Tag: big data

  • Big data to help collect tax from foreign service providers

    Big data to help collect tax from foreign service providers

    Big data on e-commerce would help the tax watchdog to efficiently collect tax from foreign cross-border IT services providers, a tax official said.

    Statistics showed that cross-border IT services and social network providers, including Google, Apple, Facebook, Netflix, TikTok and Microsoft, paid around VND4 trillion (US$169.5 million) in taxes in the first half of this year, compared to VND3.5 trillion for the full last year.

    The tax that Vietnam collected on the providers remained modest compared to the revenue of the retail e-commerce market which reached $16.4 billion in 2022, statistics of Vietnam E-commerce and Digital Economy Agency showed.

    It was estimated that Vietnam’s retail e-commerce market would expand by 25% to hit $20.5 billion this year.

    On the e-commerce market, six foreign providers namely Meta (Facebook), Google, Microsoft, TikTok, Netflix and Apple, accounted for about 90% of the revenue on cross-border digital platforms in Vietnam.

    In the field of digital advertising, according to Kantar Media Vietnam, the revenue on platforms such as Facebook, Youtube and TikTok reached $2.5 billion in 2023 and is forecast at $3.4 billion this year.

    Nguyen Bang Thang, director of Tax Management Department of Large Enterprises, said that the tax watchdog would continue to create favorable conditions for foreign providers and domestic establishments which were seriously developing business in Vietnam. At the same time, strict punishments would be applied to violations, he stressed.

    He added that the tax watchdog regularly cooperated with relevant agencies to analyze risks related to tax declaration of foreign providers and authorized organizations for handling measures. Experiences from other countries, including the U.S. and the EU, showed that the development of big data on e-commerce would be critical to ensure efficiency in tax management on cross-border platforms.

    Admitting tax loss in e-commerce, Nguyen Thi Minh Huyen, deputy director of Vietnam E-commerce and Digital Economy Agency, said that the legal regulations on tax collection in the industry were still in the process of being improved.

    Huyen said that a mechanism for data sharing between relevant management agencies must be raised to prevent cross-border tax loss.

    According to Hoang Van Cuong, deputy of the National Assembly’s Finance – Budget Committee, the focus must be placed on strengthening digital transformation to have an adequate data for easy and efficient tax management.

    The Ministry of Finance targeted to increase domestic tax collection by 5-7% in 2024 with one of the focuses on enhancing the efficiency in tax collection from cross-border e-commerce.

  • Microsoft’s big AI announcement means that Bing could replace Google as top search app

    Microsoft’s big AI announcement means that Bing could replace Google as top search app

    Microsoft announced tonight that it is integrating its Bing search engine and Edge web browser with the AI superstareveryone is talking about, ChatGPT. Microsoft is investing billions in OpenAI, the developer of ChatGPT, so it makes sense that Microsoft’s search engine and web browser get first crack at adding the conversational AI experience to its mobile apps.

    While Bing currently has about 9% of the online search market, Microsoft expects to generate $2 billion in additional advertising revenue for each percentage point of market share it adds. For Q4 2022 Google Search generated revenue of $42.6 billion compared to “only” $3.2 billion for Microsoft’s search and news advertising revenue. That’s a gap Microsoft is hoping to close and more.

    During a press briefing at Microsoft headquarters in Redmond, Washington, CEO Satya Nadella said, “This technology is going to reshape pretty much every software category.” ChatGPT is available on the Bing website for a limited number of users and will be ready for mobile users via the Bing app in the weeks ahead. But before you get too excited, during the “limited preview stage,” only pre-set queries will be allowed. At a later date in the future, free-form queries will be answered.

    You first need to join a waitlist to get the Bing app with ChatGPT integration. You can jump ahead in the line by making Microsoft apps the default choice on your PC and scanning a QR code to install the new Bing app on your phone.

    Bing will use OpenAI’s most powerful Prometheus model which will use real-time web data from Bing. That means Bing’s chatbot will be able to give answers based on current events rather than post answers that are limited to 2021 data. And with ChatGPT, Bing users will be able to get a summary of the articles they are reading, compose emails, and translate them to reach more readers. Microsoft warns that ChatGPT, like most AI chatbots, is apt to give incorrect information which it calls a hallucination. The company says more user feedback will help reduce hallucinations.

    Not all analysts see Microsoft’s move as a big one for consumers. Gartner analyst Jason Wong said Microsoft’s “partnership with OpenAI is more relevant for its business customers.” Even so, Wong stated that Microsoft could offer “disruptive opportunities” in consumer businesses as well. The analyst said, “Except for gaming, Microsoft has not been a leader in key consumer technologies, such as search, mobile and social media.”

    Microsoft says that the AI-driven Bing will no longer simply disseminate links. Instead, it will give users clear answers in simple language combining answers that Bing found on the web and from its collection of data. On the Edge web browser, ChatGPT could be used to help users understand long and complex documents.

    Google tossed its hat into the conversational AI era yesterday by announcing Bard. Google CEO Sundar Pichai wrote that AI is “the most profound technology we are working on today. AI helps people, businesses and communities unlock their potential.”

    ChatGPT was forecast back in December to replace Google in a couple of years. Now it seems possible that this is going to happen earlier than expected. The chatbot can “write computer code, create complex essays, decorate your home, come up with a winning marketing idea, and more.” Teaching professionals are concerned that students will turn to AI chatbots to write essays instead of using their own brains.

  • The role of telecoms in a growing big data analytics market

    The role of telecoms in a growing big data analytics market

    In today’s data-driven world, more organizations are investing in big data analytics to improve business performance and build business resiliency as the world experiences unprecedented digitalization.

    According to IDC, big data and analytics (BDA) spending in the Asia-Pacific region, has been on the rise. In 2020, revenue for BDA solutions reached US$22.6 billion, representing a growth of 12% from the preceding year. IDC predicts that this revenue will grow with a five-year CAGR of 15.6% for the period from 2019 to 2024.

