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21.1.1 - Common Jargon

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E-commerce Jargon and KPIs

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Teacher
Teacher

Let's begin our discussion with E-commerce jargon. Can anyone tell me what *Cart Abandonment* means?

Student 1
Student 1

It's when a customer adds items to their cart but doesn't complete the purchase.

Teacher
Teacher

Exactly! Remember that term as it plays a crucial role in understanding user behavior. How about *SKU*?

Student 2
Student 2

SKU stands for Stock Keeping Unit; it's just a product identifier.

Teacher
Teacher

Right on! Now, regarding KPIs, what would you say the *Conversion Rate* represents?

Student 3
Student 3

It’s the percentage of users who complete their purchase.

Teacher
Teacher

Good! Keep in mind how these terms affect your analysis. Remember: Jargon in E-commerce includes Cart Abandonment and SKU, and key KPIs are Conversion Rate and Average Order Value.

Healthcare Jargon and KPIs

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Teacher
Teacher

Now let's move to the healthcare domain. What is an *EMR*?

Student 4
Student 4

It stands for Electronic Medical Record; it’s used to keep patient data digitally.

Teacher
Teacher

Excellent! And what about *TAT* or turnaround time?

Student 1
Student 1

It refers to how quickly lab results are returned.

Teacher
Teacher

Correct! If I asked about the *Patient Wait Time*, what would you say?

Student 2
Student 2

It’s the average time a patient waits to be seen.

Teacher
Teacher

Right! Academic terms like EMR and TAT, along with KPIs like Patient Wait Time and Bed Occupancy Rate, are vital in healthcare analysis.

Banking Jargon and KPIs

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Teacher
Teacher

Let's now dive into the Banking sector. What does KYC stand for?

Student 3
Student 3

It means Know Your Customer; it’s a process for verifying customer identities.

Teacher
Teacher

Absolutely! And can anyone tell me what an *NPA* is?

Student 4
Student 4

That would be a Non-Performing Asset, meaning a loan that hasn’t been repaid.

Teacher
Teacher

Exactly! Now, regarding KPIs, let’s discuss the *Loan Approval Rate*.

Student 1
Student 1

It’s the percentage of loan applications that are approved.

Teacher
Teacher

Great job! Essential terms like KYC, NPA, and KPIs such as Loan Approval Rate and NPA Ratio are crucial for banking analysis.

Introduction & Overview

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Quick Overview

Understanding domain-specific jargon is crucial for effective communication as a Business Analyst.

Standard

This section explores essential jargon, key performance indicators (KPIs), and service level agreements (SLAs) across three domains: E-commerce, Healthcare, and Banking. Familiarity with these terms enhances a Business Analyst's ability to communicate effectively with stakeholders.

Detailed

Common Jargon Overview

In the domain of Business Analysis, effective communication is paramount. This section highlights important jargon relevant to three vital sectors: E-commerce, Healthcare, and Banking. Understanding these terminologies—in conjunction with key performance indicators (KPIs) and service level agreements (SLAs)—is essential for Business Analysts (BAs) to establish rapport with stakeholders and improve project outcomes.

E-commerce Domain

The E-commerce sector utilizes specific jargon such as Cart Abandonment, which refers to users who add products to their cart but do not finalize the purchase, and SKU, a unique identifier for products. Key performance indicators include the Conversion Rate, which measures the percentage of users completing purchases, and Average Order Value (AOV). Service level agreements outline expectations, like dispatching orders within 24 hours.

Healthcare Domain

In Healthcare, terminology like EMR (Electronic Medical Record) and TAT (Turnaround Time for lab results) is prevalent. Core KPIs such as the Patient Wait Time and Bed Occupancy Rate help gauge service quality. SLAs here set standards—like confirming appointments within five minutes.

Banking Domain

The Banking sector employs terms like KYC (Know Your Customer) and CIBIL Score (credit score). Important KPIs include the Loan Approval Rate and the NPA Ratio (measuring the percentage of non-performing loans). SLAs ensure, for instance, loan decisions are made within 48 hours.

Overall, familiarizing oneself with this domain-specific vernacular supports BAs in measuring success effectively and facilitating productive stakeholder engagement.

Audio Book

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Cart Abandonment

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● Cart Abandonment: When a user adds items to a cart but doesn’t complete the purchase

Detailed Explanation

Cart abandonment is a common term used in e-commerce that refers to a situation where a customer adds products to their shopping cart but leaves the website without completing the purchase. This occurs despite showing initial interest in the products, often due to various reasons such as unexpected costs, complicated checkout processes, or distractions.

