Federal Bank is using analytics to find where to open new ATMs and which ones need to shut down. IndusInd Bank’s is using it for customer analytics, fraud and risk analytics. DBS Bank is targeting the right products to the right customer using analytics. Axis Bank’s analytics team specialise in customer segmentation, need-based analysis and hyper-personalization of offerings. Yes Bank uses analytics for understanding customer behaviour.
Infogain, Software engineering services, has acquired Absolutdata, an AI and advanced analytics firm, making it its third acquisition in the last 14 months. The financials were not disclosed. With the acquisition Infogain aims to help clients’ rising demand for digitalisation, employing strategy and experience, cloud transformation, and advanced analytics and AI services. After the acquisition over 300 Absolutdata staff in the US and India will move to Infogain.
Gartner surveyed 173 CFOs to identify digital priorities for 2021 including digital analytics, robotic pressure automation, accelerating digital skills in their teams and cloud-based ERP software. 82% of CFOs are willing to invest in Advanced data analytics, 66% in RPA, 60% in employees’ digital skills and 49% in cloud-ERP. Most CFOs, however, were not confident in transforming digital objectives for the coming year, survey stated.
1. Merchandising analytics tells which products are best-selling and which ones are not performing well, helping Titan decide the right merchandise to be sent to stores. 2. On the backend, a prediction engine continuously analyses and reaches out to customers with right offer of right product at right time. 3. Analytics is helping in sales forecasting with nearly 80% accuracy. 4. Titan uses analytics to determine where to open a store in a particular locality.
Maveric Systems uses advanced analytics and data engineering to know clients’ needs. It collates banks customers’ feedbacks using automation. NLP, ML identify key themes in the feedback. Detailed engineering analysis of channel tech validates their dissatisfiers and delighters. They’re experimenting ML, AI-based candidate spotting to find talented, appropriate candidates. However, this is in its infancy now.
AI, people analytics-based tools can analyse employees’ performance and predict if they have leadership qualities. At a time when managers are working remotely, these AI-driven tools can better pick talent from a large set of employees. These tools can also identify the skill gap. Thus, helping firms provide customised training to their workforce. Employee productivity assessment can create more engagement among leaders, workers, further increasing performance.
Accenture has acquired automated insights and big data analytics company Byte Prophecy. The tech giant will add nearly 50 data science and engineering experts having specialisation in insight automation to its Applied Intelligence team. Accenture will leverage Byte Prophecy existing consulting and tech capabilities in data foundations and advanced analytics. Founded in 2011, Byte Prophecy and Accenture Ventures are working with each other since 2018.