In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
From the time off the shelf products sounded the death bell for bespoke customised software development a whole new industry sprung up trying to build products for virtually every aspect of a business. Each product tried to differentiate itself based on technology, flexibility, ease of use, experience, service delivery, pricing, industry specialisation, country specialisation etc. to name a few, the fact still remains that not a single product till date has been able to fulfil the needs of its end-user to a 100% without being customised. Moreover, in their quest to get into a one size fits all mode most product companies packaged all features into the product without bothering to find out if the end-user needed those features or not.
The concept of predictive analytics has two aspects attached to the word “predictive” in a business scenario. One is to give us the probability of an event occurring based on past data within the confines of situations that are current today or to some extent with changes in the situation based on the historical variations of the various parameters that define the situation to arrive at results. The second aspect is to provide business with an insight as to what can actually happen if the paradigm of business complete changed.
“In God we trust; all others must bring data.” this famous quote by W. Edwards Deming changed the way corporations behaved with respect to process improvement and quality control. Over time organisations have evolved to be driven by numbers at different levels; most of these numbers that normally get debated and scrutinised are the financial one – the actual dollars.. Adoption of quality processes and global certifications have also contributed to number crunching at an operational level, however the seriousness of these is more of a function of organisation culture rather than statutory requirements associated with financial gains.
The best way to make money off a patent is to wait for someone to infringe and then sue the organisation for damages. This seems to be the order of the day across the globe and a lot of media time and attention is being spent on reporting such cases. There has been a lot of discussion and debate making the rounds about the need to ban software patents specifically because the effort and money required creating one in many instances is a miniscule fraction of the total money spent or lost in stopping its usage and fighting lawsuits. More importantly because of the way patents are filed and worded it becomes very difficult to differentiate one from the other.