Examples & Analogies

Imagine you walk into a store and pick up several items to buy. As you're about to go to the checkout, you see a long line, and you realize you forgot your wallet in the car. Instead of waiting or going back, you decide to leave the items and walk out. That's similar to cart abandonment online.

SKU

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● SKU: Stock Keeping Unit (product identifier)

Detailed Explanation

SKU, or Stock Keeping Unit, is a unique identifier for each product that helps businesses keep track of inventory. It often consists of letters and numbers that provide information about the product's features, such as its type, size, and color. Retailers use SKUs to manage stock more efficiently and streamline sales processes.

Examples & Analogies

Think of SKU as a social security number for products. Just like each person has a unique social security number that identifies them, each product has a unique SKU that helps businesses know exactly what item it is, making inventory management easier.

Fulfillment

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● Fulfillment: The process of packing and shipping the order

Detailed Explanation

Fulfillment in e-commerce refers to the entire process of receiving an order, processing it, packing the items, and shipping them to the customer. Effective fulfillment is crucial for customer satisfaction, as it determines how quickly and accurately customers receive the products they ordered.

Examples & Analogies

Consider fulfillment like preparing a gift for a friend. First, you gather the gift items, then you wrap them nicely, and finally, you deliver them to your friend. Each step is important to ensure that the gift reaches them in good condition and on time.

COD

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● COD: Cash on Delivery

Detailed Explanation

Cash on Delivery (COD) is a payment method where customers pay for goods at the time of delivery, rather than in advance. This method is popular among customers who may not trust online payment systems or prefer to see the product before buying it.

Examples & Analogies

Think of COD like ordering food for delivery. You might prefer to pay the delivery person in cash when they bring the food to your door, rather than paying in advance. This way, you can inspect your order before handing over your money.

AOV

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● AOV: Average Order Value

Detailed Explanation

Average Order Value (AOV) is a metric that reveals the average amount of money spent each time a customer places an order. It is calculated by dividing total revenue by the number of orders. A higher AOV indicates that customers are spending more during their purchases.

Examples & Analogies

Imagine you often go to a cafe. If you usually buy just coffee, your average order value is low. But on special occasions, you buy coffee, pastries, and breakfast, raising your average spend per visit. AOV acts like that average spend across all your visits.

Definitions & Key Concepts

Learn essential terms and foundational ideas that form the basis of the topic.

Key Concepts

  • Cart Abandonment: A key metric in E-commerce showing potential lost sales.

  • SKU: The identifier for products that helps in tracking inventory.

  • EMR/EHR: Electronic records for patient data management in healthcare.

  • KYC: A necessary process in banking for client identity verification.

Examples & Real-Life Applications

See how the concepts apply in real-world scenarios to understand their practical implications.

Examples

  • An online store notices a high cart abandonment rate, prompting them to investigate user experience issues on their site.

  • A healthcare provider measures patient wait time to enhance the efficiency of service delivery.

Memory Aids

Use mnemonics, acronyms, or visual cues to help remember key information more easily.

🎵 Rhymes Time

  • In E-commerce we find, Cart Abandonment is unkind; customers leave the cart behind, lost sales hard to unwind.

📖 Fascinating Stories

  • Once, a shopper added a pair of boots to their cart, excited but distracted, they didn’t finalize their purchase. Later, the shop saw their Cart Abandonment rise, a sign they needed to simplify checkout.

🧠 Other Memory Gems

  • For remembering KPIs: C, A, R - Conversion, AOV, Retention.

🎯 Super Acronyms

KYC - Know Your Customer

  • Keep your customers' identities verified!

Flash Cards

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Glossary of Terms

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  • Term: Cart Abandonment

    Definition:

    When a user adds items to a shopping cart but fails to complete the purchase.

  • Term: SKU

    Definition:

    Stock Keeping Unit, a unique identifier for tracking products.

  • Term: Fulfillment

    Definition:

    The process of packing and shipping an order.

  • Term: COD

    Definition:

    Cash on Delivery, payment for goods upon delivery.

  • Term: AOV

    Definition:

    Average Order Value, total revenue divided by the number of orders.

  • Term: EMR/EHR

    Definition:

    Electronic Medical Record / Health Record used to store patient data electronically.

  • Term: TAT

    Definition:

    Turnaround Time, the time taken to complete a process.

  • Term: KYC

    Definition:

    Know Your Customer, a process of verifying the identity of clients.

  • Term: NPA

    Definition:

    Non-Performing Asset, a loan that is not repaid.

  • Term: CIBIL Score

    Definition:

    A credit score in India that represents a borrower's creditworthiness.