Showing posts with label Realtime. Show all posts
Showing posts with label Realtime. Show all posts

Wednesday, June 19, 2013

Responding When It Matters: Creating Unique Real-time Responses Using Analytics

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AppId is over the quota AppId is over the quota To make real-time unique response a reality, you must focus on three core competencies.


By Venkat Rajan, Vice president, analytic services, Symphony Teleca Corp.


You're at a home improvement store when you get an offer for a patio furniture set on your cell phone. You think to yourself, "Interesting. This is exactly what I need! I should take a look and see if it's what I've been looking for."


How was an offer presented to you that seemed to practically read your mind? If you study the scenario shown in Figure 1 (below), you will see that no single activity indicates a need for a patio set. These activities by themselves don't provide enough insight to what kind of offer you should get, but there it is. How did it happen?


Figure 1: Patio furniture real-time promotion


Today, we have all the technology components and most of the data to make this happen. First, the home improvement retailer has data about your prior shopping activities. Through analysis of this structured, internally available, transaction data, the retailer can categorize you into the right behavior segment by evaluating characteristics such as basket size, frequency, price sensitivity, and style. It is then a matter of targeting and deciding what kind of offer to make. The retailer can stop at that point and make an offer that fits your behavior and how it wants to influence you. For example, if you are a frequent shopper who buys products in certain categories, the retailer may want you to buy more or buy a product in a related category.


That is not enough. You may not be in the market for buying products in those other categories. If the retailer can integrate unstructured data from Web logs, Facebook, Twitter, and other sources and find the relevant insight into your current behavior, the targeting can be more, well, "on target."


Additionally, by integrating location-based real-time data, the retailer can make that relevant offer to you now, while you have an expressed intent to buy, because you're currently in the home improvement store.

Tuesday, June 18, 2013

Real-time BI: A Banking perspective

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Google Analytics and real-time business intelligence have been steadily gaining importance in the banking sector in recent months. In this article, we evaluate the need for BI in real time from a banking point of view and the edge over traditional BI.


Da Giuseppina Ramanathan, Senior Consultant for BI and bank products Analytics, iCreate Software


The basis of any BI/decision support system is the availability of information and availability. Initially, BI centered on individual silos of functioning of an organization. The next phase focuses on data centralization and the creation of TWO large enterprise platforms. However, business intelligence solutions in an organization operated in isolation from transactional, with a delay between the transactional and reporting systems. With the increasing focus on agility and the need to integrate analytic and business intelligence systems with transactional systems, there is an increased impetus for real-time business intelligence.


The speed and quality of an organization's response to input from a BI system are crucial in order to quantify the investment on the BI system. ROI metrics of a BI system should focus on the actual impact of decisions taken (that is business result or impact) rather than the output.


Information value


In the financial world, "time value" is a term of extreme importance. Value not only of money, let's add the term "time value of information". Information also have a decreasing value. While the value of information can not touch zero, beyond a certain point, it loses value.



Although this chart applies to General information, financial information strictly follows this curve.


Real-time BI in banking


Traditionally, BI systems in the banking sector have focused on independent data warehouse used for reporting and offline analysis. BI systems have focused more on strategic objectives more on tactical and operational goals. The adage "information has value only to the extent that is within the time to act on it" came to the fore in the banking space.


The need for a strategic point of view remains significant, but there is a growing need for a tactical/operational BI.

 

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