Turning Data into Dollars (and no, I don’t mean by selling or exchanging it!)

<p>A basic overview of how you can leverage your data to improve your bottom line. Put Your Data to Work! Ultimately, you can make your data work for you through accurate and appropriate analyses. But what exactly does that entail? To get a complete picture of an organization’s performance, you need as much data, from as many different sources as possible. You also need to be sure you know what you&#8217;re looking for. Of course, this is all dependent on what you’re hoping to achieve. Don&#8217;t worry, there will most definitely be a blog post that will dive into all…</p>

<div data-elementor-type="wp-post" data-elementor-id="1379" class="elementor elementor-1379" data-elementor-post-type="blog"> <section class="elementor-section elementor-top-section elementor-element elementor-element-7e766dc elementor-section-boxed elementor-section-height-default elementor-section-height-default" data-id="7e766dc" data-element_type="section"> <div class="elementor-container elementor-column-gap-default"> <div class="elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-71dbf8a" data-id="71dbf8a" data-element_type="column"> <div class="elementor-widget-wrap elementor-element-populated"> <div class="elementor-element elementor-element-769102b elementor-widget elementor-widget-text-editor" data-id="769102b" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">A basic overview of how you can leverage your data to improve your bottom line.</span></p> </div> </div> <div class="elementor-element elementor-element-bf17eeb elementor-widget elementor-widget-image" data-id="bf17eeb" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <img decoding="async" src="https://cdn.datalakehouse.org/media/sites/3/Put-your-data-to-work.png" title="" alt="" loading="lazy" /> </div> </div> <div class="elementor-element elementor-element-77b6ba0 elementor-widget elementor-widget-spacer" data-id="77b6ba0" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-5fb9e03 elementor-widget elementor-widget-heading" data-id="5fb9e03" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">Put Your Data to Work!</h2> </div> </div> <div class="elementor-element elementor-element-a3d2a51 elementor-widget elementor-widget-text-editor" data-id="a3d2a51" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">Ultimately, you can make your data work for you through accurate and appropriate analyses. But what exactly does that entail? To get a complete picture of an organization’s performance, you need as much data, from as many different sources as possible. You also need to be sure you know what you&#8217;re looking for. Of course, this is all dependent on what you’re hoping to achieve. Don&#8217;t worry, there will most definitely be a blog post that will dive into all of that in the near future! </span></p> </div> </div> <div class="elementor-element elementor-element-09671ed elementor-widget elementor-widget-image" data-id="09671ed" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <a href="https://unsplash.com/photos/lRoX0shwjUQ" target="_blank" rel="noopener"> <img decoding="async" src="https://cdn.datalakehouse.org/media/sites/3/jan-antonin-kolar-lRoX0shwjUQ-unsplash-scaled.jpg" title="" alt="" loading="lazy" /> </a> </div> </div> <div class="elementor-element elementor-element-2fd79c2 elementor-widget elementor-widget-spacer" data-id="2fd79c2" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-5045847 elementor-widget elementor-widget-heading" data-id="5045847" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">Loads of Data​</h2> </div> </div> <div class="elementor-element elementor-element-f48fcb1 elementor-widget elementor-widget-text-editor" data-id="f48fcb1" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">Now, think about just how much data your organization is collecting. Not just externally, but internally as well. Most likely, there&#8217;s a massive amount of information you could be utilizing to make better business decisions. It’s also pretty likely that that data is </span><a href="https://www.cyfe.com/blog/siloed-data-is-a-destroyer/" target="_blank" rel="noopener"><span style="font-weight: 400;">siloed away</span></a><span style="font-weight: 400;"> to where it’s nearly impossible to get a comprehensive view of things. And on top of that, it may not even be accessible to everyone who needs it.</span></p> </div> </div> <div class="elementor-element elementor-element-664b00b elementor-widget elementor-widget-image" data-id="664b00b" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <a href="https://www.snowflake.com/" target="_blank" rel="noopener"> <img decoding="async" src="https://cdn.datalakehouse.org/media/sites/3/Snowflake.png" title="" alt="" loading="lazy" /> </a> </div> </div> <div class="elementor-element elementor-element-44f9fbb elementor-widget elementor-widget-spacer" data-id="44f9fbb" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-367a03f elementor-widget elementor-widget-heading" data-id="367a03f" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">A Solution</h2> </div> </div> <div class="elementor-element elementor-element-97f9fbc elementor-widget elementor-widget-text-editor" data-id="97f9fbc" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">This