The sixth part of the article on Influence of Digitalization on Marketing can be read here. Marketing controlling is a function to support the management in their decisions and to control all market-related functions and represents a sub-area of the entire operational controlling. The necessity of IT systems in this area is undisputed. The general objective of marketing controlling is a … [Read more...]
Data Science Use Cases in Casino & Gambling Industry
The casino is an establishment with a mathematical edge whereas gambling is generalized betting which includes betting on horse racing. A casino typically allows certain types of gambling and may have some entertainment services, such as concerts, and sports. The states which allow casino has strict rules to maintain a uniform standard. Gambling is quite a generic phrase and usually betting on a … [Read more...]
Every Thing is Collecting Your Data
Privacy becoming a big concern in today’s connected world. We store (and share) more and more of our details and other information in digital formats. Most of us rely on our smartphones and gadgets to do everything from grocery shopping to work planning. Recent studies have shown that the amount of data we produce and gather has been increasing exponentially. The data that we make available … [Read more...]
Influence of Digitalization on Marketing : Part VI
In the previous part, we have discussed about the marketing channels. In this part, we will discuss the main tools of marketing analysis. An ever-increasing flood of data is being generated by more and more data sources. Data protection, in particular, is a major challenge, but should not be considered in greater depth in this work. Marketing can use and analyze this amount of data for its … [Read more...]
Influence of Digitalization on Marketing : Part V
In the previous part of Influence of Digitalization on Marketing (Part IV), under the “Digitalization in the field of marketing” sub-header we discussed about the components of Marketing mix i.e. Product policy, Pricing policy, Communication policy and Distribution policy. In this part, we will discuss about the Marketing Channels. In marketing, the attention, interest, desire, action (AIDA) … [Read more...]
Influence of Digitalization on Marketing : Part IV
Before the global impact of pandemic, we published the part III of this series. As for a quip recap, under the "basics" sub-header we discussed "Digitization and Marketing". Under the "corporate and marketing goals" sub-header, we discussed Marketing strategies, Customer requirement, Customer acquisition, Customer loyalty and New markets. In the part before this part, under the "Digitalization in … [Read more...]
How to Use Process Mining in Business
As part of the digital transformation, many companies are currently preparing to optimize their business processes. Process mining is often used to identify the difference between the ideal state of a process and its actual execution. This article explains how to successfully anchor the analysis methodology in the company. Process mining enables companies to use transactional data to scrutinize … [Read more...]
What is Meant by In-Memory Database?
An in-memory database is a database management system that uses a computer's memory as a data store. An In-Memory Database is a type of analytical database, which is a read-only system that stores historical data about indicators for business intelligence/business analytics (BI/BA) applications, usually as part of a data store or data mart. These systems enable users to run queries and reports on … [Read more...]
Bayesian Probability Concept
The Bayesian probability is named after Thomas Bayes. It interprets probability as a degree of personal conviction and differs from the objectivistic perceptions of probability, such as the frequentistic concept of probability (which interprets probability as relative frequency). The concept of probability is often used to re-measure the plausibility of a statement in the light of new findings. … [Read more...]
What is Descriptive Statistics
The descriptive statistic aims to display and organize empirical data using tables, key figures (and also measures) and graphs. This is especially useful for large amounts of data, as it is not easy to understand. The univariate analysis involves describing the distribution of a single variable, and its central tendency including the mean, median, mode and dispersion. In bivariate and multivariate … [Read more...]
Why Can Industries Benefit From Blockchain?
A blockchain makes it possible to transmit information in a tamper-proof manner using a decentralized database shared by many participants so that copies are excluded. The database is also known as a distributed ledger. It is stored on many computers in a peer-to-peer network, with each new node taking over a full copy of the blockchain upon its accession and now having the task of checking and … [Read more...]
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