Presentation: Big Data and advanced analytics: 16 Use Cases from McKinsey Chief Marketing & Sales Officer Forum - McKinsey, August 2013 (30 slides)
"How do companies turn the promise of Big Data and advanced analytics into value? This overview highlights 16 examples and use cases include pricing flexibility, customer preference management, credit risk analysis, fraud protection, and discount targeting"
"‘Tis the season of predictions. Poke around the Interwebs and you’ll encounter pundits forecasting everything from the outlook on housing to cloud computing and enterprise software to football, journalism, online video, the Oscars, technology trends and all sorts of other missions of clairvoyance.
Not to be out done, here are mine, which cover emerging trends surrounding social media, data mining and the overall state of the social analytics industry."
"By using big data before a sale occurs, you can potentially collect more accurate customer feedback and be a step ahead of competitors.
We are all familiar with applying analytics to sales data. In the most sophisticated cases, big data might reveal surprising aspects of our sales process; a notable example is from my employer correlating weather patterns to bakery sales and concluding that cake sells well during a drizzle, while grilled cheese sandwiches are especially popular during a heat wave. These types of analyses can help refine our products and sales processes in fairly obvious ways. What's also interesting, and perhaps less well utilized, is using big data before a sale even occurs."
"Advances in computer technology have enabled the creation of vast repositories of ‘big data’, and more importantly, powerful analytics tools to extract useful information from them for decision making.
...“The problem isn’t the analytics tools, but the difficulty of bringing data together quickly from multiple sources such as e-commerce, the cloud, customer relationship marketing and enterprise resource management,” ...Mergers and acquisitions have often exacerbated the situation by introducing further separate databases. Philips is a case in point, says Bert Hooyman, who became the company’s enterprise information architect in February 2012."
"The corporate IT world these days reads a bit like the plot of the classic children's film Toy Story: a key moment comes as Woody, the cowboy doll, grows anxious about losing his status when his owner, Andy, gets a new and exciting Buzz Lightyear action figure for his birthday. In the business IT version, the part of Woody is played by the chief information officer (CIO), while the shiny new addition to the corporate toy box is the chief digital officer.
It is a role that has very recently become popular with companies. “There are probably about 500 people in the world with that title at the moment,” says Dave Aron, fellow at US technology advisers Gartner. “IT strategy, the sort of thing a CIO would have done, would be about how to support the company’s business strategy with technology. A digital strategy is almost the opposite: it is about how to change the business to take advantage of new digital opportunities. It needs different skills.”
"The establishment of a new national data analytics research centre, Insight, will lead to the creation of 300 new jobs. The centre, which was formally launched this morning by Minister for Jobs, Enterprise and Innovation Richard Bruton, opened in July of this year, and is working with companies to develop next generation data analytical and big data technologies.
Bringing together the resources of four universities - DCU, NUI Galway, UCC and UCD - the centre will be led by UCD’s Professor Barry Smyth and will receive funding of €38 million from Science Foundation Ireland. Over 40 corporate partners, including HP, Cisco, Avaya, Intel, The Irish Times, Microsoft and IBM, will provide a further €30 million in funding."
"Arguably the most crucial difference between the cultural records of today and those of years gone by is that today’s big data exists in digital form. Like an optic lens, which makes it possible to reliably transform and manipulate light, digital media make it possible to reliably transform and manipulate information. Given enough digital records and enough computing power, a new vantage point on human culture becomes possible, one that has the potential to make awe-inspiring contributions to how we understand the world and our place in it.
Consider the following question: Which would help you more if your quest was to learn about contemporary human society— unfettered access to a leading university’s department of sociology, packed with experts on how societies function, or unfettered access to Facebook, a company whose goal is to help mediate human social relationships online?"
"10 ways for Banks to achieve greater profit and customer satisfaction" #banking #analytics #bigdata
"While Banks are getting more and more pressure from customer’s increasing demand, highly competitive market and strict regulations – in the current environment, understanding customer behaviour, attitudes and requirements is more vital than ever for banks’ strategic thinking, operational planning and day-to-day customer treatment, according to Ernst & Young. What Banks can do?"
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