In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
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.
After reading many books, researching many articles, journals, and attending webinars of some renowned people in the analytics world, many of them say that a data scientist (especially the PhDs) should understand their companies or customers business to help drive discerning business decisions.
Not long ago, when the space race was at its peak between the then two superpowers there was this factious story doing the rounds about how NASA spent millions of dollars trying to invent a pen that would write in zero gravity conditions, while their counter parts in USSR just used a pencil which was much cheaper and easier to get.