The retail industry has reached a tipping point where retailers can ‚ÄĒ and should ‚ÄĒ leverage advanced analytics to improve the overall consumer buying experience. The latest research from the McKinsey Global Institute estimates that retailers that leverage data analytics at scale can grow their profits by a whopping 60%. But even though retailers are generating more data than ever, it‚Äôs not enough to simply gather stockpiles of data and send it to the CIO. Rather, retailers need systems that can consolidate data from multiple sources, transform it into powerful insights that can inform tangible business actions, and get those insights into the hands of the people that need them.‚ÄúThe idea is to capture a single 360-degree view of today‚Äôs multichannel shopper to inform smart merchandising and marketing decisions. Retailers that don‚Äôt get this right are leaving money on the table: Multichannel shoppers, whose ranks are growing, spend more than single-channel shoppers.‚ÄĚ Retail TouchPoints
These are just a few of the insights contained in our latest eBook, ‚Äú10 Ways to Drive ROI With Distributed Analytics: The Power of Data Collaboration For Suppliers, Managers And HQ.‚ÄĚ We partnered with Retail TouchPoints to uncover the top ten ways that retailers can benefit from distributed analytics to drive increased revenue, including:
- Bringing newfound scale and accuracy to market- basket analysis
- Delivering personalized products and experiences to shoppers
- Tapping into new revenue streams with vendor partners
- Boosting the effectiveness of social-media marketing
- Turning heightened visibility into consumers‚Äô omnichannel shopping journeys into top- and bottom-line gains
We also sat down with Retail Touchpoints for a webinar, where we discussed how smart retailers are harnessing distributed analytics unlock the full value contained in their data and business networks. The webinar covers data challenges and trends in the retail industry, using analytics to drive customer retention and enhance your customer experience, how your internal data can create valuable opportunities with external partners, and much more.
Today‚Äôs CIOs and senior IT leaders need actionable advice to drive digital to the core of their products, processes, and talent ‚Ä¶ while also preparing for disruptive trends that can deliver long-term business benefits. At the Gartner Symposium/ITxpo, coming up October 16‚Äď20 in Orlando, hundreds of attendees will get the best of both worlds as they discover how to make digital a core competence across the organization.
Built around the theme Lead 360: Drive Digital to the Core, this year‚Äôs event features six tracks, spanning technology and information, leadership, and business strategy, plus industry-specific presentations focused on healthcare, finance, retail, and other key sectors. Keynote speakers will include former Secretary of Defense Robert Gates, Microsoft CEO Satya Nadella, and Cisco CEO Chuck Robbins.
If you‚Äôre attending, be sure to catch my presentation, ‚ÄúTurning Data Into Profit and Accelerating Digital Transformation,‚ÄĚ on Tuesday (10/18) at 1:45 pm in the Dolphin Hotel Southern Room. I‚Äôll be showing you how to accelerate your company's digital transformation‚ÄĒand boost its bottom line‚ÄĒby creating and distributing data products and Smart Business Applications to your B2B networks.
Always backing me up, the GoodData team will also be on site at ITxpo! Come visit us at Booth 965 in the Dolphin Hotel Pacific Hall and learn how GoodData can help you commercialize and monetize your data and analytics. If you‚Äôd like to reserve a time to chat with us, just fill out this quick form and we‚Äôll be in touch to schedule a meeting. Here‚Äôs a sneak peek at what we‚Äôll be talking about:¬†
See you in Orlando!
On October 23‚Äď26, more than 10,000 leaders, innovators, and disruptors from across the financial services industry ‚ÄĒ including more than 1,000 CEOs ‚ÄĒ will gather in Las Vegas to explore the latest innovations in financial and banking technology at Money20/20.
Over four days, financial and banking executives will enjoy an exemplary experience highlighting the boldest and the best of the industry. This year‚Äôs keynote speaker lineup executives from leading companies such as Visa, Stripe, Square, Google, Forbes Media, and Bank of America. Attendees can choose from more than 20 tracks covering leading-edge topics such as Data Analytics & Algorithm-Based Innovation, Global, Real-Time & X-Border Payments, Mobile Wallets & Payments, and Risk, Security & Fraud.
GoodData is proud to be a sponsor of Money20/20 2016, and we look forward to meeting you there! Come see me and the rest of the team at booth 1344 to see how leading financial service and payment processing companies are currently leveraging the GoodData platform. Here‚Äôs a sneak peek at what we‚Äôll be talking about:¬†
It‚Äôs going to be a busy four days, so I recommend reserving a time to meet with the team. Click here to enter your request, and we‚Äôll be in touch to schedule your slot.
