Scott Likens, Partner and Head of Information & Analytics in PwC’s China Consulting practice was invited to deliver a keynote speech on the topic “emerging trends and business opportunities from big data analytics” by the American Chamber of Commerce in Shanghai on Aug 21.
At the beginning of his speech, Scott shared some figures with the audience which can explain why digital, especially social has a bigger impact on Chinese consumers than any other nation in world.
China has over 600m+ mobile internet users and 73% of all internet users describe it as their primary source for accessing the web.
95% of Chinese consumers trust brands who have a microblog
87% of Chinese social media users have friended or followed brands
68% of Chinese consumers write reviews about the product they buy online
Although we have huge amount of data, the key point is how to transform data into insights and intelligence, deliver when and where they’re needed to make and implement better strategic and operational decisions, Scott added. The next evolution of analytics will leverage complexity science and behavioural economics. Traditional analytics is a top down approach that leverages past data to predict the future while complexity Science is a bottom up approach that models the behaviors of a population of individuals. Modeling individual behavior and macro-economic drivers and their relationships will lead to better decisions, products and profitability.
Scott also gave some cases about what impact is big data having at clients from strategy to implementation.
Worked with a leading US grocery retailer to optimize store layout and marketing spend by installing sensors throughout a number of locations, gathering data on customer behavior such as movement through store, allocation of time spent in store and number of window shoppers who enter and ideally purchase.
A major brand company wanted to understand what Chinese consumers were saying about their products on social networks in China. We used our listening tool, Social Mind, to analyze and categorize over 20,000+ posts and identify brand sentiment across product, store and advertising.
Large Insurance company would like to enhance their use of information and analytics across Asia. Focused on customer analytics, lead generation and cross selling, they wanted to design the future Analytics operating model. Focused pilots in China, Japan and Korea will test advanced modelling with real customer and policy data.
Scott Likens is a U.S. partner based in Hong Kong where he leads PwC's China and Hong Kong's information and analytics proposition across Hong Kong & China. He has over 18 years' experience across the insurance, transportation and financial services industries. In the U.S. firm, Likens led the emerging technologies group within the technology consulting practice and helped clients understand and leverage the power of mobile, social and analytics.
He has specialized in combining business and technology to deliver actionable strategies for a variety of clients. He focuses on digital strategy and customer experience, but is also experienced in large-scale agile engineering for global firms. Prior to joining the firm, Likens spent time in the software industry working with a company that created the first commercial internet technologies.