    Banking is the top vertical leading the overall BDA market, followed by the telecommunications sector, where big data analytics has been applied to predictive customer churn analysis, for instance.

    Since telecom operators handle billions of records every day, the use of big data converts raw data into meaningful insights that are valuable to enterprises and the government.

    In the region, China accounts for the largest share of the BDA solutions market, driven by banking and state and local government. Even Chinese factories have turned to big data to focus on the domestic market when exports were disrupted last year. When overseas demand dropped and China was at the height of the pandemic, factories turned to e-commerce giants like Alibaba and JD.com to track consumer behaviors. Within just three months, Alibaba successfully helped 300,000 Chinese export factories to focus on local consumers.

    To secure tech supremacy, China is investing heavily in emerging innovations. Last month, China’s state media announced a US$3 billion plan to build a supercomputing center to analyze data obtained from space by the end of the year. The center will provide big data services for industries such as the aerospace and marine sectors as early as next year.

    Taking cues from the central government, companies are also investing in big data. Last month, tech giant Tencent and venture capital firm Sequoia China led a US$25 million funding round in a Chinese big data startup to capitalize on global digitalization efforts.

    In Malaysia, where big data analysis is still in its early stages, IDC has forecasted that the BDA market will grow from US$1.1 billion in 2021 to US$1.9 billion in 2025. In this research commissioned by Malaysia Digital Economy Corporation (MDEC), findings show that the services sector will dominate the BDA market, contributing 64% of total spending, followed by banking and telecommunications, with both contributing to a third.

    Malaysia has plans to become a regional data hub leader, with capabilities such as big data, IoT and AI. Last month, Microsoft announced that it is establishing its first data center in Malaysia’s Greater Kuala Lumpur area. Estimated to cost US$1 billion, this investment is expected to create 19,000 jobs and generate US$4.6 billion in revenue for Malaysia.

    New revenue sources across sectors
    Amid big data growth and advances in big data analytics, global telecom operators are well-positioned to take advantage to compete. Apart from transforming customer experiences within to reduce customer churn and improve operational efficiency, the telecommunications industry is in a unique position to mine the sheer volume of data for other sectors as data becomes a key differentiator to stand out among competition.

    Insights into big data present telecom operators monetization opportunities when offered to organizations across increasing industries that are recognizing its perks. Such industries include logistics and shipping, as well as the retail industry.

    In the logistics industry, for instance, historic data and pattern analysis that take into consideration seasons and cycles can be used for predictive analytics. Insights from data can be used to predict future volumes, route planning using real-time analytics on weather and traffic conditions for route optimization, and more efficient dispatch of transportation vehicles to prevent delays. Predictive analysis also enables robotic systems to scale inventory management in warehouses as needed. Essentially, big data analytics offers visibility and transparency throughout the supply chain so that firms can better respond to immediate real-time information for smoother operations.

    Big data also promotes client segmentation and target marketing to attract and retain existing clients in the retail sector. For example, telecom operators can run analytics on consumer data that are sought after by retailers to enhance existing targeted marketing campaigns. More specifically, behavior analytics carried out by telecom operators can help retailers connect with their buyers both online and offline and decide if it is worthwhile opening a store or franchise in a particular precinct.

    Given that the telecommunications industry is inextricably linked to organizations in today’s digital age, data-driven insights are an important driver for the continued relevance and prosperity of organizations across diverse sectors. The onus is on telecommunications operators to tap on this growth area.

  • The role of telecoms in a growing big data analytics market

    The role of telecoms in a growing big data analytics market

    In today’s data-driven world, more organizations are investing in big data analytics to improve business performance and build business resiliency as the world experiences unprecedented digitalization.

    According to IDC, big data and analytics (BDA) spending in the Asia-Pacific region, has been on the rise. In 2020, revenue for BDA solutions reached US$22.6 billion, representing a growth of 12% from the preceding year. IDC predicts that this revenue will grow with a five-year CAGR of 15.6% for the period from 2019 to 2024.

    Banking is the top vertical leading the overall BDA market, followed by the telecommunications sector, where big data analytics has been applied to predictive customer churn analysis, for instance.

    Since telecom operators handle billions of records every day, the use of big data converts raw data into meaningful insights that are valuable to enterprises and the government.

    In the region, China accounts for the largest share of the BDA solutions market, driven by banking and state and local government. Even Chinese factories have turned to big data to focus on the domestic market when exports were disrupted last year. When overseas demand dropped and China was at the height of the pandemic, factories turned to e-commerce giants like Alibaba and JD.com to track consumer behaviors. Within just three months, Alibaba successfully helped 300,000 Chinese export factories to focus on local consumers.

    To secure tech supremacy, China is investing heavily in emerging innovations. Last month, China’s state media announced a US$3 billion plan to build a supercomputing center to analyze data obtained from space by the end of the year. The center will provide big data services for industries such as the aerospace and marine sectors as early as next year.

    Taking cues from the central government, companies are also investing in big data. Last month, tech giant Tencent and venture capital firm Sequoia China led a US$25 million funding round in a Chinese big data startup to capitalize on global digitalization efforts.

    In Malaysia, where big data analysis is still in its early stages, IDC has forecasted that the BDA market will grow from US$1.1 billion in 2021 to US$1.9 billion in 2025. In this research commissioned by Malaysia Digital Economy Corporation (MDEC), findings show that the services sector will dominate the BDA market, contributing 64% of total spending, followed by banking and telecommunications, with both contributing to a third.

    Malaysia has plans to become a regional data hub leader, with capabilities such as big data, IoT and AI. Last month, Microsoft announced that it is establishing its first data center in Malaysia’s Greater Kuala Lumpur area. Estimated to cost US$1 billion, this investment is expected to create 19,000 jobs and generate US$4.6 billion in revenue for Malaysia.