See you in Vegas!
Just months after MediGain won a Nucleus Research Technology ROI Award, another GoodData customer has disrupted their industry. Headquartered in London, Fourth is a leading provider of cloud-based cost control solutions to the hospitality industry. When the company partnered with GoodData to add an analytics product to its offerings, it uncovered not only a unique way to deliver additional value to customers, but also a profitable new revenue stream.
In an ROI case study on Fourth, Nucleus Research reports that the company needed a distributed analytics solution that could consolidate customer data from diverse geographic locations and put it into the hands of decision makers at multiple levels. GoodData met all Fourth‚Äôs requirements, including
- A focus on business line operations that lends itself well to the hospitality industry
- Ability to distribute customized reporting to their entire business ecosystem
- Easy deployment and scalability through Customer Lifecycle Management
- Easy sharing and embedding of the platform to eliminate geographic and organizational hurdles
- Integration with third-party systems
Fourth Analytics launched in 2013 as a subscription-based service, expanding Fourth‚Äôs product offerings and opening new revenue streams. The company benefits from previously untapped revenue opportunities, and its customers benefit from a more comprehensive view of their operations ‚ÄĒ a capability previously unheard of for the vast majority in the hospitality industry.
According to Nucleus‚Äô calculations, Fourth achieved an ROI of 117 percent over a payback period of 2.7 years, with an average annual benefit of ¬£169,833. Thanks to its partnership with GoodData, the company has successfully disrupted the hospitality industry by introducing a one-of-a-kind product that builds its bottom line while enhancing customer relationships.
Unveiling the Possibilities for Distributed Analytics in the Financial World: GoodData at FinovateFall 2016
Last week we had the pleasure of representing GoodData at the FinovateFall 2016 conference in New York, a showcase of the best and most innovative new financial and banking technologies.
I have to say the level of energy and excitement among the Finovate attendees was impressive. From morning to evening, our booth saw a constant flow of visitors, among them many senior executives from top financial services companies. Some had scheduled appointments ahead of time, some were drawn to our new financial services video, and some had simply heard the buzz about what was going on at the GoodData booth:
Here you can see our team hard at work, giving personal attention to everyone who stopped by:
And here‚Äôs Blaine Mathieu and Marco on stage presenting our 7-minute demo to a packed room ‚ÄĒ about 1,600 attendees!
Here‚Äôs another demo shot, this one of Blaine playing ‚Äúfront man‚ÄĚ while Marco rocked the demo:
Our time at FinovateFall 2016 was a whirlwind, and I can hardly believe it‚Äôs already behind us. We were so impressed with the quality of attendees, the level of expertise among presenters, and the high energy of the rapid-fire agenda that we can‚Äôt wait for next year!
At GoodData, we believe that the power of enterprise data goes far beyond simply making better decisions. We believe that data is valuable, and our mission is to help enterprises transform their data into a profit center.
‚ÄúGoodData, somewhat uniquely, is focusing on the embedding and monetizing of analytics, transforming it from cottage industry to a mainstream profitable production activity,‚ÄĚ said Butler Analytics founder Martin Butler in his post ‚ÄúGoodData ‚Äď Pioneering Production Analytics.‚ÄĚ Butler asserts that if data is to be useful, it must be integrated into what he calls the ‚Äúproduction environment‚ÄĚ:‚ÄėAnalytics need to be part of the production environment, and that means they need to be embedded within production applications ‚Äď sales, purchasing, accounts, HR, production ‚Äď and so on. But there is also something else. The terabytes of data most businesses have acquired, at considerable cost, represent an asset in their own right. This means the data can be used to generate revenue and profits. Why else would be call it an asset?‚Äô
The number of employees in any organization who need direct access to analytical tools, Butler contends, is actually quite small ‚ÄĒ sometimes no more than a few hundred in the largest corporations. However, the number of people who potentially benefit from embedded analytics can easily number in the tens of thousands. This is just one level at which GoodData offers unique value: through embedded analytics that offer mission-critical insights, when and where the user needs them.
Butler contends that the next level of analytics is the ability to use internal and external data assets to create revenue-generating data products.
