Complicating matters is the fact that every customer or applicant has a unique financial situation.

Some have easily verifiable income from a traditional employer. But you’ll find others don’t have a simple, streamlined source of cash flow that pays their bills. A handful of clients may be self-employed. Others might rely on freelance work in addition to a traditional job. And then, some will receive income from relatives, government benefits, pension plans, or other investments.

While complications may sometimes slow down the income verification process, new technologies can make it more effective and efficient. Verification solutions that sync with payroll providers and let customers upload their documents represent a few examples. Here are some successful means for verifying customer income sources and amounts.

Use income verification technology.

Software programs can make just about anything more efficient. This includes organizing and verifying all the documents loan applicants must provide. Applying for a car loan or credit card might be less complex than a mortgage. However, lenders still need to verify an applicant’s credit history and income.

That’s where things can get sticky for lenders and creditors that have to either approve or deny an application.

Anyone can say they make so many dollars a year, but that doesn’t mean they actually do. Lenders don’t want to approve someone for a loan or a line of credit if they can’t comfortably afford the payments. They’ll either repossess a secured asset like a vehicle or write off the debt if it’s unsecured. It’s not a good outcome for either side.

Income verification technology, such as Truework, helps lenders confirm a customer’s income within a few minutes. Since these solutions connect to many employers’ payroll networks, it’s more difficult for applicants to fudge the numbers. Some income verification solutions also verify freelance income from popular independent contractor platforms like Upwork. This saves applicants time hunting down bank statements and pay stubs.

Consider government-run verification services.

When approving applicants, mortgage lenders have their work cut out for them. Without a doubt, a home loan involves more risk since property ownership goes back to the bank if a borrower defaults. Real estate markets can sometimes be fickle, and lenders might lose money when auctioning off a foreclosure.

For these reasons and more, mortgage applications go through underwriting and a high level of scrutiny. That usually means two years of tax returns, W-2s, and bank statements for savings, checking, and investment accounts. Clients may also need to fork over other loan statements or documentation if the amounts are significant. These obligations might include student loan balances or other loans they’ve cosigned.

Because of the level of complexity involved, mortgage lenders may want to consider using the IRS’s income verification express service. The process usually takes two to three business days, but the technology helps put any questions to rest. IRS records can verify an applicant’s income from conventional and not-so-traditional sources. Plus, the service confirms whether a mortgage client’s tax returns are accurate.

Outsource manual income verifications.

Technology can automate and perform a lot of tasks. But sometimes, using tech isn’t possible, or it isn’t the most feasible solution.

In some cases, you may have an applicant who earns income from an employer that doesn’t use a payroll provider. The employer might be a small business that does payroll manually. Your borrower might have also switched jobs within the past year, and a previous employer is no longer in business.

In these cases, manual income verification is one of the only routes to take. As a busy landlord or lending department, you don’t have time to play phone tag or hunt down contacts. This might be okay if you only had one applicant to deal with. However, you receive applications nearly every day, and the work it takes to verify all the details adds up. Manual verifications are challenging to keep track of and follow up on.

By working with an income verification service, you can outsource those tasks.

Verifying customer income solutions sometimes provide manual confirmation services so you can focus on other aspects of your business. Your vendor handles the phone calls to HR departments and employers. They focus their efforts on confirming an applicant’s previous jobs and earnings, producing results faster for you and your customers. You can make decisions within days instead of weeks.

Efficient and Effective Income Verification

Verifying customers’ income is part of the job for property management companies, lenders, and some government agencies. In a less intricate process, income verification may only involve checking a W-2 from one employer.

However, most lenders and landlords deal with more proof and documentation than that. Complex and unique situations can slow down the process and cause frustration for all sides.

Income verification technologies and services make confirming a customer’s income more efficient and effective. Software that syncs with payroll providers, IRS services, and outsourced manual verification services helps remove obstacles and mitigate delays. Using these technologies and services creates better experiences for applicants and decision makers.

The post How to Effectively Verify Customer Income appeared first on SmallBizTechnology.

The pandemic has wreaked havoc on businesses payments in ways our history has not seen in decades. Long-standing business practices are outdated overnight, causing businesses to scurry. The digital age may not be kind to your business.

Now, employees must work remotely when social distance regulations are fully implemented, and offices are shuttered. Organizations use digital technology in huge numbers (and at unprecedented rates) to adapt. Companies cut three to four years off digitalizing their customer engagements, supply-chain connections, and internal activities. Consequently, their digital product deployments sped up by an incredible seven years.

People still feel the ramifications of this massive transition inside enterprises. Consequently, the payments landscape is finally changing after a lengthy period of stagnation.

B2B Payments Require a Makeover

Historically, businesses have been hesitant to change their payment methods, citing privacy and security issues and a general lack of demand.

