One year after the first workshop, the DataGirls are back and ready to crunch some data! We met at Impact Hub in Prague to dive into the world of Business Intelligence, data analysis and modeling.
Our awesome lecturers Denis and Giuliano introduced the core concepts of data, datasets and dimensions. Once we all had a better understanding, we went through hands-on exercises that included working with Tableau, GoodData and PowerBI.
In the end, all 31 DataGirls were able to load their own data and create all kinds of reports and dashboards. Our team consists of six data and analytics experts who work with data on a daily basis.
FEEDBACK FROM THE DATAGIRLS
âI went home with the feeling of newly gained information, having had a chance to try new BI tools for data analysis, which I consider as the main and most important part of this workshop. I also met so many interesting people, both from lecturers and also from attendees. This and all other Czechitas workshops can be easily described as âGive a man a fish - feed him for a day; teach him to fish - you feed him for a lifetime.ââ- Andrea J.
âNowadays, people talk about data everywhere, but not everyone has a chance to try it out and use interesting datasets. Thanks to Czechitas, the window to the BI world was opened for me.â - Terera FukĂĄtkovĂĄ
â Thanks to the DataGirls workshop which is organized by amazing Czechitas, you can easily learn about the interesting environment of data analysis. You'll find out that data is everywhere, and every one of us is working with data on a daily basis. After few hours I spent there, I can honestly say that I am able to work with data way better than ever before.â - Martina MĂźllerovĂĄ
âThis event exceeded my expectations. learned a lot of about data, and about ways of thinking about business in connection with evaluation of data.â Magdalena S.
All photos courtesy of The Czechitas
I recently covered this topic in a CMSWire article and wanted to elaborate a bit more here including three DataTalk videos of Jeff Morris, Eric Tunquist and Drew Neisser talking about how to use data to create and improve customer experiences that drive more revenue.
No matter what you sell customers or how you engage them across channels, your team has more information at their fingertips today than your ecommerce and retailing forerunners ever did. But your organization faces a big challenge: How do you best manage all that data and convert it into meaningful customer experiences and brand assets?
If weâre unable to create meaning and value in all our interactions with target audiences, we lose a great opportunity. Data can help us create better experiences for our customers that drive increased sales and grow brand equity. A major part of in-person selling â retail, restaurants, services, etc. â is all about your customersâ unique experiences when they're in your physical location, before they walk in and after they leave.Why data is key for creating better customer experiences
Giving customers the best experience possible, whether it's in-store, online or a seamless integration between both worlds is essential to digital business success. Your customers expect more today, and they have more outlets to share both positive and negative experiences.
"Capturing timely feedback-data is critical for the customer experience, because people talk about their daily experiences to each other in person, over social channels, via reviews and surveys, or even handwritten letters," says Jeff Morris, vice president for strategy and success at GoodData, a San Francisco-based creator of analytics and smart business applications software.A 2016 survey by Boston Retail Partners found the customer-feedback form is the top measurement of satisfaction (60% of respondents use it), followed by social-media comments (59%).
"It is imperative that vendors listen and respond to customer interactions as quickly as possible to create the highest degrees of loyalty in each relationship." We heard this time and again at the recent Customer Experience Exchange Retail event hosted by IQPC at Turnberry Isle in May 2016.Using data for better customer experiences
Today, weâre beginning to figure out how not just to gather the data but also use it to serve both our customers and our companies. Take the Fitbit, for example.
You might have one of these personal wellness tools on your wrist right now. It captures data every second of the day, from the steps you take to the pace and distance you run, your heart rate, how many stairs you climbed and how long you slept. Then, it packages and displays that data in ways you can understand and apply to alter personal behavior and improve lifestyle outcomes.
So, what we need is a Fitbit-style view for our businesses that sorts through all of the data streaming in from POS terminals, online checkouts, customer feedback forms and other sources and then displays it so that everybody from employees to customers can understand and apply in personal ways.
The bar is definitely higher today, and creative uses of data will help you rise above it, as the two ideas below illustrate:Idea 1: Tie data clearly to business outcomes
Eric Tunquist, vice president of customer feedback for the quick-serve restaurant company Jack in the Box has found success in helping franchise operators understand and act on the customer feedback that floods into the company's 2,000+ locations through guest-service scores.
"I try to put myself in the operator's shoes," he says. "I need to provide the data in a way that's actionable and timely and most importantly tied to business results â how they can make more money by acting on the information I'm providing."
