Harnessing The Power of Data Can Grow Business Revenue By Up To 9.5%

Image credit: Kaleidico

Businesses in Australia and New Zealand that use data effectively can, on average, increase their annual revenue by 9.5%. This translates to an additional $38 million in annual revenue for large organisations in Australia with more than 200 employees.

According to a new AWS report prepared by Deloitte Access Economics, organisations with more than 100 employees improved their data capabilities in the previous year, with 34 per cent achieving Advanced or Master levels of data maturity, compared to 16 per cent in 2021.

Almost half of the organisations polled (48 per cent ) stated that effectively capturing and analysing data can lead to increased productivity, followed by improved customer experience (45 per cent ) and lower operating costs (42 per cent).

Finance and insurance companies scored the highest on the data maturity scale, with 50 per cent achieving Advanced or Master status, followed by manufacturing (45 per cent ) and information, media, and telecommunications (33 per cent ).

On the other hand, construction, healthcare and social assistance, and retail trade organisations have the lowest data maturity levels, with less than 20 per cent of surveyed organisations in these industries achieving Advanced or Master levels of data maturity.

Unusual challenges

While improving data maturity benefits businesses, large organisations in Australia and New Zealand continue to face challenges in climbing the data maturity ladder, with 42% of organisations achieving Basic and Beginner data maturity.

The main barrier cited by organisations to use data and analytics was a lack of funding (44 per cent ), which has been exacerbated by COVID-19, with 49 per cent of respondents reporting that competing priorities have resulted in fewer resources for data and analytics since the pandemic’s onset. Furthermore, 37 per cent of organisations cited poor data quality as a barrier to businesses adopting more advanced data analytics.

“We are excited to see that more organisations have advanced their data capabilities, which will help them to drive productivity, and create a positive impact on the economy while delivering significant financial returns for their business,” said John O’Mahony, partner at Deloitte Access Economics.

“Investing in cloud solutions will help businesses further their data capabilities and leverage advanced analytics tools such as artificial intelligence, machine learning, and the Internet of Things to achieve data-driven insights.

In fact, businesses that already use the cloud are 71 per cent more likely to have invested in artificial intelligence and machine learning capabilities versus organisations using on-premises data storage. To increase productivity and innovation, organisations should have a clear and practical roadmap for advancing on the data maturity ladder, invest in attracting and retaining talent, and leverage the right technology to reap the full benefits.”

According to the report, one-third of Australian and New Zealand organisations (35 per cent ) cited a lack of skilled resources as a barrier to developing their data and analytics capabilities. To improve data maturity, 33 per cent of surveyed organisations prefer to upskill their current employees, followed by outsourcing to other organisations (24 per cent ), and hiring skilled staff (24 per cent ).

“Data can be an invaluable source of growth for organisations in Australia and New Zealand. The key is recognising its inherent value, analysing it effectively, and building a data-driven culture.

“No matter what stage organisations are in their data journey, AWS is committed to helping customers leverage the scalability, cost efficiency, and security of the cloud to scale their data projects and unify their data to drive productivity and innovate on behalf of their customers,” said Rada Stanic, chief technologist at AWS in Australia and New Zealand.

“Organisations will also benefit from building data skills within their teams, which may involve upskilling current staff through on-the-job training and training courses or collaborating with organisations such as our extensive network of AWS Partners.

“As organisations increase their data maturity, it will transform how they solve problems and build customer experiences, leading to breakthroughs in all industries, including healthcare, finance, retail trade, and manufacturing operations.”

.
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Memories of The End of The Last Ice Age, From Those Who Were There

Aerial view of a dark islanf in a rectangular shape with a sunset on the water

Twenty-two kilometers of salt water separates the island of Jersey from France. But it didn’t used to. Photo by Mauritius images GmbH/Alamy Stock Photo

It wasn’t long after Henry David Inglis arrived on the island of Jersey, just northwest of France, that he heard the old story. Locals eagerly told the 19th-century Scottish travel writer how, in a bygone age, their island was much more substantial, and that folks used to walk to the French coast. The only hurdle to their journey was a river—one easily crossed using a short bridge.

