Professional Courses
Industry-relevant training in Business, Technology, and Design to help professionals and graduates upskill for real-world careers.
Categories
Interactive Games
Fun, engaging games to boost memory, math fluency, typing speed, and English skillsβperfect for learners of all ages.
Typing
Memory
Math
English Adventures
Knowledge
Enroll to start learning
Youβve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Interactive Audio Lesson
Listen to a student-teacher conversation explaining the topic in a relatable way.
E-commerce Jargon and KPIs
Unlock Audio Lesson
Signup and Enroll to the course for listening the Audio Lesson
Let's begin our discussion with E-commerce jargon. Can anyone tell me what *Cart Abandonment* means?
It's when a customer adds items to their cart but doesn't complete the purchase.
Exactly! Remember that term as it plays a crucial role in understanding user behavior. How about *SKU*?
SKU stands for Stock Keeping Unit; it's just a product identifier.
Right on! Now, regarding KPIs, what would you say the *Conversion Rate* represents?
Itβs the percentage of users who complete their purchase.
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
Unlock Audio Lesson
Signup and Enroll to the course for listening the Audio Lesson
Now let's move to the healthcare domain. What is an *EMR*?
It stands for Electronic Medical Record; itβs used to keep patient data digitally.
Excellent! And what about *TAT* or turnaround time?
It refers to how quickly lab results are returned.
Correct! If I asked about the *Patient Wait Time*, what would you say?
Itβs the average time a patient waits to be seen.
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
Unlock Audio Lesson
Signup and Enroll to the course for listening the Audio Lesson
Let's now dive into the Banking sector. What does KYC stand for?
It means Know Your Customer; itβs a process for verifying customer identities.
Absolutely! And can anyone tell me what an *NPA* is?
That would be a Non-Performing Asset, meaning a loan that hasnβt been repaid.
Exactly! Now, regarding KPIs, letβs discuss the *Loan Approval Rate*.
Itβs the percentage of loan applications that are approved.
Great job! Essential terms like KYC, NPA, and KPIs such as Loan Approval Rate and NPA Ratio are crucial for banking analysis.
Introduction & Overview
Read a summary of the section's main ideas. Choose from Basic, Medium, or Detailed.
Quick Overview
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 terminologiesβin conjunction with key performance indicators (KPIs) and service level agreements (SLAs)βis 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 standardsβlike 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
Dive deep into the subject with an immersive audiobook experience.
Cart Abandonment
Unlock Audio Book
Signup and Enroll to the course for listening the Audio Book
β Cart Abandonment: When a user adds items to a cart but doesnβt 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
Unlock Audio Book
Signup and Enroll to the course for listening the Audio Book
β 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
Unlock Audio Book
Signup and Enroll to the course for listening the Audio Book
β 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
Unlock Audio Book
Signup and Enroll to the course for listening the Audio Book
β 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
Unlock Audio Book
Signup and Enroll to the course for listening the Audio Book
β 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.
π΅ Rhymes Time
-
In E-commerce we find, Cart Abandonment is unkind; customers leave the cart behind, lost sales hard to unwind.
π Fascinating Stories
-
Once, a shopper added a pair of boots to their cart, excited but distracted, they didnβt finalize their purchase. Later, the shop saw their Cart Abandonment rise, a sign they needed to simplify checkout.
π§ Other Memory Gems
-
For remembering KPIs: C, A, R - Conversion, AOV, Retention.
π― Super Acronyms
KYC - Know Your Customer
- Keep your customers' identities verified!
Flash Cards
Review key concepts with flashcards.
Glossary of Terms
Review the Definitions for terms.
-
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.