Many businesses still use paper checks as a means of payment. Alternatives to paper payments that coexist alongside checks include the Automated Clearing House (ACH), wires, and cards, but each has its own set of problems, as you’ll see below.

Circumstances are pushing B2B firms to fix old payment mechanisms. These mechanics no longer operate in this digital age due to the arrival of this virtual world.

Businesses today want their payment systems to provide more payment alternatives and process transactions more quickly. Convenience is becoming a need. Modern B2B payments must be rapid, simple, and frictionless, like consumer purchases.

Significant advances in internet security and privacy are assisting in alleviating many of the worries that companies previously had. That is to say, particularly as they pertain to eCommerce and e-payments.

Digital Payment Methods Are Becoming More Global

As the shift from conventional to online commerce gains traction, small business payment solutions must evolve to keep up.

Consumers in the business world are clamoring for contactless transactions, which will increase by 41% by 2020. With such a linked world, contactless payment alternatives are internationally oriented.

With antiquated and sluggish systems, this desire still falls flat.

Technology has started to close the gap through internet apps by allowing for more frictionless and instantaneous cash transfers. While costs for calculating exchange rates, digital wallets, and other eCommerce payment methods may still exist, these solutions are less expensive than credit cards.

Furthermore, other methods such as ACH and wire enable money to be sent considerably more quickly. Machine learning and artificial intelligence (AI) will push the frontiers of banking.

That is to say, as technology continues to find its way into the payments sphere. Consequently, producing a far more fair playing field throughout the world.

Artificial Intelligence’s Ascension

The emergence of artificial intelligence in the workplace could not have happened at a better moment.

The pandemic has resulted in a substantially smaller workforce, which is regrettable. Leaders must simplify tasks for more innovative work with fewer team members. AI provides for a smaller workforce while simultaneously lowering the margin of error.

More mundane duties, such as payment posting and remittance monitoring may be done promptly and perfectly by technology. That is to say, we can automate things that are prone to human mistakes.

We may also train AI to do higher-level jobs like payment behavior analysis, which takes time and effort. Artificial intelligence (AI) for analysis gives immediate feedback on payment patterns and payer behavior.

Use of AI by accounts receivable teams to streamline the whole payment process, eliminate human error, and reduce cybersecurity concerns.

B2B BNPL (Buy Now, Pay Later)

BNPL has lately been seen in B2B sectors. The BNPL option reaches a far larger audience of customers, those people who would not have been able to buy in the past owing to a lack of cash or credit.

The controlled and regular installments — typically with no extra costs — also increase the amount spent on every transaction. The “loan” does come with a bit of a fee for the seller.

Still, with AI’s advancement, they may conduct a thorough risk assessment based on a customer’s previous transaction data to ensure payback. This is another example of artificial intelligence (AI) revolutionizing the payment industry.

Cryptocurrency’s Function

Payment choices are multiplying due to the emergence of AI and the slingshot effect of the pandemic.

Don’t overlook cryptocurrency when contemplating the future of contactless digital payments. Although there has been an increase in digital payment choices in the last year, we will require a greater emphasis on worldwide solutions.

While digital wallets and QR code payments are convenient, they can have drawbacks. These payment alternatives are related to specific financial institutions and operate in local currencies.

Instead, Bitcoin employs decentralized finance (defi), eliminating the need for private institutions or third-party intermediaries. Furthermore, cryptocurrency’s single currency would remove the need for complicated currency conversion formulae.

Of course, like with everything, there are hazards to consider. Cybersecurity is a significant problem because the whole procedure and currency are online. There is still a lot of progress before the world adopts cryptocurrency and defi, but it is the way of the future.

A crucial conclusion from the pandemic’s digital breakthroughs is that technology evolves at breakneck speed. To be relevant, businesses must stay ahead of the curve.

As your business grows, look to technology for a more streamlined approach to payments and a lower margin of error.

The post Payments: The Potential Impact of Business Technology appeared first on SmallBizTechnology.

Just about everyone has converted to cloud faith in the wake of turbulent times over the past two years. 92% now report that they invest in cloud services. Compare that to 59% just a year ago, according to a survey of 2,120 executives by Harvey Nash Group conducted in collaboration and CIONET. They reported that most companies plan to increase their technology investments (61%) and to hire more people (60%) to achieve “record levels.”

Hierarchies

Technology platforms are breaking down hierarchies that have hindered productivity for decades. Technology leaders need to be able to manage things and have seats at the table, whether on boards or on executive committees.

The report’s authors stated that digital leadership is becoming more distributed and ego-less, with the role shifting to the person most positioned to make the decisions. If they want to be agents of change, digital leaders must embrace the new world of multiple roles.

Nearly eight out of ten companies have appointed chief digital officers to their boards or executive committees. This is to assist with their digital transformation. To oversee these efforts, 77% of the companies have increased the number of chief technology officers. About 65% of these companies have chief information officers.

