Accenture boosts telco insights with analytics apps. Software aims to help telecoms companies optimise their networks and their businesses.
Accenture has launched five analytics applications for the telecoms industry. 5 Ways Brand Marketers Can Innovate With Analytics. Avana. Twitter. Making Sense of Irrational Customer Behavior. Companies can use analytics to understand the complex and, at times, contradictory factors influencing consumers’ purchasing decisions.
According to standard economic theory, consumers are rational and make consistent, even predictable, buying decisions based on their own self-interest. This assumption about consumer behavior has long guided many business strategies, product development initiatives, marketing programs, and business intelligence systems. Even consumers subscribe to the notion that they’re rational creatures, citing the research they conduct before making big-ticket purchases as an example of their sensible buying behavior. But studies from the field of behavioral economics have called this long-held assumption into question. Behavioral economists have found that consumers often act irrationally, in conflict with past behaviors and trends. Time and again, consumers make emotionally-based buying decisions.
Predictably Inaccurate: Big Data Brokers. Ten types of analytical innovation. A few weeks ago, I heard an interesting presentation by Larry Keeley of Deloitte Monitor’s Doblin Group, a company that consults on innovation.
I had seen Doblin’s “Ten Types of Innovation” before, but hadn’t really paid enough attention to it. Keeley’s presentation reminded me that I thought it was the most complete listing of how companies can be innovative. It also made me wonder how many of the 10 types of innovation might involve analytics in some way. So I started going through the list, one by one. I didn’t know how many might result in a hit—a link to analytics—when I started. Profit model: Profit model innovation involves new ways to monetize a company’s offerings and assets.
Network: Network-oriented innovations involve new products, services, or processes that are delivered across a business network or ecosystem. Making Sense of Irrational Customer Behavior. Companies can use analytics to understand the complex and, at times, contradictory factors influencing consumers’ purchasing decisions.
According to standard economic theory, consumers are rational and make consistent, even predictable, buying decisions based on their own self-interest. This assumption about consumer behavior has long guided many business strategies, product development initiatives, marketing programs, and business intelligence systems. Even consumers subscribe to the notion that they’re rational creatures, citing the research they conduct before making big-ticket purchases as an example of their sensible buying behavior. But studies from the field of behavioral economics have called this long-held assumption into question. Behavioral economists have found that consumers often act irrationally, in conflict with past behaviors and trends.
IBM takes Watson freemium: Time for bring your own analytics? NEW YORK---IBM on Tuesday launched Watson Analytics, a service that's designed for line of business executives, uses natural language tools as well as predictive algorithms and offers a freemium pricing model.
IBM is hoping to give Watson cognitive computing more exposure and usher in an era of bring your own analytics to the enterprise. Big Blue has said it will spend $1 billion to commercialize Watson, but there are challenges with scaring since IBM's cognitive system has to ingest data, learn from it and has to be customized in many implementations across verticals such as financial services and health care. Also: Mayo Clinic works with IBM’s Watson on clinical trials | IBM's Watson aims to pick the fashion trends | IBM's Watson: Can it improve returns on R&D?
CRO Analytics. Modeling Analytics Success: Discover Critical Data Relationships. The path to analytics is lined with opportunities to succeed and grow the bottom line.
But along the way are hidden obstacles that can trip up unwary companies -- especially those without a well-defined implementation approach. What does such an approach look like? Within a broad, enterprise context, there are six important steps to an effective analytics journey, from defining the strategy through implementation and measurement: Define an analytics strategy, or roadmap, focusing on the business areas (e.g., marketing, risk, fraud) where tangible benefits can be availed from a data-driven decision-making approach. Try to construct the roadmap so that project benefits flow downstream to feed the costs of subsequent projects.
Of these steps, technology integration is an especially critical -- and often sticky -- task that warrants further discussion. What’s So Important About Models? Two primary types of analytical models are predictive models and prescriptive models. Culture clash. Bank CIOs: Tools for Managing Audio Data Files. By deploying the right mix of speech analytics tools and tactical strategies to manage massive stores of audio data files, some banks are responding more effectively to regulator inquiries.
The in-house legal team at a global investment bank prepares its response to a recent trade reconstruction request from federal regulators. The regulators want all documentation, emails and instant messages, and voice communications that led to, and followed, a specific security swap being investigated. Team members work diligently to respond within 72 hours, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.¹ Documentation? Check. The three minute guide to finance analytics. The Rise of Data Discovery. Once restricted to online and startup firms, big data—and the products, services and large-scale decisions it engenders—is now available to all firms.
But they cannot achieve these outcomes without a well-structured discovery platform and process. In a 2013 study sponsored by Teradata Aster, Tom Davenport, Independent Senior Advisor to Deloitte Analytics, interviewed fifteen organizations that were early adopters of some form of data discovery capability or platform—a combination of software, hardware and human skills optimized to explore big data. In this article, Tom shares insights on data discovery based on these interviews. Tibco Acquires Jaspersoft to Energize Analytics Portfolio. A Strategy for Making Better IT Investment Decisions. Establishing a “Rosetta Stone” prior to undertaking technology investment discussions can help stakeholders sidestep the competing agendas and inconsistent metrics that often undermine effective decision-making.
In many organizations, competing agendas, poor interdepartmental communication, and a paucity of uniform data regularly turn IT spending discussions into something akin to a barroom brawl. Technologists want to build the perfect solution, but may not factor in cost. Business leaders—largely unschooled in the minutiae of technology implementations—present long wish lists of the latest applications that are “absolutely critical” to strategic success. Meanwhile, finance looks relentlessly for ways to cut costs. “What is the financial rationale for spending this amount on technology?” Named the leader in Analytics IT Consulting by Kennedy. Our Take: Regulatory Risk in Banking. Developing analytic capabilities is smart business – and for many banks, it’s increasingly required to address regulatory issues.
A basic analytic foundation can help position bank leaders to make better business decisions that may increase profitability and reduce risk. Here’s our take. Deloitte Featured Service - United States. Few areas of business today are changing faster than where and how analytics are being used. Turn your head for a second and—boom—you're falling to the back of the pack.
Mining for Gold: How to Best Monetize Enterprise Data. Data monetization is hot. True, companies don’t necessarily need to make money off their data -- most of it is already valuable enough anyway from the information it generates to help grow the top and bottom lines. Deloitte Quality Services for finance analytics.