Facebook-f Twitter Linkedin-in Youtube Instagram

Author: admin2024

Basics of Business Analytics

Posted on by admin2024

Business Analytics (BA) is not a new concept and has been used ever since the management exercises were started by Frederick Winslow Taylor in the late 19th century. In the simplest sense, Business Analytics is the statistical study of business data. Statistics is a collection of methods for planning experiments and obtaining data. After that comes the task to organize, summarize, present, analyze, interpret and draw conclusions to understand hidden trends. Business Analytics is related to management science. The prime goal of Business Analytic is to understand business performance that is based on data and statistics. Business Analytics makes substantial use of statistical analysis, which includes fact-based management, predictive and explanatory modeling that helps to drive decision making.

Though Business Analytics has many practical applications, the top four industries that apply the concept of Business Analytics are Finance, Technology, CRM/Marketing and Retail. Online retail giants like Amazon use Business Analytics to access a vast amount of data on its customers such as names, addresses, payments and search histories which are all filed away in the data bank. This, in turn allows Amazon to give quick and efficient customer service experience. Another big company is the fast-food giant McDonald’s, that relies on Business Analytics to customize services to diverse populations internationally. Even the farmers are opting what is termed as ‘smart farming’ in which they make use of Analytics to monitor the impact of sun, water and fertilizers on the crops and learn how they can make the harvest better. Business Analytics has also predicted the effectiveness of converting manpower to robots. Unlike Data Science, Business Analytics does not involve much coding and is more statistics oriented. As we can witness the major developments in recent times, with the use of Business Analytics, businesses can expect a drastic change in the way data is analyzed. Business Analytics offer employees a huge scope to learn and improvise themselves.

Whether it’s determining the food choices for popular food chains or helping farmers supply food for human consumption, Business Analytics is a cutting edge concept that helps major corporations plan for the consumer. Business analysts apply their knowledge and understanding of statistical analysis on a huge variety of subjects like education, public health, biology, economics, engineering, medicine, psychology and marketing. What the business analyst primarily does is, help businesses implement technology solutions in a practical and profitable way.

Business Analytics is predicted to grow its influence in the coming years in the field of technology. Business Analytics is an exciting field and a good career choice for those who are interested in shaping the direction of consumer choices. The profession is in a growing need of people who have the enthusiasm and knowledge in this field. There is a huge demand for Analysts who can make sense of data and steer the business into a constructive direction. Business analysts are high in demand as there’s a global talent shortage. The technology is improvising each day and organizations are opting to hire employees who specialize in the area of Business Analytics among others. Because of this, people are now looking for courses and programs that can train them in these skills.

One such renowned business school that provides excellent courses on Business Analytics is WeSchool, Bangalore. Welingkar Institute of Management Development & Research, popularly known as WeSchool, is one of the best business schools in India that caters to 10 months (long term) and 3 days (short term) course in Business Analytics, which trains business executives, managers, corporate leaders, research scholars and entrepreneurs on how to use analytical tools & techniques in various business scenarios. WeSchool, Bangalore delivers the best PGDM, leadership courses and data analytics courses in India. To know more about the Business Analytics course details, please log on to the WeSchool website https://welingkarexedp.com/business-analytics-longterm/

How HR Analytics can add value to your organization

Posted on by admin2024

Human Resource Analytics or HR Analytics focuses on ‘whys’ and what will happen next in an organization, after analyzing the data that has been collected. The HR Analysts collect data and study the information that is related to jobs, employee issues, costs and recommending further action or providing suggestions that can affect a business or organization. In a small company, the term ‘HR Analytics’ isn’t a familiar one yet. But as a company grows and expands, the HR professionals needs to have a basic understanding of how to assign the responsibilities of the HR department within the company. This is where the role of an HR Analysts comes in. HR Analysts is responsible for hiring, building a team, evaluating the employee’s work performance and finding suitable replacements for employees that are not fit for the job. They are also responsible for implementing new and better policies for employees regularly based on numerous parameters. Many HR Analysts use a computer software package called Human Resource Information System (HRIS) which helps them to manage their data more efficiently and accurately.

