Category: Consumer Profiling

Tech companies have a leg up on airlines

5/2/2018

As more tech companies enter the transportation market, their capabilities with big data and other disruptive technologies could spell trouble for airlines.
"A tech giant who extracts customer behavior will be much better placed than an airline, for example, which only has information on its own operations," said Henrik Hololei, director-general for mobility and transport at the European Commission.

Speaking at the Singapore Airshow Aviation Leadership Summit on Monday, a day before the Southeast Asian nation kicks off its annual air show, Hololei pointed to Amazon as an example. The world's largest online retailer announced air cargo services for its U.S. deliveries in 2016, raising fears that CEO Jeff Bezos could soon compete with global logistics giants such as FedEx or DHL.

From Google's self-driving car to Uber's helicopter tie-up with Airbus, a number of Silicon Valley names are now concentrating research and investment on moving customers from point A to point B.
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What shoppers really want from personalized marketing - McKinsey

17/11/2017

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What customers want and what businesses think they want are often two different things. Here’s what customers are looking for.

Anyone who has gotten an unsolicited and irrelevant offer related to something they’ve done online knows that creepy feeling that someone is watching me. This kind of reaction is the third rail of today’s drive to personalize interactions with customers.
That’s a problem because, when done right, personalization can be a huge boon for retailers and consumers. Targeted communications that are relevant and useful can create lasting customer loyalty and drive revenue growth of 10 to 30 percent. The challenge is to personalize in a way that doesn’t cross lines and delivers genuine value and relevance. But how do you know?

To better understand what customers really value, we asked 60 shoppers to create mobile diaries of their personalized interactions with various brands over two weeks. With over 2,000 entries in total, we were able to see what kind of personalized communication works for customers and what doesn’t.

Here are the five things that customers said they value when it comes to personalized communications:

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What Does Blockchain Tech Mean in the Big Data-Fueled Digital Economy?

18/10/2017

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The current online economy is largely driven by advertising.
Nearly every company with an online presence, from small businesses to digital giants, collects data about consumer behaviors in order to target those consumers with advertisements. Some may see this as a breach of privacy; but for most, the ease of communication and information exchange facilitated by the internet is too great of a benefit to give up. But what if we didn't have to sacrifice privacy for all that the world wide web has to offer?
Blockchain technology could enable such a future. Like the internet, blockchains are essentially communication networks, except they are distributed across many users, or nodes. Every transaction that occurs on the blockchain must be validated by a majority of the nodes, which makes the technology nearly tamper-proof and ideal for tracking the exchange of data and value.The current online economy is largely driven by advertising.
Currently, Amazon, Google, Facebook and thousands of other businesses are profiting from consumer data and there is very little that individuals can do about it. Technically, you could decide to stop all Amazon purchases, Google searches, social media posts, emails and essentially give up all use of the web; but in today's digital economy, this would be akin to living in a cave. Fortunately, there may be a middle ground between zero privacy and hermitism.

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How to shape your customer experience with big data

17/10/2017

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It’s clear that the volume of data is increasing, and shows no signs of slowing down. As such, brands will have to move beyond using data just to create internal reports to satisfy internal stakeholders; they need to start leveraging cross-departmental data to deliver insights and shape the customer experience better.

This comes at the back of companies undergoing digital transformation in Asia Pacific, where the first wave of change was migration towards the cloud and expanding their digital capabilities. With the right tools, the next wave will see marketers using both public and owned data to drive measurable outcomes, and enhance customer experience through personalisation.

It all sounds great, but where can companies start? Here are some big brands that have successfully managed to embrace data analytics to fuel efficiency and growth, with proven results:

The L'Oreal Group - Spearheading customer engagement through social listenings L'Oreal sells via retailers, it led to a large gap between the beauty brand and its customers. While it may be understandable given the size of the beauty conglomerate, the cosmetics giant is aware that customers are key, and were looking to change the dynamic with its new customer command center.

