sas global forum

4月 062018
 

SAS Global Forum 2018 is just days away, and if you're one of the 6,000 SAS users heading to Denver for the event, get ready for four days of learning from SAS peers, exchanging ideas, discovering new techniques for using SAS, and a bit of fun as well.

But what if you can't make the trip to Denver this year? Is there another way to experience some of the great content that will be shared there? I'm happy to say the answer is yes!

SAS Global Forum 2018 Virtual Event

SAS Global Forum 2018 Virtual EventOnce again, SAS will provide dozens of hours of live video streaming from the event. Register for an All-Access Pass and watch select sessions including Opening Session, keynote talks, select breakouts, Tech Talks, updates from The Quad, interviews with SAS executives and developers, and more. You can find livestream presentations and add them to your calendar here. Coverage will be available for on-demand viewing on SAS Global Forum Video Portal after the conference as well.

Get involved via Social Media

Video not your thing? No worries. SAS will provide several other ways to stay up to date. For starters, you can read any of a number of blog posts from the event. Posts will come from many different SAS blogs, but all posts from SAS Global Forum will be aggregated here.

If you're on LinkedIn, Twitter or Facebook, you can stay connected with what's happening and engage with attendees on SAS’ social media channels. Join the conversation, comment on some of the cool presentations you attended or viewed, discuss the exciting news coming out of the event, or simply follow along. The channels sure to have the most activity are the SAS Users LinkedIn group, the SAS Twitter account, the SAS Users Group Facebook page; and Instagram. The hashtag for SAS Global Forum is #SASGF; be sure to use the hashtag in all your posts.

SAS Global Forum 2018 Proceedings

If you want a deeper dive into a particular talk, or if you're interested in presentations that may not be part of the Live Stream, the proceedings for SAS Global Forum 2018 are already available. Here you'll find abstracts, PDF of papers, e-posters, slides, data files, and more.

With all the opportunities to follow along, connect and contribute, you can be a part of SAS Global Forum 2018, whether you're attending in person or not.

Enjoy the event...whether you're going or not!

Participate in SAS Global Forum 2018...even if you're not going was published on SAS Users.

4月 052018
 

SAS Global Forum 2018 takes place April 8-11 in Denver. The following post is from Sebastian Dziadkowiec and Piotr Czetwertynski, presenters at the event. You can join Sebastian and Piotr for their talk: “An Agile Approach to Building an Omni-Channel Customer Experience” on April 9 at 2 p.m. in Meeting Room 302. We'll also post their presentation here after the event has concluded.

Keys to building a successful and future-proof omni-channel customer experience

Most organizations acknowledge that building a seamless and consistent customer experience is critical to long-term success. The big question is: Now what? With all of the channels to stitch together – from brick and mortar experiences to online clicks – how do you track and make sense of all that customer data? And, more importantly, how do you use that data to create the very best customer experience?

Over many years of implementing SAS Customer Intelligence and helping our clients give their customers exactly what they want and when they want it, our team has identified some characteristics that make for successful projects. Here are some of the key components that most often make or break a Customer Intelligence project.

Time to market

Everyone likes to see value generated quickly and reaching the break-even point for project within weeks of project launch is critical. In case of campaign management, it is possible. Instead of following the traditional waterfall path, with all the IT-heavy components like requirements gathering and analysis, solution design, many streams of implementation and testing, it is worth considering releasing a minimum viable product as soon as possible. Such approach allows us to focus on delivering business value and field-testing all the creative ideas, rather than building an IT system in perfect accordance to requirements, and one that may no longer be relevant at the day of release.

Applying analytics in the decisioning process

Go beyond traditional, rule-based approach to get the most out of the data you have. Nowadays, everyone speaks about machine learning, big data, NBA, artificial intelligence and so on. It is up to each organization and CI project to forge those fancy buzz words into real value, by embedding advanced analytics techniques in the decisioning process. There are many ways to boost various use cases by the advanced methods; make sure you will be able to use all you need and integrate their results seamlessly, regardless of when and how you engage with your customers.

