Real-time analytics win over Teradata

Real-time analytics win over Teradata

Integrating all data into a single view with advanced real-time analytics is critical to the success of organisations' digital transformation, says Stephen Brobst, chief technology officer of data analytics company Teradata Corporation.

"It will enable businesses to better understand their customers' behaviour across multiple channels," said Mr Brobst, who was a member of the US President's Innovation and Technology Advisory Committee during the Obama government.

"Digital transformation is not just about technology. It is also a business issue that must encompass risk-taking and moving quickly in adopting innovation.

"We found 86% of buyers will pay more for a better customer experience, but only 1% of those surveyed feel brands or vendors can meet their expectations."

A study by global research firm Gartner Inc indicated that by 2018 companies that invested in online personalisation will outsell companies that don't by 30%, he said.

Businesses initially need to find the part of the process in which they are failing, then increase digital engagement with customers, predicting their behaviour based on a statistical scorecard system, said Mr Brobst. This strategy can help them increase sales opportunities by 1.5 times, he said.

Companies also need to understand the "voice of customers" by applying a deep-learning algorithm for voice-to-text translation measuring customer sentiment based on the amount and variety of data, said Mr Brobst. This will allow businesses to cope with problems quickly.

"Voice-to-text transaction technology helps improve data accuracy, decreasing the error rate from 20-30% to less than 5%. Businesses can apply such technology to call centres to help them reduce the cost of solving customer problems by at least 10 times," he said.

Buranin Rattanasombat, executive vice-president of lubricants business for the oil business unit of PTT Plc, said PTT is an early adopter of smart analytics, having applied the technology to the company's big data analyses five years ago.

"Data analytics enables us to better understand customer behaviour as we can run predictive analytics and cross-sell to a targeted group of customers," he said.

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