“Further complicating matters, a large amount of customer data still lives in departmental silos, with sales, marketing, and customer service each supplying separate customer experiences. Those databases can easily grow stale or become inconsistent, since customer information owned by one department is often not shared with others. Keeping it up to date is an even more formidable task –– even a monthly update isn’t always frequent enough to keep up with the important life changes that can impact marketing decisions.”
Original source: The Travel Industry’s Data Dilemma: Turning Insights into Action
All the tech-driven competition in hotels:
“We have seen more and more business shift to our direct channels. We’ve seen loyalty continue to drive a higher share of the business that is coming into our hotels. And we think we’re competing or we compete against these platforms quite well.”
Original source: Marriott CEO on Tech Giants: ‘We Are in an Absolute War for Who Owns the Customer’
“Over the next decade, the electricity industry is predicted to unlock approximately $1.3 trillion in value through development and digitization of infrastructure, including platforms, devices, as well as cloud and advanced analytics.”
With the “greatest opportunities are predicted at the retail (8.5% EBIT improvement) and generation (6.6%) levels.”
Original source: Digital transformation in power generation and delivery
“More specifically, our definition will include leveraging technologies, such as AI, machine learning or robotic process automation, but it’s really about data and how we’ll utilize it. Like most insurers, we have decades of outcome data. Now, with evolving capabilities, the availability of new data sources and advances in analytical modeling, we can marry historical data with real-time data to create something more powerful. The ultimate goal is establishing new ways of working that are more data-driven in order to become more proactive and valued in our customers’ lives.”
Original source: A look inside American Family Insurance’s digital transformation office
“Thirty-six percent of those reported premium over $1 billion per year; those companies also said they planned to increase IT budgets by about 11% on average. Carriers between $500 million and $1 billion in premium plan an average increase of 5%.”
Original source: Largest insurers plan biggest IT budget increases
So why is everyone, including us of course, so excited? Because the benefits are extensive:- decentralisation, reliability, simplification, transparency, traceability, cost saving, reduced room for error, faster transactions and improved data quality… just to mention a few!
I don’t really understand any of this, but it seems like a thing.
Source: 5 Ways Blockchain will Transform Financial Services