Think data analytics is just for high-tech startups or brands who can invest millions in IT? That may have been true in the past, but now, machine learning, algorithms, and other means of leveraging data are openly available.
Free open-source solutions are great options for those looking to dip their toes into data analytics, and as long as you’re asking the right questions, that data you’ve been collecting for years can help you answer them. Chris Moshier, senior manager at Plante Moran Analytics Center of Excellence, advises getting specific with those questions. For example, instead of asking, “How can my data help my bottom line?” ask, “What market should be strategically target?”
Farmer’s Fridge, a health-centric fresh food vending machine company, has put the data their machines collect daily to use in answering the question, “Which products should we offer, and in what quantities?” With the algorithm they use, they’re able to predict how to stock each fridge to maximize profit and minimize cost.