While working on a CI project you should also keep in mind other areas: project organization, building a future-proof solution that will stay relevant for years, and constant search for additional opportunities to use available data and solutions to generate incremental value beyond the core scope of customer intelligence project.

There isn’t a one-size fits all approach to implementing a CI project, but these lessons learned can greatly increase your chances for project success – successful delivery generating a high ROI in a short timeframe while staying relevant in the long run - through the very best possible customer experience.

Find out more at the SAS Global User Forum 2018

Join Sebastian and Piotr for their “An Agile Approach to Building an Omni-Channel Customer Experience” Breakout Session at SAS Global Forum April 9 at 2 p.m. in Meeting Room 302.

About the Authors

Piotr Czetwertyński

Piotr is Customer Analytics Manager in Accenture. He has 11 years of experience in Campaign Management and Analytics. Currently he is one of the people responsible for launching of Accenture Center of Excellence for SAS CI in Warsaw, Poland.

Piotr recently focuses on solutioning & strategy in the areas of campaign management, BI & Analytics.

Sebastian Dziadkowiec

Sebastian has 8 years of experience in technology and management consulting, mostly in communications industry. He went through the entire project lifecycle on numerous engagements, starting from programmer, through business and technical analyst, up to solution architect and team manager on large-scale analytics projects.

Sebastian specializes in analytics solutions technology architecture, particularly focusing on customer intelligence and big data. He serves as technology lead in Accenture Center of Excellence for SAS CI in Warsaw, Poland.

 

 

Keys to building a successful and future-proof omni-channel customer experience was published on SAS Users.

4月 042018
 

Being the Graph Guy, I wanted to know about all the "data visualization" presentations at the upcoming SAS Global Forum 2018 conference. I tried going through the official interface to search for such sessions, but it was difficult (impossible?) to know that I had found them all. Therefore I created [...]

The post 100+ presentations about data visualization at SAS Global Forum! appeared first on SAS Learning Post.

3月 302018
 

Reasons to look forward to SAS Global Forum 2018SAS Global Forum 2018 takes place April 8-11 in Denver. The event will attract nearly 6,000 SAS professionals from around the world and from nearly every industry for the a learning and networking experience second to none. At this year's event I'll be presenting the paper Getting More Insight into Your Forecast Errors with the GLMSELECT and QUANTSELECT Procedures on Tuesday, April 10 from 2:30-3:30 in Meeting Room 401. SAS Global Forum is my favorite SAS user event for so many reasons. Here are my top 10 reasons I'm particularly excited about this year's event.

Reason #1: Opening Session
It's always impressive to see the latest and greatest SAS software has to offer. I'm particularly looking forward to hearing the latest SAS Viya news and developments in Machine Learning. Keynotes by Oliver Schabenberger and other SAS Executives highlight the event.

Reason #2: Meeting my favorite SAS bloggers
It's inspiring to see how Rick Wicklin, Robert Allison, Chris Hemedinger and Sanjay Matange spend a lot of (spare?) time to provide SAS Tips for the SAS Community and SAS blogs. Thank you!

Reason #3: Presenting my paper
Inspired by Paul Goodwin, my paper will include lots of @SASsoftware code and SAS tips for SAS users and the SAS community.

Reason #4: Co-Authoring paper 2419: "An Easier and Faster Way to Untranspose a Wide File"
You'll learn important data prep and data quality tasks and the and benefits of using @SASsoftware code to perform these task.

Reason #5: Meeting other SAS Press authors
It'll be a lot of fun meeting other SAS book authors including Tricia Aanderud, Sanjay MatangeRick Wicklin, Chris Hemedinger and Robert Allison to discuss their experiences and meet the charming ladies of the SAS Press team.

Reason #6: Meeting SAS Press readers
Excited about meeting the SAS users who read SAS books at the SAS Press booth in the QUAD to discuss their experiences with SAS software for analytics.

Reason #7: Taking care of our SAS customers from Austria, Germany and Switzerland
It'll be good to see that many SAS software users from our region, many of whom are travelling to Denver to see news on SAS analytics, Machine Learning, Deep Learning, Artificial Intelligence and SAS Viya.

