By Tom Parker, CONTEXT
Everyone in the market research industry knows that we’re drowning in data. But the mere fact that there is lots of it, doesn’t necessarily mean it’s more useful than back in 2013 when there was only about 1/8th of today’s total available amount . The key is whether that data is A. ‘analysable’ (i.e. databased, processed, categorised and readily available), and B. analysed well.
At CONTEXT, we’ve been refining our process for 35 years to ensure that analysing the data (A) is second nature. However, the journey to the heady heights of B is a tougher one: there’s always a ‘better’ methodology around the corner with today’s exponential processing power and BI software sophistication. Data being analysed well is certainly subjective too, but many analysts will agree that there are at least some current best practices through which data can be presented to extract maximum value. For example, we all know that if you want to analyse vendor share over time, you use a 100% stacked column chart. Or if you want to see a simple quarterly trend of competitive average selling prices (ASPs), you’d likely use a line chart. Analytics tools that recommend those chart types as best practice have been around for many years.
But what if you want to extract real value out of your data? Modern BI software offers a broader range of options, and improved visualisations for ease of consumption. Of course, the pre-requisite is still that the data needs to be analysable, perhaps even more so than ever.
The CONTEXT BI platform – Value Chain Analytics (VCA) – allows us to analyse 3 metrics simultaneously. We can for example look at unit share growth, average selling price growth and revenue contribution across a whole year. In a different example where we look at for example leading market vendors in a particular market segment, we can analyse the sweet spots in terms of their most successful sales.
It turns out that finding the answer to a customer enquiry is not simply a requirement of the day-to-day anymore, but it is actually an informative journey of discovery and insight…. and modern BI software is a real joy to work with, rather than a fiddly inconvenience like those of the past!