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21.3.1 - Common Jargon

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E-commerce Jargon

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Teacher
Teacher

Let's start with some common jargon in the E-commerce domain. What's the term for when a user adds items to their cart but doesn't check out?

Student 1
Student 1

That would be cart abandonment, right?

Teacher
Teacher

Exactly! And can anyone tell me what SKU stands for?

Student 2
Student 2

Stock Keeping Unit!

Teacher
Teacher

Right on! Remember, SKUs are essential for managing inventory. Speaking of managing inventory, what does fulfillment mean?

Student 3
Student 3

It’s the process of packing and shipping an order.

Teacher
Teacher

Great! Now how about AOV? What does that represent?

Student 4
Student 4

Average Order Value, which determines how much money each order brings in, right?

Teacher
Teacher

Correct! To wrap up this session, the importance of understanding these terms is to improve communication with stakeholders and understand how success is measured in E-commerce.

Healthcare Jargon

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Teacher
Teacher

Now, let’s discuss the healthcare domain. Who can explain what EMR stands for?

Student 1
Student 1

That’s Electronic Medical Record!

Teacher
Teacher

Spot on! And what about TAT?

Student 2
Student 2

That is Turnaround Time!

Teacher
Teacher

Excellent! The turnaround time is critical especially for lab tests. Can someone explain what a No-Show is?

Student 3
Student 3

It refers to a patient who doesn’t attend their scheduled appointment.

Teacher
Teacher

Exactly! Let's summarize, knowing these terms aids in better communication and understanding within the healthcare field.

Banking Jargon

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Teacher
Teacher

Now let’s move on to the Banking and Finance sector. What does KYC stand for?

Student 4
Student 4

Know Your Customer.

Teacher
Teacher

Right! And how is NPA defined?

Student 1
Student 1

Non-Performing Asset, referring to loans that have not been paid back.

Teacher
Teacher

Correct! Understanding NPA is vital for banks to manage their risk. What does underwriting mean?

Student 2
Student 2

It’s the risk evaluation process before approving a loan.

Teacher
Teacher

Exactly! So to conclude, being familiar with these terms enhances the ability to engage effectively in the Banking sector.

Importance of KPIs and SLAs

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Teacher
Teacher

Now, let’s discuss why KPIs are essential. What are KPIs used for?

Student 3
Student 3

To measure success in projects!

Teacher
Teacher

Exactly! For instance, the Conversion Rate is a KPI in E-commerce that shows how many users complete a purchase. What about SLAs?

Student 4
Student 4

Service Level Agreements define measurable expectations!

Teacher
Teacher

Correct! They set standards like response times for customer support. Remember, utilizing KPIs and SLAs helps to define business success and keep stakeholders informed.

Introduction & Overview

Read a summary of the section's main ideas. Choose from Basic, Medium, or Detailed.

Quick Overview

This section covers essential domain-specific jargon, KPIs, and SLAs across E-commerce, Healthcare, and Banking to help Business Analysts communicate effectively.

Standard

The section highlights commonly used terms and key performance indicators (KPIs) relevant to E-commerce, Healthcare, and Banking. It emphasizes the importance of understanding this jargon to enhance communication and establish successful stakeholder relationships.

Detailed

Common Jargon Overview

To excel as Business Analysts, it's crucial to grasp the specific terminology used by stakeholders in various domains. This section focuses on essential jargon, key performance indicators (KPIs), and service level agreements (SLAs). Understanding these concepts is integral to ensuring effective communication and measuring success in the industries of E-commerce, Healthcare, and Banking.

E-commerce Domain Jargon

  • Cart Abandonment: Refers to the situation where a user adds products to their shopping cart but does not finalize the purchase.
  • SKU: Stock Keeping Unit, a unique identifier for each product.
  • Fulfillment: The entire process involving packing and shipping an order.
  • COD: Cash on Delivery, a payment method.
  • AOV: Average Order Value, the mean for total revenue divided by orders.

Key Performance Indicators in E-commerce

  • Conversion Rate: The proportion of users that complete purchases.
  • Cart Abandonment Rate: The percentage of users who leave items in their cart.
  • Customer Retention Rate: This indicates repeat customers over time.
  • Order Fulfillment Time: The duration from order to shipment.

Healthcare Domain Jargon

  • EMR/EHR: Electronic Medical Record or Health Record.
  • TAT: Turnaround Time for specific services or tests.
  • OPD/IPD: Outpatient and Inpatient Departments respectively.
  • HL7/FHIR: Standards for electronic health data formats.
  • No-Show: Patients who miss scheduled appointments.

Key Performance Indicators in Healthcare

  • Appointment No-Show Rate: Percentage of patients who fail to attend scheduled appointments.
  • Patient Wait Time: The duration before patients are seen.
  • Patient Satisfaction Score: Typically measured via surveys.
  • Bed Occupancy Rate: Indicator of hospital bed usage.

Banking & Finance Domain Jargon

  • KYC: Know Your Customer, a process for identity verification.
  • NPA: Non-Performing Asset, relating to loans not repaid.
  • CIBIL Score: A credit score in India.
  • Disbursement: The release of funds post-loan approval.
  • Underwriting: The risk assessment process for loans.

Key Performance Indicators in Banking

  • Loan Approval Rate: The percentage of approved applications.
  • Disbursement TAT: The time from loan approval to fund release.
  • NPA Ratio: The proportion of bad loans to total loans.
  • Customer Acquisition Cost: The expense incurred to gain a new customer.

Conclusion

This section emphasizes that knowing the domain-specific jargon helps Business Analysts speak the language of their users, fostering trust and effective communication. Familiarity with KPIs aids in evaluating project success, while SLAs help to establish measurable expectations.