With the help of HR Analytics, HR professionals can make improved hiring decisions. HR professionals can now use the historical data of the organization to make better choices in terms of hiring new employees. HR Analytics helps to make predictive analysis better and prevents them from making mistakes, as it can assist the HR professionals recruit better candidates. It helps them to learn more about the candidates and their background through the available online data and social media channels. An HR professional analyzes what personality tests and skill tests and assessements are needed in order to select better candidates, according to the existing compiled data that the organization possesses.

Training programs are essential for the development of the employees, thereby making a positive impact on the organization. However, some poor decisions and sub-standard processes of training can lead to unsuccessful outcomes and can increase the budget, thereby costing the company gravely. HR Analytics helps an HR professional to improve the employee training programs after determining suitable training programs that can develop employee skills. They may conduct surveys that help them gain information about the reasons why an employee leaves a company. They then analyze the information and use it to increase employee retention and boost the company morale.

HR Analysts are an asset to the HR team who can make better use of the data and analytics, thereby increasing the employee’s performance and taking the company to new heights. HR Analytics has become crucial over the last few years, which is why more companies are looking for skilled HR professionals who can take up responsibilities within an organization, make better and efficient decisions for the betterment of the company, report data to predict actions and suggest solutions for the problems. There is a high demand of HR Analysts in the industry who can utilize the skills of a data scientist without losing the human touch.

Popularly known as WeSchool, Prin. L.N. Welingkar Institute of Management & Research is a renowned business school in Bangalore that provides top-notch courses on HR Analytics. WeSchool, Bangalore, is one of the best business schools in India that caters to a 3 days Management Development Program on HR Analytics that trains mid, senior and top level corporate HR professionals on how to analyze and draw insights from HR related data. Even the non-HR professionals can benefit from the program as it would help them to understand and appreciate the impact of HR decisions in terms of overall business. WeSchool, Bangalore delivers the best PGDM and Corporate Leadership Training Programs in Bangalore. To know more about the HR Analytics course details, please log on to the WeSchool website https://welingkarexedp.com/mdp-on-hr-analytics

HR Analytics – An Overview

Posted on by admin2024

HR Analytics (Human Resource Analytics) is the field of analytics that applies analytic processes to the HR department of an organization which helps to improve employee performance, thereby getting an improved return on investment. HR Analytics not just gathers data on employee capability, but also provides insights into each and every process by gathering facts and data, then using it to make applicable decisions about improving these processes. Human Resource Management has changed in the past years. Since then, it has moved from an operational discipline to a strategic one. Human Resource departments have always been collecting huge amounts of HR data. However, the data can sometimes remain unused. By using HR analytics, HR professionals don’t need to rely on intuition anymore. With the help of HR Analytics, HR professionals make data-driven decisions. HR Analytics also helps to test the effectiveness of HR policies and helps to delve deeper into issues that surrounds these requirements. With the use of analytic processes, the managers are guided to gain insights from information that has been collected, make decisions and take appropriate actions.

There are basically four types of HR Analytics which are Descriptive, Diagnostic, Predictive and Prescriptive. These HR Analytics answer questions such as what happened, why it happened, chances of it happening in the future again and what can be done to prevent it. Each of these data points is critical to assemble, apprehend and proceed accordingly in order to effectively manage your workforce. Since data will continue being critically important in driving workforce decisions, it is crucial to ensure that the data is accurate and properly managed. It is also vital to know the basic types of data analysis which can be applicable to workforce information that adds value to your organization.

The duties of HR professionals vary according to their job titles. The chain of HR professionals starts from an HR Assistant or an Intern, HR Specialist or Generalist or Administrator, HR Manager, HR Director, VP of HR and Chief HR Officer. The HR Assistant takes direction from all the senior HR staff. The HR Specialist takes tasks within a range of focus areas and of varying complexities. The HR Manager manages the HR department and the staff, accomplishing high level of HR activities that is reserved for senior level staff. The role of an HR Director is very similar to an HR Manager. However, in smaller companies the HR director can report directly to the CEO. It is the VP of HR who makes high level decisions that are strategically focused, giving significant impact to the organization. Finally, there’s Chief HR Officer, who is in the highest position of the entire HR department and the staff, competent to make decisions and develop new HR plans that directly affect the entire company.

