Almost everyone by now has come across the terms AI, ML, Big Data but very few have taken the time to understand the concepts behind these buzzwords and have actually utilized the powers that these tools provide.
In simple terms AI is nothing new, organizations have been doing it for decades but then it was commonly known as statistics, and spreadsheets were used for that.
But as time passed by the size of data accumulated is huge and hence the name Big Data.
The huge benefit of big data is that it provides insights for immediate and clearer decisions, it gives organizations the ability to work faster, smarter, and stay agile. That, in turn, leads to more efficient operations, higher profits, and happy customers.
Anyone who thinks clearly is always one step ahead, to think clearly and make better decisions, one needs to analyze things first and that’s where data comes into play.
In short Data Analytics helps any organization to improve decision making.
How does data help?
Well, that’s a difficult question to answer, it’s different for different organizations/companies.
Here’s a really interesting example of how data helped a butcher shop to increase its sales.
They installed sensors near the windows to track the overall footfall and measure the effectiveness of the displays and promotions with the passing customers. The sensor collected data such as how many people walked past the store, how many stood and viewed the sign, and how many came in.
The data also pointed to unexpected data, there were 2 pubs located on the same street, between 9 PM till midnight there was a lot of pavement traffic almost as much as the busy lunchtime. So the butcher shop started opening the store during the night and served hot dogs and burgers to people who were on the way back home after a few pints. Now, this not only introduced new customers and additional sources of revenue but also introduced new products.
Source – https://bernardmarr.com/default.asp?contentID=1089
Raw Data by itself is not useful, we have to extract valuable insights from it and finally take action. That’s the cycle of Data Analytics.
Here’s an image below which sums it up perfectly.
Wondering how to get started with data analytics for your eCommerce business?
It’s very simple, start at the bottom of the pyramid and make your way up.
- Data Acquisition – Collecting data, it’s already taken care of by your eCommerce platform.
- Data Wrangling – Cleaning the raw data to extract and aggregate information.
- Data Analysis – Finding patterns in your data.
- Predictive Analytics – Use the patterns in your data to predict the future outcome.
- Take Action – Most Important of all use the Insights and make decisions.
Data Analytics, AI, ML, Big Data can only provide you with insights and some predictive analytics. The most important role lies in the hands of the end-user, the user has to take action based on the given insights in order to see some results.
This might look like a huge investment in resources and time, it is and it comes with a price.
But don’t worry we have built a solution to solve this exact problem.
vizB is an automated analytics solution, which takes care of Data Wrangling, Data Analysis, and Predictive Analytics. All you need to do is connect your eCommerce store and vizB takes care of everything.