Turning data to business
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Data is the new oil, but transforming data to business value requires both strategy and a profound understanding of customer needs.
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Turning data to business
- 1. MING LABS Designing businesses with data
- 2. MING LABS 2 Translating Data into Value
- 3. 3 These 3 companies built billion dollar businesses on data
- 4. 4 Through profound understanding of their users
- 5. 5 Facebook controls the news people read
- 6. 6 Google can predict users’ death with 95% accuracy
- 7. 7 Netflix can predict the success of content better than any other TV network
- 8. 8 But data, on its own, is meaningless
- 9. 9 Sadness It’s context that creates meaning +
- 10. 10 Sadness Hunger It’s context that creates meaning + +
- 11. 11 Sadness Hunger Lust It’s context that creates meaning + + +
- 12. 12 Visualisation impacts how our brain translates data
- 13. 13 Visualisation impacts how our brain translates data
- 14. 14 Effective use of data requires being customer focused and the ability to translate data into actionable insights.
- 16. Transformation 2 Future Business Invent Products / Services Find New Business Models Gain Traction Transformation 1 Current Business Gaining Efficiencies Improving Margins Improving Satisfaction
- 17. Transformation 2 Future Business Invent Products / Services Find New Business Models Gain Traction Transformation 1 Current Business Gaining Efficiencies Improving Margins Improving Satisfaction
- 18. Visualising customer experiences in real time Marriott Hotels curate and visualise data collected from social media platform to show what consumers are thinking about and how they experience the brand around the world in real time. This data helps assess brand health, compare performance of various properties and highlight potential problems. 18
- 19. 19 Visualising network performance to prioritise investment; reduce downtime Telco operators have to maintain connectivity through thousands of cell towers. These cells need to be upgraded regularly to avoid over capacity. Remote diagnostics combined with subscriber data is being used to prioritise investments in new infrastructures. Dashboards allow operators to understand the context of usage before making decisions.
- 20. 20 Source Identifying and quantifying friction points Mapping the customer journey against a company’s operations enables identifying friction points and opportunities for improving the service.
- 21. 21 Source Identifying and quantifying friction points Mapping the pain points based on frequency and impact (for the customer and for the business) helps prioritise areas of investment.
- 22. Transformation 2 Future Business Invent Products / Services Find New Business Models Gain Traction Transformation 1 Current Business Gaining Efficiencies Improving Margins Improving Satisfaction
- 23. 23 Source Data and visualisation help innovate in public transport Citymapper, a transport app, monitored the locations users were looking for commuting solutions and identified popular routes uncatered by the London Public transport. It then launched its’ bus service to answer commuters needs.
- 24. 24 Source Simplicity turned into a competitive advantage in banking Mobile banks, such as N26, Monzo and Atom, offer users a variety of functions to help them manage their financial lives. These functions, accompanied by great UX, compared to the traditional monthly statements translates into a competitive advantage over traditional banks.
- 25. 25 Telco companies monetise their data by repackaging it for new audiences Platforms such as data spark monetise data by turning into insights that serve various entities, such as city planners, media agencies and more. The usage is client specific, customisation of data and visualisation is essential.
- 27. 27 Opening up platforms via APIs and repurposing data for new usages and/or for new clients will turn many traditional businesses into data businesses
- 28. 28 Opening up data bases to 3rd parties will accelerate innovation Companies and entities, such as the Singapore government, open their data bases through APIs allow 3rd parties develop new solutions and services.
- 29. 29 Companies will use data to make lateral moves that disrupt industries • Netflix invested 18$BN on content in 2018 • Apple Watch received FDA approval • Uber launched courier services • Google will power up smart cars
- 30. 30 Your business will increasingly rely on data and how it is utilised. Think how to turn it into compelling stories that can translate to a clear value proposition to your existing as well as to new customers.