barrier can be alleviated by creating a single source of truth, which can be done by using a platform like </span><a href="https://trial.snowflake.com/?owner=SPN-PID-126628" target="_blank" rel="noopener"><span style="font-weight: 400;">Snowflake</span></a><span style="font-weight: 400;"> (there are others, but Snowflake is the best by far). Snowflake not only allows you to securely access all organizational data from one location, regardless of the sources, but within the </span><a href="https://www.snowflake.com/data-marketplace/" target="_blank" rel="noopener"><span style="font-weight: 400;">Data Marketplace</span></a><span style="font-weight: 400;">, you call pull in third-party data that enables even deeper insights. Plus, the platform allows data to be accessed by any department (of course, permissions can be fully customized) that needs to access it, simultaneously.  </span></p> </div> </div> <div class="elementor-element elementor-element-b537382 elementor-widget elementor-widget-image" data-id="b537382" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <a href="https://www.pexels.com/photo/fashion-people-woman-girl-6491797/" target="_blank" rel="noopener"> <img decoding="async" src="https://cdn.datalakehouse.org/media/sites/3/pexels-cottonbro-6491797-scaled.jpg" title="" alt="" loading="lazy" /> </a> </div> </div> <div class="elementor-element elementor-element-c672512 elementor-widget elementor-widget-spacer" data-id="c672512" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-c159628 elementor-widget elementor-widget-heading" data-id="c159628" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">Ok, So Now What? </h2> </div> </div> <div class="elementor-element elementor-element-96e0d72 elementor-widget elementor-widget-text-editor" data-id="96e0d72" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">With access to all of the information you need, you can analyze to determine what happened, why it happened, what’s likely to happen next, and what can be done to influence future outcomes. This is where an end-to-end business analytics platform like DataLakeHouse comes in handy (although I might be biased here, as I am with Snowflake, but I personally think the competitors really aren’t worth mentioning!). Once analyses have taken place, well informed business decisions can be made to improve operational efficiency, consumer </span><a href="https://www.tableau.com/learn/whitepapers/best-practices-analytics-business-intelligence-and-reporting" target="_blank" rel="noopener"><span style="font-weight: 400;">satisfaction and retention</span></a><span style="font-weight: 400;">, etc.</span></p> </div> </div> <div class="elementor-element elementor-element-e80c297 elementor-widget elementor-widget-image" data-id="e80c297" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <a href="https://www.pexels.com/photo/top-view-of-people-at-the-meeting-3184287/" target="_blank" rel="noopener"> <img decoding="async" src="https://cdn.datalakehouse.org/media/sites/3/pexels-fauxels-3184287-scaled.jpg" title="" alt="" loading="lazy" /> </a> </div> </div> <div class="elementor-element elementor-element-870a0bb elementor-widget elementor-widget-spacer" data-id="870a0bb" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-8b321ba elementor-widget elementor-widget-heading" data-id="8b321ba" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">Examples of Data-Guided Business Decisions </h2> </div> </div> <div class="elementor-element elementor-element-0931ba0 elementor-widget elementor-widget-text-editor" data-id="0931ba0" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">For example, data may indicate that consumers are spending more on certain products during particular time periods, like how bottled water sales typically increase just before inclimate weather. This information suggests that you may want to increase production right before hurricane season in specific areas. This is also known as “actionable intelligence.” Data can also signify shifts in consumers’ spending habits due to a variety of factors. Changes to the cultural climate, like increasing numbers of stay-at-home dads and working mothers, for instance, may lead to more men starting to do most of the household shopping than women and thus assuming the role of primary purchase decision maker. This information can be used to appropriately inform marketing decisions and achieve the desired outcomes. </span></p><p><span style="font-weight: 400;">A recent example we can all relate to is the great TP shortage of 2020 that we experienced as a result of the global COVID-19 pandemic. I’m sure the major fluctuations in that data (an </span><a href="https://www.businessinsider.com/why-toilet-paper-demand-spiked-845-how-companies-kept-up-2020-5" target="_blank" rel="noopener"><span style="font-weight: 400;">845% spike</span></a><span style="font-weight: 400;"> in demand to be precise!) greatly aided the toilet paper industry in their manufacturing and production decisions. Data also allows us to make personalized recommendations for consumers, which in turn, increases their satisfaction and helps turn them into brand advocates who end up organically extending marketing efforts. Additionally, we can target customers more accurately by observing data on them as well, which improves customer retention in the long run.