HR Analytics is rapidly changing the way HR policies work. HR Analytics helps an HR professional to make better decisions using data, test the effectiveness of business cases created for HR interventions, become tactical and be a strategic partner. These days, HR departments are generating more data than ever before, but at the same time struggling to turn their data into insights. The profession is in a growing need of people who have the enthusiasm and knowledge in this field. Since there is huge demand of HR Analytics experts that can help the organizations with their knowledge, people are now opting for courses and programs that help them be the best in these skills.

If you’re looking for a renowned business school that provides top-notch courses on HR Analytics, one such business school is WeSchool, Bangalore. Popularly known as WeSchool, Welingkar Institute of Management Development & Research is one of the best business schools in India that caters to 2 day workshop in HR Analytics, which trains corporate mid, senior and top level corporate HR professionals on how to analyze and draw insights from HR related data. Non-HR professionals can also benefit from the program as it would help them to understand and appreciate the impact of HR decisions in terms of overall business. WeSchool, Bangalore delivers the best PGDM, corporate leadership programs and Data Analytics courses in India. To know more about the HR Analytics course details, please log on to the WeSchool website https://welingkarexedp.com/mdp-on-hr-analytics/

Upcoming Business Analytics trends for 2018

Posted on by admin2024

Business Analytics has become imperative in the last decade or so with the rise in technology, internet and computer science. Business Analytics (BA) is the practice of continuous investigation and exploration of an organization’s past data and past business performance to attain insights and steer the business planning of an organization accordingly. Business Analytics combines information technology, data and statistical analysis into one. Although Business Analytics has been in existence for a long time, it has recently evolved and improved with the rise of technology. Business Analytics not only helps recognize business opportunities through analyzing data but also helps in targeting customers better.

Each year we see how technology transforms and evolves and how Business Analytics trends changes alongside. 2018 is the year for clean, secure and high tech data that is combined with simple yet powerful presentation. Business Intelligence is bound to be highly customized this year. Artificial Intelligence, along with Multi-Cloud Strategies will boom. Here are some of the top Business Analytics trends to look out for in 2018.

Artificial Intelligence

Artificial Intelligence is a simple concept of machines being able to carry out tasks in a smart and in a way similar to humans. AI mimics cognitive functions such as learning and problem solving, that humans relate with other human minds. AI is a supporting tool for humans that will help us to work efficiently and productively. As AI is proficient at processing and analyzing data far more quickly than a human brain can, AI can be used to help understand possible consequences of each action and make the decision-making process fast and effortless. Machine Learning and Deep Learning, that are divisions of AI, have been implemented by a number of apps and corporations.

Natural Language Processing

Natural Language Processing (NLP) is one of the most important technologies of the information era. NPL is an area of Artificial Intelligence and computer science that concerns with the collaboration between computers and human languages or natural languages. NPL is particularly in terms of how to program computers to process and analyze large amounts of natural language data. The most prominent NLP application is machine translation which helps to overcome language barriers. NLP methods allow the non-programmers to communicate with the computing systems and gain vital information from it. Some of the common applications of NLP are text classification, spam filtering, voice recognition and speech to text among many others.

Data Governance

Data governance is the ability that enables an organization to be sure if high data quality is maintained throughout the whole lifecycle of the data. The main focus of data governance is usability, availability, data integrity, consistency and data security. It includes building processes, ensuring constructive data management throughout the enterprise. Data Governance also is accountable for the bad effects of poor data quality and also ensures if the data which an enterprise has can be used by the entire organization.

