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.
One of the biggest assumptions behind the use of unstructured data to understand individual behaviors is that the behavior in a social context is always a true expression of the person’s actual thinking and belief.
As much complicated as the term data science sounds it is something that all of us practice in our daily life; either directly or indirectly. We make decisions every day, some based on data, some on gut or intuition and some based on our likes and dislikes. In business however, many decisions are made solely on the basis of data and as we move forward with the evolution of technology, the data based decision making is going to permeate across all sections of the enterpise.
Before I answer the title question, it’s only fair I first tell you who I believe are the “16%”.
In of the recent articles published on the internet the author was discussing the views of a senior executive of the US justice department about the risks of using advanced analytics or rather predictive analytics to assess the possibility of a convict repeating crime.