Audio Book

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Introduction to Common Jargon in E-commerce

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● Cart Abandonment: When a user adds items to a cart but doesn’t complete the purchase
● SKU: Stock Keeping Unit (product identifier)
● Fulfillment: The process of packing and shipping the order
● COD: Cash on Delivery
● AOV: Average Order Value

Detailed Explanation

This chunk introduces important terms used specifically in the e-commerce industry. Understanding these terms is crucial for business analysts as they frequently communicate with stakeholders who use this language. Each term has a specific meaning:

  • Cart Abandonment refers to when potential customers add items to their shopping cart but decide not to complete the purchase. This is a critical metric for online retailers as it affects revenue.
  • SKU, or Stock Keeping Unit, is a unique identifier for products that helps in inventory management.
  • Fulfillment refers to the complete process of packing and shipping an order to customers, essential for maintaining customer satisfaction.
  • COD, or Cash on Delivery, is a payment method where the payment is made when the product is delivered, which is popular in various markets.
  • AOV, or Average Order Value, tracks the average amount spent by customers per transaction, a vital metric for assessing sales performance.

Examples & Analogies

Imagine you walk into a store, fill your cart with items, but leave without buying anything. This is similar to 'Cart Abandonment.' E-commerce businesses need to address this issue to recover lost sales. Think of SKU like a special code that tells a store exactly what product you’re looking for, similar to how a library uses unique codes to find books. Fulfillment is like the store staff packing your items after you pay – it’s the behind-the-scenes work that ensures you get your goods quickly.

Key KPIs in E-commerce

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📊 Key KPIs
KPI Description
Conversion Rate % of users who complete a purchase
Cart Abandonment % of users who leave items in the cart
Rate
AOV (Average Order Total revenue ÷ number of orders
Value)
Customer Retention % of repeat customers over a period
Rate
Order Fulfillment Time taken from order placement to
Time shipment

Detailed Explanation

In this chunk, we focus on Key Performance Indicators (KPIs) pertinent to e-commerce. These KPIs help measure the effectiveness of an online business:

  • Conversion Rate indicates the percentage of website visitors who make a purchase, reflecting the site's usability and product appeal.
  • Cart Abandonment Rate shows how many people leave items in their carts without buying, indicating potential issues in the purchase process.
  • AOV is calculated by dividing total revenue by the number of orders, helping businesses understand customer spending behavior.
  • Customer Retention Rate tracks the percentage of customers who return to make additional purchases, crucial for long-term success.
  • Order Fulfillment Time measures the efficiency of the order processing system from when an order is placed until it is shipped.

Examples & Analogies

Consider a popular bakery's website. Each time someone orders cupcakes from the site, it’s a conversion. If you see that many people add cupcakes to their cart but leave, that's high cart abandonment. This is like seeing customers browse a bakery but leave without buying. AOV reflects how much each customer typically spends – if you find that most customers buy a dozen cupcakes at a time, the AOV is useful for knowing how to stock your bakery.

Common SLAs in E-commerce

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🧾 SLA Examples
● Order must be dispatched within 24 hours
● 98% of products should be in stock at all times
● Response to support queries within 12 hours

Detailed Explanation

This chunk addresses Service Level Agreements (SLAs) relevant to e-commerce. SLAs define the expected service standards:

  • The first SLA states that orders should be dispatched within 24 hours, ensuring customers receive their goods quickly.
  • The second SLA, which states that 98% of products should be in stock at all times, helps prevent lost sales due to stock shortages.
  • The third SLA regarding responding to support queries indicates that customer inquiries should be addressed within 12 hours, which enhances customer service satisfaction.

Examples & Analogies

Think of buying a gift online. If you order something, you expect it to arrive quickly, ideally within a day, which is like the SLA for timely dispatch. If a store is usually out of stock, you might choose to shop elsewhere. The promise to respond to customer questions within a certain time is similar to how a restaurant might quickly address your inquiry about a missing meal – it shows that they care about your experience.

Definitions & Key Concepts

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

Key Concepts

  • Domain-Specific Terminology: Understanding industry-specific jargon is crucial for effective communication.

  • KPIs: Key Performance Indicators are metrics insightful for evaluating business success.

  • SLAs: Service Level Agreements establish benchmarks for performance and service expectations.

Examples & Real-Life Applications

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

Examples

  • If a customer adds items to their cart but does not check out, this is considered cart abandonment.

  • In healthcare, a No-Show refers to a patient who fails to attend a scheduled appointment.

Memory Aids

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

🎵 Rhymes Time

  • In E-commerce, don’t lose your cart, for shopping's fun is just the start.

📖 Fascinating Stories

  • Once there was a shopper, who had a full cart. But as the clock ticked, she got a new heart! She decided to leave, her decision was hard, and that's how we say she 'abandoned' her cart!

🧠 Other Memory Gems

  • For remembering KYC, think Kevin's Yellow Card - Know Your Customer!

🎯 Super Acronyms

TAT - Think Average Time; important for faster services in healthcare!

Flash Cards

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Glossary of Terms

Review the Definitions for terms.

  • Term: Cart Abandonment

    Definition:

    When a user adds items to a cart but does not finalize the purchase.

  • Term: SKU

    Definition:

    Stock Keeping Unit, a unique product identifier.

  • Term: Fulfillment

    Definition:

    The process of packing and shipping an order.

  • Term: COD

    Definition:

    Cash on Delivery, a payment method.

  • Term: AOV

    Definition:

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

  • Term: EMR/EHR

    Definition:

    Electronic Medical Record or Health Record.

  • Term: TAT

    Definition:

    Turnaround Time for results or services.

  • Term: KYC

    Definition:

    Know Your Customer, a customer verification process.

  • Term: NPA

    Definition:

    Non-Performing Asset, relating to unpaid loans.