The power of data for membership organisations
20 November 2019
Membership based organisations have unique business requirements. Not only do they have to invest in recruiting new members, but there must be some level of investment in retention.
Having a system to keep track of information is essential. Every membership organisation will have some sort of ledger to record who belongs to their organisation, be it a simple spreadsheet or full-blown customer relationship system (CRM).
The power of modern technology is providing more and more opportunities for organisations to step up their offering to members, reduce churn rates and increase revenue.
Some of the advantages are simple, even obvious.
Integrating web technologies like a web-based sign up form or app directly to a CRM eliminates double handling of data and saves valuable time. But these integrations can go even deeper.
How many of your members have visited the “cancel membership” page but not yet taken the final step? And how are you targeting these individuals to retain their membership?
Have you thought about integrating external datasets with your membership database? There is plenty of free and commercially available data that can enhance your understanding of what drives your members.
And from there, properly trained data scientists can take a holistic look at your members and build comprehensive retention and acquisition models. Forget untargeted offers that end up wasting your limited marketing budget on customers who were already going to sign up or had no chance of leaving. Target your spend to those you need to acquire as members, or those who are most at risk of leaving.
Does your business or organisation rely on members or subscribers? If so, how are you harnessing the data that is right in front of you for the best returns.
Quantum Computing – what does it mean for busin...
24 October 2019
Google have published a paper in the scientific journal Nature (leaked a month ago, now officially announced). In short, they claim to have made a massive scientific breakthrough - they have achieved "quantum supremacy" - they've built a quantum computer able to perform a task faster and better than any existing classical computer in the world.
Their quantum computer was able to perform a task in 200 seconds which would have taken the world's most powerful supercomputer 10,000 years. IBM, a leading maker of classical supercomputers and another leader in the field of quantum computing have a few issues with Google's claims.
Comparisons to the Wright Brother's flight are all over the place. The scale of this breakthrough can't be understated.
Not sure what quantum computing is?
Classical computers are limited to two states, on and off, represented by the 1s and 0s you've probably heard of. They're called bits.
A quantum computer instead uses qubits - which can have any value between 0 and 1. Qubits can also become entangled - where the value of one qubit is related to the values of other qubits around it. This short video is a good summary. In short, quantum computers will be much faster and more powerful.
Google's breakthrough, regardless of arguments around the edges, show that quantum computers are coming closer to mainstream, real-life applications and are no longer just theoretical.
The implications this has for business are immense.
One of the likely early applications for quantum computing will be weather forecasting. Very large supercomputers in universities all over the world are already crunching massive amounts of climate data to make short- and long-term predictions for the weather. The increased processing capabilities of quantum computing will allow scientists to make sure of even more data, producing more accurate climate models and all much faster.
Think about how this could potentially impact your business. The power and capabilities of machine learning and AI will go through the roof. There will be even more reasons to expand the collection and utilisation of big data. Financial markets will change forever as quantum algorithms predict future events with ever increasing accuracy.
Quantum computing will eventually impact every aspect of business.
Any business making good use of a CRM today will be able to imagine the power of applying quantum algorithms to the masses of relationship and interaction data they’re already collecting.
It will encourage deeper levels of data collections as the power of machine learning and AI takes off.
Quantum computing is on the way. And it will change the world.
4 reasons to visualise your business intelligence
18 October 2019
Anyone who has had any exposure to business software in the last few years has heard of data visualisation dashboards. But what are they and do you even need one?
The term dashboard itself has been adopted from the dashboard in your car which you check regularly while driving.
When you’re on the road you use the dashboard to get a visual summary of how your car is performing, in real time, at a glance. That’s exactly what data visualisation dashboards like DashFox set out to achieve.
We’ve put together a short list of four reasons why you need to consider a data visualisation dashboard for your business or organisation.
1. Real-Time Insights
Traditional business reporting often relies on spreadsheets and PowerPoint presentations that are out of date by the time they’re presented.
Modern web-based dashboards like DashFox connect directly to a multitude of different data sources and allow you to visualise your data as it is happening. If you’re seeing a sudden spike or drop in sales, you want to know about it instantly, not wait for your next monthly sales meeting.
2. Monitor Performance
All top performing businesses and organisations have well defined strategy, goals and KPIs.
Aligning your dashboards with your business objectives allow you to track how you’re performing – not only can you see what’s going well and what isn’t, but you can compare your results to your projections.
There is no point in spending long hours developing a solid strategy if you’re not monitoring your performance towards achieving your aims.
3. Understand Revenue
A good dashboard allows you to drill down and find out more detail. They encourage you to be curious.
Instead of just being presented with top line figures, a dashboard allows anyone (with appropriate access controls of course!) to look at where your revenue is coming from, how you’re getting new leads, and compare to past revenue.
Want to know more about your customers, members or donors? A good dashboard will capture your data, merge it with other (potentially external) data sets and give you a real time understanding of the people interacting with your organisation.
4. Evaluate Marketing
In many organisations, marketing data sits in a silo that often gets very little visibility. That’s a problem we’ve set out to solve with DashFox. We built integrations with many of the large social media and digital marketing platforms so that you can visualise how your digital marketing is performing, in real time, and the impact it is having on your business.
Not only that, but if you invest in a well-developed platform like DashFox you can use it to track offline conversions. How are your Facebook ads impacting your brick and mortar sales? A good dashboard can tell you!