Reason #8: Meeting students who use SAS
It will be exhilarating exchanging ideas with students using SAS software for their research and classes. It's so refreshing to see the increasing interest in SAS from universities around the world.

Reason #9: Getting inspired
Always a great thing to see nearly 6,000 people with an interest in SAS software and SAS analytics interacting and exchanging best practices. I always return to work with a renewed sense of motivation and energy.

Reason #10: Interest in my SAS books and papers
Thanks a lot for your interest in my work! It is always a pleasure to discuss all things SAS with each and every one of you.

Hope to see many of you in Denver!

10 Reasons why I look forward to SAS Global Forum was published on SAS Users.

3月 152018
 

fraud detectionIn the medical field, an autopsy is valuable because it helps you understand the cause of death. But, what’s more valuable is identifying the leading indicators of an illness so that you can address it before the Grim Reaper comes knocking. Best in class organizations are taking a similar approach to their fraud detection, shifting from a purely hindsight view to insights and even foresight – getting out in front of the fraud before it happens, revenue is lost, reputation damaged and regulators apply even more pressures.

Proactively detecting fraud isn’t easy though. There is the nature of the challenge itself: Fraud is a behavioral problem and one that is dynamic, complex and often sophisticated. Then, there is the data challenge – lots of it and in many different formats, including structured and unstructured. Next is the analytics. There are many techniques available, and some might be good, and others not. Finally, the technology. There is no shortage of solutions, but they can be expensive and organizations need to beware of ending up with a collection of siloed, single-point solutions that don’t tell the full story.

That said, unless you’re willing to close your business, which is the only surefire way to get to 0% fraud, you’ve got to tackle it.

How to tackle fraud?

For starters, I advise leaders to define their risk appetite and tolerance. What is the level of risk that you – and the organization – can live with? If you can live with 5%, let’s say, then that’s your true North and benchmark to measure against. Once the risk appetite is set, next comes the balancing act of strategic long-term view and tactical short-term needs plus balancing fraud prevention against the customer experience, and more. Then, make sure you have the data, technology, people, processes, governance and analytics in place to continuously measure and refine.

What we are seeing today is that analytics is a key component of moving fraud detection from hindsight to foresight. It starts with dividing risk into three classes. The first is what you know. I have fraud, it’s happening, and I can put business rules in place to detect it. It’s a repeatable pattern that usually responds well to the “if x, then y” formula. The second class is what you do not know.  This is about anomaly detections and can often be found by highlighting things that don’t happen often, but stand out when they do. The third, and most challenging class, is when you don’t even know what you’re looking for. Is it a needle in a haystack? Maybe a rusty nail? This is where AI and ML come in play.

Applying best-in-class tools allows organizations to ingest enormous sets of data, including text, voice, social, structured and unstructured data. Adding best-in-class analytics helps to sort the noise from signals, and advanced analytics including Artificial Intelligence, Machine Learning and Natural Language Processing enable organizations to move faster, by processing in real time, and benefit from iterative learning, where humans help models become smarter and smarter until they can improve themselves every single time. And, of course, the best solutions provide an end-to-end analytics lifecycle from data to analytics to insights.

There’s no question that fraud is complex and challenging, but unless you’re willing to send your business to the morgue – and close your doors forever – you’ve got to tackle it. And, thanks to advances in analytics, we can help stop fraud before it starts.

Find out more at the SAS Global User Forum 2018

Join Constantine Boyadjiev for his “Suspect Behavior Identification through Sentiment Analysis and Communication Surveillance” Breakout Session at SAS Global Forum 2018 April 10 at 3 p.m. in Mile High Ballroom Theater C.

 

 

 

 

Move fraud detection from hindsight to insight to foresight was published on SAS Users.

3月 072018
 

The R SWAT package (SAS Wrapper for Analytics Transfer) enables you to upload big data into an in-memory distributed environment to manage data and create predictive models using familiar R syntax. In the SAS Viya Integration with Open Source Languages: R course, you learn the syntax and methodology required to [...]

