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21.2.1 - Common Jargon

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E-commerce Common Jargon

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Teacher
Teacher

Let's talk about some common jargon in the E-commerce domain. Who can tell me what 'Cart Abandonment' means?

Student 1
Student 1

I think it's when someone adds items to their cart but doesn't complete the purchase.

Teacher
Teacher

Exactly, Student_1! It's crucial for us to monitor this rate because it indicates potential issues in the purchasing process. Now, does anyone know what SKU stands for?

Student 2
Student 2

Is it Stock Keeping Unit?

Teacher
Teacher

Correct! A SKU helps businesses track inventory. Remember, 'SKU' is like a unique fingerprint for each product. Can anyone share another term?

Student 3
Student 3

What about AOV?

Teacher
Teacher

Fantastic! AOV stands for Average Order Value, which is important for calculating revenue. Let's summarize: Cart Abandonment measures customer drop-off, SKU identifies products, and AOV calculates average spending.

KPIs in E-commerce

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Teacher
Teacher

Now let's discuss key performance indicators, or KPIs. What is the Conversion Rate?

Student 4
Student 4

It's the percentage of users who complete a purchase out of the total visitors.

Teacher
Teacher

Exactly, Student_4! This gives us insight into the effectiveness of our website. Can someone explain the Cart Abandonment Rate?

Student 1
Student 1

It's the percentage of users who leave items in their cart without paying.

Teacher
Teacher

Spot on! Remember, to improve sales, we need to decrease the Cart Abandonment Rate. Let’s highlight those: Conversion Rate indicates sales effectiveness while Cart Abandonment Rate shows potential loss.

Healthcare Common Jargon

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Teacher
Teacher

Shifting gears, let’s explore the Healthcare domain. Can anyone tell me what EMR stands for?

Student 2
Student 2

Electronic Medical Record.

Teacher
Teacher

Perfect! EMR is crucial for managing patient information. Can anyone explain what TAT means in this context?

Student 3
Student 3

It's Turnaround Time, like for lab results.

Teacher
Teacher

Correct! TAT is critical since patients rely on timely medical information. Always remember: EMR keeps records safe, while TAT ensures prompt care.

KPIs in Healthcare

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Teacher
Teacher

Now let's delve into the KPIs in Healthcare. What do you think the Patient Wait Time measures?

Student 1
Student 1

It's the average time a patient waits before getting seen by a healthcare provider.

Teacher
Teacher

Excellent! Wait Time is a vital KPI affecting patient satisfaction. What about the No-Show Rate?

Student 4
Student 4

It's the percentage of scheduled patients who didn’t attend.

Teacher
Teacher

Exactly! Reducing No-Show Rates improves clinic efficiency. To summarize: Patient Wait Time reflects service speed, and No-Show Rate impacts operational efficiency.

Banking Common Jargon

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Teacher
Teacher

Finally, let’s focus on Banking & Finance. What does KYC stand for?

Student 2
Student 2

Know Your Customer.

Teacher
Teacher

Correct! It's essential for reducing fraud. Can someone explain what NPA means?

Student 3
Student 3

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

Teacher
Teacher

Exactly! Understanding NPAs is crucial for banks to manage risk. Remember: KYC combats fraud, and NPA shows lending health.

Introduction & Overview

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Quick Overview

This section discusses essential domain-specific jargon, key performance indicators (KPIs), and service level agreements (SLAs) used in E-commerce, Healthcare, and Banking.

Standard

Understanding common jargon and key performance indicators (KPIs) across various industries including E-commerce, Healthcare, and Banking is crucial for Business Analysts. This section provides definitions of commonly used terms, summarizes key KPIs, and outlines typical SLAs relevant to each domain, thereby enhancing communication and effectiveness among stakeholders.

Detailed

Common Jargon

To be an effective Business Analyst (BA), mastering terminology specific to your domain is imperative as it enhances stakeholder communication and project success. This section covers commonly used jargon, key performance indicators (KPIs), and service level agreements (SLAs) in three significant domains.