‚ÄúThe people who will pay for this information,‚ÄĚ Butler writes, ‚Äúmight be partners (a distribution network for example), suppliers and any other agents who might be able to profitably use the information services a business delivers.‚ÄĚ
But it‚Äôs at a third level ‚ÄĒ what Butler calls ‚Äúone of the most exciting developments in recent years‚ÄĚ ‚ÄĒ that GoodData truly distinguishes itself by acting ‚Äúas a data middle-man, bringing organizations together who work in related industries so they can create much higher value information products.‚ÄĚ
By collaborating and sharing data, complementary organizations can accomplish together what no one business could do alone, offering high-level data products from which a broad audience can benefit. And as Butler notes, these concepts have the potential to transform the business analytics industry:The winners in any industry are always those that do something different. In the business analytics space it is GoodData that has moved away from the catchy, but largely meaningless marketing cliches such as ‚Äėself-service‚Äô, ‚Äėease-of-use‚Äô, ‚Äėbig data‚Äô and others that are starting to lose their sparkle ‚ÄĒ simply because they are not delivering. Having spent a decade in a hype wilderness, businesses can now start to production-line their analytics ‚ÄĒ the real work begins.
We couldn‚Äôt have said it better ourselves.
Read the full article here.
Video has become an essential piece of the retail buying journey. More effective than text or static pictures alone when it comes to explaining features and benefits, customers are starting to expect quality video content when purchasing or researching products. But while content may be king, any video campaign requires accurate measurement in the form of analytics in order to optimize for success. Eliot Towb, a product manager for GoodData client Invodo, shared some key insights on video analytics in his article ‚ÄúWhy Online Video is Essential to Omnichannel Success.‚ÄĚ
‚ÄúYou must have analytics in place to get the most out of your video program,‚ÄĚ Towb writes. ‚ÄúWithout analytics, you will not be able to detect site issues or changes that reduce the impact of video, and ultimately, the increased conversion that follows from a well-executed program.‚ÄĚ
Towb goes on to present three sets of analytics that can help online retailers maximize revenues from their video content:
- Engagement metrics (View Rate, Completion Rate, Sharing) that tell the retailer how often and how long customers are interacting with its videos, as well as how likely they were to share videos with their communities.
- Satisfaction metrics (Ratings, Comments) let retailers know whether customers found the content helpful and how well it met other expectations. ‚ÄúComments are especially valuable for product videos in determining whether you have the right feature content in your videos,‚ÄĚ Towb notes.
- Conversion metrics (Cart, Purchase Activity) represent the impact the retailer‚Äôs video content has on their bottom line.
In October 2015, GoodData kicked off its Good People Doing Good program where employees could take time off during their workday to volunteer for various causes around the city. It gave coworkers from different departments a reason to connect and work together in a non-business environment. The Company coordinated different types of events so that everyone could find something they were interested in. There was park cleanup for the environmental nut, soup kitchens for kind souls, house building for handy employees, and dog shelters for the animal lovers.
Our kick-off event was an environmental cleanup effort at Sue Bierman Park, a recreation area right in front of the Ferry Building. We met up as the sun rose and enjoyed some coffee and snacks with new friends before getting to work.
The group was split into two ‚Äď one helped plant new foliage, and the other removed invasive shrubbery. In the end, we reunited to clip unwanted offshoots from the trees.
It was a great day outdoors where we were able to make friends from different departments and help create a better environment for the city.
We also volunteered at Project Open Hand, a soup kitchen that serves underprivileged individuals in the community. The history of the organization is fascinating; it dates back to the AIDs epidemic when a volunteer at Meals on Wheels saw how badly HIV patients were being treated at various hospitals and how they were shunned by society.
The founder created Project Open Hand as a way to shatter society's perception of these patients, and help lift their spirits in their time of need. Hearing this history gave us a sense of purpose, and it made the volunteer work a lot more fun and motivating.
We were split up into three groups: the kitchen, the warehouse, and the office. The kitchen crew cut fruits and vegetables to be cooked and served, the warehouse crew filled granola bags and sorted fruit to ensure the freshest meals, and the office crew wrote letters to donors to ensure continuing contributions.
There was a project for each individual's interests and skills, and everyone had a great time working together.¬† ¬†
The Company wanted to make sure that everyone who wanted to volunteer had the proper outlet to do so. Thus, we signed up to build houses with Habitat for Humanity, an organization that provides low income housing for local residents in need.
Our group split four responsibilities: flooring, sound/fire proofing, scaffolding, and plumbing. The flooring group nailed boards on beams to create the ground of the second story in the house while the sound/fire proofing team put materials against the side of the wall to insulate sound. The scaffolding group built new scaffolds for workers and volunteers to stand on while working and the plumbing group fixed pipes to support running water.¬† ¬† ¬†
Although it was hard work, everyone had a great time trying his or her hand at building a house.
Aside from the working with tools, we also wanted to do something for those animal lovers in the Company. Thus, we volunteered at Family Dog Rescue, which is a wonderful organization that saves unwanted dogs from extermination, and helps them find loving families.
