Mark Smith, CEO and chief research officer of Ventana Research, talks about how Location Analytics market is emerging to provide better business insights. With the help of this technology, companies can save time and money, decrease business risks and increase competitive advantage.
For more information follow
http://www.directionsmag.com/articles/new-generation-of-location-analytics/311467
An article by Omar Zaibak, Head of Marketing at VoiceTrust specializing in B2B demand generation, talks about the latest trends of the call center industry which will help to improve customer experience. Some of them are – Social Media, Voice of the Customer, Cloud Migration, Voice Biometrics.
For more Information please follow
http://www.voicetrust.com/blog/top-10-call-center-trends-2014/
Even this may seem to be heard as unbelievable, but police departments are increasingly using Analytics to prevent crime by predicting them.
The Predictive Model makes use of algorithms, time/space analysis and social network analysis from where the police departments and other crime prevention authorities can get to know where burglary will take place or even what will be the probability that a car will be stolen.
Amazed on reading this? Go over to the link http://hub.jhu.edu/2013/10/24/predictive-policing for more interesting information on it.
Nowadays army and navy are using analytics to identify energy saving opportunities. Boston based Retroefficiency has developed an automated energy audit which automates the entire process of an auditor. It also helps in depicting the amount of energy used by each specific building.
For more information, please go through: http://fcw.com/articles/2013/12/11/army-navy-energy-audits.aspx
With the advancement of technology, business analytics helps to analyze huge number of data and create predictive models. It also helps in the areas like data mining, statistical sampling and forecasting. The main objective of business analytics is to cluster data from different systems into a common storehouse. Using Business Analytics, smart enterprise set up can be built that benefit businesses to combat the volatile demand.
For more information please follow
http://dreamfireinteractive.com/industry_insights/accelerating-business-analytics
Health Catalyst, provider of data warehouse platform and analytics applications, has developed Healthcare Analytics Adoption Model. This model helps any healthcare organization by providing:
• A framework for evaluating the industry’s adoption of analytics
• A roadmap for organizations to measure their own progress toward analytic adoption
• A framework for evaluating vendor products
For more information, please go through: http://www.healthcatalyst.com/healthcare-analytics-adoption-model/
How can analytics help in hospitality and travel management? Though it is sounding bit unrealistic yet it can be actually done. Through data analysis companies can identify what customers are looking for in their site. Based on that companies can easily prioritize the customers’ needs through tokenisation. Moreover, companies can enrich their investment decisions, revenue limits. This can also help in integrated marketing.
For more information, please go through: http://www.amadeus.com/hotels/newsrepository/articles/major-global-study-reveals-how-big-data-will-transform-hospitality-industry/
Social media is a platform where people can create, share or exchange information and ideas through interaction. The rise of Big Data has prompted many organizations to utilize data analysis for making marketing decisions .Social media is an important way to track vast amount of data. Organizations are now developing tools intended for this purpose.
Some of the trending social media analytics tools are:
1. Social Report.
2. Social Mention.
3. Simply Measured.
4. Cyfe.
5. Sprout Social.
6. SumAll.
To read more, visit the following link:
http://www.practicalecommerce.com/articles/65195-6-Social-Media-Analytics-Tools-for-Merchants
Enterprise Performance Management or commonly known EPM is a management field of Business Performance Management which considers the visibility of operations in a closed-loop model across all facets of the enterprise.
Nowadays, big data analytics is helping EPM in factoring a lot more unstructured data than what was possible earlier, along with duly capturing customer sentiments and feedback. A second key impact of Big Data on EPM is that analytics will be a function not restricted to the IT team, but the wider organization will be able to deconstruct data with the use of easy-to-use analytics tools.
To read more, Visit the following link:
Data Analytics is very significant for the insurance industry helping to reconstruct the processes. Around 74% of the insurance sector is creating aggressive dominance for their companies by using analytical tools. To challenge and succeed in this charismatic environment, insurers must amend the value of big data. While the industry has upgraded in evaluating the structured data linked with their products but the unstructured and semi-structured information is yet untried. By focusing on the appropriate expertise, the insurance companies will be on the correct path to contend and bloom globally.
For more Information please follow
http://www-935.ibm.com/services/us/gbs/thoughtleadership/big-data-insurance/
Big data and analytics play a major role in any business. According to John Hagerty, program director of IBM, big data and analytics together can improve all the processes from management work to application in any business. Research revealed that with the proper use of these, any business can reach a limit where it can outperform its competitors by 75 percent.
For more information, please go through: http://www.zdnet.com/converting-big-data-and-analytics-into-real-results-7000026720/
Dashboards offer a unique and powerful solution to an organization's need for information. Nowadays it has become a very powerful tool to gather inner facts for decision making. One can find various ways to create effective dashboards from a visualization and interactive perspective, but there is a need to understand the psychological aspect also. By taking into consideration the various psychological factors, we can develop more effective and informative dashboards. The three most important psychological factors are:
1) The curious nature of humans.
