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Big Data, Bigger Revenues

If recent developments inside the world of technology are anything to go by, it is clear that the greatest innovations of the future are going to be driven and fuelled by data. So huge is the potential of big data analysis that its impacts have been felt outside the world of technology as well, in areas as diverse and surprising as a business, art, healthcare, and entertainment. The technologists of today have their sights firmly set on the future, and big data analytics are a crucial part of the picture they envision.

What is Big Data?

A standard definition of big data is “extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.” Let’s break this down to its essence. Big data is fundamentally a huge collection of data from various sources, that tells us something interesting and useful about ourselves and our world. The process of deriving that information from the big databases, of course, is what is referred to as big data analysis. The output of such analysis can take several forms. As the definition tells us, it can help us detect patterns in the data our interactions generate or identify the trends that the naked eye might let slip, or figure out the associations between different phenomena. The bottom line is that big data is an extremely useful tool.

What Does Big Data Tell Us?

The applications of big data and analytics are manifold. It is now frequently used in healthcare, where huge amounts of information are generated. Big data helps by helping the healthcare system provide personalized healthcare plans, designed for every patient by studying the data they generate. It is used in manufacturing to reduce the downtimes of systems and incorporate transparency. It also helps with output predictions, supply planning, and increasing overall quality and efficiency. The entertainment and media industry is not far behind either, with several services using big data analysis to present audiences with content that they specifically will enjoy. For example, Netflix has a famously accurate matching algorithm for viewers and content they may enjoy. It also helps in targeting advertisements, monetizing content, and coming up with new ideas for products.

Governments themselves have begun to foray into the field, allowing them to have much higher efficiency and much lower costs, all the while increasing productivity and encouraging innovation. Cybersecurity and intelligence systems also stand to benefit from big data analysis. Big data solutions have revolutionized each of these fields and brought in huge changes in how well they function.

Bigger Revenues with Big Data

So far we have looked at how big data has changed the functioning of several industries. It stands to reason, then, that these drastic changes in approach and process, will reflect on the revenue of these industries. In the modern marketplace, big data is an invaluable asset. Companies are engaged in a constant struggle to gain control of the big data market. This is no surprise, as big data revenue i.e. the revenue generated by firms whose technology consists significantly of big data tools, only keeps shooting up with every passing year.

Thus we have established that big data management leads to more revenue. Perhaps the most significant achievement of big data tools has been an increase in productivity. Management of various companies can use big data analytics to figure out the factors that are affecting productivity, thus empowering them to correct them. Productivity-improving policy changes can then be made, and every individual can be helped in the process of becoming the most successful version of themselves.

Decision making itself is always a beneficiary of big data analysis solutions. The more data that informs a decision-making process, the more guaranteed is its success. Unlike mere mortals, data does not suffer from subjective biases, making it perhaps a better decision maker than humans. Similarly, big data analytics also helps recruiters make better choices while hiring employees. Big data analytics tools can be used to identify the problem areas in the talent pool of the company, recommending shortages that need to be filled. Companies can then hire exactly those candidates who will help them fill these gaps, thus balancing out the power of their workforce. It can also help companies retain their workers, by identifying the key areas in which workplace satisfaction can be enhanced.

With so many applications, there is no doubt that data gives a company a competitive edge over another company that has not harnessed the power of it is the largest resource – its data. In the modern corporate ecosystem, the difference between who mines how much data might very well be the difference between which company succeeds and which fails. With increasing competition for the attention and patronage of a constant number of customers, this problem is even more compounded.

Thus we can conclude that big data analytics increases a company’s productivity and output. These changes are reflected directly in their revenues. Several studies support this claim, with researchers have found that increasing data analytics by just 10%, companies were able to raise their profits by over $2 billion a year. (Study conducted by the University of Texas, with data from Fortune 1000 companies in major industry areas)

The Way Forward

It is only inevitable that such a great innovation will have its downsides – and ethics might be the biggest downside of the big data revolution. Companies around the world have to grapple with these issues and frame stricter rules around the extent and scope of their big data and analytics. Most notably, Facebook found itself in trouble during the Cambridge Analytica scandal. Such a technology is unprecedented in human history, which means we only have ourselves to rely on while coming up with safe ethical boundaries. That being said, however, we are firmly positioned to scale the highest heights, armed with data and the power to analyse it. As long as it is done responsibly and ethically, the future belongs to those who control the data.

