Feature Articles

IDC Futurescapes 2017: A glimpse into the future

By Lionell Go Macahilig - 23 Feb 2017

Data as a new revenue stream and digitalized customer support

idc, futurescapes, bpo, dx economy, asean, philippines, ict, gdp, wechat, whatsapp, underarmour, 3d printing, local motors, olli, cybersecurity, big data, enterprise, sari-sari stores, augmented reality, virtual reality, microsoft, sony, google, facebook, dict, clark green city, project noah, duterte, trump, augmented humanity

Data as a new revenue stream

The next trend talks about how data can be translated into revenue and IDC thinks that by 2020, revenue from information-based products will be doubled and they will be a core component in the product and service portfolio of the top 1000 companies in the Philippines. In order to achieve this, IT organizations need to be competent and transparent about topics like security, regulatory implications, and privacy. Monetization of data should be the top priority in organizations when they are moving into an enterprise-wide information architecture. More and more companies are tapping into big data and analytics, and this will deliver new revenue streams for them and new opportunities to enter new market spaces.

Of course, when working with big data, analytics, and cloud computing, organizations must mix it with the right talent and set of skills. Internal teams must know more about new data mining skills to fully realize the potential of analytics and cognitive systems application as these are the enablers of new revenue streams. Data, as we all know, is the fundamental of all smart applications and it includes data that you get from social media, webclicks, machine logs, network traffic, company files, and so forth. Big data has transformed into big profits and this application has been observed in the areas of logistics, retail, and telecommunications. Banks are also now leveraging on cognitive computing analytics for their credit card statistics and they use it to analyze massive amounts of data to know more about their customer needs in order to offer the best financial services that they have.

Digitalized customer support interaction  

IDC predicts that in 2019, 65% of Philippine ICT organizations will create a new ecosystem based on digital services to meet the digital transformation needed in a DX economy. As businesses and IT organizations can no longer survive by just looking at operational efficiency and operational superiority, organizations will build new platforms to engage new customers. Organizations have to become more creative in building new platforms to meet the ever-changing consumer behavior and these services will include product innovation enablement, partner collaboration, data analytics to support customer and product intelligence, data productalization, and APIs for partners and developers.

idc, futurescapes, bpo, dx economy, asean, philippines, ict, gdp, wechat, whatsapp, underarmour, 3d printing, local motors, olli, cybersecurity, big data, enterprise, sari-sari stores, augmented reality, virtual reality, microsoft, sony, google, facebook, dict, clark green city, project noah, duterte, trump, augmented humanity

By 2018, IDC expects that 60% of customer support interactions will be digitalized and occur on online communities. With the advent and rise of social media, customer support has become an integral part of brand experience rather than just a service, taking into account the increasing number of Filipino consumers who are using social media. Last year, there were 47 million Filipinos who were active Facebook users.

IDC thinks that having a strong online customer support center actually help organizations not only in solving customer problems, but also in improving their brand image. A successful online community will create brand champions or brand advocates who will not only recommend a product or a service, but will also solve customer problems on behalf of the brand. Additionally, it will also create an opportunity for the organization to mine the community for insights about user behavior and proactively solve problems that may arise. This is just basically how data mining on social media work: first, customer post comments online; next, data mining captures predetermined words, analyzes the captured data, and determines the next best action; and finally, the action part. IDC revealed that social media and Internet platforms now top the list when it comes to strategic platforms for 2016 and are now ahead of signage, pre-edited media, and telemarketing channels.