2) An eye for style.
3) The need for autonomy.
To take a closer look at each point, Please follow this link: http://www.dundas.com/discover/article/the-psychology-of-dashboards/
Long term care industry is facing its biggest challenge at present. It has mainly two problems, buyers are often dropping polices more than the industry predicted and on the other hand LTC companies are struggling to survive in nearly zero interest rate. Incorrect forecast of lapse rate had squeezed the profit of the companies and forced them to increase premiums which have lost its attraction to new potential buyer. Hence LTC companies are in the verge of trimming their product line and reducing discounts. In spite of bringing new polices, the companies are still facing their biggest challenge. For more details please visit http://www.forbes.com/sites/howardgleckman/2012/08/29/whats-killing-the-long-term-care-insurance-industry/
Social media plays an important role in searching information and decision-making behavior of consumers. A country like India, where 65% of population is youth, uses laptop, tab, Smartphone etc to be socially connected. Therefore the Brands have realized the importance of social media to reach today’s young generation. For example, if we go to Nike’s Facebook page the entire focus is on fitness and athleticism rather than their products. Another way to connect with consumers is to know the importance of real time marketing which focuses on real time incident. Social media has also molded the consumers to reviewers.
To read more- visit the following link:
http://www.mbaskool.com/business-articles/marketing/9150-consumer-behaviour-in-the-age-of-social-media.html
What is Cloud? The cloud computing is a phrase, which is used to describe a variety of computing concepts that involve a large number of systems connected through a communication network such as the Internet. It also means the ability to run an application on many connected computers at the same time.
Entrepreneurship emphasizes on innovation and as we all know, innovation leads to sustainability in this volatile demand & application driven market.
The current technological environment demands these two factors, cloud and entrepreneurship to come together as an explorer combo pack. The idea is like start ups can swipe a credit card, buy a little bit of infrastructure and get the idea off the ground. And it doesn't matter if a company’s idea is related to technology, marketing or consumer products. It is a very fast and efficient means of getting the back office & customer-facing capabilities moving.
To read more- visit the following link:
Now Analytics can also predict weather for as long as 40 days before.
EarthRisk Technologies has come up with an analytical model that can predict extreme weather events. This model is designed in such a way that it can identify different patterns of weather which involves intensive calculations. With the help of historically available data, it compares with the present conditions and uses predictive analytics to forecast the weather 40 days in advance.
Knowing advance weather forecasts will certainly help industries in the utility, energy and agricultural sectors as they heavily depend on weather information. With the help of this model, proper timely decisions can be taken.
To gain more insights on how Analytics are helping in predicting weather you can go to http://venturebeat.com/2013/05/10/big-data-can-predict-weather-up-to-40-days-into-the-future/ .
Data Analytics is used in an ample number of ways to achieve a competitive advantage over other businesses. The various areas are - Big Data and Information Optimization helps in determining an organisation on how they can apply the present analytical access patterns and skill sets though it is still critical to audit the interaction between the analytical assets and core database system. Visual Analytics and Data Discovery gives guidance in finding a trend in the data set by developing various hypotheses and visualizing the complexity of the diverse data set. Companies need to inspect on different patterns and accord in the data for future benefit using Predictive Analytics. Right Time and Real Time Analytics are used to grasp on how customers are handling data analytics for managing industry.
For more Information follow
http://tonycosentino.ventanaresearch.com/2013/03/11/the-four-pillars-of-big-data-analytics/
Well, nowadays retail banks are more focused in implementing data analytics techniques and models into their day to day decision making processes. Data analytics not only provide solutions to attract and retain profitable customers but also by the help of various tools and techniques like data discovery and visualization, it is possible to analyze the various aspects which are associated with customers. Retail bankers are trying to discover the relationships and correlations in large amounts of data using customer intelligence derived from analytics. Big data analytic enable them to track customer behavior and preferences to achieve higher level of customer satisfaction which definitely helps to achieve stakeholder’s wealth maximization. For more information, please go through the link: http://spotfire.tibco.com/blog/?p=22990
‘Big data’ is a combination of four ‘V’s: Volume, Velocity, Variety and Value, in structured/unstructured way. The data should be organised in a proper architectural form and then different analytical tools can be applied. The common analytical tools like agent-based modelling, neural networks, factor analysis, cluster analysis, time series analysis can be used to do proper analysis of the ‘big data’.
For more information, please go through: http://www.scientificcomputing.com/blogs/2014/02/big-data-analytics-continues-evolve
While solving problems on Analytics, many times it happens that the given datasets are really complex to analyze as they overlap each other. With Interactive Visual Analysis (IVA), the task becomes easier, where the datasets can display the level of interactions between them without overlapping each other.
By developing the IVA, one can gain knowledge about the datasets, which is not apparently noticeable. Not only this, IVA involves formulation and testing of hypotheses and one can also explore the correlations between the different variables.
Sounds interesting? Watch the video here: https://www.youtube.com/watch?v=UcYRrPqC5A8