The use of analytics can bring major change in the hospitality sector. It is important for hoteliers to understand the preference of the guests, purchase behavior and profitability in order to increase the brand loyalty. By using analytics, it is easier to do segmentation according to booking trends, behavior and other constituents. To know more about the use of analytics in the hospitality sector, read the following article by Bernard Marr (Contributor at Forbes)-:
Data scientists have categorized this new era of data with "four Vs". They are volume of the data, variety of the data sets, velocity of analysis of data and veracity of data quality. Nowadays, companies are turning to external Big Data for answers. Organizations want to distinguish which external factors will influence the sales and demand of a particular product in the future. The answers they get from the above questions, is setting the trend for three distinctive predictive analytics process. They are - Predictive hypothesis testing, Closing the gap between data and delivery, shrinking the barrier between internal and external data. With the speed of technology diversity of data continues to grow. Read more about this article written by RICH WAGNER(Author) at:
A cyber - attack may happen anytime in today's world. Big data and predictive analytics help in cyber defense and convert data into actionable intelligence. Predictive indicators can identify new risks and assist in security. They can go undetected. Predictive analytics can detect these unusual data, including hidden data. By finding these unusual patterns, predictive analytics help to reduce a company's overall risk. With predictive analytics, risks are evaluated and ranked in importance. Managing the predictive analytics process requires an organization to handle the false positives and false negatives that are generated during the threat surveillance process and it cannot be too restrictive as it will block logical traffic, which can lead to a reduction in profit or customer service. It depends on how a person is using it to get the best results. Read more at:
Investment in shares requires analysis of huge historical data. Analysis is the primary phase and it forecasts the future investment process. Broking house plays a clinical role in this context and charges a percentage of hike in shares. But these days such information is frequently available in different websites and are updated on a regular basis. The usage of technology for predictive analysis is hugely correlated with big data. These are limited to institutional buyers. The automation in predictive analysis requires a huge precision which is cost effective, but its implementation could be a game changer.
To read, follow: http://www.thehindubusinessline.com/markets/stock-markets/big-data-robo-analytics-to-drive-next-phase-of-growth/article8249330.ece
Any decision pertaining to designing products, environments and brand experience is closely connected to the use of colour because it depends on the buying behaviour of customers, brand perception, strategic differentiation, and user experience. But availability of information related to colour perception is limited. Organizations are using big data to analyse colour preference and perception which contains over a 100 years of data. They divided their study into four categories regarding colour data, analytic and insight:
1. Colour competitive intelligence is relevant for aggressive in brand competition.
2. Colour legal intelligence helps to identify the colour norms available to different countries.
3. Colour Research Intelligence collates colour studies that have been conducted over the past century, world-wide, about the industry and product segments.
4. Colour listening intelligence signifies how much buzz about a particular colour is popular in the market.
These all studies benefit other companies by creating their own colour mix to attract new customers, branding and dictate consumer preference trends.
To read, follow: http://www.forbes.com/sites/michellegreenwald/2016/02/17/a-new-comprehensive-4-in-1-big-data-resource-to-aid-color-innovation/#6e729df04012
The intelligence exhibited by machines is called artificial intelligence (AI). To a layman this field is full of mystery. But AI is embedded is many things that often go unnoticed. Organizations are using AI to make the consumer experience better. So, you are no longer cluttered with irrelevant ads. The recommendations on the social media platforms are the result of machine learning and artificial intelligence models. There are smart entertainment apps that learn from your behavior and choose what is best suited for you. To read more follow: http://insidebigdata.com/2016/02/12/why-consumers-need-to-stop-fearing-artificial-intelligence/
Social media has shifted the traditional election campaigns completely. By spreading the message through social media, marketing firms are mobilizing campaigns by engaging more people, get them tweeting and sharing and money for clients by online donations instead of depending on other sources. To know more, please read the following article by Michael D. Pitman (Staff Writer at Dayton Daily News)-: http://www.daytondailynews.com/news/news/social-media-affecting-campaign-strategies-expert-/nqRwD/
The super bowl is the place where the big corporate battle within themselves to win a commercial spot. They use real time data. The use of real time data is helping marketers to solve some of the continuing mysteries of media value and also helping brands to understand the connections between paid and earned engagement. Want to experience more, then read this article by Rob Salkowitz (contributor in Forbes)-: http://www.forbes.com/sites/robsalkowitz/2016/02/07/whos-winning-the-super-bowl-ad-battle-live-blogging-the-big-game-with-real-time-data/#208c134c44c6
Social Media Crisis leaves a lasting and damaging impact on the brand's reputation. This involves strong, negative emotions which go viral in a very short duration of time. If the crisis does not take care of promptly and thoughtfully, the risk escalates. This situation can come from anywhere, from the least expected sources. But the key lies in properly responding to it, rather than reacting. In such situation, it is essential to have a crisis management plan handy. If the mistake has been on your part, acknowledge it and respond very carefully. It is important to have a crisis management strategy and its proper execution. The negative emotions can be appeased by a good customer loving response. Read more about this at: http://www.computerworld.in/feature/how-handle-major-social-media-crisis
We use the internet every day to access social media. We perform many tasks using the internet believing that it is safe, but it is not so. Sometimes, we neglect the security and preventative measures. To prevent cybercrimes, there are some tips that can be followed. They are: • Constantly update passwords and log in details.
