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Digitalization is introducing a new era in insurance claims management. Workers have evolved to digital-first, and connected customers expect their insurance firms to provide personalization and quick and proactive responses, giving consistent answers and ultimately solving their problems.
Still, today, the insurance claims process can be cumbersome to the claims adjuster. Their workflow overlaps and alternates between using a mobile device in the field and a laptop in the car or office. Their hardware is not optimized for use on the road or as a field-ready solution, and tools and equipment carry high operating costs. Claims adjusters grapple with these imperfect technology solutions while working with people who have experienced a disruption in their lives and are seeking a timely resolution to their claim.
With the right technology partner and solutions, claims adjuster teams can streamline the workflow to help employees increase efficiency and productivity; empower associates with a single multi-functional secure enterprise-grade device at a lower cost of ownership; and have the right tools to manage and analyze associates’ devices and the network they rely on.
Samsung’s hardware and software solutions can help improve and streamline today’s often-unwieldy claims process. Here’s how Samsung’s mobile technology can optimize the claims process for your insurance adjusters.1. Leverage the power of Samsung and Android through Galaxy devices
The full product line of Samsung Galaxy mobile devices — including the rugged phones able to withstand extreme temperatures— offers a diverse array of smartphones, tablets, foldables, and wearables that help unlock your employees’ productivity in the office and at the claim site.
For example, the available S Pen with Samsung DeX and Microsoft integration turns any Galaxy device such as Galaxy Z Fold4 into a mobile productivity powerhouse, with the ability to capture signatures and mark up documents and images. For capturing information on-site, Galaxy devices offer some of the highest-quality HD cameras and displays on the market.2. Provide unprecedented mobility and value through DeX in vehicle
Through Samsung DeX, adjusters can connect Galaxy devices such as Galaxy Z Fold4 and the latest Galaxy S23 series to any screen for a mobile-powered desktop computing experience.
This is increasingly helpful for many claims adjusters who work off a rugged laptop in the vehicle. They pay for OS updates and wait through a five- to eight-year average timeline for recycling hardware.
However, using Samsung DeX can enable full mobility. In a vehicle, a rugged touchscreen monitor is paired with a keyboard and touchpad and then connected to a Samsung tablet or smartphone. There are regular OS updates through Android, shorter hardware cycles of one to two years, and lower average initial costs than most laptops. The DeX offering includes a desktop UX for Android apps, including the Microsoft and Google Workspace, virtual desktop environments, and videoconferencing.3. Empower claims adjusters with one Samsung mobile device
A Samsung tablet or mobile phone, partnered with DeX, can help your claims adjusters in several ways:
Improve EX and CX by seamlessly transitioning from mobile to desktop on critical applications. The mobile device can also provide push notifications, paperless documentation, route optimization, and a way to manage tasks.
Reduce costs by providing a way to connect to networks, make video and audio recordings, capture photos, and connect to a printer, all through one device.
Enable Know Your Customer by helping claims adjusters scan IDs and documents on the go, and use the S Pen to accept signatures and mark up documents.4. Partner with insurance ecosystem partners
Claims adjusters use several software and hardware solutions specific to the industry. In addition, Samsung’s mobile devices and software solutions can seamlessly partner with them to improve your adjuster’s productivity.
Claims adjusters can secure their Samsung mobile device in a vehicle with Ram Mounts rugged keyboard, pad, mount, and strap. In addition, virtual desktop infrastructure apps and key claims adjuster apps are optimized for DeX, including Citrix, VMware, Guidewire, and Verisk.
The home office can securely manage and deploy all these apps with the Samsung Knox security platform built into all Galaxy smartphones, tablets, and wearables. Future-proof connectivity via Wi-Fi 6 and 5G and enjoy a simple deployment model with lower TCO in a solution optimized for enterprise applications.What’s next for the future of finance?
Samsung surveyed 1,000 finance professionals about the future of mobile tech. Here’s what they said. Download Now
Other partners in the Samsung ecosystem include IBM, Targus, Salesforce, Otter Box, and ServiceNow.5. Optimize the insurance claims process
Providing your insurance adjusters with a Galaxy mobile device can optimize the broader claims process across analytics, information security, and agent support in the following ways.Data analytics
Samsung’s Knox Asset Intelligence provides insight into application-based usage and network utilization, hardware-based analytics and real-time location monitoring.Information security
This includes hardware-backed security in conjunction with your MDM, secured shared associate access, and Zero Trust security enablement.Agent support
This includes remote log capture for IT admins, access to a mobile IT helpdesk, and Push to Talk with Microsoft Teams.
