Transforming Big Data into Big Value: How well prepared are you?

Transforming Big Data into Big Value: How well prepared are you?

Crowne Plaza Hong Kong Causeway BayHong Kong07 September 2018

event date:
07 September 2018
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                        Transforming Big Data into Big Value: How well
prepared are you?

 

“Futurists in London in
1901 met to help prepare the city for the future in 1925. They discussed,
researched and wrote a report that included a recommendation to prepare for a
pressing need. The need was to get ready for 1 million horses that will be used
for transportation in the city in 1925.”

– Peter Sheahan, Founder
and CEO of ChangeLabs

We have
come a long way since the time we predicted the use of 1 million horses in
1925.

What has
changed? How are we gearing ourselves to make better predictions and informed
decision making
? Are we well prepared to make intelligible use of data resources at our hand? Are we fully
equipped to drive data into actionable
insights
and ultimately translating into profits and growth?

Big Data drives marketing today. Global brands are realising
big gains from Big Data analytics by influencing consumer behaviour. Forbes
stated that retailers who leverage on Big Data are able to increase their operation margins by 60 per cent.

Amid a rash of retail bankruptcies and store closures,
companies making use of Big Data
analytics
are continuing to swiftly and unapologetically gain ground.

The question
is how do you navigate the topsy-turvy seas of retail business? With shopper
clearly in the driver’s seat, enabled by technology to remain constantly
connected and more empowered than ever before to drive changes in shopping
behaviour, the time has come to make use of powerful analytical tools and
technologies in your hand to meet your business objectives.

“Everywhere and
anywhere commerce” has become deeply entrenched allowing consumers to shop
however, wherever, and whenever they want—whether in stores, online, by mobile,
voice activation or click-and-collect. The
challenge for retailers is to capture
the right data, process at the right speed and take appropriate and necessary action.

According to Google’s Zero Moment of Truth
(ZMOT) research, 70% of consumers
research online
before purchasing in-store. This behavioural change
means analytics must change – store and digital research data sets have to be
connected to produce the real insight needed to understand how consumers
research and respond to offers.

Hong Kong’s retail
sector recorded its first annual growth since 2013, with sales up 2.2% to 446.1 billion Hong Kong dollars
($57 billion) in 2017
. As predicted by Hong Kong Retail Association, Hong
Kong’s retail sales will rise nearly 4%
in 2018
, continuing last year’s rebound – which stood at 3.2%.

The time is
now opportune to adopt a more structured approach to deliver richer customer experience by
turning to big data – information that retailers can and are able to collect
through every customer interaction,
across every store,
on different occasions, multiplied with different touch points and
individual preferences — which they also combine with external data.

By pooling and integrating information from
different data points, retailers
can find out:

  • Who
    are the most valuable customers and how do
    we keep them engaged?  Who are customers who may potentially leave us and
    how do we win them back?
  • What
    drives them to spend more?
  • What
    products are gaining popularity? What products should we sunset?
  • How to
    improve engagement at every
    stage of the buying process?

A McKinsey report showed that when armed with advanced analytics, customer experience leaders gain
rapid insights to build customer loyalty, make employees happier, achieve revenue gains of 5% to 10% and
reduce costs by 15%-25% over two or three years
.

OpenGov is pleased to bring an
exclusive Breakfast Insight session to
enhance your knowledge on how to effectively leverage technology to improve the customer experience, convey a
consistent brand message, develop long-term
customer loyalty and retention and increase profits in a
hugely competitive retail market.

The unique proposition of this OpenGov
Breakfast Insight is the integration of GAMIFICATION, our hugely popular
scenario-based approach
to learning. You will be learning while playing,
gaining new and unique insights while having fun! OpenGov Breakfast insight
sessions are concise, to the point, strategic level discussions designed to
bring learning within a short span of 3 hours!

‍The joy of attending OpenGov Gamification
at Breakfast Insights is apparent!
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