Resources Group’s weekly selection of the top news articles in Insights & Analysis for week c2nd July. Our roundup includes analytics, big data research and artificial intelligence stories, so you can stay informed with what is currently happening in our work sectors and the world’s economy.
“How big data science and analytics is the lure for businesses today”
As the global economy and modern technological advancements continue to grow at a fast pace– everyone wants to expand their business to ride both waves.
Big data analysis emerged from data science, but now combines mathematics, statistics and several other scientific tools to analyse large amounts of data. Thanks to artificial intelligence applications and machine learning, predictive analysis can now be performed effectively. With this accurate prediction, leaders can accelerate business growth.
The full article can be viewed on Entrepreneur: click here
“Consumers hold on to their cash as confidence drops yet again”
Consumer confidence has been in the negative territory for two and a half years now and this trend is likely to continue for the foreseeable future. The UK’s retail sector is already struggling and are set to be hit even worse with customers readiness to purchase goods falling to 0.
Consumers’ view of the economic situation in general has fallen four points despite a job market that is currently strong and low interest rates.
The figures have been progressively decreasing since 2015, which was the last year full of positive numbers. Consumers negative views towards the economy are a stark contrast to their positive views on their own financial situation.
Joe Staton, a client strategy director at GfK, says, “There’s an odd mismatch of positive scores for personal finance contrasting with very negative scores for how we see the wider economy”.
For the full article visit Marketing Week’s article click here
“Colonial first state drills big data to transform superannuation”
Colonial First State (CFS) has launched a big data research project with the University of Technology Sydney (UTS). The research is being conducted with the aim to know how much longer Australians are living than before – and whether they have enough money to survive on.
The project is set to run for three years and combines CFS data and the experiences of senior employees in UTS, who have an extensive knowledge of data analytics, machine learning and quantitative finance research.
The research is being conducted to examine the threat posed by the phenomenon cknown as ‘longevity risk’ – basically, people outliving their pension savings. As our life spans gradually increase, more of us don’t know how much we should have in our savings fund to live on in our golden years. When someone does outlive their retirement funds, they must fall back on the social security net – which costs the taxpayer.
To read the full story please click here.
“Maybe you could be doing it better”
Many brands target segments and create marketing campaigns for those target groups based on pre-determined characteristics of these invented demographics. However, this technique can be limited, incomplete or can mislead you altogether.
It’s data that should show us whether customer personas actually exist – rather than rely on pre-determined characteristics to essentially stereotype whole demographics.
Our current society is ‘post-demographic’ meaning that the “consumer” has completely changed from what we knew before. In recent years our interaction with brands has evolved and clear-cut lines between consumers built on their ethnicity, age or gender are no longer relevant.
Visit RW Connect’s website to read the full article, click here