The Multi-Cloud Strategy

Multi-cloud is the use of multiple cloud computing and storage services in a single diverse structure. The Multi-Cloud Strategy is the use of numerous cloud computing services. The Multi-Cloud is a way to prevent data loss caused by a localized component failure in the cloud. Some organizations also use Multi-Cloud Strategies for data independence reasons. With the help of Multi-Cloud Strategy there is now the ability to avoid vendor lock-in, and the scope to find the optimal cloud service for a particular business or technical need.

Business Intelligence

Business Intelligence is a technology that gives past, present and future views of business operations. Business Analytics incorporates the strategies that are used by enterprises for data analysis of business information. Business Intelligence is used by organizations to support a huge range of business decisions, from operational to strategy. The potential use for Business Analytics extends beyond the usual business performance of better sales and decreased costs.

Business Analytics is predicted to grow its influence in the coming years in the field of technology. Since the technology is improvising each day and organizations are opting to hire employees who specialize in the area of Business Analytics among others, there is a dire need to fill the slots with people who can use their talents and knowledge in this subject. People are now looking for courses and programs that can train them in these skills. One such business school that provides excellent courses on Business Analytics is WeSchool, Bangalore. WeSchool (Welingkar Education) is one of the best business schools in India that cater a 10-weeks course in Business Analytics and much more, to graduates in any discipline. WeSchool provides the best data analytics courses in Bangalore. The program trains students how to use analytical tools & techniques in various business scenarios. To know more about the course details, please log on to the WeSchool website https://welingkarexedp.com/business-analytics-longterm/

The importance of Business Analytics

Posted on by admin2024

Business Analytics is a discipline wherein unstructured business data is assimilated and organized before being precisely analyzed through a wide variety of statistical methods. Business analytics combines the study of information sciences and statistics to ensure that business decisions are made through a data driven approach. Today, organizations consider data as a prized asset and leverage the power of data and insights obtained from the data to their competitive advantage. While, the data used for analysis can be derived from a wide variety of sources, the challenge is to ensure how the data is used to formulate strategies for business success.

To understand the importance of the business analytics, it is also important to understand the scope of business analytics in terms its applications and usage. Business analytics as a discipline can be used to arrive at an analysis which may either one of the three viz. descriptive analysis, predictive analysis and prescriptive analysis. A descriptive analysis can help a company assess its market position which has resulted in decision made and implemented in the past. Thus, a descriptive analysis provides an insight into the past and present situation of a company. A predictive analysis helps a company assess past data and to draw a pattern which helps to identify risks and opportunities using the relationship of the data and various parameters. A prescriptive or decision analysis provides a data driven decision which also includes the possible outcome of the decision being taken.

With the understanding that business analytics helps decision makers in an organization to make an informed decision, the following points are the reasons why business analytics as a discipline is gaining so much importance.

  1. Cost Consciousness:

Insights received from business analytics related statistical analytics can provide a good overview of the financial position of the organization in terms of base working capital, cash flows and the like. While the concept of fail fast, fail cheap is well known, business analytics can quantify for an organization the definition of fast and cheap.

  1. Efficient decision making:

The data driven decision making ability provided by business analytics enables an organization to make decisions rationally and swiftly. Critical business operations of an organization can be monitored using the factual insights, thereby ensuring strategic and timely decision making.

  1. Customer Centricity:

Business Analytics insights allow organizations to use customer analytics to identify target customers, quantify customer acquisition cost and customer conversion costs, customer likes and dislikes, and many such customer driven parameters. This allow organizations to drive decision relating to providing hyper personalized products based on customer preferences.

  1. Competition Insights:

There is a high possibility that a highly personalized product may fail if an organization has ignored insights on the competition in the market. The data driven approach of business analytics helps organizations to identify and categorize competitors based on their strengths and weakness and further define risks and opportunities.

In today’s age of the digital and data driven economy, the importance of Business Analytics cannot be stressed enough. Business Analytics as a discipline is driving change in a large number of organization around the globe and changing decision making in an organization with a view on the inside as well as on the outside.

