Innovation Alphabet
Advanced Analytics
In a nutshell
The term “Advanced Analytics” refers to the ability to autonomously or semi-autonomously analyze data and content to identify correlations, develop analyses, predictions, and recommendations. It is not just a matter of collecting information and then organizing it into watertight compartments: the ultimate goal is to identify a dialogue pattern from a data-driven perspective.
Application Fields
• Sports activity: Most smartphones support apps that monitor physical activity, but the study of big data promises to improve even performance. Through advanced analytics solutions, it is possible to prevent overexertion and injuries, set up hyper-personalized training sessions and thus enrich the sports experience.
• Digital Marketing: As easily predictable, in digital marketing big data assume an indispensable role. For example, they “anticipate” customer needs. A huge amount of information is collected from a huge amount of sources (business systems, e-commerce portals, social media…). This way, advertisers and merchants can initiate promotional campaigns and sales strategies customized to each type of buyer.
• Banking Industry: Advanced analytics tools can be used in loan and mortgage origination to optimize fraud prevention. Through credit ratings, banks can accelerate the customer assessment process. This confirms the viability of a loan or identifies profiles that, due to credit history and financial behavior, represent a higher risk. Gartner broke down fraud prevention into five layers:
Industries
• Advanced Analytics in the healthcare industry
Four of the hospitals that make up the Assistance Publique-H’pitaux de Paris (AP-HP) have adopted an Advanced Analytics system. Through machine learning and big data solutions, it aspires to predict the rate of hospitalization 15 days in advance. In the event of a spike in visits and admissions, hospitals would employ more staff to reduce waiting times and better manage patients. Losses could thus be reduced, and health insurance would gain in efficiency.
• Advanced Analytics in the energy industry
Shell, a major global player in the oil and natural gas industry, is using data to drive its own organizational change. For example, working with Microsoft, the company has designed a collaborative digital platform through which it can monitor not only its own sustainability initiatives, but also those of its suppliers. Shell’s long-term goal is not to drive digital transformation, but energy transformation. Thanks to Advanced Analytics, the company is going to evolve the industry toward sustainable energy solutions.
• Advanced Analytics in the service industry
The Amsterdam Fire Department has used some Advanced Analytics techniques to identify the highest fire risk areas in the city, and improve, as a result, the performance of the city’s fire protection service. How? By combining the government’s open-source data on buildings, roads, waterways and means of transportation with fire department incident reports through sensors placed inside fire hoses and firefighters’ personal protection equipment. This has enabled the service to identify 12 million possible accidents.
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Business Functions
• Advanced Analytics in support of marketing
Walmart Stores, the world’s largest retail chain, has created an analytics center to monitor the ROI (Return on Investments) of its marketing campaigns: the Data Café. Data Café enables the rapid modeling, manipulation, and visualization of huge volumes of data. The system provides automatic alerts: if certain metrics fall below set thresholds, the pertinent team is alerted so that the reasons are understood. The Data Café collects information from 200 sources (weather, social media, gas prices, etc.): any detail could be the key to solve a problem.
• Advanced Analytics in support of HR
For a long time, Bank of America Corporation experienced some difficulties in keeping its employees responsible for the call center. By using the power of Big Data the company realized that the reason for layoffs was related to inter-office collaboration. Specifically, individual employees’ breaks did not coincide with anyone else’s except during lunch: a scant 15 minutes during which 80 percent of interactions occurred. Interpreting the information gathered, the bank allowed teams of employees to spend their breaks together, unifying their schedules. After a few weeks, call handling time was 23% faster and cohesion had increased by 18%. Translated: $15 million more for the company.
• Advanced Analytics in support of management
Metalco, a leading manufacturer of street furniture and dehors, has invested in Advanced Analytics systems to improve demand forecasting in the supply chain. Predictive models capable of creating advanced and automated analytics. These are useful for the company’s managers to obtain information in order to optimize production capacity and thus produce the right quantity of required items. By studying and interpreting the data, demand forecasting has improved by 20 percent.
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Check out more of the Innovation Alphabet:
3D Printing
3D Printing
“3D printing” is a process carried out by an electronic device which, instead of resorting to the canonical ink, it molds almost any kind of material: from concrete to living tissue, most usually plastic, but also metal. And the operating principle is similar to that of a traditional printer. The creation of three-dimensional models can lead to the redesign of a company’s production capabilities.
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5G
5G
5G is the new frontier of cellular telephony. It was designed to improve (or completely replace) previous generations of mobile networks. The 5th generation features lower latency, ensuring flawless performance of business applications and many other digital experiences – thus enabling the new cultural generations to furiously play Fortnite away from home.
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Advanced Analytics
Advanced Analytics
The term “Advanced Analytics” refers to the ability to autonomously or semi-autonomously analyze data and content to identify correlations, develop analyses, predictions, and recommendations. It is not just a matter of collecting information and then organizing it into watertight compartments: the ultimate goal is to identify a dialogue pattern from a data-driven perspective.
Dive In
Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Ansoff Matrix
Ansoff Matrix
The Ansoff Matrix is a marketing planning model that arises from the intersection of new and existing products and markets. It derives four possible strategies for expanding the company’s market, which are built around four variables with a changeable factor of risks and possibilities: existing product, new product, existing market, new market.
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Artificial Intelligence
Artificial Intelligence
Artificial Intelligence is not strictly defined. Basically, it is a computer system able to make decisions in an independent and flexible way. A good AI application can perform everyday tasks better than an average person (e.g., identifying other people from their photos on social media or beating the best chess player). Nothing to fear, then. Unless you are a chess champion.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Attack Surface
Attack Surface
The term attack surface refers to the part of a system that may be subject to attack or breach by hackers. The smaller that surface is, the easier it will be to protect it. Indeed, the Internet is an ocean of deep, dark waters: those who navigate it must be aware that they are exposing themselves to a flood of digital risks. Yet, ironically, we do not need a big boat to shelter us.
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Augmented Reality
Augmented Reality
Augmented Reality is an ever-evolving technology that overlays multimedia information on top of our common sensory horizon to gain a deeper understanding of our surroundings. No, it doesn’t allow you to step out of the Matrix dream simulation, nor can it be accessed by swallowing a red pill. But neither is it the disturbing experience of the Playtest episode of Black Mirror.
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Balanced Scorecard
Balanced Scorecard
In business, as in life, you need balance. The Balanced Scorecard is a holistic tool for strategic management. It offers, in fact, the possibility of assessing corporate performance in its wholeness. An overview that embraces four perspectives: the business/financial side, customers and stakeholders, internal processes, and learning and growth.
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