Big data – it’s a buzzword that we’re hearing more and more, but what exactly is it and how does it affect business?
Put simply, big data is a term that describes the large volume of information that floods companies on a day-to-day basis. However, despite the name, it’s not the amount of data that’s important but what organisations do with it that really matters.
Information gathered in the background of a business’ operation holds crucial insight into how efficiently it runs and could hold the secret to further success.
That’s why more businesses than ever are harnessing the power of big data to inform their commercial strategies and reaping the rewards in the process – ker-ching!
Here at Deko, we’re excited to announce that we’ve introduced data analytics software in order to help clients do just that and we’re already witnessing business growth thanks to intelligent customer insights.
We’ve been working alongside leading data company Looker to integrate its software with the Deko platform which will enable retailers to use valuable business intelligence to deliver the ideal finance proposition for their customers.
Our account managers have already started using custom data such as sector insights, consumer profiles and performance indicators to offer a more strategic service aimed at boosting sales for clients.
Alessandro Dalla Volta, our in-house data scientist, said: “In an increasingly connected and competitive business arena, smart analytics will enable our account management team to deliver time-critical, actionable insights that really matter to our merchants. Having access to this data at the click of a button will allow us to focus on identifying and addressing opportunities for growth. We look forward to working closely with our retail partners with the goal of outthinking and outsmarting their competition.”
In an increasingly connected and competitive business arena, smart analytics will enable our account management team to deliver time-critical, actionable insights that really matter to our merchants.
We’ve also used the data to coin a unique metric – the Retail Finance Penetration Index (RFPI), which enables merchants to understand how well they perform in specific geographical areas so they can tailor their finance proposition and marketing to suit. Smart, hey?
Eventually, we’ll be putting the power into the hands of our clients and providing them with their very own Insight data dashboards. Using this, they’ll be able to monitor customer behaviour, track trends and make the necessary changes required to boost sales. Often something that seems small can make a big difference to consumer engagement and, ultimately, sales.
Want to learn more about how big data can affect your bottom line? Get in touch and we’ll help you work smarter!