Getting Better Analytics And Insights From Your Collected Customer Data

Data collection and analytics are tightly coupled. The mistake we see made over and over again is that companies tend to focus their customer data collection efforts with a single objective (or a single program) in mind. This treats the data collected as a short-term objective, not as a long-term asset. Over time, this results in data islands that eventually “go dark” given that no one is managing customer data as part of an explicit long-term effort.

Have A Long-Term Data Strategy

When it comes to customer data, a long-term data collection strategy almost always proves critical for any advanced analytical work that leads to meaningful business outcomes that can optimize (i.e., simulation management, condition-based maintenance, predictive maintenance and digital twins). Trending analysis, predicting behavior and customer profiling all benefit from long-term data collection strategies. Companies that understand customers’ buying patterns over longer time frames stand to win key insights versus their competitors.

Customer data deserves a data-access-centric strategy to ensure that the data is treated as a reusable asset. This implies that the data should be available to the right people in the company when they need to repurpose it or mine it months or years later. If the data is not findable, threadable (tied to other data sets) or readily accessible, then it’s effectively dark, and its chances of being repurposed are low.

If you are storing your customer data like you store everything else, chances are much of the data you’ve collected from customers has already gone dark. The tendency is to focus on analytical outcomes without preparing the precondition required for the analytics to occur over a longer period of time. If a data strategy for customer information isn’t well-executed, then customer data will reflect the problem you already have in your data center — lots and lots of data sets that represent difficult-to-access data islands.

Thread Your Data

Sophisticated analytical efforts require advanced techniques such as data threading. Threading data across many silos of data is a challenging undertaking. Techniques deployed to achieve threading include (re)ingestion of data, aggregation, parsing, meta data enrichment and indexing. Data is often so extremely siloed that the most efficient first step is simply discovering data islands and recollecting them into an architecture that allows for advanced analytics. The good news is that data capture and storage technologies are relatively cheap, but finding data and then curating it properly does require significant investment.

Customer data needs to be curated and managed as an asset. As more data is collected, it needs to be aggregated with customer data collected during the previous year (or the last campaign, the last payables cycle, etc.).

For example, if a financial institution wants to understand if a customer is approaching a life-changing event such as marriage, having children or purchasing a home, then threading becomes important because it lets you piece together various customer data collection efforts into a single threaded digital dossier. The threaded customer digital dossier allows for different customer data (collected at different points in time) to be accessed for future analytics. It treats customer data as valuable, evergreen and interconnected. A data architecture that allows you to thread and incrementally expand the customer data set is an essential component to making more with your customer data. Advanced analytics, in turn, will allow you make better use of customer data that is properly curated through threading or other data access techniques.

Teamwork

Separating the customer data collection process from the data curation process from data analytics is not a recipe for success. Unfortunately, most companies treat these three activities independent of each other. As a result, customer data is underutilized, undervalued and is not curated as a long-term asset.

The best customer analytics happen when you intersect people who understand the customer data being collected with people who understand how to use and access the data over time. This means that customer data collection efforts need to be discussed in one room with data architecture folks, analytical/data science teams and traditional marketing/customer success teams, ensuring that all have an active voice at the table.

[“Source-forbes”]

The balancing act between numbers (data) and creative efforts while marketing

If you want your business to succeed, you have to be a master of numbers as well as creative ideas. Whether you’re a big-idea person or a number-cruncher, you need to be able to apply at least two to three skills of each to further your marketing goals. Data-driven marketing has its base in science whereas creative marketing involves art. Most marketers find it difficult to make the two meet. However, contrary to popular belief, data and creativity can go hand-in-hand.

Image: Shutterstock

Image: Shutterstock

A good campaign involves numbers as well as creative efforts. Here’s how marketers can strike a balance between the two.

Wipro investing in tech to help Fortune 500 cos exploit, monetise data: CEO

Wipro

Data is going to be the currency of the future and the company has invested heavily in it, Wipro CEO Abidali Neemuchwala has said.

“We are seeing a significant ability to transform customers in the data space, and we feel very upbeat about this because as you rightly said data is going to be the currency of the future and we are very heavily invested in this area,” he told PTI here.