Weschool, Bangalore (Welingkar Insittute of Management) conducts a highly popular program on Business Analytics. To know about the details of the Business Analytics courses at Weschool – the best PGDM Institute in India, you can visit the website: https://welingkarexedp.com/business-analytics-longterm/

Importance of AI in the corporate world

Posted on by admin2024

When it comes to technology and computer science, Artificial Intelligence or AI is the most talked about jargon in the recent times. AI generally is a notion that refers to machines or software that can stimulate cognitive functions similar to the human mind. AI can have intelligence which almost mimics humans in terms of learning, problem solving and carrying out tasks in a way that humans do. AI is designed to make real-time decisions unlike passive machines that are only capable of mechanical and fixed responses. AI has distinctive algorithms that give them the ability to learn and adapt as they make decisions. The most prominent types of Artificial Intelligence that has transformed and impacted technology are Machine Learning (ML) and Deep Learning (DL). Machine Learning is a division of Artificial Intelligence in the field of computer science. Deep Learning is a function that imitates the human brain in data processing and decision making with the use of patterns created over the time.

Artificial Intelligence, however, is not a replacement for human knowledge and originality. AI is rather a supporting tool for the humans that will help us to work efficiently. Since AI is proficient at processing and analyzing data far more quickly than a human brain could, we can use AI to help understand possible consequences of each action and make the decision-making process smooth-running. Especially for manufacturing industries, robotic technology has been responsible for altering simple yet time-consuming processes and being replaced for tasks such as mining activities, welding and movement of parts within a factory. As organizations become more productive, time and money can be invested in engaging with the workforce, which means that a better worker experience can be created for better customer experience.

Machine Learning and Deep Learning has been implemented by a number of apps and corporations. Whether it is Apple’s digital assistant Siri, Google’s digital assistant Google Now or Cortana in Windows Mobile, AI has been transformational to the extent that it almost seems to replicate human characteristics, intellect and behavior. However, it is only recently that companies have been able to predict and visualize the possibilities that AI and robotics can bring to the business world in the future. A known example is Facebook, which uses facial recognition software that asks people to label their photos to improve accuracy. ICICI Bank also has been experimenting with AI, through which their email bot sorts out customer and distributor emails based on the status of transaction. A company like Enlitic is a pioneer in Medical Deep Learning.  Enlitic is one of several Deep-Learning startups that use AI to scan medical images to help diagnose cancer. Another innovative company is Affectiva, an emotion measurement technology company that grew out of MIT’s Media Lab. Affectiva uses them to recognize emotions such as joy, surprise and anger in focus groups. Other sectors that use AI are self-driving cars, stock exchanges, cyber security, video games, national defense and ride-sharing companies like Ola and Uber.

The advancement of technology and the realization of the significance of AI has made organizations implement it in their hiring process as well. Organizations all over the world are now hiring their employees who specialize in Artificial Intelligence, Machine Learning, Deep Learning, among many other such subjects. Tech companies are investing in AI financially in terms of educating and training their employees to become specialists in these subjects. As there is a dire requirement to fill the gap with people who are experts in Artificial Intelligence, Machine Learning and Deep Learning, people are now choosing courses and programs that can train them for learning this technology.

Artificial Intelligence is quickly gaining its pace in technology and is affecting our lifestyle, work and business, therefore making it imperative to have knowledge in these skills. One of the renowned business schools in Bangalore is WeSchool (Welingkar Education) that provides a top notch 3-day course in Artificial Intelligence to working professionals, leaders, entrepreneurs and business owners. WeSchool, Bangalore is the best Business School in India the gives an opportunity to learn about Artificial Intelligence, Machine Learning, Deep learning and much more. To know more about the course details, please log on to the WeSchool website https://welingkarexedp.com

Types of Artificial Intelligence (AI)

Posted on by admin2024

The recent buzzword in terms of technology is Artificial Intelligence (AI). In a broad sense it means that a machine or software can exhibit intelligence that almost simulates the cognitive functions of human mind, in terms of problem solving and learning. Artificial Intelligence is being implemented in different sectors of our day to day life and has impacted the current technology as well. The best examples of AI in our daily life that most people are familiar with are personal assistants on your smart phones like Google Now, Google Assistant, Siri and Cortana. Apart from these, AI has had a huge influence on things like spam filters on emails, smart categorization of emails, detection of network intruders and preventing the data breach, apps like Uber and Ola, commercial flights that use AI autopilot, among many others.

