Advancements in technology have warranted a new generation of “smart customers” who are well-informed and know what they want. These customers demand services that are not only available all through, but also accessible from a range of touch points, including smartphones, tablets, retail kiosks and social media.
More than 100 years ago, ornithologists discovered that Blue Tits were far more adaptable to ecological disruptions than Robins. When milk used to get delivered early in the morning in bottles and aluminum seals hadn’t been invented, the milk bottles were left open.
As part of the Fed mandate, the client had to stress test their various portfolios to demonstrate resiliency to untoward macroeconomic situations. The new solution framework enabled the client to increase loss reserves forecast accuracy by more than 10% resulting in reducing reserves by more than 5%.
The world is shifting to a new normal, and yet much of the advice that executives have received is remarkably similar to what they heard in earlier recessions. The underlying objective of these “how to cope with recession” recipes appears to be to survive or at best maintain market share, in short, “Lay low until the storm passes.”
As the frontrunners of Decision Sciences and analytics, we at Mu Sigma thrive on innovation as the engine for profitable growth and sustenance. Our team of trained decision scientists form part of the Innovation and Development group that engages in researching, prototyping and deploying the next generation analytics solutions.