If you’re like many retail and restaurant businesses, you’re becoming more overwhelmed with data than ever before. It’s just so incredibly easy to amass — from your loyalty programs to coupon usage to customer information gathered from your company’s social media. There’s no doubt all that data is size XXL and growing.
The fact is, the more data you accumulate, the more you need analysis to make sense of it all. Not time-on-the-couch analysis (sounds restful sometimes!), but a scientific approach: the business intelligence tools that will help you organize, review and understand the wealth of decision-making information you have at your fingertips.
Here’s a must-read story from the New York Times, "The Age of Big Data", lays out the necessity and benefits of harnessing big data and moving away from gut-level decisions to compete in today’s market. One of our favorite quotes from the article is from Andrew Gelman, a statistician and political scientist at Columbia University: “The culture has changed. There is this idea that numbers and statistics are interesting and fun. It’s cool now.”
Indeed. A study of 179 large companies, published last year by Erik Brynjolfsson, an economist at MIT’s Sloan School of Management, found that those adopting “data-driven decision making” achieved productivity gains that were 5 percent to 6 percent higher than other factors could explain, with improved profits, as well. All the more reason to get control of your data, build predictive models, and put them to work for you informing everything from the look of your national, regional or local footprint to optimizing your marketing ROI.
Is your big collection of data showing you how to make the customer-centered decisions that will help you move your business forward with confidence? That’s the big question. And you can start finding answers here with an instant, customized analytics assessment.