“Pah!” Inglis presumably scoffed as he looked out across 22 kilometers of shimmering blue sea—because he went on to write in his 1832 book about the region that this was “an assertion too ridiculous to merit examination.” Another writer, Jean Poingdestre, around 150 years earlier, had been similarly unmoved by the tale. No one could have trod from Jersey to Normandy, he withered, “vnlesse it were before the Flood,” referring to the Old Testament cataclysm.

Yet, there had been a flood. A big one. Between roughly 15,000 and 5,000 years ago, massive flooding caused by melting glaciers raised sea levels around Europe. That flooding is what eventually turned Jersey into an island. Rather than being a ridiculous claim not worthy of examination, perhaps the old story was true—a whisper from ancestors who really did walk through now-vanished lands. A whisper that has echoed across millennia.

That’s exactly what geologist Patrick Nunn and historian Margaret Cook at the University of the Sunshine Coast in Australia have proposed in a recent paper. In their work, the pair describe colorful legends from northern Europe and Australia that depict rising waters, peninsulas becoming islands, and receding coastlines during that period of deglaciation thousands of years ago. Some of these stories, the researchers say, capture historical sea level rise that actually happened—often several thousand years ago.

For scholars of oral history, that makes them geomyths. “The first time I read an Aboriginal story from Australia that seemed to recall the rise of sea levels after the last ice age, I thought, No, I don’t think this is correct,” says Nunn. “But then I read another story that recalled the same thing.”

Nunn has since gathered 32 groups of stories from Indigenous communities around the coast of Australia—a continent nearly as large as Europe—that seem to refer to geological changes along shorelines. Take the legend of Garnguur, told by the Lardil people, also known as Kunhanaamendaa, in the Wellesley Islands, off northern Australia. It describes a seagull woman, Garnguur, who cut the islands off from the mainland by dragging a giant raft, or walpa, back and forth across a peninsula.

In some versions of the story, this is punishment for her brother, Crane, who failed to look after her child when asked. Nunn and Cook argue that the narrative can be taken as a memory of how, no more than 10,000 years ago, melting glaciers caused the Wellesley Islands to be cut off from the mainland. Interestingly, there is a large underwater trench between two of the Wellesley Islands—perhaps a feature of the seabed that prompted the image of Garnguur plowing her raft into the earth, the researchers suggest in their paper.

Separately, other Indigenous groups in South Australia, such as the Ngarrindjeri and Ramindjeri, tell of a period when Kangaroo Island was once connected to the mainland. Some say it got cut off by a big storm, while others describe a line of partially submerged boulders that once allowed people to cross to the island.

For Jo Brendryen, a paleoclimatologist at the University of Bergen in Norway who has studied the effects of deglaciation in Europe following the end of the last ice age, the idea that traditional oral histories preserve real accounts of sea level rise is perfectly plausible.

During the last ice age, he says, the sudden melting of ice sheets induced catastrophic events known as meltwater pulses, which caused sudden and extreme sea level rise. Along some coastlines in Europe, the ocean may have risen as much as 10 meters in just 200 years. At such a pace, it would have been noticeable to people across just a few human generations.

“These stories are anecdotes, but enough anecdotes makes for data,” Brendryen explains. “By systematically collecting these kinds of memories or stories, I think you can learn something.” Beyond capturing historical events, geomyths offer a glimpse into the inner lives of those who were there, says Tim Burbery, an expert on geomyths at Marshall University in West Virginia, who was not involved in the research: “These are stories based in trauma, based in catastrophe.”

That, he suggests, is why it may have made sense for successive generations to pass on tales of geological upheaval. Ancient societies may have sought to broadcast their warning: beware, these things can happen! “They would mythologize it,” Burbery adds. “They would use the language of legend, and within that there could be some real data.”

Today, many people report a sense of eco-anxiety because of climate change and its effects, including sea level rise. Nunn points out that our contemporary situation differs in some ways from ancient predicaments—there are many more humans on the planet and huge, densely populated coastal cities, for example. And unlike historical periods of deglaciation, we are today both the agents and victims of rapid environmental change.

But vulnerability to climatic shifts allows us to feel an affinity toward our forebears. And the old stories still have things to teach us. As Nunn says, “the fact that our ancestors have survived those periods gives us hope that we can survive this.”

