Technologies such as Big Data, Cloud, Artificial Intelligence, IoT have made the shift from being interesting concepts to ubiquitous business features. This rate of technological change is transforming how businesses operate and are opening up new business opportunities. The automotive industry is no different. Technology has brought us to a new frontier where concepts like the smart car/driverless car have become a tangible reality. As we reach that point where lines dividing reality from fiction continue to blur, the automotive industry is gearing up for an exciting future ahead.
The Finance department of any company, due to its inherent nature, is synonymous with hard data. It is that one department, that is tightly linked to all the other business units. It is evident that the significant technological advances happening in the area of data analytics will affect the functioning of this department in a huge way. It probably won’t be an exaggeration to say that the line separating the responsibilities of a CFO (Chief Finance Officer) and a CDO (Chief Data Officer) is getting more and more blurred with each passing day.
What is Automated ML? Why is automated ML the new trending buzzword? If you are seeking answers to these questions, this blog will help you.
You have heard of how big data plays a significant role in businesses. But do you know, big data has also been playing a role in disaster management? Take China, for example. The Chinese government has been using big data to track the location and movement of people affected by the Coronavirus. In India, law enforcement agencies have been able to rescue people stranded in floods by monitoring social media updates in real-time.
Big Data is the new oil. It has fundamentally transformed numerous industries. Advertising technology aka Ad:tech, one of the fastest growing industries in the world, is a prominent recipient of the benefits of Big Data. Advertising is no more about a set of people brainstorming about the next cool idea – Advertising Technology has grown phenomenally over the past few years and has surpassed the traditional advertising.
Westpac Banking Corp., a leading Australian Bank, has very effectively used technology to build its “KnowMe” program. This program offers a 360-degree view of the customer to the bank. Under this program, the bank captures all the information about its over 12 million customers through activities such as call center interactions and ATM usage. It the uses this information to conduct behavioural analysis and match the new offerings and programs as per the precise needs of the customers. This program has helped the bank in improving its customer engagement rate from 1% to 25%!
Meaningful data is of great value to organisations who are looking to accelerate their business, gain a competitive advantage, and bring down costs. But the only problem is that huge amounts are data is scattered everywhere. It is difficult for all the stakeholders with no technical background to comprehend this data and organisations require highly skilled data scientists and analysts.
The customer is in the driver’s seat.
Business Intelligence enhances the ability of companies to make meaningful use of the data collected during business operations on a day-to-day basis. It can assist businesses to boost their performance by exploring new opportunities, identifying main threats while providing new insights to speed up the decision -making process.