In this Member Workshop with Cubeler, gain knowledge on how to use market research and data analysis to make high-impact business decisions.
Event Information
Market research and data analysis are essential for any business today allowing them to better understand their clients, stay up-to-date with current market trends and put together informed strategic decisions that can lead to more success.
In this session, you will learn how to use data insights and market research to help you improve decision-making skills that can lead you to making high-impact decisions for your organization.
Key takeaways:
- Learning the basics of market research and data analysis: how to collect and analyze data, and how to interpret the results.
- Understanding customer needs and preferences: how to better understand your customers, their needs, preferences and behaviour.
- Identifying trends: how to use data to analyze movements in the market, emerging technologies and shifting market demands.
- Making informed choices: how you can increase profitability, reduce risks and improve performance through analytical and strategic decisions.
Workshop Video
Thank you for your interest in our event! The event has now passed, but we are pleased to share that the recording is available for you to review. Catch up on all the valuable insights and information shared during the event. We hope you find it informative and useful.
0:00foreign we will be getting started so uh hello
0:07my name is Kapil guy and I am a
0:13sorry about that um hello everyone my name is Kapil guy and I'm a senior manager of membership
0:19engagement at the Toronto trade today we will be hosting a workshop with our member cubular cubular Works to
0:26facilitate SME expansion by giving owners and Executives access to the collective power of their local and
0:33Global community Through the Kubler business Hub Hub TM smes have a
0:39dedicated space to make valuable connections grow their visibility gain powerful insights and obtain financing
0:45to expand their opportunity today Kubler will be hosting a workshop on making data-driven decisions a proven
0:53guide for success from the Kubler team today we have Erica who will be speaking with you all today and please note that today's session
0:59will be recorded I will pass it over to Erica and she will take you from there thank you
1:06I just want to make a payment for a specific account please which is not mine
1:14good morning everyone I have the phone number and the credit card that's it
1:19sorry about that I'm just gonna be uh sorry Erica I'm just gonna be please yes
1:259.3 7735
1:35all right I just want to make sure everyone can hear me uh so welcome good morning and
1:42thank you for joining us today uh Kapil thank you so much for the introduction
1:48um as he mentioned I'm Erica hild I am a channel partner manager at the Keebler
1:53business app um I'm just first and foremost wanted to also thank the Toronto Regional Board of
1:59Trade and Capel as well to help organize the presentation of this webinar um I'm quite excited to have you guys
2:06all join me I hope I'm able to provide you guys with some great content I'd
2:11also like to thank our team here at the Keeler business Hub um we work closely together across
2:18various departments and I'm thankful that everyone was able to entrust me with opportunity to present all of this
2:24information to you guys um I'll do my best to keep it as interesting and engaging as possible but
2:31I believe the content speak for itself um we'll have various parts throughout the day including a little bit of a
2:37break with a video presentation because I know sometimes it's nice to kind of shake things up and have a different way of things being presented so I hope that
2:45I can reach everyone on the various ways of learning and we'll also have a q a session at the end
2:51uh Kapil will be helping me with this so I would ask as you have questions arise if you could put it in the chat and then
2:57once we get to that section I'll do my best to answer all of them either in real time or get back to you immediately
3:03in the week or next week with answers or not so without further Ado I'm just going to
3:12stop sharing my videos so we can all focus on the presentation and take you through data-driven decision making
3:32so once again Welcome to our webinar on making data-driven decisions approving guide for success
3:38in this age of abundance information even small and medium-sized businesses can benefit tremendously from leveraging
3:45data to drive their growth and success we recognized that in today's rapidly evolving digital landscape it's not just
3:52large corporations that can benefit from powerful Data Insights smes like yours play a vital role in our
3:58economy and can Thrive by leveraging data to make accurate and informed decisions today we'll focus on the
4:04essential principles of effective data-driven decision-making our goal is to empower you with
4:10knowledge tools and confidence you need to harness the power of data thank you
4:15for joining us online and now let's unlock the true potential data for your flourishing business
4:24today we'll explore the ins and outs of data-driven decision making highlight its benefits delve into the best
