In my previous post, we discussed the three step transformation roadmap—a recipe for big data nirvana. Wearing my big data hat, an entrepreneur’s heart, and a problem solving intent, here are a few ideas to see the map in action.
The airline industry has gone through many cycles, innovations, and disruptions both internal and external. Whatever the path or experiences, most airlines use complex ticket-pricing systems to maximize revenue. In addition to the topline, big data can improve the bottom-line through some innovative transformations.
But wait, what if we could maximize revenue and minimize costs while improving customer experience and maybe taking a step toward developing loyalty. Algebraically, this is just solving for three variables at a time—a true big data challenge. (more…)
Big data has the potential to transform humankind – from helping us cure diseases to simplifying and streamlining our lives. Now, let us not get into the debatable aspects of our increasingly digital universe but focus on the art of the possible.
After having digitized our entire lives, which is well documented in the digital universe study, we have moved on to machines.
With the help of devices, wearables, sensors and systems, we’ve begun collecting, connecting and disseminating information, thoughts, and experiences in ways unimaginable just a few years back.
Most organizations are looking for ways to ride the waves of big data and transform their domain – be it customer experiences, processes, systems or plain and simple time management. All big data projects need a roadmap, a recipe that can iteratively move you toward your goal. After wading through a wide array of literature, I was able to simplify the process into three steps: an exploration phase followed by optimization that leads to true transformation.
These iterative steps can help guide your projects irrespective of domain in an easy to execute format.
Explore: All big data projects start with a question; data scientists will not touch anything without a good question – the first is often to explore. The question can be as generic as:
“Is our customer experience with our company good enough to keep them coming?”
“How can we transform the customer experience so that customers become staunch evangelists for our brand?”
or a much more specific question like
“How much more would a buyer spend if we kept him or her on the site for two more minutes?”
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