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Does Big Data have a pivotal role in the future of customer experience?

Posted: 09 Jun 2019 09:00 AM PDT

A huge collection of information is collected from a wide variety of sources. That data is maintained and analyzed. Then, the companies can churn out useful insights from the huge pool of information. Therefore, at the end of the data analysis is the key.

The trick is how to find out which data needs to be analyzed and for what. First, companies need a Big Data strategy to analyze the data. The strategy should also include the main purpose of Big Data. For example, say if a company wants to find out useful insights pertaining to the market conditions or the industry trends, they will have to collect and analyze the data related to the market and the industry. 

Big Data is used by plenty of different teams and parts of the company. Apart from being used extensively by the sales and marketing teams, Big Data is used by the customer service teams of the firm. In fact, Big Data consulting helps the companies to understand their customer and the target audience better.

Customer Experience is becoming more important

Every profit generating business is reliant on the number of clients and customers. The main aim of every business is to amplify the number of customers and clients. However, customer retention also plays a major role. The company can gain benefits by attracting more customers and clients, but it is also important for them to retain the existing set of customers. In fact, they can even try to get more business from existing customers and clients. This is exactly where the role of customer experience comes into the picture. Only if a customer is happy with the company will he or she stick with a business.

Here's how Big Data helps to improve the customer experience:

  • Big Data helps to understand the customer' purchase history

A company can learn a lot about the customer through their purchase history. Thus, if you want to offer more suggestions and recommendations to the customers, then first, it is important to analyze the data related to the purchase history of the customer. The insights generated from the analysis will help the firms to know more about the customers, thus, they will be in a better position to offer products, services and even suggestions to the customers. And, better suggestions and recommendations surely amplify the customer experience offered to the customers.

  • Big Data analysis makes it easy to know the behavioral pattern of the target audience

Personalization and customization play a major role when it comes to offering good customer experience. To offer a much more personalized and customized customer experience, a company has to study its target audience and its customers better. The insights related to the behavioral patterns, interests, demands and needs of the customer will help the company to offer a better experience. With the help of Big Data analysis, companies can also track the complete journey of the customer, which eventually help us to know more about the customer.

Big Data plays a major role in enhancing the customer experience that a company offers. With the help of Big Data, companies can understand their customers better, thus, they are in a position to curate much more powerful and effective campaigns. At the same time that Big Data is generated from various sources, a wide range of information can be collected, and much more useful insights can be generated. It is important for the company to understand its customers better, and to offer them a remarkable customer experience.

Artificial Intelligence Will Change Healthcare as We Know It

Posted: 09 Jun 2019 06:00 AM PDT

  • Machine learning and deep neural networks have spurred significant advances in artificial intelligence.
  • Major AI applications in healthcare include diagnostics, robotic surgeries and virtual nursing assistants.
  • Healthcare AI is projected to reach $6.6 billion in value by 2021.
  • Adoption of AI could save the U.S. healthcare industry $150 billion annually by 2026. 

In Star Wars: The Empire Strikes Back, Luke Skywalker is rescued from the frozen wastes of Hoth after a near-fatal encounter, luckily to be returned to a medical facility filled with advanced robotics and futuristic technology that treat his wounds and quickly bring him back to health. Of course, that's the stuff of science fiction … for now.

The healthcare industry could be headed toward yet another high-tech makeover (even as it continues to adapt to the advent of electronic health records systems and other healthcare IT products) as artificial intelligence (AI) improves. Could AI applications become the new normal across virtually every sector of the healthcare industry? Many experts believe it is inevitable and coming sooner than you might expect.

What is artificial intelligence?

AI could be simply defined as computers and computer software that are capable of intelligent behavior, such as analysis and learning. It is a broad category at the cutting edge of technological development, growing and changing every day.

Machine learning and neural networks

Machine learning is the foundation of modern AI and is essentially an algorithm that allows computers to learn independently without following any explicit programming. As machine learning algorithms encounter more data, the algorithms' performance improves.

Deep learning is a subset of machine learning that functions in a similar way with a slight twist. Deep learning goes a step further, making inferences based on the data it has encountered before. In other words, deep learning enables an AI application to draw its own conclusions. It works through an artificial neural network, which is a set of machine learning algorithms that work in tandem. A neural network loosely resembles the human brain, with a series of "neurons" that "fire" when certain stimuli (in this case, data) are present.

"Conventional machine learning solutions aren't cognitive; they are trained from data but lack the ability to leap beyond missing or broken data and build a hypothesis about potential actions," said AJ Abdallat, CEO of Beyond Limits. "Machine learning can be effective in detecting something anticipated, but it fails when confronted by the unexpected."

To take artificial intelligence to the next level, Abdallat said, developers must emphasize both deductive and inductive reasoning, and emulate those cognitive patterns in the machines they design. A benefit of dynamic, deep learning solutions, he added, is that they can explain their reasoning and conclusions, a major benefit for complex decision-making.

How is AI used in healthcare?

AI is still a relatively new technology, especially in the healthcare industry where adoption remains in its infancy. As AI and machine learning tools become more sophisticated, their use cases have expanded; however, adoption of AI remains low, according to John Frownfelter, chief medical information officer at Jvion.