E-commerce Domain

Common Jargon:

  1. Cart Abandonment: Failure of a user to complete a purchase after adding items to their cart.
  2. SKU (Stock Keeping Unit): A unique identifier for each distinct product and service that can be purchased.
  3. Fulfillment: The logistics of processing orders, including packing and shipping.
  4. COD (Cash on Delivery): A payment method where the buyer pays for goods upon delivery.
  5. AOV (Average Order Value): Total revenue divided by the number of orders placed.

Key KPIs:

  • Conversion Rate: Percentage of users who complete a purchase.
  • Cart Abandonment Rate: Percentage of users who leave items in their cart without purchasing.
  • Order Fulfillment Time: Duration from order placement to shipment.
  • Customer Retention Rate: Percentage of repeat customers over a specific period.
  • AOV: Total revenue divided by the number of orders.

SLA Examples:

  • Orders must be dispatched within 24 hours.
  • 98% of products should remain in stock.
  • Customer support queries must receive a response within 12 hours.

Healthcare Domain

Common Jargon:

  1. EMR/EHR: Electronic Medical Record / Health Record.
  2. TAT (Turnaround Time): Time taken to complete a medical test or procedure.
  3. OPD/IPD: Outpatient Department / Inpatient Department.
  4. HL7/FHIR: Protocols for electronic health data exchanges.
  5. No-Show: Patients who do not attend scheduled appointments.

Key KPIs:

  • Appointment No-Show Rate: Percentage of patients who don't attend scheduled appointments.
  • Patient Wait Time: Average duration a patient waits before being seen by a healthcare provider.
  • TAT for Lab Results: Time taken from ordering a test to the result delivery.
  • Patient Satisfaction Score: Typically measured through post-visit surveys.
  • Bed Occupancy Rate: Percentage of occupied hospital beds.

SLA Examples:

  • Appointment confirmation must occur within 5 minutes.
  • Emergency services should respond within 10 minutes.
  • Lab test results should be delivered within 24 hours.

Banking & Finance Domain

Common Jargon:

  1. KYC (Know Your Customer): Process of identity verification for clients.
  2. NPA (Non-Performing Asset): Loans that have not been repaid.
  3. CIBIL Score: Credit score in India, ranging from 300 to 900.
  4. Disbursement: Release of loan funds to the borrower.
  5. Underwriting: The process of evaluating risk before approving a loan application.

Key KPIs:

  • Loan Approval Rate: Percentage of approved loan applications.
  • Disbursement TAT: Time from loan approval to the release of funds.
  • NPA Ratio: Percentage of loans that are non-performing relative to total loans.
  • Customer Acquisition Cost: Total cost incurred to gain a new customer.
  • ATM Downtime: Reports the duration ATMs are non-functional.

SLA Examples:

  • Loan approval decisions must be provided within 48 hours.
  • Internet banking systems must have 99.5% uptime.
  • Transaction confirmation SMS should arrive within 60 seconds.

Final Takeaways for Business Analysts:

  • Familiarity with terminology builds trust and expedites project discovery.
  • Knowledge of KPIs assists in evaluating project impact and business success.
  • Utilizing SLAs helps in forming measurable expectations under both functional and non-functional requirements.

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 refers to the situation when a potential customer adds items to their online shopping cart but then leaves the site without completing their purchase. This can happen for various reasons, such as high shipping costs, a complicated checkout process, or simply because the customer changes their mind. Understanding this concept is crucial for businesses, as it helps identify issues within the purchasing path that need improvement.

Examples & Analogies

Imagine going to a grocery store, filling a cart with items, but then deciding to leave without checking out because you found the prices too high. Just like retailers track these moments, e-commerce sites explore why their customers don't finalize purchases.

SKU (Stock Keeping Unit)

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● SKU: Stock Keeping Unit (product identifier)

Detailed Explanation

A SKU is a unique identifier assigned to a particular product to help manage inventory and sales. Retailers use SKUs to track stock levels, sales performance, and product details. Each SKU can provide detailed information about the product, including its size, color, and brand, which helps businesses organize their inventory more efficiently.

Examples & Analogies

Think of a SKU like a Social Security Number for a product. Just as each person has a unique SSN for identification, every product in a store has a unique SKU that tells the retailer about its specifics, making it easier to find and manage.

