Data set Improve your business with your own business data

This programme has been funded with
support from the European Commission
Module 2:
Improve your business
with your own existing
data

DATA SET SKILLS FOR BUSINESS
Module 2:
The objective of this module is to gain an overview of how to use the
data you already have available in order to improve your business.
Upon completion of this module you will:
- Gain an understanding of how to take advantage of the existing
data you already have
- Comprehend the location of where internal data already lies within
your company
- Improve your knowledge on how data can help build your brand
Duration of the module: approximately 1 – 2 hours
Improve your
business with
your own
existing data

1)Advantages of
Smart Data
• Why is Smart Data
Smarter?
• How to turn your Data
into Competitive
Advantage?
2) Introduction
• Sources of Data
• Sources of Internal
Data
3) Using Data to
build your Brand
• How can Data help you
build your business
• The benefits of using
Internal Data in
Marketing

ADVANTAGES OF SMART DATA
1. Why is Smart Data smarter?
2. How to turn your Data into
Competitive Advantage?

It is not important how much data
you have, it is about how well you
use it.
Smart Data is a solution that
changes the game of marketing,
and how we deliver better
solutions for customers from this
point forward.

 What data to collect, validate and transform
 How data is stored, managed, operated and used
 Taking actions based on results of data analysis including organisation
structures, roles, devolution and delegation of decision-making, processes
and automation
 Being realistic, pragmatic and even sceptical about what can be achieved
and knowing what value can be derived and how to maximise value
obtained
 Defining achievable, benefits-lead strategy integrated with the needs
business and in its implementation
 Selecting the channels and interactions to include smart data use cases
WHY IS SMART DATA SMART?
SMART DATA MEANS BEING SMART WITH REGARDS TO...

More focussed investment in achieving
better business and organisation
results
Greater confidence by the business and
organisation in justifying and
approving investment and resource
allocation
Quick delivery of results
WHY IS SMART DATA SMART?
Being Smart
with Data
therefore leads
to:

Big Data is a project, not a tool!
Ask the right questions
Start with internal data
Enrich and cross-reference existing data
Enrich the models with external data
Involve business experts
Do not presume what the outcome will be
Remain agnostic
1
2
3
4
5
6
7
8
The real challenge of Data is
not technological: it is
"business". It will necessarily
involve human expertise to
enrich the data and get it to
"speak". When turning big
into smart, be aware of next
tips!
HOW TO TURN
YOUR DATA
INTO COMPETITIVE
ADVANTAGE

DATA SET SKILLS FOR BUSINESSDATA SET SKILLS FOR BUSINESS
Why not take a BREAK and
READ Article 1 in the
resource section:
Case study
Northern Ireland Causeway Programme
-Carol Moore

1. Sources of Data
• Internal
-Sources of Internal Data
• External
DATA COLLECTION

An abundance of data lies within the
corners of many companies and is very
possible will not be collected curently.
With a relatively small effort, that data
could be collected, analysed and put in
use to improve marketing and user
experience.
Building new processes in a company
always requires investment.

AGE FRIENDLY ECONOMY | FUTURE OPPORTUNITIES FOR SMES
SOURCES OF DATA
DATA
INTERNAL SOURCES EXTERNAL SOURCES
PRIMARY SOURCES
SECONDARY
SOURCES

INTERNAL DATA
Internal Data or Own Data is information
created by the operation of an organization
that includes sales, purchase orders, and
transactions of inventory. This is instead of
the data being created by an independent
study or database.
Many businesses and departments have
information about their regular functions, for
their own internal purpose. In this way,
internal data is the information that the
business already has on hand, has control of
and currently owns, including details
contained within the company’s own
computer systems and cloud environments.

Sources of Internal Data
• There are a number of impactful, internal places that
companies can look to mine data. These include:
Before decision-makers and data
scientists look for external
sources, it’s critical to ensure that
all of a business’s internal data
sources are mined, analysed and
leveraged for the good of the
company. While external data can
offer a range of benefits, internal
data sources are typically easier
to collect and can be more
relevant for the company’s own
purposes and insights.

