Digital Data and the Future of Business

In a context in which the creation of digital records is increasing, investment in data analysis, technology and personnel becomes fundamental and essential to ensure the best possible performance in companies.

Tuesday, November 5, 2019

Advanced Analytics (AA), which can be executed from data from digital platforms, wireless sensors and millions of mobile phones, is transforming competition across multiple sectors by generating opportunities to capture value from improved decision making and comprehensive business transformation.

According to studies by McKinsey-Global Institute, the use of geolocation data combined with AA will allow companies to create added value, and only companies that enhance the use of these tools will be able to stay afloat in the future.

You may be interested in "Where are the consumers who spend the most?" reviews that "... The right investment in data, technology and human resources is vital to build the foundation of analysis. Successful data management is not about accumulating an ever-increasing volume of information, but about developing, consolidating and processing that which is relevant to improving decision making. This means defining a data strategy aligned with the business -in addition to changes in regulation-, and associated with a specific government and a tactical action plan that allows prioritizing work by sources or specific areas."

The article adds that for companies "... conquering the last mile implies incorporating Advanced Analytics for decision making and process improvement. And although the application of AA models is fundamental for translating data into learning, the greatest challenge for organizations is to transform these lessons into actions with impact."

In order to generate added value from the incorporation of the AA, the processes associated with the key decisions must be prioritized and rigorously applied, clear autonomy must be defined with the corresponding decision-making rights, and responsibilities must be established in the construction of the analytical bases.

CentralAmericaData has the most complete georeferenced information system, which allows the identification of consumer behavior patterns and preferences in any Central American market. We have detailed information on the number of people who pass through certain areas and their sociodemographic characteristics, such as sex, age, socioeconomic level and other relevant data such as interests and preferences. The tools provide information on the concentration of the population by age groups, fundamental data for making business decisions such as where to open a new point of sale, where to make a promotional activation, among others.

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