ReportWire

Tag: Data Analysis

  • 5 Data-Driven Trends Shaping the Future of Ecommerce | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Data and analytics have become the driving force behind successful competition across industries. In this article, we’ll focus specifically on the role of data in the future of ecommerce.

    What follows is a discussion of some of the key ways in which data relates to and supports the major emerging trends shaping today’s and tomorrow’s ecommerce.

    Related: How Ecommerce Businesses Are Leveraging Web Data to Understand Their Customers and Stay Ahead of the Competition

    Trend 1: Personalization and context

    Personalization has been a major trend in ecommerce for years. However, with the improvement of data technology, the speed and quality of personalized offers are reaching new levels. More advanced personalization engines push the envelope by also incorporating data points like seasonal trends, weather patterns and local events. For instance, a customer may get a recipe suggestion based on data predicting a rainy day ahead.

    To expand their reach beyond their own platforms, savvy retailers have been working diligently to acquire more contextual data. Tracking social media sentiment, monitoring how competitors are pricing their products, staying abreast of broad market trends — you name it. These alternative data sources help them construct a far richer understanding of their customer base. And when those estimates prove reasonably accurate, they can refine everything from inventory management to pricing strategies.

    Trend 2: AI and the smarts behind the interface

    Ecommerce and the magic of AI have been walking hand in hand for some time now. And it’s not just about deploying credible and flexible chatbots to shoulder some of the more formulaic customer support. Today, AI is used even in such vital initiatives as reinforcing entire supply chains. Still, the effectiveness of these applications is completely reliant on the quality and quantity of data that feeds into them.

    To function well, conversational commerce platforms require a substantial amount of customer interaction data to train their NLP models. In addition to “understanding” customers’ words, they must be able to grasp the actual intentions behind those words. For instance, to distinguish a casual browser from a serious buyer, these models need to constantly graze on successful sales dialogues, customer service chats and even samples of failed transactions to get a grip on what tends to trigger breakdowns in communication.

    Meanwhile, AI-based predictive analytics help avoid overstocking while keeping stock-outs at a minimum. By drawing on historical transaction data, inventory levels, outside market signals and economic trends, these systems can be harnessed to anticipate demand with unprecedented accuracy.

    For retailers that want to benefit from comprehensive AI systems, the data requirements are substantial. Such systems require clean, structured data from multiple sources, including customer relationship management systems, inventory databases, financial records and third-party market intelligence.

    Related: How Your Online Business Can Use AI to Improve Sales

    Trend 3: Rising data security concerns

    While ecommerce platforms manage increasingly granular customer data, cybercriminals are devising schemes to target these high-value assets for themselves. Recent breaches affecting major retailers have highlighted the critical importance of data security, not just as a technical concern, but as a fundamental business requirement.

    The GDPR, the CCPA and other legal requirements don’t let companies off the hook until they’re able to prove compliance with mandatory practices like maintaining detailed records of what data they collect, how they use it and who they share it with. Along with staying on the right side of the law, platforms that effectively ensure compliance gain an extra asset of customer trust by signalling their commitment to transparency.

    Thus, security-minded companies are embracing zero-trust security frameworks, encryption for data transmission and data storage protocols and similar advanced measures to protect customer information.

    Trend 4: Sustainability goals

    Research shows that over 70% of consumers are willing to pay premium prices for environmentally responsible products. The time when marketing buzzwords and “greenwashing” still work is passing. Savvy consumers, who are increasingly skeptical of non-committal statements about sustainability, are driving demand for unprecedented levels of transparency in supply chains and manufacturing processes.

    To make carbon tracking across entire supply chains viable, companies must, at a minimum, gather data from suppliers, shipping companies and even customers’ delivery preferences. The most progressive retailers use this data to offer things like:

    • Carbon-neutral shipping options

    • Low-emission delivery routes

    • Environmental impact scores for individual products

    The data requirements extend beyond environmental metrics, though. If sustainability is really put front and center, the entire product lifecycle — from raw material sourcing to packaging materials and end-of-life disposal — must be tracked as well. Another significant advantage for retailers is that the same data systems used for tracking environmental impact can also be leveraged to identify cost savings, supplier risks, and even to initiate circular economy initiatives.

    Related: How to Make Your Ecommerce Business Truly Sustainable (and Why It’s Important)

    Trend 5: Mobile commerce — a crucial data frontier

    Mobile commerce now makes up the bulk of transactions online, and the potential for data analysis to improve its results is vast. Factors like touch patterns, location data, app usage habits and responses to push notifications are ready to be tapped into by enterprising retailers. Location data, for example, enables ecommerce platforms to do things like adjust inventory displays based on regional preferences, optimize delivery options for specific neighbourhoods or coordinate online promotions with events scheduled at nearby brick-and-mortar stores.

    Mobile platforms also generate real-time behavioral data that allows for immediate responses. A good example of this is utilizing mobile analytics (with data streaming in from multiple touchpoints) to identify customers struggling with the checkout process and offering help, rather than waiting for a formal complaint to be made.

    The trends reshaping ecommerce all share one thing in common: They’re only as effective as the data strategies that undergird them. And companies that recognize this connection and invest accordingly won’t just participate in the future of ecommerce — they’ll define it.

    The upshot of this is that in the coming decade, the ecommerce leaders won’t necessarily be those with the biggest marketing spend or the flashiest products. More likely, they’ll be the ones that strategically utilize their resources to bulk up their data capacity.

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    Julius Černiauskas

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  • Unlock the Power of Data with Microsoft Project 2021 Professional for $20 | Entrepreneur

    Unlock the Power of Data with Microsoft Project 2021 Professional for $20 | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    In today’s fast-paced business world, making informed decisions is the key to success, especially when managing complex projects with multiple moving parts. Whether you’re overseeing a small team or juggling large-scale initiatives, having the right tools to track progress, allocate resources, and anticipate challenges can be the difference between success and missed deadlines.

    Microsoft Project Professional 2021 is not just a project management tool; it’s a comprehensive platform designed to help entrepreneurs and project managers plan, manage, and execute projects efficiently. And now, for a limited time, you can grab a lifetime license for just $19.97 (regularly $249), an incredible deal available through September 29.

    Data-driven decision-making

    One of the biggest challenges for project managers is effectively using data to guide decisions. With Microsoft Project Professional 2021, you can track tasks and gain valuable insights that help you stay ahead.

    Wondering how changes in resource allocation or task timelines will impact your project? With what-if scenarios, you can experiment with different strategies and immediately see the effects, enabling you to choose the best path forward.

    Many of us learned the hard way that overcommitting your team can lead to delays and burnout. Microsoft Project Professional 2021 automatically adjusts assignments to ensure that resources are allocated efficiently, helping you avoid bottlenecks and keep your project on track.

    You can also stay on top of your project’s health with real-time progress tracking. You’ll have a clear picture of what’s been completed, what’s pending, and where attention is needed, all in one place.

    Features galore

    Project Pro is packed with features designed to help you execute your projects more smoothly and efficiently. With pre-built templates designed for common project types saving you time, seamless synching with Project Online and Project Server, and more, it’s no wonder it has 4.4/5 stars on Capterra.

    Don’t miss Microsoft Project Professional 2021 while it’s on sale for just $19.97 (regularly $249) through September 29.

    StackSocial prices subject to change.

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    StackCommerce

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  • How to Blend Data and Intuition for Better Decision-Making | Entrepreneur

    How to Blend Data and Intuition for Better Decision-Making | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We live in a corporate world driven by data. Why, then, do 85% of business leaders report feeling uneasy about the choices they’ve made recently based on cold, hard facts? It’s because data only tells half the story, which is where intuition fits in.

    Intuition fills in the gaps and picks up where data leaves off. Have you ever “felt” someone staring at the back of your head? How did you know the person was there? It wasn’t data. It was intuition. You have about 120 billion neurons in the “first brain” within your skull and 100 million neurons in your “second brain” (aka, your gut). If you’re only focused on one of those brains, you’re apt to make poorly informed decisions.

    For those just starting out on their entrepreneurial journeys, trusting your “gut” or intuition can feel daunting. You’re often bombarded with a flood of information, conflicting advice and new experiences. In this whirlwind, leaning on your gut might feel like navigating without a map. However, developing this trust in your intuition is crucial. It’s about honing an inner compass that guides you through decisions when clear-cut answers might not be apparent. Over time, as you gain more experience and learn from both successes and failures, what once felt like an overwhelming reliance on an unknown force will start to feel more like a trusted ally in your decision-making process.

    I don’t mean to suggest that data isn’t important. It is. However, trusting your gut is just as important. Your gut can speak volumes. You just have to learn how to marry it with data to drive an informed conclusion. If you’re new to allowing intuition into your decision-making process, follow these steps:

    Related: 4 Reasons Intuition Is an Essential Leadership Skill

    1. Gather insights from unusual, non-data places

    When you have a problem to solve, don’t just pore over spreadsheets and charts. Look for innovation elsewhere.

    Once, I was part of a group asked to increase the penetration of the Hispanic marketplace at Disney. To find ideas in unusual places, our group spent a day with three different types of people: a “weird,” a “deep” and a “normal” (for context, a “weird” is someone who has a tangential relationship to your challenge but is from a different industry. A “deep” is someone who works in your industry but doesn’t work for you. A “normal” is someone within your industry and company sphere).

    My “weird” was a Hispanic car dealer. He and I drove a car to a Hispanic family so they could test it out. The car dealer noted to me that there would be more than 20 people in the kitchen when we arrived. He was right. I considered this a clue, so I wrote it down. Another clue happened when the abuela casually mentioned: “When there’s a fiesta, we fiesta; when there isn’t one, we make one.” Her words were met by laughter, and the laughter kept coming as more of the family loaded into the car.

    Next up was my “deep,” a theme park industry travel agent who catered to Hispanic families. I watched as she talked with a couple about a 50th wedding anniversary cruise. All they cared about was having five tables of 10 people together for dinner on the cruise ship. They didn’t care about the ports or the cruise line. Another clue.

    Finally, I met up with a “normal.” This was a Hispanic woman celebrating her son’s first birthday. Tons of friends and family members were there, but she lamented that the party wasn’t complete because her brother was missing. Now, the clues came together: Hispanic families wanted a place where they could gather together in large numbers. Therefore, if we could create a series of packages to meet that need, we could better attract and serve the Hispanic market.

    Our experience of reaching out in unusual places resulted in a bucketload of ideas. Those ideas couldn’t have seen the light of day without being prompted by the intuition that our data wasn’t telling us everything we wanted to know.

