The World Economic Forum (WEF) publishes a “Digital Transformation Initiative” (DTI) report each year. This report looks at how digital technologies can revolutionize the way businesses operate. In WEF 2017, digital transformation is described as a “once-in-a-generation chance” whose net benefits could exceed $100 trillion by 2025. Thinking about these tips are a great first step to preparing your organization for digital transformation’s opportunities. However, if you want your organization to lead the pack, you have to make digital transformation one of your top priorities. As the American writer William Arthur Ward said “Opportunities are like sunrises. If you
At Altitude Labs, our value comes from being able to transform businesses with the software we build. We think about how we can increase the value we create all the time. To provide value, our designers and engineers invest their time to solve problems. The more efficiently we can work (both individually and together), the better value we can bring to our clients. The only type of software I know that can transform businesses is high quality software. So to provide more value to our clients, we need to ship software that is of higher quality than what can be
In our last article, we wrote about how data science can be used to boost sales for online stores. This article is about a tool that integrates with your online store and helps you send tailored emails via an email marketing tool like Mailchimp. Concepts Data science insights are nice to have, but useless unless you act on them. One of the ways to act on these insights is to send tailored recommendations to your customers via email marketing. Other strategies, which we plan to cover in future articles include: Having different marketing strategies for different groups of customers (e.
Looking for ways to boost the profitability of your e-commerce store? We have been working with a handful of online retailers of ranging sizes to tackle this problem using data science. This article lays out what we did and some interesting things we found. For reasons of confidentiality, we will refer to the company as Store X. Store X is an online retailer of consumer products. Overview of data science in e-commerce Before jumping in, let’s talk about how data science is used in e-commerce. Here's a schematic of how a data science engine for e-commerce looks like: Strategies
A Business Model Canvas (BMC) is an opportunity for a business to iron out main value propositions, strategic vision and ultimately come up with an identifiable market segment. The BMC approach is broken down into 9 sections, each of which hand holds you through the process of defining how your business activities can align with your business model and creates a blueprint for delivering your intended value to customers. The following is a break down of definitions in the 9 sections: Key Partnerships Businesses have key partnerships to optimize operations, and to increase focus in core activities. Who are your
Was there a time you wanted to reinvent the wheel and think of new business models? It is no easy task coming up with new ones. The process often requires cross referencing examples from existing models and requires you to structurally organize what works or doesn't work in your company context. This is when the Business Model Inspirator can offer guidance. The chart carefully visualizes existing business models and categorizes them in sections to form a circle. Starting from the core, the model is broken down into 4 major directions. Under each direction, there are various approaches coupled with related