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Welcome back.

In this video we're going to look at the business implications of

technology advancement and datacrytes.

Data and analytics is impacting every industry.

Let's start with agriculture, one of the oldest sectors.

Farmers are typically use their experience and the weather to

decide when to plant seeds, when to irrigate them, and when to harvest them.

But now thanks to advance analytics, they can log into a system and

analyze the best time to plant their seeds to obtain the best yield.

Precisely when to irrigate which part of the multi acre farm.

In another example,

a high network young professional logs on to a rover advance platform.

Selects the money if you want to invest for the next two years and

let the system know our risk appetite.

The robo-advisor then selects the right mutual funds and ideas or

exchange traded funds that she should own buys them through the exchange and

continuously monitors the value of her portfolio and

is ready to sell if the situation warrants.

When we look at what's going on in the world

we can see three major implications of technology advancements.

Customers are changing the way they choose products and services.

Competitors are faster and nimbler than ever before.

Supply chains are more complex and diverse.

Let's start by talking about how customers are changing the way

they choose products and services.

Online sales of products is increasing, and organizations need better

online marketing and access to optimal distribution channels.

At the same time, customers increasingly rely on information from social media.

Organizations need to be aware of changing customer behavior and perceptions.

The farmer practicing precision agriculture

is demanding timely information, relevant and

personalized information with respect to their firm and what they should do.

Similarly the high net worth in professional is making

decisions late at night from the comfort of her home.

In both cases, the customers trust their online systems but have high demands

on simplicity, personalization, ease of use, and transparency.

Next, let's consider how competitors are faster and nimbler than ever before.

For every organization time to market for competitors has decreased.

Managers at all levels need to access information on market changes so

they can make quick adjustments in product strategies.

Although the initial decision supports software product used by the farmer

was from a start-up.

It got acquired by a large agri business company.

We see this again and again.

Where start ups innovate and established companies acquire them

in order to become more nimble and competitive.

Now you see all of the major agribusiness companies using advanced analytics

censors and other technologies to extract more from the farms.

Similarly, the use of digital advice or

robot advice is now no longer restricted to just startups.

There's an arms race within the asset management sector

to build better analytic tools for their customers and advisers.

Finally, supply chains are more complex and diverse.

Better global connectivity has allowed businesses

to purchase imports from around the world.

This makes purchasing decisions more complex.

Increasingly, industry sectors are becoming more global and interconnected.

Internet of things and sensors are revolutionizing physical supply

chains and enabling data driven optimization and decisions.

For example, the robo-advisors can manage funds across multiple

parties distributed across the world.

They can execute trades 24/7 and

they're not dependent on the traders in each local market.

The business benefits from advance data and analytics are four-fold.

Increased revenues and profits as companies look at

hyper targeting customers and selling tailored solutions to them.

Decreased cost and

enhanced productivity as more automation takes over from human decision making.

Better customer experience as the omni channel interactions for

why the convenience for customers and the low cost for providers.

Reduced risk and

better quality as standardization and automation become the norm.

Increasingly, the workforce will be asked to focus on high value tasks as more

of the repetitive, manual and intellectual tasks are taken over by machines.

Over time, the ability to use data and analytics and

make data driven decisions will become standard practise.

PWC is recruiting with this instate in mind.

Data and analytics is becoming a part of the rapporteur of all of our consultants.

There are three key factors increasing the relevance and importance of data and

analytics.

The amount of data generated has exploded because of technology advancements.

There are many new types of data available that cover a much wider range of activity.

The price point for infrastructure and tools needed to capture and

analyze this data as dramatically reduced.

Making data collection and analytics much more economical for

the organizations that need it.

In the new normal of lower growth, regulated markets and

cost constraints our clients are increasingly considering data and

analytics as unexploited assets they can use to help them meet their goals.

Technology has changed the data we have access to and

how we can analyze and then visualize that data.

We are now seeing things like big data, non-traditional data,

information synthesis, sophisticated analytics and visual insights.

Let's talk about what each of these are.

The exponential growth of data and computing power is multiplying

the number of opportunities to drive insights from information.

That's what we call big data.

Nontraditional data are telematics, satellites, voice,

video-to-text, and other emerging technologies that create data

from previously non-quantifiable concepts.

Information synthesis is a catchall term for how evolving

data analysis and processing technologies are increasing our ability

to draw insights from complex, messy and unstructured data.

Sophisticated analytics are the advanced techniques such as simulation and

optimization that are making it possible

to pursue previously out-of-reach insights from data.

Finally, there are visual insights as data visualization disciplines

mature organizations and software tools are simplifying and

accelerating the path to insights and decisions.

In this video, we talked about the major implications of technology advancements.

Customers are changing the way they select products and services.

Competitors are faster and nimbler than ever before.

Supply chains are more complex and diverse.

Think about how some of this changes have impacted you personally.

How have you chosen products differently since the bought are social media?

Compare this how you bought products before social media?

Think about other technology advancements that you have seen.

Then join your fellow learners on the discussion board and

engage in a dialogue on how technology advancements have changed your behaviors.

And from that consider the big question in what ways do you

think organizations need to use data to help them think differently?

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Business impacts of technology advancements and data trends

Data-driven Decision Making

Meet the Instructors