For a full overview of all Samsung technology solutions for the Finance industry, please visit this page. And sign up for a Samsung Business Account to get exclusive offers, including volume pricing discounts, on our Rugged devices, as well as our newest devices like Galaxy S23 series, Galaxy Z Fold4 and Galaxy Z Flip4.
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Just like every other emerging technology, there is a lot of hype surrounding blockchain technology but does all that hype really justified or is it just a tech bubble that is about to burst very soon? Let’s look at some numbers.
Based on Blockchain figures, the Blockchain marketplace is anticipated to achieve a $20 billion mark by 2024. International spending blockchain technology was $2.1 billion in 2023 which climbed to $2.7 billion in 2023. 69 percent of banks are already tinkering with blockchain technology and a number of them have reported savings of anywhere from $8 billion to $12 billion each year.
These figures clearly point towards a bright future for blockchain technology. You could have a common misconception which blockchain technology generally finds its application in the monetary industry. Could it affect different businesses in precisely the exact same manner as banks and financial institutions? What about mobile program development? Can blockchain impact app development? If so, then how?
If you’re interested in answers to all these questions, then you’re in the ideal location. Within the following guide, you will learn about how blockchain technology may reap mobile program developers and boost the cell program experience of consumers.Top 7 Ways Blockchain Can Enhance App Development Experience 1. Distributed Management and Control
As a result of its distributed architecture, there’s not any single point of collapse. It’s essentially handled by a dispersed thing powered by a huge worldwide network of computers. The dispersed network functions as a server providing service to customers.
Also read: Top 7 Work Operating Systems of 20232. Security
Another benefit of decentralization is safety. By eliminating a centralized entity from the film, it gives control from the hands of numerous blockchain participants. Each transaction is listed in a dispersed ledger and confirmed by numerous nodes on the network.
The listed activity makes blockchain monetary trades much secure than conventional ones and provides a degree of confidence to the information. Because of additional level of confidence blockchain technology is more difficult to hack cybercriminals. The blockchain also has validation and encryption facilities to create your financial trade even more protected.
App programmers may also use personal blockchain technologies to restrict access to certain users. On top of that, you don’t need to include on peer-to-peer decentralization network capacity for this.
Personal Blockchain compels users to authenticate their identities prior to getting access to rights. App developers may also implement limitations on the amount and kinds of trades a user may create.3. Transparency
Are you worried about your information getting into the wrong hands? If so, then blockchain is for you. With only authorized users allowed to access your info and make modifications to it, you do not need to think about your information becoming encrypted or stolen.
On top of that, each blockchain participant is able to observe the changes produced ensuring transparency and lessening the odds of fraudulent transactions. As it employs a computer system, which transmits information continuously, once the changes have been made to the ledger or block, everybody is informed about the modifications.
Also read: Top 5 Automation Tools to Streamline Workflows for Busy IT Teams4. Scalability
Blockchain’s unique design makes it an perfect selection for mobile programs. It isn’t just more powerful but also provides about the scalability and versatility . Since the information transfer through numerous cubes related to the blockchain system, the possibility of information compromise is a lot lower.
The open-source character of blockchain makes the tools and technology more accessible. It doesn’t just develops along with your business needs but also offer you more flexibility as compared to other technology. Programmers are able to benefit from personalization choices and produce a solution that’s tailor designed to meet the company requirements.5. Small Learning Curve 6. Debugging
Since blockchain information is protected from cryptographic encryption, hackers will find it hard to hack it. A blockchain network utilizes both private and public keys. Users have a personal key while the public key can be found on the network.
Also read: Top 10 IT Skills in Demand for 20237. Frequent Updates
The same as the cellular app business, the speed where blockchain technologies is evolving is mindboggling. The development means that we may observe regular upgrades coming out every couple of months.
The upgrades help app programmers to maintain their mobile programs current and also make certain that their programs will fulfill all current standards and satisfy the long term needs of companies.
Moreover, blockchain program developers share user information to enhance cellular programs. The sharing of information enables developers to continuously refine and enhance the program consumer experience.
● ESG is essential for tech companies when it comes to winning the war for talent and building trust with investors
Read more: A simple guide to ESG
Why should tech companies care about ESG?
Technology companies also significantly impact society through their products and services.
