SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

This section contains articles submitted by site users and articles imported from other sites on Marketing Intelligence

Is Centralized Intelligence System a need of the hour?

Though all forms of market intelligence are not helpful to track customer loyalty or his preferences, a centralized intelligence system can bring consumer behavior insights. Intelligence in a market or an army is comparable as in both the cases remote insights bring limited information whereas central intelligence provides a more vast and detailed picture. Having an updated CRM could help tailoring the messages sent to prospective customers and more personalization is possible. It would predict customers’ next move. Read more at : http://www.optimove.com/blog/centralized-intelligence-system-will-win-customer-loyalty-battle 

 

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Secret To Entrepreneurial Success

According to authors , a recent global survey from the medical industry workforce, threw light on the following for a business to flourish:

1)80% of the workforce in the remote counterparts, pointed out that Management/Managers should stay in touch with them, via instant messaging apps and frequent conversations over phone.

2)56% of them, stressed on video calls once a week .

3) Mandatory face-to-face interaction, via  attending monthly meetings with managers .

4) Utilizing IT system for both tracking and measuring productivity per worker.

5) Research and evaluation of tools and techniques on a regular basis to stay notified about the new techies .

6) Assuring full support and engagement of the employees in the remote areas. 

 Read more at https://www.processexcellencenetwork.com/pex-tools-technologies/articles/remote-control

 

 

 

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The Future Of Work: The Intersection Of Artificial Intelligence And Human Resources

According to authors, AI and Machine Learning algorithms, introduces us to an era of intelligent conversational environments , by  bringing about a paradigm shift in technologies and strategies ,thereby collaborating the rate of progress in business and process for automation, thus making an enterprise more smarter ,flexible and conversational. AI mainly focuses on making support systems more efficient across a multitude of applications, processes and business domains, bringing about intelligent collaboration capabilities to the emerging Conversational Workspace platforms, improving workflows, automating repetitive tasks and initiating automated interactions via voice assistance ,thereby, helping an organization to take better decisions and grow. Read more at https://aitrends.com/speech-recognition/idg-contributor-network-the-growing-impact-of-artificial-intelligence-on-workplace-collaboration/

 

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Shifting to offline strategy: A new trend in e-commerce industry.

Flipkart is not the first of the many e-commerce players to start their operations online. All has not been well for this industry in the past, both for consumers and investors. This has happened for various reasons including the entry of diverse competition as well as government policies—particularly demonetization. Following a offline to online strategy is only because of declining growth in the e-commerce industry is an overstatement. The idea is to provide interior designing consultancy and offer a holistic experience to the consumers for better decision making. Another reason for an offline presence is offering a platform for increasing brand credibility and cement its online business. Read more at https://theindianeconomist.com/online-offline-e-commerce-industry-declining/

 

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How to attract first-time customers to second purchase?

Customers who have made purchases with a business once, make up a significant chunk of customer database. The second purchase is a key milestone in the customer journey. Now, using data, certain areas should be focused on first time customers that can help to push these customers into their second purchase. They are:

• A varied basket – with items from multiple departments – doubles the chances that a customer will make a second purchase.

• By offering discounts.

• Returns predict a higher customer lifetime value.

Optimizing these above factors can attract many customers on a long term basis. Read more at http://www.optimove.com/blog/ecomm-using-data-push-customers-second-purchase

 

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Artificial Intelligence in Practice

Artificial Intelligence is development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. Therefore, AI can process a lot more data than human brain can, and thus can do more work accurately in less time. Along with data analysis AI can perform much more complex tasks such s determining customer preferences for products based on previous buying habits and understanding unstructured data. AI is augmenting the capabilities of human by solving such complex challenges. The importance of artificial intelligence can also be seen in healthcare industry for suggesting appropriate treatments for patients, fraud detection, financial services and retail. AI can be incorporated in business by using machine, deep and memory based learning which is AI’s core. Read more at: http://www.datasciencecentral.com/profiles/blogs/artificial-or-augmented-intelligence-talks-with-intel-s-chief

