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Take-aways from IE's first Predictive Analytics Summit in the Asia-Pacific

Having asked for a budget for it with special approval, I, of course, would take whatever the Event offered in the short-but fruitful 2 days in Hong Kong during 18th to 19th April, 2013. My overall feedback is positive and will recommend companies to spend their training budget for Analytics people to come to here instead of staying in the classroom to learn Stat 101.  This event meant to be for particioners

The Analytics market in Asia-Pacific

The market is divided into:

i. Data collector: those with different fancy technologies or incentive to capture your footprint online, on social network, on the toucscreen at the backseat of the cab. These people are moving fast in the retail sector. Nothing done with the B2B market.

ii. Data integrator: those link information from various databases in house, over the social network. There are media companies doing all these, but have problem in identifying the customers. However, financial industry are struggling more about managing their internal data as there are a sea of high quality data inside the organization.

iii. Analyst of the big data patterns: Algorithms are shown but what is key is that algorithm focuses on capturing two trends: the mass trend and the outliers. In Asia, the outliers or emerging trends are one of the key topics for Risk Analytics,  not so for the Marketing or Operation side.

iv. Implenmentator of the findings: applications areas involves risk(Fraud, Credit Risk), B2C marketing(Identifying the profitable customers with the right resources), finance (forecasting materials for an online shop or pricing correctly for the auto industry), operational efficiency via workforce planning (in quantifying /finding out the key performers' characteristics).

v. Speeding up the overall cycles or spreading out the processes: There are IT guys working hard to give real-time output and spreading the iii. and iv. to as many people as possible.

What the participants are thinking?

From what I observed, there are three types: 1. the Start-up Analytics looking for or developing ideas/knowledge; 2. The successful camp which think they are the best and want to continue doing so; 3. The sales and consultants who came to pitch their products/services. Having a mix of these people would ensure the industry is alive and the conversation is healthy. Unfortunately, I do not feel that 3. the products and services of Predictive Analytics are doing good in the Region. You can say this is a gap or an opportunity.

What I am looking forward to?

There is a lack of development of Predictive Analytics in the B2B markets - If I have to see more potential for development in Asia-Pacific and if what GDP said was right, even in the US, over 50% of the business/revenues are generated in the B2B market, why so few development out there?

I have not been to other Region but I feel that it would be interesting to see more exchange like this type for the Professionals.

Disclaimer: As my sample size is bias towards the participants coming to the Hong Kong event, those centered around Singapore or Shanghai may not be within my reach.

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