New digital tools offer companies the opportunity to turn the flow of available data into actionable knowledge and create effective customer journeys.
Until recently most hotel bookings, transactions and administrative tasks were conducted manually. In this context revenue managers had to collect, review and analyze numerous data sets each time a room rate needed to be updated and then calculate the ideal rate based on those variables. This presented a time consuming task that meant that rates could not be updated as often as they should. Meanwhile, the creation of Online Travel Agencies otherwise known as OTAs meant that large quantities of data became available and the task of manually executing pricing decisions became impossible.
Every week we are flooded with articles about how Artificial Intelligence (AI) will change our future and the way we carry out our daily tasks. Yet does it really belong to the future? Have you ever stopped to think that maybe it’s already here?
Don’t take it wrong, but I always remember this as one of the great quotes of innovation. “Getting Capone” means doubling your bets when everything seems to swing the other way. And it’s perfect for innovation, because when innovating, things never go your way. “Getting Capone” is also fine shipping. For shipping is a highly regulated industry that is steeped in tradition and extremely cautious to change; but it’s also the industry that moves, profits by moving and survives by moving, flag by flag, port by port, company after company, carrying product, moving trade, not “untouchable” but often seemingly untraceable. More than often, to do good in shipping you’ve got to double your bets and make tradition move.
The United States leads in business digitization efforts in ways that challenge not only boardroom group-thinkers but often, even daring futurists. In the process, it may create huge value for the global economy: Three months ago, McKinsey Global Institute estimated that in just three big areas of potential—online talent platforms, big data analytics, and the Internet of…
For in the digital economy, agility takes the driver’s seat from efficiency. And right then, he would have to simultaneously juggle the following balls: secure the organization’s operational backbone (CRM, ERP) set out, align and change the digital backbone (micro-services, connectivity, analytics) transform the organization’s business model with digitized solutions transform the organization’s go to market with customer engagement.