Artificial Intelligence has a vast spectrum of classification but the most prominent ones that have been influencing the rise in technology are Machine Learning (ML) and Deep Learning (DL). Machine Learning is something that applies statistical techniques that help systems to automatically learn and improve the performance of a particular task without being exclusively programmed. Machine Learning is a division of Artificial Intelligence in the field of computer science and has been particularly used in audio-visual analysis, automatic translation or transcription and driverless cars. Machine Learning is the advanced development of computer programs that can access data and learn to use it for themselves.

Deep Learning is another division of Artificial Intelligence that has networks capable of learning unadministered data that is unstructured. Deep Learning is a function that imitates the human brain in data processing and decision making with the use of patterns created over the time. Deep learning is applicable across all industries for a number of different tasks. Few examples are apps that use image recognition, open source platforms with consumer recommendation apps and medical research tools that explore the probability of reusing drugs for new diseases. It is also used for voice and image recognition algorithms by Google, Netflix and Amazon to decide what you want to watch or buy next.

Although Artificial Intelligence is gaining its pace in technology and most of the tech companies by now have come to a realization that more Machine Learning and Deep Learning experts are required in the industry, however there are only a few experts having the knowledge, education, talent and experience to work on these AI technologies. The lack of skill set and manpower is hampering the digital revolution all over the world. In order to meet this talent shortage, the tech giants all across the globe can now be observed becoming more committed to making Machine Learning and Deep Learning accessible to students and developers by offering programs and courses in AI.

Artificial Intelligence can transform the way we work, interact and communicate and for this to happen there’s a need to put the right tools in the right hands. A renowned business school that provides a top notch 3-day course in Artificial Intelligence to working professionals, leaders, entrepreneurs and business owners is WeSchool, Bangalore – the best business school in India, where you’ll get an opportunity to learn about Artificial Intelligence, Machine Learning, Deep learning and much more. To know more about the course details, please log on to the WeSchool website https://welingkarexedp.com/

What is Artificial Intelligence (AI)

Posted on by admin2024

The term Artificial Intelligence (AI) has been the most talked about topic in recent times and rightly so. AI is something that everybody is utilizing in their daily life and has a huge influence in technology. Artificial Intelligence colloquially is a simple concept of machines being able to carry out tasks in a smart and human way. AI mimics cognitive functions that humans associate with other human minds, such as learning and problem solving. These days, the concept of Artificial Intelligence has been shifted from concentrating on complex calculations and has rather been working in the field of AI concentrated on mimicking human decision making. Artificial Intelligences or the devices designed to act intelligently are often classified into one of two fundamental groups – applied or general. Applied AI is far more common in which systems are designed to intelligently trade stocks and shares, or operate an autonomous vehicle.  Systems or devices which can in theory handle any task are uncommon, but this is where some of the most exciting advancements are happening today. But it also is the area that has led to the development of Machine Learning which is often referred to as a subset of AI and it’s really more accurate to think of it as futuristic.

Today, Artificial Intelligence is severely being used for automation across several industries.  Robots are already taking over jobs that do not require human intelligence and are being replaced for tasks such as mining activities, welding and movement of parts within a factory.  All these tasks were actually carried out by humans in the past. The financial industry is also seeing a huge rise in the use of Artificial Intelligence for advisory in investment sector. The use of AI can be seen in the healthcare sector too. With the help of AI, physicians can now decide better treatment and can predict the medication for future complications. Not only that but now with the help of AI, the cancerous cells can be differentiated from the normal cells. The apps that the people use every day in their phone are highly affected by Artificial Intelligence. Digital personal assistants like Siri in iOS, Google Now in Android, and Cortana in Windows Mobile are the examples of how the use of AI has been changing the face of technology. Artificial Intelligence is often the technology deployed to monitor and stop fraudulent e-mails. Other segments where AI can be seen being used frequently are video games and security surveillance.