Using CRM technology, L'Oreal started analyzing its social media platforms – from tweets to Facebook posts, as well as product reviews and news stories. When necessary, for example a bad review is flagged, posts are routed internally to an appropriate employee in the command center who can engage with the writer.
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In the Next Wave Of Innovation, Big Data Is Your Competitive Advantage

13/10/2017

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Demand for data has been surging over the past few years. Companies are rushing to adopt in-house data warehouses and business analytics software, and are reaching for public and private databases in search of data to kick-start their artificial intelligence/machine learning (AI/ML) strategies. Due to the growing demand, good data is becoming a valuable commodity, like oil in the 20th century, and companies are beginning to compete for the most lucrative reserves. In order to understand why data is important for your business, you must first understand the five reasons if gives you a competitive advantage.

Data is a source of insights.
Until very recently, companies did not realize that they were sitting on a goldmine of data and did not know what to do with it. With the revolutionary advances in data mining and AI/ML, companies can now make use of data generated by consumers and users. A really good example is how Moz used artificial intelligence to predict customer churn. It has designed a deep learning neural network that analyzes user actions and is able to predict the behavior of users. Since actions customers are about to perform within the system are caused by a vast variety of factors from the past, it makes it possible to mine some valuable business insights and decrease churn of existing customers, which has an enormous effect on overall company growth.
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5 Applications of Big Data in Social Media Marketing

28/9/2017

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The use of big data in social media can be a game changer if you have the ability to design consumer preferences that will attract clients and lead to sales. There are several ways you can apply big data in social media to achieve success.
Vision RecognitionWhen you use big data in social media to recognize images in the pictures, it can give assistance with generating custom classifiers. After uploading a photo, the application returns terms that represent the things it has found in the photo such as events or objects. You can train your app on specific image sets like logos for recognizing customized images in real-time. This method will help you as a marketer to detect customers that are posting on your social pages and prompt you to engage.
Personality InsightsUsing big data in social media can help analyze personality attributes from posts like emails and social posts so that you can obtain the right insights about people. The users will uncover a deeper understanding of the people’s needs, characteristics, personalities, and values that drive personalization. Big data outputs can provide a profile with three personalities in the dimension of needs, values, and the five big traits that describe the way an individual engages with the world.
The Impact of Big Data on Social Media Marketing Strategies
Personality insights will help you as a marketer to capture a holistic understanding of the audience with the available demographic information and social media data. When you understand your customers, you have the ability to personalize interaction and then improve conversion.
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How BMW Uses Artificial Intelligence & Big Data To Design And Build Cars Of Tomorrow

1/8/2017

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BMW creates some of the most high-tech cars we have yet seen. The German giant builds 2.5 million vehicles e

BMW creates some of the most high-tech cars we have yet seen. The German giant builds 2.5 million vehicles every year and sells them all over the world. But technology is not just limited to the cars it builds, its business model is built on Big Data which drives everything it does across design, engineering, production, sales and customer support.

Thanks to Artificial Intelligence (AI), data-driven predictive analytics and other cutting edge technologies BMW is able to build the cars of today while at the same time envisaging and bringing to reality the cars of tomorrow.
BMW is clearly confident in its belief that cars of the near future will pilot themselves, rather than relying on human drivers. All the big auto manufacturers are staking their claim in a driverless future, but BMW has done so with more confidence than most. It has stated that its aim is for its vehicles to achieve full “level 5” autonomy by 2021.

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THE IMPACT OF BIG DATA ON BANKING AND FINANCIAL SYSTEMS

25/7/2017

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Today, most banking, financial services, and insurance (BFSI) organizations are working hard to adopt a fully data-driven approach to grow their businesses and enhance the services they provide to customers. Like most other industries, analytics will be a critical game changer for those in the financial sector.
Though many BFSI organizations are beginning to disrupt their analytics landscapes by gathering immense volumes of data assets, these companies are at varying levels of Big Data maturity. In many cases, these initial data projects lead business stakeholders to a very simple question: “How can this data help us solve our business problems?”
As customer volume increases, it dramatically affects the level of services offered by the organization. Existing data analytics practices have simplified the process of monitoring and evaluation of banks and other financial services organizations, including vast amounts of client data such as personal and security information. But with the help of Big Data, banks can now use this information to continually track client behavior in real time, providing the exact type of resources needed at any given moment. This real-time evaluation will in turn boost overall performance and profitability, thus thrusting the organization further into the growth cycle.
Identifying more areas where Big Data resources can be utilized most efficiently involves the alignment of business cases and technological capabilities, which reveals opportunities for improved business processes. There are three primary areas where banks and other financial organizations can attain benefits from advanced analytics: the customer experience, operation optimization, and employee engagement.
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With Whole Foods Purchase, Amazon Just Bought a Playground for Big Data