By Chris Baraniuk

Chris Baraniuk is a freelance science and technology journalist based in the United Kingdom. His work has been published by the BBC, New Scientist, Scientific American, and The Atlantic. Originally from the coast of Northern Ireland, he has been known to yearn for the sight of the sea.

Source: Memories of the End of the Last Ice Age, from Those Who Were There | Hakai Magazine

Critics by Zeke Hausfather

The Earth’s climate has been quite stable over the past 11,000 years, playing an important role in the development of human civilisation. Prior to that, the Earth experienced an ice age lasting for tens of thousands of years. The past million years of the Earth’s history has been characterised by a series of ice ages broken up by relatively short periods of warmer temperatures.

These ice ages are triggered and ended by slow changes in the Earth’s orbit. But changing atmospheric concentrations of CO2 also plays a key role in driving both cooling during the onset of ice ages and warming at their end. The global average temperature was around 4C cooler during the last ice age than it is today. There is a real risk that, if emissions continue to rise, the world warms more this century than it did between the middle of the last ice age 20,000 years ago and today. 

In this explainer, Carbon Brief explores how the last ice age provides strong evidence of the role CO2 plays as a “control knob” for the Earth’s climate. It also acts as a cautionary tale of how the climate can experience large changes from relatively small outside “forcings”.

Milankovitch cycles

The Earth has experienced a number of periods over the past million years in which large continental ice sheets have covered much of the northern hemisphere. These ice ages are associated with a large drop in global temperatures – 4C or more below today’s levels – with much larger changes over land and in the high latitudes. 

These ice ages are punctuated by “interglacial” periods where temperatures rise to around current levels. The most recent ice age occurred between 120,000 and 11,500 years ago, while the current interglacial period – the Holocene – is expected to last for additional tens of thousands of years (and human activity may inadvertently delay the start of the next ice age even further).

Ice-age cycles are primarily driven by periodic changes in the Earth’s orbit. Three distinct orbital cycles – called Milankovitch cycles after their discoverer, Serbian scientist Dr Milutin Milankovitch – interact to change the distribution of incoming solar energy in ways that can dramatically affect the Earth’s climate.

These include:

  • Precession – a 26,000-year shift in the orientation of Earth’s axis of rotation that affects how much summer sun is received at high latitudes (and shifting how much reaches the north vs south).
  • Obliquity – a 41,000-year change in the tilt of the Earth’s axis relative to the sun that changes how much sun is received during a year at the poles versus the equator.
  • Eccentricity – a 100,000-400,000 change in the shape of the Earth’s orbit around the sun that alters the length of the seasons and affects the importance of precession.

These three cycles overlap in different ways over time given their different periods, which means that ice ages do not always have the same duration. None of these cycles substantially changes the total amount of energy reaching the Earth from the sun; rather, they mostly act to change the distribution of the sun’s energy across the surface of the Earth. 

When these cycles cause the northern latitudes to get less sun in the summer, it allows ice sheets to begin to expand. These ice sheets in turn reflect more incoming sunlight back to space, resulting in a “positive feedback” that drives additional regional cooling.

The northern latitudes matter much more than the southern latitudes – at least over the past few million years – as it contains more land area (which can more easily become ice-covered than the oceans) and because the Antarctic has remained covered in ice…..To be continued

.

Related contents:

John Wheeler: The last 2.6 million years on Earth is known as the Ice Age INFORUMJohn Wheeler: During the last Ice Age glacial advance, more land was exposed INFORUM

15:18 Wed, 12 Oct
06:56 Sun, 09 Oct
11:49 Wed, 05 Oct
03:30 Wed, 05 Oct
05:18 Thu, 22 Sep
What does forest restoration in the U.S. Southwest look like in the age of climate change? Ensia

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One-Third of Businesses Plan To Raise Prices In The Coming Quarter

Over a third of all businesses (38%) anticipate raising the price of their goods or services by more than usual in the next three months, a similar result to March 2022, according to the Australian Bureau of Statistics (ABS).

ABS Head of Industry Statistics, John Shepherd, said: “Most of these businesses were finding that increases in the cost of products and services (92 per cent) and fuel and energy costs (78 per cent) were leading factors for planned price increases.”

The other side

The survey results also showed nearly half (48 per cent) of all businesses have no plans to increase their prices over the next three months. “Of these businesses, nearly half (46 per cent) said it was to retain customers and 46 per cent said they had fixed-price contracts in place.” Mr Shepherd said.