4:31practices examine real-life cases and identify pitfalls you should avoid
4:37by the time we wrap up and engage in our q a session you'll be equipped with valuable insights empowering you to make
4:43more informed decisions and drive the success of your business let's begin
4:52in today's increasingly competitive landscape utilizing data-driven decision making is non-negotiable for ongoing
5:00success in other words it's critical to your business data-driven decision making often
5:07abbreviated to dddm is a systematic approach that focuses on using data to
5:13analyze inform and support the decision-making process in your business by embracing this methodology you can
5:20one gain a deeper understanding of your business operations and customer needs
5:26two identify Trends and patterns that help you make smarter more strategic
5:31decisions and three address potential issues and seize emerging opportunities more
5:37effectively implementing this approach can help your business stay ahead of the curve
5:42continuously evolving and adapting to new challenges and demands
5:47data-driven decision making as a result is a crucial tool for your business it can help you achieve better results
5:54and drive growth
6:00so what's data-driven decision making exactly to answer this question let's
6:06look at data-driven decision making versus intuition driven decision making
6:12first let's define data-driven decision making as an approach for decisions are based on facts evidence and Analysis
6:21this method prioritizes risk informed and directed decision strategies emphasizing the importance of calculated
6:28choices in contrast intuition-driven decision-making relies on gut feelings
6:34best guesses in previous experiences this approach is inheritively risky as
6:41it often leads to corrective decisions made after the fact without a strong Foundation of evidence
6:46to support them it's important to know that both methods draw an experience
6:52yet data-driven decision-making set itself apart by testing choices and incorporating factual evidence
7:00this key difference makes data-driven decision-making far more grounded and reliable as it moves Beyond speculation
7:09adopting data-driven decision making can lead to increased accuracy more informed
7:15decisions and reduced risk ultimately proving to be more strategic and
7:20objective approach to problem solving
7:28why do you need to make data-driven decisions for starters because we live in a world where the sheer volume of
7:35information at our fingertips grows every passing moment leveraging data to make important
7:42business decisions has many benefits when we make data-driven decisions we
7:47significantly improve decision making accuracy our choices are backed by concrete trends patterns and evidence
7:55leading to well-informed strategic steps to achieve our goals moreover data-driven decisions enhance
8:03efficiency and productivity instead of relying on guesswork or
8:09intuition we can focus our efforts directly where they matter the most leading to a more productive and
8:16streamlined Workforce that's not all by tapping into insights that data
8:22provides we can identify potential risks and manage costs more effectively
8:28this proactive approach minimizes waste ensuring resources are allocated optimally and enabling us to navigate
8:36challenging Landscapes with confidence and let's not forget the impact of our
8:41customer satisfaction when we use data to better understand customer needs and preferences we can
8:48share our products and services more closely to what they truly value the result is a customer-centric
8:54approach that Fosters loyalty and sets the stage for long-term growth
9:01ultimately embracing the use of data and our decision-making process yields a competitive advantage that's occurs a
9:09successful and prosperous future
9:16so quickly we'll just take a look at two big businesses that I believe everyone is quite familiar with both Amazon and
9:25Netflix so they do leverage their data quite effectively to ensure that they
9:31customize an approach to each customer there's various things that they track
9:36and how they use it so I do invite you to take a quick and in-depth look at our
9:41wonderful animations here or Graphics that do great Justice to how they use
9:46their data so essentially big companies have been using data for years to gain a
9:52Competitive Edge with more readily accessible data analytic tools now on the market the playing field is leveling
10:00off and smes are getting into the game big companies like Netflix and Amazon use Big Data effectively by collecting
10:07analyzing and interpreting vast amounts of data to gain insights into customer Behavior preferences and trends
10:16big companies use this information to personalize recommendations and create targeted marketing campaigns resulting
10:23in improved customer experiences and increased sales additionally
10:30they use data to optimize operations such as improving Supply Chain management and enhancing product
10:36development the lesson here by leveraging Big Data big companies
10:42have been able to stay ahead of the competition and Achieve remarkable success in their respective Industries