23/6/2017

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Last week, Amazon announced its intended fourth quarter acquisition of Whole Foods Markets for $42 per share in cash. The $13.7 billion acquisition is being hailed as Amazon’s big play to enter brick-and-mortar retail. It will also have a playground for disrupting retail. Whole Foods offers Amazon the opportunity to experiment with retail analytics, customer traffic management and in-store preference-matching. It’ll be a testing ground for the unexplored science of “presence marketing,” the layering online and offline buying analytics while tracking customers' movements while they shop.
Amazon’s purchase of Whole Foods isn’t about automating checkout -- it’s about bringing Amazon’s online analytics to the offline world. It’s about gaining insight into customers from their in-store buying habits and blending online and offline in real-time. Amazon purchased Whole Foods to disrupt what we know as retail.
First, it will be about the WiFi. Most of us don’t hop on the Whole Foods WiFi, but my bet is you will have lots of encouragement to do so after Amazon’s acquisition. Amazon filed a patent in 2012 for something called “Physical Store Online Shopping Control” and that patent was awarded last week, just days before Amazon announced it was buying Whole Foods. Although the patent permits Amazon to limit searches on competitive websites while in a physical store, it also allows for the capturing of the customer's location and the collection of customer data while inside a store.
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Insurers warned against failure to harness big data

17/3/2017

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Big data transformation has begun in the insurance industry and insurers that fail to keep pace will be at a disadvantage, Fitch Ratings has warned.
The agency said the industry is starting to catch up with other sectors in terms of big data adaptation now that insurers have realised the potential of modern big data.
According to the ratings agency, harnessing big data is proving essential for insurers seeking to maintain and increase market share and profitability.
We expect early movers to gain a significant advantage, with the reward on technology investment increased by scale and network benefits,” Fitch said.

“Those who reach critical mass first can pick the best risks and achieve operational cost efficiencies compared to the laggards.”

On the other hand, Fitch said insurers that fail to keep pace in terms of exploiting big data risk being marginalised or coming under pressure to consolidate.

“Smaller insurers that lack the resources to invest are most at risk,” Fitch said.
Big data could transform many elements of the insurance business, Fitch noted, such as distribution, risk selection, pricing and claims management.
The most obvious potential for big data is in improving risk analysis and pricing, it states. Non-life insurers have made the most progress so far, using data analytics and predictive models for greater price segmentation and optimising claims management.

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<<Previous

Tech companies have a leg up on airlines

What shoppers really want from personalized marketing - McKinsey

What Does Blockchain Tech Mean in the Big Data-Fueled Digital Economy?

How to shape your customer experience with big data

In the Next Wave Of Innovation, Big Data Is Your Competitive Advantage

5 Applications of Big Data in Social Media Marketing

How BMW Uses Artificial Intelligence & Big Data To Design And Build Cars Of Tomorrow

THE IMPACT OF BIG DATA ON BANKING AND FINANCIAL SYSTEMS

With Whole Foods Purchase, Amazon Just Bought a Playground for Big Data

Insurers warned against failure to harness big data

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The leading "Management Consultants in Big Data"
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Categories

Archives

The leading ​"Management Consultants in Big Data"Business-Savvy, Vendor-Independent Expertsto help you thrive in the Big Data JungleUK - 0207 164 6260USA - 415-500-9874Or click here to contact us

The leading "Management Consultants in Big Data"
Business-Savvy, Vendor-Independent Experts
to help you thrive in the Big Data Jungle

UK - 0207 164 6260
USA - 415-500-9874
Or click here to contact us