    Related: Study the Data But Then Trust Your Gut

    2. Embrace and encourage intuition in your work

    It’s one thing to believe in the power of intuition. It’s another thing to embrace it wholeheartedly at work. So, how can you cultivate it in yourself and those around you? Start by integrating it into your discussions, especially during meetings or planning sessions. While it’s important to respect and understand data, also open the door to conversations focused on the human element of whatever you’re trying to figure out.

    Listening is a critical aspect of these intuitive-based discussions. Ask open-ended questions to push people to provide more information that feeds into your intuition. And don’t just listen to what they’re saying; observe their body language and how they’re interacting with the world around them. Something invaluable I learned early in my career at Disney was to speak last. Listen to everyone in the room so you can gain the insights needed to more intuitively contribute to the conversation. Avoid overthinking it; instead, let your intuitive voice speak to you and guide you.

    Remember: Your competitors probably have a lot of the same data as you. However, they don’t have your and your team’s unique, intuition-derived insights. By trusting these insights, you can uncover emotional connections and consumer needs that aren’t evident in the data alone, giving you a competitive edge. Invite couples into the conversation when you’re seeking these intuitive nuggets. Often, couples will police each other’s responses, ensuring authenticity as one partner corrects the other if they stray from the truth. This dynamic allows you to glean deeper information than you might from individuals alone.

    Furthermore, take the opportunity to step out of your usual office or focus group settings and visit the living spaces of your consumers. Observing them in their natural surroundings can reveal additional intuitive insights, as you’ll notice things in their environment that either confirm or challenge your preliminary thoughts. This approach not only enriches your understanding but also strengthens the human element in your research, providing a robust foundation for making more empathetic and consumer-focused decisions.

    Related: How to Hone and Harness Intuition in Your Career and Business

    For entrepreneurs, mastering the balance between data-driven insights and intuitive thinking is a powerful stepping stone toward effective decision-making. While data provides a solid foundation, embracing your intuition adds a critical dimension, allowing you to see beyond the numbers and make connections that might otherwise go unnoticed. I encourage you to trust your gut feelings, as they are invaluable in navigating complex situations where data alone may not provide all the answers. As you continue to grow your business, combining these skills will not only boost your confidence but also distinguish your approach, helping you craft innovative solutions and forge meaningful connections.

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    Duncan Wardle

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  • Canadian Gambling Statistics & Trends 2024: Analyzing Betting Habits – Southwest Journal

    Canadian Gambling Statistics & Trends 2024: Analyzing Betting Habits – Southwest Journal

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    Gambling in Canada is a popular activity, with a significant portion of the population engaging in some form of wagering, from buying lottery tickets to betting on sports events.

    In this post, we’ll examine the habits, statistics, and trends shaping the Canadian gambling landscape. We aim to make the complexities of the gambling industry easy to grasp for everyone, regardless of their prior knowledge on the subject.

    Who Gambles in Canada?

    Who Gambles in Canada

    A staggering 75% of Canadians have dabbled in gambling. With a population of around 40 million people, this is no small number. This broad participation encompasses everything from casual lottery ticket purchases to more frequent casino visits. 

    Interestingly, lottery tickets emerge as the favored choice among gamblers, with a 65% participation rate. However, despite this widespread engagement, only a small fraction of the population, 2%, struggle with gambling problems.

    How Much Is Spent on Gambling?

    The Canadian gambling industry saw its market shrink to $12.54 billion in 2021. Ontario, with its vast population of gamblers, leads in both revenue and losses. Notably, the online gambling market is on an upswing and is projected to see user penetration soar to 51% by 2027.

    What Are the Preferred Forms of Gambling?

    • Lottery Tickets: Dominating the gambling scene with a 65% participation rate.
    • Sports Betting: Accounts for 7.9% of gambling activities, with a notable skew towards male participants.
    • Online Casinos: With a user penetration rate of 35.7%.

    For those curious about the best-paying online casinos in Canada, comprehensive lists and analyses are the best method for shedding light on this. Finding out where players can find the most favorable payout rates and what makes these sites stand out in terms of returns is crucial. Make sure to choose wisely which one has the best option, so you can be sure you’re heading to the right place.

    Trends and Changes

    The gambling sector is not static; it evolves with societal and technological shifts. During lockdown periods, for instance, 17% of gamblers switched to online platforms. This migration underscores the growing appeal and accessibility of internet-based gambling options.

    Key Statistics and Insights

    Key Statistics and InsightsKey Statistics and Insights

    Gambling Revenue and Market Size

    • Ontario’s Lead: As the gambling hotspot of Canada, Ontario’s large gambler population significantly contributes to its revenue and losses.
    • Market Size: The entire sector was valued at $12.54 billion in 2021, indicating the substantial economic footprint of gambling in Canada.

    Sports Betting and Online Gambling

    • Sports Betting Landscape: While it makes up 7.9% of gambling activities, a significant 57% of its revenue in 2019 came from non-regulated entities.
    • Online Gambling Growth: Expected to expand significantly, reaching a 51% user penetration rate by 2027.

    The Impact of Gambling

    • Problem Gambling: Affecting 2% of Canadians 15 and older, problem gambling remains a critical issue, with those afflicted losing an average of over $500,000 annually.
    • Indigenous Communities: These communities report higher rates of gambling participation and related problems.

    Financial Aspects

    • Casino Revenue: Canadians spent a whopping $17 billion in casinos across the country.
    • Illegal Betting: An estimated $10 billion is spent on single sporting events through illegal channels.

    Indigenous Communities and Gambling

    Indigenous Communities and GamblingIndigenous Communities and Gambling

    The higher rates of gambling participation and problem gambling in Indigenous communities call for culturally sensitive and accessible support services. 

    Understanding the unique challenges faced by these communities is essential in developing effective prevention and treatment programs.

    The Digital Transformation

    The digital transformation of gambling has broadened access and introduced new forms of gaming, such as eSports betting and virtual casinos. 

    These innovations offer exciting opportunities but also present new challenges, particularly in terms of regulation and the prevention of underage gambling. Ensuring that digital platforms operate within a framework that promotes fairness and protects users from harm is paramount.

    The Economic Impact

    Gambling is a significant economic driver in Canada, with billions spent in casinos and on other gambling activities annually. The sector’s contribution to the economy is substantial, providing jobs, revenue, and investments in public projects. However, the economic benefits must be balanced with the social costs, particularly the impact on individuals and families affected by problem gambling.

    Regulation and the Future

    As the gambling industry continues to evolve, so too must the regulatory framework that governs it. Ensuring a fair, safe, and responsible gambling environment requires ongoing collaboration between regulators, operators, and the community. 

    The challenge lies in adapting to technological advancements, changing consumer habits, and the growing online market, all while protecting those most at risk.

    Economic Contributions vs. Social Costs

    Economic Contributions vs. Social CostsEconomic Contributions vs. Social Costs

    The gambling industry’s contributions to the Canadian economy are significant, from generating tax revenue to creating employment opportunities. However, the social costs of problem gambling can offset these benefits.

    A balanced perspective is necessary to ensure that the economic advantages do not come at the expense of individuals’ well-being. Policies and practices that prioritize responsible gambling can help achieve this balance.

    Responsible Gambling Initiatives

    Responsible gambling initiatives are crucial in mitigating the risks associated with gambling. These include setting limits on bets, time spent gambling, and providing clear information on the odds of winning. 

    Equally important are the programs designed to identify and assist those showing signs of problem gambling. Initiatives like these not only help individuals but also serve to maintain the integrity and social acceptability of the gambling industry.

    FAQs

    How Does Gambling Affect the Canadian Economy?

    Gambling contributes significantly to the Canadian economy, generating billions in revenue. However, it also poses challenges, particularly when considering the losses incurred by individuals struggling with gambling addiction.

    Who Gambles More, Men or Women?

    Men are more inclined towards sports betting, with 12% participating in 2018. However, lottery tickets, a popular choice among all gamblers, do not show a significant gender disparity in participation rates. 

    What’s Being Done About Problem Gambling?

    Efforts to address problem gambling include awareness campaigns, support services, and regulatory measures aimed at protecting vulnerable populations. The challenge is balancing economic benefits with social responsibilities.

    Are online gambling winnings taxable in Canada?

    No, gambling winnings are generally not taxable in Canada. The exception is if you earn interest on those winnings, which is taxable.

    Can tourists participate in gambling activities in Canada?

    Yes, tourists can participate in gambling activities, including visiting casinos and buying lottery tickets, just like Canadian residents.

    How does Canada compare to the United States regarding gambling participation rates?

    Canada has a higher percentage of the population participating in gambling compared to the United States, with differences in regulatory environments and available gambling options.

    Are there any restrictions on advertising gambling in Canada?

    Yes, there are restrictions on advertising gambling in Canada, aimed at protecting vulnerable groups and ensuring advertisements are not misleading.

    Concluding Thoughts

    Gambling in Canada is at a crossroads, with the potential for growth and innovation balanced by the need for responsible governance and support for those affected by gambling problems. 

    As we move forward, the focus must remain on creating a sustainable and ethical gambling industry that benefits the economy, respects the well-being of participants, and addresses the challenges of problem gambling with compassion and effectiveness.

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    Oskar Zamora

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  • Why You Should Stop Obsessing Over Your Goals to Achieve Them | Entrepreneur

    Why You Should Stop Obsessing Over Your Goals to Achieve Them | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    America harbors a uniquely goal-oriented culture. From our homes to our offices, from our bodies to our minds — a large majority of us are in a never-ending pursuit of measurable results in every aspect of our lives.

    Our wristwatches count daily steps, water bottles grade water intake by volume, and weight scales connect to our iPhones to input calories eaten. Dating is a “numbers game.” Even babies have sleep monitors that output slumber scores. Simply put: Key Performance Indicators (KPIs) occupy an outsized portion of our headspace.

    Nowhere is this phenomenon more present than in a business setting. Corporate offices are filled with executives rushing to read the latest dashboard; social media managers eagerly tally every video view; performance marketers monitor every click. I feel this daily as both a new mom and the owner of a market research company. The last seven months with my daughter have had me losing sleep — and not for the reason that you think. She’s sleeping great! But I’m staying up obsessively tracking her milestones; did she roll over adequately? Has she “cooed” the right number of times today? We use data to help us feel “in control,” but ultimately, the data controls us.