HOW TO BE RICH BEFORE 30

At some point in our lives, all of us think about being wealthy. Settling down and being rich before you attain the age of 30 seems to sound like a distant dream to us. We start idolizing millionaires and people with an income range of seven digits and day-dream of someday being able to reach that stage. The one thing that we must always understand is that wasted dreaming never does any good. Simply thinking about how to be rich before 30 and doing nothing to attain that mark will never help the cause. One needs to chalk out strategies and plan accordingly to achieve that goal. Even though the goal might seem to be a distant reality at first, the more we are firm and determined to achieve, we start narrowing the gap and walk closer to our goals.

Retirement Saving

How to develop a strategy?

There is no straightforward method or shortcut to be rich within a fortnight. It takes years of patience, hardships, hard work and sheer determination to finally achieve that mark. Before starting to work towards attaining our goal, it is always advisable to devise a full-fledged strategy. Devising a strategy involves extensive research and in-depth analysis of the pros and cons of every development and step that we are going to initiate. It is beneficial to try and talk to experienced investors, people in business, bankers, stock-market agents, insurance agents, etc. to start formulating a well-devised plan.

full-fledged strategy

Is budgeting necessary?

Experts and established millionaires always guide people to find out the ways to budget money. The first way to budget money is to start by formulating your expected annual budget. This will help you analyze our income and your expected expenditure that you are likely to experience. Once you fix up your budget, it is easy to foresee the goals that you need to achieve towards the end of the year. After deciding on ways to budget money, one can also begin setting aside the excess amount that is left every month for saving. People may assume that why to save money for the future when you have listed out your budget and had enough to spend. The lesson that they need to understand is that one cannot be rich without trying to save money and putting it to good use is the best recourse towards being rich. It is always wise to save for the rainy day.

budget money

Why save money?

One does not transform into a Steve Jobs or Bill Gates or Grant Cardone without putting in efforts. You may ask this question to yourself that why to save money? several times a day and eventually you will be able to get an answer to it. It is always advisable and smart of a person who wants to be rich to save their surplus money so that it can be used as leverage elsewhere. People are sometimes pennywise but pound foolish. Ordinary people save money whereas wealthy people find out ways to utilize it somewhere better. This change in mindset is what makes you closer towards being rich. So instead of asking why to save money, try devising ways actually to do it.

Difference between saving and investing

Many such people have been saving regularly and in a systematic way for many years and still are not able to reach the goal of being rich. While on the one hand ordinary people keep on saving for years just for saving, wealthy people have a different strategy. They channelize their savings and invest them into schemes and ventures which would help them to earn more profits and further income to save more.

Retirement Savings

Saving to save means that you are just stocking away your money somewhere safe and not utilizing it. In this kind of situation, you will be able to earn mild profits and interest but not to the level that it makes you supreme rich.

Investing your saved money in ventures such as real estate, the stock market, mutual funds, etc. where you can expect a sumptuous ROI on your investment is an advisable step on your road to being rich. People may find it risky to invest in stocks or mutual funds as it is a fluctuating market. But well planned and well-researched investment always bears fruitful results.

Ways to save money:

While pondering on saving and investing smartly, we are automatically led to the question of how to save money. Saving money is often confused with preceding spending altogether. In our rush on how to save money, we often stop spending even on the things and items we may require at some point in time. Saving means that we spend in a manner that we prioritize certain important financial goals over the less important ones. Below mentioned is a list of ways on how to save money.

