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Data Analytics Explained

posted 13 May 2018, 20:37 by Brendan Tuppack   [ updated 12 May 2020, 01:32 ]


Data Analytics can help you better understand the various parts of your business so you can make more informed and thus better decisions. In this context, understanding the various parts of your business could include changing the business strategy, or improving the business model or processes. It could also mean understanding and managing the risk associated with the business, and in doing so, future proofing the business thereby ensuring its sustainability.

Descriptive Analytics

Descriptive Analytics uses data aggregation and data mining to provide insight into the past and answer the question: 'What has happened?' Descriptive analytics includes the collection, cleansing, organisation, analysis, interpretation, and presentation of data in order to summarise and present historical information, find answers to difficult questions, and facilitate knowledge discovery. According to Information Week, more than 80% of data analytics is descriptive.

Examples of Descriptive Analytics include:

  • Data Mining – Taking one or more large data sources and applying a range of statistical techniques to determine patterns and relationships that have a direct impact on sales, marketing, business, or financial performance;
  • Text Mining – Extracting unstructured text and classifying and converting it into statistical data so it can be used to find patterns and trends that can be used to drive sales, marketing, business, or financial performance;
  • Social Media Mining – Monitoring and obtaining data from social media channels and converting it into statistical data to determine the customer sentiment towards your brand, so you can manage your reputation effectively;
  • Infographics – Developing a simple and visually powerful representation of information, data, or knowledge that is quickly digestible and easy to share. We partner with graphic designers to complete the design work;
  • Interactive Dashboards – Using business intelligence software to develop a simple, powerful, and historical visual summary of an organisation’s key performance indicators or other data in an easily accessible location;
  • Geographic Mapping – Plots static or dynamic geographical location data and other business related metrics and information onto national or international maps to visualise relationships and trends in your customer data.

Predictive Analytics

Predictive Analytics brings together advanced analytics capabilities spanning ad-hoc statistical analysis, predictive modeling, data mining, text analytics, optimization, real-time scoring and machine learning. These tools help organizations discover patterns in data and go beyond knowing what has happened to anticipating what is likely to happen next.

Prescriptive Analytics

Prescriptive Analytics provides organizations with recommendations around optimal actions to achieve business objectives such as customer service, profits, and operational efficiency. Prescriptive analytics solutions use optimization technology to solve complex decisions with millions of decision variables, constraints and trade-offs. They provide prescriptive insights whether you want to decide on a configuration, a design, a plan or a schedule.

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Market Research Questions

posted 26 Mar 2017, 21:19 by Brendan Tuppack   [ updated 12 May 2020, 01:30 ]


Carefully considering your approach to market research can make the difference between money well spent and money wasted. When looking for a market research firm, the right approach is vital to accomplishing your goals.

Gathering business data is a good start, however there are factors that you must consider before speaking with a market research firm. The worst thing you can do is to rush into research without answering some key questions.

Thoughtful preparation and the following questions will help make your first meeting or telephone call with a market research consultant a little easier. Ask yourself these 10 questions before you move a market research muscle:

Q1. What's your biggest pain point?

Identify the key areas affecting your organisation. This isn't an easy task. Like an iceberg, you can only see 20% of the actual situation. The hidden 80% will trip you up. Combat this by spending time analysing the limitations you want to overcome or the opportunities you want to explore.

Q2. How much are your challenges costing you?

The answer to this question may be the bane of your senior executive team's existence, but it is a critical bit of information to know. A decision must be made on whether it's financially worth conducting market research.

Q3. What goals do you want to accomplish by conducting research?

An endeavor without a goal is just brainstorming. To know where to start, you have to determine where your endgame is. It seems intuitive, but it is very easy to get caught up in evaluation and analysis.

Q4. What resources do you have available to conduct market research?

In terms of allocation, you must determine what you have at your disposal. Determining budgets and bandwidth determines how you proceed. Time commitments are required and expenses are inevitable, but market research is a critical part of business and you must be able to articulate its benefits to your CFO.

Q5. Are you objective enough to conduct the research on your own?

Time constraints and cost effectiveness weigh greatly when it comes to determining whether to perform research in-house or outsource it. Knowing what kind of research you need is important. Ensure that your decision is based on objectivity. Choose the the option that has the best chance of reaching your research goals.

Q6. Is the opportunity worth the investment?

From a qualitative standpoint, determine whether conducting research on a particular goal is going to directly affect your bottom line. If the end result is unlikely to increase revenue, there's no real point in going down the market research road.

Q7. What's the competition doing?

Having a solid understanding of how your competitors position themselves is critical. By intimately knowing your competition, you can identify areas of distinction and strategize ways to pounce on the right opportunity.

Q8. Where is the best place to get your data?

You should determine from whom you want to get your information, so you can know how to approach your research. Segments react differently depending on your objective. Create profiles for your research targets and alter your approach accordingly.

Q9. What long-term effects will the research have on your company?

Forecasting how your research efforts will shape your organization is essential to the credibility of your research. You will either find an area that you can take advantage of, or an area of weakness that you will need to fortify.

Q10. What will you do with the results of your research?

This is the most important question to answer. After you accomplish the goals initially set when conducting market research, you must then determine the next course of action. Armed with this new knowledge, you will need to determine how to implement your findings and apply it to your business model.

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