Much-maligned AI Technology can Actually Increase CSat Scores

Much-maligned AI Technology can Actually Increase CSat Scores

When technologists talk about artificial intelligence and customer experience in the same sentence, they're usually talking about bots. More specifically, pundits generally focus on how the mass deployment of support bots has seriously reduced CSat scores in nearly every major industry.

Bots, however, employ a very simplistic and inexpensive form of AI programming that's far too primitive to really meet the needs of customers in the real world. Savvy companies are now deploying far more sophisticated AI mechanisms alongside skilled technicians to reduce wait times and ensure that everyone's diverse needs are met.

Defining CSat Metrics

Computer scientists and marketing experts don't have very much in common. Statistics may be the only area where the two fields do overlap regularly. Programmers and customer service gurus both want to interpret information in terms of easily digestible metrics.

Measuring customer satisfaction isn't easy, but some companies are using what they refer to as CSat key performance indicators. These are often part of the balanced scorecard sheets businesses use to find out how frustrated people are with their support crews.

Outsourcing support teams began in the early 1990s, and customers quickly jumped ship from many brands that adopted the practice. An overwhelming majority of larger firms have been ...


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Will the Blockchain Deliver a Decisive Blow to Financial Fraud or Fall Flat on its Face?

Will the Blockchain Deliver a Decisive Blow to Financial Fraud or Fall Flat on its Face?

Technologists have been promoting blockchain technology as a sort of panacea that could save the financial sector and protect everyday banking customers from fraud. Economists and journalists have painted a different picture. They've claimed that distributed ledgers are an easy way of obscuring illegal transactions and point to several high-profile cases where criminals used cryptocurrencies to cover smuggling and gambling debts.

Considering that some engineers have gone so far as to call blockchain technology nothing more than a passing fad, the truth may very well lie between these two extremes. There are, however, many organizations already deploying this technology to reduce the risk of fraudulent purchases.

Systems Currently in Place to Prevent Fraud

Since blockchain decentralizes the data structures used to govern economic transactions, it can define the concept of trust. Institutionalized trust providers like third-party banking authorities have long defined what a legitimate transaction is. However, this trust has been brought into question in a world filled with media manipulation and disinformation.

Auditors remain the main method of preventing fraud, but blockchain technology is often more trustworthy because it relies on a P2P network running consensus algorithms that ensure perfect data replication happens across all nodes. There's no way an attacker could reasonably ...


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How Big Data is Improving Demand Forecasting Among SMBs

How Big Data is Improving Demand Forecasting Among SMBs

Small and medium-sized businesses (SMBs) are always falling victim to market pressures, but big data processing is transforming the way these companies deal with these pressures. Predicting demand is never easy, especially when it's done in the traditional manner. However, a few recent breakthroughs in the field of statistics are helping to dramatically alter the way that smaller firms figure out how much demand there is for a particular product.

It's also helping business leaders identify new markets. Companies that develop and stabilize their supply chains are the ones that stay the most competitive in these markets, so adoption of this new technology remains quite high.

Finding Out What Customers Want Before they Even Know

Patents on machine learning algorithms held by online retailers have made it difficult for SMBs to take advantage of this kind of technology. Larger firms, however, have traditionally licensed technology tools that crunch numbers collected from consumer buying patterns to theoretically predict what individuals want before they place an order.

In one of the most extreme examples, an online retailer tracked long-term users of their service and announced that they were capable of shipping products that had not yet been ordered. Logistics optimization is difficult, because statisticians have no ...


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What You Need to Know About Corporate Data Leak Vulnerabilities

What You Need to Know About Corporate Data Leak Vulnerabilities

Few people want to admit that no form of digital communication can ever be considered truly secure. Most netizens are likely to have an account for some useful service that could be leaking their data to the world. Whether due to a poor endpoint strategy on behalf of a vendor or a sketchy privacy policy that permits information to be released, there's always some risk.

Take a few moments to familiarize yourself with the most common breaches. Once you understand what causes data leak vulnerabilities, you can develop an actionable plan to put a stop to them.

Why Third-party Providers Pose an Unseen Risk

If you use any kind of cloud service, then data you send over a network is fair game for third-party providers in the supply chain. Take team collaboration tools for instance. Many companies use these tools to keep development teams in touch with each other, and they generally log all communications sent through them.

Privacy policies would prevent any data leaks from these kinds of tools in a perfect world. However, few companies take care of all their hosting and data processing tasks themselves. They usually contract with a virtual hosting agent to get storage space on a remote server. ...