By encouraging greater social responsibility, ESG helps those in the technology sector provide further consideration to the social impact on cybersecurity, data privacy, and accessibility.
Regarding governance, ESG can encourage technology companies to prioritise issues such as accountability, transparency, and ethical decision-making.
Board diversity, executive compensation, and shareholder engagement can all be considered within this space.
Overall, ESG is vital within the technology sector because it promotes more responsible practices and can lead to better resilience in the long term.Adapt, build, achieve
Build a better future with the Diploma in Environmental, Social and Governance (ESG).
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Build a better future with the Diploma in Environmental, Social and Governance (ESG).
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How is ESG measured in technology firms?
ESG is often measured by rating agencies who evaluate companies by looking at ESG performance, among other factors.
Ratings for technology companies can be measured and based on criteria such as energy efficiency, carbon footprint, data privacy, and labour practices.
Technology companies also publish reports which disclose their ESG practices and provide transparency around initiatives, allowing stakeholders to evaluate progress.
The Global Reporting Initiative and the Sustainable Accounting Standards Board provide frameworks for such reports.
Another factor vital in measuring ESG is stakeholder engagement, which focuses on how companies engage with different stakeholder groups and incorporate their feedback into their ESG strategy. This can help to identify ESG-related risks.
Finally, companies can measure their ESG performance against peers by benchmarking to better understand their relative strengths and weaknesses.
How are ESG factors regulated within the technology sector?
ESG is not explicitly regulated within the technology sector, but some frameworks in place encourage companies in this space to consider ESG issues.
These include frameworks such as data privacy regulations, which subject companies to regulations involving GDPR and aim to protect consumers’ personal data.
Some Governments have also set carbon reduction targets, meaning companies must disclose their carbon emissions.
In addition, the EU has introduced a classification system for sustainable investments, including environmental and social factors.
This system aims to direct investments towards more sustainable businesses.
Stock exchanges such as the Nasdaq and New York Stock Exchange have also introduced listing requirements related to ESG.
For example, the Nasdaq requires companies to make disclosures regarding board diversity.
So, while ESG factors are not explicitly regulated within the technology sector, there are several frameworks in place which encourage more sustainable practices.
How can executives play a greater role in shaping this area?
Chief Information Officers are crucial in helping companies meet their ESG goals.
One of the biggest challenges when it comes to implementing ESG policies is the need for good-quality data.
CIOs have many opportunities to drive more sustainable digital transformation and must consider the environmental impact of new technology and infrastructure.
Since data centres must be considered regarding energy consumption, ESG now concerns the IT department more than ever.
Sustainability-related questions have been increasing in proposal requests, and data centres and cloud services are not considered top contributors to the carbon footprint.
These factors can be optimised by working with different suppliers. IT leaders can also adopt tools that help report complex metrics around carbon emissions.
According to the experts, various technologies can help feed into ESG metrics, including blockchain, AI, the Internet of Things, and Virtual Reality.
Why ESG will grow in importance for tech firms
It has been forecasted that ESG assets are set to make up more than a third of assets under management by 2025, so ESG is here to stay.
The S&P 500 technology sector currently makes up a big portion of many ESG funds.
This means there will also be greater scrutiny from shareholders.
Companies in tech, such as Salesforce, Amazon, and Alphabet, have already signed up to support consistent climate reporting.
Companies are increasingly looking toward greater diversity and inclusion practices to win the talent war (see video below), which could also help boost innovation.
By following ESG standards technology, companies can avail of better financing, such as Sustainability Linked Loans.
These loans can have good terms depending on whether businesses meet ESG-related targets.
However, while tech CEOs understand the importance of ESG, it is still difficult to track the data and metrics to measure it.
Research has suggested that there may be a need for more in-house talent in the tech sector to measure and achieve ESG-related goals better.
What should tech companies focus on when it comes to ESG?
Some areas of focus which might be helpful for companies include power consumption and greenhouse gas emissions and utilising the cloud and serverless architecture.
Supporting corporate wellness and improving issues with the supply chain can also help.
Both digital transformation and ESG apply to how businesses can increase efficiency and better business outcomes.
Both topics look beyond the organisation’s immediate success, and it is essential to consider how valuable technologies could be scaled to achieve ESG-related goals better.
Innovations within the IT world can make ESG practices much more efficient.
Unfortunately, a high level of computer power can come with an equally high level of energy consumption.