The GoodData team helped the staff clean up the facilities at the shelter to keep the dogs nice and comfortable. Afterward, we had free time with the dogs where we walked them around the neighborhood, snuggled with them, and played catch with them in the yard.¬† ¬†
Overall, the Good People Doing Good program has been a tremendous success, with participation from the whole company. We believe that volunteering will continue to be a large part of our company culture, and cannot wait for the next event!
‚ÄúLet‚Äôs be clear about what we want from business analytics,‚ÄĚ writes Butler Analytics founder Martin Butler in his post ‚ÄúStrategies for Profitable Business Analytics,‚ÄĚ based on insights from our CEO Roman Stanek. ‚ÄúWe need more accurate and more timely decisions that cost less to process ‚ÄĒ and that‚Äôs it.‚ÄĚ
The founder of Butler Analytics goes on to examine the three ways in which organizations can operationalize business analytics:
- More efficient and effective business decisions that lead to tangible business actions. By understanding the decisions our people routinely make and the analytics needed to support these decisions, we can see how our data systems contribute to the top and bottom line.
- Clearer understanding of customers‚Äô and business partners‚Äô decision-making processes. Organizations can monetize their data by creating products that address the uncertainties of customers, trading partners, suppliers and whoever might find the information useful.
- Merging external data sources, particularly those of businesses in related markets. For example, airlines, hotels, and car rental agencies can merge data to create snapshots of customer behavior that are more accurate and more useful than a single business might be able to create.
Butler concludes by citing the need for ‚Äúa production oriented approach, where profitable business analytics can be realized.‚ÄĚ If we continue to act as if analytics deliver value in their own right, he says, we risk ‚Äúa gradual disillusionment with business analytics technology, and missed business opportunities.‚ÄĚ
A recent article on CMS Wire remarked that embedded analytics have emerged as a way to meet organizations‚Äô demand for distributed data: decision-guiding information that can be easily accessed, understood, and leveraged by users at multiple levels across all divisions.
The article goes on to cite five key trends to watch in embedded analytics, including two that we found especially compelling: multi-tenant structures and custom globalization.Multi-Tenancy: Accept No Substitutions
CMS Wire writes that ‚ÄúEmbedded analytics vendors following this trend towards SaaS as the de facto delivery model for software apps are building their products to work in these [multi-tenant] environments.‚ÄĚ
GoodData board member Bil Harmer wrote a blog post on the topic of multi-tenancy, which to some is still an ill-defined concept. Bil pointed out that insufficient understanding has allowed some vendors to claim to be ‚Äúmulti-tenant‚ÄĚ while running an older hosted deployment involving one installation of the binary for each customer. The problem with these ‚Äúfluffy-but-not-cloud‚ÄĚ deployments is that they fail to deliver on many of the advantages a true cloud solution offers.
For organizations seeking ‚Äúthe one true cloud,‚ÄĚ Bil offers a great working definition: a multi-tenant SaaS deployment, which has a single binary or deployment used to serve multiple customers.Globalization: More Than Language
‚ÄúThe expansion of large multi-national corporations and businesses into different regions,‚ÄĚ writes Zhao, ‚Äúmakes localization of software applications critical for widespread adoption.‚ÄĚ
Earlier this year, GoodData announced several strategic initiatives to expand and accelerate our own international business. These initiatives included updates to our service platform tailored to end users outside the United States, who now make up nearly 50 percent of our user base. Our software platform now provides localization ‚ÄĒ not simply translation, but geographic customization ‚ÄĒ supporting half a dozen languages including German, French, Japanese and Portuguese.
As the ‚Äúdemocratization of data‚ÄĚ takes hold across industries and across organizations, the demand for embedded analytics is poised to accelerate. Those looking to reap the greatest reward from their investments would do well to ensure that true multi-tenancy and globalization capabilities are part of the package.
GoodData is proud to announce that Divya Ghatak, our Chief People Officer, has joined Watermark‚Äôs board of directors. Watermark‚Äôs mission is to increase the number of women in leadership positions, and Divya‚Äôs passion for building diverse and inclusive teams will be a huge asset to their organization.
Divya oversees global people operations at GoodData, where she combines her extensive leadership experience developing strategic people operations for diverse global businesses with a special focus on employee engagement, talent and leadership development, corporate culture and organizational collaboration. Recently, I sat down with Divya to chat with her about her thoughts and feelings about this latest achievement.
How did you hear about Watermark, and what appealed to you about them?
