This 4h Virtual Workshop will be conducted using Zoom.com on August 26, starting at 9:00 am EDT.
Workshop leaders: Steve Brewer, Director – Text Mining Solutions in York, England
and Dick Lee, CEO – Value Innovations, Inc, in Denver, Colorado:
Price: $795 for the first person. $500 for others from the same company
Register by calling +1-720-291-0758, or send an email to firstname.lastname@example.org
You will be billed through PayPal. You can pay using the credit card of your choice.
Our industries and markets are being turned upside down (Disrupted, Transformed) by Artificial Intelligence, robotics, and IoT.
In order to survive and thrive, we need to use these tools to help us understand the changes that are taking place and make better-informed decisions, faster.
In this workshop you will:
- Understand the power of text mining.
- See how when coupled with machine learning, AI and other tools, text mining can be used to capture relevant information in real time from Twitter.
- Understand Transformation Axes and how to develop them
- See how a team of Value Innovation experts developed the 6 Transformation Axes for the global auto industry
- See demonstrations of bEVCurrent TMS and Precision Farming and Fermentation TMS software
- Learn how to use TMS software and conduct simple and filtered searches to answer critical questions
- Understand how TMS software can be used to capture what customers think about your products and services
Who Should Attend?
- “C” level executives and Managing Directors
- Small business owners (11-499 employees)
- Presidents and Vice Presidents
- Directors, Managers and Project Leaders
Who Will Benefit?
- Any organization of any size
- For profits and not for profits
- Manufacturing or services-based organizations
- Small Businesses
What You’ll Learn:
WHAT TEXT MINING IS AND HOW TO EFFECTIVELY USE IT WITH TWITTER:
THE POWER OF SENTIMENT ANALYSIS:
Sentiment Analysis can be used in many ways. Here are some auto industry examples:
- Uncover how you are performing against defined benchmarks, including competing brands and products.
- Measuring the effectiveness and reach of the company’s various advertising and marketing activities.
- Divining the consumer’s mind state, without directly engaging with the consumer.
- Looking at multiple attributes of a particular car make and model through the eyes of the consumer and any specific findings regarding demographic trends of the current customer base, and also the future target market.
- Developing metrics around the purchase/leasing experience and feedback on dealerships, i.e., consumer feedback on the overall purchase experience, aside from the actual product itself.
WHAT A TRANSFORMATION AXIS IS:
- Transformation Axes are independent, already in place and the end state is defined and fixed
- Auto manufacturers, auto dealers and Tier 1 and 2 Parts Suppliers and all other key players have no control over Transformations.
THE PROCESS TO DEVELOP TRANSFORMATION AXES
HOW TO MONITOR AND TRACK CHANGES OCCURRING IN THE TRANSFORMATION AXES USING TMS SOFTWARE
How the 6 Transformation Axes for the global auto industry were developed:
- Scenario Planning
- “What’s in Scope” and “Out of Scope”
- “Axes of Certainty” and “Axes of Uncertainty”
- Published the final set of Axes in November, 2017.
- Key Learnings:
- The 6 Axes have stood the test of time
- The Axes force a company to define a new Purpose and re-define their strategy
- Who are the leaders and losers? Why? What must the losers do?
Key factors bringing seismic change to the global auto industry:
- Required investments for a legacy auto manufacturer are in excess of $10B/y to:
- Develop and manufacture bEVs, AVs and Connected Vehicles,
- Install the required infrastructure,
- Train those who will market, sell and maintain these new vehicles
- In 2018, the top 9 auto companies invested $73B in R&D. Tesla Motors invested $1.3B.
- Similar investments are required in lower cost, higher energy density, higher power density and longer life Li-ion batteries: Target cost, $100/kWh.
- Understanding the power train (electric motors, Li-ion batteries, inverters, battery management systems)
- The reasons why Tesla Motors and BYD are the Top 2 manufacturers of bEVs in the world today.
- The path to L5 autonomous vehicles, the leaders today and when consumers will be able to purchase a driverless car.
- What auto dealerships will have to do to survive and thrive.
- Off road equipment manufacturers have been slow to develop machines powered by electric motors. Why? Is it because major cities have still not enacted legislation to ban the use of diesel-powered off-road equipment within city limits? Many cities in Europe have ZEV laws today, e.g., Amsterdam, Barcelona, Frankfurt, Hamburg, London, Oslo, Stuttgart and more.
How to stay abreast of what’s happening in an industry
It is very difficult to stay on top of what is happening across the global auto industry.
- Purchase reports from Deloitte, McKinsey, BCG, Freedonia, etc. but they typically focus on one subject, e.g., driver to driverless, and they are “out of date’ in short order.
- Read what the analysts say from the Wall Street Journal, Morgan Stanley, Bloomberg, etc. but they are looking in the rearview mirror.
- Read the latest stories in Automotive News, Wards Auto, Car and Driver, Motor Trend but they look favorably upon those companies that advertise with them.
- Do a Google search
We have found our most consistent source of information to be Twitter and TMS (Text Mining Solutions) software.
Since February, 2017, iTRANSFORMTM has accumulated >2,000 files relevant to the 6 Transformation Axes.
To effectively use twitter, you need to identify all key players in the global industry including those organizations that report on, or influence the auto industry, e.g.,
- Auto manufacturers, Tier 1 suppliers, auto dealerships, others:
- Newspapers, periodicals, universities, regulators, consumers and thought leaders:
|California||CARB||Car and Driver||City of London||Der Spiegel|
|CleanTechnica||Die Zeit||Financial Times||Evannex||France|
|Frankfurt||Detroit News||Germany||Handelsblatt||Le Monde|
These lists need must be reviewed and updated together with a list of hashtags.
Text mining twitter to build a relevant, searchable database:
On average, around 6,000 tweets are tweeted every second.
Value Innovations has learned the best source of the latest information in real time is Twitter. No human being can process this amount of information. Text mining, AI and machine learning are needed.
What is TMS Software?
Text Mining Software data mines (searches for specific words or sets of words) large quantities of text in many different forms, e.g., annual reports, 10-Ks, offering memoranda, scientific publications, newspapers, and reports and articles that are available on line, twitter, etc.
To effectively use TMS, the software must be configured with User/Organization names (@’s) and keywords (#’s).
In the bEVCurrent example (see below), TMS text mines approx. 100 tweets/min.
- This number is reduced by capturing only those tweets that have at least one name (e.g., @GM, or. @FT, or @SAE, or @NHTSA) and one hashtag (e.g., #electricvehicle, or #ICE, or #autonomousvehicle, or #regulation).
- These collated/processed tweets are captured in a searchable database
- TMS software can be configured to display the information on each captured tweet that’s relevant, e.g., Group or individual who posted the tweet and the number of people following them, Tweet heading, Date/Time of Tweet, URL(s) to attached files, etc.) – see screen capture below.
This database can be searched:
- Using multiple filters to answer specific questions.
- To conduct sentiment analyses
TMS software demos:
Throughout the workshop we will do live demos of TMS software to answer your questions and show the power of this tool. We will explain how:
- bECurrent TMS is configured
- To capture facts and information relevant to critical questions being asked by brand managers to the senior leadership team using simple and filtered searches
- To use Sentiment Analysis to understand what customers and potential customers are saying/thinking about your products and services