  • Avoid using credit cards – Using Credit cards instead of hard cash or Debit cards, makes one a spend-thrift, as they start living and enjoying at that moment and stop thinking about money saving ideas. The interest accrued on the amount eats away most of your income rather than helping you to save. Credit cards should be put to use only during an emergency.
  • Avoid online shopping – Another money saving idea is to restrict online shopping. While shopping online, one can very easily create an online account and save their card details on the retailer’s website. This makes them buy anything and everything they like at the very first instinct. Online shopping is more or less always devoid of the idea of necessities. We tend to keep on buying items unmindful of the fact that we need those or not. To avoid such situations, one must limit online shopping and should resort to offline shopping and that too as per their utmost necessity.
  • Clear away your debts timely –It is always advisable to clear away all your debts timely as they may act as a roadblock on your path to success. You may start by paying away all your small time debts regularly and strategize plans to clear out your long-term ones. People who have undertaken student loans for the sake of their higher education are also advised to pay away their education loans in small amounts to avoid the extra baggage off their shoulders once they start earning money.
  • Keep a tab on your cash flow – Another remarkable money saving idea is to keep a constant check on your monthly cash-flow. At the end of every month, try and analyze the expenses incurred and the savings made to incorporate any changes if necessary.
  • Save to invest – The most fruitful way of saving money is to invest it somewhere safe and profitable where you cannot access it before the stipulated time. Saving money for the sake of saving is not at all a great way of saving money. Investing in long-term Fixed Deposits or schemes wherein the ROI is much better is what we can call a great way of saving money. Save to Invest Picture
  • Try to be a tax saver – It is always advisable to file your ITR timely and within the stipulated time to avoid any penalty amount which can prove to be an extra burden. People can also be tax-smart and invest in schemes and funds like PPF policies that may help them save their tax and also help them invest the difference somewhere beneficial. Though this may sound like a baby step to save money, still this may serve as a helping hand in the long run.
  • Do not shy from taking risks – Stock markets provide some of the best ways to save and invest your money with windfall gains. This is another great way of saving money. The only thing that stock market cannot guarantee you is the risk associated with your savings. Knowing the fact that the stock market is a fluctuating arena, one can still expect large gains and returns out of your money. On the road to being rich, one must never shy from taking risks in the process of saving money.great way of saving money
  • Try diversifying your savings – Even though it might not sound too great about taking long leaps and too many risks during your twenties and thirties, still it is also a great idea to diversify your efforts. It is always advisable to build or rely not just on one skill set or professional connections on your way to be rich.
  • The same is true in the case of savings and investments too. One should never try investing all of their saved money blindly on just one single venture. Savings should be divided and categorized into various parts and should be equally invested in multiple beneficial ventures.
  • Always have backup plans – Saving money for initial days or goals is never an advisable idea. One should always be ready for the worst on his road to being rich. Therefore it is advisable to set aside an emergency or contingency fund. An emergency fund which can prove to be beneficial in the time of extreme distress. People can set aside money equivalent to five or seven months of their present salary at least twice a year.
  • Save money as a priority – There are millions of people who demand financial freedom, but only those few people who treat saving money as their utmost priority can make millions. Never ignore the fact that unless and until you are determined about saving you can never achieve what you dream of.
  • Change your lifestyle – This may sound a bit tricky and difficult for you, but there can never be any gain without undergoing pain. Try moving to areas which provide you with all the basic amenities and facilities at a cheaper and affordable rate to avoid the burden of paying for an extravagant lifestyle. You can also opt for a smaller house or car as this may save a lot of extra money invested in those.
  • Begin with buying items that are unavoidable and evade spending money on possessions you can live without. This may sound like a bizarre idea at the initial stages, but eventually, you will be able to feel the difference it creates when you start saving extra bucks.
  • Try contacting experienced people and gain knowledge – It is never too late to learn and therefore one must never shy from learning from those who have gained expertise in saving and have achieved millions. There are many millionaires and rich people who are generous and kind enough to share their knowledge and experience with youngsters. Follow their footsteps to achieve your saving targets and move even closer to being rich.
  • Start building new ventures and investing in new ventures – Try to channel your surplus saved money in some productive ventures like property and real estate and sit back to see your savings increase. The foremost step involved in investing your savings in new ventures requires in-depth analysis and market research. So it is advisable for you to do your homework accordingly and then channel your savings.
  • Saving money and reaping benefits out of it is not at all a tedious task. A proper mindset and sheer determination are what it takes actually to start saving. Trying to be rich is more than just hitting the seven digits or eight digits mark. It is actually about changing your behaviour in a way that makes saving a fun activity. By making saving money the priority, one can move up the ladder towards actually being rich. Sometimes the hardest thing about saving money can be just the confusion of how to get started.
  • We may find it difficult to figure out simple ways to save money and to use our savings to meet our ultimate goals. So it is also advisable to chalk out proper saving plans and follow them accordingly. Once that is done, you are ready to become a self-made young millionaire.

 

INVESTMENTS VS SAVINGS

Would it be advisable to save or invest money?

Pondering whether you should save or invest? The appropriate response relies upon your objectives and your budgetary circumstance. This guide will enable you to work out how to approach developing your savings and the simple ways to save money. It additionally covers the nuts and bolts of arranging out your accounts for here and now savings and long-haul investment.

saving vs investment

What’s the distinction between saving and investing?

Saving – is setting cash aside, a little bit at a time. You mainly save to pay for something particular, similar to an occasion, a store on a home, or to cover any crises that may manifest, identical to a broken evaporator. Saving typically implies putting your cash into money items, for example, savings account in a bank or building society.