10:48now it's your turn
10:56to effectively Implement data driven decision making it's important to follow
11:01certain best practices here we'll quickly go over each one and
11:07then we'll dial in much more in depth to each one in subsequent slides so one Define goals
11:15defining clear and measurable goals is the first step goals should be specific
11:21measurable achievable relevant and time-bound or if you love a good
11:27abbreviation smart two choose metrics
11:32choosing the right metrics is critical metrics should be aligned with the defined goals relevant to the business
11:39and easily measurable three gather data
11:44once the goals and metrics have been established data should be gathered from relevant sources this can include
11:51internal and external sources such as surveys customer feedback sales data and
11:57Industry reports four analyze your data the data sheet then be analyzed to gain
12:03insights into the business performance various analytical methods can be used
12:09such as regression analysis correlation analysis and Trend analysis
12:15facts visualize data visualizing the data can make it easier to understand
12:21and interpret graphs charts and other visualization tools can be used to
12:26present the data in a clear and concise manner six
12:31decisions based on the analysis and visualization of the data decisions can be made to
12:38improve the business performance these decisions should be data driven and aligned with the defined goals
12:45and lastly lucky number seven present data finally the results of the data-driven
12:52decision-making process should be presented to stakeholders and other decision makers in the clear and concise
12:58manner this can include visualizations reports and presentations
13:05now we'll go into each step in a little more detail
13:12defining your goals is a crucial step in achieving success in any business venture
13:19here we will explore the best practices for defining your goals the first step in defining your goals is
13:26to clearly Define the problem or question you're trying to answer this will help you stay focused on the
13:32end goal and ensure that you are not sidetracked by irrelevant information
13:38next identify the key goals you want to achieve these goals should be specific
13:44measurable achievable relevant and time-bound once again one of my
13:50favorites smart this will help you stay on track and ensure that you're making progress
13:56towards your overall objective it is important to ensure that your goals are aligned with your overall
14:02business strategy this will help you stay focused on the big picture and ensure that you're
14:08moving in the right direction for example if your business strategy is
14:13to increase Revenue by 20 your goal might be to increase sales by 15 and reduce costs by five
14:22which we all know your CFO will love this will ensure that you're aligned
14:27with your business strategy and focused on achieving your overall objective by clearly defining the problem or
14:34question identifying key goals and aligning those goals with your overall business
14:40strategy you can ensure that you're making progress towards your objectives and achieving success
14:51choosing the right metrics is critical to ensure that you are measuring the right things in your business
14:57here we'll discuss the best practices for choosing the right mattress
15:03the first step in choosing the right metrics is to ensure that they are aligned with your goals
15:09this will help you to measure progress towards achieving your objectives and ensure that you're on track
15:15the metrics you choose should be measurable and actionable this will help you make data-driven
15:22decisions that will have real impact on your business if the metrics are not measurable or
15:28actionable you will not be able to make meaningful changes to your business
15:34then emetrics don't provide meaningful insights into your business for example social media likes or page
15:41views might be impressive numbers but they don't necessarily translate into real business success
15:48avoiding vanity metrics will help you focus on metrics that truly matter to your business
15:54for example if your goal is to increase customer retention you might choose metrics such
16:01as customer lifetime value churn rate or repeat purchase rate
16:06these metrics are measurable and actionable and will provide meaningful insights into your progress towards
16:13achieving your goal by aligning your metrics with your goals ensuring they are measurable and
16:21actionable and avoiding vanity metrics you can make data-driven decisions that
16:26will have a real impact on your business success questions
16:34Gathering data from reliable sources is critical to ensuring that the insights
16:39you gain from your data are accurate and reliable here we will discuss the best
16:45practices for Gathering data from reliable sources
16:51the first step in gathering reliable data is to use trustworthy data sources
16:57these sources can include your own internal data data from third-party
17:02products or public data sources
17:10it's important to make sure that the data you use is reputable and trustworthy to ensure actors