According to the report’s authors, CIOs have historically been the gateway to digitization but they no longer hold a monopoly. Other leaders have begun to share this responsibility. Digital leaders who create an environment that is agile and driven by data insights are the most valuable.

Technology Age

No matter what title the digital leader may hold, they must act quickly to remove any impediments that are preventing their business from moving into the digital age.

The most difficult area is technical skills. A shortage of talent means that more than two-thirds of executives (69%) are unable to keep up with the pace of change.

The most desired tech skill is cybersecurity (43%), up 11% over the past 12 months. DevOps (39%) and big data/analytics (38%) are also in high demand. Four out of ten companies are facing shortages in developers.

How can digital leaders address the shortage of skills? Tech teams might need to expand their skill sets.

Over half (51%) of respondents plan to cross-train employees in other areas of their company. A preferred option is the use of niche consultancies to fill in gaps in expertise. This was also mentioned by 45%. Another 44% plan to increase their employee hiring. Nearly 40% plan to increase their outsourced expertise.

However, with so many solutions available now that are cloud-based or packaged in commercial off-the-shelf products, it raises the question of what future outsourcing options will exist. Another 35% plan to increase the number of contract employees.

The Next Age

Building and maintaining a stable workforce is becoming more difficult in the face of the “Great Resignation.”

Eighty percent of executives say that this mindset shift makes it more difficult to retain employees. Only four percent admit that they are able to keep employees on board for a longer period of time.

However, not enough is being done to make the environment more attractive to employees. Twenty-nine percent of companies have not adapted their environment to accommodate more flexible and hybrid arrangements.

The survey shows that there have been promising increases in diversity. The survey found that 21% of digital leaders identified themselves as female this year, compared to 13% in 2020. Women now comprise 28% of the tech team. Six out of 10 respondents think their approach to diversity is improving the quality and quantity of their employees. They also note that creating the right culture is more important than mandating shortlists and quotas.

Organizations today are loose associations of contract, remote, and on-site workers. Workers are linked by technology. They work together as needed to accomplish tasks.

Conclusion

Although the media keeps harping on the fact that companies cannot find enough workers, the reality is different.

That’s because while untrained workers are becoming more ambitious and assertive they are also becoming less attractive to employers. What employers really want, really need, are skilled, trained, workers. Workers who are willing and able to tackle the ever-changing challenges of employment in the post-pandemic age.

Often overlooked or scorned by otherwise eligible employees is vocational training. Learning how to cut meat. How to fix a car. Tighten a leaky faucet. And so forth. Many states offer vocational courses for free. Or they offer partial to complete tuition reimbursement after successful completion of a certification course.

Small business owners should always be on the lookout for those who have been trained in the vocational system. These can become the backbone of your small business.

The post Elusive Technology Skills — and Business Leadership appeared first on SmallBizTechnology.

As tech plays an ever-increasing role in our daily lives, there’s a commensurate push toward new business models that take advantage of well-managed data and business intelligence. As a result, our collective demand for skilled leaders in the field of data science is only going to grow increasingly urgent.

But what does “leadership in data science” mean?

To put it simply, data is useless by itself. The only thing that gives it value is how it’s used and what insights can be gleaned from it. To extract the maximum value from collected data — either from a financial, strategic, or customer service standpoint — an organization needs a strong, clear goal and a way to reach that goal. That takes vision, and — you guessed it — leadership.

Are you suited to a leadership role?

Do you have the makings of a data science leader?

The good news is, most data scientists looking to move into a leadership role have already mastered the essentials of their field. They typically have technical, mathematical, and engineering skills. The bad news is, there’s an entirely separate skill set for being a leader. Not every data scientist is necessarily well-versed.

Just as with other fields of endeavor, leadership means having certain qualities or expertise. The six leadership skills most commonly regarded as vital are listed below.

Communication

Being able to listen, explain, simplify and illustrate sophisticated concepts is especially vital in data science. Communicating with a high degree of precision is all but inevitable for success.

Integrity

The responsibilities of companies that collect big data and the subject of data ethics is an increasingly important and thorny issue. Just as with any other leadership role, a data science leader must be committed to doing the right thing.

Resilience

Data science is not an easy field of endeavor. The world of data itself is constantly shifting and evolving. Being able to adapt, overcome, and focus on solutions when problems and changes present themselves is an invaluable leadership skill. A team needs a positive attitude and the courage they need to bounce back, especially when things go wrong.

Vision

Vision is one of those buzzwords that come up a lot when people talk about leadership. It can mean any number of things. Mostly, vision is about having a clear goal in mind. It includes knowing the risks and rewards and making sure the rest of your team understands those risks and rewards, too. No one can predict the future. However, having the foresight to see possible challenges — and their solutions — before they present themselves is vital to good leadership.