Investing – is taking a portion of your cash and endeavoring to influence it to develop by purchasing things you think will increment in esteem. For instance, you may invest in stocks, property, or offers in reserve.

Save and Invest

Saving and Investment are two critical components of large-scale financial aspects. The term saving and investment some of the time make us confounding, and we utilize these terms in reciprocally. So the idea of saving and investment ought to be cleared. There are numerous money saving ideas both for saving and investment. Spending less on utilization than accessible and the extra money left is called singular saving or essentially saving.

It bears no hazard or a slight of risk by any stretch of the imagination. It tends to be kept in a bank or annuity finance, purchase a business, pay down obligation and so forth. The primary component of saving is the claim on a resource that can be utilized to pay for future utilization. The possibility that there is a return on the saving as profit, intrigue, the lease on capital gain there is a possibility of net gain in singular saving and them in singular riches.

At the point when an individual chooses to build saving by expending less, it will influence others since he who relies upon him will misfortune his pay. Afterward, he will get a kick out of the chance to cut his utilization. Along these lines, it will influence the entirety. In such a way, singular saving proselytes into total saving.
Investment

Total saving doesn’t increment because of individual procuring bits of paper like dollar greenback or stock or security endorsements. That swaps one sort of monetary resource for another without influencing the aggregate. Total saving happens when the country gets the excellent household resource. For example, new lodging, new apparatus, new production lines and workplaces, increase to an association’s stock of merchandise or new claim on support abroad. Furthermore, that is vitally what is implied by investment.

Investment is one sort of impetuses for development in total riches. Without expanding total saving, we can’t build investment. Expanding singular saving won’t make total saving except if they increment investment.

What to choose to save VS Invest?

We save for buys and crises. We save for stuff that needs a vehicle to sit in, accessible when we require them and generally have safe of losing esteem. There are various simple ways to save money such as it is imperative to track your savings, put a due date or course of events to your objectives and esteem. For a moment, if you are saving for your yearly family excursion, you should need to target $3,000 to save in nine months, to withdrawal in December. You at that point know the amount you require, the amount to save month to month and the capacity to take the cash, without expense to spend on that cherished get-away.

Save Vs Invest

When investing, it is vital not merely to invest, but instead invest carefully. You will have a superior return when you invest early, and it also helps in saving money. Understanding diverse investment vehicles, what they are going after how to utilize them will be essential to being fruitful. We invest long haul, for our kids’ school store or retirement. We utilize particular vehicles that take into consideration development, similar to these.

When saving for retirement, it is set apart as the finish of your wage procuring years, yet the craving is used stores invested all through your working years joined with money-saving ideas such as any business benefits designs, Social Security advantages, annuities or other long-haul investments. There is numerous help saving money ideas to begin or proceed with your retirement financing. (It couldn’t be any more obvious, Build Your Retirement Plan.)

Another distinction is premium, or cash made. In investing, we need our investments to profit versus when saving; it is to protect our cash, making almost no arrival.

Saving Vs Investment

An endorsement of the store is another savings apparatus. This apparatus is generally here and now, extending from a couple of months to many (at least 10) years. While in the CD, your cash is sheltered and develops at a little greater loan fee, than in customary savings account yet you don’t approach it until the point when the term of the CD is finished.
It is conceivable to be a brilliant investor, have developed in your 401K and have investment properties, however unfit to bring home the bacon, if you don’t see how to save and finish. You can use simple ways to save money such as penny squeeze and save cash every month, astonishingly, yet long haul that savings won’t pay in retirement and all likelihood won’t pay your youngsters’ school designs, making investing similarly critical. Reminding us how vital both are when done together.

Why should you save?

1. Setting up a secret stash

Everyone ought to make the best money saving ideas to develop crisis savings finance. The general government to have three months of everyday costs saved up in a moment get to a savings account. This ought to incorporate lease, sustenance, school charges, and some other fundamental outgoings. Your secret stash implies you have some financial security if something turns out badly.

2. Continue saving

Since you have a just-in-case account, it’s smart ways to save money to save up no less than 10% of your profit every month (or as much as you can manage). Set yourself savings objectives and set sufficiently away to purchase what you need. This could be a house store, a wedding, or an outing. You could likewise begin to consider investing your cash.

At the point when shouldn’t you save?

The central time you shouldn’t save, or invest is if there are more critical things you have to do with your cash.

