Data and measurement
Organizations have plenty of data at their use, but they do not necessarily know what, where and how to use it. We help customers find their existing data, add external data sources to their register and utilize data in their everyday operations. Utilizing data means that all business areas are measured and optimized, based on the data. Omni possesses significant experience in data utilization, and a data-oriented approach is one of the cornerstones of our operations.
The possibilities of big data in improving processes and results have been examined for a long time. For example the Police in California have utilized big data for solving crimes: Crime scenes have been predicted three times more effectively with big data than with traditional methods. In terms of companies, sales instances have been estimated to increase their profit marginal by up to 60 per cent through investments in big data analytics. Quite intriguing.
Vast quantities of data are available, and the amount keeps on increasing – hence the word “big”. For example, if we were to burn all the data amassed in one day on a DVD, the pile would extend to the moon and back. Pretty impressive, right?
The problem right now is that due to the hype and exaggeration concerning the phenomenon, it has reached scary proportions. Big data is an apt example of a simple thing that has been accorded a fancy digital jargon name. In the end, it is about utilizing existing information in business operations.
The fact is that data, both internal and external, is possible to be utilized without much drama or pain, and right where it is needed. Everything does not need to be done at once, but first, it is most important to increase understanding: what data exists and which components are meaningful?
Once these questions have been answered, the opportunities offered by data for the business can be evaluated. The notion of openness is essential: data should be used as extensively as possible within the company’s operations. Information system specialists have mulled these matters over for years, but not in such a progressive way as today.
What we offer
Organizations have a lot of data, but they do not necessarily know what, where and how it can be used.
This is where Omni comes to the rescue: we help our customers find the existing data and utilize it in everyday business actions in real-time. If necessary, we also offer external data sources and help to obtain all that they have to offer.
Data utilization means that all business areas are measured and optimized, based on data. This is what is referred to, when speaking of being data-driven.
Data can be used to improve the following areas:
- Product: Are certain qualities searched in search engines? Do certain problems revolve around a particular product, affecting its sales? The information can be used in product development.
- Marketing: Are the right channels being used, and are they effective enough? What do the statistics look like in relation to the general level within the industry? With data, marketing can be targeted effectively, both online and offline. The cross-use of data between different systems and business units is important.
- Systems: What kind of IT solutions are needed? Is it necessary to start using different systems? Are the existing ones being used sensibly?
- Pricing: Is the pricing on the right level? If the price is a crucial factor in the field, how can pricing be made more dynamic
- Sales: Which items yield the best gross margins?
- Customer Relationship Management: Data that derives from the CMR system supports sales and customer relations.
- Logistics: Have logistics been executed sensibly? Comparisons can be made and the costs of different solutions investigated.
- Personification: Data can be used to automatically tailor online services, selection and marketing for different users.
How do we proceed?
Data can be roughly divided into four categories:
- Data from the customer’s own systems, for example from the CRM system and web analytics.
- Benchmark data is comparison information on competitors or the industry in general. Typically it involves the efficiency of some function or tool, for example the Click Through Rate of a search engine advert, or the opening rate of a newsletter. Competitors’ messages in different channels, as well as product selections and product prices can be benchmarked. Customer data is compared to benchmark data, which is used to draw conclusions of necessary procedures.
- Trend data consists of searches by certain keywords in a search engine. The trend data may describe the audience’s interest towards a certain product, or fluctuation of interests according to seasons, for example.
- Other external data, contained within media and different public sector instances.
Omni’s team proceeds in their work in somewhat the following stages:
- Survey: Mapping out the customer’s existing data sources and evaluating if all things necessary are there, or if data from certain areas need to be included. If necessary, more data is gathered from external sources.
- Analysis: Next, the team will examine how the information is currently managed and utilized, or it is being utilized at all.
- Conclusions: Based on the findings, a strategy is laid out, along with goals for data utilization. Goals are, of course, always defined on the basis of the customer’s business.
Data exists in some form in all organizations, small or big, and all instances can utilize it in their business. Companies of all sizes can also use external information sources.
- E-retailers utilize data in pricing, improving selections, marketing and decision-making concerning systems. Data is an essential part of all things related to e-commerce.
- Marketing professionals use data for optimizing messages and budgets, as well as targeting them.
- The procurement manager uses the data to find out which products audiences are interested in and when.
- IT management goes through the data in support of system choices and development projects in order to find out what is really needed.
Omni’s employees have sound experience in working with data. We have internalized the principle that decisions are made on the basis of data, regardless of the business area in question. Unlike several other companies in the industry, we have extensive experience with systems and tools relating to online businesses, for example e-commerce platforms, analytics systems, CRM systems and marketing management tools, as well as the role of data in all of them.
Being extensive means that we can offer many different views for data utilization: we can ponder the matter in terms of marketing, analytics, account management and technology. The result is a unique combo, which examines data as a whole.
Why settle using data only for marketing, when you can improve your entire business with it?