    My industry is guilty of the same crime. Data dashboards offer an illusion of control. Executives stare at statistics inside the boardroom while the real world runs rampant outside the door. I’ve seen it many times: a brand tracker reports a seemingly healthy brand, and suddenly, the business falls off a cliff. Culture shifts, consumer preferences change, and despite volumes of data, business leaders are blindsided.

    We lose out on the grand vista of value by obsessing over a goal, the golden data point at the end of the rainbow. It’s never about one number or one data point. The greatest value and the most interesting lessons come from what we’ll call data wandering: exploring multiple data points, connecting dots and inviting in the necessary complexity vital to revelatory truths. Here are some perspectives that guide how you wander the data landscape – and relinquish single-digit-chasing.

    Related: Why Focusing on KPIs Too Much Can Backfire

    Data is the compass, not the captain

    There’s a reason that KPIs are “Key Performance Indicators” instead of “Key Performance Answers.” This is your reminder that data very rarely has the solution to your question. Data is a barometer, a clue — a critical piece that completes the puzzle. When you shift your perspective and allow data to guide rather than lead, you will become freer to think critically and creatively. As a market researcher, I’m asking you to consider your data an ellipsis versus a full-stop period. In your day to day, practice this mantra by inserting the statement, “That’s interesting, I wonder if…” after every data point you encounter – in work and life.

    Data is a slice, not the pie

    In industry and society, we’ve gotten really good at housing, analyzing and gleaning insight from big data. Still, it can feel like we are drowning in information — information that can be reliable and contradictory at the same time. This is because there will always be more data and a different way to ask the same questions or analyze the same data. And no matter how much data you’ve succeeded at aggregating, you’re often looking at a sliver of reality. If there is a world of truth outside of a metaphorical house, you are looking through a tiny crack in the wall and what you see will always be a partial view. And that’s ok, for now. As our industry stands, there is no pie (cue the Matrix: there is no spoon!). When you realize that all data is a glimpse, it makes wandering that much more fun.

    Related: How to Determine Your KPIs and Achieve Profitability

    Data is strong in its flexibility, not its rigidity.

    In life and in business, novelty and change are the norm, not the exception. When we become too rigid in “how we do things” and the data sets we monitor and track, we lose sight of the world around us. Tunnel vision is the antithesis of exploration, and it’s often the leading cause of a business’s failure to innovate. Kodak was hyper-focused on the success of film photography and didn’t see the digital revolution. Xerox was celebrating healthy sales data around copy machines and chose to stifle innovation in favor of their hero product. Blockbuster overvalued the strength of its brand equity measures, failing to see the rise of the little-known company named Netflix.

    Goal orientation gives us purpose and meaning – but goal obsession makes us psychologically immobile and incapable of seeing the full picture. Consider how 2024 can be your year to embrace feeling out of control – welcoming the idea that despite all the data in the world, you may still not know “for sure.” This will open you to more innovation, evolution, and changes, big and small.

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    Maria Vorovich

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  • Why Vertical Integration Allows Leaders to Actually Control Their Data | Entrepreneur

    Why Vertical Integration Allows Leaders to Actually Control Their Data | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The parable of “The Blind Men and The Elephant” tells the story of six blind men who come across an elephant for the first time. They each examine a different part of the elephant. The trunk. The ears. The tusks… You get the gist.

    Consequently, each person comes to a very different conclusion about what an elephant is.

    They are all partly right — but also entirely wrong.

    The moral of this story is simple. Different perspectives and incomplete information can lead to varying — and often inaccurate — interpretations. It’s an old story. But it’s a fable we should pay close attention to in our modern world. Especially when working with data.

    Related: Using Data Analytics Will Transform Your Business. Here’s How.

    Less will (almost) always be more

    Business leaders worldwide want to use their data to make better decisions and get more accurate insights into their business.

    But often, businesses will have multiple layers in their tech stacks. Some are new. Some are old. Some are integrated. Some are totally siloed. Each of these layers captures different data. And you get inaccurate insights when these pieces aren’t talking to each other.

    Businesses have access to more data than ever before. But quantity doesn’t equal quality.

    For many organizations, the actual quality of their data is being diluted. You create misaligned incentives by having so many different elements in your tech stack. One aspect of your stack may tell you one thing, but then the next part can contradict it. We see this a lot in advertising technology. A myriad of different buying platforms, data partners, publishers, analytics tools, CRM, segmentation tools and more. Often, it becomes so messy over time that it’s hard to get the actionable data you need to create insights, actions, and business impact.

    Access to lots of data sets does not equal good data. Looking at data sets in silos is an easy way to paint the wrong picture, which increases the likelihood of poor decision-making.

    Data is exciting, but you need to be able to view it in a single place, which is why I think the principles of vertical integration should be implemented here.

    Vertical thinking

    Vertical integration is a strategy that allows a company to streamline its operations by taking direct ownership of processes. In other words, it allows you to control your own destiny. In theory, it gives businesses greater efficiencies, reduced costs, and more control of the manufacturing and distribution process. Tesla is a famous example of this model practice.

    Tesla implemented vertical integration across its business structure — but with a major focus on two key aspects: battery production and energy storage. Tesla knew that batteries were critical to EVs – and that success hinged on owning a highly contested battery supply chain. This enterprise allowed Tesla to leverage its expertise in battery technology and apply it to the energy storage market, creating synergies and shared resources across different product lines.

    It does everything from designing the cars, building the tech, and making its own chips to selling the cars. Everything is in-house, meaning supply chain issues or manufacturing partners don’t slow it down. This integration has helped the company scale its operations, drive technological advancements, and position itself as a sustainable transportation and energy solutions leader.

    Owning your data can work in the same way. But without the need to build a multi-billion dollar gigafactory in Nevada.

    By taking control of your tech stack and ownership of your information, you gain a more holistic view of what is happening with your business. And you also insulate yourself from issues in the outside world.

    This is invaluable on its own. But this singular view becomes even more powerful when you factor in the exponential growth of AI and ML technologies. Applying these tools to a vertically integrated data set can transform a business and unlock previously unknowable insights.

    Essentially if your data is disparate and not well integrated, you can never get to the “Unknown Unknowns”—the things you didn’t even know to ask about. There are patterns invisible to human eyes. You can only see these with good data.

    More insights. More efficiency. More control. Vertical integration offers businesses control of their supply chains. But there are challenges, too. Even if you aren’t building huge factories, you need investment and support to make the necessary changes. And most importantly, you need to ensure that becoming self-reliant doesn’t mean you get tunnel vision and lose sight of developments outside your business.

    Related: 8 Ways Data Analytics Can Revolutionize Your Business

    Data and elephants

    If you look at different data sets in isolation, you will likely emerge with an incorrect idea of what an elephant — aka your business — really is.

    You might be partly right in places, but you will also be entirely wrong.

    Vertical integration allows leaders to see the full picture of their business — from customer to creative, hoof to tusk.

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    Kristopher Tait

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  • Boost Your Revenue by 50% With These Conversion Strategies | Entrepreneur

    Boost Your Revenue by 50% With These Conversion Strategies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s common to close approximately 20% of leads and lose 80%. What’s frequently overlooked in the search for growth, however, is that increasing that conversion rate by just 10% can be the equivalent of increasing revenues by no less than 50%. That’s why, in my experience, a rigorous analysis of lost opportunities is among the most pivotal steps to consider when a change in strategy is needed.

    Typical reasons for lost revenue

    Some missed sales are directly related to the selling company, including the product and its pricing and marketing. Some are related to buyers’ companies, including having management approval and budgets in place. Some are related to individuals involved in a transaction, including salespeople, the buyer at a customer’s company or some other middlemen. Finally, some are related to entirely external factors, including competition and economic conditions. The key is figuring out which of these is/are the reason you lost each opportunity, and then putting detailed actions into place to address each.

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    George Deeb

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  • To Maximize Your Profits This Black Friday, You Need to Collect More Than Your Customers Dollars | Entrepreneur

    To Maximize Your Profits This Black Friday, You Need to Collect More Than Your Customers Dollars | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Black Friday — the day after Thanksgiving — is the biggest shopping day of the year and the start of the holiday season, which, for many retailers, can contribute as much as 30% of their annual sales. So it’s a big day. But if you think Black Friday is just about the holiday season, you’re wrong.

    Of course, the day is important for the holidays. Black Friday was the biggest day for in-store shopping in the U.S. in 2022, reaching 72.9 million consumers, up almost 15% year over year. But it’s just as important for after the holidays. That’s because Black Friday isn’t just about sales. It’s really about data.

    My smartest clients know this. And they make it a priority to leverage Black Friday as a way to collect as much information as they can from everyone entering their store. Why? Because the data they collect will help drive sales long after the holidays have ended.

    Retailers of all sizes face a significant drop-off in sales after the holidays, and it’s always a struggle to generate demand. But it doesn’t have to be that way. The data you collect from your Black Friday traffic can boost your sales in those slow winter months. So, how to do this? You need a reason for the customer to stay engaged.

    For starters, collect an email at checkout. Asking for a “like” or a positive online review is great, but you’re not collecting data that way. Asking for an email is a way for you to control the engagement. It’s true that sometimes some won’t want to share, and that’s fine, too, because people have to opt in if you’re going to market to them online. So encourage them. Say that you’ll add them to your special “VIP Customer Club,” which will make them eligible to receive future discounts and special promotions. Some retailers ask if a customer would like a receipt emailed, and that’s another good way to collect that information.

    Another strategy is to push your visitors to your website. Hopefully, you’re selling your products not just in your store but also via an ecommerce platform. If you don’t, you really should because my most successful clients sell products through multiple channels. On Black Friday, offer a special promotion for customers who choose to purchase products online or special products that are only offered online. When someone buys from you online, you’re collecting their data, and you can give them the option to have their email added to your VIP club at checkout. At the very least, you’ll be collecting physical shipping/ordering data that can be used for future postcard mailings.

    Consider a raffle. It’s simple and old school, but it’s an effective way to collect an email address or physical mailing address. Have them drop a business card or fill out a form to get a product or service for free and, of course, ask on that form for permission to add to your VIP Club. Your cost of giving away free stuff is minimal compared to the benefit of using that data for future marketing.

    Many of my retail clients do events. These are the businesses that generally offer experiences or lifestyle products, and they enjoy doing in-store events to further educate their community. The pandemic taught us that doing these events online can also work. Schedule an event for January or February and promote it in your store. People would need to sign up for this event, so have an online or physical way to do this in order to capture their information.