So the environmental impact of this must be considered when it comes to the planning of tech companies.
Both big data and machine learning have allowed for the optimisation of production schedules, and companies have increased opportunities to make a difference in this space.
Customers have also been found to increasingly reference ESG criteria when choosing ICT providers to work with, which is a growing issue due to technological change.
With many IT vendors competing for space in the market, it is now easier than ever for customers to filter out certain vendors based on ESG-related criteria.
Technology companies in the spotlight
Given the global dominance of technology companies, it is no surprise that they have found themselves very much in the spotlight regarding ESG practices.
They have led in climate change, diversity, and inclusion.
By following such criteria, technology companies can help to better align themselves with customer preferences and showcase their commitment to societal issues.
Tech giants in the US have all now made net zero or carbon neutral pledges, which can have a further knock-on effect of encouraging their vendors and suppliers to reduce their emissions.
In the future, there will be more reporting requirements around ESG placed on technology companies, so companies must be able to identify appropriate data sources.
Businesses should take note of a younger demographic of investors now getting involved.
There has never been a better time to focus on ESG-related priorities.
While ESG reporting is currently voluntary, it may not continue to be so. In this case, those who position themselves well to address these issues now will be better equipped to manage risk in the future.
High-impact LED scoreboards and replay screens are now as common as hot dog stands in sports venues, but digital signage technology is finding its way into other parts of sports venues to enhance customer experiences and both inform and excite athletes.
In arenas, stadiums and even training centers, LED displays, video walls and 4K LCD screens are being applied in new ways aimed at driving different objectives. In some cases, it’s as simple as venue operators hoping to sell more at their concessions. But screens of all types and dimensions are also being used now behind the scenes, with very different objectives in mind.
Here are four different ways sports signage is being used today:
Top high school football stars invited to visit the University of Texas in Austin walk into a training facility where the lockers are topped with flat-panel displays, and the athlete’s photo and stats are displayed. Showcasing that this type of technology awaits them, should they commit to the Texas Longhorns program, can be a draw.
There are rows and rows of the high-tech lockers at the UT facility. The Samsung Smart Signage Platform displays are there throughout the year to visually assign and locate the locker stalls for current players and communicate to them through the training period and active season. But the big driver behind adding networked screens to lockers is to win over the prospects.
“When the recruits are going to see the campus, and they walk into the actual practice facility where they’re going to be spending a large amount of their time, and they see these lockers, and then they see their actual names and their pictures up on the screens, that’s pretty powerful,” says Greg Lewis of PingHD, the Denver-based digital signage software and solutions company whose content management platform is driving the locker screens.Discover the TCO of Smart Signage
Learn about the cost savings achieved through Samsung’s Smart Signage Platform in this white paper. Download Now
“As you can imagine,” continues Lewis, “recruiting is the name of the game for the University of Texas. So they were up front about that being one of the major goals, on top of also being able to use it for a way to communicate with their players directly, whether it’s messaging across all the screens as one big message or having individual players pictures and highlights.”
There are 120 individually addressable Smart Signage displays in the locker room, running off PingHD’s content management platform and operating on built-in media players that use Samsung’s Tizen operating system. The smart displays use HTML5 templates and available player and team data to show content screen by screen, though the platform is designed to allow screens across the full locker room to all show a specific message at the same time.
2. Athlete Communications
Major League Baseball’s New York Mets have numerous screens running different content around the clubhouse areas of Citi Field, the team’s home stadium. Different screens and content channels make players and officials, like the umpires, aware of schedules, weather conditions and even traffic conditions for leaving the stadium.
Stats-crazed baseball is ideally suited for smart displays that can take daily or real-time data and, using HTML5, dynamically show numbers, charts or other graphics. Along with single LCD displays, clubhouse and athletic facility areas are also incorporating digital signage. LCD video walls are a place to show highlights and motivational messaging as well as a screen for players to utilize for entertainment and video games.
3. Making Game Days Better
Detroit-based startup Waittime uses artificial intelligence to interpret data from sensors located around venue concourses and then tell fans, in real-time, where the bathroom and concession lines are shortest during game breaks. Fans get the information from digital signage screens located around the concourse areas, with visual and numeric cues that suggest the wait for beer at one stand is 10 minutes, while another concession stand just around the corner has only a two-minute wait time.
