More devices are collecting more data about more people than ever before in our history. Big data could be the best thing that ever to happened to your business – or the worst. Certainly it represents some big opportunities, but only if you have clear goals about what you’re looking to achieve.
If you’re collecting customer data, is it to understand who buys from you the most and why so you can better nature those customers? Is it to grow revenues from your existing customers by discovering how to best cross-sell or upsell them? Or is it to find out why customers leave you so you can prevent it from happening?
The same applies to operational data. Do you want to maximise the use of your assets, increase uptime, reduce operational costs - all of the above?
The point is that data for data’s sake is not only meaningless, it puts you at risk of being buried in information from which you fail to get any actionable insights out of. So be mindful about why you’re collecting the data you are and what you want to get out of it.
To find out more about business analytics and how it’s helping NZ businesses work smarter, join us for ‘The Power of Predictive’ breakfast seminar on Tuesday 26 May at Eden Park. For more information and to register click here.