How to Establish Onboarding Journeys with a Focus on Digital Member Experiences

  • “A 5% increase in customer retention produces more than a 25% increase in profit, according to research done by Frederick Reichheld of Bain & Company.
  • A JD Power & Associates report found that new members should receive five to seven communications from their financial institution in the first 90 days.”

Citizen data scientist training for augmented analytics

  • “According to QuantHub, there was a data scientist shortage of 250,000 people in 2020.
  • Augmented analytics tools offer the promise of addressing some of these shortfalls by making the technology more accessible to non-data scientists.
  • Genpact, a business transformation consulting firm spun off from GE in 2005, is doing exactly that. To date, around 70,000 of its nearly 100,000 employees have gone through some degree of data literacy training, he said.”

The growth triple play: Creativity, analytics, and purpose

– “Only 7 percent of companies are delivering on the growth triple play by unifying creativity, analytics, and purpose. They are driving average revenue growth of 2.3 times versus peers from 2018–2019 (which increased to 2.7 times versus peers from 2019–2020).

– In the period 2018–2019, companies using just one of the capabilities—either creativity, analytics, or purpose—saw an average growth rate of more than 6 percent. Adding a second component saw growth rates climb to more than 7 percent. For those that employed the full triple play, growth rates climbed to more than 12 percent.

– CMO’s have a once-in-a-generation opportunity to lead growth, as 78 percent of CEOs are now banking on CMOs and marketing leaders to drive growth.”

Williams F1 drives digital transformation in racing with AI, quantum

Image Credit: Clive Rose/Getty Images
  • “Hackland explains to VentureBeat how Williams F1 is looking to exploit data to make further advances up the grid and how emerging technologies, such as artificial intelligence (AI) and quantum computing, might help in that process.
  • But what we’ve realized is trying to create data lakes just hasn’t worked. It hasn’t given us the actual intelligence that we wanted, so we often refer to data puddles. It’s much better to have many of these puddles that are well-structured and the data is well understood. And then, through a middleware layer, we can get to the graphical user interfaces.”

Why companies are spending more on A.I.

  • “Just over half of businesses said they would spend $500,000 to $5 million on A.I. initiatives this year, up from 34% in 2020, according to a survey released on Tuesday by data labelling firm Appen.
  • The No. 1 reason companies invest in A.I. is to ‘support internal IT operations.’ The second is to ‘improve understanding of corporate data,’ followed by ‘improve productivity and efficiency of internal business processes.’
  • 87% of companies plan to update their machine learning models…at least each quarter in 2021
  • 57% of businesses said they plan to update their models even more often—monthly”