The screens enhance the customer experience by not forcing fans to wait too long and miss game action, and help arena and stadium operators by reducing the numbers of people who take a look at line-ups and return to their seats empty-handed. Concession sales are a big part of sports and entertainment revenues, and every sale counts. The on-screen analytics also serve to load-balance lines around the venue, reducing congestion around the facilities.
4. Premium Viewing Experiences
The National Football League’s Tampa Bay Buccaneers recently brought the experience fans see inside the stadium to the concourse, putting in LED ribbon display boards in a premium ticketholders and VIP section of Raymond James Stadium.
The curved LED screens show key game stats for fans who’ve stepped away from their seats. The West Stadium Club also added a pair of 26×15 ft. video walls at each end, four more smaller video walls above bars and almost 180 4K screens.
It’s clear the sports arenas are data-driven, and digital signage is the perfect technology for getting those stats and visuals in front of fans to enhance the customer experience and drive revenue at the same time.
Digital signage can provide a new level of customer interaction and engagement for your enterprise.
The cutting-edge technologies of the new age are changing the landscape of many industries. Specifically, artificial intelligence and machine learning are bringing about a lot of changes in the environment surrounding us. Both the technologies are transforming the banking sector as well for better experiences. Following the highly impressive implications these technologies, more and more banks are adopting AI/ML technologies. A survey report presented by Narrative Science and the National Research Institute revealed that 32 percent of financial services executives assured that they have already started using AI solutions including predictive analytics, recommendation engine, and voice recognition. But one aspect that is creating hindrance in complete adoption of AI is the legacy system. Leaders are resisting the upgradation of current technology processes because it is a more traditional industry. These legacy system place obstacles in seamless AI integration process. Since banking is a more traditional industry, leaders are reluctant to upgrade or change current technology processes. The problem is these legacy systems often prevent seamless integration ofRevamping Traditional Credit Scoring Process
Artificial intelligence-based credit scoring can work more efficiently than traditional processes by enabling fast, accurate assessment of the potential borrower. These technologies can further remove biases as well. With the help of AI, banks can determine which person has a higher default risk and who is more creditworthy without even checking the extensive credit history. Additionally, ML models can perform credit scoring over and over again to learn from mistakes and make improvements when it comes to handling a huge financial dataset. Henceforth, the consumer will receive an early response from banks and understand their finances better.Managing and Mitigating Risks
Bank can utilize automated credit risk testing to better manage and mitigate risks after getting accurate reports without human error. Also, by analyzing the history of risk cases, AI can aid banks to predict several issues and stay risk-ready. By analyzing a vast amount of data which humans cannot do in a short time, AI algorithms can reduce risk assessments to shorter time span say few minutes.Substantially Preventing Frauds
Almost every financial institution is infected by fraud cases. This is where AI/ML technologies come into the picture. These technologies by analyzing spending patterns, location and client behavior can recognize abnormalities and alert the cardholder which consequently helps in reducing frauds. AI/ML enabled systems can not only track suspicious behavior but also if provided with additional information can block the transaction within a few seconds. This boon of AI centric fraud detection approach can help banks catch frauds in real-time rather than wasting time in taking steps to rectify the issue.Offering More Personalized Experience
Banks can offer a better and more personalized customer experience with the virtue of AI and ML. Consumers and businesses want more in less and that when they acknowledge the value of unique experiences and better options. ML algorithms can analyze data of individual consumer and monitor abnormalities. It can also notify members if their card was charged more than one time for a single expense. ML models can also forecast which banking tools might be used by a consumer and further recommend them in order to make them take better decisions.Automating Tasks for Better Service
Freeing up human resources and capacities by automating repetitive and usual tasks can add to better customer service. Using RPA technology, financial institutions can remove human error and re-architect workforce tasks. ML algorithms can use image recognition to recognize patterns in the banking cum legal agreements which would take around 360,000 labor hours per year with complete human involvement. Usage of chatbots can avail quick and reliable information to customers.Conclusion
