In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
The world of technology is awash with news of data and analytics and how the combination can be used to get actionable insights. I really get confused with the concept of actionable insights because the whole idea of insights is to know about a person or thing better and only because you want to do something with the information – especially in the context of business. I am yet to come across an enterprise that invests money to get insights not knowing or wanting to do nothing with the information it gains.
The recent news of Amazon hosting all the data related to the human genome project and making it available to researchers across the world is a very good example of collaborative research for the betterment of mankind. I am sure this step will help to speed up research and make information available to smaller organisations that otherwise would have to spend a lot of time and money to get hold of such valuable information. We need more of these kinds of collaborative efforts to help not only industry to prosper but to also make solutions more accessible, available and affordable.
A lot of work is being done in the space of retail analytics. In fact it was nice to see an advertisement by the Big Blue that talks about how they found out that a bakery sold more sandwiches when it rained and how they used analytics to get to this conclusion and how such conclusions will lead to a smarter planet.
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.