  • Choose whether to save or pay off obligations.

  • Do you require extra security?

  • Is it accurate to say that you are prepared to invest?

Regardless of how it bodes well for you relies upon your objectives – particularly on the off chance that they are the long, short, or medium term.

Short-term objectives – are things you intend to do inside the following five years.

Medium-term objectives – are things you intend to do inside the following 5-10 years.

Longer-term objectives – are ones where you’re won’t require the cash for a long time or more.

Wave Saving Method

Short- term objectives

For your transient objectives, the general run is to save into money stores, similar to financial balances.

Money markets may go up or down for the time being, and if you invest for less than five years, you may make a misfortune.

Medium-term objectives

For the medium-term, money stores may now and then be the best answer, yet it relies upon how many hazards you’re willing to take with your cash to accomplish a more noteworthy profit for your investment.

For instance, in case you intend to purchase a property in seven years and you know you’ll require every one of your savings as a store and would prefer not to hazard your cash; it may be more secure to put your cash into a savings account. Nonetheless, remember that your savings will at present be in danger from expansion. This is the place the premium you acquire on your savings neglects to stay aware of the rate of swelling, so the purchasing influence of your cash is decreased.

Then again, if your necessities are more adaptable, you should seriously think about smart ways to save money by investing your cash in case you’re set up to risk with your unique money to attempt and accomplish a more prominent profit for your investment than would be conceivable by saving alone.

Debt Vs Savings

Long-term objectives

For longer-term objectives, you might need to consider investing since expansion can genuinely influence the estimation of money savings over the medium and long haul. The stock exchange tends to improve the situation than money over the long haul giving a chance to more noteworthy profits for any cash invested after some time. You can reduce the level of risk you take when you invest by spreading your cash crosswise over various kinds of investments. This is called expansion. There are few money saving techniques which are given below:

1. Start investing increment

Do you have your yearly increment? The ascent in costs will invalidate a portion of the expansion because of swelling. However, risks are you will at present have a higher overflow. Individuals tend to spend increasingly on the off chance that they have a fatter bank adjust and progressively become accustomed to higher costs. Try not to give yourself an opportunity to acclimate to the higher excess. Increment your investments and put them on auto mode, so the cash gets invested even before you have the opportunity to blow.

Focus on a month to month investment like a SIP in a shared store or a repeating bank store, so a piece of the expanded salary consequently gets deducted toward the start of the month. This system can likewise be connected to one time inflows as a reward, by submitting the sum to a single amount investment in front of accepting it. An expression of caution, however, tries not to confer the whole addition or reward in your energy to save. Abandon some to manage the unavoidable ascent in costs and some to treat you, and it will turn out fantastic money saving technique.

saving vs investing

2. Isolate your records

Too many financial balances can get somewhat befuddling and hard to oversee. However, now and then an additional record can be precisely what you have to deal with your savings better. Have a different financial balance for every one of your investments and savings, much like the ‘stick shake’ approach that grandmas take after. Try not to utilize a check card for the assigned ‘saving and investment’ account. This is the smart way to save money and that system which can be exceptionally powerful for the individuals who can’t put any cash away.

3. Continue paying the EMI

When you satisfy a long-term advance, the EMI transforms into help saving money. You turn out to be so used to the month to month outgo that you scarcely feel it. Things being what they are, what to do when the advance is satisfied? The primary impulse is to appreciate the extra surplus and reallocate it to different costs. However, such as computerizing your savings, the finish of EMI installments is an incredible chance to divert the surplus into savings without genuinely seeing the distinction.

When you have a couple of installments left, choose where you need to invest the EMI sum. After the last EMI is paid, begin investing a similar sum in your preferred instrument. For example, you can begin a SIP in a shared reserve or a repeating store in your bank. Since the month to month outgo won’t transform, you won’t feel the distinction while your savings will observe a significant inflow.

4. Get a saving friend

Here and there you require a screen to get out from under out of a negative behavior pattern. Including somebody near you can give the balanced governance that you have to keep your money-related choices on track. If you can’t get on hold on your funds yourself, get a companion or relative included. They can fill in as a controller, watching your spending and saving, and go up against you on the off chance that you veer off track. This is one of the best techniques for money-saving techniques.

On the other hand, you and your ‘saving amigo’ can go about as friendly rivalry for each other. Set saving objectives and endeavor to outsmart them, or see who can practice better control with regards to unnecessary spending. You can even work out an arrangement of prizes and punishments.