Sources of Internal Data
TRANSACTIONAL
DATA AND POS
INFORMATION
CUSTOMER
RELATIONSHIP
MANGEMENT
SYSTEM
INTERNAL
DOCUMENTS
ARCHIVES

One of the most powerful sources of data resides within a firm’s financial
and transactional systems. Here, companies can mine both current and
historical data relating to their own business purchases, as well as
information relating to the shopping trends of their customers. From
these details, an organization can glean important insights, including
ways to reduce their own spending and remain on budget, as well as
crucial patterns pertaining to their customers’ buying habits and
shopping preferences.
TRANSACTIONAL
DATA AND POS
INFORMATION

In addition to their purchasing and shopping data, businesses can also
mine data within their own CRM systems. Information like clients’
company affiliations, locations and other regional or geographical details
can paint a detailed picture about where customers are located. When
combined with their transactional information, these CRM details
become even more powerful.
CUSTOMER
RELATIONSHIP
MANAGEMENET
SYSTEM

Especially now within the age of cloud computing, a company’s own
internal documents are becoming more valuable than ever. Digitized
copies of internal forms can provide a robust source of information,
particularly when it comes to the business’s activities, policies and
processes. Emails, Word documents, PDF, XML and a range of other
internal docs can be mined for big data.
INTERNAL
DOCUMENTS

When it comes to internal information, businesses shouldn’t limit
themselves to only the most current information. Historical data can be
very telling as well, which is why it is recommended to look into the
company’s archived documents and data streams as well.
ARCHIVES

EXTERNAL DATA
External data is information that is not
currently owned by the company, and
can include unstructured, public data
as well as information gathered by
other organizations.
More about external data and how use
it to benefit your business you can read
in Module 3: Improving your business
with external data.

USING DATA TO
BUILD YOUR BRAND
1. How can Data help you build your
Business
2. The Benefits of using Internal Data in
Marketing

HOW CAN DATA HELP
YOU BUILD YOUR
BUSINESS
While the average small business has
less self-generated data than big players
like Google or Facebook, this doesn’t
mean big data is off limits. In fact, in
many ways, big data is more suited to
small businesses because they’re
generally more agile and able to act
more quickly on data-driven insights.
Let’s look at some of the ways small
businesses can make use of big data.

Why not take a BREAK and
READ Article 2 in the resource
section:
New business models with data-
Rotterdam

Thanks to big data, small businesses can get a fuller picture of
their customers – what makes them tick, why they buy, how
they prefer to shop, why they switch, what they’ll buy next,
and what factors lead them to recommend a company to
others.
Companies can also better interact and engage with customers
by analyzing customer feedback in order to improve a product
or service.
Social media has become a particularly valuable source of
data, making activities such as identifying niche markets and
analyzing customer feedback much easier and cheaper. Twitter
– where almost all conversations are effectively held in public –
is easier to mine than most platforms.
1
Understanding what makes your customers tick

Identifying trends
Spotting and monitoring behaviors and patterns allows
us to take a stab at predicting where things are
heading, how demand for our products or services will
change over time, and what will prompt that change.
Until recently, trend analysis and prediction often
came down to ‘gut instinct’. Now, big data is taking a
lot of the guesswork out of that process.
Trending topics flash across Facebook and Twitter
every day, making it easier than ever before to work
out what people want.
2

Checking out the competition
In the past, understanding your competition was limited
to industry gossip or looking around rivals’ websites or
shops. Some might go as far as pretending to be
customers in order to find out more about a competitor’s
service or product.
These days though, you hardly need to leave your desk to
find out what the competition is up to; financial data is
readily available, Google Trends can offer insights on the
popularity of a brand or product, and social media
analysis can illustrate popularity (i.e., how often a
company is mentioned) and show what customers are
saying.
3

Big data is also increasingly used to optimize business processes and
everyday operations. With any business process that generates data, you
can use that data to make improvements and generate efficiencies.
For manufacturing or industrial companies, machines, vehicles and tools
can be made ‘smart’, which means they can be connected, data-enabled,
and constantly reporting their status to each other. By analyzing this data,
organizations can gain real-time visibility into their operations and look
for ways to increase efficiency.
Retail companies are able to optimize their stock keeping based on
predictions generated from social media data, web search trends, and
weather forecasts. This allows stores to stock up on the most popular
items, ensuring they don’t miss out on sales and reducing the amount of
unwanted stock lying around.
4
Improving operations