The results also provided information about planned capital expenditure over the next three months. Almost one in five businesses (18 per cent) have planned capital expenditure in May 2022, consistent with findings in May 2021 (17 per cent). Nearly half (48 per cent) of businesses planning capital expenditure indicated it would be higher than what is usual for this time of year, fewer than a year ago when 59 per cent planned for higher expenditure.

The biggest Influencing factors on whether businesses were planning for capital expenditure were uncertainty about the future state of the economy (25 per cent) and supply chain disruptions (23 per cent).  Current inflation in Australia, as in much of the rest of the world, is the result of a combination of short-term and long-term factors and concerns about demand and supply.

The Reserve Bank of Australia previously raised the official cash rate for the first time in over 11 years from 0.1 per cent, which it had been at since November 2020, during the height of the Covid pandemic. It was raised to 0.35 per cent, which was higher than expected, and the RBA stated that additional increases were on the way.

Furthermore, the Russian war on Ukraine increased commodity prices significantly above pre-COVID levels. They produce more than one-tenth of the world’s oil and wheat.

By: Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

Source: One-third of businesses plan to raise prices in the coming quarter: Survey

Critics by Patricio Ibáñez, Ricardo González Rugamas, Sajal Kohli, and Eric Kuehl 

To understand the process of determining which price increases are fair and which are not, consider an example. A leading apparel retailer recently received price increases from suppliers for many of its primary brands, each citing the inflationary environment as the reason for the increase. The company wasn’t sure how it should respond.

This retailer needs to determine whether suppliers are passing along an increase that’s in line with inflation’s effect on the supplier’s costs. Although it’s not possible to answer this question exactly, the retailer can at least pressure test the increase by determining if it falls within a fair range.

To do this, it began by identifying the main cost inputs that have the highest level of change, especially in an inflationary environment. In this example, these cost inputs were commodities (such as cotton, polyester, spandex), as well as labor and transportation (such as import costs, shipping, and freight).

Second, it estimated the percentage of the total cost these inputs make up. We would expect that fabric makes up about 50 percent of the total cost of a men’s cotton T-shirt. It’s safe to assume that cotton fiber (which has a commodity index, making its cost relatively easy to research) makes up roughly one-third of the fabric’s cost.

Immediate commercial opportunities to mitigate volatility typically include maximizing spend on existing contracts whose prices aren’t indexed for inflation and requesting clawbacks on unindexed contracts that covered periods when commodity prices fell. Digital and analytics solutions can enhance cleansheet analysis to uncover how much purchases should cost for large parts of company spending, which lets managers quantify the extent to which inflationary pressure should affect supplier prices.

To improve future resilience, supplier collaboration can drive joint efficiencies and potentially help the organization look beyond price and at changes to quality or specifications or at finding ways to use less. Finally, companies can consider ramping up collaboration between pricing and procurement teams to weigh inflation’s possible effects on the prices the company charges its own customers.

The defensive, technical levers to respond to inflation include accelerating value engineering and adjusting batch sizes or order frequency. Reducing SKUs or high-cost features and attributes by modifying specifications is a potential medium-term technical lever that can help improve resilience. Depending on the sector, options to address volatility in the short-to-medium term include optimizing supplier footprints for better control over logistics, cost, tariffs, and inventory.

Longer-term volatility challengers could include strategic inventory stockpiling, relying more on vendor-managed inventory, expanding cross-industry collaboration to share commodity exposures, and partnering through the end-to-end supply chain to derisk certain nodes.

To approach suppliers in high-priority categories, a targeted playbook can help strengthen negotiation strategies, with pressure testing via mock negotiation sessions that anticipate potential supplier counterarguments…

 More contents:

The Oldest 17,300-Year-Old Kangaroo Painting Discovered In Australia

A life size red ochre  kangaroo painting has been discovered in  Australia. The ancient artwork has been dated to around 17,300 years old and the researchers are calling it “the oldest dated painted figure in an Australian rock shelter.” What can it tell us about the ancient history of Australia?

The Kimberley region of Western  Australia is sparsely settled and known for large swaths of rugged mountain ranges and deep gorges. Set amidst a semi-arid savanna and greatly isolated coastline, the region contains thousands of rock paintings similar to the one that features in this article.