    Partner with others. All of the above activities can be replicated by friends of yours on the Main Street. By offering co-promotions with some of them, you can pool your resources and share your data. This way, you can potentially double the amount of information you’re collecting on Black Friday.

    Finally, use a loyalty program. The suggestions I’ve made above would incur minimal cost. But if you want to step things up – and pay more — you can subscribe to retail loyalty platforms like Clutch, Recharge, Smile.io and others. These platforms — which are mainly designed for mobile use — allow your customers to accumulate points, get access to gift cards, belong to a recurring program, join certain membership tiers and take advantage of VIP “exclusive” offerings. They provide real-time data analysis of program usage, can be customized, and also integrate with other software.

    These are all great ways to collect the data you need. But the most important thing is what to do with the data once you have it. And for this, you need a good customer relationship management (CRM) program.

    A CRM is merely a database that will store whatever information you obtain about anyone who’s walked into your store. Some loyalty platforms and most point-of-sale systems either offer this capability or can be integrated with a standalone CRM system, and there are many platforms available at an affordable price. You will use this database to build demographics and sales history about your customers.

    When a CRM system is used the right way, no customer — or prospective customer — falls through the cracks. Using the data you’ve collected on Black Friday and throughout the holiday season, they should be receiving regular (opt-in) emails or postcards from you about product offerings, events or other activities at your store. You can leverage the data to target specific customers based on what they’ve purchased from you. You can use the data to create lookalike campaigns on both Facebook and Google, where you can target online ads directly to them. As you build this database, you’ll build a community of customers that you can go back to year after year.

    And that’s the most important thing about Black Friday. It’s not just one day of sales. It’s also a day to collect data for future sales. If you approach it that way, you’ll see a revenue increase that can extend far beyond the holiday season.

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    Gene Marks

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  • 365 Data Science Unlocks All Courses for Free Until Nov. 20

    365 Data Science Unlocks All Courses for Free Until Nov. 20

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    The unlimited access initiative is a risk-free way to upskill in data science and AI.


    NEW YORK, November 6, 2023 (Newswire.com)
    –
    365 Data Science—an e-learning provider with a 2-million-strong user base—is offering unlimited 100% free access to its complete range of content and features from Nov. 6 (07:00 PST) to Nov. 20 (07:00 PST). This includes the platform’s entire curriculum, online courses, real data projects, and industry-recognized certificates at no cost.

    During these two weeks, users can access all courses, exercises, projects, exams, and certificates for free, enhancing their skills in data science, data analytics, programming, machine learning, and AI.

    A Long-Standing Tradition: An Initiative with a Mission

    Now an annual tradition, 365 Data Science’s free access campaign—which began during the first COVID-19 lockdown—launches for the third time.

    Ned Krastev, CEO of 365 Data Science, states, “Data science is an ever-evolving field that offers tremendous opportunities for career growth. This initiative embodies 365’s dedication to nurturing a global community of aspiring data innovators and lifelong learners.”

    In 2022, over 152,000 unique users from 200 countries joined the initiative—consuming 9.2M+ minutes of content and earning 38,761 certificates.

    “Every year, we’re overwhelmed by the response from our students. The large amount of engagement is a testament to their dedication to learn and grow, and our mission is to support them every step of the way,” Krastev affirms.

    New Features and Learning Opportunities

    Users can work on real business cases this year to obtain applicable skills. 365 Data Science recently launched its library of practical projects based on real-world data, varying depending on experience levels, project complexities, and required technologies.

    Ned states, “Practice-based learning is the path to skill mastery. Our team has been working to provide students with opportunities to gain applicable skills from the start. We’re excited to see how these projects impact their career journeys.”

    All platform features will be available to users during the free access period.

    While 14 days isn’t enough to master everything for a data and AI career, this initiative provides a risk-free way to develop a broader understanding and lay the foundation for a successful career.

    Join the program and start for free at https://365datascience.com/free-weeks-2023.

    Source: 365 Data Science

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  • Give the Gift of Excel and Data Wizardry this Holiday Season | Entrepreneur

    Give the Gift of Excel and Data Wizardry this Holiday Season | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    As the holiday season approaches, many of us ponder the perfect gift. While gadgets and trinkets are always appreciated, there’s a unique, invaluable present that often goes unconsidered — the gift of learning. The Complete Excel, VBA, and Data Science Certification Training Bundle is worth exploring.

    Mastering data analysis and automation is valuable in today’s world. The ability to harness data’s power for informed decision-making sets successful entrepreneurs and professionals apart. This comprehensive training bundle consists of 13 multi-lesson courses. So whether it’s a gift or training you are interested in pursuing, it’s a cost-effective way to invest in professional development and acquire skills that can significantly impact a career.

    Excel, often considered the Swiss Army knife of data analysis, is the foundational tool within this bundle. From essential functions to advanced features, these courses cover all aspects, making you proficient in managing and analyzing data quickly. This mastery of Excel alone can save you hours and enhance your productivity.

    Furthermore, the bundle delves into the world of Visual Basic for Applications (VBA). This programming language empowers you to automate repetitive tasks, creating custom functions and streamlining reporting processes. It’s a critical skill that enables you to work smarter, not harder.

    In an era where data is king, understanding how to turn information into actionable insights is invaluable. With data science, machine learning, and data visualization training, you can unearth trends, make data-driven decisions, and gain a competitive edge in your field.

    Additionally, learning Python, one of the most versatile and widely used programming languages, can be a game-changer. Its applications span web development to data analysis, making it a must-have skill for any professional.

    During this holiday season of giving, consider the Complete Excel, VBA, and Data Science Certification Training Bundle, available until 11:59 p.m. PT on November 9th for only $19.97 (reg. $429), with no coupon required.

    Prices subject to change.

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    Entrepreneur Store

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  • Relying Solely on Your Gut to Make Big Business Decisions Could Cost Your Career | Entrepreneur

    Relying Solely on Your Gut to Make Big Business Decisions Could Cost Your Career | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    No matter your industry, Big Data and analytics are fundamentally changing how businesses operate and make decisions. Throw in a culture of rapid digital transformation, and the expectations for leadership roles are shifting at an unprecedented rate.

    It’s no longer sufficient for C-suite executives and senior leaders to simply excel in traditional management skills such as strategic vision and people management. Now, the currency of effective leadership also includes an intimate understanding of data analytics.

    Consider just a few of the ways that Big Data and analytics are driving decisions in the modern workplace:

    • Customer analysis to better understand customer needs, preferences and behaviors.
    • Predictive models to forecast future trends or performance.
    • Risk analysis to identify potential threats and opportunities.

    A recent survey proves the power of data analytics: 44% of executives consider data crucial for strategic decision-making, while 37% believe it offers deeper insights into their business.

    As a C-suite executive, an ability to interpret data-driven insights from these types of analyses can create a competitive advantage for climbing the corporate ladder. But how should you get started with data analytics?

    Related: Five Ways Big Data Can Help Your Business Succeed

    The evolving landscape of modern leadership

    There was a time when the primary expectations for senior leaders were aspects like visionary thinking, strategic planning and people management. While these skills remain vital, the technological revolution has introduced a new dimension to leadership: data literacy.

    The arrival of “Big Data” and the learning models that drive it have made data literacy increasingly crucial for executives. Data literacy involves reading, analyzing and communicating insights from vast volumes of data. It requires understanding statistics and techniques like machine learning and natural language processing (NLP).

    As a senior leader, your ability to understand and use this data boosts team effectiveness and positions you as a forward-thinking executive. Consider KPIs — the backbone of performance management. By interpreting the data, gain insights into team performance and areas for improvement.

    This enables you to make better decisions and have more informed conversations with your team members. Plus, understanding the basics of machine learning helps you identify opportunities for automation or optimization that may have been missed.

    Strategies for integrating data analytics into leadership

    If data literacy is a new skill that can boost your career, the question becomes: How can you cultivate this skill to help your resume rise up the ranks? For senior leaders interested in harnessing the power of data analytics for career growth, here are some strategies to consider:

    Develop a data-driven mindset

    Before diving into tools and techniques, developing a data-driven mindset is crucial. Start by asking data-based questions in meetings, challenging assumptions with empirical evidence, and encouraging your team to do the same. This helps to foster a culture of data-driven decision-making and sets the tone for deeper exploration later on.

    Proactively seek out opportunities to learn

    Data analytics is a broad field — from basic spreadsheet software to sophisticated machine learning algorithms. Identify which skills you need to learn to use data effectively, then look for sources such as online courses or internal training to build those competencies.

    Collaborate with data experts

    Don’t isolate yourself; instead, make it a point to collaborate with your organization’s data scientists (if you have any), analysts or other data professionals. They can provide insights that are not immediately apparent and guide you through the complexities of data interpretation.

    Plus, by adding a roster of skilled data advisors to your network, you can benefit from their expertise and experience.

    Implement data-driven projects in your current role

    Once you’re comfortable with the basics, initiate a data-driven project within your team or department.

    It could be anything from improving customer experience based on feedback data to optimizing supply chain logistics. Such projects provide practical experience and showcase your leadership in adapting to the new data-centric business environment.

    Track and showcase your success

    Nothing speaks louder than results. As you implement data-driven initiatives, track the outcomes meticulously. Be prepared to showcase these successes in performance reviews or when seeking a promotion, as they make a compelling case for your leadership capabilities in a data-driven era.

    Related: The Pivotal Role Of Big Data In E-Commerce

    Gain a competitive edge through data analytics

    If you’re going to compete, data analytics is no longer a luxury — it’s a necessity for senior leaders aspiring for career advancement. Mastering this skill set enhances your decision-making and differentiates you in the eyes of stakeholders and hiring committees.

    To stay ahead of the pack, you need to understand and interpret data trends proficiently. The more comfortable and confident you are with data-driven insights, the more likely you can capitalize on opportunities before others do.

    • Lead with data, not just instincts: Enrich your leadership instincts with empirical data for a more balanced and credible decision-making approach.
    • Collaborate with data experts: Build a network of data professionals within your organization to enhance your data literacy and garner insights.
    • Implement data-driven projects: Showcase your newfound skills by leading a data-centric project within your team or department.
    • Track and showcase success: Measure the outcomes of your data-driven initiatives and be prepared to present them in performance reviews or job interviews.
    • Make data analytics a leadership trait: Adopt data literacy as a core leadership trait, on par with qualities like strategic thinking and empathy.

    Start today by learning the basics of data analytics and how to use it in your decision-making process. And while you grow in your understanding and skill level, never forget to show the value of data-driven initiatives in your organization. Doing so will help you become a more influential leader that the world needs today.