The post Use R to interface with SAS Cloud Analytics Services appeared first on SAS Learning Post.

3月 072018
 

Are you going to Denver, Colorado, and wondering what fun/interesting/eclectic things you can do there? Then this is the map for you! For the past couple of years, I've made maps of the city SAS Global Forum is in, pointing out some of the attractions that conference attendees might want [...]

The post What to do in Denver, during SAS Global Forum! appeared first on SAS Learning Post.

2月 282018
 

Goutam Chakraborty is a busy man. In addition to serving as SAS professor of marketing analytics at Oklahoma State University, Dr. Chakraborty is the director and founder of the SAS and Oklahoma State University MS in Business Analytics and an award winning author and professor. He teaches courses in such areas as business analytics, marketing analytics, data mining, marketing research, and web strategy, and has been preparing students to enter the workforce with advanced skills in marketing and analytics for more than 20 years. Throw in the regular consulting engagements he has with some of the world's top companies and it makes you wonder if Dr. Chakraborty has time to add anything else to his already full plate. Well, this year at least, you add SAS Global Forum 2018 Chair to the list - likely at the expense of a good night's sleep.

As the largest gathering of SAS users in the world, SAS Global Forum will attract more than 5,000 SAS professionals for several days of learning and networking. Recently, I sat down with Dr. Chakraborty to talk with him a bit about this year's conference, which takes place April 8-11, 2018 in Denver. I left excited about SAS Global Forum 2018 and, at the expense of losing credibility as a fair and balanced reporter, convinced that Dr. Chakraborty is one of the nicest individuals you'll ever meet.

Larry LaRusso: I know you've been preparing to chair SAS Global Forum 2018 for more than three years, but now that the event is only a few weeks away, how excited are you to kick this thing off?
Goutam Chakraborty: More excited than you know Larry. I've participated in many SAS Global Forums, but serving as chair gives you the ability to influence every aspect of the event, from speaker and content selection to charity-related events and networking opportunities. It's been a wonderful opportunity to give back to the SAS user community, one I'll never forget.

LL: What excites you most about this year's event?
GC: There are so many new things about this year's conference, all geared toward providing an enriching experience for all SAS users. I'll mention three that immediately come to mind.

One thing we've tried to do well this year is connect industry with academics. While we'll have a full program of events and talks specifically geared toward students and professors, this year we'll emphasize partnerships with industries in a new way. I might be most excited about Sunday's Talent Connection. This event brings students and SAS professionals together to network, discuss career opportunities and share knowledge, research and partnership opportunities that might exist with each other. I anticipate it being a great success for both students and industry looking to connect with young analytical talent.

Another strong focus for us is career development and learning for SAS users at all levels. We'll have a full menu of traditional training and certification opportunities for data scientists, business and data analysts and SAS programmers, but we're also providing opportunities to build on soft-skills development, such as networking, analytical story-telling and much more. We'll also have an on-site Learning Lab, available for several hours each day, where users can explore more than 25 e-learning courses for free.

Finally, I'll mention our volunteer opportunities. We'll have several ways for users to give back, but I'm particularly excited about our STEM-related charity event. During meals and evening networking receptions, both Monday and Tuesday, attendees will have the opportunity to work with RAFT Colorado (Resource Area For Teaching), and build STEM-inspired teaching kits for local teachers to use in their classrooms. Each kit will repurpose educational items RAFT has collected and make them available to teachers as creative tools for teaching STEM – inspiring the next generation of thinkers, innovators, problem-solvers and creators. It's an extraordinary opportunity to impact local area children.

LL: Speaking of extraordinary, this year's conference theme is "Inspire the Extraordinary." What does that theme mean to you?
GC: It means never accept "good enough." I always tell my students to push for something above and beyond what's expected of them, to be extra-ordinary. We expect the same for this year's SAS Global Forum. Knowing the event like I do, I feel confident we're going to deliver a SAS Global Forum that surprises and delights our users in a way they didn't expect.