Positivity

One of the main functions of a skilled leader is to inspire others. It’s tough to do that without a strong, positive attitude of your own. That doesn’t mean being “sunshine and roses” every minute of every day. However, data scientists, just like everybody else, need some encouragement when the going gets rough.

Delegation

Another crucial leadership skill is the ability to delegate. By definition, if you become a data science leader, you won’t be able to do it all yourself. That means not only trusting others to do the job you give them, but also providing them with the tools and guidance they need to succeed.

Areas of Data Science

“Data science” is itself a broad term that can encompass a number of areas. Once you decide you want to try to take on a leadership role within your organization, it might be helpful to focus on one of these areas so you can specialize. The more common areas of data science include:

• Data Management
• Data Engineering and Architecture
• Artificial Intelligence
• Data Science Strategy
• Data Analytics
• Business Intelligence and Strategy
• Research
• Ethics and Legalities
• Policy and Governance

How can you become a leader in data science?

Leadership in data science isn’t fundamentally that different from leadership in other fields. It includes skills that can be taught and learned, even if you’re not starting from a point of “natural” leadership or confidence in your personal charisma. Listed below are some quick tips as to how you can begin positioning yourself for a leadership position.

• Take initiative and be proactive. Present ideas when they come to you. Make yourself available to join projects. Accept opportunities as they come along. In short, make yourself a valuable asset that everybody wants to have around.
• Improve your leadership skills. Take training courses in communication and team leadership. You might also work with a mentor on these skill sets.
• Consider acquiring a master’s in data science. Doing so will sharpen your soft skills. You’ll also gain valuable credibility in the industry.
• Be assertive in networking within the industry. It’s not all “who you know,” but knowing the right people certainly helps.
• Stay up to date on the latest tech and trends in the industry. That way, you not only know what’s happening right now. You can also look to the future…and that’s what true leadership is all about.

The post How to Become a Leader in Data Science appeared first on SmallBizTechnology.

RFID and GPS-enabled Internet of Things (IoT) technology can give shipping and logistics professionals real-time data on shipping speed, delays, conditions, and more. Many warehousing processes can be automated. Routes can be changed on the fly to accommodate delays. The chain of custody for shipments can be transparent all along the supply chain, so sources of damage can be identified and steps taken to address them for future shipments.

Get Real-Time Data on Shipping Conditions

Connected technology can be attached to shipping containers or pallets, or directly to the goods or equipment themselves, and can send real-time data about what shipments are going through. That’s particularly important in the food supply chain, where cargo often needs to remain at a certain temperature, travel at a certain speed, and often avoid jostling, vibrations, and impacts. A shipment of fresh produce, meat, or dairy can go bad quickly if it’s not kept at the right temperature, so IoT devices can be used to monitor the temperature of these shipments and can even sound an alarm if temperature thresholds are breached. If you want to make sure your products are always safe, then depending on what it is then you may need to contact paper core manufacturers so you can properly pack them so they are ready to ship out. 

Temperature isn’t the only thing IoT shipping monitors can track. They can collect data on the vibrations and impacts shipments go through en route — for example, a vibration monitor can either transmit real-time data on shipping vibrations and impacts, or collect and save data to be reviewed once the shipment reaches its destination. Monitors can also track how fast shipments are moving, so delays can be spotted and routes changed on the fly, if necessary, to make sure delivery schedules are met and supply chains aren’t impacted by delays. Information about where a shipment is and how fast it is moving can also help a manufacturer or warehouse prepare for its arrival.

Automate Warehousing and Storage Processes

In many warehouses around the world, shipments are still catalogued the old-fashioned way — by hand. It’s someone’s job to record what shipments arrive and when, and take inventory of how much and what each shipment contains, and record where it’s being stored in the warehouse, if relevant. When the shipment leaves the warehouse, they have to then process it out. All of that leaves a lot of room for human error, and can take someone a long time to do.

But now, shipping and logistics professionals can save all of that time and money used for manually tracking shipments as they arrive and depart, and eliminate much, if not all, of the risk of human error. RFID sensor technology can automate recording arrivals and departures, and make it easy to keep track of where shipments are in a warehouse.

Take Steps to Prevent Shipping Damage

When shipments get damaged in transit, you need to know what happened, when it happened, and who was to blame for it happening. IoT technology that tracks exposure to moisture, humidity, heat and cold, impacts, vibrations, and other sources of shipping damage can let you know exactly where and when potentially damaging events occurred. Was your pallet of expensive electronics left out in the rain on someone’s loading dock? Did your truck full of fresh milk get too hot? Did the damage happen at some point along the supply chain, or did it befall the shipment after delivery, due to the negligence of the recipient? These are important questions to have answered when a shipment arrives damaged.

Even if the damage is no one’s fault, necessarily, but is the result of something unavoidable, like rough seas, poor roads, or a traffic accident, shipping monitor data can help you take steps to avoid it next time. Maybe you need to use a different shipping route, carrier, or method. You’ll have the data you need to know what changes you should make, and where, in order to make sure that future shipments arrive unharmed. 

