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Shaunn
Shaunn
12/11/2017 11:44:41 AM
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Platinum
You don't always know what you don't know
CenturyLink certainly has the right idea. It seems the promlem here lies with enterprises that believe they have a good grasp on digital transformtion, when they do not. This is likely just to be one of those wrinkles formed by necessity and ironed out by functionality (or lack there of, I suppose).

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Kishore Jethanandani
Kishore Jethanandani
12/7/2017 8:24:07 PM
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Author
Re: Reinventing binary segmentation
Ariella,

 

          You are right. k-means clustering is one way to segment the population. The clusters are separated by what is called the Eucleadian distance or, simply put, how dissimilar they are. The concept of the distance is based on your hypothesis about how you segment the population. So if you take mountain bikes, the price is one attribute, the risk propensity is another and the frequency of use is third. You develop a hypothesis of segments based on attributes in each of them and then find whether there are clusters that distinguish them. 

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mhhf1ve
mhhf1ve
12/7/2017 6:28:37 PM
User Rank
Platinum
An immature field...
> "You see a lot of fragmented digital transformation projects..."

How long will this continue? I'm wondering if anyone has any bets on how long it'll take for consultants to become in-house projects that unify these transformations.... 

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Ariella
Ariella
12/7/2017 6:07:39 PM
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Re: Reinventing binary segmentation
@JohnBarnes the Peter Principle at work in potato peeling!

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JohnBarnes
JohnBarnes
12/7/2017 6:03:14 PM
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Platinum
Re: Reinventing binary segmentation
Ariella, 

the odd thing about binary segmentation is that it works very poorly for one of the most common distributions there is -- i.e. the normal distribution, aka the bell curve. I think it probably worked well for people because that binary nature reflects the reality that Alan Turing worked out back in the 1930s -- any idea that can be used to process data in any finite amount of time, no matter how complex, can be expressed as a binary string. 

But it does have its limitations; remember the parable of the successful potato peeler who was promoted to potato sorter, and tasked with putting the big potatoes in one pile and the small potatoes in another.  He cracked under the stress, unable to handle so many decisions ....

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Ariella
Ariella
12/7/2017 11:32:07 AM
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Re: Reinventing binary segmentation
@JohnBarnes I wonder if that developed because some people's approach to logic works exactly that way: dividing everything into two types. But I did think that the idea of more advanced data analytics was to get far more precise categories.

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JohnBarnes
JohnBarnes
12/6/2017 5:03:25 PM
User Rank
Platinum
Reinventing binary segmentation
The two-bucket approach, generally assigning customers to one group or the other based on some criteria, then looking at what the "needs of the bucket" look like and treating it as a market to compete in, is very much like one of the oldest methods of market segmentation, binary segmentation.  You prepare an ordered list of customers; you split the list at the median; you look up and doown to see if there's a more natural divide than the median, and the biggest split point you find replaces the median, and there are your two buckets. Then you split each bucket by the same process, possibly using different criteria. Eventually you should end up with a set of buckets such that within each bucket the group is pretty similar in their needs and desires, and between buckets the variances are clear. (If they're not, for any pair of buckets, you dump the buckets back together and either accept it as a common bucket or re-split it). 

Classically it's used for small-market retail, where you don't want to lose any existing customers so you want to make sure everyone gets something they really like. Interesting to see it applied to drastically different sizes and kinds of enterprises across whole industries.

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DHagar
DHagar
12/5/2017 5:10:29 PM
User Rank
Platinum
Re: Digital Goals
@clrmoney, I agree.  I also believe that by understanding the customer's strategic needs, rather than just the next operational step, you can help them make selections and better build the solutions that will solve both their short-term and their longer term transformation goals.  That will add value to each of their investments.

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clrmoney
clrmoney
12/4/2017 2:51:56 PM
User Rank
Platinum
Digital Goals
I think that is so true that you should think about the customers needs when it comes to things like this because I know that most of the population is on board then you have some who prefer the old ways of doing things. I'm sure that it will be okay and and asset to make it easier for business. Many companies just need to keep up with the constant technology and always stay ahead of the game.

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