In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
With the huge amount of information and articles being written in blog posts, forums and seminars, I am increasingly seeing how the so-called veteran thought leaders, authors and opinion leaders are influencing , shaping and some almost coaxing the industry to keep looking at the old processes and frameworks as to how an enterprise should develop its analytics strategy and keys to its success.
For a long time, prognoses of diseases have depended on doctors’ medical experience, identifiable symptoms and diagnostic procedures. Though the process still largely remains cognitive, but over the years it has been empowered with more information sources supporting better empiricism, logic & rationality.
A lot of times, people don’t know what they need until you show it to them.”– is one of the famous quotes by the late Steve Jobs. One of the big problems with this statement is that only a genius like Jobs can envision the future from a customer and design point of view. And frankly speaking he did not get it right all the time. The cost of getting innovative products to the market to wow customers all the time is not only difficult but also expensive. The recent perceived failure of new devices launched by the large mobile device companies is an example how expectations keep getting bigger and more difficult to fulfil.
Analytics today is the buzzword in corporate corridors but it has taken a hard journey for the science of algorithms to make its mark as one beyond pure statistics, with differentiation, customization and advanced techniques defining its trajectory.
In the recent years, we suddenly see a growing trend of everyone wanting to do advanced analytics in some form or type. Why is that so?
I suppose everyone wants to do it because competition might get an edge over them and they might end up losing their customers or their process efficiencies will be less compared to others and so will become out priced and lose market share.