Tunquist correlates the data with important outcomes such as sales growth. This helps operators understand how improving guest service can improve results, like sales. âIt's very compelling when I can show them that those restaurants with better guest service scores have more sales growth. It's great information, and I'm pleased to share it with franchise operators in a way they really care about to listen."Idea 2: Package data to focus on your customers
Data drives the personalization of marketing messages, which in turn builds customer engagement and creates a better experience, says Drew Neisser, founder and CEO of Renegade LLC and author of "The CMO's Periodic Table: A Renegade's Guide to Marketing.
"Weâre in a give-to-get economy. Marketers have to give something of value to get the customerâs attention, and data can be very helpful for that," he says. "Start with your customer. Focus on the customer. Donât think of data as a way of increasing sales. Instead, think of data as a way of improving customer experience.â
Enterprises are now creating analytic packages to boost performance across KPIs and create more engagement among their built-in networks of agents, franchises or storefronts. The key to success, however, is in how and to whom you package available data.About the Author
Erick Mott is a co-creator, blogger and speaker @Creatorbase. He shares ideas and insights about creator competency, digital transformation, customer experience, modern marketing, and workforce success. Mott is based in the San Francisco Bay Area and has 25 years of experience in creating value for agency, enterprise, media, and startup companies.Related links in order of placement in article:
CMSWire article: http://www.cmswire.com/customer-experience/bridging-the-gap-between-brand-assets-customer-experience/
Jeff Morris on Twitter: https://twitter.com/jeffmmorris
Boston Retail Partners study: https://bostonretailpartners.com/2016-pos-survey/
DataTalk video of Morris from CX event at Turnberry Isle: https://www.youtube.com/watch?v=xEUKwo6tPVI&list=PLFiZU7b32UHKj31zWUVUX3eNRZWkt7dOw&index=24
Eric Tunquist on LinkedIn: https://www.linkedin.com/in/eric-tunquist-021a2a55
DataTalk video of Eric Tunquist: https://www.youtube.com/watch?v=tih5znRHSWU&list=PLFiZU7b32UHKj31zWUVUX3eNRZWkt7dOw&index=25
Drew Neisser on Twitter: https://twitter.com/drewneisser
DataTalk video of Drew/CX: https://www.youtube.com/watch?v=9USWwP2E7nU&index=23&list=PLFiZU7b32UHKj31zWUVUX3eNRZWkt7dOw
Creatorbase twitter: https://twitter.com/creatorbase
CMSWire article: http://www.cmswire.com/customer-experience/bridging-the-gap-between-brand-assets-customer-experience
Whatâs the #1 secret to a franchiseâs success? According to a recent article in Fast Casual, the answer to that question is simple: a strong, supportive relationship between franchisor and franchisee.
Speaking at last monthâs International Franchise Expo in New York, David E. Hood, president of the iFranchise Group, shared some insights on the importance of the franchisor-franchisee relationship. Hood noted that the more support a franchisor can offer its franchisees, the faster the ramp-up time âŚ and the shorter the path to profitability."Relationship is so critical to your growth," said Hood, who also noted that good relationships will get off to a solid start if the franchisee shares common goals with the franchisor, including a passion for the business, a clear vision and a goal to succeed.
Jeff Morris, GoodDataâs VP of Data Monetization Strategy & Success, agrees with Hoodâs assessment and goes one step further to emphasize the vital importance of data in building that relationship.
âBy delivering actionable information thatâs both easy to understand and relevant to the franchiseeâs specific situation,â Morris says, âfranchisors set their partners up for success. They present an accurate snapshot of the franchiseeâs performance, (and future potential) benchmarked against comparable locations and communities in order to identify opportunities for improvement.â
Morris believes that providing this personalized data to franchisees on demand accomplishes two mission critical tasks. âFirst, it makes a strong statement about the franchisorâs commitment to the franchiseeâs success in their local community,â he explains. âSecond, it allows them to get on the same page when they discuss how to improve performance with shared knowledge of the uniquenesses of the local market. They can approach those conversations from a common starting point, which enables them to collaborate effectively on strategies for achieving their common goals.â
To learn how franchises like Dickeyâs Barbecue, Panera Bread, and Pizza Hut are using data to improve their operations, download a copy of the Fast Casual white paper âHow Big Data is Revolutionizing the Restaurant Industry.â
Last week Alice Lee and the GoodData team headed to New Orleans to talk data and hospitality at the 2016 Hospitality Industry Technology Exposition & Conference (HITEC).
