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Key to successful deployment of data analytics in retail

Today, on these pages, we are going to discuss an issue that, over the years, has come to play a leading role in the business of retail – data analytics. The immediate reason for this post is a special report – The Fine Art of Analytics – released by Boston Retail Partners, that speaks of problems yet to be addressed by those retailers who have gone ahead and implemented analytics in

Analytics in sports – a growing business

Analytics sports

Super Bowl time in the United States is a good enough reason to take a re-look at the technological improvements in the world of sports, especially at the business-end. Like any other discipline, or profession or business, sports, too, spews out big data, necessitating the deployment of analytics to tackle things better. In fact, most sports organizations in the US and the United Kingdom have set up their own analytics

5 ways to a better customer experience

How many times have your customers remarked after an interaction with your business - what an excellent experience? Whether you are a B2C or B2B company, the customer is king (sounds clichéd but it’s true), and customer satisfaction is your business’ ultimate aim, if it has to remain competitive. For that, you need to look at things from a customer’s perspective, not from a seller’s viewpoint. The spotlight, thus, is always on

Are you making unstructured data work for your business?

With more and more emphasis on the use of cognitive computing, it is but natural that its impact will be felt on today’s data analytics landscape. For the longest time, Enterprises chose to mostly ignore unstructured data since the tools and skills required to derive meaning from it were not sophisticated nor flexible enough. No longer so. Today, among the solutions offered for the analysis of unstructured data are Machine-Learning and Artificial

Use of Artificial Intelligence in customer interaction is getting intelligent

Artificial Intelligence (AI) is back in the headlines as more and more companies like Amazon, Google, Facebook, Twitter and Microsoft have started to commercialize its use. Four important developments in the past few days on this front caught our eye. The most recent was last week's announcement of an AI partnership by Google, Facebook, Amazon, IBM and Microsoft. The new alliance is dedicated to advancing public understanding of the sector, as

Will cognitive computing eventually transform the way we do business?

Cognitive computing today is like the embryonic chick beginning to peck its way out of the egg. - Hadley Reynolds, Principal Analyst, NextEra Research: May 2016. It’s been around for 50 years, going from the drawing board to the lab to field tests, but it’s only now that cognitive computing is on the cusp of going mainstream. World over, outside of tech companies who were early adopters, businesses have just about

Analytics helps understand potential of online channels in direct hotel bookings

For several years, the hotel industry’s entire pricing strategy globally was - ‘heads in beds’. The thumbrule a hotel’s general manager deployed was – no room must go vacant. Filling hotel rooms (without really factoring in price) was the preferred way. That strategy’s long gone out of the (hotel room) window. With increased competition, wafer-thin margins and a world becoming increasingly digital, pricing policies are no longer so “simple”. The hospitality industry

How data driven decision-making helps restaurants buck the trend

A couple of blogs posts ago we had talked of how data was fast becoming a very critical component in a restaurant's kitchen. Bloomberg Gadfly columnist Shelly Banjo, who covers retail and consumer goods, recently wrote a column on how almost all the big restaurant chains in the United States had reported a drop in sales in Q2, 2016, hinting at an industry downturn. While we are not getting into the

Data is most important item on a restaurant menu today

Which is the single most important ingredient in today’s restaurant business? It’s data. Surprised? Don’t be. In the face of extreme competition, restaurants, especially quick service restaurants (QSR) (where time is of essence) are increasingly turning to data analytics to reduce costs, increase revenue, and pump up profits. It’s an industry where time is money, where margins are small but volumes, large. In today’s digital world, electronic transactions have opened the sluicegates

5 tips to start your customer journey mapping

Definition: A customer’s journey is a map that tracks the buyer’s experience. The starter’s block is the point of first contact with the seller, the finish line is represented by the purchase order. The journey traces the process of engagement. Contrary to popular belief, however, customer mapping does not end with the client placing an order. It’s also about long-term relationship, trying to map the behavior of a customer after he

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