Market information is often disorganized. It resides in silos, and is cumbersome, inconvenient and unfriendly to use. The discomfort that this creates, results in sub-optimal utilization of the information. Besides the opportunity cost, the time it consumes to browse and digest ineptly managed data is an ever increasing value drain.
To better organize market intelligence, system developers avail of the wide array of data processing and visualization tools that provide facilities for efficiently retrieving, analysing and reporting data. If these tools are effectively utilized, it should be feasible to manage and organize information in a manner that is user friendly, so that associates struggle less and gain more, and organizations pay less and derive far greater benefits.
As illustrated by this suite of interactive, online dashboards, information should be seamlessly integrated and presented in a manner that makes it easier to glean insights. Each dashboard should be designed to present the right combination of information to address particular business issues. For instance, brand health, advertising, promotion, product, trade or the market in general.
The solution, taken from the Destiny market simulator, is crafted so that marketers can take informed decisions quickly, without getting overwhelmed by the intricate backend that comprises well over 100 variables, across more than 10,000 combinations of dimensions. (Destiny is an experiential learning tool used in marketing workshops).
From the standpoint of system design, to ensure that time sensitive market information always remains current, rather than store data in a warehouse, it is preferable to pull the required information directly from a network of data sources. This is achieved by means of wrapper routines that extract the required information from the respective databases.
Market Intelligence and Data Visualization
Custom designed, interactive, automated, online dashboards that allow for the integration and visualization of market knowledge from diverse sources, in a manner that makes it easy to access and digest.
Consumer Analytics, Consumer Panels
Analysis of continuous individual/household level (customer level) behavioural data to address business issues.
Scan Track and Retail Analytics
Dashboards and analytic solutions for reading/analysing retail audit/scan track data; and techniques for analysis of continuous outlet level transaction and shopper data to address business issues.
Analytic techniques/dashboards for evaluating consumer promotions in terms of gains in volume value and profit; estimating discount price elasticity, price cross elasticity, decomposing sales, and applying due-to and what-if analysis.
Quantitative Research, Customer Satisfaction Research
Custom designed solutions for data processing and reporting with a working example of an interactive, automated online dashboard for Customer Satisfaction Research.
Ashok Charan, Associate Professor,
NUS Business School, National University of Singapore,