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Why Retailers Are Losing Ground by Failing to Utilise Big Data

Why Retailers Are Losing Ground by Failing to Utilise Big Data

If you aren't running a business named Amazon, you're likely to feel the pressure of big data pushing small retailers out of business at an astounding rate.

It's a bigger issue than the simple existence of Amazon. 2017 was a year to remember for all the wrong reasons as multiple retailers struggled to stay afloat despite already holding healthy market shares or a strong physical presence. If owning a storefront is no longer a guarantee of longevity, how can retailers adapt to the digital age and leverage big data to keep their livelihoods alive?

The digitized storefront era

While a large chunk of retail sales have shifted to digital markets, and everything seems to be moving to a Cloud, there still exists a need for physical storefronts offering goods without the burden of shipping time or the possibility of blindly receiving damaged products with no method of quick recourse. Even storefronts with a foothold in physical retail spaces tend to benefit from maintaining a digital presence, but it's no longer as simple as selling excess stock on eBay. Putting digital advantages to use means investing in analytics and big data, much like what bigger online-only retailers have been pushing towards for years.

An immediate ...


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The Impact of IoT on Mobile App Development

The Impact of IoT on Mobile App Development

Just like any other in the technological industry, the mobile application development field is changing and advancing at a rapid pace. Developing an app for the services that you offer has become an essential part of running a business, big or small. Furthermore, if you develop one such app by using the Internet of Things (IoT), it can only boost your chances of improving your business.

The entire idea of using the IoT is meant to make our lives easier, by integrating it into everything that we do. And what is one thing that we do almost all the time? That’s right, we have reached a point in today’s society when we use smartphones for the majority of daily activities that we conduct. Here is a quick look at how the IoT impacts the mobile app development:

The Mobile Network

According to recent studies, the average American adult spends almost 3 hours per day using the smartphone. Given the fact that every moment people spend on their phones is through an app, the demand for this kind of software is always increasing. And thanks to the Internet of Things, mobile app development is progressing every day and the results never fail to impress.

But ...


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Internet of Things: How Much Does it Cost to Build IoT Solutions?

Internet of Things: How Much Does it Cost to Build IoT Solutions?

Without any doubt, IoT is improving the quality of our lives every day. More companies invest in IoT solutions in order for their business to run smoothly, and more people invest in technology that helps them save time and make their lives easier. If you are one of the people who want to start building IoT solutions, you should ask yourself a very important question: how much does it actually cost?

Validate Your Idea

Before talking about the actual costs of building the IoT solution, you have to make sure that you have a target audience for your idea and also build a minimum viable product, in order to decide whether it’s worth it or not.

First of all, it’s very important to study your competition, to search for similar solutions that already exist on the market and figure out a way to make your product stand out and bring something different in the game. Maybe you could build a website to see customer response. The next step would be to create a PoC (Proof of Concept), which is basically the evidence that your product is able to solve a real-life problem and has the potential of being a commercial success. Building a strong ...


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American Telcom Moguls May Now Destroy The Internet Thanks To The FCC

American Telcom Moguls May Now Destroy The Internet Thanks To The FCC

Net neutrality is once again a hot topic in the mainstream media and internet forums thanks to the recent decision made by FCC Chairman Ajit Pai to end the enforcement of net neutrality. The decision is ultimately disliked by the majority of internet users and the demand for Net Neutrality is even crossing party lines in America's divided political culture.

Many fear that our free and unregulated internet will come under attack by the large telecommunications monopolies that control the majority of the country's internet users. On the other hand, some fear that handing over control to the FCC is a dangerous precedent since they are known to be harsh with their regulation with other information mediums. As an individual, you can secure your data by using an overseas VPN network, like those offered by ExpressVPN, in order to circumvent Orwellian control over your internet usage (for more information about that, click here).

Controlling ISP Monopolies

AT&T was the first example of a telecommunications monopoly and they had a hold of the nation's infrastructure during the 1980s. Lawsuits had to force AT&T to dissolve their assets after anti-trust lawsuits but they later went on into the computer market as a result of it. ...


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The Evolution of the Commercial Lending Industry Due to Big Data Utility

The Evolution of the Commercial Lending Industry Due to Big Data Utility

There is no doubt that small businesses act as the foundation for the entire U.S. economy, and nearly half of the entire private workforce is made up of small businesses. Despite the large portion of the economy that constitutes these businesses, they have been classically ignored when it comes to commercial lending practices. This is primarily due to the fact that lending systems weren't modernized until fairly late in the game, and even now there are still issues that could be resolved with the proper tools.