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    Tim Madden

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  • How to Use Data-Driven Marketing Strategies to Maximize Your Investments | Entrepreneur

    How to Use Data-Driven Marketing Strategies to Maximize Your Investments | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Explore the dynamic landscape of data-driven marketing and its transformative impact on businesses of all sizes and industries. From harnessing consumer insights to optimizing ad spend and driving engagement, this article delves into the strategies and technologies that empower modern marketers to thrive in the digital era. Discover how data-driven campaigns, including programmatic advertising, are revolutionizing the way brands connect with their audiences and achieve remarkable results.

    What is data-driven marketing?

    Data-driven marketing puts data at the heart of all marketing decisions with the goal of making every marketing effort relevant to a brand’s audiences, interests and behaviors. Consumer data determines which creatives will be used, which marketing channels the brand will select, and how those creatives will be presented.

    As opposed to listening to input from in-house teams such as finance or product development, data-driven marketers prioritize insights gained from actual customers. Their goal is to optimize each aspect of their strategy for consumer connection.

    Related: 10 Elements of a Successful Data-Driven Marketing Strategy

    The impact of data-driven marketing

    Leading brands have been using data-driven marketing for a few years to great effect. Just five years ago, those brands were in the minority. A 2018 study by Boston Consulting Group (BCG) found only 2% of businesses qualified as ‘best-in-class’ at data-driven marketing. However, these few were rewarded with up to 20% more revenue and 30% more cost savings compared to their competitors.

    Since then, the pandemic disrupted virtually every industry. As customer behaviors changed rapidly, older data-driven models were no longer working. As a result, some brands reverted to mass marketing while others doubled down on targeting and tried an even more precise approach, according to marketing specialists at McKinsey & Co.

    Over the past two years, consumer behavior has shifted, retaining some of the pandemic-induced changes but also starting to become more predictable once again. Consequently, brands are adapting their marketing strategies.

    A 2023 survey by Hubspot showed that far more brands are now using a data-driven approach. 36% of marketers confirmed that data was essential for understanding customers. 32% believed that investing in data gathering boosted ROI.

    Related: Your Data-Driven Marketing Is Harmful. I Should Know: I Ran Marketing at Google and Instagram

    Harnessing consumer insights

    So, how can brands use data to maximize ROI?

    Harnessing consumer insights to inform campaign planning and implementation is one of the most effective ways to increase ROI. Brands can gain those insights by analyzing consumers’ behaviors, opinions and thoughts and encouraging consumers to share real experiences with a brand.

    Encouraging customers to share online reviews, distributing surveys or analyzing social media comments can all be part of a brand’s approach to data collection. While not all feedback may be positive, each piece of information gives the brand team a concrete insight into the consumer’s mind.

    These insights remove any guesswork from decisions relating to marketing campaigns, prioritizing one product over another and targeting the most promising audiences with campaigns.

    Driving consumer engagement

    Before digital marketing channels revolutionized how brands connect to their audiences, marketing could be seen as a one-way street of brands talking to audiences. Today, consumer engagement has become one of the essential ingredients of successful marketing.

    Social media platforms are ideal for real-time consumer engagement. They give brands unparalleled access to consumers in a natural environment instead of a focus group, for example. The most successful brands in this area understand what type of content drives engagement the most and deliver this type of content to their audience.

    Related: 9 Cool Ways You Can Use Data-Driven Marketing to Gain Customers

    Optimizing ad spend with programmatic advertising

    Maximizing ROI from digital ads is another item high on the priority list of marketing teams. Effective media buying is one of the keys to this, but it is also a strategy that has traditionally been time-consuming, involving requests for proposals, tenders, negotiations and quotations.

    Programmatic advertising is starting to change this. In simple terms, programmatic advertising uses automation and algorithms to streamline media buying. Software takes over instead of a human buyer choosing or bidding on digital advertising space. Website and social media traffic data, information about consumer behavior, demographics and other contextual data support the software’s purchase decisions.

    Using this procedure, brands can target their audiences more precisely and cost-efficiently. The success of this approach is reflected in the growing programmatic advertising spending across the United States. Experts believe that spending is set to increase from $127 billion in 2023 to $168 billion in 2024.

    Brands can use this approach to optimize their campaigns in real-time based on the feedback received by the software. It is an excellent opportunity to enhance a campaign’s ROI.

    Applying programmatic advertising in practice

    If that sounds a little too technical, here are two examples to bring programmatic advertising to life.

    1. Dynamic Creative Optimization. Even if you have not heard of dynamic creative optimization, it has almost certainly targeted you. Assuming you searched for flights to a tropical island. A resort chain on that island then uses DCO to present personalized accommodation adverts in that destination. As you continue browsing, you see more of their adverts. The content changes dynamically, displaying updated prices and limited offers to convince you to book a vacation.
    2. Retargeting Abandoned Shopping Carts. Potential customers abandoning orders can be a significant problem for eCommerce businesses. Programmatic advertising allows those businesses to place adverts in front of you, reminding you to complete your purchase. Sometimes, brands may even offer incentives to persuade consumers to pick up where they left off.

    Conclusion

    Data-driven marketing allows brands to target consumers more precisely than ever before. As digital marketing and advertising platforms continue to evolve, data collection and analysis must adapt to new environments and circumstances. One thing is clear: few brands, if any, will thrive without solid data-driven marketing practices. Start putting yours in place now!

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    Jessica Wong

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  • This Is the Top Budget Priority for Marketers Today | Entrepreneur

    This Is the Top Budget Priority for Marketers Today | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Recession or no recession, marketing budgets are getting smaller. Marketers are being asked to do more with less.

    The upside of this is that it provides clarity to the priorities marketers need to make with the budget they have. Time and money work the same way in that regard. Given an unlimited number of hours in a day, you’d accomplish everything. But that’s not how life (or budgets) work.

    Over several informal conversations with marketing leaders at over 20 companies across a range of industries, we asked what struggles, pain points and wish lists dominated their day and influenced their spending decisions.

    Specifically, we asked what their priorities were when making budget allocation decisions.

    One clear desire rose above the rest — Reporting and Analytics. If they were given free money to spend on anything they liked, increasing their reporting and analytics capabilities regularly came out on top among the wish lists.

    Related: How to Grow Your Business With Marketing Analytics: The Ultimate Guide

    The marketer’s wish list

    Here are the top 10 results, in order of importance, of how these marketing leaders told us they would stack rank their priorities against their budget. This was not a list of pre-set options, but rather what they volunteered themselves that simply laddered up into the categories below.

    Take a look and see if your priorities match:

    1. Reporting / Analytics

    2. Machine Learning / Artificial Intelligence

    3. Stability

    4. Audience Growth

    5. Customer Journey

    6. UI and operational efficiency

    7. Privacy and Trust

    8. Loyalty

    9. Content

    10. Simplify Stack

    Why Reporting / Analytics?

    The first question, of course, is why? What makes Reporting and Analytics so important that it so far outpaces the other items on this potential wishlist?

    For starters — ROI. Marketing departments have to constantly justify every action and every dollar through the results they achieve. Marketers (and those they report to) need to see that their efforts are performing as expected in terms of direct attribution (read: revenue) across all channels — email, mobile, and so on.

    That leads us to autonomy. Marketing teams would prefer to analyze the results of their campaigns themselves directly from the platform they use, rather than rely on a separate IT or tech department to pull data for them.

    Not only is this more efficient from a time/resources perspective (eliminating the back-and-forth request/response/request/loop), but it also makes the insights gained more actionable within the marketing team and the campaigns they manage.

    Automation is another one. Marketing teams are trending smaller as budget is pulled away into building IT and tech-focused groups like marketing automation. So, marketers say they’re spending too much time on data creation and the manual tasks behind that effort, and would prefer platforms with built-in automation wherever possible to help them.

    This includes connecting data and analysis functions directly with the CRM platform they use, as well as proactive predictive customization to automatically implement campaign changes based on pre-set parameters.

    And finally, monitoring is a big part of the data/analysis equation. The ability to monitor incoming data and make rapid changes as needed is a logical place to invest data and analytics dollars. This includes robust A/B testing capabilities with the ability to rapidly and dynamically modify tests on the fly, as well as the ability to monitor the entire customer journey.

    Preferably, this monitoring can take place through a single dashboard that compiles all datasets from across the platform (or integrates data from multiple platforms) to reduce the number of multiple screens or handoffs necessary with most systems today.

    Related: 5 Analytics Tools to Supercharge Your Marketing Strategy

    What to report/analyze?

    The ability to report and analyze data is one thing. Knowing what data to focus on is another.

    Revenue was a common data point the marketers we spoke with wanted to measure. Partnering with a technology company that can track web behavior and tie it back to channel performance is a key data point. What marketing emails, ads and other tactics are driving the most revenue, and why? If something outperformed historical trends, what was the differentiating factor? Could a change in one channel drive a shift in channel share?

    Engagement stats like clickthrough is another important metric to monitor because engagement often leads to revenue. Conversions are important.

    And finally, ensuring that interested customers are being serviced properly through digital channels to avoid involving a human intervention, which can tie up resources and ultimately slow down a conversion. Imagine receiving a push notification with a coupon code but then not being able to redeem that code upon checkout.

    The “human” cost associated with any digital channel snafu can be expensive in the form of customer service representatives ultimately needing to complete the transaction. Keeping the activity online and completing sales in a single session is the mark of a well-functioning marketing campaign that drives both engagement and revenue.

    Ultimately, the number one goal is to avoid sparking a phone call to customer support. A phone operator can only assist one person at a time, while a website can serve thousands.

    On paper, good data reporting and analysis seem obvious. Time and time again, good data and analysis result in improved ROI. But in the reality of the fast-paced marketing world, carving out the time needed to both collect and analyze data can be difficult when doing so remains a manual process.

    That’s why companies should seek out and demand automated reporting and analytics features from their marketing platform providers. Revenue modeling and channel attribution are too important to be left to chance. Working with a platform that can easily automate this kind of performance reporting, and then using AI to detect the small shifts in these results, gives marketers the insights they need to optimize their efforts in real time.

    In other words, the same tools that marketers use to automate marketing outreach should make collecting and extrapolating data just as easy and automatic. This allows marketers to spend more time making the data more actionable for more personalized communications — and ultimately, more meaningful relationships.

