Are You Wasting Your Data or Consuming It?

Are You Wasting Your Data or Consuming It?

Last night I was in the checkout line at the grocery store. There was a woman behind me with a cart full of produce who told me, “I’ll probably end up throwing most of this away.� I asked her why. She said she knows she should eat healthy, but it takes too much time and effort to whip up a meal from scratch, and anyway, she wasn’t that great of a cook. Despite her best intentions, she ends up ordering in for the family most nights.

Unfortunate fact – over 40% of food produced is wasted, depleting resources like fresh water, electricity and human effort.

Wouldn’t it be great if raw ingredients could magically convert themselves into dishes for the family – no time, effort, or cooking skills needed? The family could be eating healthier meals, they’d be eating the food they spent money and time to procure, and it wouldn’t end up wasted in the trash anymore.

Companies are wasting data

Many companies are wasting data just like many people are wasting food.

Companies recognize how important data is. They know their workforce is hungry for data-driven solutions to their problems. They need it to thrive in the current landscape.

So they invest significantly in ...

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3 Fresh Approaches to Maximize Customer Value with Data

3 Fresh Approaches to Maximize Customer Value with Data

New customer acquisition is costly. And customers are increasingly demanding, fickle, and empowered with endless options — new and old — to spend their dollars. So brands are rightly focused on increasing retention and share of wallet to maximize customer value.

Brands know that data holds the key to making the customer value gains they want to see. But they struggle to leverage that data in the right way. Here are 3 fresh approaches many brands are not using, but should consider, to improve customer value.

1. The More Data, The Merrier

You are collecting some data — likely even a lot of data — about your customers. You’ve got some demographics, geography/location, and purchase history. You may have their customer service history and website behavior as well.

Don’t stop there. Do you know their marital status, education level, income? How about the words they said when talking to a customer service rep? How about their tweets? How loyal to your brand are their friends, family, and coworkers in their social networks?

And don’t stop with your customers. What about the enterprise itself? You’ve got a wealth of data about every aspect of the business, including sales data, ops data, and much more.

Why is this important?

Many ...

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The Dirty Secret About Predictive Analytics

The Dirty Secret About Predictive Analytics

For some time now, predictive analytics has been hailed as the “next big thing.� A quick Google search for “predictive analytics� shows that everyone from Forbes to The Wall Street Journal and beyond have written about how predictive analytics is going to “transform business� and “turn analytics on its head� and even “make BI obsolete�.

However, despite years of optimism, the analytics market is still dominated by visualization and business intelligence software such as Tableau, Qlik, and Birst. If predictive analytics is the next best thing, why isn’t everyone using it?

Predictive analytics examines data and tells you what it is likely to happen in the future. It promises to give you the power to “predict the future of your business� and to “know what will happen next.� And current technology is capable of making thousands, even millions, of predictions each second. Sounds pretty darn impressive.

But the dirty secret is that much of the automated predictive analytics technology on offer simply isn’t very useful. Why? Knowing what’s going to happen next is nice, but if you don’t know why, you won’t know what to do about it, and it will be of little value.

Consider the simple case of customer churn. With predictive analytics, you will know ...

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