Big data, Interoperable data, Temporal data, Spatial data, People data, Qualitative data, Quantitative data, Attribute data, Discrete data, and Continuous Data; If you are not doing it your world will end the Amazons of the worlds will devour you, run and hide!
I don’t think so!
I believe most SMB’s only care about one thing, Smart Data! If you don’t have smart data it’s all noise. Smart data is about how the data is interpreted and presented to users in easy to implement steps that make their processes better. It’s not about quantity and dimensions, it’s about presentation to the consumer of that data.
With that in mind it’s important to focus on providing SMB’s with actionable analytics that help them improve daily operations and better understand their customers. At retailcloud our focus is on providing the data in such a manner that it intuitively conveys source, context and perception. Our KPI application, ngauge and our TabPOS dashboard at a glance will allow the merchant to see how inventory segments are performing and how associates are engaging with customers.
Smart data is not limited to dashboards, our recommended items algorithms based that is used to increase units per transaction at the POS and also to drive traffic to the retailer’s ecommerce site using our premium receipts and our Stock Index which ranks top and bottom performers using an algorithm based on Stock days, GMROI, opportunity costs and other data points are examples of ways that smart data can be used to increase sales and optimize inventory levels.
It does not require a business owner to process data, the visualization of the data should convey a feeling of what requires additional investigation and then the retailer can drill down to review actionable analytics and in some cases some predictive modeling.
So as a consumer of the data, give me smart actionable data that can be visualized and recognizable and I’ll leave the big data as well as the binomial, nominal, and ordinal data for you.