How To Use Data To Outsmart Your Competitors - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Data Management // Big Data Analytics
News
7/2/2015
11:06 AM
Lisa Morgan
Lisa Morgan
Slideshows
Connect Directly
Twitter
RSS
E-Mail

How To Use Data To Outsmart Your Competitors

The pressure's on to use data to outsmart your competitors. Here are six ways companies can use data to imagine and even re-imagine what's possible.
4 of 7

Ponder A New Use Of The Data 

All companies have data, but not all of them are realizing the full potential of it. For example, mobile operators collect massive amounts of information about customer behavior that can be used to improve internal performance -- whether that's optimizing the infrastructure, improving up-selling and cross-selling, or enhancing customer service. They are also monetizing data and selling it to third parties who are using the data to improve the performance of sales and marketing campaigns.

KPMG helped one of its clients understand how real-time traffic data could be used to improve the competitive success of promotions.
'Whenever you look at promotions, you ask questions such as, 'Did I get lift? More sales than the last promotion? What's my cost per incremental sale?' But what you'd love to know is whether the promotion actually stole market share from a competitor,' said Marshall Toplansky, managing director of KPMG Advisory Services. 'And you've never had the data to do that. Now imagine you're a brick-and-mortar retailer and you're able to see whether people are going to your competitor's store or your store -- and you can see that in real time and correlate it against when the promotions were sent out. Suddenly you have the ability to have a set of metrics about marketing accountability you haven't had in the past.'

Toplansky added: 'Smart clients get it, but it challenges the existing order of how we actually think about competitive success, or what is really moving the meter of success for a business. It comes from having this kind of limited view of the world that comes from dealing with internal data only.'
(Image: jarmoluk via Pixabay)

Ponder A New Use Of The Data

All companies have data, but not all of them are realizing the full potential of it. For example, mobile operators collect massive amounts of information about customer behavior that can be used to improve internal performance -- whether that's optimizing the infrastructure, improving up-selling and cross-selling, or enhancing customer service. They are also monetizing data and selling it to third parties who are using the data to improve the performance of sales and marketing campaigns.

KPMG helped one of its clients understand how real-time traffic data could be used to improve the competitive success of promotions.

"Whenever you look at promotions, you ask questions such as, 'Did I get lift? More sales than the last promotion? What's my cost per incremental sale?' But what you'd love to know is whether the promotion actually stole market share from a competitor," said Marshall Toplansky, managing director of KPMG Advisory Services. "And you've never had the data to do that. Now imagine you're a brick-and-mortar retailer and you're able to see whether people are going to your competitor's store or your store -- and you can see that in real time and correlate it against when the promotions were sent out. Suddenly you have the ability to have a set of metrics about marketing accountability you haven't had in the past."

Toplansky added: "Smart clients get it, but it challenges the existing order of how we actually think about competitive success, or what is really moving the meter of success for a business. It comes from having this kind of limited view of the world that comes from dealing with internal data only."

(Image: jarmoluk via Pixabay)

4 of 7
Comment  | 
Print  | 
InformationWeek Is Getting an Upgrade!

Find out more about our plans to improve the look, functionality, and performance of the InformationWeek site in the coming months.

Slideshows
IT Leadership: 10 Ways to Unleash Enterprise Innovation
Lisa Morgan, Freelance Writer,  6/8/2021
Commentary
Preparing for the Upcoming Quantum Computing Revolution
John Edwards, Technology Journalist & Author,  6/3/2021
News
How SolarWinds Changed Cybersecurity Leadership's Priorities
Jessica Davis, Senior Editor, Enterprise Apps,  5/26/2021
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
Planning Your Digital Transformation Roadmap
Download this report to learn about the latest technologies and best practices or ensuring a successful transition from outdated business transformation tactics.
Slideshows
Flash Poll