Data & Analytics

Master the Challenges of Multichannel Pricing

  • Blog
  • Read Time: 6 min 

Retail customers may accept different prices on different channels — but retailers need to manage new complexities to make it work. These include understanding what customers value in each channel and how that affects what they will pay, giving store employees the right language for talking about price differences, and working out operational challenges. Getting it right has a real payoff: Retailers that effectively price differently across all channels see bottom-line growth of 2 to 5%.

Interactive: Customer-Focused KPIs Fuel the Future of Business

Research from MIT Sloan Management Review and Google shows executives increasingly rely on key performance indicators (KPIs) to manage and lead their organizations. But what sets leading companies apart is not so much the number of metrics they track but how they use them to better engage customers — and thereby grow their businesses.

Your Customers May Be the Weakest Link in Your Data Privacy Defenses

  • Blog
  • Read Time: 5 min 

Many ethical, lawfully managed businesses have consumer data they aren’t legally authorized to possess, obtained from a surprising source: their customers, who inadvertently share the personal data of family, friends, and colleagues. And in the wake of the Cambridge Analytica scandal and the enactment of the EU’s General Data Protection Regulation, peer-dependent privacy is emerging as a critical consideration for businesses.

Beyond the Speed-Price Trade-Off

In response to increasing consumer demands for faster deliveries without added cost, more companies are implementing IT solutions that enable access to real-time sales data and inventory data across the whole enterprise. Real-time sales and inventory information, coupled with advanced analytics enables networks to accommodate fluctuations and changes in the business environment quickly, a quality the authors call distribution agility.

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From Winning Games to Winning Customers: How Data Is Changing the Business Side of Sports

  • Blog
  • Read Time: 5 min 

Sports analytics first proved its case on the field and in the front office, but as the practice spreads into business operations, the industry is addressing adoption challenges found in many sectors. At the MIT Sloan Sports Analytics Conference, speakers from teams and leagues discussed how they are using analytics to boost revenue, and how they’re managing transitions in culture and strategy.

Following the Digital Thread: Revolutionizing Supply Chains

  • Video | Runtime: 0:05:53

  • Read Time: 2 min 

In Part 1 of our eight-part video series, we explore the real power of the digital thread, which lies not just in a “cradle-to-grave” virtual rendering of the manufacturing process, but also in the possibility of taking the lessons learned from analyzing product performance and applying them to future generations of the manufacturing process and product design.

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Why APIs Should Be Regulated

Digital titans with access to large quantities of data are a challenge to competition. To maintain a competitive business environment, regulation focusing on both market and data dominance needs to be developed. Among the best tools for limiting companies’ influence: data audits.

How Big Data and AI Are Driving Business Innovation in 2018

According to a 2018 NewVantage Partners survey, executives now see a direct correlation between big data capabilities and AI initiatives. For the first time, large corporations report having direct access to meaningful volumes and sources of data that can feed AI algorithms to produce a range of business benefits from real-time consumer credit approval to new product offers.

Using Analytics to Improve Customer Engagement

The 2018 Data & Analytics Global Executive Study and Research Report by MIT Sloan Management Review finds that innovative, analytically mature organizations make use of data from multiple sources: customers, vendors, regulators, and even competitors. The report, based on MIT SMR’s eighth annual data and analytics global survey of over 1,900 business executives, managers, and analytics professionals, explores companies leading the way with analytics and customer engagement.

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Your Data Is Worth More Than You Think

Data has become a key input for driving growth, enabling businesses to maintain a competitive edge. Given the growing importance of data to companies, how should managers measure its value? An increasing number of institutions, academics, and business leaders have begun tackling the valuation problem to help organizations realize more value from their data.

Driving Operational Cost Savings With the Internet of Things

AI and IoT offer significant benefits — as yet untapped — for facilities maintenance. In most large companies, maintenance and repair is done piecemeal with tremendous inefficiency, something automated, data-centered management practices could reduce. Operations executives should take notice, because the companies that allocate resources toward putting technology to work in this area are likely to gain an important competitive advantage.

Seizing Opportunity in Data Quality

Bad data is the norm. Every day, businesses send packages to customers, managers decide which candidate to hire, and executives make long-term plans based on data provided by others. When that data is incomplete, poorly defined, or wrong, there are immediate consequences: angry customers, wasted time, and added difficulties in the execution of strategy. Getting in front on data quality is crucial, and presents a terrific opportunity to improve business performance.

What Sets Breakthrough Strategies Apart

Composing valuable strategies requires seeing the world in new and unique ways. It requires asking novel questions that prompt fresh insight. Even the most sophisticated, deep learning-enhanced computers or algorithms simply cannot generate such an outlook. Innovative strategies depend more on novel, well-reasoned theories than on well-crunched numbers.

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