‚ÄúI first learned about Watermark through the diversity initiatives that I worked on while I was at Cisco, and more recently I attended their Watermark Conference for Women along with several other GoodData employees. In terms of what drew me to them, the scale and the level of coordiation is unprecendented compared to what I‚Äôve seen in the past, from the diversity and quality of speakers to the level of organization and reach of the program. I also love the fact that this is a completely mission driven nonprofit dedicated to a most relevant cause of our times!‚ÄĚ
What will your duties be as a Board Member at Watermark?
‚ÄúMy primary initiatives will be around furthering the mission of Watermark, which is to increase the number of women in leadership positions everywhere, not just in tech. I am excited about being able to represent Watermark‚Äôs amazing membership community and at the same time, continue to leverage my leadership role in enhancing Watermark‚Äôs public standing. My board duties will involve committing dedicated time to prepare for BOD and/or committee meetings, actively serving on at least one standing board committee, and attending social events, conferences and speaker series.
The business case for building diverse and inclusive environments has never been stronger, and I‚Äôm excited about using my talents, network and knowledge base to bring this to the forefront with Watermark; they provide an amazing forum for inspiring and developing people.‚ÄĚ
What are your top 3 goals as a Watermark Board member?
- Attend key events that foster Connection ‚Äď Watermark creates a safe and comfortable space where professional women truly come together and make meaningful connections, pursue new opportunities, problem solve, empathize, de-stress, and celebrate each other‚Äôs successes.
- Help generate resources for development through programs that offer: opportunities for continuous learning, promote innovation and growth from top thought leaders in monthly webinars, speaker series and 1‚ĀĄ2 day conferences.
- Advocacy ‚Äď Leverage my network and connections to amplify our influence and actively work towards the next quantum leap in our individual and collective success. Our goal is to increase representation of women at executive levels to drive innovation, human development and economic growth.
What can the women of GoodData look forward to learning through your involvement with Watermark?
‚ÄúThis new position will directly support the Women in Leadership program led by Marlene Arroyo at GoodData. We have been lucky to have the sponsorship of our CEO Roman Stanek in creating an environment that engenders diverse and inclusive teams. Watermark hosts 50+ events a year, which will provide huge opportunities to connect GoodData‚Äôs employees with women in leadership. By attending these events, women at GoodData can gain practical knowledge, such as how to improve their negotiation skills as well as get closer to their dreams and aspirations through targeted programs, development and sponsorship‚ÄĚ.
What can the men of GoodData look forward to learning through your involvement with Watermark?
‚ÄúMy passion is to build amazing experiences where talented people can perform at their best, and that goes just as much for men as it does for women. While a lot of Watermark‚Äôs events tend to be women oriented, we know we must get men in on the conversation. There‚Äôs an article in the New York Times that I love that talks about including men at these events to make a dent in the lack of women in leadership roles. When we‚Äôve had external speakers talk about these topics, the GoodData men have attended with passion. To quote - ‚Äėsisterhood is not enough, workplace equality needs men too!‚Äô‚ÄĚ
On September 8‚Äí9, 2016, about 1,600 executives, analysts, venture capitalists, and entrepreneurs from across the financial industry will meet in New York for Finovate, the only conference series focused exclusively on showcasing the best and most innovative new financial and banking technologies. For two days, attendees will enjoy live demos of the latest financial and banking technologies as well as high-impact networking sessions.
What makes Finovate truly unique is not only the subject matter, but also the experience: no keynote speakers, no expert panels, just rapid-fire seven-minute demos of the latest in financial and banking technologies.
And yes, GoodData will be there! The team and I look forward to demonstrating how large financial services and payment processing companies can distribute valuable data and analytics to branch managers, agents, merchants and external partners to help them personalize sales, improve consumer loyalty and turn data into a profit center within their B2B network.
I‚Äôll be on stage to demo our Financial Services solution on Thursday September 8 at 2:50pm EDT. Be sure stop by our booth in the Networking Hall, or fill out this form to schedule a meeting with our team.
See you in the Big Apple!
Did you know that in the next five years, 90 percent of analytics solutions for business users will be embedded in other core applications?
That‚Äôs what Nucleus Research reports in their latest data and analytics research note, The Evolution of Embedded Analytics. As the ‚Äúdemocratization of data‚ÄĚ places analytics in the hands of business users across the organization, the demand for embedded, visual, easily digested information is on the rise.
Business users such as sales teams demand the data required to make better decisions, but have little desire to toggle back and forth between apps or to interact with a complex dedicated analytics tool. Embedding data into core applications helps the organization on three levels:
- Adoption: For an analytics tool to deliver ROI, it must be used. Since analyzing data is a low priority for business users, convenience and ease of use is a must. Embedded analytics offers them the easy, in-context accessibility needed to facilitate adoption of the app.