</span></p> </div> </div> <div class="elementor-element elementor-element-4abb618 elementor-widget elementor-widget-image" data-id="4abb618" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <a href="https://www.pexels.com/photo/photo-of-fireworks-display-during-evening-3428289/" target="_blank" rel="noopener"> <img decoding="async" src="https://cdn.datalakehouse.org/media/sites/3/pexels-zichuan-han-3428289-scaled.jpg" title="" alt="" loading="lazy" /> </a> </div> </div> <div class="elementor-element elementor-element-3294905 elementor-widget elementor-widget-spacer" data-id="3294905" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-3f032bf elementor-widget elementor-widget-heading" data-id="3f032bf" data-element_type="widget" data-widget_type="heading.default"> <div class="elementor-widget-container"> <h2 class="elementor-heading-title elementor-size-default">This is Where the Magic Happens & Data Turns into Dollars! </h2> </div> </div> <div class="elementor-element elementor-element-baf3f16 elementor-widget elementor-widget-text-editor" data-id="baf3f16" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">I think you probably get the picture here. Increased efficiency ultimately equals less spending (or more spending on items and efforts that bring more value) and more revenue. Specifically in marketing, when you know who your target customers are, you can reach them much more effectively, therefore you waste less marketing spend and improve your return on ad spend (ROAS). And not to be too obvious here, but for most companies, happy customers tend to stick around longer and spend more money.  </span></p> </div> </div> <div class="elementor-element elementor-element-ecd4ce6 elementor-widget elementor-widget-spacer" data-id="ecd4ce6" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-62cb4dc elementor-widget elementor-widget-image" data-id="62cb4dc" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <a href="https://www.meetup.com/carolinas-snowflake-meetup-group/" target="_blank" rel="noopener"> <img decoding="async" src="https://cdn.datalakehouse.org/media/sites/3/SnowflakeMeetup-Logo.png" title="" alt="" loading="lazy" /> </a> </div> </div> <div class="elementor-element elementor-element-27494c2 elementor-widget elementor-widget-text-editor" data-id="27494c2" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">If you’re interested in finding out more about Snowflake you can join our Carolinas Snowflake Meetup Group (not just for Carolinians) by clicking here 👇</span></p> </div> </div> <div class="elementor-element elementor-element-079e58b elementor-button-info elementor-align-center elementor-widget elementor-widget-button" data-id="079e58b" data-element_type="widget" data-widget_type="button.default"> <div class="elementor-widget-container"> <div class="elementor-button-wrapper"> <a class="elementor-button elementor-button-link elementor-size-sm" href="https://www.meetup.com/carolinas-snowflake-meetup-group/" target="_blank" rel="noopener"> <span class="elementor-button-content-wrapper"> <span class="elementor-button-text">Join our Meetup Group</span> </span> </a> </div> </div> </div> <div class="elementor-element elementor-element-9d9008d elementor-widget elementor-widget-spacer" data-id="9d9008d" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> <div class="elementor-element elementor-element-dc684ec elementor-widget elementor-widget-image" data-id="dc684ec" data-element_type="widget" data-widget_type="image.default"> <div class="elementor-widget-container"> <a href="https://datalakehouse.org/" target="_blank" rel="noopener"> <img decoding="async" src="https://datalakehouse.io/blog/wp-content/uploads/sites/3/2020/04/datalakehouse_512x512.png" title="" alt="" loading="lazy" /> </a> </div> </div> <div class="elementor-element elementor-element-5ebef33 elementor-widget elementor-widget-text-editor" data-id="5ebef33" data-element_type="widget" data-widget_type="text-editor.default"> <div class="elementor-widget-container"> <p><span style="font-weight: 400;">And if you’d like to learn more about how DataLakeHouse can help you manage and analyze your data more effectively click the button below:</span></p> </div> </div> <div class="elementor-element elementor-element-0207a16 elementor-button-success elementor-align-center elementor-widget elementor-widget-button" data-id="0207a16" data-element_type="widget" data-widget_type="button.default"> <div class="elementor-widget-container"> <div class="elementor-button-wrapper"> <a class="elementor-button elementor-button-link elementor-size-sm" href="https://datalakehouse.org/" target="_blank" rel="noopener"> <span class="elementor-button-content-wrapper"> <span class="elementor-button-text">Learn More about DataLakeHouse</span> </span> </a> </div> </div> </div> <div class="elementor-element elementor-element-7800903 elementor-widget elementor-widget-spacer" data-id="7800903" data-element_type="widget" data-widget_type="spacer.default"> <div class="elementor-widget-container"> <div class="elementor-spacer"> <div class="elementor-spacer-inner"></div> </div> </div> </div> </div> </div> </div> </section> </div>