Big data, AI, real-time, predictive or machine learning - when you look around in the field of BI and Analytics, one thing is obvious: Buzzwords are everywhere. And who can keep track? Of course, even though these technologies and concepts all actually exist, one often gets the impression that the naming of specific offers becomes more and more arbitrary.
The Commerce Reporting Standard Initiative has set itself the task of enabling brands and retail companies to build a data-driven organizational structure. After all, hardly any retail company has a clearly defined system of key figures on the basis of which a sustainable reporting and analytics infrastructure can be built and ultimately a data-driven work culture can be established – this empty space is exactly what the initiative with their partner Project A focuses on and wants to fill with a Commerce Reporting Standard.
In her talk at the TrendArena at this year's Internet World Expo, Anne Golombek, VP Marketing at minubo and initiator of the Commerce Reporting Standard Initiative, commented on why a data-driven organizational structure is an absolute must, especially in today's competitive environment within the retail industry. Her hypothesis: Good trade concepts can be successful even with Amazon in the picture – this applies not only to trade companies that compete directly with Amazon, but also to building a strong market position in general.
Watch her talk here and find out how exactly this might look like and what role the Commerce Reporting Standard plays in this process.
In a couple of weeks, we will start the implementation of the next generation of minubo’s data model – providing more clarity and completeness in regards to measure names than ever before.
The challenges for Commerce Intelligence have evolved rapidly in the past years. And so did the minubo data model. Now, we have modernized, streamlined and restructured the model to perfectly cover today's analytical challanges of online and omni-channel brands and retailers. At the same time we are able to make the user experience easier and more intuitive.
The term "data-driven work" is on everyone's lips. We are confronted with this issue from all sides and we have repeatedly drawn attention to the importance of this strategic orientation within an organization.
The importance of data for business success and company growth is now foremost in many people’s minds. But still, the entrepreneurial practice looks completely different: According to a study by McKinsey in 2016, very few companies profitably exploit the potential and value of their data – although the topic has been around for so long. This study has also shown that data and analytics change the fundamentals of competition in the commercial sector, and that they are essential for business success. And yet, data-driven work has so far only been performed by a few commerce organizations. How can this be if the understanding has already arrived at so many companies?
Yes, the new year has long been getting busy again, but still, we want to take a look at the previous year und share the major facts and numbers of 2016 with you. But we do not want to do this in the form of a traditional year-end reporting or packed in a simple blog post with incomprehensible numbers and diagrams. For our 2016 annual review, we’ve decided to use another form of presentation – we've combined all major facts and numbers within this infographic.
You can expect a great mixture of internal company information and data regarding the minubo customers. Thereby, questions will be answered like in which industries our customers operate and from which countries they come from. Furthermore, the infographic contains technical data regarding the minubo Analytics & Insights App and a glimpse behind the scenes of our company. But at the forefront we present the performance-based figures of the minubo customers – average growth rate, average mobile impact on revenue and the average campaign ROI.
But see for yourself!
One can now say with a clear conscience that decision-makers in commerce organizations know exactly how important their own data is: Only those who use their data correctly can manage their own commerce organization and reach their growth targets.
This is exactly what Business Intelligence does. The basis for this is a data warehouse, in which data from the systems used in the company are merged and modeled. However, as with many applications in the software industry, most commerce organizations also ask themselves: "Buy or do-it-yourself?"
Let's go back to the relationship between Google Analytics and minubo. In the first part of our blog series on this issue, we clarified that both solutions cannot be thrown together – Google Analytics is a pure web analytics tool while minubo, the Commerce Intelligence Suite, integrates all company data into a comprehensive omni-channel database and makes this data available to all company employees. These two solutions belong to very different categories, have different use cases and differ in their user groups (Google Analytics is primarily for the marketing department, minubo is used beyond this departmental boundary).
The basic delineation of these two solutions is therefore clear. In this article, we look at the technical boundaries of Google Analytics Free. This free web analytics solution presents the user with clear limits in the area of data processing.
Google itself offers as an alternative to this limited free solution with their paid premium tool Google Analytics Premium. But whether the purchase of this tool is worth about €150,000 a year and whether a combination of minubo and Google Analytics Free offers a higher added value will be clarified in this post.
A comment on Forian Heinemann's data warehouse podcast on digitalkompakt.de
Rarely have I been so impressed while listening to a podcast as I was with Florian Heinemann's performance on Digital Kompakt on Oct 21st 2016. Why? Quite simply: He speaks to me from the soul. For almost ten years, I've pestered people about how essential data-driven work is to the success of a company, both on a strategic and operational level – and I almost fear they cannot hear it. So it is extremely pleasing when another voice finds the same words! Because I can only agree with what Mr. Heinemann says, his main theses are summarized here, along with some comments from my personal perspective. In the “Here’s how this thesis is reflected in minubo” paragraphs, you also read how Heinemann's theses are reflected in our Commerce Intelligence Suite minubo. Have fun while reading!
Omni-Channel is not a buzzword. Not only has this year's dmexco shown that the great vision of a comprehensive channel experience is more and more a reality, but also, in our work with specific brands and retailers, this is becoming increasingly noticeable. And, in fact, omni-channel does not have to be as far away as it may seem to be for people. To illustrate this, we will show you in this article how companies can become, right now, real omni-channel organizations with tools like our freshly launched Single View Pages.
If you were walking over a gold mine that is buried somewhere deep under your feet—would you notice it? Probably not, because most likely you are not an expert. But wouldn’t it be great if someone would proactively point out the gold to you? Not only would it ensure that you do not leave it for the next lucky one, but also, this type of proactive information is much more efficient than digging blindly through thousands of square meters based on a vague gut feeling.