The cutting-edge technologies of the new age are changing the landscape of many industries. Specifically, artificial intelligence and machine learning are bringing about a lot of changes in the environment surrounding us. Both the technologies are transforming the banking sector as well for better experiences. Following the highly impressive implications these technologies, more and more banks are adopting AI/ML technologies. A survey report presented by Narrative Science and the National Research Institute revealed that 32 percent of financial services executives assured that they have already started using AI solutions including predictive analytics, recommendation engine, and voice recognition. But one aspect that is creating hindrance in complete adoption of AI is the legacy system. Leaders are resisting the upgradation of current technology processes because it is a more traditional industry. These legacy system place obstacles in seamless AI integration process. Since banking is a more traditional industry, leaders are reluctant to upgrade or change current technology processes. The problem is these legacy systems often prevent seamless integration of AI . However, to stay relevant to the competitive time, banks need to deploy financial technology solutions to their processes. The needs of consumers and their demand from the bank are increasing and AI can promisingly deliver to that. Also, machine learning technology enables banks to stay less dependent on human expertise which implies that human staff can focus more on improving customer experience. Here are the five areas where the AI/ML technology can improve the banking experience substantially.Artificial intelligence-based credit scoring can work more efficiently than traditional processes by enabling fast, accurate assessment of the potential borrower. These technologies can further remove biases as well. With the help of AI, banks can determine which person has a higher default risk and who is more creditworthy without even checking the extensive credit history. Additionally, ML models can perform credit scoring over and over again to learn from mistakes and make improvements when it comes to handling a huge financial dataset. Henceforth, the consumer will receive an early response from banks and understand their finances chúng tôi can utilize automated credit risk testing to better manage and mitigate risks after getting accurate reports without human error. Also, by analyzing the history of risk cases, AI can aid banks to predict several issues and stay risk-ready. By analyzing a vast amount of data which humans cannot do in a short time, AI algorithms can reduce risk assessments to shorter time span say few minutes.Almost every financial institution is infected by fraud cases. This is where AI/ML technologies come into the picture. These technologies by analyzing spending patterns, location and client behavior can recognize abnormalities and alert the cardholder which consequently helps in reducing frauds. AI/ML enabled systems can not only track suspicious behavior but also if provided with additional information can block the transaction within a few seconds. This boon of AI centric fraud detection approach can help banks catch frauds in real-time rather than wasting time in taking steps to rectify the issue.Banks can offer a better and more personalized customer experience with the virtue of AI and ML. Consumers and businesses want more in less and that when they acknowledge the value of unique experiences and better options. ML algorithms can analyze data of individual consumer and monitor abnormalities. It can also notify members if their card was charged more than one time for a single expense. ML models can also forecast which banking tools might be used by a consumer and further recommend them in order to make them take better decisions.Freeing up human resources and capacities by automating repetitive and usual tasks can add to better customer service. Using RPA technology, financial institutions can remove human error and re-architect workforce tasks. ML algorithms can use image recognition to recognize patterns in the banking cum legal agreements which would take around 360,000 labor hours per year with complete human involvement. Usage of chatbots can avail quick and reliable information to customers.Undoubtedly, AI and ML adoption by financial institutions are driven by consumer demand. For bank customers, having a secure and personalized experience has become their basic need. Since banks must depend on customer loyalty, they need to embrace AI/ML technologies to deliver better solution and services.
More and more businesses are embracing the concept of big data versus treating it like just another buzz-phrase.
Once heralded as “the next big thing,” adoption of big data analytics is at an all-time high with no signs of slowing down anytime soon. With big data and business analytics software projected to reach nearly $200 billion in revenue by 2023, it’s clear that the business world’s decision to bet on data has paid off so far.
So, what’s the catalyst for such rapid adoption in the first place?
After all, not all data is created equal and the need for massive numbers varies from company to company. According to a 2023 big data survey conducted by NewVantage, the top reasons for big data initiatives include decreasing expenses, exploring innovation opportunities and launching new products and services:
Although big data has uncovered new opportunities for businesses to reel in revenue, it’s also created a slew of challenges for marketers.
According to analytics firm SAS, the most common problems presented by big data to marketers are three-fold:
Determining which pieces of data to gather: with so many moving pieces of any business, it’s natural for marketers to find themselves in a situation where they’re drowning in a sea of numbers
Picking between analytics tools and platforms: more data means more tools, which means more picking and choosing on behalf of marketers already saddled with time and budget constraints
Turning data into action: while it’s easier than ever to acquire mounds of data at a moment’s notice, the act of spinning that data into gold is easier said than done
Does that mean that all hope is lost for marketers looking to benefit from big data?
After all, data-driven marketing has become the norm of today’s businesses. Rather than trust assumptions or gut feelings, modern marketers are making decisions by the numbers available to them. In fact, spending on data-driven marketing was up over 60% between 2024 and 2024.1. Better Analytics = Better Design
As noted in the NewVantage survey, some of the greatest value of big data comes in the form of decreased expenses and faster launch of new products and services. This is being played out in the design world, where data is helping machines learn how to create sophisticated branding elements.