The First Step Toward Modernization

A digital commercial lending infrastructure was created in 1970 by the Fair Credit Reporting Act, which focused on using large amounts of data to promote the advancement of the financial industry. By adding transparency to the process and defining the rights of all consumers, the FCRA sought to balance the system such that all businesses would have equal access to commercial funding.

Once the FCRA was put into action, the regulations that it included allowed for a number of new and helpful financial products to enter the market. It was at this time that the idea of a credit score was introduced, which is nothing more than a measurement of an individual's ...


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Big Data Can Help Us Evolve to the Internet of People

Big Data Can Help Us Evolve to the Internet of People

Right now the biggest craze in tech is from big data and its role in helping the Internet of Things (IoT). However, many have said with more smart devices is consumerism on steroids. We can see this in a variety of products that rely on the IoT from umbrellas, which predict chances of rain to vacuums that clean your entire home. Currently, there are a variety of security issues as hackers can easily break through software that is installed on many of these devices making the user vulnerable to attack.

Big data is also being utilized for just about every sector right now, and this is to be expected. Integration of technology at times can be a slow process, but older systems are replaced with new ones. NBN plans are a prime example of the internet infrastructure upgrades happening till 2020 when fibre optic connections become the norm.

However, people as a collective need to stop thinking about how much junk they can collect, and utilize big data with nanotechnology to create an Internet of People (IoP). The concept sounds far-fetched, but this idea is not that distant, and today we will explore this a bit further.

IoT and Wearable Technology

With IoT, we've ...


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Could Cyber Attacks Destroy the Digital World?

Could Cyber Attacks Destroy the Digital World?

Nowadays, there are very few things left that we cannot do online. The vast majority of operations and services have been directed to the World Wide Web, all in the aim of optimizing the offline world. Connecting the entire world to a vast web of databases has made the twenty-first century society thrive at a blinding speed. But this cyber-progress has also rendered modern society vulnerable to an entirely new type of attacks.

Data hacking has evolved alongside data development, up to the point where it has reached cyber terrorism. These attacks can have significant political consequences, but the main targets remain businesses, which can be greatly affected by data breaches. This makes cyber security of paramount importance because a solid defense program is the only measure that can keep a business safe.

Critical Cyber Attacks of the Past Years

These last few years have seen some of the most brutal cyber attacks in digital history. The most important aspect relayed by these attacks was the vulnerability of the online society, as the consequences of these data breaches proved to have a great impact on global politics. Here are a few noteworthy examples:

01. The Ransomware Attack

In May 2017, the ransomware attack has severely ...


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The Advent of a New Synergy: the Blockchain & Cloud

The Advent of a New Synergy: the Blockchain & Cloud

The increasing demand for processing power from various industries has seen the growth and evolution of computing technologies to meet this demand. Over the past few years, the tech industry has seen a number of buzzwords that have tremendously impacted the industry such as the Internet of Things, Cloud computing, big data technologies among others.

Cloud infrastructures are mainly used to run these Big Data applications. Blockchain has not yet become a buzzword, but given that it provides a solution to a question that has not been solved since the dawn of the internet (How can users get to trust various online transactions?); it will definitely become a household name. Blockchain further promises to improve cloud technology in a multiplicity of ways.

Improves the Cloud’s Quality-of-Service

Cloud resources are availed under Service Level Agreement (SLA) that provides the conditions that determines whether a computer resource is being utilized appropriately. Blockchain can effectively track resource usage allowing both the provider and the client to verify that the Service Level Agreement has been fulfilled accordingly and establish who is responsible for paying compensation fees or reporting faults.

Facilitate a move to Distributed Cloud

A Blockchain that runs in the cloud will transform it into a distributed Cloud, ...


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How Big Data and Little Beacons Equals Billions of Dollars

How Big Data and Little Beacons Equals Billions of Dollars

Every store is desperate to know how it can profit from big data, because we all know it could take them to the next level. It's only a matter of time before we see it collide with a new technology that will change the way businesses work. Bluetooth beacons are only in their infancy now, but it's obvious how stores across the world will be able to take advantage of them. First, let's take a quick look at the kind of data stores will be able to collect.

Big Data from a Little Beacon

Customer Footprint

Once someone comes into a store the beacons will be able to track where they're walking. It will know exactly where the bottlenecks are and the most popular routes people take.