The more data you have about what your goods go through in shipment, the better off you’ll be when it comes to avoiding shipping damage. Don’t let your supply chain languish in the 20th century — it’s time to make the most advanced technology work for you.

The post Here’s How IoT Tech Can Improve Your Shipping and Freight Logistics appeared first on SmallBizTechnology.

Think of leveraging big data like getting an X-ray at the dentist’s office. It’s an objective look at your company’s inner workings, indicating what is — and isn’t — functioning. The clearer and more comprehensive the image, the better prepared you’ll be to seize opportunities. 

With that said, big data is one of the most complex business domains. With limited time, which areas should you keep an eye on?

1. ETL

ETL — short for “extract, transform, and load” — is a process used to consolidate data from multiple sources into a single data warehouse. An ETL process “reads” data, shifts it to a format that’s easily analyzed, and stores it in your company’s own searchable data warehouse.

As data volumes grow, ETL will only become more important. Data formats will proliferate, making comparisons more difficult.

If you’re considering adopting an ETL tool this year, remember that integrations are key. If you use payment tools like Stripe, can your ETL tool extract that information? And if your team is short on tech talent, be sure your choice has Coding Solutions. 

2. Augmented Analytics

Many business intelligence tools capable of streamlining data collection and crunching numbers require a lot of manual input. However, Harvard Business Review’s analytics team sees a shift ahead: Data analysis tools are automating more parts of the process.

But the fewer steps handled by humans in a big data analytics operation, the better. By using machine learning to prepare data for sharing and set parameters, augmented analytics tools reduce the amount of time leaders have to invest. It also improves the quality of the insights they’re able to extract. 

3. Prescriptive Analytics

For years, businesses relied on advanced and predictive analytics to forecast areas like sales and expenses. But there’s a better way to get a look at what’s coming next: prescriptive analytics. 

Prescriptive analytics tools don’t just predict events that may happen; they offer suggestions on what to do. 

How do prescriptive analytics work? By using machine learning to play out likely scenarios, they help organizations make decisions on what to do in response. 

A prescriptive analytics tool might, for example, suggest tweaks to a blog post. By considering how similar posts have fared in terms of searches and social shares, a system might recommend changes to improve the content’s chances of going viral. 

4. Natural Language Processing

If you talk to Alexa, you’ve encountered natural language processing before. NLP is a form of artificial intelligence that helps computers understand and interpret human speech. And it’s the reason Alexa activates upon hearing your voice and reacts to your request.

In the business world, NLP algorithms power everything from chatbots to email filters to sentiment analysis tools. According to Gartner, half of analytical queries will be generated by NLP or search — or automation — by 2020. 

Expect NLP’s business applications to expand rapidly. As a result, companies will use it to pull insights from customer service call transcripts, answer FAQs, and autonomously handle administrative work. 

5. Edge Analytics 

By 2025, 64 billion Internet of Things devices will exist around the globe. To manage the troves of data they collect, companies will use edge analytics. 

Edge analytics differ from traditional analytics in one key way: They crunch the data within the sensor or device itself. They don’t wait for the data to be sent back to the cloud for analysis. This will be essential for self-optimizing IoT devices, particularly those with limited data connections.

Edge analytics will crop up in everything from oil derricks to jet engines. They’ll predict maintenance needs, provide machine-by-machine efficiency reports, and free up servers for other tasks. 

6. Artificial Intelligence as a Service

Artificial intelligence is far from new to many enterprise leaders. But for many small and midsize business leaders, developing AI technology internally is impossible or prohibitively expensive. 

For that reason, many AI experts expect an uptick in providers offering AI algorithms as a service. Domain-tailored algorithms, such as those for spotting sales opportunities, will emerge before models become more generally capable.

Big data technologies are amazingly capable already. And for small business leaders, they’ll only become more so. Automated and prescriptive analytics, along with the services and tools that go with them, will catapult companies of all sizes into the next industrial revolution which will allow the fabrics to operate commonly use machinery like industrial fans and more at a low cost.

The post 6 Big Business and Industrial Trends to Watch in 2020 appeared first on SmallBizTechnology.

With the introduction of new AI technology such as the fracking lagoon aeration tools, NetSuite ensures customers can leverage a unified business platform to enhance the improvement of multiple operations located across the globe. Localized product support helps subsidiaries located in countries such as France, Brazil, and Germany perform consistent operational processes, while supporting global compliance.

Executive Vice President for Oracle NetSuite, Jim McGeever, said during a conference call “With ever-changing regulations and evolving customer expectations, it is getting harder for businesses to drive growth both locally and internationally. With new native localizations and customer support, we are giving our customers a complete solution with language, currency, tax compliance and local support teams in six of the world’s biggest and fastest growing economies.”