Whether it’s your smart phone, your car, your bank, or your house, they all use artificial intelligence on a daily basis. In the twenty-first century, AI techniques have experienced a revival following current advances in computer power and AI techniques have become an essential part of the technology industry to help solve numerous challenges and problems in computer science. Artificial Intelligence is also predicted likely to grow its influence in the coming years in technology. Because of the ever growing rise in the advancement of technology, tech companies all over the world are now hiring people who expertise in Artificial Intelligence, Machine Learning, Deep Learning, among many other such subjects. There is a dire requirement to fill in the gap with people who are knowledgeable and experienced in these topics. People are now opting for courses and programs that train them on Artificial Intelligence skills.

One such business school that provides excellent courses on Artificial Intelligence is WeSchool, Bangalore. WeSchool is one of the best business schools in India that carter a 3-day course in Artificial Intelligence, Machine Learning and Deep Learning and much more, to business owners, leaders, working professionals and entrepreneurs. To know more about the course details, please log on to the WeSchool website https://welingkarexedp.com

Top 4 skills to negotiate better

Posted on by admin2024

We negotiate in multiple ways on a daily basis, from negotiating for an extra handful of olives in your sandwich or a few extra chillies along with some groceries. These may seem like trivial instances, but we negotiate for small things throughout our day.  If this is the case, shouldn’t we excel at this skill in order to get our way in most situations? Yet, some of us are afraid or hesitant to negotiate. There are situations where this affects our work lives as well. So, how do some people negotiate effortlessly and get everything they want?Veteran negotiators consider negotiation to be an art that can be mastered only through practice and by using the right skill set. Here are 4 tips to negotiate better:

1) BATNA

BATNA stands for Best Alternative To a Negotiated Agreement. This is a vital tool in negotiation and the most common tool most of us tend to overlook. BATNA basically means a backup option. Never walk into a negotiation without a backup option. Your BATNA should a strong one and feasible too. This way, if the current deal you’re trying to negotiate does not happen on your terms, you can always switch to your BATNA. But, if you’re completely dependent on the current deal without an alternative, you may have to settle it on your opponent’s terms and take it with a pinch of salt.

2) Patience

Patience is key in every negotiation. If your opponent disagrees with your offer, don’t oppose immediately, pause for some time and then explain why your offer is fair and beneficial for both parties. Do not offer a lower price immediately. Also, listen more than you speak during the negotiation. This will help you understand your opponent’s point of view and respond accordingly. Only if you listen, you will be able to get a better deal. It is best not to let emotions to get to you. Instead, try to remain calm, composed and focused on closing the deal with a positive mindset.

3) Range

This is another common mistake we all tend to make in a negotiation. When your opponent asks for a lower price or a discount, give them a fixed number. Do not give them a range like 10-15%. A range has a lower end and a higher end.  If they can get it for 15% less, they obviously won’t settle for the 10% discount, so why mention the 15% in the first place? Pitching an estimated range can prove to be a disadvantage for you. Hence, give them an exact number and ensure that you do not go lower than that.

4) Negotiation Program

This is one of the best ways to master the art of negotiation. Ensure that you enroll for a negotiation program from a reputed business school such as WeSchool Bangalore. In such programs, a veteran negotiator will be present who would have cracked hundreds or deals and would have decades of experience of mastering this art. They will be capable of placing you in real life situations and it will force you to exit your comfort zone and negotiate your way to glory. This is the best way to master this art because you need not memorize principles of negotiation, you can directly get a live, hands on experience and training for inputs on how to negotiate better.

It is imperative to master the art of negotiation in order to excel in your career, business and various situations in your life. Ensure that you learn the various negotiation tools and practices from the accurate resources. This way, you will be able to excel at making a deal.