17:16using a variety of data sources can help you gain more insight into your business
17:21and customers by combining internal data with external data sources you can get a more complete
17:28picture of your business and customers this can include data from social media
17:34customer surveys or industry reports ensuring that your data is up to date
17:41and relevant to your goals is critical to making informed decisions outdated data can lead to inaccurate
17:48insights while irrelevant data can lead to wasted time and resources
17:53make sure you are regularly updating your data sources and that they're aligned with your current business goals
17:59for example if you're a retail business looking to improve your customer experience you might use data from
18:06customer feedback surveys social media sentiment analysis and point of sale data to be insight into
18:13your customers needs and preferences by combining these data sources you can
18:20get a more complete picture of your customers experience by using trustworthy data sources a
18:26variety of data sources and ensuring that your data is up to date and relevant you can make data-driven
18:32decisions that will have a real impact on your business success
18:46analyzing the data is a crucial step in the data-driven decision-making process
18:52here we'll discuss the best practices for analyzing data to uncover patterns
18:58Trends and insights that can inform strategic decision making
19:04statistical analysis is a powerful tool for identifying patterns Trends and
19:09insights in your data techniques such as regression analysis correlation analysis and hypothesis
19:18testing can help you understand the relationships between variables and make
19:23informed decisions based on the data data modeling is another technique that
19:28can help you create predictive models and identify causal relationships in
19:33your data by building models based on historical data You can predict future outcomes and
19:41make decisions that are grounded machine learning is a subset of
19:46artificial intelligence that can be used to automate the analysis process and uncover new insights in your data
19:54techniques such as clustering classification and regression can help
19:59you to identify patterns that might be difficult or impossible to detect with traditional statistical analysis
20:07for example a healthcare provider might use machine learn to analyze patient
20:12data to identify risk factors for certain conditions by using machine learning algorithms
20:19they can automate the analysis process and uncover new insights that might have
20:24been missed with traditional statistical analysis by using statistical analysis data
20:31normally and machine learning you can achieve better outcomes and gain a competitive advantage in your industry
20:44visualizing data is a crucial step in the data-driven decision-making process
20:50here we will discuss the best practices for visualizing data to communicate
20:55insights in a clear and compelling way data visualization is a powerful tool
21:02for communicating insights in a clear and compelling way by presenting data in a visual format
21:09you can help decision makers understand complex data and make informed decisions
21:15choosing the right visualization is crucial to support your goals and insights
21:21different types of visualizations such as bar charts line charts and Scatter
21:27Plots are better suited for different types of data and insights choose the visualization that best
21:33supports your message interactive visualizations can take data
21:39communication to the next level by allowing users to interact with data you can provide a more engaging and
21:46immersive experience interactive visualizations can also help users to explore the data and gain
21:53deeper insights for example a retail company might use a
22:00heat map to visualize sales data the heat map would show the geographic distribution of sales and highlight
22:07areas with the height sales this would help decision makers to identify opportunities for expansion and
22:15improve their overall sales strategy by presenting data in visual format you
22:21can help decision makers understand complex data and make informed decisions to drive business success
22:35making data-driven decisions is crucial to achieve success and remaining
22:40competitive in today's business environment here we'll discuss the best practices
22:46for making data-driven decisions to make data-driven decisions companies
22:52must use analytics to inform and support their decision-making processes
22:57by analyzing data companies can identify patterns Trends and insights that help
23:04make them better decisions remember that data-driven decisions require a combination of data analysis
23:13visualization and communication by presenting data in a clear and
23:19compelling way companies can help decision makers understand the complex data and make informed decisions
23:26by using data to inform decision making companies can reduce costs increase
23:32efficiency and improve their overall performance data-driven decisions also help
23:39companies to stay competitive in a rapidly changing business environment
