The availability of data and expanded connectivity coupled with improved speed and computing power is driving a steep change in capability for industries and business, both to better understand and serve their customers as well as other stakeholders.
For some companies the focus will be on using data for better management and lower costs, while for others it will be using data to deliver a more targeted delivery or personalised offer to their customer set. This will ultimately lead to better customer experience and serve as a win-win, which satisfies customers while also improving the company’s own revenues and profitability.
It’s all about insights – for companies and for customers.
Take the example of health. The insights gained from analysing data empowers providers to better serve their patients. This can also deliver a win-win insofar as it allows the provision of better health outcomes for the end user at a lower cost to the company providing the service.
There is a thread that runs through industries and businesses in the modern economy. That is, there is a commonality of empowerment, which stems from data and analytics. Together, with the technology that empowers these concepts, it allows for better understanding, targeting, delivery, and personalisation to be provided to customers.
Recognising there is an opportunity for collaboration and learning within its own customer base, the Commonwealth Bank of Australia has brought the seemingly diverse industries of telecommunications, technology, health, education, media and entertainment into its Smart networks ‘ecosystem’.
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