Close
 

Research Association New Zealand urges businesses to turn big data into smart data

  • Technology
  • February 16, 2017
  • Courtney Devereux
Research Association New Zealand urges businesses to turn big data into smart data
Tony Mitchell, Datamine Consultant and Key Speaker

Research Association New Zealand (RANZ) expressed the importance of businesses and corporations tuning their stored data into smart data to better market to customers at the RANZ first professional development seminar this week. We headed along to see what it was all about.

Tony Mitchell, consultant for Datamine New Zealand and host of the event, says businesses have an internal and external source of data, but it’s the way in which business use it that is important.

“Big data is painful unless you can turn it into smart data… Smart data helps to build the model based on customer purchases.”

The process of turning big data into smart data is useful for businesses that need to use their sources to properly market to customers on a more personal level.

“There is a gap in the marketplace to understand the client… Customers shift, they change. Data can ensure the correct way to connect with these customers,” says Mitchell.

The seminar, hosted at New Zealand Marine Centre, was a look into how changes in the marketplace are parallel to changes in global trends, and how organisations are using them to their advantage.

Robert Bree, CEO of RANZ stated that their goal is to providing inspiration in the fields of research, analytics and insights.

“Our aim is to develop and grow the information economy in New Zealand thus building our nation’s social and business economies.”

Mitchell stated that the trend of data is becoming more popular as businesses are given the opportunity to change their behavior. Yet some smaller independent retailers are reluctant to include themselves in the data hunt.

“There is a lot of fear when it comes to investing too much, but you don’t have to invest much, there are software and services out there to help.”

Larger corporations such as Fonterra, Air New Zealand and select insurance companies are some examples of corporations using their extensive customer data to target each individual based on user information.

“It's not about the tools they use, because technology is improving all the time. For me, the number one thing is how you tell a story using this data. How you set it up, how you share it and then how it affects the rest of the organisation,” says Mitchell.

Mitchell’s top advice for clients he deals with, is to create a single customer view through machine learning; the collection of a whole lot of information and the attributes it shows.

“This means [businesses] can target a specific message and figure out the behavior of a single customer using all the information they have in their system, both internal and external. It's about the data, but it's about the process you go through as a business to ensure you’ve got the right information.”

Those who know how to turn big data into smart data are called ‘data scientists’, and their expertise— in collecting the data and using it to answer questions—makes it a simple process.

The process of a data scientist profiling a business involves listening to a business, defining internal information and creating a diagram that shows relationships of every single system.

For businesses, the advice from Mitchells comes in four parts:

1)    Don’t stop learning

2)    Get your head around your data strategies

3)    Learn your catalyst projects

4)    Know that third parties need to know where they can fit and how they can help

Big corporations can largely benefit from turning their big data into smart data, but does the same work for smaller independent retailers with lesser storage? Mitchell states that no, size doesn’t matter, but the level of time to understand what’s capable is the only barrier.

​ ​

This is a community discussion forum. Comment is free but please respect our rules:

  1. Don’t be abusive or use sweary type words
  2. Don’t break the law: libel, slander and defamatory comments are forbidden
  3. Don’t resort to name-calling, mean-spiritedness, or slagging off
  4. Don’t pretend to be someone else.

If we find you doing these things, your comments will be edited without recourse and you may be asked to go away and reconsider your actions.
We respect the right to free speech and anonymous comments. Don’t abuse the privilege.

 

The Retail Hotlist: Blackbird Goods is 'Best provincial retailer'

  • News
  • August 15, 2018
  • Sarah Dunn
The Retail Hotlist: Blackbird Goods is 'Best provincial retailer'

Back in June, we celebrated retail's best and brightest with NZ Retail and The Register's first-ever awards: The Retail Hotlist. We've been sharing the stories behind the winners for a couple of months now. Read on for the last installment in the series: Blackbirds Goods of Napier, who won 'Best provincial retailer.'

