certus accelerate - fourth industrial revolution by james harwright
TRANSCRIPT
THE ADVENT OF THE FOURTH INDUSTRIAL REVOLUTIONAccelerate your business alignment to the changing landscape
Each revolution has changed the way that products are created through changing the environment.Each has brought change in: • Increased product standardisation • Increased skills specialisation (and skills redundancy)• Increased automation
Manual labour to machine power
Division of labourMass production
Specialised micro-tasksAutomated production
Rote process automationSmart systems
The 4th revolution is different: it’s changing product to fit the environment / the consumer need.It’s driven by the ability to understand how products are used down to a single entity; and to adjust it based on individual customisation.It will accelerate the types of change seen in the previous revolutions…
What is the 4th Industrial Revolution?
1780 1870 1970 2015
PRODUCT VARIATION
It’s becoming increasingly consumer driven
REMORSE
LACK OF USE
DISPOSAL
AWARENESS
CONSIDERATION
EVALUATION
PURCHASE
LOYALTY
ADVOCACY
FRUST-RATION
POOR SERVICE
FEEDBACK
The Customer Funnel
• What happened to the people who dropped off before purchase?
• When can you first identify behaviours that might lead to purchase intent?
• What happens to the purchasers that don’t become loyal or advocates?
• We need to look at the full customer journey:• Path to purchase
• Service and support
• Ongoing forum / product web traffic
• How your communications are treated
Add context (metadata) to the data:• Date & Time• Channel• Device• Location
etc.
1. Capture all you can2. Connect it all together in a timeline3. Find the common patterns that lead to
retention, cross-sell/up-sell, improved service4. Act upon those patterns: test & learn5. Look at the lifecycle of the product
Listen, Consider, Act
©Experian 2014
Australian Metadata Law (2015)• Not looking for the actual content!• They can get what they need through context &
behaviour
Install The Certus Accelerate Shareable App The Certus Accelerate App will give you access to a host of event related content including:
Videos Infographics Blogs How to download: A text will come through saying, “Certus app wants to share the Accelerate app with you.” Simply Tap the link and follow the instructions to download the app. Fresh ideas: New content and features can be added to the app so the experience won’t end once the event concludes, we will continue to update you with new content.
Act on it; don’t forget to check the outcome
Regular funds transfer to savings
account
Logged inSavings account balance check
Credit card purchase
Foreign currency at branch
Website visit
Offer made Website purchase
Credit card purchase
In the context of banking: Offering Travel Insurance
Purchased Travel Insurance on web
5 x International credit card transactions
Credit card purchase with Expedia
Logged in to check savings balance
Visited branch for foreign currency
Monthly automatic $250 savings xfer with
label “Hols”
Email customers having the same
geodems
Do you have travel insurance sorted?
Visited website looking at travel
insurance
Email alert: Confirming high value spend
Offer: “Need Travel Insurance?”
Scroll: “Tell us when you’re travelling so we don’t block your card”
Banner: Get travel insurance and great rates on currency
exchange
Capture and track everything
In the context of banking: Offering Travel Insurance
Extend the context. Classify and categorise, and enrich the data
Adjust the product, even create new products
Purchased Travel Insurance on web
5 x International credit card transactions
Credit card purchase with Expedia
Logged in to check savings balance
Visited branch for foreign currency
Monthly automatic $250 savings xfer with
label “Hols” Visited website looking at travel
insurance
Regular travel in school holidays
Visiting expensive international restaurants
High correlation between house
move and holiday
Offer Travel Insurance at change of address
time
Offer children’s savings account Offer Wine ClubSavings tracker app
add-on
Regular savings set up
Regular transferRuns for 6 months
Text label => TRAVELText label => LEISURE
Mean time between balance checks
Purchase 40% higher than mean
Text label => TRAVEL
Foreign currency =>TRAVEL
Day = SATURDAYTime = MORNING
Page tag = TRAVELDrop-down = PERSONAL
Day = FRIDAYTime = EVENING
Device = IPAD
Offer rejected, already purchased
Page teg = TRAVELDrop-down = PERSONAL
Region = APACDate = 19/12/2016Duration = 14 days
Region = APACTom Yung Goong =
RESTAURANTValue = $120
Date = 26/12/2016
Taking it to the next level…
• Applying Text Analytics1. Social listening and feedback2. Live chat logs3. Search with natural language4. Claims form completion
… and rethink your service to impact the largest audience
5. Which aspects of your products or services get the most feedback?
6. Are you seeing emerging trends that you could work on proactively?
7. What kind of chat flow leads to a happy customer?8. What phrases should the agent use for best results?
• Consumer expectation is increasingly that: • You’re listening on all channels• You’re there 24x7• You’ll respond on their timeline• You’ll increasingly (and seamlessly)
improve their product
Listen to history:“No business can improve unless it pays the closest possible attention to complaints and suggestions. If there is any defect in service then that must be instantly and rigorously investigated, but when the suggestion is only as to style, one has to make sure whether it is not merely a personal whim that is being voiced. ““[They] listened to the 5 per cent, the special customers who could say what they wanted, and forgot all about the 95 per cent.”