 

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The Rising Importance of Artificial Intelligence

The world is entering the age of abundance, abundance of data. And with this, the age of intelligence is on its way. According to Eric Scht, the author of the original article, in today’s world, science and critical thinking really matter a lot. People are becoming wary of changes looking at the rate at which technological advancement is taking place. With the massive increase in data in almost every field, the need for artificial intelligence and machine learning is being felt in a broad range of sectors including farming, energy, fashion and healthcare. Read more at: https://www.theguardian.com/small-business-network/2017/jun/22/alphabets-eric-schmidt-google-artificial-intelligence-viva-technology-mckinsey

 

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Technology – Shaping The Future of Money.

At Singularity University’s Exponential Finance Summit in New York last month, Peter Diamandis talked about technology, money and a demonetized world. We all have access to everything at the palm of our hands due to advanced technology, robots implying higher efficiency and lower cost. But technological unemployment follows. The counterbalance to technological unemployment, is the demonetization of living. The most common example of this phenomenon is the smartphone where a bunch of different things can be performed in a single device. Demonetization is one of the factors of technological disruption, where money is taken out of the equation for a given product or service, making it available to everyone. Communication, Entertainment, Energy, Transportation, Housing, Education, Healthcare are a few fields of example Diamandis gave in this context. Read more at https://singularityhub.com/2017/06/08/technology-will-erase-jobs-but-also-make-everything-cheap-or-free/

 

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A Smarter Approach to Customer Value Maximization.

Customer Value Maximization is a good method used to attract customers to increase transactions and keep active customers of a business for a long duration. The primary factors which contribute to the total revenues that a customer will generate are time, purchase frequency and monetary value of purchases. Maximizing the value of the customer to the business implies maximizing time × purchase frequency × monetary value equation. The pillars of every value maximization strategy are:

1. Customer segmentation 

2. Tracking customers over time.

3. Accurate prediction of future customer behaviour.

4. It should be based on the use of advanced calculations to determine the Customer lifetime value (LTV).

5. Marketing action optimization.

Read more at http://www.optimove.com/blog/maximize-customer-value-smart-way

 

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AI And Retail Shopping Experience

Retail stores has thousands of choices for fashion and the salesperson may influence you in your decision but with the help of AI and Machine learning your experience is going to more simpler and engaging.AI monitors the browsing patterns of any customer and give product recommendation according to that.AI powered chatbots can work more smarter and intuitively than humans. Machine learning in AI is improving product search capabilities on e-commerce sites.With the tremendous potential of AI, it can revolutionize the retail and e-commerce sector.Read more at: https://www.entrepreneur.com/article/296657

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Chatbot And Monetization Strategies

Chatbots are new in the industry and you can make a lot of money from it whether you are an entrepreneur or a company. Chatbots can understand and utilize user psychology to your advantage. Bots can give service in the B2B business. In platforms like Facebook, you can advertise your product or service through bots. You can also generate leads for your business. Read more at:https://www.entrepreneur.com/article/289973

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Bots and their use in business

Many marketers have started to think that how they can use Facebook's Bot platform in their business. There are many ways chatbots can be used for the advantage of the business. Chatbot can offer self-service options to your customers which will bring a positive view of your customer care team. You will able to build most effective marketing campaigns with the in-depth user data. You will also able to introduce new innovative promotional opportunities.Read more at: https://www.entrepreneur.com/article/290085

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Someways Startups Can Apply AI

Artificial Intelligence startups are reaching a new record high with gaining good deals and investments from tech giants. There are four ways you can apply AI to your business. 1.Analysing various raw data you are able to find a cluster of similar minded people and get to know your next customer. 2.You will able to see how people genuinely using your product. 3.You will be able to get inside the user’s head using the user’s data pattern. 4.Making a digital assistant you will be able to provide affordable and always-on support.Read more at:https://www.entrepreneur.com/article/292286