When asked if Wipro had engaged start-ups to monetise data, which will create jobs and automatically check layoffs, he said, “The company has made strategic investments in about 12 startups and some kind of strategic alliance with another 20-22 startups, and out of them all at least 20 per cent of them are in data and data-related areas.”

Neemuchwala also said the company has invested in some very specific IPs which are internal company IPs, and also bagged a very significant deal with a customer couple of quarters back.

“They are in data business and we are using Wipro technology to help them support Chief Marketing Officers of Fortune 500 companies to utilise their data better and monetise their data better… So, we have leadership position in our analytic practice and our significant part of revenues comes from there.. We are seeing a significant ability to transform customers in data space,” he said.

Wipro President and Chief Operating Officer B M Bhanu Murthy said Wipro’s analytical business has grown significantly well this quarter.

To a query on the size of investment in data, Bhanu said the company’s investment in big data has been on a day-to-day discovery platform (DDP) which has gained significant traction in the last two quarters.

Bhanu further said the company is able to leverage DDP with a couple of its investments to help a lot of organisations mine huge data they collect and big data available externally, and hence it is seeing good traction and its investments are paying off through analytical.

[Source:-Businessstandard]

Mi Max 2 Launched, Xiaomi Sale, Jio’s Data Claim, Nokia 8 Leaks, and More: Your 360 Daily

Mi Max 2 Launched, Xiaomi Sale, Jio's Data Claim, Nokia 8 Leaks, and More: Your 360 Daily

HIGHLIGHTS

  • Xiaomi Mi Max 2 costs Rs. 16,999 in India
  • Nokia 8, leaked via images, expected to launch July 31
  • Reliance Jio claims to be biggest mobile data network in the world

Xiaomi launched its 6.44-inch Mi Max 2 in India on Tuesday carrying a price tag of Rs. 16,999. The highlights of the smartphone include a 5,300mAh battery, 12-megapixel f/2.2 rear camera with Sony’s IMX386 sensor, and 4GB of RAM. The Xiaomi Mi Max 2 runs MIUI 8 based on Android 7.1.1 Nougat, accompanied by a full-HD 2.5D curved glass screen that’s powered by an octa-core Snapdragon 625 SoC, and Adreno 506 GPU. In addition to the 12-megapixel sensor on the back, there’s a 5-megapixel f/2.0 front camera. Internal storage on the Mi Max 2 is 64GB, which is expandable via microSD card.

Xiaomi’s newest smartphone will be available first on July 20 at 12pm via Mi.com and Mi Home stores. Check out details of further sale dates of Xiaomi Mi Max 2. Reliance Jio has launch offers for the phone, which provides 10GB additional data on every recharge of Rs. 309 for a total of 10 recharges.

July 20 will also mark Xiaomi’s three-year anniversary in India, and it announced a two-day sale during the Mi Max 2 launch. The hard to buy Redmi 4 and Redmi Note 4 will be in stock during the anniversary sale, alongside new power banks and discounts on accessories. Xiaomi is also bringing back the Re. 1 flash sale, which will be offered on Redmi 4A, Wi-Fi Repeater 2, and the 10000mAh Mi Power Bank 2.

At the Mi Max 2 launch event, Xiaomi also talked about expanding the number of Mi Home stores across India, with two new outlets opening in Bengaluru later this month. First on Saturday, July 22, one will open in LIDO Mall, and the second in Orion Mall on the following Saturday, July 29.

Meanwhile in China, Xiaomi will launch the Mi 5X – a variant of the Mi 5 – on July 26, as per a teaser posted on its Weibo account. The phone is expected to have MIUI 9 running atop Android Nougat. In terms of hardware, per leaks, you can expect the Xiaomi Mi 5X to sport a 5.5-inch full-HD display, Snapdragon 625 SoC, and 4GB RAM. It’s expected to cost around CNY 1,999 (about Rs. 19,000).

Nokia 8 shows up in all its glory
The Nokia 8 has shown up in leaked press renders, which gives us the first good look at the premium device ahead of its launch on July 31. Expected to cost EUR 589 (about Rs. 43,400), the Nokia 8 is seen to have a vertical dual rear camera setup courtesy of HMD Global’s partnership with Carl Zeiss for optics. Beyond that, the phone is tipped to have a 5.3-inch QHD display, Snapdragon 835, 4/6GB RAM, and 64GB internal storage. Check out the leaked images of the Nokia 8.

