The need for Analytics in Sales function has resulted in the growth of the overall market for predictive analytics applications. At present, there are dozens of Sales Analytics solutions available in the market. The providers of these analytics solutions vary from organizations that are solving individual problems such as opportunity scoring, pipeline forecasting to many others that are solving two or more problems together.
Customer experience is one of the most significant factor in hospitality that differentiates one from the rest.
It does not matter whether one is travelling on a business trip or a leisure trip with family and friends, they always expect to have the best class experience during their trip. Earlier, managing customer experience was easy as they tracked only bookings data and reviews from travellers in a feedback form while checking out to improve their performance.
Every Friday, as a big budget Bollywood film with its fair share of masala, thumkas, oomphs and dhishums releases, behind the curtains producers can be seen biting their nails for the movies fate. Will this movie set the cash registers ringing or turn out to be a forgettable dud?
Can’t we pull out our crystal balls, rub that magic lamp and read the tarot cards out of this? Is there a way to save our producers from these weekly heart attacks?
Most of the manufacturing organizations could have saved their money in procurement and the easiest way could have been saving it through purchasing these price volatile commodities. The challenge in here is companies purchase commodities for the whole financial year and therefore forecasting the price prior two quarters is the minimum requirement. But as there are volatile in nature forecasting has always been a challenge when it is done intuitively or by “guess work”.
Corporates and Banks base their important decisions on data, such as to make profit, reduce cost or save themselves from making loss. They need to take many crucial decisions with respect to:
Investing in a new venture.
Choice of consumers to target in a direct marketing campaign
Identifying fraudulent credit card transactions in real time.
Answers to all the above business decisions are either a “Yes” or “No”. For example “Yes” to invest in a new venture, “Yes” to target a consumer, “Yes”, the credit card transaction is fraudulent.
Earlier fleet management used to be a static process, companies were largely in the dark as to the location of their vehicles and mostly depended on the data which is manually entered by the vehicle operator. Now with the advancement in technology, vehicles are fitted with GPS navigation system and integrated vehicle telematics- to capture and transmit data about the location and status of the vehicle in real time. In addition to the navigation data; car rental companies have access to their customers’ call centre data. Successfully harnessing the data and implementing analytics can help companies solve the perennial issue of demand supply mismatch.
“Flying high in the blue sky” is the most beautiful dream that has haunted the heart of the man since Iracus. Numerous attempts to fly by the inventors became reality with AEROPLANE in the early 20th century around year 1903. On 1st January 1914, first commercial flight took off from St. Petersburg, Florida with a…Continue Reading “How Analytics gives wings to the Airline Industry”
So, a long time ago, when I was a kid, I asked my dad, “What is the best way to make money?” I expected an answer in the lines of “Become a Politician or an Actor or an Entrepreneur”. But what he told me was completely different and it still stays in my mind. He told me, “The best way to make money is to save money!”
“Did you ever wonder how they can discover so much about a criminal’s mind/crime through just data?”
Analytics is the discovery of meaningful insights and communicating it in an efficient way using the data available. The advancement in analytics has led to the development of various techniques which help make people use their resources optimally. Heard of “predictive analytics”? There has been a lot of buzz around this word in the last few years; this emerging area of analytics world can help build models to literally predict future possibilities (i.e. the probability of event happening can be predicted).
Predicting ‘Crime’ with Analytics – How?
Do you know that on an average, out of every 100 people worldwide, 8-12 people are affected by crime related activities like murders, thefts, burglaries, other illegal activities etc.? In India alone, 3.2 crores cases were pending in courts as of 2011 statistics. How those numbers might have grown in the last 3 years is anybody’s guess. Can we stop the occurrence of these crimes or at least try reducing the crime rate? Yes we can; one way is by imposing strict laws which already exists and the other way is to prevent crime. Predictive Policing helps in the latter.Continue Reading "Crime can be predicted – Predictive Policing is here!"
From the beginning of time, human ingenuity and endeavor have pushed beyond enormous barriers and difficulties towards progress and growth. Every once in a while, a catastrophic event or a major setback would deliver a death blow to the best laid plans. The inherent uncertainty underlying all attempts at a quantum leap is a major impediment to advancement of any sort.
For a few centuries now, it has been common knowledge that there is strength in numbers. Firms like Lloyds of London were pioneers in underwriting the risk of sea faring vessels, whose fortunes were at the mercy of the notorious and unpredictable high seas. Concepts of probability began to take root in order to aggregate and maximize the chances of survival and thereby enable the intrepid explorers undertake their challenging journeys. Risk Management, in its infancy was instrumental in fanning the fires of passion of the early explorers, while making their prospects palatable for their equally courageous investors.Continue Reading "Hope For The Best, But Depend on Analytics to Prepare For The Worst"