23:47for example a Healthcare Company might use data-driven decision making to improve
23:53patient outcomes by analyzing patient data the company could identify Trends and patterns that
24:01help them develop better treatment plans and improve patient outcomes
24:11in today's data-driven world presenting data effectively is critical to delivering impactful insights and
24:18driving meaningful change to do this we must use storytelling techniques to create compelling
24:24narratives that resonate with your audience by crafting the story around your daddy
24:29we can turn it into a powerful tool that captivates and motivates our stakeholders to further enhance the
24:36effectiveness of our data presentation we need to use visual aids to convey complex information in an easily
24:44digestible format visuals such as graphs charts and diagrams help to bring data to life and
24:51provide a clear picture of our insights they enable us to communicate our things
24:57more efficiently making it easier for our audience to understand and act on the information presented
25:05it's also essential to tailor our message to our audience and news language that is appropriate for their
25:10level of understanding our goal here is to make the data accessible and meaningful which requires
25:18us to present it in a way that resonates with our stakeholders this means that we need to understand
25:23their needs preferences and level of expertise to deliver insights that drive
25:29impact by doing this we can turn data into a powerful tool that drives meaningful
25:36change and helps us achieve our goals
25:46what's getting between you and data-driven decision making if your company is like many smes out
25:53there there are several obstacles that prevent you from taking full advantage of data-driven decision making
25:59obstacles that you need to overcome now to survive in our digital first world
26:06first lack of resources many smes may not have the necessary
26:11resources Financial technological or human to collect
26:17analyze and interpret the data next lack of expertise
26:24smes may not have the necessary expertise or knowledge to effectively
26:29analyze and interpret data this can include technical skills in data
26:34analysis and data management as well as knowledge of statistical and mathematical methods
26:41third perception of data is unnecessary
26:47some smes may not see the value in collecting and analyzing data and may
26:52instead rely on their own Intuition or experience to make decisions for
26:59fear of data complexity the complexity of data analysis and management can be overwhelming for smes
27:07especially if they're not familiar with data analytical tools and techniques
27:14lack of data literacy even if smes have access to data and
27:20analytic tools employees May lack the necessary data literacy skills to understand and interpret the results
27:27last which is also quite been quite a recurring theme this past year is a
27:34privacy and security concerns smes may be hesitant to collect and
27:39store sensitive data due to concerns about privacy and security
27:45overall the key to successfully leveraging data for decision making in smes is to overcome these challenges by
27:53providing the necessary resource expertise and training to build a
27:59culture of data-driven decision-making that's where the Keebler business hub
28:12the Kubler business Hub offers you the easiest way to use big data in a big way
28:17getting you started with leading ai-powered business insights analytics
28:22advertising networking and financing Solutions the Keebler business lab was created
28:28based on the fundamental belief that data Ai and analytics will increasingly
28:34be used to automate various aspects of B2B transactions and how businesses
28:40generally interact and connect with each other this platform will offer its members access to four key pillars to be
28:47launched in phases all leveraging Ai and analytics to help smes pre-qualify for
28:53loans and credit based on lenders criteria promote their products and services
28:59access Market intelligence reports and insights and make meaningful business connections
29:15nesme can join us the rules are very simple all services provided by the Kubler
29:21business Hub are free to SME members the only condition is to share your
29:26financial data via your accounting software anonymized no personal information no employees information no
29:35customer information just basic financial data updated
29:40enabling AI to work from relevant data the more data you share the more surveys
29:46you do the more Kubler points you get enabling you to access our services
29:51reports and expand your business and knowledges
30:02so here I'll just quickly reintroduce you all to our four pillars I'll also
30:08quickly Share my video to get a little bit of human interaction um again I know uh we're about halfway
30:16through the presentation and I know sometimes it can be a little difficult to just keep looking at slides so I
30:21wanted to once again show you my face uh I'm Erica I'm here to help in any way
30:27that I can we do have four pillars the first one did launch this past November
30:32which is for financing which is pre-qualified credit offers from leading