- Context: Embedding analytics enables users to approach an analysis with better understanding of how a specific insight can help them.
- Productivity: Nucleus discovered that toggling between applications a primary application and a standalone analytics application can take up as much as 1 to 2 hours of an employee‚Äôs time per week. Embedded analytics allows users to incorporate analytics into their daily activities without adding another task into their day.
So, what‚Äôs next? According to Nucleus, embedded analytics will play an ever larger role in the daily lives of employees at all levels of the organization. ‚ÄúIn the next 7 years,‚ÄĚ the report concludes, ‚Äú90 percent of business users will interact with analytics at least once per day but only 15 percent will realize it.‚ÄĚ
To learn more about why embedded analytics are the future of organizational data, download the Nucleus Research paper here.
Most of us are familiar with the benefits of moving business intelligence (BI) and data warehousing environments to the cloud: speeding deployments, avoiding capital expenditures on hardware infrastructure, simplifying software upgrades, and minimizing the need for IT involvement.
In a new white paper, my colleague Wayne Eckerson, founder and principal consultant of Eckerson Group, reveals the most impactful benefit of cloud BI solutions: the ability to cascade virtual BI deployments to internal and external networks of organizations and users. As Wayne puts it,Externally, these networks make it possible for organizations to enrich customer, partner, and supplier relationships by supplying complete, interactive and self-service BI environments rather than static PDF reports or data dumps typical of current extranet reporting solutions. These data monetization networks will enable organizations to improve customer service and stickiness, increase revenue or generate new revenue streams, and fully monetize their data assets.
Cloud deployments allow companies to create unique BI instances for each business unit, division, or department, each of which can generate a new BI instance for each of its internal groups (if permitted). Separate BI environments can also be created for each member of its external network, including customers, suppliers, and partners.
Eckerson‚Äôs white paper goes on to explore tangential benefits of BI cascading, including
- Balancing centralized governance with local flexibility
- Increasing customer satisfaction and the value of existing products and services
- Generating entirely new revenue streams
To learn more, download a complimentary copy of the white paper Data Monetization Networks: The Real Value of Multi-Tenant Business Intelligence
Once upon a time, business intelligence was just about generating charts, graphs and reports. Then analytics ‚ÄĒ trending, predictive, comparative ‚ÄĒ came along. Now, as the Third Wave of Business Analytics, or ‚ÄúBI 3.0‚ÄĚ begins to take shape, we can reflect on how whether the discipline has delivered on its promise ‚Ä¶ and which gaps remain to be filled.
One area that most BI vendors continue to fail to deliver on adequately is the ‚Äúdemocracy gap.‚ÄĚ Since its inception, business intelligence has delivered unprecedented visibility into the past, present, and future ‚Ä¶ but only to the ‚Äúanalytically elite‚ÄĚ ‚ÄĒ the analysts, the power users, and the Excel junkies. As competitive pressures escalate, we need to release analytics from this silo and make it a part of the enterprise‚Äôs culture on all levels, especially in B2B industries.
The democratization of analytics is at the heart of GoodData‚Äôs platform. Our latest eBook, Going Beyond the Data: Analytics for the Masses, gives not only a technical overview of our platform but also a roadmap for transforming your data and analytics into a true net-new revenue generating profit center.
If Enterprise Data Monetization is to succeed, organizations have to get resources and insights into the hands of the people who need them, and offer a more accessible way to consume and interact with the final data product. Distributing targeted analytics to each participant ‚ÄĒ including customers, partners, and distributed stakeholders ‚ÄĒ will drive greater value throughout the entire business network.
This report details how GoodData‚Äôs platform and expertise enable customers to deliver contextually and semantically aware "Smart Business Applications" that bring data and analytics to the applications where work is actually done, through three services:
- The Distribution Service provisions, manages, and monitors analytic environments for each network member, ensuring the highest levels of security, performance, and scalability without sacrificing manageability.
- The Analytics Service enables business users to engage with strategic analytics and operational reporting from their business network and easily explore the data to resolve unanswered business questions.
- The Connected Insights Service enables the ‚Äúnetwork effect,‚ÄĚ yielding greater understanding of external influences as well as operational and strategic performance through benchmarking of business network members to drive revenue.
To learn more, download a complimentary copy of the white paper Going Beyond the Data: Analytics for the Masses.
