“Big Data” is on every business’s agenda.
While maybe not understanding what it means or how to harness it “Big Data” seems to be the buzz word on everyone’s lips.
However before they start tackling “Big Data” businesses need to focus on the valuable information which can be mined from their POS, CRM and other programs.
Businesses need a method or process by which to grow and nurture this data so that it serves their needs. This is called dataculture.
It is the commitment to focus on using collected data to make informed business decisions which in turn lead to more profitability.
But how do you get the data necessary to foster a dataculture in your company? You need to look no further than your POS, CRM or other programs. If you do not know how to get this information from these sources then you may need to update your data collection practices asap!
Your POS, CRM and other program (such as loyalty) provider, should be able to provide you with this data and help you organize and understand it as well. Look for portal reporting when choosing a POS or CRM provider. This will provide you with comprehensive baseline reporting as well as reports which contain real-time information. A provider such as Givex can provide you with over 250 reports which cover every aspect of your program’s performance. Also pick a provider that is committed to data & sees it as a tool through which you can gain valuable insights to make important decisions. For example at Givex cube analytics is used. This Givex cube-based approach to analytics provides you with an advanced level reporting tool, incorporating dashboards and visualizations to condense your data into actionable insights.
Givex chose the cube based approach as cubes are capable of multi-dimensional analysis. Analysis can include seeing if certain products sell better on rainy or sunny afternoons. These deep insights can prompt key decisions and in turn, help increase sales.
Through choosing a POS or CRM provider who understand the importance of data and can provide you with understandable reports to make this data usable you get one step closer to creating a dataculture within your business.
You can then use this new dataculture to inform decisions on a variety of areas such as in the selection of new locations, efficient scheduling of employees, the retaining of high value customers, the slashing of wasteful spending and the driving of visit frequency and average customers spend.
It is important to not get stuck using jargon such as “Big Data” while not having any way to process or get valuable information from data sources such as your POS. Use a POS, CRM provider such as Givex to get access to valuable information to make important decisions.
For more on Dataculture read this helpful and informative article!