Age Friendly Economy - Improving your business with data

This programme has been funded with
support from the European Commission
Module 2:
Improving
current
business with
own data

Module 2:
Improving
current
business
with own
data
The objective of this module is to gain an overview how
you can use the data you already have available to
improve your business.
Upon completion of this module you will:
- Learn the tips of how take advantage of the existing
data you already have
- Be able to locate where internal data already lies
within your company
- See how data can help you to build your brand
Duration of the module: approximately 1 – 2 hours
This programme has been funded with support from the
European Commission. The author is solely responsible for
this publication (communication) and the Commission
accepts no responsibility for any use that may be made of
the information contained therein.

– Why is Smart Data smarter?
– How to turn your Data into Competitve
Advantage?
Advantages of Smart Data
– Sources of Data
– Sources of Internal Data
Introduction
– How can Data help you build your Business
– The Benefits of using Internal Data in
Marketing
Using Data to build your Brand
1
2
3
This programme has been funded with support from the European Commission. The author
is solely responsible for this publication (communication) and the Commission accepts no
responsibility for any use that may be made of the information contained therein.

ADVANTAGES OF SMART DATA
AGE FRIENDLY ECONOMY | FUTURE OPPORTUNITIES FOR SMES
1. Why is Smart Data smarter?
2. How to turn your Data into
Competitive Advantage?

It's not important how much data you
have, it's 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
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?
SMART DATA MEANS BEING SMART WITH REGARDS 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

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

A lot of data is lying in the corners of many
companies or possibly not even currently
collected.
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.

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 in inventory 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
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.
There are a number of impactful, internal places that companies can look to mine data. These include:
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.

Understanding what makes your customers tick
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

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

Improving operations
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

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.

CONSUMER VALUE
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.
2
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,
particularly jobs for older people! 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.

CONSUMER TRUST
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.
3
EXAMPLE: HUBSPOT
HubSpot is a company provides both software and educational
content to help older people. HubSpot uses content to build
trust. It shares free content marketing information through
dozens of ebooks, white papers, blog posts, and its
annual State of Inbound Report.
HubSpot shows customers why they should turn to it and trust its
products and knowledge when they have content marketing
needs.

BRAND
RECOGNITION
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.
4
EXAMPLE: JIBO
Jibo is a social robot assistant for older people. The company states
that it builds “products and software platforms powered by data
science.” As its mission statement expresses, Jibo is a company rooted
in data.
The company uses data to improve its products, help its customers,
and spread awareness about its brand.
By using information that is exclusive to its database, Jibo can gain
brand exposure by sharing content that is relevant to a large audience.

Thank You
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