Intelligent Products: Making Positive Change for Payments
The dramatic acceleration of the electronic payment industry has generated a ton of data. We’re talking about massive amounts of transactional and behavioral information collected across every touchpoint—search, social media posts, conversations with customer service or support agents, and the checkout process itself, to name but a few areas.
While companies have been successful in collecting data, improper setup of their data infrastructure is holding many back from obtaining actionable insights. In addition, despite the increased volume of rich data points, the payments space hasn’t fully reaped its potential. Tedious processes are still inherent in activities such as extending credit to customers, and numerous instances of compliance violations and fraud claims remain.
Let’s look at what is standing in the way of progress and explore how Intelligent Products can benefit payments.
We’ve seen that while companies in the media and communications (M&C) industry have successfully collected a massive amount of information, they’ve sadly fallen short in interpreting and feeding it throughout their global business units. The ability to unlock the total value of data spread throughout these disparate systems can set an organization apart from its competitors and ensure customer and business success.
Netflix’s data-centric philosophy
Who better to serve as a shining example of a company properly leveraging its data than Netflix? Information gathered from its 223 million global subscribers, who watch roughly 6 billion hours of video per month, is used to build 1,300 “recommendation clusters.”
Beyond the epic data wrangling and processing Netflix performs, the company dedicates itself to sharing information across teams. The research department of the company states, “Partnering closely with business teams in product, content, studio, marketing, and business operations, we perform context-rich analysis to provide insight into every aspect of our business, our partners, and of course, our members’ experience with Netflix.”
Solid investments in platforms and automation have set Netflix up to make the most of its customer and operational data. What’s next for many media and communications companies is a move toward the next generation of products.
Intelligent Products defined
For companies looking to make a move toward next gen products, intelligent products can help. They are created with AI-based algorithms, systems, and technology capable of acting in a thoughtful, human-like manner. Using
machine learning (ML), they automatically improve themselves over time
through experience and increased exposure to data. Intelligent products have
ML personalization at their core, using algorithms and predictive analytics to determine and display the most relevant and complete experiences in real time.
These highly evolved products enable organizations to be more data-centric and bring together information from all areas of the business to ensure a next-level customer experience like what Netflix delivers. They deliver transformation
across every point of contact and channel, from digital to physical, and span cross departments, business units, channels, and environments, providing additional acceleration and insight.
Check out this article to learn more about the rise of Intelligent Products.
How intelligent products empower the media and communications industry
Intelligent Products optimize and automate data so insights can become actionable. They excel in delivering meaningful, seamless, real-time machine learning-driven actions. Offloading routine, menial, or highly complex tasks to algorithms that become self-sufficient and package and send information boosts existing operational and customer initiatives.
Within the M&C space, modern data architecture, analysis, and personalization are essential for content creation, programming and delivery, advertising, maintenance, customer support, and many other vital activities. Using AI/ML-based products within these areas enables richer data that, in turn, generate more meaningful interactions. They humanize and unify information so companies can cater to consumers more profoundly.
There’s a huge opportunity available to companies that can properly leverage the mountain of data stored in separate systems. We’re talking about scores of detailed information on audiences, financial transactions, and content consumption. Realizing the value of intelligent products in obliterating data silos requires adopting a broad view to determine how they can positively impact all business units.
Consider using intelligent products to:
- Enhance the customer experience. Use relevant information to deliver personalized, connected consumer experiences and content. Ensure a seamless and satisfying customer journey based on proof, not a hunch. Improve engagement, conversions, and satisfaction, increase revenue, and expand connectivity, reliability, and reach.
- Drive operational efficiencies and process improvement. Accelerate and expand access to insights. Improve processes for generating reports for stakeholders. Automate tedious, manual forecasting processes and performance reporting. Make gains by automating system maintenance, QA, and support.
- Gain insights for better real-time decision-making. Assess content performance and ROI using advanced analytics. Determine ideal investment opportunities and forecast where to focus efforts for preventive maintenance.
- Increase advertising capabilities. Optimize ad loads for programmatic ad insertion. Grow ad revenue and customer lifetime value. Engage in automated, data-driven media buys, smart ad inventory management, and yield optimization.
- Streamline production processes. Gain speed, accuracy, and efficiency across the entire digital media supply chain. Reduce content creation, processing, translation, and validation costs.
Managing the growth of big data
In an industry where every click of a customer’s mouse, remote control, or phone has the power to generate a gold mine of data, intelligent products are the answer.
This next generation of product innovation facilitates the flow and processing of information throughout your company so you can keep up with changing consumer behaviors and remain competitive.
As the landscape continues to change, there’s no time like the present to plan for the future. Check out our whitepaper to learn more about intelligent products and how they can support your business goals.
(1) Goodwin, P and Perry, R. (2020). The Data-Forward Enterprise. [White paper] IDG. [Link]
(2) Iqbal, M. (2023, January 9). Netflix revenue and usage statistics. Business of Apps. [Link]
(3) Cook, S. (2022, October 6). 50+ Netflix statistics & facts that define the company’s dominance in 2023. Comparitech. [Link]
(4) Feldman, Dana. (2020, January 27). This is How Long it Will Take to Binge 20 of Netflix’s Most-Watched Series. Forbes. [Link]
(5) Netflix. (n.d). Research Areas: Analytics. [Link]
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