Video: Driving Profit Through Data Visualization
To view Sandy Rivas' 2016 Nightclub & Bar Show presentation, click here or on the image above. The information below will give you an idea of what you can expect to learn from the video presentation.
Data Based Decisions to Drive Profits
Data is everywhere. It’s all around us, all the time: sensors in equipment, geo-locating in phones and cars, cellular, fiber optic, Bluetooth, and more. It’s in your point of sale systems, and inventory records, and margins. If you’ve ever wondered how your business could be more profitable and your promotions more effective, you might want to consider how to begin better using the most valuable asset you already have: your data.
“Data” just means individual pieces of detail that can be organized into information. Imagine data like a pile of rocks. There are individual rocks that make up the pile, but they’re scattered and randomly mixed up. In this form, data doesn’t make any sense.
You can start seeing the value in your data once it’s organized into “information.” Going back to the pile of rocks analogy, you can sort them by size, or color, or shape. You start to be able to see that you have, say, 3 grey rocks but 25 red rocks. By organizing your data, you can discover insights that will help guide your business.
Now, for many business owners this is the point where they stop. They have something that works well enough, and on a shallow level they think they are getting by… and maybe they are for a while, but business changes, and without the flexibility of looking at the data in different ways, owners can’t really pinpoint what’s going wrong or how they can fix it.
In the past it’s been prohibitive in both time and cost to move those rocks around to see data in new ways. Plus, until recently the technology needed has been too complex and too expensive for non-analysts to access, let alone use in a way that that allows you to reshape your data to find new patterns.
Fortunately, those issues are no longer a problem. (And data is a lot lighter than rock!) It’s now cost effective and user friendly to look at your existing data in new ways. Owners and operators with no formal training can sit down and transform their data into different shapes, resolving issues, identifying new paths, and making more informed decisions.
The key is changing your pile of data into charts, graphs, and other visual representations that change shape as you interact with them. The patterns and trends of your data are now visible, literally, and the power of that data comes into place as you explore other factors that influence those patterns and trends. This is what allows you to not only uncover, but also prevent those issues that are hiding just under the surface.
If you are ready to learn how your data can increase the efficiency and profitability in your business, watch the video of the session Data Based Decisions to Drive Profits on from the 2016 Nightclub & Bar Convention and Trade Show. I share specific, real-life examples of how the data from an existing TwoTouch POS system and set of BevInCo inventory Excel spreadsheets were transformed into full color, interactive visual dashboards that encouraged exploration and data driven decisions that increased the bottom line.