Dating such images has always been a problem for researchers. But now, professor Damien Finch from the  University of Melbourne  has dated a series of ancient paintings in eight rock shelters in Balanggarra Country, which lies in the north-eastern Kimberley region.

Finch and his colleagues worked in conjunction with the  Balanggarra Aboriginal Corporation , which represents the traditional owners of the land. Rock cannot be dated because it is not organic, but what did contain ancient data was “the radiocarbon signal from ancient wasp nests that lie beneath and on top of the artwork.” The  kangaroo was discovered painted on a rock behind the nests, that when dated are said to have been created some where between “17,500 and 17,100 years ago.”

Cissy Gore-Birch, Chair of the Balanggarra Aboriginal Corporation, said that this rock painting “is the oldest known painting in an Australian  rock shelter .” The painted kangaroo is about 2 meters (6.56 ft) in length and it was one of 15 other images that were analyzed during the recent project.

According to an article in the  New Scientist , the team of researchers also measured a 3-meter-long (3.28 ft) snake, “and a lizard-like creature,” as well as other kangaroo-like animals. It was concluded that this “naturalistic style” of animal paintings proliferated in this region for Australia between 17,000 and 13,000 years ago.

While this kangaroo painting represents Australia ‘s oldest rock painting inside a shelter, or cave, humans arrived around 65,000 years ago so it’s far from the  first art works  ever discovered in Australia. In 2009  Antiquity published an article about the discovery of  rock art , including engravings, or carvings, depicting now extinct megafauna such as  Genyornis and Thylacoleo from the Pleistocene era.

While the discovery of the 17,300-year-old kangaroo painting is indeed a remarkable find, it falls way short of the impact of Jeff During’s 2000 work:  Gwion Gwion: Secret and Sacred Pathways of the Ngarinyin Aboriginal People of Australia . This research presents what is “the oldest firmly dated rock art painting in Australia.”

This unique charcoal drawing was discovered on a rock fragment found during the excavation of the Narwala Gabarnmang rock shelter in south-western Arnhem Land, in the Northern Territory in the 1990s which was dated “at 28,000 years old.” This location is described as “one of the oldest known pieces of  rock art  on Earth with a confirmed date”.

Read more:

6 Incredible Facts About the Prehistoric Altamira Cave Paintings

How This 30,000-Year-Old Figurine Continues to Captivate Today

15,000-Year-Old Bison Sculptures Are Perfectly Preserved in a French Cave

“Sistine Chapel of the Ancients”: Researchers Discover Thousands of Ice Age Rock Paintings

The 17,300-year old kangaroo painting is far from being Australia ’s oldest known  rock art , but what it does do is further illustrate the emerging picture of life in Australia during the Paleolithic. Cave art has been discovered in caves in Spain dated to 65,000 years ago, and according to  National Geographic  this “includes the oldest cave art ever found” that predates the arrival of modern  Homo sapiens  to Europe, which means someone else must have created them.

And that someone else were the  Neanderthals, who were  painting in caves around the same time we  Homo sapiens  were arriving on the shores of Oz.

Damien Finch, the lead author of the research paper, pioneered a method of testing mud wasp nets with carbon dating. To date the kangaroo, the researchers used the fossilized mud wasp nests surrounding the painting. After deciphering the specific layer of ocher belonging to the kangaroo (under more recent artwork), the team tested a nest below the ocher as well as one above. This gives a date range for when the kangaroo was drawn.

The results suggested the kangaroo is between 17,500 and 17,100 years old, with 17,300 years old being the best estimate. The team was lucky to find nests providing such a close date range. “This makes the painting Australia’s oldest known in-situ painting,” Finch said.

According to Cissy Gore-Birch, Chair of the Balanggarra Aboriginal Corporation, partnership and knowledge sharing are critical to preserving this history. Gore-Birch commented, “It’s important that Indigenous knowledge and stories are not lost and continue to be shared for generations to come… The dating of this oldest known painting in an Australian rock shelter holds a great deal of significance for Aboriginal people and Australians and is an important part of Australia’s history.”

