Digital technologies bring together more options for businesses, increasing competition and choice. This has benefits for consumers and sellers in the form of a broader, more competitive marketplace.
Current research by Berkeley researchers showed that five quintillion bytes of data are produced every two days. This is equal to all the information ever produced from every conversation that has ever taken place on the planet. Heavy duty, you say? You’re not alone, we think the same.
From our end of the equilibrium at Seamfix as well, we have discovered that there is a certain yearning for data among businesses, and for different purposes. Hence, the emergence of a solution like BioRegistra, which serves to whet the appetite for data by all kinds of organizations.
However, there are still businesses who don’t extensively realize the importance of data. Data, in a business context, is the information you obtain from users of your product or service, such as customer details and demographic information (there is more to the data stack though).
Below is a statistical prediction of revenues that can be generated from the big data market over the next couple of years until 2026.
This is a deliciously inviting sequence of figures. So filling that one would wonder why anyone wouldn’t want to take advantage of the data that are readily available. Bears can go into hibernation, data shouldn’t. It should be exploited, drilled, and played with, in every way possible.
How can data be exploited? We definitely wouldn’t leave you here. Which bring us to the next element — Analytics.
What is Analytics?
We know we said there is a yearning for data earlier. But you gotta beat that. There should be a yearning for its refinement as well. This is how we refer to analytics. The process of transforming data into insights. Retail giant Walmart was able to use Big Data analysis to drive a 10%-15% increase in completed online sales for $1 billion in incremental revenue, which is a well-planned ROI using data.
Analytics is how you make sense of your data and uncover meaningful trends. Analytics is the discovery of patterns and trends gleaned from your data. Think of data, without analytics, as unrefined oil. It is one thing to discover crude oil, it is yet another thing to make it suitable for consumption. There is tremendous value buried in those massive data sets, values that cannot be unlocked without the help of analytics.
You may have the information of users of your product. Great job, but, what have you done with this information? Have you been able to affect your business with it? Or is your data only a technical mannequin — an indulgence your business must afford?
A little diversion…
NB: No cause for alarm if you don’t have the information of your customers yet or if your organization is already thinking of it but do not have the necessary solutions to do so. There are several ways in which we can help you here. You can also see how we helped a leading provider of mobile data services capture lots of data.
Apologies if we distracted you, we just thought to provide you a little help in improving your business, too. Let’s continue rolling!
What we’re trying to say is, data collection is good but it’s like a baby’s first steps — limited and limp. Taking it a step further with analytics is the bomb! And the results are (often shockingly) rewarding. Who doesn’t want to be shocked with rewards?
This spins us to the next, and last, element in this article — Insights.
What are Insights?
Insight is the value obtained using analytics. The insights gained through analytics are incredible, powerful, and can be used to identify areas of opportunity for your business. Like a soothsayer is to some, so are the insights you get from data analysis. That “ugh-oh!” moment that can have a CEO or Marketing Manager have their mouths open at a new opportunity: How come I never saw this before? Well, praise be to big data analytics.
For a mobile app for instance, your data might tell you that you sent 14,000 push messages in the last month. That data on its own doesn’t mean all that much, but an analytics tool could dig through that data and reveal that your app sent 3.7 messages per user, with an open rate of 20%. This way, you can tell that your push campaigns are effective, or maybe not. The relevance of this is that you are able to get actionable insights from your data and its analysis.
Data, Analytics, & Insights: How Are They Connected?
Data is only valuable if translated into actionable insights; and for any serious institution it can become a framework for turning that data into meaningful stories, business successes and better decisions. Just like mineral resources are only truly valuable after they’ve been refined.
Analytics serve as the connection between your data and insights, and ultimately business success.
There is a symbiotic relationship between data and analytics, which when merged together give birth to a deeper understanding of your customers, with respect to your products or services. These insights then serve as a springboard for business decisions.
Using BioRegistra For Data Collection and Analytics
It won’t be so nice if we said all of the above and didn’t provide you with a solution, eh? It is then a good thing that we have something you can readily use. BioRegistra is an identity management and data capture platform with excellent biometric functions that allows your business to collect and analyze all kinds of data. So, you see, it not only helps you collect, it does what we’ve been preaching so far, data analysis.
We know how businesses are always on the lookout for solutions that are robust and tweak-able at the slightest business requirement. And this is what BioRegistra does really well, from enumeration to retail census, surveys, and more.
But let’s stick to why we’re here — data analysis. See some screenshots of analytic reports generated from our our BioRegistra analytics tool.
BioRegistra analytics can be represented based on your preference, including pie charts and bar charts, as in the case above. This analysis gives a bird’s view of your business and what’s going on in the project; of what is working and what is not. This important information helps to facilitate a benchmark for your business decisions moving forward.
See you next time with more data and KYC related tips for your business. Meanwhile, leave a comment and let us know what you think about data analytics for improving business.