    New revenue sources across sectors
    Amid big data growth and advances in big data analytics, global telecom operators are well-positioned to take advantage to compete. Apart from transforming customer experiences within to reduce customer churn and improve operational efficiency, the telecommunications industry is in a unique position to mine the sheer volume of data for other sectors as data becomes a key differentiator to stand out among the competition.

    Insights into big data present telecom operators’ monetization opportunities when offered to organizations across increasing industries that are recognizing its perks. Such industries include logistics and shipping, as well as the retail industry.

    In the logistics industry, for instance, historic data and pattern analysis that take into consideration seasons and cycles can be used for predictive analytics. Insights from data can be used to predict future volumes, route planning using real-time analytics on weather and traffic conditions for route optimization, and more efficient dispatch of transportation vehicles to prevent delays. Predictive analysis also enables robotic systems to scale inventory management in warehouses as needed. Essentially, big data analytics offers visibility and transparency throughout the supply chain so that firms can better respond to immediate real-time information for smoother operations.

    Big data also promotes client segmentation and target marketing to attract and retain existing clients in the retail sector. For example, telecom operators can run analytics on consumer data that are sought after by retailers to enhance existing targeted marketing campaigns. More specifically, behavior analytics carried out by telecom operators can help retailers connect with their buyers both online and offline and decide if it is worthwhile opening a store or franchise in a particular precinct.

    Given that the telecommunications industry is inextricably linked to organizations in today’s digital age, data-driven insights are an important driver for the continued relevance and prosperity of organizations across diverse sectors. The onus is on telecommunications operators to tap on this growth area.

  • ZTE launches i5GC to support private 5G networks for vertical industries

    ZTE launches i5GC to support private 5G networks for vertical industries

    The solution introduces 5G capabilities such as large bandwidth, low latency, high reliability and multiple connections into various industries, and integrates technologies such as AI, IoT, cloud computing, big data and MEC to enable the digitalisation of whole industries and build fully-connected intelligent private 5G networks for vertical industries.

    At present, public 5GC is oriented to consumer applications, so it cannot meet industry users’ ultra-high requirements for security, latency, reliability, network control rights, energy consumption and usage environment. ZTE i5GC addresses this by deeply integrating and optimising 5GC functions. It uses 2U general servers to achieve the integration of multiple network functions (NF) and a plug-and-play one-stop deployment mode to achieve minimal space, minimal energy consumption and minimal operation and maintenance (O&M).

    This solution provides non-professional industry users with rapid and accurate 5G network access deployment and excellent service experience. In addition, ZTE i5GC can be flexibly customised according to a user’s diversified requirements for security, traffic processing and autonomy, and provide different function combinations and deployment forms for different scenarios. For instance, the user plane function (UPF) is deployed to the edge, traffic is forwarded nearby, and user data is locally managed. In addition, ZTE i5GC employs a 3GPP service-based architecture (SBA) to seamlessly interconnect with a 5G public network. It can integrate third-party multi-access edge-computing (MEC) applications through open interfaces to achieve flexible expansion and rapid iteration of edge applications, so as to explore and breed 5G killer applications in the vertical field.

    Towards the construction of business-grade 5G networks, ZTE has implemented in-depth 5G applications for use in vertical fields such as mines, medical treatments and ports. For example, for a 5G smart mine project, ZTE uses i5GC to deploy a complete set of 5G networks underground, meeting the mine’s compact space and explosion-proofing requirements, and achieving full coverage from key 5G networks. ZTE i5GC will continue to focus on industry projects, promote the understanding of industry requirements, work with enterprises and operators to build a 5G application ecosystem, help expand the ‘blue ocean market’ opportunity for 5G for business, and drive 5G large-scale commercial use and value monetisation.

  • cand JD use big data to design ‘C2M Mobile Phone’

    cand JD use big data to design ‘C2M Mobile Phone’

    Chinese e-commerce giant JD and device manufacturer Xiaomi sold 10,000 units of a jointly-produced mobile phone within 11 minutes.

    The Redmi K30 5G Racing phone was developed by Xiaomi based on customer insights generated from big data provided by JD. Sales volume passed RMB2 million (US$280,500) within two minutes, with the unit price at RMB1999 ($280).

    More than 20,000 phones were sold within the day.

    JD’s data revealed that most customers within the price range were females with higher educational backgrounds and above-average demand for device functions and CPU. The phone was designed with an upgraded CPU and with a mint green color tone, shown by the data to be more attractive to female customers. JD’s data also supported the marketing strategy of the product, targeting around 1.2 million customers likely planning to replace their phones within two months.

    “We have great confidence in the new C2M product,” said Xiaomi China VP Weibing Lu. “JD has been an important partner for Xiaomi, and we will work closely with JD on more C2M products in the future to better serve our customers.”

    “JD has been continuously working on C2M products with our brand partners, and the Redmi K30 5G Racing version is the collective effort of JD, Xiaomi, and Qualcomm,” said JD Mobile Devices president Daniel Tan.

    “C2M enables customers’ demands to directly reach upstream supply chain players, helping to optimize supply chain efficiency and reduce costs. This model enables us to keep improving the shopping experience.”

  • Big Data and Artificial Intelligence are Set to Transform Accounting and Finance

    Big Data and Artificial Intelligence are Set to Transform Accounting and Finance

    Spreadsheets were arguably the killer app for personal computers, and accounting software is commonly used. However, that hasn’t changed day to day operations of businesses or the lives of individuals. We’ve simply shifted from written ledgers to digital ones, and accounting professionals review reports that haven’t changed much beyond being computer generated. However, Big Data, AI and other technologies are poised to radically alter the financial world. Let’s look at how Big Data and artificial intelligence are set to transform accounting and finance.

