Many businesses already collect data that could be vital to their success. Unfortunately most data goes unused and unnoticed—in part because it is not easily and quickly read. It is therefore not surprising that only 9% of businesses review their online marketing performance in real time. With so much data at our disposal, it is imperative to use as much of it in real time as possible. In today’s hyper competitive environment leveraging live data can make a big difference.
Here at E.B. Lane we use a proprietary tool called Edison to analyze profits, margins, costs, product lines, customer segments and just about anything else our clients can fit into a database –including the Holy Grail of business metrics, marketing ROI. And we can monitor all of this in real time. The simple beauty of Edison is that it visualizes sheets of numbers. This visualization allows us to answer complex questions and arrive at actionable insights with greater force and clarity.
As an example, one of our clients has a set of products which are highly sensitive to a few uncontrollable variables. As we peered through the data visualizations we could quickly identify strong correlations between disparate data points. Once we confirmed that this was a causal and not correlated variable, we plotted sales against the variable and could quickly see the how the variable effected sales levels.
Armed with this knowledge we were able to ensure that our client’s media budget was optimized for maximum efficiency. And because this client streams us live data we are able to continually measure and observe this visualization for any changes or anomalies and continually optimize performance.
As our client can attest to, seeing data visualized in real-time can create a fantastic competitive advantage enabling businesses to act on insights quicker than its competitors.
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