What can analytics offer your business?

There are more data and information today than ever. Whatever we do, whether online or offline, data are generated. Therefore, there are so much data out there (Big Data), that even if you were able to gather them all together, you would not be able to process them and make use of them.
So you need the medium which can put this immense volume of data in order and convert them from numerous data to data that are useful to you (from Big Data to Smart Data). This medium is no other than Analytics, i.e. the information arising from systematic analysis of data and statistics.

Combination of Big Data and Analytics

The combination of Big Data and Analytics can enable you to perform business related tasks, such as:

• Determine in real time the root causes of defects, problems and failures.
• Create specific commercial policies at the point of sale based on customers’ purchasing habits.
• Reallocate entire high-risk portfolios in minutes.
• Detect unlawful behavior aiming to harm your business.

Analytics and Businesses

To win over the consumer and have a competitive advantage, you have to be able to collect, integrate and analyze data in order to create a true picture.

The ability to convert Big Data to Smart Data will provide a significant advantage to those who perform this task. Studying each customer and their purchasing habits can have a real impact on the business.

It is a fact that businesses, regardless of size, can gain a significant competitive advantage since Smart Data can provide a more accurate image regarding the price a product should be sold at or which promotional strategy will increase your sales.

Better data analysis leads to better targeting any time you invest in a promotion. Smart Data can highlight what works and what doesn’t; what can be changed or improved. For example, what are the differences between areas or consumer categories? Households in one area may respond better to some promotions compared to households in other areas. Smart Data can provide you with this information and you can act accordingly.

Retailers and Product Brands

The focus of the game is increasingly revolving around which products can offer gradual growth. For retailers, the challenge is how to increase the performance of a category, especially while many are at the same time trying to reduce the number of products they display on their shelves.

This means that the various brands of products positioned on shelves will have to fight a harder battle for a place on the retailer’s shelf. They will also have to consider using Smart Data themselves in order to link their data gaps.

Each product must have some characteristics that make it “unique”, in order to persuade consumers that it is worth purchasing, compared to a competitor’s one. Therefore, product brands must be able to realize what retails consider “unique”. For example, if a business wants to grow in the “milk” category, it will have to offer something different than the milk it is already offering. So it will choose to place on its shelves the milk brand that they consider unique and that will have the greatest demand.

In such a competitive environment, brands ought to know what is the right price for their product in every case. Many brands and retailers operating in various countries have already established an optimization mechanism, as part of their management and development. So they experiment by using various models and adopt their applicable marketing strategies accordingly. Of course, all this becomes possible with the use of Smart Data.

Most businesses today have only scratched the surface of data and what they can offer them. Data are knowledge and knowledge is power. Having immediate access to data that you can easily analyze can help you answer your queries and ultimately make you more competitive in an increasingly competitive environment.

Technology plays a central role when it comes to data, helping to collect and analyze data more effectively. When datasets are combined with analytics on prices, promotions and the analysis of combinations, retailers can comprehend better the manner in which their suppliers can also target consumers better.