I worked many years for a large news media corporation that was enormously disrupted by the Internet.
Google AdWords and programmatic (automated) digital advertising cut into our ability to sell ad space in newspapers, magazines, and newspaper and magazine websites.
Craig's List annihilated our Classifieds revenue. Remember when you'd take out a newspaper ad to offload your old couch?
Zillow, Homefinder and Realtors' own websites made our real estate listings increasingly obsolete.
Print subscription sales plummeted when people realized they could get our content online, for free, on their phones, all the time.
And on and on it went.
In this wars-on-all-fronts environment, outside innovation was largely seen as a threat, and inside innovation was often handled in a panicked, frenzied manner. Those of us trying to invent our way out of the decline tended to set insurmountable expectations for success - all the while allowing ourselves little to no room for failure, no time for traction, no real emphasis on data-driven analysis (no time!), and zero room for healthy reflection.
What I have learned since -- from friends and colleagues in technology, analytics, healthcare, financial services, and media -- is that innovation does not spring fully armed like Athena from Zeus' forehead.
Innovation is iterative. It is a process.
I've put together what I think are some interesting case studies to illustrate this point, along with some tips on how your team can be more systematic and data-driven in your innovating.
For the past decade, banks have taken for granted the abundance of low-cost deposits. Customers flocked to banks for safety during the recession, and didn’t see any attractive investments for that money long after the crisis ended. However, there is ample evidence this period of easy deposit growth has come to an end.
Topics: Bank Marketing
Babson College Professor Tom Davenport – who is the keynote speaker at this year’s Nashville Analytics Summit held Aug. 8-9 at the Omni Hotel – believes the outlook is good that, yes, in fact, a robot will one day perform at least a portion of what you’re currently being paid to do.
“You’re either going to work alongside a machine, or do something that a machine can’t do,” Davenport said in an interview with the Nashville Technology Council, host of the Analytics Summit.
The amount of available data collected and applied has made it possible for businesses to automate processes and predict the relevant behaviors, whether they be from consumers, employees, patients (in a healthcare environment), voters (in a political one) – you get the idea.
It’s what data scientists and business analysts mean when they talk about “machine learning”, and it’s why Professor Davenport will be talking about robots taking over your job when he delivers his keynote on Day 2 of the Summit.
“You have to decide which of (two) approaches you’re going to take,” Davenport said. “Do you want your career to be working closely with machines … or do you want to focus on things that aren’t very feasible for machines to do … such as jobs that involve a high level of creativity or empathy or jobs that are extremely unstructured: jobs that humans would prefer to deal with other humans about.”
Tips for being a confident, communicative resource
Topics: Marketing Best Practices
Heineken just released an ad that might make you actually want to talk to all the people you've unfriended for political reasons.
Community banks are under pressure to grow and remain relevant—to attract new customers as their existing customer base ages. But smaller banks face particular challenges. Some alarmists are even sounding the death knell for small community banks.
Topics: Bank Marketing
We are seeking a full stack .NET developer with strong knowledge and hands-on experience building applications using .NET framework and MS SQL server. You will be responsible for developing interactive websites, web applications, and mobile applications using a variety of languages and development platforms. You should be comfortable working in a fast-paced environment, an adept communicator, self-motivated, and display a team-player mentality.
Topics: Agency News