Over the course of two and a half days, the team met with more than 200 companies to talk about how GoodData enables hospitality companies to distribute valuable analytics to individual brand owners, hotel operators, and suppliers.
âAt HITEC, we saw just how hungry the hotel industry is for a solution like ours,â says Lee. âMany companies are spending a lot of time and effort pulling in data from different areas across the organization. When they heard just how easy GoodDataâs scaleable platform could make this for them, it was music to their ears.â(Learn more about our hotel and technology solutions.)
The more than 200 visitors to our booth included representatives from hotel companies, technology providers, payment processing providers, and PR/marketing firms focused on the hospitality industry. Among other things, they learned how our platform can help increase bookings and customer loyalty, maximize the ROI of corporate programs for hotel operators, and improve sustainability across all properties. âThe hotel brands were especially interested in GoodDataâs benchmarking, scorecarding, financial reporting, and operational reporting capabilities,â Lee recalls.
Just for fun, visitors also had the chance test their knowledge on data and the hotel industry with our very own trivia game âŚ and a few walked away with some choice prizes.
Many thanks to all who visited our booth at HITEC 2016. We enjoyed meeting you and look forward to seeing you next year in Toronto! If youâd like to learn more, please contact me at Nicole.Leslie@GoodData.com
(Left to right) Alice Lee, Lindsey Clark, and Jerrica Nicolas on the opening day of HITEC 2016, ready to share the benefits of the GoodData platform!
As soon as the smoke clears from the Fourth of July fireworks, our nationâs capital will welcome more than 300 executives from the hospitality industry for the 2016 Revenue Strategy Summit (RSS).
RSS brings together industry thought leaders and practitioners â including CIOs, CMOs, COOs, and brand executives â to examine forces reshaping the hospitality industry. This intense one-day event will elevate attendeesâ perspectives of revenue strategy while addressing revenue data, marketing, and technology.
Our own Blaine Mathieu, chief marketing and product officer, will be in attendance. If youâd like to schedule a meeting on site, visit our Revenue Strategy Summit page and complete the meeting request form â we look forward to chatting with you.
Highlights of RSS 2016 include
- Keynote presentation by Greg Marsh, Co-founder, onefinestay
- Panel discussions on loyalty programs, new technologies, the groundbreaking update to the Distribution Channel Analysis study, revenue strategies, and other hot topics
- The âThink Tank,â where industry experts respond to your questions
Hereâs to a terrific event!
Competition in the U.S. restaurant industry is at an all-time high. According to the National Restaurant Association around 60,000 new restaurant locations open every year, while 50,000 others close their doors. To be successful in this fiercely competitive environment any and every advantage must be exploited to itâs fullest, and if itâs well-managed the data that your restaurant generates every day can give you a critical edge.
From POS information and in-store traffic to social media, inventory analytics and countless other sources, restaurants are now generating more data than ever before. When properly harvested, packaged and distributed to the right people, this data can be used to better understand your customerâs preferences, improve their in-store and online experiences, and drive increased revenues. But for many, big data remains big mystery. âWhat, exactly, is âbig data?ââ âHow can it grow our bottom line?â âIs it just for large brands, or can it benefit anybody?â âHow do we go about collecting and using it?â The list of big questions surrounding big data goes on and on.
Fortunately, GoodData and FastCasual.com have partnered to create a user-friendly guide for our friends in the restaurant world that answers these questions. How Big Data is Revolutionizing the Restaurant Industry will help you understand âthe what, the why, and the howâ of big data solutions.
Jeff Morris, GoodDataâs vice president of strategy, encourages restaurants to take advantage of the benefits big data has to offer or risk falling behind the curve.
"You should push the metrics you generate out to all your different location managers or franchise owners, and your franchisees should share data with each other and with the parent group,â Morris said. âIt's very important for restaurant operators and the parent group to be able to measure everything and to have deeper-level KPIs beyond the average unit volume of a store.â
Download the guide today to learn
- Why big data is a vital asset in todayâs competitive environment
- How data can help improve performance, give you a competitive edge, align product offerings to customer preferences, and much more
- How centralizing and distributing analytics can help benchmark performance, incentivize operational improvements, and increase visibility into key learnings and best practices to increase sales and revenue
- How brands like Dickeyâs Barbecue, Panera Bread, Pizza Hut, and others are implementing big data solutions and reaping the rewards
- How you can begin implementing a big data solution for your own organization
The proliferation of data has created unprecedented opportunities for organizations across every business category to monetize their data assets. From restaurants to banks, businesses are embedding analytics into their core business applications to bolster their relationships with their business networks and to create entirely new streams of revenue. In a previous blog, we talked about the Eckerson Groupâs report on how embedded analytics are the future of Business Intelligence; now that you understand the potentially massive value you can drive from your data, itâs time to choose which embedded analytics tool will best suit your needs.