    Robo-Advisors

    We’re starting to see more and more robo-advisors popping up nowadays, and people are slowly getting used to them. These robo-advisors can give clients a quick answer regarding the impact of upping their retirement contributions another one percent or whether they should consider diversifying their investments.

    And, they can aid accounting professionals, too. A robo-advisor may flag suspected mistakes in the records for instance, identify unusual patterns for audit or provide deeper insight into a customer’s behavior. All of this could come in handy for accountants. This will allow accounting professionals to handle more clients and provide more value to them.

    They’ll then be able to advise people on how to adjust their spending or alter investing portfolios instead of crunching the numbers. Robo-advisors can also provide basic advice to clients, giving the masses vetted financial advice without the cost of a human financial advisor. The chatbots can handle common customer questions, freeing up customer support staff for more complex problems.

    The Productivity Tools Powered by AI

    Artificial intelligence powered invoice management systems already exist and are poised to change accounts receivable forever. They use digital workflows to streamline the process of generating invoices and tracking payments.

    The AI behind them can learn which accounting codes are most appropriate for each invoice. Supplier onboarding can be done almost automatically via AI. The supplier’s credit score or tax information is vetted, and if approved, the supplier is added to the system. No human involvement is necessary.

    APIs are able to interface with each other, dramatically reducing the amount of paper that needs to be generated and managed. Let the robot find the cheapest supplier while your staff address issues automated systems can’t resolve. Artificial intelligence can read receipts, review expenses relative to company policy and approve most of them. Managers are only involved when the AI notifies them of a possible infraction.

    The monthly and quarterly close process is both faster and more accurate. Then, your business can shift from consolidating and reconciling records to using that information to craft better business strategies.

    The Merger of IT and Accounting

    Only three percent of an organization’s data meets minimal data quality standards. Studies suggest half of all data records have at least one major error. Yet, financial and accounting professionals are increasingly working entirely off digital data. This means CPAs have to set standards for data quality and manage business policies meant to maximize it in addition to meeting accounting standards. Data security and privacy regulations are also the purview of financial professionals, because of the digitization of financial data.

    Financial professionals who can automate various business processes will be able to leverage automation and serve many more clients effectively at a lower overall cost. The ability to mine and make use of masses of data allows financial professionals to provide greater insight than out of the box reports.

    Professionals Forced to Move Up the Food Chain

    As AI takes over the menial tasks like totaling up expenses and checking spending against an established budget, financial professionals must find new roles to fill if they don’t want to lose their jobs. Because AI is taking over the menial tasks, human staff needs to refine their skills. This may mean learning how to use AI capabilities to improve their own productivity or moving into roles AI cannot fill.

    One great thing is that students can now get an online accounting MBA that is up-to-date on Big Data and AI. Getting their MBA online allows them to learn the regulatory and reporting requirements that accounting and finance firms must meet. They’ll learn not only generally accepted accounting principles but also the more advanced skills like budgeting and performance evaluation needed to make use of data.

    This allows them to move into financial planning, risk management, tax planning and other higher-skill positions. And, they must do so since bookkeeping, accounts payable and entry level tax accounting are likely to become automated. Finance professionals will want to be able to do more than report past performance relative to key performance indicators and give actionable advice to improve performance.

    Auditing and Auditability

    Digitalization of the financial audit process dramatically increases its security, because it automatically tracks who accesses what data and when. You don’t have to search through old paper files, because you can quickly search through digital files instead. The fact that all of the information is saved digitally allows for 100 percent financial auditing. This improves the efficiency and accuracy of audits over the traditional samples that were audited.

    Machines to Work with Human, not Against Them

    At the end of the day, machines will have the ability to complement human intelligence and will work best in conjunction with human input. While bank reconciliations could be better handled by machines, there is still much need for emotional intelligence that only humans can provide.

    Machine learning could be used for advanced analysis, while humans can use this flow of data to be better advisors and tailor financial services and solutions to clients based on certain intangibles. If anything, the role of humans will be even greater, as there will always be need for people who can analyze this data and apply them to human needs.

    Conclusion

    Machines have long taken care of the monotonous, repetitive tasks and are now starting to be implemented for more complex operations. Artificial intelligence and Big Data are allowing them to change the way accounting and financial work is done, and we can expect them to start taking a larger role in the future.

  • How technology shape the future of retail in India

    How technology shape the future of retail in India

    The Indian Retail Industry is considered one of the fastest growing industries in the world and technology has emerged as a helping hand to the industry. The world has seen a transition in retail planning –with the industry going from being product-centric to being customer-centric – and retailers are leveraging technologies to reach the modern shoppers.

    Over time, retail technology has transcended from an aspiration to an expectation and has wedged itself securely between consumer and experience to create an everyday interface. While it has definitely made life easier for consumers, retailers in India have spent a better part of the last decade on their heels, reacting to profound changes throughout the sectors of the industry.

    Retailers today are not fighting with retailers anymore; instead they’re fighting with different technological interventions in order to be the most competitive in the world. With growing competition, it has become extremely vital for retailers to innovate continuously and implement cutting-edge technologies to fulfil today’s demanding customers’ need.

    In order to stay relevant in a highly competitive market, every retailer needs to stay on top of technological advances and also learn how to exploit these technical innovations to forward their business goals.

    Over the past few years, a number of technology trends have evolved and dramatically altered the retail industry. The emergence and the transformational growth of the new economy has unleashed powerful forces which are eventually and successfully reshaping the retail industry at a transformational speed. In order to succeed, today’s retailers have to offer a seamless shopping experience across all channels – and should not lose track of their customers.

    Today, the entire retail ecosystem has smartened with technology. There are so many things one can experiment with if a retailer uses technology, for example: smart displays, in-store services, smart shelves, home delivery, brand optimization options, supply chain optimization, logistics automation to name just a few.