LL: We all know that one of the best things about SAS Global Forum is its incredible content. What can you tell us about the content you’re putting together for this year’s event?
GC: Thanks to tons of hard work and research from a lot of SAS users, we've selected fantastic content from renowned speakers from across the world. Perhaps the best part of our content planning this year is the variety. Topics range from deep hard-core programming to high-level strategic thinking about data and analytics. From sessions that will help you to develop yourself personally as a better human-being to learning about optimizing Monday night NFL schedule for best viewership to thinking strategically about data as a currency – there is something of value for everyone.

SAS Global Forum 2018LL: SAS Global Forum is likely to attract more than 5,000 data scientists, analytics professionals and business leaders. Every year it amazes me how many of those users are attending SAS Global Forum for the first time. What advice would you give first-timers?
GC: First piece of advice: Have a plan and build a personalized agenda so you don’t get overwhelmed by the large number of available sessions. Second, take every opportunity to engage and network with other attendees. One of the best things about this conference is how willing veteran SAS users (regulars at this conference) are to help and welcome newcomers. So, take advantage of it. If you are sitting down for breakfast or lunch, take the time to introduce yourself to people around you. You may be surprised where it could lead. I'd also encourage attendees to take time to visit the Quad. The Quad is a casual and interactive space where attendees can network with other SAS enthusiasts, view demos and visit with experts from SAS and our sponsors. And, last but not the least, have some fun! Attend the social events we have planned, especially the Kick Back Party at Mile High Stadium on Tuesday evening.

LL: As an academician, I know you’re passionate about learning? What additional learning opportunities, beyond the session talks, are available to attendees?
GC: There are so many learning opportunities at SAS Global Forum that it is mind-numbing. Of course, the 20 and 50 minute session talks are the main modes of content delivery, but there are also e-posters, table talks and super demos in the Quad. We'll also have dozens of pre-conference tutorials, post-conference training, and all the activity in the Learning Labs, including hands-on workshops and the ability to take individual e-learning courses.

LL: Given your personal interests, I know one of your goals for this year’s conference is to increase participation in the event for students and professors. Can you tell me a little more about the special events you have planned for this audience?
GC: For starters, SAS Global Forum is completely “free” for students! As long as you are a full-time enrolled student of an accredited, degree-granting academic institution you can attend free of charge. There are credit hour minimums that must be reached to be eligible, so I'd encourage students to visit the website for complete details.

Programmatically, we have the Sunday afternoon sessions entirely dedicated to academics. We have a fantastic academic keynote speaker, Temple Grandin from Colorado State University, and special training sessions for professors interested in teaching analytics at their universities. For students, we offer a number of opportunities to network and special courses, such as how to best use social media for networking while looking for a job, to help them make a successful transition from student to working professional. We also encourage students, and really anyone who has an interest, to attend the presentations students make as winners of the SAS Global Forum Student Symposium Student Symposium. Though closed now, the Symposium provides an opportunity for teams of two to four students and a faculty adviser to showcase their skills and compete with other teams in the application of SAS Analytics in solving a big data problem. This year, more than 60 teams entered; the top eight will present 20-minute talks during the event.

LL: Dr. Chakraborty, I've taken a lot of your time, but is there anything else you'd like to share with our readers?
GC: Actually, I'd like to thank the many volunteers who have helped put this conference together. From serving on our SAS Global Users Group Executive Board to helping evaluate and select talks, to serving in our Presenter Mentor Program, hundreds of users have invested their time to make this conference the best one yet. SAS Global Forum is truly a user's conference and we depend on the user community to plan, promote and execute so many tasks and activities related to the event. Though I can't call them out by name, I would be remiss if I didn't mention their contributions and take a minute to thank them.

LL: Well let's hope they're reading! Dr. Chakraborty, I want to thank you again for your time. I look forward to seeing you in Denver in April.

Visit the SAS Global Forum 2018 website for more information and to register. Conference Proceedings will be available shortly before the event begins.

Continue the conversation: Join our live Tweetchat, Wednesday, March 7, 2018

How are you inspiring the extraordinary?