• Use encryption for important files
• By activating the built-in security feature we can avoid any access to personal details in our mobile devices.
• Always think before clicking on a link or file of unknown origin .Everyone must check the source of the message.
To read visit on: http://www.forbes.com/sites/forbestechcouncil/2016/02/09/eight-proven-strategies-to-deal-with-cybercrime/#2307b2d1258c
Design thinking is at the top of mind for business teams of big giants as well as startups. The traditional "If you build it, they will come," mentality has been taken from techniques like customer journey mapping and empathy-driven prototyping. Many companies are unsure how to implement it to improve their business - especially in areas like data analytics and decision sciences. The first step is to ask: for whom are we designing and what is the problem they are experiencing? The second: to what end are we modeling the design - to boost consumption and engagement, improve performance, or to achieve scale? These same needs to be asked at the outset of any analytics effort. Here are five simple steps that are key to infusing analytics with a designer mindset.
1) Create a design framework that allows you to fail fast.
2) Empathize with your customer to impart emotion into your product.
3) Focus on problem-solving that allows for rapid experimentation.
4) Employ methods to inspire creative brainstorming across teams.
5) To design the killer solution, let nature be your guide.
To read more visit at: http://www.datanami.com/2016/02/16/what-design-thinking-means-for-data-analytics/
Every company wants happy and healthy employees and for better operations, it is way more than just productivity. As fit employees are happy and healthier, many companies have corporate wellness programs. But involving employees to participate in such activities is a real challenge for HR officials. Thanks to technology, corporates have fitness wearable devices for employees and Fitbit is the market leader in this category. It has revolutionaries the wellness programs by adding a social and competitive component. Not only fitness, but it is improving the work environment in companies also. It is economical for corporate as there are company-specific online storefronts where companies can get subsidized Fitbit as per their needs. Read more about this in the article written by Sarah K. white (Senior Writer) at -: http://www.cio.com/article/2980242/wearable-technology/how-hr-uses-fitness-trackers-to-increase-company-wellness.html
Doctor or healthcare professionals treat us according to recent scientific arrangement. EBM (Evidence Based Medicine) is the orthodox standard for the provision of healthcare. But, in the era of big data, it is about to change. Clinical trials work compares the new treatment to other treatments by separating random patients into different groups. There is a risk of methodological flaws and the small populations used. By mining the practice-based clinical data, i.e. actual patient records for information on who has what condition and what treatments are turning for better treatment of the individual. Almost 80% of medical information about patients forms of unstructured data. For better care of individuals and to understand about the health of the population, we need to be able to mine unstructured data. So before analyzing any data, the first thing is to extract the data from these diverse sources. Then turn that information into something that computers can break down. The data can then be dissected at an individual level to create a patient data model. Data theft can be scaled down by encrypting patient data. Read more about it in the article written by Bernard Marr (contributor) : http://www.forbes.com/sites/bernardmarr/2016/02/16/how-big-data-is-transforming-medicine/#28d063381cd4
Companies which have process manufacturing as an activity to do on their list, face potential challenges with ERP. Process manufacturers need highly customized ERP packages as every process has its own special features. If the ERP package that you choose doesn't have all the functionalities to handle your needs and wants, then it can result in an expensive customization which will result in a significant hike in your costs. Traceability is a very important aspect as well. Manufacturing ERP systems need to be robust for effective tracking. Documentation is another important factor which should be kept in mind. In addition to this, process manufacturing ERP must have features for quality assurance and quality management. Read the complete article at - http://it.toolbox.com/blogs/inside-erp/process-manufacturing-erp-71400
The major basis of all the enterprise lies on IT system and services. What will happen if there is a major shutdown in IT section? The solution does not lie on the questions whom to contact or how to fix! But a well prepared process may lead to quick remedy. According to columnist Gene Rogers we can follow eight easy steps to manage:
1.How much time should be taken to manage the crisis so that the sudden shut down do not disturb your business model, revenue generation, customer loyalty and HR system.