30:38financial institutions matched with your business based on AI and analytics it's
30:43quite fun um the best way I've always described it is if uh Bumble and a pre-approved
30:49mortgage had uh brainchild so I do encourage all of you to check it out it's quite great the next ones that will
30:57be launched in phases are Keebler advertising where instead of using
31:02marketing dollars you would be using Kubler points through the system that you earned by signing up and interacting
31:09in the platform here you can make targeted campaigns to any specific industry or service or anything you want
31:16to share within the BTD community the Kibler networking pillar which is
31:21going to be a great place to meet other businesses see if you can grow together or exchange services
31:28and last but not least cubler insights which is going to be the most exciting pillar in my opinion at combining the
31:34power of AI data and insights so you can run reports to see how your business is doing and make great decisions on those
31:43aspects as SME owners and managers you're well
31:49aware of the harsh reality that surrounds you the business landscape is fiercely competitive and the odds are stacked
31:56against you accordingly to today's statistics the Staggering 30 percent of smes will not
32:03survive past their two-year mark a shocking 50 percent will be gone after
32:08just five years plus the average lifespan of an SME is a
32:13mere four years these numbers are daunting and it's clear that you need to act fast and make
32:19informed decisions that are backed by data to thrive in today's business environment
32:26you don't want to be a statistic start taking full advantage of big data now
32:31this will ultimately help you grow your company in the short and long term
32:37when it comes to embracing the role of down your business time is of the essence
32:46now quite honestly it's time to get my to my favorite part of the presentation to get you started let's delve into real
32:55world examples of how data-driven decision making is revolutionizing the way smes operate compete and thrive in
33:03today's Dynamic business landscape let's uncover the Practical applications of data driven decision making and
33:10unlock its potential for your business
33:18driving growth let's say there's a small Tech startup that has developed a new software
33:26product the business has a solid user base and is generating Revenue
33:31but the owner wants to expand the product and scale the business
33:37the startup owner would first analyze their revenue streams user engagement
33:42and growth potential to determine the company's financing needs and capabilities
33:49this may involve collecting data on customer acquisition costs
33:54lifetime customer value retention rates and Market size and competition among
34:02other factors Nest the owner would gather data on
34:07different financing options such as loans venture capital and crowdfunding
34:13they would compare the benefits and drawbacks of each option considering factors such as control Equity interest
34:21rates repayment terms and Associated fees or obligations
34:27based on this analysis the owner can make informed decisions about which
34:32financing option is best for their business for example they may determine that a
34:38loan is a better option for their business as it would allow them to maintain control and Equity while still
34:45assessing the necessary capital alternatively they may discover that
34:50they have high growth potential and would benefit from Venture Capital financing to scale the business quickly
34:56the startup owner would also need to consider the risks associated with each
35:02financing option and how they could impact the long-term growth and success of the business
35:08for example Venture Capital financing may require the startup to give up a
35:15significant portion of equity which could impact the founders control and decision-making abilities on the other
35:22hand taking on too much debt could put the business at risk if they're unable to
35:27make Timely repayments by using data to make informed financing
35:33decisions the startup can drive their growth and success while minimizing
35:38Financial risks this approach can also help the owner build credibility and trust with
35:44investors lenders and other stakeholders contributing to its long-term growth and
35:50success
35:56cutting costs let's say there's a small consulting firm that provides services to clients
36:04the business owner wants to reduce costs to increase profitability and competitiveness
36:11based on this data this business owner can one identify areas where they can reduce
36:18operational costs by replacing expensive technology tools with cheaper
36:24alternatives the consulting firm could use data to
36:29analyze their technological expenses and identify which tools are costing the
36:35most money they could then research and compare cheaper alternatives to see if they can
36:42achieve the same quality of work at a lower cost by making this switch the firm could
36:48reduce their operational costs and increase profit margins
36:57renegotiate the rent for their office space based on industry benchmarks to reduce rental costs