The next analytics extraordinary use case is just waiting to be discovered. We believe that in the hands of lifelong learners, the future of data is unlimited, especially when education and business join forces. That is why we are warming up to SAS Global Forum 2018 in Denver with a tweetchat on Wednesday 7th March (simply search #SASchat or #SASGF). We kick off at 6pm CET, 5pm UK, noon ET and 9am Pacific. Will you join us? The discussion will kick off with the following questions, posed to our expert panel:

  • Why is there more interest in lifelong learning now?
  • How does lifelong learning contribute to the analytics economy?
  • What are your favorite examples of analytics in the not-for-profit sector?
  • How is the education sector influencing the development of citizen data scientists?
  • What trends do you see in the consumption of analytics?

A conversation with SAS Global Forum 2018 Chair Goutam Chakraborty was published on SAS Users.

2月 162018
 

pricing and promotionThe consumer packaged goods (CPG) and Retail industry are going through a period of significant change. Both retailers and manufacturers are struggling to find growth and improve profitability. One strategy is through consolidation - e.g., Kraft-Heinz, Keurig- Dr Pepper Snapple Group on the manufacturer side, as well as Safeway-Albertsons, Ahold-Delhaize, Walgreens-Rite Aid on the retailer side. The thinking here is that these mergers would lead to large operational efficiencies and focused growth strategies.

Another important lever to drive growth is pricing and promotion. Companies have realized the importance of getting the pricing right and running high-impact promotions in a highly competitive market. As consumer shop multiple channels and new retail formats begin to permeate (e.g., smaller format stores, new entrants such as Aldi and Lidl), the importance of price-promo continues to increase. Pricing and promotion have become the second largest item on CPG manufacturer’s P&L, after cost-of-goods. Similarly for retailers, price-promo decisions have become critical for growth, maybe even survival. This is manifested in the growth in investment focused on pricing and promotion decisions. In some cases this investment could be as much as 20-25% of net revenue of the company.

However, despite the heavy investment in price-promo, the impact of these decisions is declining. A recent IRI study indicated that the price and promo elasticities (response of volume to pricing change) have been steadily declining over the past 3-4 years. Consumers are willing to buy less when faced with decreases in “regular or base” price as well as promoted price.  The study indicated that the “lift” from promotions had decreased by about 1,000 basis points over the past four years.  There is, therefore, an immediate need to manage price and promotion decisions in a more creative and impactful manner.

Three areas of improvement

What does this mean? What can companies do to improve the impact of their pricing and promotion investment? We believe that there are three important areas of improvement. The first area is around a more refined understanding of the impact of price-promo decisions.  The new focus is on understanding the true impact of merchandising through both traditional and new lenses, including stockpiling, cross-retailer pricing and advanced price engines. Being able to more accurately predict the pattern of consumer behavior allows for automation and faster and better decisions.

The second area is around rapid and dynamic decision making. This involves a focus on new techniques such as Artificial Intelligence and Machine Learning to drive price-promo decisions. AI/ML is already getting entrenched within demand identification, product development and in-market execution as well as marketing. Within CPG and retail pricing, this will be accomplished by (a) speed in dealing with the regularly-repeated manual tasks in an efficient manner and (b) new levels of insight and accuracy based upon market trends that enable pricing analysts to focus their efforts on the areas that matter in a dynamic manner. It is imperative to move from a user-driven, manual pricing adjustments to dynamic “smart solutions.”

Another important area of change in pricing and promotion is “personalized pricing;”that is allowing manufacturers and retailers to customize price-promo decisions towards individual consumer/shopper segments. This is done by combining frequent shopper (FSP) data with traditional price-promo modeling for an in-depth evaluation of merchandising strategies as well as developing custom offers that would stimulate demand within these segments. IRI research shows that FSP/loyalty card holders react differently to brand price changes. For example, Brand Loyals react stronger to base price changes, while Brand Non-Loyals react stronger to base price reductions, promotional prices and quality merchandising tactics​.

In our session titled “New Frontiers in Pricing Analytics” at the SAS Global Forum 2018, we will provide a detailed overview of the state of the industry and how it is evolving. We will provide an overview of the new techniques and technologies in this space as well as where things are headed in the future. We hope to see you there.