Recruiting and managing talent
Data can help you find the most successful candidates,
identify the best recruitment channels, and help to better
engage existing employees.
Most businesses already generate a wealth of HR-related
data: absenteeism figures, productivity data, personal
development reviews, and staff satisfaction data.
As well as this, companies can now access so much more data
that wasn’t available before: data from recruitment sites,
information from sensors in ID badges, social media data, etc.
All this information can be analyzed to gain insights that were
never available before.
5

Tweaking your business model
Data can even become a part of your business model,
leading to exciting new ways to generate revenue.
Facebook, for example, is free to users but has historically
generated income from advertising.
Now the company is capitalizing on the huge amount of data
it has on its users, by making certain data available to
businesses.
There are many opportunities now for small businesses to
monetize the data they are generating by providing value
added services or selling data to customers or third parties.
6

Unlike external data, which is available
to the public, internal data is exclusive
to a brand.
This is just one of the reasons why this
data is so perfect for brand storytelling.
Content based on original data attracts
attention and comes with several other
benefits.
THE BENEFITS OF
USING INTERNAL DATA
IN MARKETING

Rather than regurgitating what the
rest of your industry is saying in
their content, sharing your
company data allows you to
present something unique. By
opening the kimono and sharing
your internal data, you’re offering
something that can’t be found
anywhere else which is extremly
attractive to your consumers.
1 ORIGINALITY
EXAMPLE: SPOTIFY
Spotify, a streaming music service app, collects data
all day every day. As listeners select songs, playlists,
and artists, the music app collects information on the
user’s musical choices as well as their location and
demographics.
Spotify has unique access to listeners’ habits and
traits; this allows it to create original, unique content
that isn’t available anywhere else. The company
shares the information and trends it uncovers in its
data on the Spotify Insights blog.

It even created a world “Musical Map” that shows the
listening habits and preferences of people in cities
around the world. By tapping into its resource of internal
data that no other brand or organization has access to,
Spotify creates original stories and insights that can’t be
found anywhere else.
EXAMPLE:
SPOTIFY

Audiences enjoy educational
content that shows them
something they haven’t see
before. By using internal
data, you can create valuable
content that educates,
introduces new ideas, and/or
provides support for existing
ideas.
CONSUMER VALUE2
EXAMPLE:
With thousands upon thousands of job listings posted on its
website, Indeed.com can collect data on job trends across the
world. Instead of keeping this data to itself, Indeed shares the
data on its Job Trends page.
Of particular interest on The Job Trends page are age related
jobs. The company shares information on these job’s number of
postings over time. It also shares postings per capita, job market
competition across the country, and growth and decline rates of
major employment industries.

Customers crave transparency
because it helps them trust
brands. When you share internal
data and an inside look at your
business or operations, it shows
that your company values
openness. This lets your
customers know you have nothing
to hide, which builds trust and
lasting consumer-brand
relationships.
CONSUMER TRUST3
EXAMPLE: Zappos
In the Zappos “Family Core Values“, the business
outlines its dedication to building honest and open
relationships. Zappos showcase their brand
transparency by giving people complete access to
information about their vendors. What’s more, there’s
also a department in the business called “Zappos
Insights” where you can go to schedule a tour of certain
spaces within the Zappos corporation.
Zappos is a retail
business that shows
customers why they
should buy and trust
its products.

BRAND RECOGNITION4
In a content-filled world, getting
brand exposure is difficult. It’s
hard to stand out. But original,
internal data allows you to cut
through the noise and get your
brand in front of a larger
audience. Audiences are
introduced to your brand and
left with an impression that will
allow them to recognize and
remember your brand.
EXAMPLE: Coca-Cola
An example of a company that uses big data analytics to
drive brand recognition and customer retention is Coca-
Cola. In the year 2015, Coca-Cola managed to strengthen its
data strategy by building a digital-led loyalty program.
The company uses data to improve the ability to match
customer expectation, changing company’s product line and
of course ensuring that the marketing campaigns are
powerful
By using information that is exclusive to its database, Coca
Cola can gain brand exposure by sharing content that is
relevant to a large audience.

FINISH by WATCHING Video 1
in the Resource Section:
Data hacking - data science for
entrepreneurs
-Kevin Novak

Thank-You
https://www.data-set.eu/

Data set Improve your business with your own business data

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Data set Improve your business with your own business data

Similar to Data set Improve your business with your own business data (20)

More from Data-Set

More from Data-Set (16)

Recently uploaded

Recently uploaded (20)

Data set Improve your business with your own business data