37:04by collecting data on industry benchmarks for office space rentals the
37:09consulting firm can compare their rental costs to what their competitors are paying
37:19they could then research and compare cheaper alternatives to see if they can achieve the same quality of work at
37:26lower cost if they find that they're paying more
37:32than they should be they can use this data to negotiate a lower rental rate with their landlord
37:39thank you use industry benchmarks and best practices to optimize their
37:44operational efficiency and improve cost management by researching industry benchmarks and
37:50best practices the consulting firm can identify areas where they can improve
37:56their operational efficiency and reduce costs for example they may find that their employees are
38:02spending too much time on administrative tasks that could be automated or that they could be using more
38:09cost-effective marketing strategies to attract new clients
38:14lastly monitor their progress in reducing costs by tracking key performance indicators
38:20or kpis and making adjustments as needed to ensure they're meeting their cost
38:25reduction goals the consulting firm could use data to track their progress in reducing costs
38:32by monitoring kpis such as operational expenses profit margins and client
38:38acquisition costs they can use this data to make adjustments to their cost reduction
38:43strategy as needed to ensure they're meeting their goals and maximizing profitability
38:50by using data to inform their decisions the small consulting firm can make more informed and strategic choices that
38:57reduce costs and increase profitability
39:06improving customer satisfaction let's say there's a small restaurant
39:12that wants to improve customer satisfaction to increase repeat business and positive reviews
39:19based on the data they collect the small restaurant can do the following wow
39:25adjust Staffing models if the restaurant's data shows that
39:31customers consistently give feedback about slow service the
39:36restaurant may decide to adjust their Staffing levels during peak hours to ensure that customers are served more
39:41quickly adjust menu items if the restaurant's
39:46data shows that customers have mentioned specific menu items they would like to see more of the restaurant may decide to
39:52address their menu accordingly to better Meet customer preferences
39:57improve food quality if the restaurant's data shows that the customers have given feedback about the
40:04quality of their food the restaurant may decide to invest in better ingredients or adjust their cooking techniques to
40:11ensure that the food is consistently of higher quality fast
40:16improve ambiance if the restaurant's data shows that customers have given feedback about the
40:22Ambiance of the restaurant the restaurant may decide to make changes to Decor lighting to create more inviting
40:30atmosphere by making informed decisions based on the data they collect the restaurant can
40:37address specific areas of customer dissatisfaction and work to improve the overall customer experience
40:43this in turn can lead to increased customer satisfaction repeat business
40:49and positive reviews which can help the restaurant grow and succeed over time
40:55they can also track their progress using data allowing them to see the impact of their changes over time and make
41:02adjustments as needed to ensure they're meeting their customer satisfactions
41:15in today's data Rich worlds companies must harness data to remain competitive
41:21by following best practices companies can make informed decisions based on data and avoid common pitfalls
41:30it all starts with defining goals and aligning them to overall business strategy
41:35choosing the right metrics that are measurable actionable and aligned with the goals is equally important
41:43Gathering data from reliable sources ensures the accuracy and reliability of
41:48the data while analyzing the data using statistical analyzes data modeling and
41:54machine learning helps identify patterns Trends and insights
42:01visualizing the data using the right visualizations and storytelling techniques is essential to communicate
42:08the insights effectively finally data-driven decisions involve a
42:13combination of data analysis visualization and communication
42:19by following these steps and learning from real life examples such as Netflix
42:24and Amazon small and medium-sized businesses like yours can use data to drive growth
42:31reduce costs and improve customer satisfaction
About our member:
Spurred on by their experience, Cubeler wanted to create a smoother trajectory for business success. They facilitate SME expansion by giving owners and executives access to the collective power of their local and global community.
Through the Cubeler Business Hubâ„¢, SMEs have a dedicated space to make valuable connections, grow their visibility, gain powerful insights, and obtain financing to expand their opportunities.
With powerful data and a global approach, Cubeler created a comprehensive suite of business-success tools that empower small and medium-sized enterprises to fuel their ambitions.