 

Shifting sands in pricing and promotion was published on SAS Users.

2月 152018
 

How effective is your organization at leveraging data and analytics to power your business models?

This question is surprising hard for many organizations to answer.  Most organizations lack a roadmap against which they can measure their effectiveness for using data and analytics to optimize key business processes, uncover new business opportunities or deliver a differentiated customer experience. They do not understand what’s possible with respect to integrating big data and data science into the organization’s business model (see Figure 1).

the economic value of data

Figure 1: Big Data Business Model Maturity Index

My SAS Global Forum 2018 presentation on Tuesday April 10, 2018 will discuss the transformative potential of big data and advanced analytics, and will leverage the Big Data Business Model Maturity Index as a guide for helping organizations understand where and how they can leverage data and analytics to power their business models.

Digital Twins, Analytics Profiles and the Power of One

We all understand that the volume and variety of data are increasing exponentially.  Your customers are leaving their digital fingerprints across the Internet via their website, social media, and mobile devices usage.  The Internet of Things will unleash an estimated 44 Zettabytes of data across 7 billion connected people by 2020.

However, big data isn’t really about big; it’s about small. It’s about understanding your customer and product behaviors at the level of the individual.  Big Data is about building detailed behavioral or analytic profiles for each individual (see Figure 2).

Figure 2: Building Individual Behavioral or Analytic Profiles

If you want to better serve your customers, you need to understand their tendencies, behaviors, inclinations, preferences, interests and passions at the level of each individual customer.

Customers’ expectations of their vendors are changing due to their personal experiences.  From recommending products, services, movies, music, routes and even spouses, customers are expecting their vendors to understand they well enough that these vendors can provide a hyper-personalized customer experience.

Demystifying Data Science (AI | ML | DL)

Too many organizations are spending too much time confusing too many executives on the capabilities of data science.  The concept of data science is simple; data science is about identifying the variables and metrics that might be better predictors of business and operational performance (see Figure 3).

Figure 3: A Moneyball Definition of Data Science

Whether using basic statistics, predictive analytics, data mining, machine learning, or deep learning, almost all of data science benefits are achieved from the simple formula of: Input (A) → Response (B).

Source: Andrew Ng, “What Artificial Intelligence Can and Can’t Do Right Now”

By collaborating closely with the business subject matter experts to choosing Input (A), those variables and metrics that might be better predictor of performance, the data science team can achieve more accurate, more granular, lower latency Response (B).  And the creative creation and selection of Input (A) creatively has already revolutionized many industries, and is poised to revolutionize more.

Data Monetization and the Economic Value of Data

Data is an unusual asset – it doesn’t deplete, it doesn’t wear out and it can be used across an infinite number of use cases at near zero marginal cost.  Organizations have no other assets with those unique characteristics.  And while traditional accounting methods of valuing assets works well with physical assets, account methods fall horribly – dangerously – short in properly determining the economic value of data.

Instead of using traditional accounting techniques to determine the value of the organization’s data, apply economic and data science concepts to determine the economic value of the data based upon it’s ability to optimize key business and operational processes, reduce compliance and security risks, uncover new revenue opportunities and create a more compelling, differentiated customer experience (see Figure 4).

Figure 4: Data Lake 3.0: Collaborative Value Creation Platform

The data lake, which can house both data and analytic models, is transformed from a simple data repository into a “collaborative value creation platform” that facilities the capture, refinement and sharing of the data and analytic digital assets across the enterprise.

Creating the Intelligent Enterprise

When you add up all of these concepts and advancements – Big Data, Analytic Profiles, Data Science and the Economic Value of Data – organizations are poised for digital transformation (see Figure 5).

Figure 5: Achieving Digital Transformation

And what is Digital Transformation?

Digital Transformation is application of digital capabilities to processes, products, and assets to improve efficiency, enhance customer value, manage risk, and uncover new monetization opportunities.

Looking forward to seeing you at my SAS Global Forum 2018 session and helping your organizations on its digital transformation!

Data monetization and the economic value of data was published on SAS Users.