NetSuite Technologies Easy to Launch and Manage

NetSuite has developed a technology platform that allows small businesses to implement high tech programs in less time, which increases business productivity and enhances customer service. By leveraging the experience acquired from initiating thousands of eCommerce platforms, SuiteSuccess gives small businesses the tool to match larger companies in terms of producing comprehensive business to consumer and business to business eCommerce KPIs, reports, and dashboards within 30 days of launch.

Small business owners get to use drag and drop management tools that do not require extensive training to master. The tools quickly perform edits and organize content into a wide variety of categories. The self-management tools help business operators quickly modify the appearance of their eCommerce websites, without requiring the expertise of an accomplished web developer. Customers of NetSuite smart business applications have the capability to perform a large number of operations scheduled to deploy well into the future.

NetSuite Helps Hint Grow into a Multi-Million Dollar Company

Although not quite a rags to riches story, San Francisco-based Hint has a story that would make Horatio Alger proud. The creator of unsweetened, fruit flavored water has morphed from a small family run business into a multi-million dollar juggernaut. Hint partnered with NetSuite about 10 years ago and the amazing growth shows no signs of slowing down. As the founder and owner of the business shoots for sales of one billion dollars per year, NetSuite applications will help the former mom and pop business compete against large corporations that dominate the flavored bottle water market.

Hint’s modest start was inspired by Kara Goldin, who as a San Francisco Bay native embarked on a personal health journey that involved eliminating a 10 can per day Diet Coke habit. Goldin’s vision was to make water more appealing by adding different types of fruit to pitchers of water. Rave reviews from friends and family members prompted Goldin to see if bottled fruit flavored water could make an impact in the beverage market. After pitching the idea to Whole Foods, Goldin delivered 10 cases of her masterpiece.

The 10 cases sold out within 24 hours.

Six months later, Whole Foods devoted a section of the beverage aisle for stocking bottled water produced by Goldin’s new business, Hint. Soon thereafter, Goldin hired NetSuite to incorporate technologies that would support rapid growth.

As a long time former executive of AOL, Goldin summed up her business vision during a recent interview. “I didn’t set out to launch a beverage company, but as I learned more about the options available to consumers, I realized that it was time to shake things up,” said Goldin. “The market was ready, but it was still dominated by centuries-old stalwarts. To have our voice heard in such a crowded space, we needed to couple all of our startup energy and enthusiasm with business processes that allowed us to operate like a much larger firm. NetSuite has given us a platform to grow our business so that we can focus on delighting our customers.”

NetSuite Helps Small Businesses Incorporate AI

The Hint success story offers just a glimpse into the powerful impact NetSuite applications have made on small businesses. Small business owners can no longer afford to depend on applications that look backward for data. Standard business intelligence (BI) does not pass the test for growing a small business and adapting to rapidly changing customer dynamics. NetSuite works with small businesses to implement NetSuite OpenAir Solutions that provide real time data.  By integrating advanced machine learning and multi-layered data science under the technical umbrella of a unified cloud suite, small businesses have the tools to analyze data and make quick decisions.

R “Ray” Wang, who is the founder and principal analyst at Constellation Research said, “A future where AI drives new business models is quickly becoming the present. Having business applications that can deliver predictive, prescriptive and automated outcomes is going to be an imperative for businesses that want to grow and succeed in the years to come.”

NetSuite’s revolutionary AI and machine learning technologies ensure small businesses have improved insights by using automated data analysis processes to decide the most efficient courses of action. The intelligence cloud suite helps small businesses rapidly grow by allowing users throughout expanding organizations to benefit from new technologies.

The post Wrapping up SuiteWorld 2018: NetSuite Announces Hint Water Growth and AI Technology Advances appeared first on SmallBizTechnology.

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

1. Have a Plan 

Data is only as good as the plan you have for it. Know what information you need and why you need it. Nothing is worse than spending countless hours setting systems only to realize it doesn’t answer the questions you need answers to.

– Jessica Gonzalez, InCharged

2. Start Small When Studying Your Data Stream 

Look at the data you’re collecting through your CRM. As you begin your analysis, it’s wise to start small — perhaps with one data stream at a time. For example, you might initially look at the main products being purchased in a particular geographic area. You can then use this information to produce customized offerings to specific segments of your customer population.

– Alexandra Levit, PeopleResults 

3. Understand Your Competition 

Information on your competitors used to be difficult to come by, but now with big data, it is all right there for the taking. Knowing what other businesses are making and how they spend their capital can be a huge leg up for a small business.

– Abhilash Patel, Abhilash.co 

4. Identify Beneficial Supplier Relationships 

One of the easiest ways small businesses can use big data to improve production is through analysis of supplier data, such as pricing or material quality, to identify the most beneficial vendor relationships for their business. By doing so, companies can make sure they’re getting the best quality materials for the lowest price with every deal they make.