    Then there are wallets, point of sale data, social networking – where you can home in on complaints as well as get appreciated. All this is driven by the retailer into applications where the consumer sees, feels, asks the retailer questions and eventually buys the product.

    Giant players of the retail industry have accepted technology with arms wide open to captivate and secure customers and have made optimum use of technology to optimize their business. Whereas small retailers, most of them belonging to the unorganized sector, are yet to adopt technology to be adept with the changes and technological innovations taking place in the retail market. If the entire unorganized retail trade, which is 80 percent of the entire retail trade, adopts technology, the retail industry will usher in a new era providing a much-needed thrust to the Indian economy. Technology is the knight on the white horse that will ride the retail market towards prosperity and triumph.

    What took the year 2018 by storm is phrase ‘Experiential Retail’. It became the code of the moment; delivered through convenient accessibility, in-store features, customer engagement through ATL and BTL animation or out-of-the-box blends of the physical and digital shopping universe.

    Some other trends that impacted the retail industry in a big way in 2018 are:

    IoT (Internet of Things)

    IoT has big implications for in-store marketing efforts of retailers and brands. Connected devices aren’t just changing the way consumers live, work and play – they’re dramatically reshaping the entire industry. The IoT movement offers retailers opportunities in three critical areas: customer experience, supply chain and new channels-revenue streams.

    Leading retailers across the globe are already investing heavily in IoT. They are beginning to transform their business practices and recognize that, in time, IoT will touch nearly every area of retail operations and customer engagement. In the IoT of today, everything has the potential of coming under the IOT umbrella. From the lighting system in the store, the PoS (Point of Sales) system, to the electric switches and even garbage disposal units…IOT is at the heart of retail transformation. It connects people, machines, items, and services to streamline the flow of information, enable real-time decisions, and heighten consumer experiences.

    While the IoT may still seem like science fiction, it is becoming reality faster than most of us can comprehend. Retailers that hesitate to develop and execute an IoT strategy will open the door for competitors – old and new alike – to swoop in and capture early IOT mind and market share.

    SMAC (Social, Mobile, Analytics & Cloud)

    The relationship between consumers and enterprises has never been as intrigued as in the 21st century. As digital technologies augmented by SMAC are creating new touch points for enterprises to awe their consumers, there has been an evolution in consumer experiences. Social, mobile, analytics and cloud or SMAC are the nexus of forces, which are reshaping how consumers experience a brand.

    SMAC are currently driving business innovation. It creates an ecosystem that allows a business to improve its operations and get closer to the customer with minimal overhead and maximum reach. Digital is now an essential part of the whole shopping experience and the entire business of retail, inside as well as outside the store. You don’t need to leave a physical store to get your digital fix. Instead, retailers are leveraging a wide array of in-store technologies meant to draw consumers in the door. As the impact continues to increase, the way retailers think of digital and invest in it, besides addressing the digital wants and needs of their customers is changing dramatically.

    Big Data

    Today, retailers are constantly finding innovative ways to draw insights from the ever-increasing amount of structured and unstructured information available about their customers’ behaviour.

    Data gathering, and analytics are playing a key role in evolving business models in retail. Usage of data and analytics to better understand consumers in the form of branding, product management, leveraging loyalty card information to tracking customer buying behaviour and making better pricing decisions are the key factors. Collecting and leveraging customer information to provide personalized recommendations is the norm going forward.

    Retailers – large and small – have been reaping the benefits of analysing structured data for years but are only just starting to get to grips with unstructured data. There is undoubtedly still a great deal of untapped potential in social media, customer feedback comments, video footage, recorded telephone conversations and locational GPS data. Great benefits have come to those who put it to best work, and the best solutions have more likely come from innovative thinking and approaches to analytics, rather than those who simply try to collect as much data as possible and then see what it does.

    Omnichannel Retail Adaptation

    Omnichannel is a term that extends and supersedes multi-channel. Multi-channel (or cross-channel) refers to delivering content and considering consumer experience on more than one channel. Omnichannel is about understanding and optimizing for the entire journey across all channels.

    Omnichannel today is a necessity. Brick-and-mortar retailers have been left with no option but to add online channel to their offline operations in a bid to reach as many customers as possible, and quickly. Omnichannel retailing creates benefits for consumers and opportunities for retailers. For consumers, it empowers connected consumers by making it easier for them to access information and compare product details; by increasing choice; and by increasing convenience and the range of options for shopping. For retailers Omnichannel creates opportunities, ranging from potential extension of sales and increasing brand awareness and loyalty.

    A poorly executed Omnichannel or personalization strategy, however, can do more harm than good. Handling one or two channels discretely but satisfying expectations is better than disappointing your consumers when you fail to deliver added value — or worse still, confuse or frustrate — while tackling all channels. Personalization can be even more dangerous because of very real risks that your brand can be given the dreaded creepy label.

    To be successful at delivering a personalized experience in Omnichannel marketplace, adaptive content is a requirement. It is content that is designed for both personalization and delivery across many channels.

  • AirAsia rides on big data analytics

    AirAsia rides on big data analytics

    The airline that made flying more affordable for Malaysians since 2001 is now looking to up its game by using big data analytics to mine data on 80 million unique passengers at its disposal, to personalise and anticipate travelling patterns for marketing purposes.

    “We have a database of about 80 million unique individuals. We know where they like to fly to, or when they like to fly during the year, or how many holidays they take maybe during the year.

    “Now, the marketing side has already started employing data analytics there, to actually start targeting certain portions of passengers on specific dates or specific periods of the year that they go on holiday,” AirAsia Bhd CEO Riad Asmat told last week.

    “We can be more specific and will go further, not now but at one point, where maybe we can offer you as an individual, your preferred destination on the right date … and say we will give you a nice package at a discounted rate and all that,” he added.