Frequency of Visits

It will also know how often the customers are coming into the stores, but perhaps even more important is the amount of times they enter the store versus how often they buy something.

Know What They Want

It's obvious the beacons can track what people buy, especially when they can be used for payments. What's more interesting is knowing what kinds of products customers are thinking about buying.



How Stores Will Make More Money

There is a lot of ...


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How can the Internet of Things Revolutionize Your Relationship with Customers?

How can the Internet of Things Revolutionize Your Relationship with Customers?

Customer relationship management (CRM) software has changed the way companies do business. It has provided increased capability for tracking and measuring not only relationships but relationships within departments and with vendors as well. Companies can now determine exactly who becomes a customer in response to a marketing campaign or a sales promotion. Combined with the power of the Internet of Things (IoT), the amount of information available, and the number of ways to use it to benefit both businesses and consumers is astounding.

The Great Information Exchange

For the IoT to work, consumers have to be willing to disclose personal information. An article in the Harvard Business Review points to the example of Waze, a wildly successful traffic management app that depends on users giving their location information. In exchange, they receive traffic information that saves them time and frustration. Each mobile device relays real- time traffic information to a central hub, which analyzes that data and returns informational messages containing the results back to each connected device.

In an age in which the loss of privacy to technology has become a hot topic, consumers expect real and tangible benefits in exchange for that information. A customer connected to IoT, through a shopping app, ...


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What Happens When You Merge Virtual Reality with Big Data

What Happens When You Merge Virtual Reality with Big Data

An article in the Journal of Big Data points out that one of the most difficult challenges of combining big data with virtual reality to produce useful scientific applications is the limitation of human perception.

Virtual Reality, Big Data and Science

Researchers at Cal Tech University have taken the first step towards solving this dilemma. The first step of answering any scientific questions begins with asking the right ones. Their team set out to explore the possibility of creating virtual reality platforms consisting of both software and hardware. Those platforms would allow scientists to use immersive virtual reality for multidimensional data visualization.

If you're having a hard time visualizing that, it's because it still exists only in science fiction movies like Iron Man, in which Tony Stark uses it to create his superhero suit. In real life, it would allow scientists to interact with their data and their colleagues simultaneously within the same visual space. Researchers believe it will lead to an improved perception of geometry as well as better retention of perceived relationships between different data sets.

An article in Data Science Central points to some of the key factors converging to make the big data and virtual reality one of the most ...


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4 Big Data Tips for Creating a Safer Workplace

4 Big Data Tips for Creating a Safer Workplace

Advanced analytics is having a huge impact on fields such as marketing where it produces more sales at less cost and CRM where it boosts retention and profit per customer, to name two of many. In the field of workplace health and safety, it is safe to say that Big Data has had less impact to date. But, that is changing. A growing number of companies are analysing data through a safety lens to modify their philosophy and practices. The changes are making workplaces safer than ever.

Effectively Using the Past to Change the Future

An oft-repeated proverb says, “Those who fail to learn from the past are doomed to repeat it.” The principle could be applied to workplaces in which similar accidents happened with repetition under similar circumstances, yet without being obvious. Big Data analytics offers companies a way to drill down into information to produce a clear picture of the past, which is the basis for preventing it from happening again.

Analysing the copious information available to companies about what has already happened allows them to predict the future and then to change that future to something better, something safer, before it arrives.

A widely used process for understanding the past and ...


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How Big Data and CRM are Shaping Modern Marketing

How Big Data and CRM are Shaping Modern Marketing

Big Data is the term for massive data sets that can be mined with analytics software to produce information about your potential customers’ habits, preferences, likes and dislikes, needs and wants.

This knowledge allows you to predict the types of marketing, advertising and customer service to extend to them to produce the most sales, satisfaction and loyalty.

Skilled use of Big Data produces a larger clientele, and that is a good thing. However, having more customers means you must also have an effective means of keeping track of them, managing your contacts and appointments with them and providing them with care and service that has a personal feel to it rather than making them feel like a “number.”

That’s where CRM software becomes an essential tool for profiting from growth in your base of customers and potential customers. Good CRM software does exactly what the name implies – offers outstanding Customer Relationship Management with the goal of fattening your bottom line.

With that brief primer behind us, let’s look at five ways that the integration of Big Data and CRM is shaping today’s marketing campaigns.

Achieving Targeted Multi-Channel Reach

The data acquired by marketers tells them where to find their customers and potential customers. The information ...


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