Digital provides unprecedented opportunities to collect data on your successes and mishaps. Having quick and insightful access to your data is key. The publishing industry is set out to benefit from Big Data.
But does Big Data lead to Big Insights? Data is typically stored in a variety of systems. Combining them into a central repository, decluttering and extracting valuable information is tedious. In reality, most data scientists spend 80% of their time in preparing and cleaning data. There is very limited time left for actual analysis and insights.
Excellent companies first define a limited set of Key Performance Indicators (KPI) on the following business dimensions:
- Revenues (subscription, advertising)
- Distribution performance (on-time daily delivery)
- Product usage, frequency and engagement
- Customer Service performance
The metrics are reported on a daily basis and provide cross-channel insights into the business performance. The initial focus is to have pragmatic and actionable insights.
Excellent companies use easy Data Visualization techniques to provide additional insights into the vast amount of data.
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Digital Publishing Framework: 7 Building Blocks to Succeed is a full series of 7 articles that present a new, comprehensive framework with 7 key building blocks for newspaper companies to achieve success in digital publishing.