    Related: 10 Tools Helping Companies Manage Big Marketing Data

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    Michelena Howl

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  • 7 Metrics to Evaluate the Success of Your Marketing Campaigns | Entrepreneur

    7 Metrics to Evaluate the Success of Your Marketing Campaigns | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The ability to quantify the effectiveness of marketing campaigns and strategies is no longer a luxury; it’s a strategic imperative that separates thriving businesses from those merely treading water. This article highlights the significance of measuring marketing ROI and explores key performance indicators (KPIs) that can help steer your marketing efforts toward tangible success.

    The importance of measuring marketing ROI

    Defining marketing ROI involves determining the profitability of an investment in marketing by comparing the gained revenue against the incurred costs. This calculation is central to understanding the impact of marketing campaigns on the bottom line. By evaluating ROI, businesses gain insights into which marketing efforts are delivering the most significant returns and can allocate resources accordingly.

    Measuring ROI is particularly crucial for marketing agencies and their clients. In an era driven by data, both parties benefit from the ability to make decisions grounded in evidence. A data-driven approach allows marketing agencies to fine-tune their strategies and tailor them to specific audiences, ultimately leading to more effective campaigns.

    As per a McKinsey survey, companies that base their decisions on data and analytics exhibit remarkable statistics: They are 23 times more prone to customer acquisition, six times more adept at customer retention and stand a staggering 19 times higher chance of achieving profitability.

    For clients, it ensures that their investments generate tangible results, fostering a sense of trust and satisfaction in the agency’s work.

    Related: How to Gauge Marketing Success in a Shifting Business Landscape

    Challenges in measuring marketing ROI

    While the benefits of measuring marketing ROI are substantial, challenges often arise in the measurement process. Tracking the diverse touchpoints of modern marketing campaigns, accurately attributing conversions to specific channels and accounting for indirect impacts can be intricate tasks.

    Another issue that may arise is that different businesses and industries have varying sales cycles and customer journeys. This complicates the establishment of a standardized ROI measurement methodology.

    Addressing these challenges requires a combination of strategy and technology. Marketing agencies must adopt data integration techniques that consolidate information from various platforms to form a comprehensive view of customer interactions.

    7 key performance indicators (KPIs) for marketing success

    As we have established so far, effective marketing is more than just creative campaigns; it’s about making informed decisions based on quantifiable metrics. These key performance indicators (KPIs) serve as beacons in the vast sea of marketing data. This section further explores seven crucial KPIs that can help with marketing success!

    1. Website traffic and user engagement metrics

    In the digital realm, a brand’s online presence is paramount — more so than ever. Website traffic acts as a foundational KPI, encompassing metrics such as page views, unique visitors and bounce rate.

    Beyond mere numbers, these metrics signify the extent of a campaign’s reach. But traffic alone isn’t enough; user engagement metrics like time on page and click-through rate (CTR) offer a deeper perspective. These KPIs reveal not only the quantity but the quality of interactions, allowing businesses to refine content strategies and enhance user experiences.

    2. Conversion rate and goal completions

    The ultimate goal of marketing is to convert potential customers into active ones. The conversion rate, a pivotal KPI, measures the percentage of visitors who take a desired action — a purchase, sign-up or download. In different industries, the average conversion rate for landing pages is around 2.35%. But the top 25% of performers achieve rates of 5.31% or higher. For optimal results, aiming for the top 10% is advisable, as these pages boast conversion rates of 11.45% or more.

    Paired with goal completions, which signal the successful attainment of predetermined objectives, these KPIs provide a holistic view of marketing effectiveness. They illuminate the alignment between strategies and outcomes, ensuring that campaigns resonate with target audiences and contribute to business objectives.

    3. Customer acquisition cost (CAC)

    Understanding the cost of acquiring a new customer is pivotal. Customer acquisition cost (CAC) quantifies the investment required for each new customer. A study by Invesp highlights that businesses are willing to spend five times more to acquire new customers than to retain existing ones.

    This KPI holds the key to evaluating the efficiency of marketing spending. Lowering CAC directly enhances return on investment (ROI) — a reduction in acquisition expenses translates to higher profitability. Strategies for optimizing CAC include refining targeting methods, improving conversion rates and nurturing leads more effectively.

    Related: What Is Good Data-Driven Marketing? Here Are 5 Examples of What Big Data Can Do.

    4. Customer lifetime value (CLV)

    Customer lifetime value (CLV) is a transformative KPI that gauges the potential value a customer brings throughout their engagement journey. Research suggests that companies with the strongest omnichannel customer engagement strategies retain an average of 89% of their customers. In essence, Customer Lifetime Value (CLV) is closely intertwined with omnichannel strategies in the realm of marketing.

    Effectively utilizing multiple channels to engage customers throughout their journey substantially contributes to long-term customer relationships. In this context, CLV becomes a vital metric that measures the potential value of a customer across these various engagement touchpoints.

    5. Return on advertising spend (ROAS)

    Return on advertising spend (ROAS) helps evaluate the effectiveness of advertising campaigns by comparing generated revenue to advertising expenditure. A high ROAS signifies optimal budget allocation and campaign efficiency. Conversely, a low ROAS prompts a reevaluation of advertising strategies, ensuring resources are channeled into campaigns that deliver substantial returns.

    6. Social media engagement and influence

    Engagement signifies the degree of user interaction with a brand’s content, measured by metrics like likes, comments, shares and clicks. It reflects your content’s resonance and the sense of community it fosters. On the other hand, influence goes beyond interaction, gauging a brand’s capacity to shape opinions and sway decisions, often propelled by collaborations with influencers. Combining these two can nurture customer loyalty and extend your brand’s impact beyond its immediate audience.

    7. Email marketing performance

    Email marketing remains an indispensable facet of digital communication, with compelling statistics underscoring its significance. Average open rates across industries hover around 38.49%, while click-through rates stand at approximately 2.91%, indicating the potency of well-crafted email campaigns to capture recipients’ attention and drive engagement.

    Effective email marketing strategies encompass personalized content, compelling subject lines and valuable offers, harnessing their potential to foster customer retention, lead nurturing and revenue growth.

    Data analytics and measurement tools

    Data analytics plays a pivotal role in capturing, interpreting and deriving insights from marketing data. Analytics empowers businesses to make informed decisions based on evidence rather than assumptions. This shift towards data-driven decision-making enhances marketing strategies by aligning them with customer preferences and behavior.

    Related: The Most Important Marketing Metric You’re Not Measuring

    Popular measurement tools for marketing ROI

    Several tools have gained popularity for their effectiveness in measuring marketing ROI. For example, Google Analytics offers comprehensive insights into website traffic, user behavior and conversion rates. Google Tag Manager simplifies the tracking and implementation of analytics tags. SEMrush aids competitive analysis, keyword research and SEO optimization. Hyros stands out for its advanced attribution modeling capabilities, offering a holistic view of customer journeys. Google Data Studio facilitates visualizing data and creating dynamic reports. These tools empower marketers to decipher performance, optimize strategies and enhance ROI by making informed data-driven decisions.

    In a landscape where marketing strategies can make or break a business, measuring ROI has emerged as an indispensable practice. The discussed KPIs provide a comprehensive framework for assessing marketing success and guiding decision-making. As marketing agencies and businesses continue to navigate the dynamic marketing ecosystem, embracing data-driven methodologies and measurement tools will be instrumental in achieving sustainable growth.

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    Alex Quin

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  • Why Business Owners Must Trust Data Over Opinions in Marketing | Entrepreneur

    Why Business Owners Must Trust Data Over Opinions in Marketing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to marketing any business, data never lies. However, it is easy to let our personal tastes and inner voices prevail, even if we do not have the data to back it up. The business owner’s opinions certainly have a place in devising their marketing plans, but they should never become an obstacle to success. And that is why I always use hard numbers to guide my marketing plans rather than gut feelings.

    Opinions are great, but facts are better

    Working with a variety of clients across the country, I see a variety of personality types, not only in the business owners themselves but in their businesses as well. I always want to respect my client’s input. After all, they know their business and clientele best. However, most of the entrepreneurs I encounter are looking for a noticeable improvement in their bottom line, and to make that happen, they must be willing to accept that they do not always know best when it comes to marketing.

    Often, the results the business owner perceives are not the whole picture. For example, they may believe that they are getting more “duds” than quality leads when in reality, the number of quality leads they are getting has increased month to month. This skewed perception may occur because negative experiences tend to leave a more lasting impression than positive ones do. The business owner may be overhearing snippets of conversations that lead them to believe that incoming leads are lower quality than what they would like, or their front-office staff may be talking more about the so-called “bad” leads than the good ones.

    It could also be that quality leads are coming in but are not converting because the staff has not been trained well on how to handle them correctly. Whatever the case may be, many business owners will make a blanket statement about the quality of leads they are getting based on incomplete information and then jump to the conclusion that the marketing is not working.

    Related: What Is Good Data-Driven Marketing? Here Are 5 Examples of What Big Data Can Do.

    Business owners like to have a say in how their marketing looks and feels, which is certainly acceptable and very much encouraged, especially at the beginning when I am getting to know them. However, there comes a point when the marketing professional needs to take the reins, and some business owners have a hard time relinquishing control. They would rather rely on their own feelings and tastes to determine whether a marketing campaign will work or not.

    They also fail to consider that their target audience may not think or react the same way they do — and that just because they find something appealing does not mean it will work from a marketing perspective. I see this often with highly technical services. The business owner, who is naturally an expert, wants to include a lot of industry-specific terminology in the marketing because that is what appeals to them as a professional. They do not realize that technical language will not resonate with their target audience, which consists of non-professionals who know little to nothing about their field.

    Why data matters

    Marketing is a science as much as an art. Especially today, with digital technology, there are countless ways to test ideas and track results. With modern technology, there really is no reason not to make marketing decisions based on data. In fact, I always test my ideas before implementing them on a large scale, because there have been times when I thought an image or an idea would be a hit, and it turned out to be a complete miss. Testing saves time and money and leads to more successful marketing strategies and happier clients.

    I also use best practices and tactics I know that work from experience and previous testing rather than going with my gut or basing decisions on what I like or dislike because I am not the target audience, so my personal opinions are mostly irrelevant. I gather as much data as possible before, during and after a campaign and use it to make future decisions for my clients. And while my clients’ feelings are always important to me, I find that numbers and revenue make a more compelling argument when deciding whether to discontinue a marketing strategy.