– Stan Garber, Scout RFP 

5. Align Yourself With the Most Data-Centric Vendors 

I wish we had the budget to hire analysts and a full complement of technical teams to slice-and-dice data. We don’t! However, we can find vendors and partners that are data savvy and align with them. Whether a fulfillment center, shipping company or even marketing firm, companies that can truly analyze data will win. We just need to find them, and our business will naturally improve.

– Aaron Schwartz, Passport 

6. Track Sales Activity and Customer Data 

In order to make the smartest decisions about your business, tracking sales and customer data is a must. Making sure your payment processing technology has a robust data analytics feature will ensure that all of your production decisions are based on the actual activity of your customers or clients. Connectivity is key.

– Suneera Madhani, Fattmerchant 

7. Analyze by Season 

Big data can be analyzed by seasons, which helps better understand when demand is greater or less than the average. This helps ensure the right level of production so that sales are not missed because not enough was produced. This also helps plan for cash flow and future marketing endeavors, in order to see how slower periods can be ramped up.

– John Rampton, Calendar 

8. Refine Your Data to Improve Effectiveness 

Data is often compared to oil in terms of how well it can fuel production. However, much like oil, it isn’t very effective in a crude state. Refining data in order to yield important information that can improve production will involve a great deal of testing. This can include A/B testing, with new variations on a product, or tracking interdependencies by tweaking individual aspects of a product.

– Bryce Welker, Beat The CPA 

9. Examine Turnaround Times 

Whether you’re generating graphics for your clients or assembling bottles, you can use big data to analyze the process and determine how long it takes to finish a project. This can help you find areas that can be streamlined in your production process, or just identify where the major slowdowns are.

– Karl Kangur, MRR Media 

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Establishing Culture in Your Business

Culture is what differentiates those companies where the employees love to come to work from those where the employees dread ‘punching in.’ How your employees feel about their job is then reflected down to the customers, which is why every business owner should think carefully about the kind of culture and the core values they want the business to represent. Need a little guidance? This article offers four great tips for how to improve your work environment.

Click to read How to Build a Rock Slid Company Culture

Making Analytics Work for Your Business

Business data provides valuable insights into how to improve your business, but many times, business owners collect data and then aren’t sure what to do with it. Ideally, analytics should be the driving force behind the decisions you make, and all employees should understand how to use analytics. This article will help, with four training tips that will teach your whole team how to use analytics effectively.

Click to read How to Train Your Team in Better Analytics

Upgrading the Point of Sales Experience

The point of sales is that final moment in the journey where a person officially becomes a customer. Think now to the point of sales experience in your business – does it positively add to the customer’s experience or does it hurt your chance of making a sale? This article has a valuable lesson on what not to do, then some tips for improving the experience, like upgrading your point of sales technology and empowering your sales staff.

Click to read 3 Ways to Improve the Point of Sales Experience

Business Tips for Artists

Although artists funnel their passion into their artwork, interview guest Crista Cloutier says that artists are also entrepreneurs and they must learn how to build their business if they want to be successful. An artist herself, Crista also runs a program called The Working Artist which teaches artists the business skills they need. In this interview, Crista gives tips for how people in creative industries can plan out their business and execute their marketing.

Click to read The Working Artist, Crista Cloutier, Shares Business Tips for the Creative Industries

Successful business owners know they have to pay attention to those important details, including creating a positive culture, listening to analytics, and giving customers a good point of sales experience. What little details in your business could use some TLC? Chances are you’ll find the tips and advice you need on SmartHustle.com.

The post Smart Hustle Recap: Establishing Culture in Your Business, Better Analytics, & More appeared first on SmallBizTechnology.

I am a serial entrepreneur. I started my first business in 1981 and it is still operating. Over the past 35+ years I own or have owned 6 businesses. Some did extremely well. Others failed. All provided or continue to provide learning lessons that I implement to increase productivity and profitability of the businesses we work with as well as my own businesses. I’ve shared my learning experiences in my books, The Courage to be Profitable, The Ugly Truth about Small Business, and The Ugly Truth about Managing People.

I have also learned from many entrepreneurs and authors. My favorites, which I call the classics, may not be the most popular or well known. All have solid business advice including why you need Library Solutions. These books should be in your library, not sitting on the shelf collecting dust, instead dog earred, highlighted, and used as guidance for your profitable business.

Sales

You Can’t Teach a Kid to Ride a Bike at a Seminar, David Sandler

David’s sales processes are tried, true, and will help any professional sales person. Follow his funnel , implement his suggestions, and your sales closing ratio and dollar volume will increase. You will know when to walk away before you spend your valuable time on a potential sale that will never become reality.

How to Master the Art of Selling, Tom Hopkins

This is a basic primer for sales. Definitions, practices, and methods to sell almost everything, including Tom’s famous bird bath example. Learn words and phrases to use and ones to avoid in this practical, down to earth book.

