Application of science and technology to increase competitive advantage in the market (Part 2)

Data analysis

In order to fully grasp the performance of the business, meticulous data analysis needs special attention. It is even more important to go along with standard analysis, which helps businesses compare themselves with competitors in terms of: website traffic, customer percentage or employee engagement in the company’s overall business. Data analysis helps businesses identify gaps in their systems and offer new directions to create competitive advantage in the market.

Moreover, AI also contributes to narrowing the gap between forecasting and practical activities. Predictive analytics can foresee everything from employee retention to long-term weather forecasts.

Boston-US Medical Center has applied predictive analytics to distribute staff and rooms during rush hour, optimizes medical staff schedules and provides a better patient experience. Netflix uses its own algorithm to predict whether their content will be well received by the audience, and determine which customer groups match what kind of content they provide. Netflix has single-handedly overthrew the long-established industry of cable television by adopting this smart algorithm.

Neuro-Linguistic Programming ​​(NLP)

We are communicating with the digital world in unprecedented ways. AI-based communication tools are constantly changing, but as technology is mostly based on programming languages ​​like Java or C ++, this tool is limited. Human languages ​​are extremely complex, so misunderstandings are unavoidable.

In contrast, NLP can learn to speak through practice like a human. These tools can even recognize a range of different emotions such as anger, fear, frustration.

NLP has unlimited potential at work. First Horizon National Corporation – A leading financial firm – uses NLP to conduct employee surveys. It helps managers understand what employees say and feel in the workplace environment at the company. And with the help of this technology, managers can enhance the experience of their employees at their companies to increase efficiency and sales.

Network analytics organization (ONA), where businesses use NLP to track all internal communications such as email, HCM data and collaboration platforms like Slack to identify bottlenecks, fraud in the system and from there give a solution.

Blockchain

Blockchain is another interesting technology that has existed for many years but recently emerged as a phenomenon. While many people associate it with cryptocurrencies, the blockchain represents a decentralized security record system, which is encrypted with applications for government, personnel, and countless other industries.

Transport companies like Maersk have used blockchain to identify their packages, while the first to join the supply chain (or even large chain stores like Walmart) to use this technology to ensure quality of input materials.

Productivity and Quality Office