2. Prepare a quick action team with at least one primary and secondary back up in each service area.
3. Create a crisis checklist where we can anticipate any upcoming issues.
4. Create predefined templates as email, text message to facilitate the process faster and smarter.
5. Devise an automated alert mechanism.
6. Separate conference line for tech staffs and business personnel to facilitate the smooth crisis management situation.
7. Create a script for the conference line to keep order.
8. Practice in regular basis to stay updated and ready for any situation.
To read, follow: http://www.sixsigmaiq.com/pex-tools-technologies/columns/are-you-ready-for-a-major-it-outage/
People spend more time on the social media nowadays. So, marketers are targeting their customers on the social media platforms. As a result, organizations having a social media presence are generating greater ROI. Social Media is a new communication channel that presents the combination of communication and information. With the integration of powerful search engines, people use it as a source to search for information. Organizations can also check what people are saying about others. Marketing is about your presence at the place where your potential customers can be present. Salespeople are a source for news for their clients on these social networks. There has been a decrease in the budgets for marketing with the help of social media, without affecting the marketing strategies. Read more about this at: : https://www.siliconrepublic.com/business/2016/02/16/social-media-marketing-investing-roi-imi
Staying up to date with technology is essential. It can determine the success and failure of the business. Technology plays an important role in following ways –
· Online Presence: Starting or running a business is simply not possible today without an online presence. An effective digital marketing strategy can help immensely in increasing brand awareness.
· Marketing Strategies: To land more people on your website, you will need content marketing techniques and email outreach campaigns. Moreover a good PPC campaign can help in targeting the right customers without spending too much on marketing.
· Stay up to date with available technology: Always be equipped with the latest hardware and software in the market to increase your speed and productivity.
· Stay up to date with software solutions: Solution like cloud computing will save your data online which can be accessed from anywhere at any time.
Read the complete article here: : http://it.toolbox.com/blogs/marketing-strategies/improve-your-business-by-adapting-to-modern-technologies-71423
Digital Transformation has brought a lot of advantages as well as challenges. In the race where everyone is rushing to get digital, customer experience holds the highest priority. Digitization not only affects the internal working structure of the organization, but also affects the customers of the company. Digitization is taking place in every sector. So those who keep themselves isolated from this will be marginalized completely. With the expense of mobile technology, users are getting very comfortable with remote control. The daily access to the digital world has brought a huge change in the customer behavior, so the digital strategy of an organization must be comprehensive. To improve the customer experience, all the departments must be working together. Moreover more the digitization, higher the amount of data. Data must be from the various departments must be integrated through a good communication channel. Read more about it in the article written at: http://blogs.adobe.com/digitaleurope/digital-marketing/pac-study-customer-experience-in-the-digital-age/
From a consumer's perspective brand equity research, usually involves collecting data on consumer mindset. It measures of brand equity from the consumer through surveys. The data is used to assess the consumer’s perceptions towards the brand. From a firm’s perspective brand equity research involves the use of observed market data to assess the brand’s financial value to the firm.
The Net Promoter Score shows how much loyal are the customers. High score of NPS means the growth of the company and how the growth is achieved. Rating a company on the total value the company offers, compared to the total value offered by other suppliers of similar products/services, the Net Value Score is calculated. The benefits are -
1. It enables us to easily compare one company with another in a similar field.
2. NVS measures value and therefore is a good predictor of the likelihood of a company winning or losing market share.
3. Determining the Net Value Score is simple.
Read more about it in the article written by Julia Cupman (VP of B2B International) and Paul Hague (Director):
https://www.b2binternational.com/publications/brand-equity-research/
The stability of financial services in Asia is at stake because of the growing threat of cyber crime. The challenge is the high cost of defending mechanism against low cost cyber-attack ($1million/$1000). These attacks fuels the expansion of the cyber security market with a CAGR of 14.1%, which will be worth $33 million by 2019. Major drivers could be. 1. Financial gain through theft of money or information. 2. Politically motivated attack. And 3. Destructive attack to core business. Unfortunately, financial sectors in the Middle East and Asia are mostly threatened by cyber threat. So to combat this crime, there must be a community defense model, i.e. sharing of cyber threat info among Financial institutions in an effort to identify and block attacks which are already initiated by US and European companies and followed by Hong Kong, Singapore, Japan & Australia. To read, follow: http://www.scmp.com/comment/insight-opinion/article/1912324/asias-financial-services-industry-must-unite-against-threat