Read more
 
 

Cocavo expands 4,000 stores further into the US

  • News
  • August 14, 2018
  • Courtney Devereux
Cocavo expands 4,000 stores further into the US

Whangarei founded company Cocavo has recently extended into over 4,000 Walmart stores in the US. We spoke to CEO of Cocavo, Chris Nathan, about what it takes to roll out the humble New Zealand product further into international markets.

Read more
 
 

The Retail Hotlist: 'Retail visionary' goes to GoodFor's James Denton

  • News
  • August 14, 2018
  • Sarah Dunn
The Retail Hotlist: 'Retail visionary' goes to GoodFor's James Denton

We've been sharing the stories behind each winner of our awards programme, The Retail Hotlist. We're nearly at the end of the list - but first, read how James Denton from packageless grocery start-up GoodFor was named 'Retail visionary'.

Read more
 
topics
Town centres
A positive retail environment over the past 12 ...
Amazon Arrival
Keeping up with all things Amazon as it ...
The Retail Yearbook 2017
As we battle our way through the busiest ...
Hospitality enhancing retail
Some think food and integrated hospitality offerings will ...
The future is bright
We spoke with four retailers in their twenties ...
Spotlight on signage
At first glance, the humble in-store sign might ...
Red Awards 2016
The Red Awards for retail interior design celebrate ...
How to open a store
Sarah Dunn considers what it would take to ...
Auckland Unitary Plan
Auckland is changing. The Unitary Plan will decide ...
Retail in heartland New Zealand
Retailers keep the regions pumping, but how strong ...
All things to all people
Kiwi retailers share their omnichannel strategies.
Rising stars
Retail's top young achievers.
Delivering on your promises
The sale isn't over until your item is ...
Sisterhood
Women in retail help one another. We spoke ...
The changing face of retail
Shifting demographics are creating big changes in New ...
The retail yearbook
With the help of experts in the retail ...
Retail rogues
We put the spotlight on staff training. Jai ...
Here come the giants
Topshop has arrived in Auckland’s CBD, David Jones ...
Loyalty in the digital age
How are retailers maintaining loyalty? Sarah Dunn, Elly ...
Window shopping: A spotlight on social media
Sarah Dunn and Elly Strang look at how ...
From retail to e-tail
Ecommerce has become part of the way mainstream ...
The Innovators | In partnership with Spark Business
Technology is rapidly changing the retail industry as ...
 

Menulog introduces people's choice to online restaurant awards

  • News
  • August 13, 2018
Menulog introduces people's choice to online restaurant awards

Technology has aimed to add convenience to all parts of life, food delivery included. As our nation's love for dining out and ordering in has meant food delivery providers have had to keep up with increasing demand. Menulog, for example, has included a new people’s choice vote in its winter Restaurant Awards.

Read more
 
 

The Retail Hotlist: Cecilia Robinson is 'Most influential in retail'

  • News
  • August 13, 2018
  • Sarah Dunn
The Retail Hotlist: Cecilia Robinson is 'Most influential in retail'

The Retail Hotlist is The Register and NZ Retail's awards programme. Following the launch in June, we're now sharing the stories behind our winners. This time, Cecilia Robinson, winner of 'Most influential in retail', talks My Food Bag, future predictions and management.

Read more
 

Vote and win: Vote for our cover in the People’s Choice awards

  • News
  • August 10, 2018
  • The Register team
Vote and win: Vote for our cover in the People’s Choice awards

The NZ Retail and The Register team is excited to announce that we’re one of 12 finalists to win the Magshop People’s Choice Awards for the best magazine cover of 2018. We need your help to get to the finish line, but your support won’t go unrewarded: there’s a prize pool for voters totalling more than $3,300.

Read more
 
Next page
Results for
Topics
Jobs
About us.

The Register provides essential industry news and intelligence, updated daily. And the digital newsletter delivers the latest news to your inbox twice a week — for free!

©2009–2015 Tangible Media. All rights reserved.
Use of this site constitutes acceptance of our Privacy policy.

Advertise
The Register

editor@theregister.co.nz

Content marketing/advertising? Email anita.hayhoe@icg.co.nz or call 022 639 3004

View Media Kit

}