"We're still in the hype phase where many organizations are trying to understand how it fits into an overall strategy," said Frownfelter. "Early AI was seen … with more of an emphasis on pattern recognition for billing processes. It has evolved to a much more sophisticated use of deep machine learning and leveraging the power of big data."

Modern AI applications include wide-ranging use cases, from cybersecurity to radiographic imaging, Frownfelter said. As AI applications continue to improve, the entire healthcare industry could undergo a shift. Here are some of the major ways AI is expected to shape healthcare in the coming years.

Diagnostics

AI excels at categorizing data, especially once it has been exposed to large amounts of data on the subject. That creates great promise for AI when it comes to diagnostics – medical imaging analysis and patient medical records, genetics, and more can all be combined to improve diagnostic outcomes. Moreover, AI tools can use similar information to craft unique treatment approaches and offer recommendations to doctors.

"The really interesting developments are in the clinical arena," said Frownfelter. "Clinical prescriptive analytics is probably the closest AI is getting to support direct patient care in 2019."

Robot-assisted surgery

Robotic surgeries allow surgeons to use smaller tools and make more precise incisions. Surgeons (and patients) could also benefit from AI by combining medical records with real-time data during operations, as well as drawing on data from previous successful surgeries of the same type. Accenture, a technology consulting firm, estimates that AI-enabled, robot-assisted surgery could save the U.S. healthcare industry $40 billion annually by 2026.

Virtual nursing assistants

Think of virtual nursing assistants like an Alexa for your hospital bedside. These virtual assistants replicate the typical behavior of a nurse by assisting patients with their daily routines, reminding them to take medications or go to appointments, helping answer medical questions and more. Accenture estimates that virtual nursing assistants could be the second-largest source of annual savings for the U.S. healthcare industry, cutting as much as $20 billion in costs.

Administrative workflow assistance

Naturally, medical practices, hospitals and other points of care result in a great deal of paperwork. In fact, it was consolidating and digitizing these records that led to the industry-wide adoption of electronic health records systems. AI has already started to make its way into these systems and can be used to streamline administrative functions as well. Accenture estimates that new efficiencies in administrative workflow due to emerging AI technologies could result in $18 billion in annual savings.

Editor's Note: Are you looking for an EHR system for your hospital or medical practice? Fill out the questionnaire below to be contacted by our vendor partners with more information about a potential solution for you.

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Patient engagement

Already, automated scheduling and appointment reminders are commonplace, but the face of patient engagement could soon become more robotic (and yet, at the same time, more personal.)

"There has, rightly so, been a focus on how AI can be used to better diagnose and cure patients," said Phil Marshall, co-founder of Conversa Health. "That's important, but now we are seeing a shift to the ways AI can extend into the patient experience."

For example, patients who are concerned about a specific condition or the side effects of treatment could query a chatbot at any time, even when their doctor is not available, Marshall said.

"Imagine a cancer patient undergoing radiation [who] is unfamiliar with what is a normal side effect and what isn't. Now, instead of worrying through the night until the doctor's office opens, the chatbot can let them know," he said.

The economics of artificial intelligence in healthcare

What is all this worth? Accenture estimates the top 10 AI applications in healthcare could save the industry $150 billion annually by 2026. The AI healthcare market itself is projected to be worth $6.6 billion by 2021, which represents a massive compound annual growth rate of 40% since 2014 but also a modest investment when compared with the anticipated savings directly related to the adoption of AI.

"Investment and adoption of clinical AI is still low, but that is beginning to accelerate," said Frownfelter. "The most significant development in the next year is likely to be increased understanding and acceptance of AI."

Talking Shop: How to Compete Against Amazon

Posted: 09 Jun 2019 06:00 AM PDT

While Amazon has nearly 200 million visitors to its website each year, small businesses can avoid being sunk by the giant retailer by focusing their efforts on specific products and not trying to be everything to everyone, according to Dan Breeden, head of marketing partnerships for Yahoo Small Business.

Dan Breeden

Breeden is a 12-year e-commerce veteran and has been advising small businesses on how to start off on the right foot for more than a decade. Part of his advice to small businesses concerns how to stay afloat when competing against large marketplaces.

Breeden has been at Yahoo since 2006 and has led partner and marketing programs for a number of B2B and consumer initiatives. He's been with Yahoo Small Business for the past eight years, focusing on building a community of strategic partners, developers, and agencies that provide the tools and expertise small businesses need to start, build, and grow successful companies.

We recently had a chance to speak with Breeden about how small businesses can build an online business while facing competition from Amazon and other large marketplaces.

Becoming an authority in your niche

Q: What is the first thing you should do when trying to compete against Amazon?

A: Be the world's best authority on the products you want to sell. Amazon's business model is selling lots of products without offering great depth of detail. Your competitive edge is providing your customers with richness and breadth of detail, thereby becoming the trusted source of information on a product.

