deliveries or in their data entry. Theft, spoilage and property damage may erode your inventory, too.

There are two main ways to check inventory. One way is with a complete physical inventory – checking all inventories – usually done at the end of the month. The other way is with cycle counting, counting small sections of the inventory on a particular day. You can mix and match with these tactics, such as doing surface area cycle counts for particular aisles in the warehouse each day but checking large physical item inventory every quarter or year.

Prioritize with an ABC System

An ABC system allows you to prioritize inventory checks and product maintenance. The “A” items are high value items that have low turnover. “B” items have some value and sell at a steady rate. “C” items have low value but sell in large numbers. “A” items should be checked for spoilage, maintenance and theft regularly, since you have so much money tied up in them. “B” items are a lower priority, since they don’t cost you as much but do move steadily. “C” items require little attention since they move quickly and cost very little, though you’ll want to make sure you have enough in stock.

Only Order with Purchase Orders

Only place orders via purchase orders. Don’t let employees place orders over the phone with your vendors. They may order items you don’t really need or can’t afford to buy at this point. By requiring people to order via a purchase order, it forces every purchase to be checked against inventory levels and the budget. No one orders an item that’s already on its way from the supplier. It creates a paper trail so that no one is surprised by a delivery of widgets. There’s no confusion regarding the payment terms or rush to figure out how to pay for something that just hit the dock. It ensures that inventory knows when to expect delivery and gives management a chance to negotiate purchase prices.

You cannot afford for the gap between accurate inventory numbers and bookkeeping to grow. This knowledge gap prevents your firm from being able to plan for the future or know the true state of operations.

5 Business Tips to Help Orthodontists Get More Clients

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StrategyDriven Online Marketing and Website Development Article, 5 Business Tips to Help Orthodontists Get More Clients

Whether you are a new orthodontist opening a dental office or want to increase the number of patients you see, implementing new marketing strategies will boost your revenue and growth. With so many dental clinics popping up, it is also an excellent way for dental specialists to stand out from the competition. Here are five business tips that will help orthodontists get more clients.

1. Build a Visually Pleasing and Informative Website

Did you know that about 90 percent of consumers visit websites before going to a local business? It is the best indicator as to why businesses need to pay attention to the aesthetics and engagement of their websites. Most especially in the healthcare industry, there is not enough consideration placed on website aesthetics even when it is the most significant avenue businesses have to convert their website traffic into patient sales.

A great example of such a website built for patients is Baum Orthodontics as the website is aesthetically pleasing and provides patient tabs that make navigation accessible.

2. Use Strategic SEO to Rank on SERP

When Google updated its search engine results page (SERP) algorithms, search engine optimization (SEO) was no longer an easy process as there are now more than 200 factors that web pages are scored. Optimizing pages using a variety of keywords is now a critical component to ranking which depends on authoritative backlinks, content variables, keyword clustering, user experience and page load speed. A local SEO strategy will also promote conversion rate optimization, which will boost your traffic in your local area.

3. Use Google My Business

As you are a local business, you must use Google My Business as Google Maps only displays the top three businesses in one-mile radius as there is a push for mobile accessibility. You want to claim your free listing and use location-specific keywords that show location like city or neighborhood dentist, long-tail SEO services like ophthalmology or specialty service and contact information that target customers searching for services.

4. Use Word-of-Mouth Advertising

Word-of-mouth marketing is one of the most influential advertising tools available whether it is from your patients or from comments on your social media page. Nine out of 10 consumers will trust a recommendation from a friend or family over another form of advertising. Their testimony will also convert a customer faster because of experience, which is something you would not be able to do in just one conversation. Set up a patient referral program to build your clientele as it will convert to sales quickly.

5. Use Pay-per-Click Internet Advertising

Pay-per-click advertising, such as Google AdWords, is a valuable tool that allows your keyword specific ads to appear on the same page as organic search results which helps if your page is not ranking because of SEO. You also do not have to buy the ads but rather pay a click-through-rate when a potential customer clicks on your advertisement.

Many of these marketing tips are affordable and easy to implement in-house. Even if you must hire a website or SEO specialist, the new patient return-on-investment potential is worth the investment.

Setting Up a Corporation

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StrategyDriven Entrepreneurship Article

If you’re at the point in your business where you are wanting to set up a more formal structure, there are many things to consider and this can be quite a serious business challenge, in terms of deciding which legal entity is going to be best.

After all, one size does not fit all when it comes to corporate structures, particularly when it comes to working with other people, and whilst it might feel more respectable to set yourself up as an s corp or a limited liability partnership, it might be more appropriate and tax efficient to remain as a sole trader that works in partnership with another sole trader – rather than setting up a joint venture together.