Fulfillment

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● Fulfillment: The process of packing and shipping the order

Detailed Explanation

Fulfillment is the complete process of receiving an order, processing it, and shipping it to the customer. This process can involve many steps, including picking items from inventory, packing them securely, and coordinating the shipping method to ensure timely delivery. Effective fulfillment is vital for customer satisfaction, impacting return rates and overall sales.

Examples & Analogies

Imagine ordering a gift online. The company's fulfillment center ensures that the right gift is picked, carefully wrapped, and sent to your friend on time. If this process is efficient, your friend receives their gift quickly and in perfect condition.

COD (Cash on Delivery)

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● COD: Cash on Delivery

Detailed Explanation

Cash on Delivery (COD) is a payment method where the customer pays for the goods upon delivery rather than in advance. This can be attractive to customers who may be hesitant to pay upfront or want to check the quality of the product before committing to payment. However, it requires businesses to manage the risks associated with non-payment at the time of delivery.

Examples & Analogies

Think of ordering a pizza and paying the delivery person in cash when they arrive at your door. You ensure the pizza is what you wanted before handing over the cash—this same concept applies to COD in e-commerce.

AOV (Average Order Value)

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● AOV: Average Order Value

Detailed Explanation

Average Order Value (AOV) is a metric that calculates the average amount spent by a customer in a single transaction. It is derived by dividing the total revenue by the number of orders during a specific period. Businesses track AOV to understand spending patterns and enhance marketing strategies, often encouraging customers to buy more to increase their AOV.

Examples & Analogies

Consider a bakery that sells cookies. If on average a customer buys $10 worth of cookies per visit, this is their AOV. If they can get customers to buy a drink along with cookies, they can increase this average, much like how businesses often bundle products to raise their AOV.

Definitions & Key Concepts

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

Key Concepts

  • Cart Abandonment: Indicates the portion of shoppers who start but do not complete their purchases.

  • SKU: Represents a distinctive identifier for inventory tracking.

  • Fulfillment: Describes the processes involved in order completion.

  • AOV: Indicates average revenue received per order, which can help in pricing strategies.

  • TAT: Critical for assessing the efficiency of healthcare services.

  • KYC: Essential for maintaining financial integrity and trust.

Examples & Real-Life Applications

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

Examples

  • An example of Cart Abandonment could be when a customer places a TV in their cart but leaves the website without checking out.

  • A healthcare example would be a patient who waits an average of 20 minutes before being seen by a doctor for an appointment.

Memory Aids

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

🎵 Rhymes Time

  • When users start to shop but leave without the loot, that's Cart Abandonment, a purchase that’s not cute!

📖 Fascinating Stories

  • Imagine a bustling market where shoppers are overwhelmed. Some pick items, but when they reach for their wallets, they walk out. This is Cart Abandonment, lost sales in the bustling world of E-commerce.

🧠 Other Memory Gems

  • For KPIs, remember CALM: Conversion, AOV, Lab Results, and Missed Appointments. Each key metric highlights business efficiency!

🎯 Super Acronyms

Remember 'KYC' as Keep Your Clients, ensuring they match the portrait of trust in finance.

Flash Cards

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Glossary of Terms

Review the Definitions for terms.

  • Term: Cart Abandonment

    Definition:

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

  • Term: SKU

    Definition:

    Stock Keeping Unit; a unique identifier for each product.

  • Term: Fulfillment

    Definition:

    The process of packing and shipping an order.

  • Term: COD

    Definition:

    Cash on Delivery; a payment method where the buyer pays upon receipt of goods.

  • Term: AOV

    Definition:

    Average Order Value; the average revenue received per order.

  • Term: EMR/EHR

    Definition:

    Electronic Medical Record / Health Record, used for digital patient information management.

  • Term: TAT

    Definition:

    Turnaround Time; the time taken to complete a procedure or deliver results.

  • Term: KYC

    Definition:

    Know Your Customer; a process for verifying the identity of clients.

  • Term: NPA

    Definition:

    Non-Performing Asset; loans that have not been repaid.

  • Term: CIBIL Score

    Definition:

    A credit score used in India to assess an individual's creditworthiness.

  • Term: Disbursement

    Definition:

    The process of releasing loan funds to a borrower.