Three Examples of Business Models Based on Innovate Technology.
How Do Big Data Analysis And Artificial Intelligence Play A Role In This Process?
Welcome to the 2nd part of the previous blogpost : The Secret Sauce That Could Help Your Business Grow where discussed about why some businesses are better than others.
Emerging technology allows us to both A) send signals and communicate with users (clients) AND B) to analyze the large amounts of data generated in today’s digital world.
Here are three concrete examples of companies who are using (new) technology to discover and develop new markets. Another way of saying “new markets” is “new products and services”.
There is a lot of complexity involved. Here are the main ingredients:
1. Identifying ‘futuristic trends’ – innovation
2. Making these new innovative services and products available on the market
3. Using digital channels to deliver the products and services
4. Measuring all digital activity in order to look for trends relative to your business goals
So let’s get right down to it. To recap, to the part 1 of the blogpost : marketing gets you customers, but a well-oiled Operations department keeps your customers happy. And at the crux of operations is the agility to take risks and capitalize on growing trends to stay ahead of the race. Don’t believe me? Here are 3 examples of how acting on ‘futuristic trends’ are transforming industries.
Example 1 : Healthcare
Castlight Health is a company that analyzes Big data to make available to patients in large health plans, data on health care pricing that they don’t normally see, helping them choose the most appropriate healthcare plan. That’s not all, analyzing patient clinical and behavior data has helped doctors create customized, preventive care programs targeting the most appropriate groups of individuals ensuring higher rates of success in preventive healthcare.
For the pharmaceutical companies, the opportunities for breakthrough in discovery of new drugs based on large segmented data sets has presented them with a gold mine of opportunities for the discovery of next generation drugs.
Hospitals across the country are now harnessing the combined power of Big Data and artificial intelligence to better evaluate the benefits of drugs and define optimal treatment plans, saving on insurance costs and helping rapid patient recovery.
Targeting services or marketing to meet individual needs is already familiar to many consumer-facing companies. Segmenting and analyzing their customers through combinations of attributes such as demographics, customer purchase metrics, and shopping attitudes and behavior is firmly established.
Example 2 : Retail
Retailers, especially those that operate online but increasingly also those with physical stores, are adjusting prices and promotions in a bid to experiment with which combination best drives traffic and sales. One example is where, you may have bought a product online and walked by a physical store of the same brand, only to have been alerted on your smartphone, by the retailer, about a new product or a discount that has been customized and appeals to your tastes, based on your past shopping history which is nothing but a combination of Big Data and Artificial Intelligence.
In retailing, real-time price comparison services give consumers price transparency to a degree never before enjoyed and generate significant surplus for them. The likes of Amazon and e-bay have allowed us to compare products in real time from the comfort of our homes providing us the best possible choice of goods and services in the market.
It’s a win-win for both retailers and consumers!
Example 3: Manufacturers and Service Providers
Manufacturers and service providers are using data obtained from sensors embedded in products to create innovative after-sales service offerings such as proactive maintenance.
Imagine your car reminding you that your car has reached 10,000 miles of its first run and needs a fresh pair of tyres or that its braking system needs to be fixed. Cars fitted with sensors provide real time data to automakers to help understand the performance of their cars, identify potential manufacturing defects for recall and help engineer the next generation of cars.
The emergence of real-time location data has created an entirely new suite of location based mobile services from navigation applications to people tracking.
The real time application of location based services have been capitalized not just by the likes of Uber or Lyft but by a wide range of industries from logistics and food delivery services to crime prevention by the police.
IOT, big data and artificial intelligence are going to change the economic landscape of the world and along with it, the fortunes of millions of people and the future of businesses and how they operate.
It’s an exciting time to be a part of the future. Whatever the industry and no matter what the product or the service, Big data can help recast your business to be more organizationally-agile, responsive to the ever changing business environment and most importantly, profitable!
It is time to make a decision!
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