Big Data is the muscle of the data world, pulling in and processing large quantities of data at high velocity. It’s your locomotive hauling freight.
Smart Data is the computer control system that analyzes “track conditions” to tell the locomotive when to pull to the side or slow down. Without this intelligent warning system, your train would crash. If your business doesn’t have a Smart Data system analyzing conditions, it too will falter.
Smart Data is the intelligence that sits on top of a Big Data system to determine what what’s ahead for your business so you can make the right decisions at the right time.
As a consultant for eight years with e-commerce stores, I started to see patterns of behaviour amongst my clients. I began to see the clients who were making the right decisions and most likely to succeed, compared with those that consistently made bad decisions based on guesswork and lack of real data.
The problem was not a lack of hard work or effort. Each company had dedicated people who operated their businesses as efficiently as possible. The problem was insight. They simply could not see beyond their busy lives. They were always in the weeds, whether they were the director of e-commerce of a major public company, or the owner/CEO of their own e-commerce business.
They paid consultants like myself to analyze their analytics and tell them where to spend their marketing budget and the areas to avoid. As a company, we were able to guide them to some degree, but we were always limited by our access to data.
We were making important big budget decisions based on how many conversions from a landing page. It was not insightful and it didn’t tell us why or what influenced that conversion. The historical based analytics didn’t show us opportunities to prepare and take advantage of in the market, while the click data didn’t show the users’ patterns and trends to optimize their experience upon their return. Our information was simply too small a sample and too old to act on efficiently.
From my perspective, I wanted a complete 360 degree view of their business to make the best decision for our clients.
Unfortunately, looking at sample data from page views and clicks on a Website wasn’t giving us the complete picture. We needed to know all the factors that went into their buying decisions, as well as insight into what the customers were going to buy next. Simply because you can successfully sell a widget at a particular price last week, doesn’t mean the widget will sell well the next week.
In online retail, change is the only constant. Smart Data solutions help suck in all your data – from order management, inventory systems, customer behavior, backend systems, Web servers and platform data so you can analyze trends and find immediate opportunities to optimize performance and sales.
One customer we are working with with Rubikloud was able to find specific hours in the day when certain products were much more likely to sell. We used sensitivity analysis and our own forecasting to show exactly when they should be promoting certain products during the day via email and their Website.
Information is power. Let Smart Data solutions like Rubikloud give you back that power that larger stores such as Amazon may have taken it from you.