    On data protection, Riad gave an assurance that the data trove is one of its most important assets which, as a “very responsible organisation”, the company is very protective of at all times and use responsibly.

    “We don’t share our information with any other parties but ourselves. If you notice what we are doing is we bring expertise inhouse. We employ people and bring in expertise,” he explained.

    Riad said while the airline is utilising its current resources, it is also on a continuous lookout for expertise and new technology.

    Besides marketing and ticket purchases, digitalisation has enabled AirAsia to improve operational efficiency, through the use of data in features such as live reporting and operations review from the previous day, made available to the team on a daily basis.

    This, according to Riad, enables the team to identify and tackle challenges and come up with preventive measures.

    “The airline bit is the traditional bit but it will be 100 times enhanced with digitalisation,” he quipped.

  • Zoomlion using Cloudera to boost big data platform

    Zoomlion using Cloudera to boost big data platform

    Chinese construction machinery and sanitation equipment manufacturer Zoomlion has adopted machine learning and analytics company Cloudera’s platform to serve its growing big data demands.

    Zoomlion will use Cloudera Enterprise to offer data management and analytics services to customers in over 100 countries across six continents.

    Zoomlion’s big data platform collects and processes a wide variety of data from three main sources, including internet of things data including real-time working conditions and location information of more than 120,000 high-tech, industrial and agricultural machines.

    The platform also collects internal core business system data from enterprise resource planning, customer relationship management and financial systems, as well as data collected from external sources including official websites, social media channels and data purchased and exchanged with third parties.

    The platform is able to continuously analyze equipment operations, detect potential failures, provide fault warnings, and generate operational statistics whilst creating new revenue streams and enhancement capabilities.

    In addition, Zoomlion uses the platform to help customers to optimize their own operational management capabilities, reducing operating cost and improving efficiency of equipment management.

    “We chose Cloudera to upgrade our data and analytics infrastructure and enhance our competitiveness. Cloudera’s modern platform helps us manage and analyze data more effectively, enabling us to drive down costs and improve asset performance,” Zoomlion Heavy Industry Science and Technology big data department director Zhou Zhi Zhong said.

    “We are empowered to create more value for our customers, innovate with new products and services and create new revenue streams for our business.”

  • They’re only human: Big data made simple

    They’re only human: Big data made simple

    Big data has become one of the big buzzwords of retail in 2017. But many retailers remain confused by what it means and how to use it.

    Cue a team from Scotland who just three years ago founded a startup called Big Data For Humans.

    They weren’t your typical team of ‘tech guys’ but by a group of highly experienced retailers with decades of shop floor customer experience under their belts. Their mission: harness the power of big data to bring an unprecedented depth of insight into customers – not just as lines on a spreadsheet but as groups of ‘humans’ with unique tastes, needs and spending habits.

    “It’s one of those ideas that didn’t come to us overnight. It came to us gradually,” recalls co-founder and CEO Peter Ellen. “I was a retailer for about 20 years as a founder, and latterly as CEO, of a retailer in the UK which grew pretty quickly throughout the 1990s. One of the key rationales there was that we were really customer focused – we knew which customers delivered the most sales and we analysed carefully how we could use those relationships to drive growth in the business.”

    In 2005 Ellen co-founded a business called Maxymiser, a cloud-based software solution that tests, targets and personalises what customers see on a web page or a mobile app, substantially increasing engagement and revenue. It was ultimately sold to Oracle in the US.

    “We dealt with digital marketers as well as general marketers. What became very clear was that very, very few of those digital marketers actually knew who their customers were and some couldn’t even tell you what a customer was. One of them said ‘Is that like a non-unique visitor?’ And I said, no that’s like a human,” Ellen recalls.

    “The dictionary definition of a customer is someone with whom you transact. The culture being created around digital marketing is such that people are starting to categorise anyone as a customer… Someone who rocks up to your digital store or anywhere else, rather than someone who actually buys something.”

    Lurkers vs spenders

    “When I was a retailer it was very important to differentiate between the people who hung around your store and the people who actually spent serious cash. Online, I think, that problem is magnified many, many times over. And with retailers facing increasing costs of acquisition online, under constant pressure of dealing with occupancy costs offline, and with all the other marketing costs they’re surrounded with in multichannel, it is economically critical that retailers build relationships with the customers they have. Those people deliver 80 per cent of your profits and if you leave that process to chance – or leave them to an email marketer to knock out a couple of emails here and there on a random basis – you’re probably missing out on the biggest profit and revenue opportunity your retail business has.”

    Ellen is constantly amazed how many retailers have no idea who their customers are. “They guess who their customers are or they use technology invented in a bygone era to do the job.”

    The problem identified, the solution was already there. Or was it? The technology required to measure and monitor customer behaviour meaningfully is very technical. Analysts use complex tools to understand it, then there is an uneasy transition to transfer that information in a usable format to the people running the marketing and managing actual stores.

    “We realised retailers fell into two groups: One was retailers who didn’t bother doing anything with their customer data because it seemed like too nasty or scary a project to attack because of the technical challenges and the cost. Then there was a second group who had invested vast sums of money into customer analytics and employed analytics teams but often the rate at which they were able to get the insights into the hands of people who actually wanted to do something with it was really slow.

    “And the cost associated with that process was really high. So it was almost easier for retailers to go on ignoring their customers and carry on acquiring them over and over many times with different methods and losing money in the process.

    “So we thought: that’s not right. It’s economically unsustainable. We watched some businesses growing and growing through omni channel where the costs got higher and higher the bigger they got. And their profit shrank as their sales grew. We thought: It’s time to do something about that. If we can simplify the process in a smart way, we could help a lot of retailers around the world.”

    That’s how Big Data for Humans thus became the first company in the market to develop an automated customer insights platform which has transformed the way retailers understand their customers and sell to them, helping deliver deeper understanding of customers, more effective marketing, increased customer value and thus higher revenue. At its heart is the ‘Customer Graph’, which empowers business users at all levels to use automated customer insights to power their marketing.

