HKUST Business School Magazine

Biz@HKUST Biz@HKUST 18 19 // Cover // Thought Leader Data and insight is the key to success for companies, and for society A data analysis team in-house to retrieve and perform analysis Trial-and-error modelling to enhance the commercial rate Jelly Zhou CEO (HK) of HKTVmall (HKUST MBA Graduate) Privacy Concerns HKTVmall’s product recommendation feature for add- on offering is a good example. After a customer makes a purchase, they are prompted to buy further products that might interest them. Through this feature, the company has managed to increase conversion rates by up to 15 per cent, or HKD100 per basket. “That’s one way we can use big data,” she says. “Big data is a must for today. Without big data, it’s like you’re riding on a bicycle while everyone else is driving a sport car on a highway.” Zhou recognizes that privacy concerns are an issue, and she advises other companies to take this seriously. She also thinks that data proves a headache for some. “Because the volume of the data is huge, you need servers and infrastructure to run the algorithms. You need to set up infrastructure to do this, or find a solution provider,” she says. So what is the secret of HKTVmall’s success? Zhou says that it lies in the company’s culture of not being afraid to manage risks, a willingness to make changes, a winning attitude, and a desire to apply technology for the benefit of the public. A Winning Formula Big data has its rightful place within business structures, but without the manpower to do data analytics, it is just a bunch of numbers. For this reason, investment in manpower is equally important for any company that wants to venture into the big data space. M O R E Training staff who have shown a passion for an area and designed a localized system Rotating staff through various departments to ensure that they have the exposure and understanding of how other departments operate