Henry Ford Autobiography 1922
SKILLS SPECIALISATION
We’re all specialists!
Thomas Thwaites: “The Toaster Project”
This is the result:
» It cost £1187.54 to make» It worked for about 5 minutes …
Tried to recreate a £4.99 (<$10) toaster » from scratch» sourcing all of the raw material» by himself
Specialism & Maintenance
Ability of organisations to Service and Maintain assets is being hit:
1. More complex environment2. More rules and regulations3. Expertise takes time and money (and retires) 4. Too much information / unusable in its raw form
» Costs to service and repair increase
» We need to simplify the complexity…
Make / model
Location
Age
Service
Failures
Weather
SensorsMaterial
Manuals
Connections
Tests
H&S
Financial
Enables identification of:• Performance patterns• Drivers for failure• Failure prediction• MTBF based on all factors• Anomaly detection• Poorest & best service• Fraud detection
Our consumer engagement context can extend to understandingand adjusting the way we work too…
As per customer-centric:• Capture all you can• Connect it all together in a timeline• Find the common patterns that
lead to failure, extended life, pre-emptive service
• Act upon those patterns: test & learn
Next steps• Look at the product lifecycle• Integrate predictions into the
maintenance process• Load up the knowledge• Look at Business Process
Management
Asset Intelligence• Enhancing with sensors• Environmental factors• Incorporate usage
Analyst
Modeller
DataScientist
Even the type of data being generated has created more specialisation
Structured
Semi-structured
Unstructured
TransactionsProductsSensors
Maintenance notesComplaintsQueries
Social MediaFeedbackPhotos
Repeated reports and dashboards
SegmentationPredictive Models
New insights building to a business case
Analyst
Modeller
DataScientist
Structured
Semi-structured
Unstructured
Structured
Semi-structured
Unstructured
Simplify the complexity; put the information in more hands
Conf
orm
mor
e da
ta
• Classify metadata from type, location, time, user• Extract subjects, objects, shapes, colours• Pin attributes to structured data
• Summarise / derive content• Create data marts with usable data• Bring in technology to help…
Ease Insight creation
INCREASED AUTOMATION
Time for Cognitive…
The four main characteristics of cognitive systems:
• They are able to learn their behaviours through education• Their primary value is their expertise• They support forms of expression that are more natural
for human interaction• They continue to evolve as they experience new
information, new scenarios and new responses
“as soon as it works, no one calls it AI anymore.” – John McCarthy (who coined the term AI)
We’re seeing an increasing number of ANI systems:
• Cars: anti-lock brakes, GPS with traffic knowledge, Google’s self-driving car
• Smartphone: weather forecast, Pandora, Siri• Computer: Email spam filter, Facebook’s “add a friend?”,
Amazon’s product recommendation
Narrow IntelligenceSpecialist in one area
General IntelligenceHuman Level AI
SuperintelligenceSmarter than us – across the board
Building specialisation and gamification
Canon’s repair techies learn their trade by dragging and dropping parts onto a virtual copier.
Cisco’s myPlanNet enhanced its processes through “Sims”-style acting as CEOs of service providers
MLC health insurance pushing fitness goals through targets on wearables
Associated Press has created thousands of finance articles through ‘Automated Insights’
QBE Insurance box captures and analyses good driving habits for policy discounts
NYU Tandon Fire Research Group is teaching firefighting skills through game-like simulations
Blockchain Supply Chain• Sensors monitor the raw products, parts,
supply, production, and shipment of items• Record workers all the way through the
supply chain• Each phase recorded on a blockchain • Access climate conditions and processes
used in delivering the final product• Helps users (and analytics) to quickly
match faulty products to issues in supply chain – up to years afterwards
Uber is creating its own range of autonomous vehicles
Cognitive development in the short-term
Product Search• Draw in marketing and manuals• Extract facets from text, photo, video• Link with reviews & referrals from influencers• Automatically find comparable or
substitute products
Inter-asset communication• Electricity smart meter receives weather
warning from substation feeder• Starts storing energy into home battery• If outage occurs draws immediately from
battery; if weather passes draws over time
Knowledge Correlation• Load a corpus of disparate knowledge• Use natural language to ask support questions• Convert gut feel to consensus
STEPS TO THE NEXT REVOLUTION
Takeaways
• Emerging technology breakthroughs in fields such as Artificial Intelligence, the Internet of Things, robotics, autonomous vehicles, 3D printing, nanotechnology, biotechnology, energy storage, and quantum computing are changing every business
• Agile, innovative competitors can access and leverage global platforms for research, development, marketing, sales, and distribution, disrupting faster than ever by improving the quality, speed, or price at which value is delivered
They don’t have what you have: a customer base, a brand, a level of trust
• Build on your capabilities step-wise» Listen, Consider, Act (repeat)» Quick win / quick fail» Build interfaces between your main systems
• Embrace the partitioning and automation of work» Business Process Re-engineering» Think APIs and Services» Don’t forget governance and tracking
• Get your data in as many hands as possible» Coherent, consistent, contextual» Simplicity is compelling
Questions?