Embedded analytics are proliferating, with consumer services like Amazon, FitBit and TurboTax changing the way that people interact with and use data on a daily basis. This proliferation has sparked a âData Gold Rush,â especially among independent software vendors and enterprises who are eager to monetize their data assets. However, these organizations face the sometimes difficult decision to âbuild or buyâ when it comes to choosing an embedded analytics solution.
The Eckerson Groupâs latest report is packed with critical information to help your organization determine which solution fits your business best. In the report youâll learn:
- The Three Types of analytic products, and how each supports different styles of embedding and customization
- The most important features, functions and components to consider when selecting an embedded analytics provider
- Critical business and technical considerations for successfully evaluating and deploying embedded analytics into your core business applications
The retail industry has reached a tipping point where retailers can â and should â leverage advanced analytics, in partnership with suppliers, to improve the overall consumer buying experience. Thatâs just one of the key insights our own Jeff Morris, Vice President of Data Monetization Strategy & Success, shared in a recent article on the Retail TouchPoints website.
Consumers have more power than ever before, and theyâre using it to reward retailers who meet their needs (and punishing those who donât). On the flipside, retailers have access to previously unheard of amounts of valuable data that, when used strategically, can position them to take those customer relationships to a new level.
Jeff goes on to examine just a few of the compelling reasons for retail brands to consider packaging and distributing analytics to store managers, suppliers and other key stakeholders. A distributed analytics solution enables store managers to better serve local and individual customers, incentivizes improvements by benchmarking local performance, and highlights opportunities for streamlining the supply chain.
So, how can retailers start to take advantage of these new tools? Jeff presents a four-step Data Packaging And Monetization Guide, beginning with identifying the audience and continuing through post-launch success planning.
To get the full benefit of Jeffâs insights, you can read the full article here.
When Nucleus Research analyzed 37 case studies over a period of five years, they discovered that customers deploying analytics solutions to the cloud experience 2.3 times more ROI than those who deploy on-premise.
Nucleus identified three key drivers that explain why thereâs such a huge advantage in ROI for cloud-based analytic solutions:1. Lower Total Cost of Ownership (TCO)
In addition to shifting the expenses of maintenance and upkeep of required hardware to the vendor, cloud customers also lower their software costs, since subscription fees tend to be lower than maintenance costs for on-premise deployments. Additional cost savings come from lower initial consulting costs due to shorter implementation periods, as well as lower ongoing personnel costs as less time and resources are spent on upkeep of hardware.2. Simplified Integration
Since cloud vendors are investing heavily in integration tools such as prebuilt connectors, cloud customers spend less time on tedious integration tasks. IT personnel are freed from mundane integration maintenance, and can focus their efforts on delivering greater value to their organizations.3. Greater Flexibility
Upgrading on-premise deployments can be tedious and time consuming, requiring significant time and effort to recode and retest integration points and customizations. Since cloud upgrades are far easier, they allow customers to benefit from ongoing software advancements more quickly and smoothly.
For more insights on the benefits of cloud-based analytics solutions, you can download the Nucleus Research white paper here.
According to a recent report by Gartner, even the most info-savvy organizations have yet to list their data in the assets column of their balance sheets. Itâs not that they donât value data â they just have no accounting models for measuring that value. But Gartner is out to change that.
In their report Why and How to Measure the Value of Your Information Assets, analyst Douglas Laney reports that although data meets the formal, established criteria of a balance-sheet asset, archaic accounting practices disallow the capitalization of information assets on financial statements. As a result of this omission, many organizations are neglecting their data â and missing out on huge opportunities to drive revenue from it.
In reminding us that âyou canât manage what you donât measure,â Gartner offers a variety of methods to compute the value of information assets, including multiple models for various needs and circumstances. The report includes formulas to calculate:
- Intrinsic Value of Information (IVI)
- Business Value of Information (BVI)
- Performance Value of Information (PVI)
- Cost Value of Information (CVI)
- Market Value of Information (MVI)
- Economic Value of Information (EVI)
For more information, you can download a copy of the report here (Gartner account required).