    Related: 3 Tips to Achieve Growth in 2023 Through Data-Driven Marketing Strategies

    Outsource the hard part

    A sole proprietor may not have the means to establish an internal marketing department for their business, let alone the time and energy to conduct testing for every marketing decision they make. Business owners are spread especially thin without also having to take on the added burden of creating, implementing and tracking their marketing campaigns. That is why outsourcing all marketing to a professional who not only knows how to do those things but also understands how to interpret the data on the back end is always a good strategy no matter what stage of growth your business is in. Unless you have a marketing degree, it is unlikely that your expertise and experience extends to understanding marketing metrics and testing. Relying on a reputable marketing professional saves valuable time, expense and a lot of stress.

    As a marketing professional, I appreciate my clients wanting to be actively involved in their marketing strategies, but I am also not afraid to hit them with some hard data when their personal opinions start to impede their success. The numbers will always tell the unvarnished truth, giving me and my client the ability to make better, more informed marketing decisions. The best and most rewarding scenario is when the client and the marketing agency understand each other’s roles and work together to make choices based on facts rather than feelings.

    Related: Remove the Guesswork From Growth With These 4 Marketing ROI Boosts

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    Jackie Cullen

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  • 3 Ways Leaders Can Use Data to Grow in Shrinking Economies | Entrepreneur

    3 Ways Leaders Can Use Data to Grow in Shrinking Economies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    According to the International Monetary Fund, advanced economies will see an especially pronounced growth slowdown, from 2.7% in 2022 to 1.3% in 2023. Tech leaders are facing economic headwinds, yet encounter continuous pressure to maintain aggressive revenue growth in an increasingly competitive global landscape, which begs the question: How do I shift from a strategy of growth at all costs to efficient, sustainable growth?

    Leaders need to find a way to make sense of this dynamic environment and use it to their advantage. But the growth tactics that worked yesterday will not get us through these unprecedented times.

    Related: How (and Why) You Need to Put Sustainability and Community Ahead of Fast Growth

    Against the odds

    As a CEO, you’re under a lot more scrutiny, so you need to have a way to make the best decisions while being able to provide logic.

    Changing economies are an opportunity to reevaluate decisions across the entire organization and find ways to increase throughput while doing more with less. Data-driven insights are how leaders navigate the rapidly changing market. They are how leaders lay down a foundation for long-term success, even in a down economy.

    I’ve worked as an executive through the dotcom bust, the tumultuous financial crisis of 2008, Covid-19 and whatever’s happening right now. Throughout these adverse economic conditions, here’s how objective data fuels growth strategies in even the most difficult of times.

    1. Find inefficiencies in your go-to-market engine

    Changing economies are an opportunity to reevaluate decisions across your entire organization and find ways to increase throughput. To hit the same revenue targets with fewer resources, you have to cut the waste out of your GTM engine, for example:

    • Misallocating resources to unproductive markets
    • Inequitable or incorrectly prioritized sales territories
    • Inefficient account scoring and targeting
    • Spray and pray sales and marketing campaigns

    Many companies are finding success by simplifying their strategy to survive the downturn. This means leveraging available technology to increase the amount of first-party data you have and using this information to make strategic, data-driven decisions. Data should be driving choices around the types of target customer accounts, industries and segments that teams focus on:

    • Where have you had the most success so far?
    • How can you use that information to predict future successes?
    • When are customers/prospects dropping off?
    • Are customers successful in using my product/service?
    • What are the factors contributing to churn?

    Related: 3 Tried-and-True Strategies to Help Marketers Navigate Turbulent Economic Conditions

    2. Use data to size your market and sell more effectively

    After looking inward, leaders must use data to look outward — to size markets, identify prospects, segment and score accounts and personalize the customer experience.

    Down economies are an opportunity to ask yourself:

    • Can you uncover more opportunities? Can you decrease customer acquisition cost (CAC)?
    • How are your territories aligned with our total addressable market(TAM), serviceable addressable market (SAM) and servicable obtainable market (SOM)?
    • How can I improve my territory planning and allocation to increase productivity and sales rep success/retention?
    • Have I identified all competitive displacement or complementary offering opportunities?
    • What can you do differently that hasn’t been tried yet?

    Using data to size your markets helps you produce more predictable, efficient outcomes and increase ROI from your campaigns and individual contributors. These choices will have an impact on your bottom line for years to come and are especially important in down economies.

    3. Aligning teams around data and goals

    Data isn’t one size fits all — leaders need to understand what types of data and how to use it depending on which department, product or strategy. At the same time, your teams need to be working together toward the same goals using the same data and terminology to drive decision-making, especially when facing difficult economic conditions.

    For leaders, shrinking economies are also an opportunity to reprioritize accounts, rethink marketing campaign targeting and align your sales and marketing efforts to drive alignment and efficiency — all powered by data-driven insights. Typically, leaders look immediately toward cost-cutting measures in a bear market, but it is also time to reassess this short-term strategy. A shrinking economy is a time to be proactive, to use capital to take advantage of a shifting ecosystem — particularly in the B2B tech sector, which has historically done well or rebuilt stronger from the rubble. But knowing where to deploy your capital is an important part of this equation. Leaders must leverage the below data-driven insights to capitalize on down economies and turn headwinds in their favor:

    • IT spend, tech installs, hardware and tech stack, buyer intent
    • Vendor market penetration to find threats, trends and well as competitive displacement and complementary offering opportunities
    • Untapped market potential by uncovering gaps and whitespace in your markets
    • Contract insights (who are an account’s providers, for how long, what are the account’s renewal timelines, and more)
    • Intent-to-buy signals
    • Spend analysis (how much an account spends broken down by technology category and providers)

    With market intelligence and technology intelligence, leaders can develop insight-driven strategies to optimize resource allocation based on revenue potential, accounts with adequate budgets and compatible technology stacks, find threats, trends and opportunities.

    Related: 3 Tips to Achieve Growth in 2023 Through Data-Driven Marketing Strategies

    Growing while others shrink

    “Past performance is not indicative of future results.” We’ve all seen this disclaimer before, and it’s true — what worked yesterday will not get us through these unprecedented times. But what if, as a leader, you could deliver predictability — even in the least predictable times, insights into IT spend, technology install, tech stack and other customizable criteria to identify opportunities for growth benefit everyone in an entire company, from department to department, use case to use case.

    It works, I’ve seen it. Even in this unpredictable economy, objective data has empowered not only my customers, but the entire industry.

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    Elizabeth Cholawsky

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  • Why Focusing on KPIs Too Much Can Backfire | Entrepreneur

    Why Focusing on KPIs Too Much Can Backfire | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Bureaucrats love their key performance indicators (KPIs) – metrics that presumably allow them to gauge the health of various business activities. And to be fair, they can be quite valuable as part of an overall strategy that prioritizes data analytics and data-driven decision-making.

    But listen. There’s a big problem with glorifying KPIs — or at least relying on them too much. And too many companies today are falling into this trap.

    The “right way” to see KPIs

    Okay, let’s be reasonable here. KPIs can be useful — and powerful for guiding an organization’s direction. When used properly, KPIs are objective, easy to interpret and measured with specific intent. These are truly reliable data points that can be used to empower decision-making.

    However, even in this hypothetical perfect scenario, it’s important for organizational leaders to use these metrics properly. You should never use a single metric to fuel your decision-making, and you shouldn’t use metrics alone to guide all of your visions for the future of the company.

    You can think of KPIs as being different types of food in a well-balanced diet, or as different assets with different strengths and weaknesses as part of your overall investment portfolio. They’re incredibly useful, but they’re only a portion of your strength in organizational decision-making.

    Related: How Key Performance Indicators Can Actually Kill Key Performance

    The KPI monsters we’ve created

    Why have we deviated from this vision? There are a few explanations worth exploring. Personally, I think it’s mostly about disproportionate evaluation. Collectively, we’ve come to see KPIs as being more powerful and informative than they actually are. That’s not to say that they’re not powerful or not informative; this is merely an assertion that we’ve overestimated and misinterpreted them. Let’s take a look at some of the specific ways this manifests.

    An exercise in vanity

    Vanity metrics are a prime example of how KPIs can be misused and misinterpreted. Put simply, vanity metrics are metrics that make you feel good about a specific outcome or strategy, without really providing information on how things are running.

    For example, follower count is a commonly tracked vanity metric in social media marketing. It does have some value, and it certainly feels good to see your follower count increase. But your number of followers has little to do with more measurably impactful things like follower engagement, brand awareness, conversions or revenue generated.

    Ambiguous meanings

    Sometimes KPIs carry ambiguous meanings. Let’s take a commonly used one in the customer service and customer experience world: net promoter score (NPS). Hypothetically, NPS helps you estimate consumer sentiment, and you measure it by asking people how likely they are to recommend your business to others. But sometimes, these answers have little to do with consumer sentiment. It’s nice to know that some of your customers would hypothetically recommend your business to others, but why would they do this? What’s driving them? And how likely are they to follow through on this?

    There are tough complexities to work out with almost any KPI; attempting to boil down large, complex topics into a single measurement is an exercise in futility.

    Misleading data

    You can use data to support just about any argument you want. For example, let’s say we’re using data to compare the effectiveness of different marketing strategies. There is one strategy that’s very challenging to pull off, but if you use it successfully, it’s incredibly powerful. If you want to make the argument that you should use this strategy, you can cherry-pick the best case studies and prove how powerful it can be. If you want to make the argument that you should not use this strategy, you can take a measurement of the average results and show that typically, this strategy isn’t worth using.

    In this way, data points can sometimes become crude tools with which we simply assert our previously formed opinions. In their best applications, KPIs should challenge us and force us to think critically.

    The almighty incremental change

    Embedded growth obligations (EGOs) drive countless companies forward, forcing them to grow, grow, grow. And on a smaller scale, organizations are sometimes held back by a focus on incremental change, shackled by the KPIs that guide them.

    Once you identify that a KPI is important, the organization becomes incentivized to keep pushing that KPI higher. The goal is usually to see a change of at least a few percentage points after each predefined time period. Obviously, incremental growth is a net positive in most cases, but sometimes, it’s better to take a short-term KPI loss in pursuit of a more fundamental, disruptive change that leads to better long-term results.

    In other words, obsession over incremental changes can limit the true potential of organizational development.

    Lack of actionability

    One final problem to note about KPIs is that they sometimes lack actionability, or a “so what” factor. It’s great that your organization is seeing higher CSAT, but what does that mean for the organization, how should it change your decision-making, and where do you go from here?

    None of this is meant to suggest that you should stop tracking KPIs or using them as part of your approach to organizational decision-making. But we need to get real about our obsessiveness and misuse of these sometimes-trivial and sometimes misleading data points.