    “We realised that one of the best ways to understand people in the modern world is through networks and that’s how we understand our place in social [media] and professional networks as well. So why don’t we do something similar to understand customers in the retail business?”

    Overcoming barriers

    “We found there were barriers to achieving that goal. Most of them around the fact using graphs is a more complex and technically difficult thing to do for an analyst but we realised if we could automate the process, and do it well, we could produce incredibly powerful insights that anyone in the marketing team could pick up and run with. We spent about a year on the basics of that before we launched the company and since then we’ve been growing in Europe and Asia very fast and getting some amazing results.”

    Since opening a Singapore office last October, the company has signed up Philippine Seven Corporation – the local operator of the 7-Eleven convenience store network – adding the brand to an international list already including AirAsia, Tesco, Selfridges and Jelmoli.

    “We are new to the region, but we have been talking to businesses in Thailand, Malaysia, Singapore and the Philippines. Hong Kong is definitely one of our next steps and we are speaking to some great businesses there.”

    Big Data for Humans works within retail sectors ranging from convenience stores to luxury and in size from small businesses to multinationals. The concept is easily scaled to fit different sized companies.

    “The smallest retailer we deal with would have tens of thousands of customer records, whereas the largest might have 60 million.” Data sources the company starts with range from loyalty-scheme information, or data collected from e-commerce receipts. “You generally find a retailer has some degree of data coverage.”

    The business hosts workshops in Europe and Asia in a bid to ‘demystify’ big data, the most recent held in Kuala Lumpur in May. During the two-hour sessions, retailers are challenged to rank their needs for information using a ‘playbook’. The retailers rank goals in order of priority, such as upselling, cross-selling, retention and win-back. They then drill down into subcategories like (within retention) seasonality prediction, implementing a VIP program, improving the conversion from first to second order and enhancing customer sentiment during the purchase process. There is no hard-sell at these seminars – rather they help retailers understand where their business is at and how using their own data can make a difference.

    For example, Tesco used data to cross-sell customers making weekly shops for shelf-stable foods into more regular shoppers buying fresh foods where the margins are higher. “Obviously they were buying fresh food, they just weren’t buying it from Tesco,” explained Ian Webster, chief customer officer at the Kuala Lumpur workshop. Using big data to drive a tailored marketing campaign, Tesco converted 15 per cent of ‘family supplier” shoppers into fresh food shoppers.

    Train-of-thought

    “In analytics there is something called a train-of-thought analysis where you sit an analyst down in front of data and everyone says: well that’s amazing – but what are we going to do now?,” explains Ellen.

    “Often they come up with interesting things that nobody can use. So in our software and our playbook we take a highly prescriptive approach to how you turn the data results you have in your business into money. Because that’s really all we are interested in. We guide people down that path and our software looks at what is the most important data you need in retail – we believe that’s mainly around people, products and money. And then we guide them through that process so that the output tells them who the customers are, what they want, what they might want in the future, how much they are worth, how often they shop, where they shop and all the main things they need.

    “And then through our methodology we help them plan a customer marketing program across their business and channels that should deliver an increase in annual revenue.

    “Big data provides a massive competitive edge because now retailers can actually plan their customer marketing communications and strategy in their overall business rather than in one channel. A lot of marketing is done in channel now where the company says: ‘I might send them an email on a Monday, an SMS on a Tuesday and a flyer on a Wednesday’, whereas our solution enables our clients to see what the opportunities are within the retailer’s customer base and how they can sell more.”

    Once they’ve worked that out, explains Ellen, they can calculate which channels are the best to contact the customer groups. It might mean direct relationships in the luxury sector, or reaching out by emailing special offers in high-volume businesses.”

    After only a matter of months in Asia, Ellen and his team are already seeing differences compared with European retailers.

    “Because Asian retailers often have experience running multiple locations and brands across multiple [territories], a lot have developed large databases for cross-brand marketing activities.”

    Big data is clearly in retailers’ lives to stay – and Ellen argues there is a need to understand it and make the most of it if retailers are to build a competitive edge – and more importantly optimise their sales.

    “It comes down to the economics of how you’re going to get more revenue from your customers. Retail is all about selling more to the customers you have.”

    “Embrace data,” adds chief marketing officer for Asia, Helen Wasserman. “You have to embrace it.”

    And study your customer life cycles, adds Webster. “A retailer might have customers who shop every week, every month or every five years. Treating those customers the same is not a good idea. If someone buys from you every three years and you don’t see them for a month, that’s not an issue. But if you normally see a customer every week and you don’t see them for a month, you should be worried.”

  • India’s big data market set to hit $16b by 2025

    India’s big data market set to hit $16b by 2025

    India’s big data analytics sector is set to record impressive growth in the coming years, WNS Global Services has predicted.

    The sector is expected to witness eight-fold growth to reach $16 billion by 2025 from the current $2 billion, according to industry experts. The sector is also looking at registering compound annual growth rate (CAGR) of 26% over next five years.

    India is currently among top 10 big data analytics markets in the world.

    “The government, industry and academia can collaborate to build an ecosystem to generate sustainable solutions by harnessing the power of big data and digital innovation,” said WNS Global Services Group CEO Keshav Murugesh.

    “The combined power of harnessing big data and digital solutions can drive tremendous results in improving the citizen experience, implementation efficiency and boosting the nation’s economy.”

    Murugesh was speaking at the Emerging Worlds Conference workshop organised by Indian School of Design and Innovation (ISDI) in collaboration with MIT Media Labs. “India is a diversified country with a wide array of challenges, and it is pertinent that we as citizens of this country, innovate to find effective solutions that can make a difference to the billion lives that live here,” he said.

    “If big data can be put to cutting-edge use for our corporations and clients, it can very well be a catalyst for the economy and the country.”

