Article | July 13, 2021
We are living in the age of Big Data, and data has become the heart and the most valuable asset for businesses across industry verticals. In the hyper-competitive market that exists today, data acts as a major contributor to achieving business intelligence and brand equity. Thus, effective data management is the key to accelerating the success of businesses. For effective data management to take place, organizations must ensure that the data that is used is accurate and reliable. With the advent of AI, businesses can now leverage machine learning to predict outcomes using historical data. This is called predictive analytics. With predictive analytics, organizations can predict anything from customer turnover to forecasting equipment maintenance. Moreover, the data that is acquired through predictive analytics is of high quality and very accurate. Let us take a look at how AI enables accurate data prediction and helps businesses to equip themselves for the digital future.
Article | February 18, 2021
While digital transformation is proving to have many benefits for businesses, what is perhaps the most significant, is the vast amount of data there is available. And now, with an increasing number of businesses turning their focus to online, there is even more to be collected on competitors and markets than ever before.
Having all this information to hand may seem like any business owner’s dream, as they can now make insightful and informed commercial decisions based on what others are doing, what customers want and where markets are heading.
But according to Nate Burke, CEO of Diginius, a propriety software and solutions provider for ecommerce businesses, data should not be all a company relies upon when making important decisions.
Instead, there is a line to be drawn on where data is required and where human expertise and judgement can provide greater value.
Undeniably, the power of data is unmatched. With an abundance of data collection opportunities available online, and with an increasing number of businesses taking them, the potential and value of such information is richer than ever before.
And businesses are benefiting. Particularly where data concerns customer behaviour and market patterns. For instance, over the recent Christmas period, data was clearly suggesting a preference for ecommerce, with marketplaces such as Amazon leading the way due to greater convenience and price advantages.
Businesses that recognised and understood the trend could better prepare for the digital shopping season, placing greater emphasis on their online marketing tactics to encourage purchases and allocating resources to ensure product availability and on-time delivery.
While on the other hand, businesses who ignored, or simply did not utilise the information available to them, would have been left with overstocked shops and now, out of season items that would have to be heavily discounted or worse, disposed of.
Similarly, search and sales data can be used to understand changing consumer needs, and consequently, what items businesses should be ordering, manufacturing, marketing and selling for the best returns.
For instance, understandably, in 2020, DIY was at its peak, with increases in searches for “DIY facemasks”, “DIY decking” and “DIY garden ideas”. For those who had recognised the trend early on, they had the chance to shift their offerings and marketing in accordance, in turn really reaping the rewards.
So, paying attention to data certainly does pay off. And thanks to smarter and more sophisticated ways of collecting data online, such as cookies, and through AI and machine learning technologies, the value and use of such information is only likely to increase.
The future, therefore, looks bright. But even with all this potential at our fingertips, there are a number of issues businesses may face if their approach relies entirely on a data and insight-driven approach. Just like disregarding its power and potential can be damaging, so can using it as the sole basis upon which important decisions are based.
While the value of data for understanding the market and consumer patterns is undeniable, its value is only as rich as the quality of data being inputted. So, if businesses are collecting and analysing their data on their own activity, and then using this to draw meaningful insight, there should be strong focus on the data gathering phase, with attention given to what needs to be collected, why it should be collected, how it will be collected, and whether in fact this is an accurate representation of what it is you are trying to monitor or measure.
Human error can become an issue when this is done by individuals or teams who do not completely understand the numbers and patterns they are seeing. There is also an obstacle presented when there are various channels and platforms which are generating leads or sales for the business. In this case, any omission can skew results and provide an inaccurate picture. So, when used in decision making, there is the possibility of ineffective and unsuccessful changes.
But while data gathering becomes more and more autonomous, the possibility of human error is lessened. Although, this may add fuel to the next issue.
Drawing a line
The benefits of data and insights are clear, particularly as the tasks of collection and analysis become less of a burden for businesses and their people thanks to automation and AI advancements. But due to how effortless data collection and analysis is becoming, we can only expect more businesses to be doing it, meaning its ability to offer each individual company something unique is also being lessened.
So, businesses need to look elsewhere for their edge. And interestingly, this is where a line should be drawn and human judgement should be used in order to set them apart from the competition and differentiate from what everyone else is doing.
It makes perfect sense when you think about it. Your business is unique for a number of reasons, but mainly because of the brand, its values, reputation and perceptions of the services you are upheld by. And it’s usually these aspects that encourage consumers to choose your business rather than a competitor.
But often, these intangible aspects are much more difficult to measure and monitor through data collection and analysis, especially in the autonomous, number-driven format that many platforms utilise.
Here then, there is a great case for businesses to use their own judgements, expertise and experiences to determine what works well and what does not. For instance, you can begin to determine consumer perceptions towards a change in your product or services, which quantitative data may not be able to pick up until much later when sales figures begin to rise or fall. And while the data will eventually pick it up, it might not necessarily be able to help you decide on what an appropriate alternative solution may be, should the latter occur.
Human judgement, however, can listen to and understand qualitative feedback and consumer sentiments which can often provide much more meaningful insights for businesses to base their decisions on.
So, when it comes to competitor analysis, using insights generated from figure-based data sets and performance metrics is key to ensuring you are doing the same as the competition.
But if you are looking to get ahead, you may want to consider taking a human approach too.
Article | February 28, 2020
The increasing use of advanced technologies and the internet have created an attack surface for malicious attackers. With these progressions, businesses’ IT systems are now more vulnerable which has led them to leverage innovative cybersecurity strategies that can thwart and make their networks more resilient to cyberattacks. Cybercriminals can use a variety of attacks against individuals or businesses like accessing, changing or deleting sensitive data; extracting payment; interfering with business processes and more.These kinds of attacks present an evolving danger to organizations, employees and consumers, and can cost them reputation, finances and personal lives to some extent. So, in order to protect IT networks from cyberattacks, it is significant to be aware of the various aspects of cybersecurity.
Article | March 13, 2020
DevOps will provide over-the-air (OTA), seamless software updates which would allow important and immediate updates without affecting the car’s capabilities through Liquid Software liquid software. OTA updates will enable automakers to fix engine and automotive malfunctions, as well as implement safety standards directly into the program. Tesla is one of the pioneers of over-the-air updates but while its’ cars are off. In total, Tesla’s updates are usually about 30 minutes. Since 2012, hundreds of OTA updates have been sent out by the company to adjust things like speed limit settings, acceleration, battery issues, and even braking distance. Most car manufacturers are behind when it comes to over-the-air software updates.