Digital Technologies – Predict & Prescribe via AnalyticsJanuary 29, 2016
In a world where customer is king and has a plethora of options to choose from, client engagement and retention is driven by Digital Technologies. This necessitates the business to consolidate data from internal sources as well as external ones like Social Media, emails etc to enable targeted and relevant offerings as per specific customer interests. A large quantum of inputs has to be generated to enable ourselves for this is fairly achievable, by following customer needs, feedback & social media. Additionally it is imperative to have the databases for knowing current customer and prospect profiles, which includes their demographics, geography, and expressed interests.
Insightful Analytics plays an incredible role in bringing the customer and business together in a continuous engagement as it boosts customer experience, through appropriate offering which may not be evidently visible without usage of advanced analytics. It also helps to predict by systematically analyzing customer history in terms of their purchasing trends, shifting preferences and how they may like to interact with and respond to the business. The following steps are extensively used by businesses today:
- Predict – Analyze customer’s history; predict how they will act – as expressed by what they browse and what they buy, how they interact etc.
- Prescribe – Advisory and personalized prescriptions, product recommendations based on customer needs, and offering a personalized, client centric product or service.
To build this ability, replacing the existing Legacy application stack may not be the most Optimum decision and that actually is not possible in all such cases where traditional businesses have been using applications which seamlessly blend business with IT for smooth conduct of services offered. In such cases, organizations choose to upscale the stack appropriately and continue to thrive. Of course there are certain definite enablers which such organizations will need in order to achieve the needful within existing stack of applications.
Enablers getting significant attention in market place today:
Cloud Enabled Delivery
This includes leveraging the right blend of private, public and hybrid cloud ecosystem for most optimum computation and storage capacity. Addendum provisions to handle sudden loads through auto scaling and accelerated speed to market. In the Digital era, making the erstwhile IT systems ready for the future is one of the key success factors for accelerating the speed of business. This involves modernizing the legacy stack with ease of implementing alternatives, enabling faster results with contained risks.
Quick & accurate identification of the optimum fit involves a solution that imparts agility to surf through the large IT landscape and determine the best fit modernization approach for a particular area to Improve Business/IT collaboration through insights
It is important to enable legacy applications with Analytics & Cloud platforms by unlocking the potential of existing assets, as also taught in big data courses in India. This accelerates delivery of business innovations through connectivity to the ecosystem of customers, channels and vendors in a secure manner. Organizations need to be careful to have an ‘Inclusive‘ approach that enables co-existence of old along with new.
How to enhance core systems as effective expeditors:
Organizations need to drive business innovations in the Digital Era and that shall necessitate improving the Core Systems to deliver end to end agility, flexibility & scalability. To strip this approach down to simplistic one we can recourse to either / or both of the 2 below
To Impart required scale through flexible deployment of platforms on either private, public, hybrid cloud and Enables applications to scale automatically depending on the utilization and workload parameters
To Build for the future by prioritizing accessibility from Mobile devices over desktops and by leveraging responsive designs along with content prioritization
Imarticus Learning, an Education Excellence 2015 award winner offers certification courses in finance including financial modeling, risk management courses, financial analyst course and CFA course in India. It offers both classroom and online finance courses to make it extremely easy and flexible for an aspirant to pursue their dream career.