Data has played a vital role in the insurance business since the industry‚Äôs earliest days, with actuaries using advanced statistical analyses to assess and monetize risk. Today insurance companies are experiencing an exponential increase in data, which, if applied strategically and effectively, offers significant competitive advantages and monetization opportunities.
On September 15, chief data officers from across the insurance industry will meet in Chicago to explore the evolving opportunities surrounding big data and the importance of championing analytics at the enterprise level. The Chief Data Officer Forum Insurance 2016 will feature more than 20 speakers presenting on topics including
- Price optimization
- Fraud analytics
- Predictive modeling
- Customer data management
- Disruptive innovation
- Embedding a data culture within your organization
- Data quality
- And many more
Stephanie Burton and I will be on site at the GoodData table in the expo hall. Meet us on site and learn how distributed analytics empowers organizations in the insurance industry to commercialize and monetize their existing data Register here.
See you there!
What happens after you‚Äôve built your data product? Well, you hope to get it into the hands of your customers. But if the first time you‚Äôre thinking about the launch plan for your product is after it is already built, then it is already too late.
Your go-to-market (GTM) and launch planning needs to be started alongside your product development, so that you can execute on it when you have your product ready for pilot, Beta or general availability.
While there are a lot of parts to a GTM and launch plan, the key aspects are listed below, and we‚Äôve aligned them in stages to fit in with when your product is built and ready for launch.Pre-Launch
- Define value proposition and create a positioning statement for your data product. In this statement, explain the target market and the benefit to your customers; for example, ‚Äú‚ÄėOur Analytics Product‚Äô empowers pharmaceutical manufacturers to analyze transactions and change their processes to improve margins.‚ÄĚ Creating this positioning statement allows everyone else in your organization who hasn‚Äôt been a part of the product development effort to understand the product and its value and build other key messaging in marketing initiatives.
- Define the metrics for your launch and assign goals so you can track if your launch is successful. Your metrics can be around reach of your launch, adoption of your product, additional revenue you hope to gain with the launch or customer satisfaction if the goal of your data product is to improve your customer‚Äôs experience.
- Collaborate with your marketing teams to build collateral for your prospects. Use your positioning statement to drive the material. This could be one-pagers to highlight the core value your customers will get from using the data product, demos built for your target audience or case studies to highlight how other customers have already leveraged your data product.
- Enable and train your sales teams so they are familiar with the data product you‚Äôve built, and can communicate with prospects about how and why it would be valuable to them along with your core product or service. It is especially useful to have a demo version built out for your sales team can leverage.
- If your organization relies on implementation or support teams, this is the time to educate them on your data product and train them on what you‚Äôve built, the value of it and how you expect customers to get up and running with it. Also, define the support process during this stage. Who is responsible for first response? When would you escalate to GoodData support? If you have this process outlined before launching, it definitely saves you from having to put out fires later on!
While your value proposition and positioning will help you understand who your target audience is and the channels you‚Äôll be using to target them, you will still need to pick a launch date and prepare for activities leading up to and during your launch period so that you can engage these target customers. The strategy you pick for your beta product can be different from the one you employ for general launch. Depending on your marketing strategy, you may decide to include the following activities in your launch:
- Webinars for prospects or webinars along with customers already using your data product
- Blog posts and articles
- Targeted email campaigns with curated content or offers to trial the data product for a period of time
- Live event - our customers have pitched their data products at different industry conferences or customer workshops
We also recommend creating a launch plan and keeping these dates in mind as you work on building your data product. Here are some examples of a high-level and detailed plan:
After your initial launch is complete, continue activities post launch as well to keep the interest high amongst your prospects and customers. Also, if you did a beta launch and are going to plan for the full product launch later on, this is a good time to analyze the results of your beta launch and use them to influence your strategy.
- Continue your marketing efforts by including content on your data product in your organization‚Äôs content strategy and cadence. Refresh case studies and customer webinars frequently.
- Track progress against your metrics and refine your launch strategy. Are you reaching the customers you had wanted to? Are you hitting the adoption and revenue goals you had planned for? If not, think about how to refine your launch strategy for the next release or how you can continue to reach your target with ongoing activities.
- Finally, collect and analyze customer feedback post launch so you can use it to influence your product roadmap. Its also important to set up a mechanism to collect this feedback frequently. Will you be gathering feedback via surveys, customer focus groups, online community or from your support team? If your organization relies on an implementation team to set up your product and the data product for your customers, then create a process to gain feedback from this team as well.
Study after study has shown that an environment fueled by diverse, inclusive teams is key to enhancing innovation, inspiring creative problem solving, and fostering greater agility in adapting to the changing needs of today‚Äôs business environment. Here at GoodData, we‚Äôre proud to promote diversity and inclusion ‚ÄĒ not only because it‚Äôs good for our bottom line, but because it‚Äôs the right thing to do.