Everyone Wants To Be An Entrepreneur But Not Everybody Has a Plan

As news continues to break that Snapchat defied the odds and raised over $1.8 billion in funding, many people have been reminded of the money to be made in technology and other entrepreneurial start-ups.

Yet, some become preoccupied with the perks of being a lone ranger. From working independently at home to freedom of thought, the benefits of going it alone can be enticing.

However, one of the major constants in the world is that businesses fail, especially new ones. Dun and Bradstreet identified over 13,000 failed business in Australia during the first quarter of 2016. Entrepreneurs, like all business leaders, must have a plan to ensure they stay focused on the idea and goals they set.

Knowing your customer

The first question all good entrepreneurs must ask themselves is what’s the problem to be solved. Founder of Alltopstartups.com and Entrepreneur contributor Thomas Oppong pointed out that consumers currently face a ‘paradox of choice’ and thus, an entrepreneur must focus on building a must-have [product], not a nice to have the product’.

The next step is to create a good or service that offers something above and beyond what is currently available. One only has to look at the way Google reinvented search, or how Netflix solved on-demand media streaming to see that resolving customer pain points is a successful strategy.

This will become your value proposition and drive why you do what you do. Can you offer a product with a zero-carbon footprint? Can you add more features, while making it smaller? These are the questions you will have to answer.

However, before you can attend any of this you need to understand your customer. Analysing the size of the targeted market or the number of potential customers is a good place to start, but entrepreneurs should not stop here.

Take the success of Skullcandy, which makes earphones and other accessories, for instance. In a Forbes article, investor Alan Hall said that founder Rick Alden knew his customers down to a tee.

‘He knows what they wear from their toes to the tops of their heads. He knows they are or want to be, cool and accepted by their peers. He knows what they watch and where they shop. He knows what apps they have on their cellphones and iPads,’ Hall argued.

Knowing yourself

Among the major lessons never taught in business school is that your enterprise will only be as strong as you are. So it’s important to evaluate who you really are. Knowing your own strengths and weaknesses can offer a starting point to understand why you want to be an entrepreneur.

It doesn’t matter if you’re a millennial who is looking to build your own destiny or a baby boomer who is financially secure but continues to seek success. Your background, age and other characteristics will impact how you can approach the venture.

You need to make an effort to understand who you are, as working to your strengths and compensating for your weaknesses can be a beneficial strategy. It’s also essential to play to your passions.

‘The happiest and most successful people I know don’t just love what they do, they’re obsessed with solving an important problem, something that matters to them,’ Dropbox co-founder Drew Houston said during the 2013 MIT commencement address. ‘They remind me of a dog chasing a tennis ball: Their eyes go a little crazy, the leash snaps and they go bounding off, ploughing through whatever gets in the way.’

No matter who you are or where you come from, knowing yourself and your customer base is essential to starting a business. It’s not just about having a good idea or product, you have to be passionate about it and so do your customers.

By: TEC Alumni Chair, CEO mentor and coach Richard Appleby

Source: Everyone wants to be an entrepreneur but not everybody has a plan – TEC

.

Related contents:

Business Strategy and Management Consulting Market Research Report [2022-2029] | Industry Size, Share, Growth Rate|… GlobeNewswire (Press Release)

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Scriptdio   https://jvz4.com/c/202927/385387/
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ShopABot   https://jvz2.com/c/202927/291955
ShopFunnels   https://jvz3.com/c/202927/384069/
SocialAgency360   https://jvz1.com/c/202927/385357/
SociCake  https://jvz2.com/c/202927/321987
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SociJam  https://jvz2.com/c/202927/309649
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TubeTargeter  https://jvz6.com/c/202927/377211
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Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games   https://jvz3.com/c/202927/184902/
VideoEnginePro     https://jvz2.com/c/202927/372916
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Vocalic  https://jvz2.com/c/202927/383848/
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WebCop  https://jvz4.com/c/202927/378683/
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WordPress Mastery   https://jvz1.com/c/202927/386249/
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WP GDPR    https://jvz8.com/c/202927/299907
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writing job   https://jvz8.com/c/202927/213027
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XFUNNELS   https://jvz2.com/c/202927/310335
Xinemax  https://jvz1.com/c/202927/381749/
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Your 3DPal   https://jvz2.com/c/202927/381685/
YTSuite   https://jvzoo.com/c/202927/381179
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