Your logo is the anchor of your brand, but getting one created can be a costly and lengthy affair:
Do it yourself, and you risk missing key elements that designers have been trained to understand.
Online platforms like Tailor Brands are eliminating the need for expensive designers and creative teams, getting brands up and running quickly and inexpensively. They’ve discovered how to take a user’s subjective input about their brand, and apply that to the huge amounts of data collected through their user base to provide machine-generate designs in minutes.
The system makes artistic decisions around colors, typefaces and layout based on design best practices and user feedback, essentially providing access to a massive database of design knowledge. Because their system is set up to continuously learn from all user input, they are able to spot design trends and preferences too, continually improving results.
All of this means brands no longer face the expense of working with logo design teams and can get out there and start marketing in record time.2. Perfectly Timed Content
Speaking of time, marketers today face some major pain points in regard to content. That is, squeezing the most out of each and every piece we publish is much easier said than done.
Fortunately, analytics can play a major role when it comes to timing and content distribution.
Consider how Growbots’ email marketing platform optimizes send times based on engagement and the peak activity of email subscribers based on data from over one million cold campaigns.
The results of their analysis are nothing to scoff at, either. According to Growbots, email delivery optimization has the potential to nearly double the conversion rate of any given campaign.
Collecting data on followers and subscribers ultimately teaches marketers the best window to reach them, time after time.
This same logic can be applied to the world of social media, too. That’s why solutions such as social scheduling tool Sprout Social created its “ViralPost” platform which automatically schedules tweets and posts in conjunction with the online activity of relevant influencers. This sort of scheduling clues us into both the power of data and automation for today’s marketers.
Big data often reminds us of a rather obvious detail of any given marketing strategy: we can’t be everywhere at once. With these tools on deck, however, the task of marketing around the clock actually becomes a reality.3. Boosting Sales
Given the cost and legwork involved with leveraging big data, there should be a financial incentive for hopping on the bandwagon, right?
Luckily, there is.
Take the world of ecommerce, for example, where a keen attention to analytics could potentially make or break a business. As noted by Dataconomy, big data has huge implications for sales as it applies to…
Optimized pricing: by tracking purchases and trends in real-time, brands can ultimately identify patterns that result in higher profits (something that 30% of businesses fail to do year after year)
Demand: big data analytics can forecast needs for inventory and essentially prevent the need for a business to ever be out of stock
Predicting trends: keeping a close eye on industry data provides opportunities to determine which products are buzzing with consumers and what’s falling flat.
For marketers making digital sales, even the most minor details uncovered via analytics could result in major profits or losses. Again, the information gleaned by big data often represents points that many marketers wouldn’t think twice about until they were aware of where they might be going wrong.4. Conversion Optimization
Yet the degree to which big data analytics can help accomplish these goals may be less obvious.
Bear in mind that 48% of big data is attributed to customer analytics, meaning that drilling deep to understand customer behavior should be a matter of “when” not “if”.
The rise of big data is a stern reminder for marketers to take a data-driven approach to conversion optimization. With variables such as headline and CTA copy to color scheme and imagery, there’s plenty to consider on any page of your site or store.
The more data you have to assess the behavior of your traffic, the better.5. Promoting Personalization
With so much emphasis on metrics in regard to big data, it’s easy to forget the people and relationships behind those same numbers.
The concept of big data creating more personalized experiences may seem like an oxymoron but just take for example how chatbots are being used to boost customer satisfaction.
For example, the more a fashion chatbot for a brand like H&M “talks” to a customer, the more it learns about their preference in terms of products. The bot is then able to come up with personalized product recommendations as a result:
While marketers aren’t expected to rely on robots, they are expected to regularly gather data from customers in pursuit of a more personalized experience.
Even beyond the world of bots, Amazon’s recommendation engine is a prime example of personalized recommendations via data collection. Considering that lack of personalization annoys nearly three-quarters of all consumers, the key is for marketers to deliver relevant recommendations only.
And although personalization is considered a must-do, 39% of marketers note that a “lack of data” is their biggest challenge toward making it happen.
Therefore marketers looking to get closer to their customers should learn more about them sooner rather than later. Through the power of big data analytics, that crucial personal connection is more than possible.Breaking Down the Benefits of Big Data
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