How can you grow revenue and create value out of your analytics assets? That was the question that I teamed up with Wayne Eckerson, Principal Consultant of Eckerson Group, to answer in our latest webinar.
In Embedded Analytics: How You Can Grow Revenue and Value, we discussed how embedded analytics can open new revenue streams, boost customer retention and increase competitive advantage. Key takeaways included:
- We are moving from reactive to proactive business intelligence (BI) embedded analytics, which close the âLast Mileâ of BI by operationalizing insights.
- Embedding opens opportunities to productize data assets and capture a new competitive advantage.
- Analytics have evolved from the static reports of the 1990s to todayâs self-service, predictive and blended data solutions.
- Knowing the business user is the first step in building an impactful data product.
Attendees also learned:
- How to find the right go-to-market partner for your data product
- How to determine what users will receive (hint: theyâll tell you!)
- The three requirements every embedded analytics platform must offer
- The five steps to data monetization
For more insights on how to grow revenue and value through data products, watch the webinar replay here.
As businesses gather more data than ever, smart business applications that embed analytics into existing software are becoming key to survival for software vendors and digitally savvy enterprises. In a recent article in Information Management, GoodData CEO Roman Stanek shared three ways that embedded smart business applications are changing the face of analytics as we know it.
Those three ways are:
As traditional business intelligence gives way to self-service analytics, both IT people and business users are realizing that smart business applications âwill be as important to the survival of their organization as their traditional product offering was a decade ago.â
For more of Romanâs insights, you can read the full article here.
- Revenue Through Digital Differentiation: Embedded analytics offer vendors the opportunity to distinguish themselves from their competitors as well as drive revenue by adding a valuable component to their offerings.
- Agility of Cloud Analytics: Cloud delivery of analytics supports scale, multi-tenant security, auto updates, engagement monitoring and analytic lifecycle management functions, not to mention enabling collaboration across networks of insights.
- Fast Feedback Route and Guidance: Built-in feedback capture allows smart business applications to evolve in the right direction, based on user activity, in addition to helping novice users become better analysts.
On June 20â23, 2016, hospitality technology professionals from around the United States will meet in New Orleans for the 2016 Hospitality Industry Technology Exposition & Conference (HITEC). Over four days, attendees will enjoy a unique combination of leading-edge hospitality technology education, led by industry peers and experts, and a trade show featuring products and services from over 300 companies, occupying more than 130,000 square feet.
If youâre heading to the Big Easy for HITEC, be sure to stop by Booth 125 and say hello to the GoodData team. Weâll be on hand throughout the event to chat about how GoodData can help monetize and productize data for hospitality organizations by distributing Smart Business Applications.
Iâll be there taking onsite meetings; you can register here to book a time slot with me. Just for fun, weâll also have a Trivia Station â test your knowledge on data and the hotel industry, and you could win a prize!
Highlights of this yearâs conference include
- Pre-conference boot camps on digital strategy, security, disaster recovery, and continuity plans
- 12 super sessions on topics including investing in technology, the evolution of the hospitality technology professional, and disruption in the digital marketplace
- The Entrepreneur 20X Pitch Competition, where start-ups will pitch ideas to a panel of 10 expert judges including hospitality CIOâs, angel investors, serial entrepreneurs, and industry insiders
- Opening keynote, âMaking Data More Humanâ by Jer Thorp, Co-Founder, Office of Creative Research
- Closing keynote, âViral Business: Inspiring Customer Loyalty,â by Johnny Earle, Branding Guru & CEO, Johnny Cupcakes
See you in NâAwlins!
We love hitting the road for some quality âface timeâ with our clients and followers, and last week it was Chicagoâs turn. On June 2, we gathered on the rooftop of Tavern in the Park in downtown Chicago to take in the view, enjoy some happy hour eats and drinks, and of course, share some up-to-the-minute insights.
The crowd was delighted to hear from Matt OâConnor of HIMSS, who related how his company has monetized and productized its valuable data through our partnership (you can read their success story here.)
âIn all honesty,â Matt shared, âGoodData does an excellent job of bringing together exciting businesses in a fun and engaging way. They are a pleasure to work with professionally as well as personally.â
A few key takeaways the eveningâs conversations:
- The tech scene in Chicago is blossoming âŚ and starving for access to new solutions and thought leadership in analytics.
- Financial technology, lending, and payments are the sectors to watch.
- Technology companies, financial services companies, and startups are looking for embedded analytics solutions.
