Create and maintain an adaptive organization with analytics
What keeps you up at night? The neighbor’s barking dog, that last cup of coffee or binge watching House of Cards? Or is that just me? Maybe you are having recurring nightmares about succeeding in the face of shifting market conditions and information overload?
Rest easy. The key to creating and maintaining a more adaptive organization is within reach. Consider advanced analytics and innovation to be your new best friends. The right analytics solutions can help businesses transform data-driven insight into actual value.
Dr. James Heskett, esteemed Harvard Business School (HBS) professor, offers a great update on the status of predictive analytics in his recent article, “Are You Ready for Personalized Predictive Analytics?” at the HBS Working Knowledge forum.
“Predictive analysis applied to humans is now one of the hottest concepts to come along. It is being made possible by a system of customer loyalty programs, big data and cloud computing that enables the continuous collection, storage, combination and analysis of data about each of us from a number of disparate sources. Pretty exciting, no?”
Everywhere we look in the tech world right now, analytics is creating buzz. The announcement of the new IBM and Facebook partnership brings to the forefront the practical applications of leveraging analytics for business insight that drives real-world value. A recent article in The Economic Times explains that IBM and Facebook want to combine their resources to provide “tailored marketing capabilities that reach the right people at the right time.” Providing these capabilities is what we are all looking to do, regardless of industry. We need to provide timely, relevant offers to customers while enhancing the customer experience.
Analytics provides organizations with the insights they need to transform their businesses. Consider the following example from the banking industry provided by Ross Wainwright, global head of financial services industries at SAP, in a recent article at The Financial Brand:
“Consumer data such as usage trends, frequency of branch visits and service requests can also help organizations identify which customers will be most receptive to incentives in addition to consumers who might be unsatisfied….
Harnessing the true power of this data, banking can create more rewarding perks, programs and offers that meet real-time consumer demand regardless of how they choose to interact with the bank or credit union. This kind of analytical modeling provides unparalleled understanding and transparency into what’s needed to attract and retain the new generation of banking customers.”
Wainwright makes a few excellent points about the competitive advantage that analytics can supply. With the power of data-driven insights, organizations can take advantage of cross-sell and up-sell opportunities with higher response rates than gut-driven marketing can hope to accomplish. Furthermore, organizations can utilize the power of data to attract new customers and retain existing customers. Marketers often say that it costs less to retain an existing customer than it does to gain a new one. Leveraging analytics, organizations can improve the customer experience and provide value-added services that foster customer loyalty.
No one knows the power of analytics better than the superb guest speakers and experts on tap to speak at IBM Vision 2015. Take a quick trip to Orlando, Florida and learn more from inspirational individuals such as ultracyclist Dave Haase, who is a four-time participant in Race Across America (RAAM).
If you can’t make it to Orlando, tune in to the IBM VisionGO interactive digital experience for two full days of live broadcasts of general sessions, keynotes, CrowdChats, theCUBE interviews, product demos, trending topics and more. The broadcasts will also be available on demand.
Discover how to apply analytics to transform and innovate business at IBM Vision 2015.