Reliance Jio claims it’s the biggest mobile data network in the world
Reliance Jio is now the largest mobile data network in the world, carrying 15 percent of world traffic, the company’s President Devices Sunil Dutt claimed at Xiaomi’s event in New Delhi on Tuesday. Dutt added that Jio is the only exabyte network in the world, and it commands 85 percent of India’s mobile data consumption needs. He also brought up the previously mentioned statistic of data consumed per month, which has apparently gone up from 0.2 billion gigabytes to 1.2 billion gigabytes, with Jio contributing heavily to the rise.

Amazon and Flipkart host laptop sales
With college semesters in full swing, Amazon India and Flipkart are both hosting Back to College sales, providing deals, exchange offers, and No Cost EMI options on a variety of laptops. Amazon has seen fit to categorise laptops by student majors, such as Humanities, Engineering, MBA, and so forth. The cheapest option is Lenovo’s 15.6-inch Ideapad at Rs. 18,990. You can get Rs. 10,000 off on exchanging an old laptop, and two-year warranty for Rs. 1,499.

On Flipkart, the sale will run from July 18-20. You can get the 6th-gen Core i3-equipped HP Imprint for Rs. 35,964, and Microsoft’s Surface Pro 4 has 3-5 percent off. You can get up to Rs. 7,000 on exchange offer with the Imprint, and up to Rs. 20,000 on some gaming laptops.

iPhone 8 power button might house Touch ID, coming in November?
Apple might put Touch ID on the power button with iPhone 8, according to a new report. Owing to that implementation, which was revealed from a design file provided to a case-maker, the power button will apparently be slightly larger on the tenth-anniversary iPhone. The renders also add fuel to the vertical dual rear camera setup fire, along with the removal of the Home button from the front.

A second report reiterates the delay in the phone’s release, owing to the protracted development schedule. Apparently the iPhone 7s and iPhone 7s Plus, featuring minor upgrades to last year’s phones, will ship as usual, the iPhone 8 – which is expected to be more expensive – won’t be available until November.

Google Allo brings message reactions to its platform
A new update for Google Allo has added support for message reactions, with a heart emoji being your only option for now. That means the next time you wish to agree with someone, or send your love, you won’t have to head into the keyboard’s emoji drawer. There’s no word on when the new feature will be available to iOS users.

Huawei takes on Fitbit with Band 2 and Band 2 Pro
Huawei unveiled two new fitness trackers on Tuesday – the Band 2 and Band 2 Pro – which look a lot like the Fitbit Charge 2, right down to the dual-tone finish of the metallic centre. But unlike their Fitbit counterpart, the Huawei wearables are waterproof, and the Band 2 Pro has built-in GPS. Two additional features include Firstbeat – which helps assess VO2 max – and Breathing Coach, which is like Fitbit’s Relax and Apple Watch’s Breathe. Compatible with Android 4.4 or later, and iOS 8.0 or above, the Huawei Band 2 and Band 2 Pro will be available in Blue, Black, and Red band colours, though they have no release date or pricing info yet.

Flipkart reportedly ups Snapdeal acquisition offer by $100-150 million
After Snapdeal rejected Flipkart’s $800-850 million initial bid earlier in July, the latter is back with an upgraded buyout offer between $900-950 million, people familiar with the matter told Reuters. The revised offer includes Snapdeal’s marketplace and solutions provider Unicommerce, but excludes logistics arm Vulcan Express, and digital payments firm Freecharge. Infibeam has apparently made a proposal for acquiring Snapdeal as well, and the company is expected to reach a decision in the next 10 days.

Remix OS is no more, as Jide switches lanes
The Android-based Remix OS has been discontinued after its maker Jide decided to switch priorities from consumer to enterprise markets. In a post on its website, the company said that it sees “huge potential” with businesses, and it has decided to focus solely on that going forward. This also affects the all-in-one entertainment device Remix IO, which went up on Kickstarter last year. Jide said that it’d start refunding pre-orders from August 15.

[“Source-gadgets.ndtv”]