- These companies are looking for expert partners to build analytics solutions for them, so that they can stay focused on their core offerings.
So far weâve hosted happy hours in New York, San Francisco, Seattle, Vancouver BC, and Boston. Keep your eye on our Events page for future gatherings!
âWomen should be bold in their aspirations!â This is the central concept that our chief people officer Divya Ghatak has implemented at Gooddata. As part of the initiative created by our people operations department to empower women at Gooddata, âWomen in Leadershipâ is the one that had the most impact on me.
The âWomen in Leadershipâ initiative started a few months ago at GoodData, and weâve invited several female guests to talk onsite both in coaching sessions and during our all hands meetings. Iâve listened to these inspiring talks from successful women and men, and interesting and progressive insights were expressed. Recently, one event stood out: the Womenâs Watermark Conference.
This was a truly eye-opening experience, as I found myself in a completely different environment which felt like a real community of women that I never knew existed. The conference had an impressive lineup of keynote speakers, but two of them stood out for me: Abby Wambach and Mindy Kaling.
I started with Abby Wambachâs speech, as I think she is representative of women in tech and in a male dominant environment in general. As one of the worldâs greatest female soccer players she had an interesting perspective, remarking âI feel like I could have done more to make it easier for the women that follow this career in the future.â
I think this is how every woman in tech should feel. Even if your own environment is a good one, it can be enhanced by making it more gender diverse; thatâs what weâre experiencing at Gooddata. Itâs really easy to get swept into your day to day work and miss the bigger picture, but listening to Abby talk made me wake up and start thinking how can I make a greater impact and make it easier for other women to enter the tech world. In fact, it inspired me to write this article and share my own experience.
Another amazing speech was given by keynote speaker Mindy Kaling - actor, producer, director, and best-selling author of Why Not Me? She has accomplished so much by being the first woman of color to helm and star in her own network show, and it was refreshing to see not only the professional aspect of her life, but also the âotherâ side of Mindy... the woman who is truthful and comfortable with herself. I resonate with this, as nothing feels more real than being who you are no matter what environment you find yourself in. As Mindy noted, itâs not only the environment but your own mindset that inhibits you from expressing yourself. I feel the same, and believe that women in tech should be true to who they are and not try to comply to any norm.
Thereâs so much more to say about this conference as the speakerâs lineup was impressive and many great ideas were expressed, but the best way to summarize is with the following takeaways:
- It feels great to work in a company that cares about gender balance and puts a lot of effort into making it happen.
- If you find yourself in a good environment you should find a way to spread it around, and make sure you are an example to other companies so they can bring more value to their own business environment.
- Last but not least : be bold in your aspirations; no matter if you are a woman or a man, everybody should feel empowered to be the best version of themselves they can.
The Business Intelligence landscape is evolving rapidly. Historically, BI tools have focused on providing internal teams of analysts the ability to consolidate and interpret data from many sources, usually with the desired outcome of affecting difficult-to-quantify benefits such as improved efficiency or 'better decision making.â Now, the evolution of Embedded Analytics is changing the game. By embedding analytics into their core business applications, organizations in every industry can cement ties with their customers and suppliers, define their âdigital identity,â and open the door to monetizing the valuable asset that is their owned data.
Core to this transformation is the fact that businesses are increasingly coming to the realization that their data is inherently valuable, not only to their internal teams but to their entire business network. The data that businesses generate every day can be an incredibly valuable resource to their customers, but more than 60% of companies report that they have more data than they can use efficiently. The key then is knowing how to transform your raw data into information that provides clear, actionable insights that your business networks can actually use. Recent research from the Eckerson Group shows that embedded analytics offer an answer, as they âclose the last mile of BI by helping business people turn insights into action.â
The Eckerson Group report is packed with critical information about how embedded analytics are transforming the BI landscape and helping companies achieve their strategic goals and financial objectives. In the report youâll learn:
- How embedded analytics help close the âlast mileâ of delivering valuable data and analytics to business decision makers
- Key considerations while deciding whether to build or buy when embedding analytical functionality in your applications
- Critical business and technical considerations for successfully deploying embedded analytics
As the business world and billions of people continue their digital transformations, we as a creative community across industries also need transformational changes in digital business development and iteration.
A new category of focused, information-rich products known as data products break free from prior business intelligence models by integrating and packaging analytic information and outcomes into unique products and customer experiences.
