IDG Contributor Network: Woolworths’ $1M lesson from gift card blunder

When security consultants speak of the huge internal threat against retailers, they are generally talking about rogue employees. They fear the people on the inside of your firewalls who might exceed their level of access/authorization to steal data from the company and sell it on their own. Companies try and combat this with psychology profiles when screening potential employees, periodic spying on email conversations and — often talked about but, but rarely deployed — a greater level of supervision.

But this won’t help if the employees are honest, but sloppy. In other words, accidental data breaches might be the most dangerous, in that it’s clearly a company’s fault and there are very few ways to prevent it. Case in point: A recent breach at Woolworths, the 933-store chain that is Australia’s largest grocer, reporting revenues of $60.8 billion Australian (about $46 billion U.S.) last year.

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Why marketers are betting big on predictive analytics

Give a marketer a sale, and you’ll keep his company afloat for a day; teach him to predict future sales, and you may just ensure his longevity.

That, in essence, is the premise behind predictive marketing, a concept that’s increasingly taking hold in enterprises today.

Tapping into the analytics trend that’s being felt throughout the business world as a whole, predictive marketing applies algorithms and machine learning to big data to help marketers direct their efforts in the most profitable directions. Predictive-analytics tools can help marketers gauge ahead of time what a particular customer will buy, for example, as well as when and how much. Equipped with that information, companies can tailor their campaigns accordingly.

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Why marketers are betting big on predictive analytics

Give a marketer a sale, and you’ll keep his company afloat for a day; teach him to predict future sales, and you may just ensure his longevity.

That, in essence, is the premise behind predictive marketing, a concept that’s increasingly taking hold in enterprises today.

Tapping into the analytics trend that’s being felt throughout the business world as a whole, predictive marketing applies algorithms and machine learning to big data to help marketers direct their efforts in the most profitable directions. Predictive-analytics tools can help marketers gauge ahead of time what a particular customer will buy, for example, as well as when and how much. Equipped with that information, companies can tailor their campaigns accordingly.

To read this article in full or to leave a comment, please click here

Read more 0 Comments