Home Forums Tech talk What are your challenges with data?

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  • #999836
    2codynow
    Member
    • Total posts: 5

    Hi everyone. I am Cody, a QLD data scientist, and this is my first post. I want to understand what are your challenges as a small business in collecting, storing and analysing data?

    I personally thank anyone who replies. I’m interested in seeing if there is a business opportunity for advanced analytics in this market.

    #1221546
    Paul – FS Concierge
    Moderator
    • Total posts: 3,117

    Hi And Welcome to Flying Solo [USER=116253]@2codynow[/USER] . It is great to have you!

    Thank you for joining our community and posting.

    Remember to check if people will pay for any data they need too! This has been a stumbling block for many.

    Cheers

    #1221547
    2codynow
    Member
    • Total posts: 5

    I also asked the question on Reddit and thought to share the responses here too:

    “I’d say a big gap in the businesses I work with is coming up with a database to house all their various data in one spot and also get ETLs going to sync it all up automatically”

    #1221548
    bb1
    Participant
    • Total posts: 4,472

    Maybe as a data scientist you could also tell us what you see the opportunities are for small business in collecting, storing and analysing data.

    #1221549
    2codynow
    Member
    • Total posts: 5

    Great idea, Bert. Some of the small businesses that I have talked to have a fantastic product, a loyal customer base and like any business they want to grow.

    These small business owners also wear many hats and are occupied by day-to-day business that takes priority over looking at new strategies. Their technology stacks are spread over many providers: Facebook, Xero, WordPress, Survey Monkey, etc and there is nothing that gives the full picture.

    Data science is broad. There is no one-fit solution. I think the vision would be in steps (1) to have all your data in one place and automate repetitive processes (2) leverage that data and extra time to gain insights on how to expand your customer base and (3) depending on your business look at advanced analytics.

    (3) has to be tailored to your business. For example, take a flower shop that retails online. One of your loyal customers, Sandy, purchases an arrangement with Lavender, White Roses and Baby’s Breath. Great! A few months later Sandy purchase another arrangement with Orchids, Roses and Lavender.

    With data science we can automatically learn that perhaps this customer likes Lavender and we can then personlise Sandy’s online retail experience to focus on arrangements with Lavender or recommend Lavender as an addition to her bouquet if it was missing. We could then measure the effect on sales and customer retention.

    Do you have a problem and want to know if data analytics can solve it?

    #1221550
    2codynow
    Member
    • Total posts: 5
    Paul – FS Concierge, post: 267626, member: 78928 wrote:
    Hi And Welcome to Flying Solo [USER=116253]@2codynow[/USER] . It is great to have you!

    Thank you for joining our community and posting.

    Remember to check if people will pay for any data they need too! This has been a stumbling block for many.

    Cheers
    Thanks Paul – I’ll remember that!

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