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All About Chatbots

Use of digital assistants or chatbots helps to provide more personalized customer experience. It also can benefit business’s internal and external matters significantly. Implementing AI in Chatbot can improve workflow and help in communication among team members. It can handle logistics and supply chain. It can also help in enhancing decision making and regular important processes across their organizations. Read more at: https://www.entrepreneur.com/article/295157

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The Wonders Of Artificial Intelligence

According to authors,Machine-Learning, a subset of Artificial Intelligence (AI), is applied by firms in evaluating  financial decisions like assessing credit worthiness and eligibility criteria for an insurance policy, fraud prevention, by tracking fraud indicative transactions, thereby reducing the fraud rate, risk management, tasks of compliance, natural language processing, where this system can shift through thousands of commercial- loan contracts in seconds  and trading, where it is used both to crunch market data and to select and trade portfolios of securities. In the quantitative front, machine-learning algorithm , helped in making investment decisions, by picking up acquisitions before announcement, managing the client money and moving beyond the boundaries of conventional trading strategy. Read more at http://www.economist.com/news/finance-and-economics/21722685-fields-trading-credit-assessment-fraud-prevention-machine-learning?zid=291&ah=906e69ad01d2ee51960100b7fa502595

 

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What is Account Based Management - Boon or a Bane

According to authors , ABM is an account based strategy that merges sales and marketing. It mainly works with two datasets Ideal Customer Profile (ICP) and Total Addressable Market (TAM) to shortlist customers and individual accounts. Sales allot Tier and Play to each account and decision about the most sensible messaging paths and plays for individual accounts, depends upon the recommendations from marketing. The following technology set up aided ABM to achieve greater success:
• Major technology cleanup
• Marketing Automation and CRM
• Major Database Cleanup
• An account and ‘People’ Build-out
• Good Spreadsheets
Though it has information on target accounts and concerned people, SDR’s(Sales Development Reps) have limited bandwidth and lacked provision to distinguish between the strangers and acquaintances. Read more at  https://blog.insideview.com/2017/06/08/hear-learnings-from-insideviews-own-abm-journey/

 

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Revolution in Hotel Management

In the age of automation ,many hotels are using the data analytics to understand the free amenities that consumers like the most. The proper use of analytics will help them to please both the new and old visitors. In order to execute the hotel's amenity analytics, the following methodologies are used:                                          

1]To tap into the hotel's reservation system to find data                              

2] To incorporate this data with survey data from consumers. This helps the hotel management process easier by making the digital computation of the value of free amenities and by providing better analysis of the data available and making space for new reliable and valuable data.

Read more at: http://www.techrepublic.com/article/how-analytics-help-hotels-gain-customers-loyalty/

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Changing Roles Of Technology

Technologies changed roles at home, from the kitchen phone to smartphone, tablets etc. The latest edition is IoT. Here, smart means safety in terms of health and security. We will be able to control various electronic devices like AC, Fridge, Fan, TV etc. directly with our smartphones and also able to know the safety status of those. We can take care of our loved ones when we will be outside of our homes. The time of the smart home is coming to us soon. Read more at: https://www.entrepreneur.com/article/295464

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All About E-Retail After 2020

India’s retail market is predicted to double from $600 billion in 2015 to $1 trillion by 2020 as per IBEF. The growth in e-commerce influences development in the retail sector. Faster internet speed, reliable telecom operators, increased adoption of online services plays a key role in gaining that tremendous growth. In upcoming years, we will witness advanced technologies and innovations to revolutionize the customer’s shopping experience and collect more online sales.AI based chatbots will be the future of customer service. As consumers are gaining digital prominence mobile wallet will be crucial for cashless transaction. Read more at:https://www.entrepreneur.com/article/293462

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Marketing to Millennials with AI Technology

Marketing to millennials is challenging for their changing consumption patterns in various platforms, devices or content formats. AI collects smart real-time data and use those which may be personal data, brand data, historic data, etc. A chatbot can go to messenger platforms to accelerate a personalized e-commerce without human interactions. Acceptance of AI is growing in millennials for interaction with brands, online and offline. Read more at: https://www.entrepreneur.com/article/295047

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