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How to separate the wheat from the chaff: improved variable selection for new customer acquisition
(2017)
Steady customer losses create pressure for firms to acquire new accounts, a task that is both costly and risky. Lacking knowledge about their prospects, firms often use a large array of predictors obtained from list vendors, which in turn rapidly creates massive high-dimensional data problems. Selecting the appropriate variables and their functional relationships with acquisition probabilities is therefore a substantial challenge. This study proposes a Bayesian variable selection approach to optimally select targets for new customer acquisition. Data from an insurance company reveal that this approach outperforms nonselection methods and selection methods based on expert judgment as well as benchmarks based on principal component analysis and bootstrap aggregation of classification trees. Notably, the optimal results show that the Bayesian approach selects panel-based metrics as predictors, detects several nonlinear relationships, selects very large numbers of addresses, and generates profits. In a series of post hoc analyses, the authors consider prospects’ response behaviors and cross selling potential and systematically vary the number of predictors and the estimated profit per response. The results reveal that more predictors and higher response rates do not necessarily lead to higher profits.
New digital technologies present both game-changing opportunities for—and existential threats to—companies whose success was built in the pre-digital economy. This article describes our findings from a study of 25 companies that were embarking on digital transformation journeys. We identified two digital strategies—customer engagement and digitized solutions—that provide direction for a digital transformation. Two technology-enabled assets are essential for executing those strategies: an operational backbone and a digital services platform. We describe how a big old company can combine these elements to navigate its digital transformation.
Decreasing batch sizes in production in line with Industrie 4.0 will lead to tremendous changes of the control of logistic processes in future production systems. Intelligent bins are crucial enablers to establish decentrally controlled material flow systems in value chain networks as well as at the intralogistics level. These intelligent bins have to be integrated into an overall decentralized monitoring and control approach and have to interact with humans and other entities just like other cyber-physical systems (CPS) within the cyber-physical production system (CPPS). To realize a decentralized material supply following the overall aim of a decentralized control of all production and logistics processes, an intelligent bin system is currently developed at the ESB Logistics Learning Factory. This intelligent bin system will be integrated into the self developed, cloud-based and event-oriented SES system (so-called “Self Execution System”) which goes beyond the common functionalities and capabilities of traditional manufacturing execution systems (MES).
To ensure a holistic integration of the intelligent bin for different material types into the SES framework, the required hard- and software components for the decentrally controlled bin system will be split into a common and an adaptable component. The common component represents the localization and network layer which is common for every bin, whereas the flexible component will be customizable to different requirements, like to the specific characteristics of the parts.
Trotz größer werdendem Tenor, die Intuition als gewinnbringende Ergänzung zur rational geprägten Entscheidungskultur im Vertrieb zu implementieren, scheint dennoch Unsicherheit und Unwissenheit über den richtigen Umgang mit der Intuition seitens der Mitarbeiter und Mitarbeiterinnen vorzuherrschen. Durch die systematische Legitimierung der Intuition Vertrieb kann diesem Umstand entgegengewirkt werden.
In the lights of an increasing digitalization of companies, the sales process might experience changes in the usage and the influence of digital tools. In order to examine the status quo of German companies in this regard, a study was conducted between 235 participants. The results of this study will be outlined in the article at hand.
Der B-to-B-Vertrieb hat sich durch neueste Informationstechnologien stark verändert und ist wesentlich komplexer geworden. Gleichwohl haben sich die Möglichkeiten dadurch auch dramatisch verbessert. International agierende, virtuell zusammenarbeitende Teams haben die Entscheidungsprozesse und Kompetenzen verschoben. Mit Social Selling bietet sich jetzt eine Möglichkeit, die neu entstandenen Herausforderungen im Vertrieb besser zu meistern.
Close and safe interaction of humans and robots in joint production environments is technically feasible, however should not be implemented as an end in itself but to deliver improvement in any of a production system’s target dimensions. Firstly, this paper shows that an essential challenge for system integrators during the design of HRC applications is to identify a suitable distribution of available tasks between a robotic and a human resource. Secondly, it proposes an approach to determine task allocation by considering the actual capabilities of both human and robot in order to improve work quality. It matches those capabilities with given requirements of a certain task in order to identify the maximum congruence as the basis for the allocation decision. The approach is based on a study and subsequent generic description of human and robotic capabilities as well as a heuristic procedure that facilities the decision making process.
Angesichts des breiten Angebotsspektrums neuer Technologien und der Vielzahl verschieden verwendeter Begriffe rund um Industrie 4.0, stehen Unternehmen nicht selten orientierungslos vor der Herausforderung, individuelle Umsetzungsstrategien abzuleiten. Das vorliegende Reifegradmodell ermöglicht die Erfassung bereits im Produktionssystem implementierter Lean Management-Prinzipien und gibt praktikable Antworten auf die evolutionären Visionen, indem es realisierbare und individuelle Migrationspfade in Richtung Industrie 4.0 für Unternehmen aufzeigt.
Zukünftige Montagearbeitsplätze müssen veränderten Herausforderungen, wie z. B. der zunehmenden Anzahl von Mensch Roboter-Kollaborationen, gerecht werden. Die Virtual Reality (VR)-Technik bietet im Rahmen der Arbeitsplatzgestaltung neue Möglichkeiten, diesen veränderten Planungsherausforderungen gerecht zu werden. Die Ausarbeitung stellt eine Methode zur Bewertung des sinnvollen Einsatzes der VR-Technik für einen spezifischen Arbeitsplatz vor. Außerdem wird aufgezeigt, wie die VR-Technik in den Prozess der Arbeitsplatzgestaltung integriert werden kann.