For more information on Weschool Negotiations programs, click here.

4 signs that it’s time to enroll for a Leadership Development Program

Posted on by admin2024

While running an organization, it is very easy to overlook certain intricate details which are vital and can prove to be disastrous in the long run for the business. When a person is promoted to a leadership role, you as an owner might feel that the person is ready to take up the role and you expect the magic to happen in a few days’ time. This may not happen in most cases, though.Newly promoted leaders and leaders who have been in the leadership role for a while understand that in order to lead a team, you need multiple skill sets. These skill sets are not impossible to master and can be developed through an efficient leadership development program. Most business owners do not realize the importance of leadership courses and corporate trainings, while some do not know the right time to send their employees to such training programs.

Here are 5 indicators that Weschool believes you should look out for:

1) Lack of connection

You might be investing a lot of capital into the latest tools and procedures for better organizational development. This happens occasionally when the leaders have all the weapons in their artillery to win the war but are unable to do so, merely because they don’t know how to use their resources substantially. In this scenario, they will end up doing a poor job in leading the team during crisis situations. As a CEO/President you might feel that you have invested in the best resources and tools, but your team is incapable of utilizing these tools for the betterment of the company. After undergoing an intensive and educative, hands-on leadership training course, they will be able to understand and utilize these tools in an efficient manner and implement their learnings in their day-to-day work.

2) Employee Retention

It is an open secret that training a new employee to get them up to speed about the company’s processes and functions is an uphill task. This uphill task costs the company a lot of money as well as time. These are two vital factors that a company must use judiciously in order to achieve their long term goals. The only viable solution to this problem is to train team leaders to encourage and nurture their subordinates so that they do not quit for a long period of time. They can develop this skill and improve their problem-solving skills by mastering leadership traits.

3) Discipline

The lack of discipline in any organization can harm all its operations in the long run. The work culture of a company is unique to itself and is showcased by its employees, stakeholders and support staff. It is necessary to lay down ground rules and thorough guidelines about company policies and etiquette, so that the entire team is aligned to the company’s values and goals. There are occasions wherein employees tend to fall back on their behavior and consider it normal to flout the rules of the organization. You might brush these off as minor incidents but, in the long run these can have major repercussions that can prove to be fatal for the company.

A great leader who displays charismatic leadership is the best person handle these situations. But what if leaders themselves do not know how to handle such a situation? They need to be trained and taught the fundamental leadership qualities and team management.

4) Distractions

You might come up with a particular strategy after hours of brainstorming, ideation and prototyping. After all these processes, the strategy is finalized and then it is discussed with the employees. In most cases, the employees will follow the plan and carry out the functions as told to them. This is an ideal scenario. But if employees are not convinced completely, they might try their own methods in order to achieve the goals. Though these spontaneous acts might work out to achieve short term goals, it can lead to insubordination and failure of the project in the long run.

One of the vital qualities of a good leader is the ability to ensure that every employee is on the same page as the organization. Also, if the leaders in the organization are noticing such acts, they need to be equipped with the appropriate skill set to eradicate the problem swiftly and nip it in the bud before the rest of the team members replicate these unfavourable traits.

One of the finest leadership program in Bangalore is offered by We School. We cater to various global corporate companies across industries as well as established businesses. Our holistic training approach ensures that your organization is set for an exponential growth. For top notch corporate training in Bangalore, enroll with the best B-school in India – We School. You can find out more about our management courses and PGDM course in our Programs section.

Short Term Programs

Design Thinking & Innovation
Leadership Program
Leveraging HR Analytics
Sales & Marketing Analytics
Negotiation Skills Program

Long Term Programs

Business Strategy Program
Leveraging Analytics In Business
Consulting Centre
Our Blogs

Follow Us

Facebook-f Linkedin-in Instagram

2024 WeSchool – All Rights Reserved, maintained by Mindandmagik. Privacy Policy 

Previous Next
Close
Test Caption
Test Description goes like this
Follow Us