Svetlana Sicular, research vice president at Gartner, Inc says âdata is the source of creativity for data products; data sources are everywhere.â Sumeet Howe, director of data products and strategy at GoodData says, âa data product is an enterpriseâs information assets wrapped in engaging analytics that drive significant value to its business network.â
A key notion that's driving the new economy is "unbundling." Chris Saad, head of product for the riding-sharing service Uber, defines the concept this way in an essay, published recently on Medium: "The process of breaking apart rigid, man-made structures (i.e. "bundles") into individual, atomic parts. With this higher level of granularity, people are more empowered to more efficiently remix and mash-up their favorite things, on demand. This results in deeper personalization and individual freedom."IT frees us to create personalized experiences in new ways
Information technology is the leading contributor to the unbundling trend, mainly because users no longer need the "centralized command and control provided by traditional, rigid bundles to be able to handle the inefficiencies and complexities of the world," Saad says.
New tools, such as the internet, the web and direct access via personal computers and even smartphones, give users "newfound insight and the power to solve for these complexities on our own in much more efficient and flexible ways," he says.
Data products and smart business applications creator GoodData has taken this unbundling concept to a new level by moving beyond the old business intelligence model that separated analytics tools from the business applications they were analyzing, focusing instead on embedded analytics and data products that monetize and commercialize the distribution of data and analytics.GoodData: uniting data, analytics and business applications
As GoodData's Blaine Mathieu says in this DataTalk episode, "Data analysts and data scientists used tools that were largely separate from the business applications where the actual work gets done."
GoodData creates smart business applications that embed or wrap analytics around the data generated by a business application, such as an analytics dashboard. These applications create an all-in-one solution with data, analytics and the business application all in one.
Fitbit is a data product example that many of us use to help manage our fitness activity and wellness goals. The wrist device, personal and external data, and smartphone work together to provide relevant information that is personal and insightful and has the potential to change behaviors and lifestyles. Click on the Weekly Stats update sent to me in email that illustrates the point.
A business example is Allocadia, a cloud-based provider of budget-management software for marketing teams. This company partnered with GoodData on a collaborative, secure and easy-to-use customer dashboard.
B2B software provider Demandbase worked with GoodData to create data products for demand generation that deliver analytics to track advertising, web engagement and conversions.How âunbundlingâ benefits the agile
The current state of unbundling favors businesses that can turn on a dime to accommodate changing market conditions, respond swiftly to customer needs and experiences and empower their users to analyze and develop their own insights based on using the application instead of waiting for someone else to do it for them.
Speed and agility are essential aspects of GoodData's development process, which can take data product development from initial hypothesis to testing a minimal viable product (MVP) with beta users in six to eight weeks, as Sumeet Howe details in this DataTalk.
In his Medium essay, Saad poses a thought-provoking question to anyone who needs to compete and succeed in this rapidly changing world: "How can you get ahead of the curve and capitalize on the new patterns and tools that emerge?"
One way is to work with a data product developer whose platform gets you as quickly as possible to the point where you have a minimum viable product that you can begin testing, as Sumeet discussed above.
GoodData's three-part platform uses a distribution service that creates, delivers and manages the business application to thousands of users simultaneously, an analytics service built into the application, and an connected insight service that generates live data on what users are doing with the application to fuel new iterations.
âThat gives us the feedback mechanism so that when we do want to do iterate on the product, we have real live data about what they're doing in order to do so,â says Jeff Morris, GoodDataâs vice president of strategy and success, in this DataTalk. âWhen you want to build a data product, and speed is of the essence, our time to market is really unbeatable.Creatorbase recommends:
- Take a moment to watch the three DataTalk videos included in this post; each one is about 2 minutes long and delivers relevant, useful information.
- See related customer experience post with Drew Neisser.
- Share this post with colleagues and friends interested in digital transformation, customer experience and modern marketing best practices.
- Got a comment or question about using data products to manage your digital business and relationships? Put it in as comments below this post.
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For years, the conversation around business intelligence and analytics has largely focused on how you can use your data to make better business decisions that boost efficiency and save your business money. While all of these are critical, this line of thinking often glosses over the other half of the equation: the massive potential of using your data to make you money.
Blue Hill Research recently published an article about how enterprises are increasingly looking at their data not only as a source of intelligence, but to drive actual revenue. This trend is long overdue, as historically speaking internal data is one of the most heavily invested and yet underutilized assets that enterprises have available to them.
The data that your business generates can be an incredibly valuable resource to your business networks, but more than 60% of companies report that they have more data than they can use efficiently. The key then is knowing how to transform your raw data into information that provides clear, actionable insights that your target persona will find valuable.
