In this data-driven world, it's the companies, cities, and nations that learn how to harness the power of data and technology that thrive. This is a sentiment echoed throughout the upcoming Strata + Hadoop World conference, Make Data Work in Singapore on December 1-3, 2015. The data industry is growing rapidly, and this conference is where big data's most influential business decision makers, strategists, architects, developers, and analysists will gather to shape the future of their businesses and technologies.
The largest conference of its kind in the world, Strata + Hadoop World opens the arena for cutting-edge data science and new business fundamentals to merge. It's a deep-immersion experience where attendees dissect case studies, develop new skills, share emerging best practices, and build the future of data. The conference also delivers the nuts-and-bolts foundation for building a data-driven business, including the latest on the skills, tools, and technologies needed to make it work.
Why is this important? Data is the new type of currency between consumers and businesses, and the information exchanged, either overtly or covertly, can be utilized to deliver a better online customer experience. When a variety of customer data has been collected, including data from web journeys, speech, or chats on different devices, a predictive model can be built to help proactively solve customer issues.
The predictive model uses real-time data to compute the intent likelihood scores, chooses the most likely intent, and then selects a resulting action. The 'action' can range from showing the customer an offer to chat, showing an ad for a specific product (with or without an offer), help widgets, and much more. Forrester Research found that 51% of customer service teams struggle with data challenges1, but implementing an automated predictive model will greatly alleviate this hurdle and eliminate the time it takes to locate and share the appropriate information for the customer.
Since all data collection and intent analysis occurs automatically in real time, the experience becomes quick and easy for customers while driving improved purchase conversion rates and customer satisfaction metrics. Forrester Research states that 45% of consumers will abandon an online purchase if they can't quickly find answers to their questions2. Implementing a predictive model allows companies to determine exactly what the customer is searching for and provide a link or prompt for direct access.
Deepak Agrawal, VP of Data Sciences at 7.ai, will be speaking at the conference and discussing how businesses can incorporate predictive models as a part of their customer service while providing insights on some of the lessons learned and challenges faced by businesses today.