As GoodData‚Äôs Chief People Officer, I‚Äôve had the pleasure of being deeply involved in our initiative to foster diversity in our workforce. We built this initiative around five key success drivers:Truly Listen
Create an environment where people feel comfortable sharing candid feedback through engagement surveys, focus groups, and other opportunities.Lock in Leadership Engagement and Ownership
Recognize that when programs have the backing of your leaders, they get more traction across all areas of the company.Enlist and Empower Champions
Recognize and amplify the passion of people who believe in the values of the company, its culture, and its products.Build a Shared Vision
Once you have your champions in place, pick one or two key areas of impact and agree on a vision with clear success metrics that allow you to monitor your progress.Unleash the Power of Community
Allow your initiatives to be driven by community, which offers two advantages:
- Generating energy and momentum for the initiative
- Building a vibrant culture where people connect on things they‚Äôre truly passionate about
To learn more about our diversity initiatives at GoodData, please check out the video below:¬†
Drop in on any conversation between CIOs and CDOs, and chances are you‚Äôll hear the term ‚Äúbig data‚ÄĚ pop up more than once. As enterprises strive to deal with the increasingly overwhelming volume, velocity, and variety of their data, specialized solutions are becoming essential. But how do you decide which solution is right for your organization?
That‚Äôs the issue Datamation‚Äôs Cynthia Harvey tackles in her latest article, ‚ÄúComparing Big Data Solutions.‚ÄĚ Harvey advises readers to begin addressing this task with the most basic question, ‚ÄúDo I even need this?‚ÄĚ
If the answer is ‚Äúyes‚ÄĚ (and it probably is), she recommends discussing the need with existing vendor-partners, breaking the massive undertaking into smaller projects, and considering the advantages of cloud-based solutions over hosting on premises.
Harvey then goes on to ask a series of experts to offer their best tips ‚ÄĒ including GoodData‚Äôs CEO and founder, Roman Stanek, who advises readers to focus on their business objectives:"Many customers get into a feature and functionality bake-off, when in reality you need to think about how you are going to partner with a vendor to ensure your success in bringing an analytics offering to market," explains Roman Stanek, CEO and founder at GoodData. He adds, "As opposed to thinking strictly about individual features, consider the wealth of expertise and knowledge a vendor can bring to your partnership."
Stanek says that the most important question a company can ask their big data vendor is "How are you going to help me or allow me to create value from my data assets?" In addition, he advises, "Consider how you are going to productize the analytics solution to turn it into a profit center for your business. Work backwards as you would with any new product or feature you are going to introduce to your product portfolio."
Other expert tips include looking for scalability, ensuring that the solution can handle many data types, and leveraging existing investments. Harvey collected some interesting insights from a diverse group of thought leaders, and I encourage you to take a look.
As a key part of our continuing global expansion effort, GoodData is proud to welcome Lars Farnstrom as our first sales director for Europe, the Middle East and Africa.
Lars brings with him more than 20 years of experience with enterprise software in a variety of senior positions ranging from implementation to marketing and sales. Prior to joining GoodData, Lars worked at Insidesales as sales director for EMEA for the predictive forecasting and analytics product line that Insidesales acquired from C9. In addition, Lars has worked for BOARD International and Siebel Systems. Lars credits GoodData's mission to change the economics of data by transforming it from a cost-center into a revenue-producing profit center as a key reason he joined the team, and he‚Äôs looking forward to helping GoodData deliver the net-new value of data to the EMEA market.
‚ÄúEnterprise data monetization is a very hot topic in Europe right now, and there‚Äôs a real market need for robust, proven solutions to support it,‚ÄĚ Lars said. ‚ÄúGoodData not only has EU-ready servers and services, but now we have actual sales boots on the ground and I‚Äôm thrilled to be a part of the team!‚ÄĚ
Lars joins GoodData during a time of rapid international business expansion for our company. As of 2016, nearly 50 percent of our end users access our platform from outside of the United States. To support these international customers and their growing data security requirements, as well as grow new international business, we have expanded our global sales organization and are now in the process of opening our second international data center.
‚ÄúWe‚Äôve listened to the requirements our customers have for GoodData to continue enhancing its global infrastructure and support, said Blaine Mathieu, Chief Marketing and Product Officer at GoodData. ‚ÄúAnd we are confident that these investments, coupled with Lars‚Äô leadership, will further drive GoodData‚Äôs growth.‚ÄĚ