In the sense of making your business feel more credible, there are many different options to consider when it comes to your legal status; the main options in the US are;

1. Sole Proprietorship
2. Partnership
3. Business Corporation

In this article, we’re going to look at each of these options and weigh up the pros and cons.

1. Sole Proprietorship

This is the simplest form of business set-up and is the default to most people setting up a business, in that it reflects the fact there is one person owning and controlling the business – meaning they are personally responsible for all liabilities but also benefit from all the profits (in that they don’t legally need to be shared with anyone else).

PROS
A sole proprietorship is very inexpensive to form, easy to dissolve (which means to stop trading), and there are very few formalities other than basic bookkeeping and reporting your earnings to the relevant authorities. This type of business is ideal for people that are selling a service, such as personal training or beauty therapy, though it’s just as relevant for consultants – however, some companies will only do business with other registered corporations.

CONS
The business ceases to exist upon your death, meaning it’s not willable or can continue in perpetuity after you die. You are personally liable for the debt and any legal issues that arise from your business operations. It has less credibility when trying to win business with large companies.

In a nutshell, this is the simplest business to form and operate, as it’s simply an individual using a trade name to operate under – yet, the owner has full liability for the obligations of the business, which, if you consider the possibility of being sued or owing substantial debt can feel much more onerous than if you are a director of a company.

2. Partnership

A partnership is simply an association of two or more components, which include people, corporations, other partnerships, trusts and so on. The parties within the partnership are responsible for the business.

In simple terms, the people enter into a partnership make an agreement to share the profits and losses that result from their activity.

The challenge is that the liability of partners is joint and several, meaning any person can be made to pay the debts of the partnership, irrespective of all other factors. This can make things feel very unfair and risky, as whilst one partner might only receive 10% of the profits they could find themselves liable for 100% of the debt of the partnership.

PROS
It adds a sense of formality to the relationship when multiple stakeholders are working together for a common purpose. It is relatively inexpensive to form. The profits are distributed according to the terms of the partnership, which makes things simple and unambiguous in terms of future profit allocation.

CONS
Each partner is liable for the whole of the partnership’s debt, even if they have a small share of the profit – meaning the risks are very high, particularly if you are going into partnership with a person or company that turns out to not be as trustworthy as you first thought.

There are a number of different partnership structures and this one is something to think carefully about, as whilst you might feel more secure in terms of entering a formal partnership, you really do need to be careful who you “go to bed with” in this sense.

3. Business Corporation

A business corporation is a legal entity in its own right. This his means that unlike a partnership and sole proprietorship it is a separate entity that is governed in accordance with laws set out by the state.

In broad terms, there are two types of corporations; for profit and not-for-profit.

The majority of businesses are ‘for profit’ in the sense that they aim to conduct activity that derives a profit, and from that profit, dividends are paid to shareholders depending on their allocation of shares.

There are two types of corporations in the sense of where they have been registered, you can have a domestic corporation that means the company was incorporated under the laws of the United States (specifically, the state in which the corporation was registered), or you can have a foreign corporation, which is a company that has been incorporated under the laws of another country, or state within the US.

A corporation is much more complex than a partnership or sole proprietorship, as a new legal entity is created, that is subsequently regulated by a number of onerous administrative procedures. The benefit to this, however, is that unlike a partnership where things can get a little dicey in terms of liability, if a company incurs a debt, it is the company’s debt rather than the partner’s liability.

The owners of a corporation are called shareholders. The shareholders then elect directors (often themselves) to set the policies of the corporation. The directors then appoint officers of the corporation to manage the day to day operations.

In reality, you could be a shareholder, director, and officer of the company – but the key point to focus on here is that corporations are their own legal entity, and as such, you are employed by the corporation (usually) even though you are technically the owner of the business.

In essence, a corporation is separate from its shareholders. This means that a shareholder cannot just take the funds and abscond, unlike a partnership, which offers a lot more legal and financial protection, but can feel inflexible if you are a one person startup or small family business.

PROS
Things are secure and regulated. Everyone knows the score, and things are not ambiguous or open to personal discussion – there are processes and procedures to follow… meaning, all shareholders have security in terms of their interests. It also creates a democracy, in terms of decision making, which some entrepreneurs value whilst others do not.

CONS
There is a significant administrative burden with regard to setting up a corporation and maintaining the records.

Leadership Inspirations – Experts

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StrategyDriven Leadership Inspirations Quote“Few men make themselves masters of the things they write or speak.”

John Selden (1564 – 1654)
English jurist and scholar of England’s ancient laws and constitution