As data and analytics expand from being tools for business optimization into veins for additional revenue generation, businesses need to develop rock solid plans to get their new data products to market quickly. The model you create around monetizing your data will, of course, vary; as Blue Hill notes, data monetization strategies range from simply repackaging your existing data to enriching your data with outside sources in order to provide a more valuable data product.
To help you start building a strategy around data monetization, we partnered with Blue Hill Research to create a guide to the Essential Strategies for Building Data Monetization Business Models.
GoodData recently teamed up with Forrester Research to present our latest webinar, âRealizing Value from Data.â Gene Leganza, VP & Research Director at Forrester, and Jeff Morris, VP of Data Monetization Strategy & Success at GoodData, explored ways to drive revenue streams by distributing data and analytics to internal and external business networks.
Leganza and Morris discussed the latest Forrester research around this issue, offering the audience three key takeaways:
Â1. Getting to market quickly is more important than getting your data perfect.
Many organizations are behind the curve when it comes to commercializing their data assets (and even leveraging those assets internally) because theyâre waiting until their data is âjust right.â As Leganza pointed out, these companies are wasting precious time that could be spent iterating and gaining actual user feedback â the same feedback that could, ironically, help make their data âjust right.â With each day they wait, they fall further behind competitors who are already in the game, and that wait is costing them.2. Companies that are data driven are rocketing away from those who are not.
Companies that have capitalized on opportunities to monetize their data are accelerating away from their competitors. Catching up is no longer an option. These first movers launched their products quickly â imperfect as they were â and set into motion the cycle of iteration-feedback-improvement that is already taking them to higher and higher levels. If your goal is to fly past your competitors â leaving them in the dust â then the time to become data driven is now.3. The winners will be those who can measure their success.
The most successful analytics products not only deliver top-quality, actionable data to the customer, but they also send usage data back to the provider. By offering answers to questions like âWho is using the tool?â âHow often are they using it?â and âWho is not using it?â analytics can help your company see whatâs working, what can be improved, and which areas could benefit from additional resources like training or documentation. Companies that incorporate this data into their products and use it to foster continuous improvement will be the ones who accelerate all the way to the finish line â miles ahead of their competitors.
For more insights from Leganza and Morris on how to drive revenue streams through data products, watch the webinar replay here.
Maybe I missed my true calling. Â I love to cook, and while I was in college I worked the kitchen and back office of half a dozen restaurants. Â To this day, I can hand throw pizza dough into a crust, dice a gallon of onions in two minutes and charge my friends two or three bucks for my chocolate chip cookies. Â Who knows what might have happened if weâd actually have purchased that joint in Towson, MD in 1988. Â âPappa Jeffâ, perhaps? Â Well, while working until 2AM wasnât a problem, owning my weekends was, so I turned to software, instead. Â But I do still admire all the new restaurant concepts that I have seen since then.Â Burritos, wing shops, coffee bars within walking distance, and all day breakfast sandwiches are some of my favorites. Â Â
The National Restaurant Association projects that in 2016, the restaurant industry will post sales of $783 billion while employing 14.4 million people across more than one million locations. With competition in the restaurant industry at an all time high, restaurant franchises and brands have to find innovative ways to manage their businesses in order to deliver superior customer experiences that ensure they don't get dropped from prospective patronsâ mental list of meal options. One way restaurant brands can address these challenges is with a solid distributed analytics strategy.
We recently published an article in Fast Casual discussing three key ways that restaurant franchises can use packaged analytics to better leverage their data and drive serious business growth and sustainability by:
Increasing employee retention ratesâ¨
Differentiating franchise business modelâ¨s
Improving supplier relations and profitability
Each of these drive revenue and improve patron mindshare, for example customers map employee competency and pride of service to quality of experience. Changes to business models are expanding in many directions, for example, sit-down restaurants are offering catering and delivery services while coffee bars are starting to sell wine to capture the happy-hour crowd. And of course, food quality and Â freshness has spawned countless new business models--even sushi burritos! Â
A well-executed analytics strategy can help restaurant franchisees improve efficiencies and increase the revenue impact from each location. By distributing actionable insights throughout your franchise network, brands can help local owners and managers better understand and connect with their market by Â offering targeted steps for how to increase AUV. Â Now that really tastes good!
To learn more, check out our guide to Unleashing Restaurant Performance, which goes in detail into using data as a key restaurant differentiator.