Customers leave behind an incomprehensible amount of data while they go about shopping. Making sense of that data and reacting in real time are the two things that will keep companies one-step ahead of their customers (and competition) in the present-day customer-centric world.
Today, the average customer is spoilt for choice. Every time he goes shopping, he expects highly personalized, relevant offers. One poor interaction with a brand, and poof, the customer’s gone, almost-certain never to return. Customer retention’s turning into customer obsession, and only companies with the ability to paint a highly granular image of their customers will survive. Marketing teams cannot take 24 hours or more to react, their response to customer needs must be almost instantaneous.
Can you name that one big challenge that businesses which have deployed data analytics face? It’s not failure to get qualified data scientists or IT professionals, nor is it finding the right analytical tools. The problem confounding companies is – how to implement actionable insights derived from analytics. For businesses that have started deploying analytics, the journey starts with data, moves on to its collection, analysis and visualization, finally ending in a decision that has to be then implemented. Yet, like a decathlon athlete who fails to clear that last hurdle, many companies falter at the last mile.
Data analytics need not stop at just looking in the rear-view mirror. ‘What-If’ analysis offers organizations a way of forecasting the future, with historical facts as the base. But your scenario modeling must be made efficient for best results.
So far as organizational strategy goes, the one that has been in focus of late is data governance. Ever since data analytics as a technology and technique was added as a major weapon to an Enterprise’s competitive armory, governance of the data, too, has gained importance.
Yet, many Enterprises are found to be faltering on this front. There are surveys in the past that have shown that about 80 per cent
Two things are a must for marketing success today - Big Data and Analytics. A slideshow
In the first part of this blog post, we had read about how data analytics is being used by restaurants and fast food chains in customer segmentation.
Today, we will look at how analysis helps to build, or rather, re-build a restaurant’s menu. That’s right. Analytics can play a big role in not only determining a menu but also working “behind the scenes” and improving kitchen efficiency.
One of the oft-quoted examples
Big Data and its analysis has come as a disruptor for the food industry, more so for restaurants. There was a time when restaurants were largely run on the gut feelings of a manager or the whims and fancies of the owner. Those days are fading away.
Restaurants now have a new “help” - data analytics - to get a leg up over competition, as well as to grow, leveraging on
As we did read in the first part of this blog post, the chatbot space is relatively new. Not all bots are equal, and not many are configured around Artificial Intelligence (AI) yet. But that’s gonna change real quick.
Remember, bots are built with a purpose. For now, there are two types of chatbots out there – one built with limited programming for a limited purpose, and the other with AI,
It’s now clear that chatbots are not just a passing ship in the night. Over 2.5 billion people worldwide use messaging platforms like WhatsApp, Facebook Messenger, or Telegram, all of which are chatbot centric. Twitter, for example, introduced a bot-like feature within its Direct Messaging service to enable brands to interact more frequently with customers.
Thus, bots are here to stay, but the question that businesses must address today is –
Here's how Machine Learning is being used to preserve data quality - A slideshow