    Let’s be better data analysts.

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    Anna Johansson

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  • How to Protect Yourself Through Data Security | Entrepreneur

    How to Protect Yourself Through Data Security | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Data masking is a security and data privacy technique that obscures or anonymizes specific data elements within a database, application, or file. Its primary purpose is to protect sensitive information, such as personally identifiable information, protected health information, and financial data, from unauthorized access.

    Related: 3 Reasons Why Privacy Matters to Your Business, Your Brand and Your Future

    Why is data security important in healthcare in particular? For one, healthcare organizations collect and store extremely sensitive patient information. In the wrong hands, it can be used for identity theft, fraud, and other malicious purposes. Its importance is only increasing, too: According to a report by the Ponemon Institute, 89% of healthcare organizations experienced cyberattacks — 43 on average — between 2021 and 2022.

    Effective data security precautions

    Healthcare organizations should implement comprehensive security measures, data privacy protocols, and risk management strategies to address these data security issues. This includes doing regular security risk assessments, implementing encryption and access controls, conducting regular training for employees, and ensuring compliance with data privacy regulations. By prioritizing data security, healthcare organizations can safeguard patient data and maintain trust with their patients.

    Protecting patient privacy with data masking

    Data masking is useful for resolving data security issues in healthcare. Essentially, data masking creates a duplicate of a database and replaces sensitive data with fictitious data that preserves the data’s structure and format. For instance, a financial institution may use data masking to safeguard its customers’ social security numbers or account numbers while enabling the testing and development of new applications with a production-like dataset. Credit card numbers, social security numbers, and names can all be masked to protect sensitive information without compromising the dataset’s integrity.

    Data masking is crucial when third-party vendors or offshore teams handle sensitive data:

    Companies can use it to ensure regulatory compliance without denying developers, analysts and testers the ability to work with real-time datasets. We all know by now that data privacy and security are necessary to protect sensitive information from unauthorized access, theft, or misuse. The consequences of failing to protect data can be severe; it could result easily in financial loss, legal liability, reputational damage, and loss of customer trust.

    Related: 3 Simple Ways to Be More Self-Aware as an Entrepreneur

    How to prevent security breaches in healthcare

    Data masking’s ability to reduce the risk of data breaches and theft by limiting access to sensitive information is arguably what makes it most useful.

    Even if an attacker gains unauthorized access to a masked dataset, the information is useless without the means to de-identify the data. Now that you know why data security is important in healthcare, follow these five steps to start using it:

    1. Identify sensitive data

    Begin by identifying your most sensitive data. Scan all available resources and implement appropriate security measures to protect the data. When you know what data is on your servers and equipment, you can better protect it with cutting-edge techniques. This could mean using data masking or encryption to safeguard sensitive information.

    2. Do your research

    It’s essential to stay informed about the latest security threats and trends by regularly reviewing industry news and participating in relevant training and conferences. This can help you stay ahead of potential vulnerabilities and emerging threats. By proactively staying in the know, you will maximize your data protection.

    3. Verify, don’t trust

    Implement strong access controls and permissions for your data to ensure that only authorized users can view or modify it. This can involve setting up multifactor authentication and limiting user access based on job function or seniority. Because zero-trust architecture is necessary to fully protect all business systems and data, it’s now standard across all government systems.

    4. Continuously audit your systems

    Security and data privacy is not a one-and-done deal. It requires constant vigilance. Regularly audit your systems and data to identify and address any vulnerabilities or weaknesses in your security protocols. This includes conducting security assessments, penetration testing, and vulnerability scans to identify and remediate security risks.

    5. Find the right solution

    When implementing data masking, it’s important to carefully evaluate and select a solution that meets your organization’s needs, budget, and compliance requirements.

    Consider factors such as ease of use, scalability, and data integrity when choosing a data masking tool. If the solution isn’t personalized to you, it could cause more problems than it resolves.

    6. Apply masking when copying data to lower environments

    Development and testing teams needing access to production-like data should leverage masking to ensure no sensitive data makes it into lower environments. This enables them to freely leverage that data without risking data breaches or compliance violations.

    Data masking is an important technique that protects sensitive data in various applications. It uses fake data to conceal real data from unauthorized users. When facing modern cyber threats, data masking is foundational to protecting your business data.

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    ReadWrite.com

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  • Beyond KPIs: How Finance Leaders Can Tell the Story of Profitability | Entrepreneur

    Beyond KPIs: How Finance Leaders Can Tell the Story of Profitability | Entrepreneur

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    As finance leaders are increasingly embraced as strategic figures within businesses large and small, the many hats worn by them continue to expand. And it makes sense. Financial leaders bring critical insights that can help your business grow and thrive.

    The newest development for these financial leaders is their role as “Chief Data Storytellers.” With increasing pressure to uncover trends and key performance indicators (KPIs), finance leaders need to convey the meaning of their data with storytelling prowess.

    But how can finance leaders begin using storytelling to convey the importance of data as well as their insights and strategies for the future? To find out, join us for a free webinar, Beyond KPIs: Finance Leaders Tell the Story of Profitability, presented by Oracle NetSuite and Entrepreneur.

    Kevin Galloway, a professional storyteller, actor, educator, and presenter will share his top advice for how financial leaders can advance their storytelling ability. He will be joined by business development expert and keynote speaker Terry Rice, who will lead this informative and insightful conversation.

    Attendees of this webinar will learn how to:

    • Become a key storyteller in your organization through purposeful and compelling data
    • Convey impactful insights to key stakeholders across departments and teams
    • Sell your ideas effectively and lead efficiently through a challenging economy
    • And more

    The Beyond KPIs: How Finance Leaders Can Tell the Story of Profitability webinar will take place live on Thursday July 27 at 12 p.m. ET | 9 a.m. PT.

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    Entrepreneur Events

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  • How to Harness Data for the Underserved Market | Entrepreneur

    How to Harness Data for the Underserved Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Simply knowing who’s included in our most underserved populations can be a challenge that makes public sector outreach nearly impossible. To overcome these obstacles and better serve consumers, we must first identify the underserved and their needs. Public agencies can use two powerful tools to help reach the most vulnerable: credit and alternative data.

    Defining underserved populations

    The first thing agencies must do is understand what an underserved population is. The Department of Health and Human Services (HHS) has a good definition specific to healthcare: individuals who have experienced healthcare disparities. Healthcare disparities can manifest due to a lack of available services, difficulty accessing care and limited knowledge about navigating the healthcare system or finding providers. Agencies looking to define underserved populations can adapt this definition to their specific fields.

    The Federal Reserve also has a good working definition: people who don’t have access to a bank. This lens is handy because a lack of access to essential banking functions is a significant barrier to receiving other public services. Without a bank account, options to cash checks are limited and often come with additional hurdles like stricter controls, timing requirements, increased fees and more. Those without a bank account also can’t receive direct-deposit benefits or savings interest rates that could help them get ahead. Identifying the unbanked or underbanked first is an excellent way to use data to find and reach more individuals likely underserved by public benefits.

    Research shows underserved populations regularly fit into specific demographic groups. These groups include the unemployed and elderly, veterans, disabled persons, those living below the poverty line and those residing in rural areas. Through a combination of factors, these groups are at the highest risk of needing government benefits while often participating in assistance programs at lower rates.

    Related: Leverage the Power of Data to Boost Your Sales — and Your Customer Connections

    Out-of-reach insights

    As it stands, government agencies could better understand who uses their services. A lack of comprehensive understanding is partly due to outdated privacy laws and red tape; until recently, government websites weren’t allowed to collect cookies on their visitors. Of course, there’s a fine line between privacy protection practices and using data to reach underserved populations better. Still, many government agencies can be more effective in using the data they have at their disposal. Crucial insights may remain out of reach for agencies that struggle to analyze the reams of data that can exist across systems.

    Public sector executives must meet this pervading problem with a viable solution. Veterans are one significantly underserved group — often because states don’t have access to a robust database covering their veteran populations. However, they’re only one of the groups often overlooked by public agencies. And while many agencies are getting better at using digital tools and data analytics, there’s still work to be done. Improving outreach is one way to close this gap, and we can do so through the judicious use of good data.

    Related: Using Data Analytics Will Transform Your Business. Here’s How.

    Data unlocks doors

    The private sector is good at leveraging data to identify and reach its customers. Most brands and companies know the demographic data of their typical consumers — and they’re experts at turning that knowledge into profits. Data can reveal where a company’s target market lives, how it responds to advertising and other key behaviors that better enable retailer outreach. Public sector agencies can operate in the same way.

    For example, take the bus system in Montgomery County, Maryland. The county’s Department of Transportation redesigned its bus system to introduce the Flash. That redesign happened because the agency looked at its proprietary data behind its typical user. Before the redesign, bus riders often had to make multiple transfers, adding inconvenience to their lives.

    The Montgomery County Department of Transportation (MCDOT) reviewed whom this problem impacted, the peak times it affected them, and how the city utilized the busing system. Then, it created new routes, resulting in significantly improved and efficient customer experiences. Innovations like these are precisely what other public sector agencies need to embrace to serve constituents more effectively.

    Related: Redefining Customer Engagement in a World Where Data Privacy Reigns

    Taking action

    Good data is essential to determine the best way to connect with consumers. But how exactly do busy public sector leaders begin implementing a more robust data analytics strategy? External data is readily available through many public sources. Companies like credit reporting agencies have access to a plethora of information on underserved populations. They can help pinpoint the most vulnerable audiences — who they are and what they need — to maximize the good a new outreach program can do.

    Internal usage data may also be key to determining the highest area of need. Public transit is an excellent example: Adding a bus route in an affluent suburb may not be as important as expanding or optimizing routes in a high-density metropolitan area because most suburban people have cars. Agencies will only discover information like this by leveraging data.

    Analytics are particularly valuable when they inform the best strategy to reach those in need. Not all methods work for all audiences; one group may be best reached via email, another may be more open to television ads, and yet another may be most receptive to telephonic outreach. Analytics can provide valuable insights that keep agencies from wasting resources on dead-ends or unnecessary services.

    Quality service begins with informed outreach

    Public services are intended to help the people who need them most. But to meet the mark, we must first know their needs. Improving the customer experience begins with a solid outreach strategy guided by both external and internal data and analytics.

    Modern tools can help us close the gap in need, enhancing the quality of life for the most vulnerable and elevating our society. Data is the engine powering the train toward that goal.

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    Scott Straub

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