Precisely what it means to be data-driven will naturally depend on what you want to achieve and to what extent. For us, it is often about creating effect in the form of advanced analyses and automation. At its most fundamental level, this is in the form of KPIs based on historical data, or at its most advanced, in the form of finding indicators within enormous data volumes which can give us an idea as to what is going to happen.
An oft-used term in this regard is prescriptive analytics. A form of analysis which is complex to implement and requires enormous data volumes in order to work. These huge data volumes are brought about by using as many factors as possible in the analysis. Today, prescriptive analytics is used for tasks such as determining the price of flights, for example. Flight prices are optimised based on day of the week, departure time, booking situation, weekends and holidays, currency exchange rates, fuel prices, competition, current events, time left to departure, loyalty programme, etc, etc. Performing these calculations manually and with regular optimisation quickly becomes unsustainable. But by using models such as automated prescriptive analyses, this approach becomes possible and, when performed correctly, very precise and hugely valuable.
We have developed a concept to securely collect data from various sources and to combine and visualise these data so they can serve as valuable insights. An excellent foundation to start from as you begin developing your capabilities for data-driven working.
Meet two of our experts who work on a daily basis to help our clients adopt data-driven ways of working.
Konrad, what do you do in your role as a performance analyst?
Simply put, my role is to act as the hub for all relevant data from several different source types. This might be the big digitisation trends happening globally and in Sweden, aggregated customer data and, of course, outcome data from the marketing activities we undertake together with our client. My job is to analyse, compile and pedagogically communicate key findings and recommendations out of all that.
Tell us a little more about the importance of measuring results. Why does it matter to our customers?
Measuring and following up on results are crucial activities in the data-driven approach we pursue. Without measurements, it is impossible for us to know the effect of our efforts and how we can improve. Test results are a crystal ball that we can use to see which pathways we should continue to follow and which ones we should leave behind.
How has your approach to reporting and measurement changed since you began working in this area?
Automation within both data collection and data visualisation has definitely become an increasingly more important and more powerful tool that I use in my role. Time that I previously spent compiling data can now be used to analyse and package insights instead.
Johan, tell us a little bit about your role at Digital Strategi and how you spend your days?
I am a Senior Data Scientist here at Digital Strategi. Within larger organisations there is often a tendency to distinguish between data science, data engineering, and reporting. It is not uncommon for these areas to fall under different departments, but my role at Digital Strategi gives me the opportunity to work broadly with all three.
Without a central data warehouse it can be difficult to make progress within reporting and analyses. My first year at the company largely revolved around building up our capacity to (1) consolidate, (2) report and (3) analyse data from our customers’ various different data sources. More concretely, this has meant creating a concept which is able to securely handle data consolidation, reporting, automation and data analysis. Digital Strategi’s Data Hub is a cloud-based and modular system, which means that we can offer our customers unique solutions to specific problems.
Alongside developing this system, I also work within the fields of automated competitor analytics and business intelligence.
What is your view on how we can help customers by measuring and visualising data and results?
If we are able to come in to a customer’s organisation with our newly developed concept for things such as attribution modelling and real-time data, then we will be able to elegantly solve a number of the problems that many of them are wrestling with today. By consolidating data from different external and internal data sources, and by automating formerly manual and time-consuming tasks, we can offer deeper insights compared to an alternative set-up where each data source gets reported separately. Kicking off from a lite version of the Self-Service BI concept, my recommendation is always to build as few reports as possible, but to make sure that those reports which do get built are so dynamic and user-friendly that they are able to easily answer a broad array of different questions.
Thanks to its newly developed technology, I would say that Digital Strategi is currently in a very strong position to collect, refine and report data to our customers.