Month: August 2013

Revenue management is an important component of any organization, particularly in industries that have been directly impacted by economic uncertainty. In these instances, the ability to properly view and analyze data to determine potential revenue has become increasingly vital.

Ankur Randev is the vice president of revenue and distribution at Highgate Hotels. Working in the hospitality industry, he understands that unforeseen factors like weather can have a drastic impact on revenue, but he is optimistic about the future of his organization and position because he knows that big data will play a much larger role going forward. One of the key advantages of using data to determine revenue is that there are more channels to view information, thus giving professionals like himself more data to work with.

However, speaking with the online publication Hospitality Net, Randev warned businesses to ensure they are using high-quality data. More importantly, he said they should learn to capitalize on the information they do have.

“The biggest hurdle is that businesses do not fully understand the value of customer data,” he said. “While a lot of organizations have embarked on building customer databases, it’s important that the quality of that data is constantly refined. From the top down, all departments must embrace the fact and understand that every guest interaction is an opportunity to build on that database.”

To fulfill this need, companies can build a custom database software system that can give users a fully detailed view of customer behavior and any other factor that could potentially impact revenue.

The ability to process information and store it in a virtual environment is certainly a benefit to any company that relies heavily on its data. However, as volumes continue to grow, the challenges pertaining to its storage and impact on the business network must be considered.

The issue of storage is being alleviated with cloud computing. For example, if a company initiated a FileMaker development project to build a database, it could then host that system in the cloud. The virtual nature of this storage system makes it easier for businesses to implement additional space, as they don’t have to concern themselves with physical servers. However, even if a company has a strong cloud storage solution, it must be able to properly maintain the amount of data managed in the cloud.

Bandwidth becomes a concern when large quantities of information are being processed through the network. If an organization is managing its data in a cloud system, it must have enough bandwidth to ensure information can transfer quickly without compromising other areas of the business.

In today’s offices, we are more connected than ever before. In addition to traditional desktops, many organizations issue smartphones or tablets to their employees. Others manage a bring-your-own-device (BYOD) strategy that allows workers to bring their own gadgets to the office for work. With so many machines being connected to the network, data is flowing constantly, which could put a strain on network strength if it is not properly managed.

The key is data efficiency. Companies need to get the most out of the bandwidth they have, which means they cannot afford to run into issues such as data duplication. If the organization is processing more information than it needs to, it is taking up more bandwidth than necessary. Mitigating this issue is crucial. A system must be in place that properly manages information in the most efficient way possible.

FileMaker development can help with this need as well, as this process can be used to build a custom database software system. This program can be constructed to fit with an organization’s specific data needs, which will go a long way toward ensuring that information flows quickly without slowing down any other processes.

In the era of big data, marketers have come to learn one thing: information can help companies enhance their marketing efforts. This is a valid point and this blog has discussed this topic in the past, but one thing marketers need to understand is the number of challenges that can accompany a big data strategy.

Building larger volumes of data can ultimately help marketers gather the information they need to reach a more responsive audience with a more targeted message, but just having the information without any system in place to analyze it and provide context won't offer much assistance. In fact, when marketers have more information to sift through to find what they are looking for, they will likely find it more difficult to effectively do their jobs.

A recent survey adds credence to this thought, determining if marketers aren't aware of big data challenges and don't prepare for them accordingly, they could find themselves trapped under mountains of information. The Teradata Data Driven Marketing Survey 2013 states that marketers are increasing their reliance on data, although many of them are still trying to determine the best possible way to manage their information. 

According to the results, the most popular way for marketers to deal with big data challenges is to implement new technology used to increase analytics and build efficiency into information processing operations. The study projects a 60 percent increase in analytics spending over the next three years. In fact, Chief Marketing Officers (CMOs) are starting to take over Chief Information Officers (CIOs) as the top executives when it comes to relying on technology to process information. The study suggests CMOs will outspend CIOs on technology by 2017.

While it's crucial for marketing departments to understand the importance of technology and how it can help alleviate big data challenges, implementing a new system for the sake of doing so may not be the best solution. Companies need the right technology to process their information. One that can scale as data volumes continue to grow is ideal, considering the fact we don't know how massive big data will get in the coming years.

FileMaker development allows companies to build custom database software systems designed to collect, process and store information. Marketers can meet the challenges of big data if they build the right system to fit their needs, which will ultimately improve the company's overall marketing efforts. 

There are many factors that go into determining the quality of an organization's information. In addition to following best practices in regards to acquiring data, systems must be designed properly so that users have easier access to it, thus enhancing their ability to report on it and make smart business decisions.

However, many companies have failed in this area, according to a new report titled "Global Risk Management Survey, Eighth Edition: Setting a Higher Bar." The study was conducted by Deloitte and found that only 25 percent of companies feel they have either extremely or very effective solutions in place to process information.

This is an alarming number in industries such as finance, where the ability to manage risk is crucial. Failure to properly assess data and determine any risks can lead to serious problems, as this was one factor that ultimately led to the financial crisis of 2008. To properly report data and make smart business decisions, information must be processed in a system that can give companies the best view of their information.

FileMaker development is an ideal solution in this case because it can give companies the ability build flexible and scalable solutions to manage their data. As volumes of information continue to grow, it's important to have a system in place that can grow as well. This will give organizations a custom database software solution that they can use to improve the manner in which they collect, process, report on and store valuable information. This will go a long way toward helping identify key risks and managing them appropriately.

While technology advancements have helped launch new communication methods such as social media and SMS communication, email remains one of the most effective ways for companies to interact with their customers. Email marketing is still a valuable business practice, mainly because of its ability to adapt to new processes.

For example, while we have moved from traditional PCs to mobile devices like smartphones and tablets as our primary computer, businesses have managed to adjust email messages so they can be optimized for smaller screen displays. Today, people all over the globe prefer to check email on their mobile gadgets instead of a desktop or laptop computer, and those tasked with sending emails have capitalized on this fact. 

Additionally, big data has become a major component of modern email marketing campaigns. Businesses are able to use the information they collect from other customer interactions and utilize it to send higher quality and more focused emails to a more eager buying group. Using big data can make email marketing campaigns that much stronger.

The online publication Marketing Profs offered a seminar to visitors on the use of big data in email marketing initiatives, and in its introduction article the site offered some keen insights regarding the practice. 

"Every day brings another chance to deliver timely, memorable experiences for potential buyers," the article said. "Whether they're long-time customers or fresh new prospects, our job as marketers is to optimize their experience with our brand so that they'll choose our products [and come back for more]. But optimizing those experiences takes more than guess work; to achieve email marketing success, we must rely on the data our marketing programs generate every day."

To successfully use data to fuel an email marketing campaign, it's important for companies to collect that information in a system that can both integrate with its outreach applications while also presenting data in an easy-to-understand format. A custom database software system will have to enable the marketer to make smart decisions based on its data without having to slow their processes by waiting for information to update or spending a prolonged period of time searching for it.

FileMaker development can allow businesses to create powerful systems that can assist with any email marketing strategy.