The value of the data is also to use the information contained in the data for strategic market decisions and to also to leverage them for targeted measures. Examples of this are the optimization of the range of goods in retail, optimization of distribution channels or a targeted customer approach. The aim is to be able to make these decisions in a timely manner and based on the most up-to-date data possible. Many companies focus on optimizing their own data sources and data structures. Of course, the focus on data architecture, MIS systems, data sciences and corresponding data analysis is an important component of Data Value Thinking. However, there is a wealth of data that can be accessed by relatively simple means without a great deal of strain on in-house IT: the data world outside the company’s borders, the data of the digital market.
In this context, the digital market refers to the activity and interaction of buying behavior in the digital world. This includes all kinds of e-commerce activities such as online shops and marketplaces. In an extended sense, however, it also includes the preliminary phase of the purchase decision when searches or analyses of blog activities are started to inform themselves in advance. The after-sales section is just as relevant when reports about the purchase process or product are posted on review portals or social media.
As part of its creative workshops on data monetization and data usage, Data Value Thinking is constantly looking into these areas. Many companies are surprised at the volume of data as well as the depth of data and information available here. Ideas are quickly created here as to what information can be evaluated if you can access it. Since this information is usually anonymized and aggregated, appropriate analyses are possible.
To demonstrate the possibilities of such analyses, Data Value Thinking uses partners such as Innoplexia – Datenbasierten Geschäftsentscheidungen. With its product Platzhirsch, Innoplexia offers an online analysis of the digital market and places all digital information of the web in a context to physical locations and regions.
For example, in a joint workshop Data Value Thinking and Innoplexia were able to show which regional partners should be optimally approached to expand the customer´s own webshop into an online marketplace. In particular, the reach in the relevant target group was quite different regionally and there was a clear context between physical locations and the reach or the ranking of the online shop.
As a result of Innoplexia making its data analyses permanently available online in a dashboard, price and market observations can also be carried out.
However, Innoplexia is only one way to use data to increase the value of the company. In addition to technical solutions and products, the prerequisite is also to anchor the data culture in the company. Use the method framework and creative approaches of DataValueThinking and its network partners to unlock the hidden values of the data treasure in your company.