    The workshop brought together industry leaders, technical experts, data scientists, innovators, academic institutions, implementation collaborators and progressive corporate collaborators to source national challenges and potential solutions.

  • Tech giants all-out to secure more data for AI leadership

    Tech giants all-out to secure more data for AI leadership

    Big data is all the rage as the key building block to prop up the emerging artificial intelligence (AI) industry. For this reason, tech giants here and abroad have gone all-out to become more data-rich to embrace the next AI era.

    This is true for almost all the tech industries including smartphones, internet and e-commerce as shown in the latest steps taken by leaders of these tech platforms.

    Apple and Samsung, for example, are turning their eyes to the autonomous vehicles market as their next growth area, which requires massive datasets for full-fledged services. Google and its Korean counterpart, Naver, are intensifying their rivalry for language translation service. This is also cited as a war of data, as those with enough datasets can offer more accurate and natural translation outcomes.

    One thing they have in common is that they have their own voice recognition platforms combined with big data. The smartphone leaders are equipping their flagship devices with voice assistant services, while Naver and Google are seeking leadership in the AI speaker industry.

    The AI home speaker is particularly drawing keen attention from the global tech sector, with industry-leading IT giants such as Google, Amazon and even Alibaba tapping into the data-driven hardware market.

    Observers point out that the AI speaker is not serving as a key revenue generator for those leading tech titans, but plays an important role in collecting datasets.

    Amazon and Google are two leading players in the industry, with the former launching its wireless speaker, Echo, in 2015. The latter followed suit with Google Home in 2016.

    Amazon’s Chinese e-commerce counterpart, Alibaba, is also set to unveil its own AI speaker this week.

    In Korea, Naver is cited as the most influential AI player, backed by its unmatched amount of datasets from its internet search portal that has more than a 70 percent market share here.

    The internet giant is boosting its AI presence in Asia where Google and Amazon have yet to achieve notable success.

    Naver plans to launch its AI speaker called Wave this year. Its AI voice assistant app, Clova, will operate the device.

    “Wave is targeting Japan at the initial stage, as no AI speaker competes in the market seriously as of now,” a Naver spokesman said. “After securing a sizable market there, we are going to expand the business into other Asian countries.”

    The company said it is seeking to take advantage of its AI expertise and massive language-related datasets.

    “The language-learning process may come as a hurdle for overseas AI firms like Amazon and Google in tapping into Asian markets,” he said. “But we have strong footholds in both brand value and language datasets in major Asian markets.”

    The company, teaming up with its Tokyo-based subsidiary LINE, is also planning to launch its Champ portable AI speaker in Japan and other Asian nations. It vies to take advantage of its presence as a dominant messaging app player especially in Southeast Asia.

  • Huawei teams with Tableau on big data

    Huawei teams with Tableau on big data

    Huawei has teamed up with business intelligence and analytics company Tableau Software to provide comprehensive big data services for various industries.

    The companies have announced the mutual authentication of Tableau’s data visualization software with Huawei’s FusionInsight big data platform.

    FusionInsight is a converged data processing and service platform integrating the Hadoop ecosystem, a massively parallel processing database and big data cloud services. Tableau’s data visualization software can help customers analyze and share the collected data.

    “Tableau is the leading global visual analytics company,” Huawei president for IT cloud computing and big data products  Ren Zhipeng said.

    “Our collaboration with Tableau extends the value to our customers with even more comprehensive and diversified big data solutions, helping them to utilize the value of data effectively, as well as explore new business growth.”

    Tableau director of product management Robert Green added that the collaboration “aims to enable more people to see and understand their data more easily. Tableau’s wide range of technology partners help our customers make the most out of their analytics investments.”

  • Vietnamese banks look to tap into big data

    Vietnamese banks look to tap into big data

    To successfully deploy big data in the banking sector, there must be a comprehensive strategy using professional teams who have deep understanding of both finance and technology, said Nguyen Kim Anh, Deputy Governor of State Bank of Vietnam.

    At a conference on Thursday in Ha Noi, Anh said that digital data was becoming a new resource and big data was playing an important role in the banking and finance sectors.

    The conference, titled “Big data for banking and financial industry,” was organised by the Banking Academy of Vietnam.

    At the workshop, participants focused on big data technology from a variety of perspectives. They discussed the latest technology and ways for banks and financial institutions to optimise the application of big data into information systems.

    Through the discussion, experts shared hopes that they could identify the opportunities and challenges of big data to improve the productivity, quality and efficiency of financial and banking operations.

    The fourth industrial revolution is taking place across the globe and having a strong impact on all aspects of socio-economic life, according to the experts. It promises to create more opportunities and an impetus for the country development of each nation or organisation.

    The fourth industrial revolution with Internet of Things, automation and artificial intelligence has brought digital data to the centre of the business world.

    Digital data had become a very important resource from which businesses can generate revenue and provide new application ecosystems, services and digital products, said Anh.

    “Therefore, digital data will grow and become an important industry in the fourth industrial revolution,” he added.

    At the workshop, the deputy governor also said that the specificity of banking is creating a huge amount of data from structured data such as transaction histories and customer records to unstructured data such as customer activities on Internet and mobile banking application.

    “Applying big data to exploit the data will bring significant competitive advantages and efficiency for the banking and finance sectors,” he added.

    In addition, Pham Anh Tuan, director of Vietcombank’s tech modernisation department, said that data in the banking system and those collected from the outside include many types. These include structured data, semi-structured data, and unstructured data.

    “The current banking data is unstructured, which meets all big data standards in volume, movement and diversity,” Tuan emphasised.

    The representative of Vietcombank also said that when banks as well as financial institutions identify data with great value, they must consider data assets of the bank. “In other words, data must be treated like any bank assets, which have to be taken care of and ensured on asset security.”