Retail and restaurants and the customer experience and how it is changing those industries.
You have hit it on the head, whether it is retailers, banks, consumer products, companies will tell you they are all trying to leverage a wealth of information that was never available to them to wear.
How are they getting it?
It has never been available before for a reason.
There is a reason it is available now.
It is technology, fundamentally.
Technology is making leveraging that had been collected before but could not be rapidly process.
Fundamentally, there is a -- an expansion of information available about the world, whether that is competition and social media, et cetera.
The information comes from what?
Using one of the discount cards?
Had he get that information about what i would like to buy?
Questec to be from the transactions.
As an example, in our index, we collected details and sales information from 50,000 locations across the country.
What are you tracking?
You collect the data, but what are they show?
It is true that if i can see more accurately the number of people who bought a specific item when they bought it -- but you do not really know that much about the individual.
Do you need to know a little bit about the person and the kind of customer you are dealing with?
You can know about the general demography of where they live and sometimes you can get customer patterns and the purchases they made.
The data provides a huge opportunity and some risks.
We as humans are conditioned to see patterns where they don't exist sometimes.
The way to really understand as a retailer, does a new approach work?
Click and select, it is to experiment and try it.
In some stores and not others, with some customers and not others.
Experimentation is the way to leverage big data.
I wonder if it limits that experimentation because if the pattern is not shown, people might be reluctant to try something new.
I will go with what the data tells me and not what it might suggest.
That is really the opportune.
It is the big trend we will see in 2014 and beyond.
Rather than just looking at patterns of data, any time someone bought a sweater, they became a good customer.
All we have to do is put sweaters on sale.
We may learn, no, all that happened is we sold a lot of sweaters and we did not actually change consumer behavior.
Experimentation really defines causality.
In understanding what works and what does not, the more you can understand about the environment you are operating in, the better you are.
I think the holiday season this year really exemplify that.
There were big winners and big losers.
Tell us about what the big data told you about lack friday, which a lot of people criticized for producing artificial spikes in sales and artificial dips in sales later on.
Black friday has become an important part of our psyche and approach to shopping.
Retailers have done a good job saying the gun goes off and we start on black friday.
This year, the holiday season for saints doors sales in-store, the retail index was down 1.6%. one of the reasons is black friday occurred on the 29th this year as opposed to the 23rd.
We had fewer shopping days after the gun.
That made a difference because gifts is what they buy, for the most part, between things giving and christmas.
Does it really matter how many shopping days there are?
We saw that back in 2008, we had so many fewer shopping days that came after black friday, as opposed to before, but what is more interesting is the variation in what happen on black friday.
Some cities were big winners and big losers.
Your company is 15 years old there it applies protective technologies.
Investors love big data.
They have thrown money at it.
Is it time to consider going public?
Collects big data is a very important opportunity for the clients we serve.
There is a lot that may be attractive to public investors.
We are serving a large part of the global economy.
We are a high-growth company.
We are addressing very important problems and driving significant return on investment for our customers.
If you were to go public and raise money, as opposed to just giving liquidity, what would you do with it and how would you spend it?
Christ we are today investing in growth internationally.
We invested in our tokyo office.
We will likely open one or two additional offices outside of the united states this year.
We are investing a lot in our product platform in serving clients more effectively to expand upon the ways they can lever -- leverage big data to make decisions.
We are serving additional and more and more industries and are already working with transportation.
Quickly before we let you go, social media, what kind of a role does it play in your analysis of data?
More frequently, our clients are leveraging sensitive analysis, will looking at results from trip advisor to understand what the customer satisfaction above the surveys they are collecting, but really, it is trying to translate that kind of feedback to the bottom line.
As we see increases in customer satisfaction, what is that translate into in terms of additional bookings?
It is understanding the patterns of the data and where we have made a change and changed our approach of what the overall impact that happens to the bottom-line.
If you end up going public, comeback at a time and speech was then.
Big data is powerful stuff.
Thank you very much.
Happy new year.
The ceo of applied predictive technologies.
Coming up next, has justin bieber fever finally gone away?
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