Marketing

Made to Stick: Why Some Ideas Survive and Others Die, Dan and Chip Heath

Whether you are marketing to customers, potential customers, or your employees, your messages must get out. They must break through the clutter and be memorable. Dan and Chip show us how to get our ideas to stick. Hint: tell a story. The sticker your messages, the better chance of increasing your customer base.

The New Rules of Marketing and PR, David Meerman Scott

David constantly revises this book to keep you abreast of the latest changes in marketing and PR. He offers a step-by-step action plan to help you invest your marketing and PR dollars wisely. The latest version includes social media, video, and mobile applications that you can use to reach buyers directly.

Finance

The Richest Man in Babylon, George S. Clayson

Give back. This book shows you an easy formula to do it so that you don’t break the bank. It also shows you an easy way to handle your business finances. If you are profitable, handle your cash well, and give back, then you will have a nest egg and cash reserves when you need them.

Personal Development

Think and Grow Rich and Laws of Success in Sixteen Lessons, Napoleon Hill

Napoleon is the granddaddy of business personal development books. Andrew Carnegie tasked Napoleon Hill with studying, interviewing, and writing about how the habits and routines of rich and powerful business magnates to discover what made them successful. The result: these two books which give insight into the thinking patterns and actions of successful businessmen. Copy them and you have a great chance of being successful.

Author Bio: Ruth King is the CEO and founder of Profitability Revolution Paradigm, an internet-based television program that provides information to help small business owners better run their businesses and maximize their profits. A serial entrepreneur, she also wrote the book The Courage to Be Profitable, a resource that helps small business owners get and stay profitable in less than 30 minutes a month.

The post Business Classics That Should Be in Every Small Business Owner’s Library appeared first on SmallBizTechnology.

What is KPI?

As we mentioned above, KPI stands for key performance indicators. These are quantitative statistics that help you gauge how your business is performing and whether you are meeting your goals.

There are a variety of KPIs depending on what you want to measure and analyze. This includes:

• Sales KPIs – Numbers that measure how well your sales are doing, including revenue growth, how specific products are performing, average purchase amount, and the performance of each of your sales reps.
• Marketing KPIs – Numbers that measure the effectiveness of your marketing, including website visitors, how many people are clicking through on your emails, and the cost per lead & ROI on your paid marketing campaigns.
• Financial KPIs – Numbers that measure the overall profitability and fiscal health of your business including income, expenses, profit & loss, and debt to equity ratio.
• Social Media KPIs – Numbers that show how well your social pages are doing, including followers, engagement and interactions.

The list could go on, because there are KPIs for any important aspect of your business that you want to analyze – KPIs that measure employees, customers, finances, sales, business processes, and more.

Why Are KPIs Important?

KPI metrics are important because they help you objectively view how your business is doing and whether you are reaching your business goals.

• Is my business profitable?
• Are my products and services doing well?
• Are customers satisfied?
• Are my marketing efforts paying off?
• Are my employees productive?
• Is my business on the right track?

KPIs can answer all of these questions, including identifying areas where you need to make improvements or can seize new opportunities. KPI metrics can help you define what success looks like, hold everyone accountable in achieving success, and take pleasure in small victories on the way to reaching larger goals.

Tracking and Analyzing KPI Metrics

If you look at the listing of KPIs in the “What is a KPI?” section, you may have recognized the various ways that you can track and analyze your KPIs. For example, you can look at QuickBooks spreadsheets to analyze finances, turn to Google Analytics to learn about your website visitors, and view your business’s Facebook page to learn how you’re doing on social media.

But that is exactly the problem. KPIs are tracked in so many different places that it can be hard to get an overall idea of how your business is performing. The Staples survey we mentioned above also found that 62 percent of small business owners would find it helpful to have a single dashboard for all their core business metrics.

Staples Quick Wins KPI App

Like many Staples surveys in the past, if small business owners are all asking for a solution to a problem, Staples will follow up and find a way to deliver that solution.

This time, the answer comes in a new Staples business dashboard KPI app called Staples Quick Wins. The app is completely free and has downloads for Apple and Android. With the Quick Wins KPI app you can gather together some of your most important KPI metrics into one place – with the ability to access the information anywhere via your smartphone.

Staples Quick Wins KPI app can help you track business metrics on:

• QuickBooks
• Google Analytics
• Shopify
• Facebook
• Twitter

They’re also expanding to Instagram and MailChimp at a later date.

The KPI app allows you to link up each of your accounts, then the business metrics from each account are compiled together in the app dashboard. This allows you to manage and track your metrics easily every day. The app also gives you access to a small business community, where small business owners can ask questions, share ideas and get feedback.

Keeping track of KPI metrics is important for meeting your business goals and pushing your company forward. The new Staples Quick Wins KPI app puts the power of KPIs literally right into the hands of small business owners.

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