At Mobile World Congress 2017, I was fortunate enough to attend a dinner that was crafted and cooked by a Catalonian Michelin star chef. Not only was each dish interesting in its flavor combinations and presentation, it was exciting in how it was curated. Chef Carles Abellán created his menu with the help of Chef Watson, his cognitive assistant for the evening.
Besides sensational food, what’s a good dinner party without stimulating intellectual conversations? I was able to dine that evening among the brilliant minds of executives, partners and clients, each with expertise in unique areas — and with their own stories of digital reinvention and emerging technology to tell. We discussed how emerging technologies such as cloud, augmented intelligence and IoT can improve business performance and how these solutions are being applied in industries like healthcare and food and beverage. I shared my own experiences with media clients like AMC Networks.
The digital reinvention of AMC
For AMC, it would take days, even weeks to evaluate audience data and pull meaningful insights. Now, decision makers across all five AMC networks can evaluate data at the touch of a button. Their cloud analytics solution takes them from business intelligence to business insight to business impact. Before, they spent 80 percent of time manipulating audience data and 20 percent doing actual research. Since implementing the solution, they have been able to flip that completely.
The better they know their audiences, the better they can market to them, plan promotions, and, ultimately, generate revenue and digitally reinvent their business. Insight into what audiences are posting, tweeting, and blogging about helps AMC predict a show’s performance 12 months before the premiere and allows them to adjust marketing plans six weeks before launch. And this data isn’t just for AMC. They share and monetize this data with advertisers so they can target ad buys beyond basic demographics, optimizing spend like never before.
Enabling new business models and fighting digital disruption
Our conversation also delved into how augmented intelligence and cognitive capabilities enable new business models for media companies by transforming how their customers consume content. With cognitive data analytics, these media companies can pick up even more insights and provide completely unique, contextually-relevant experiences based on more than just what viewers have watched in the past. Augmented intelligence provides hyper-personalized experiences by continuously learning about the users from past interactions.
With cloud and augmented intelligence, media companies are fighting digital disruptors through the creation of ecosystems. Companies have been providing digital experiences that are not up to par. C-suite executives are not aligned with what customers actually want and aren’t channeling their efforts to the right populations. That’s where ecosystem connectivity comes in. It can help businesses combat this disparity by allowing for more innovation as well as streamlined collaboration with partners and customers. The shared resources, information and processes coming out of the ecosystem lead to improvements in productivity and increased opportunities for innovation and revenue enhancement.
Empowering data with cloud-based platforms
Augmented intelligence, cloud-based platforms keep data private while empowering it with open data shared by consumers. I notice many clients are stuck in the mindset of security equating to total and complete control and ownership over all their own data. In that respect, these clients want to keep their data in-house, on-premises, and in their private cloud. In fact, almost half of computing workloads are expected to remain on dedicated, on-premises servers. Given the business opportunities in cloud capabilities and the fact that employees need to access information from wherever they may be, organizations need to look beyond just their on-premises solutions and look at combinations of traditional IT, public cloud and private cloud.
Cloud computing continues to revolutionize business. Ninety-two percent of surveyed executives said their most successful cloud initiatives allowed for the creation and support of new business models. Through the combination of both private and public cloud — hybrid cloud — businesses will be able to tap into opportunities that were previously unavailable or unrealistic — with more data to empower them to make better-informed decisions. High-performing organizations are 2.6 times as likely to have fully integrated their cloud initiatives into an overall strategic transformation and potential digital reinvention compared to low performing organizations.
With more data available through hybrid cloud, cognitive solutions and other emerging technologies, businesses can make better sense of data to create unique customer experiences. This is but a step along the way to a broader holistic program of digital reinvention for future business success.
This article was originally published on Mobile Business Insights.