By creating conversations with your customers, you'll build engagement faster. Think of yourself as the store in town with the best fishing tackle or the best cooking tools. Nurture customers who really enjoy these types of purchases and how the items make their life better.

Q: How can targeting a niche market improve your chances of competing against larger competitors?

A: Big marketplace retailers sell in volume and compete largely on price. As a smaller retailer, you need to compete with more finely tuned, curated merchandise that offers customers a product and experience they won't get elsewhere. 

Targeting a niche market and spending your limited advertising dollars to reach these customers will improve sales and protect your budget. Also learn how to target ads to buyers who are getting close to purchase, as opposed to ones that are just researching options. 

Q: How should businesses trying to compete against the likes of Amazon leverage social media?

A: Social media is the perfect marketing tool for smaller retailers. Use the social media channels that fit your products and prospective customers, and use them on a consistent basis to build your community of people interested in your specific group of products.  Encourage feedback and conversation, which will also help you get ahead of trends before the mammoth retailers. 

The millennial customer, in particular, is a frequent social media user and expects to see product information available through these channels. Make your communication upbeat and engaging and you'll rise above the noise of the mega retailers. Try to add unique photos or very short videos to increase engagement and stand out from the crowd.

Doing your research

Q: How much of your attention should be focused on trying to compete with Amazon, as opposed to your other competitors?

A: Your focus needs to be on any retailer either selling or looking to sell in your product space. The way to stay in business is to have a clearly defined niche set of products, a powerful connection to your customers, a constant refresh of inventory to capture trends first, and a continual social media push to draw feedback and attract new customers. 

It sounds like a huge task, but it is the only way to be unique and interesting enough that a customer will spend the time to look around on your site and get to the cart page. That said, don't focus specifically to beat any marketplace. Focus instead on building a loyal base of customers and to turning them into advocates for your business.

Q: Before starting a business, should you spend time researching how big of a player Amazon is in that marketplace? If they are a big player, should you reconsider even starting your business?

A: Based on the enormity of Amazon, you can assume most common goods are already available via Amazon. You should certainly do an Amazon search of what is available in your planned product category, but spend a significant amount of time across the internet researching the defined niche market you want to target. 

Be sure to look at other marketplaces as well as direct-to-consumer sites to gauge the level of existing competition. Be realistic. Use all the data and information you find. If it appears your market is still largely untapped, launch your site.

Q: What are some key signs that Amazon has you beat and you need to consider a new strategy?

A: If you find that Amazon has essentially duplicated your product catalog and the items you sell are neither complex nor personal in terms of fit or function, you're probably in trouble.

Even if you currently have a slight pricing advantage or a loyal following, it's going to become increasingly difficult to grow your business. When you see this, it may be time to consider options that include pivoting to products that benefit from your own expertise and recommendations, or even looking at manufacturing your own line so you have a defensible set of products.

Rapid-fire questions

Q: What piece of technology could you not live without?

A: Hey Siri. I spend more than 500 hours a year commuting – half of that on a motorcycle. Having a hands-free tool – whether it's in my car or using a Bluetooth connection to the speakers and mic in my motorcycle helmet that lets me stay on top of my schedule, traffic reports, directions around accidents, or just streaming music – has made my commute about as close to enjoyable and productive as I'm likely to get.

Q: What is the best piece of career advice you have ever been given?

A: I once had a boss who advised, "Don't let anyone assign you to stupid projects." Those are words I've lived by. It seems that no matter what your level, once people see that you can get things done, they will come up with more ideas for how you can fill your time.

If it's something small, you may want to just get it done and write it off to managing up or building goodwill. But all too often you end up being the go-to person for vanity projects with little value.

Don't fall into that trap. Develop your reputation as a professional focused solely on high-value, big projects. You can then push back on assignments that don't align with your goals or are merely unproductive time-wasters.

Q: What's the best book or blog you've read recently?

A: I've been reading Wisdom @ Work: The Making of a Modern Elder by Chip Conley and am finding it to be an inspiring take on how different generations of workers can contribute to a company's success while also continuing to learn and grow.

The author is the founder and former head of Joie de Vivre Hospitality who, at the age of 52, joined Airbnb as head of global hospitality and strategy. Initially feeling digitally underwater compared to other workers, he quickly found that his experience enabled him to provide incredible value as a mentor and "elder" who could see the big picture.

Beyond being a roadmap for midlife professionals, I'm finding it provides some valuable insights into creating diverse teams and helping everyone do their best work. 

Q: What's the biggest risk you've taken professionally? Did it pay off? 

A: Probably the biggest risk I ever took was accepting a promising job that required a 4,000-mile move and where I didn't have the opportunity first to meet the team or top managers. The role sounded challenging and promised entry into a top media brand, but it only took a couple of months to realize the company's negative culture was tough to counteract and turnover was quite high. 

With a newborn child at home, I struggled with whether a horrible job was better than no job at all. I chose to invest in my own sanity and belief that my time and opinions had value.  I quit. It was a decision I've never regretted and set up a chain of new roles that quickly outstripped any opportunity the previous job offered. It taught me that I can overcome setbacks and that being true to your core principles has more value than a temporary sense of security.
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