Innovation in the data age
A supermarket chain implements a loyalty program that captures spending patterns of its customers and rewards them with cheaper fuel and special offers.
A hospital uses patient feedback on its processes to reduce the average stay of patients.
An online resource improves learning levels of school students by creating games to enhance and encourage students’ learning experience.
Each of these is an example of how capturing data is a key driver for innovation, growth and prosperity.
Why collect data?
Collecting data from your business helps you make informed decisions where you may previously have relied on gut instinct. Then you can solve problems, be more efficient, invent new products – be innovative!
We live in a data-driven age. The power of computing and the internet allows us to analyse data, work smarter and plan for the future.
How to collect data without breaking the bank
The perception that you have to invest in technology to collect data is largely a myth.
You can use ‘little data’ techniques to gain insights into your customers and your business. Look at how an ice cream vendor may learn there is a warmer weather forecast and can increase staffing to target beaches and parks.
- Use the internet to research spending patterns and trends in your marketplace.
- Analyse your own store transactions to gain an insight into your products and how to use marketing research.
- Use cloud-based computing tools to access resources that analyse your data.
- Consider running a promotion that allows you to survey your customers and ways to improve your business.
- Develop a market research checklist to find out about economic and industry trends, customer needs, newly-released products and what your competitors are doing.
- Read through the data publications on the Office of the Chief Economist website for more on innovation in Australia.