Monday, July 17, 2017

Know Your Data. Know Your Member.

By Tim Peterson, President, AdvantEdge Analytics

The convenience economy continues to rapidly empower consumers with technological wonders to manage their hectic lives. And, businesses are struggling to keep up. Historically, companies have studied data to make business decisions based on what happened in the past. Today, however, they’re realizing that the data at their fingertips can help them make decisions based on what may happen in the future.

Part of the reason for this increasing adoption is simple—it works. The Harvard Business Review reports that nearly 50 percent of Fortune 1000 companies say their firms are achieving measurable results from big data investment. Over 80  percent characterize those results as “successful.” And, International Data Corporation notes that banks investment in data analytics was nearly $17 billion in 2016, and they are projected to increase spending to over $22 billion by 2019.

From card swipes to web site clicks to everything in between, your systems are filled with member data. Add to that the information available from your  various providers as well as publicly available data, you begin to realize the question you should be asking isn’t “do we have enough data?” The real question is “what are we going to do with all the data we have?” Remember - when you know your data, you know your member.

Learn more about what you can do with data as well the next big innovation coming for analytics. Read the full article here.