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Companies still aren’t sold on the potential and value of data

(BUSINESS) With the endless amount of data available to companies of all sizes, why are so many still avoiding digging in?

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third party data

Somehow, businesses haven’t fully bought on to potential goldmine that is third party data. While most businesses recognize that data is the new currency, most organizations rely on data they collect (first party data) to drive their business decisions.

What does this mean?

This means that although organizations recognize that data driven decisions are important, they are mostly using data they collect themselves. This tells them a lot about what they are doing, but not about what’s going on outside. Third party data is how you get data from other sources, and it can tell you a lot about the outside environment.

For example, a business may partner with a credit bureau like Experian to collect demographic and income levels of different areas, which can be useful for advertising and promotion. You can collect data on everything from demographics to browsing history to transaction history. That data then is collected and packaged and can be purchased by you, the user, to help make decisions.

Sounds awesome right?

Well, it seems that despite how powerful third party data is, some companies aren’t sold on its value.

#whutthedata?

Pitney Bowes commissioned a study that was conducted by Forrester Consulting and based on those 800 participants they noted the following observations about why companies aren’t using third party data.

Primarily there is some hesitancy to using third party data – business are concerned about accuracy, the fact that data isn’t’ always current, and being able to identify how data changes (i.e what’s the trend).

Data is also difficult to acquire with reliable data coming from expensive data sets, open data sets being less reliable, and issues finding the right data products.

Ultimately, data providers are burdened with helping make third party data more attractive, and they can do so by maintaining the quality of data as it changes in the fast changing world, it can improve the quality and accuracy of data (by expanding the collection strategy, the type of data, and the accuracy of that data), and expand the ways they source data from other third parties. This will help make the case for those who haven’t caught on that third party data is a powerful tool.

Simple truth: Data not only makes the world go around, it can help keep your business afloat. Utilizing first- and third-party data can help jumpstart your efforts.

Kam has a Master's degree in Industrial/Organizational Psychology, and is an HR professional. Obsessed with food, but writing about virtually anything, he has a passion for LGBT issues, business, technology, and cats.

Business News

As soda sales slump, companies consider crazy coffee

(BUSINESS NEWS) Retail trends continue to shift as new generations demand innovation – soda sales are slumping and brands are looking to coffee as the answer.

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Since the 1950s, beverage companies have been concerned with the shift of market share from soda to coffee in terms of breakfast and afternoon drink staples. Well now, that fortune has been reversed. According to analysis by the Washington Post, coffee may once again trump the caffeinated drink market, leaving soda manufacturers to question what may come next, while planning a strategy to enter the playing field.

The slump in soda sales are causing some beverage manufacturers and parent companies looking to merge or acquire others in order to hook the consumer throughout the afternoon and into the evening. Considering that in late 2017, Coca-Cola acquired hipster sparkling water favorite Topo Chico, other companies are falling in line to make sure that their reach goes beyond the high fructose corn syrup.

The secretive JAB Holdings, the German parent company of Panera Bread, Keurig, and Stumptown Coffee Roasters, acquired Dr Pepper and Snapple, making this 40+ drink brand company a bigger player than ever in the search for “the new soda.”

So what is going to be the “new soda”? One answer companies may have is the coffee beverages that are certainly similar to their current soda line-up. Outside of Pepsi and Coca Cola, bottling ready-made java drinks on behalf of Starbucks and Pepsi, some brands are really leaning into “soda, but not” for their coffee beverages.

The 2017 National Coffee Drinking Trends Report predicted four of the big trendy brands that soda is up against: regular cold brew, sparkling cold brew, nitro joe on draft, and ready-to-drink coffee products. Stumptown Roasters, underneath the Dr Pepper and Keurig mega brand umbrella, has been producing sparkling cold brew since early 2017, which seems unlikely to change in light of these market trends.

The morning mud appears to be an American drink pastime that isn’t going away, with the millennial and Gen Z market wanting exciting coffee innovations to keep their interest and cash loyalty. Soda companies, in this day and age, are struggling to balance their brand portfolio to make sure that dollar keeps flowing, just like their beverages.

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Business News

Failed new years resolutions? Try workplace wellness programs

(WORKPLACE) There are simple ways to better your organization through workplace wellness initiatives which is way cooler than it sounds, I swear…

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workplace wellness

It’s February and most of us have already failed to keep our “don’t eat Taco Bell” new year resolutions. We’re not fat jerks, it’s just that Taco Bell has these new french fries and we have no self control.

Even though our diet resolutions have failed, we can all improve our own wellness. And we can maximize our efforts by focusing on workplace wellness, because I just had another batch of Taco Bell fries (that resolution is dead), and because we spend more time with coworkers than anyone else.

Why not mix it with workplace wellness and get some of your coworkers on board to make some health and wellness improvements (then maybe Betty in accounting will quit showing up with her ridiculously delicious chocolate chip cookies)? Betty…

However, what most people may not be focusing on are health concerns outside of eating healthier and staying active.

I stumbled upon TotalWellness Health while browsing for inspiration on how to better myself in the new year. According to their website, “TotalWellness is a national wellness services provider that provides tools and services to deliver better wellness programs.”

They partner with organizations specifically to better their workplaces and help their employees to be healthier. TotalWellness helps organizations to lower healthcare costs, prevent diseases, and create corporate wellness solutions to foster a safer and more productive work environment.

The company also provides: health risk assessment and reporting, corporate health fairs, various health screenings, on-site flu shot clinics, health education, and a wellness portal. All of this is designed to help organizations provide their employees with a well-rounded blanket of health services.

Having something like this, even if somehow done in-house, can also help improve the overall vibe of the workplace. Creating wellness events and activities can help bring employees together, inspire creativity, and, in turn, this will translate to productivity.

Also consider creating more of a collaborative community presence as a part of your workplace wellness.

This can be done through group volunteering events or fundraisers, anything that helps employees to bond and collaborate while helping others.

You can combine all of this together by researching charity events with a health component. For example, Run Ranger Run will be taking place during the entire month of February, and challenges groups of up to ten people to walk, bike, run, etc. a total of 565 miles (per group). This can be done remotely and logged into a portal, so it’s perfect for teams that may work remote.

The bottom line: make yourself more aware of different offerings and opportunities this year, because it can have a snowball effect that betters your workplace as a whole and helps you eat less fries.

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Business News

Hawaiian missile strike fallout: The importance of clarity in crisis communication

(BUSINESS) Companies can learn quite a bit from the recent Hawaiian missile clusterflip, particularly about timeliness and clarity in crisis communications.

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hawaiian missile crisis

The federal investigation into the Hawaii civil defense snafu earlier this month revealed that there were serious errors in how the training exercise was conducted between two shifts and in the ongoing performance concerns of the employee directly responsible for sending out the alert.

For 38 minutes, citizens and visitors in the Hawaiian Islands cowered in fear, alerted to take immediate shelter by messages that were received on cellphones and broadcast on TV stations across the state. While officials attempted to calm the populace by taking to Twitter immediately to quell the concerns, many people were not—understandably—taking to tweeting what may have been their last thoughts, and thus were not informed until a follow up message was broadcast to cellphones nearly 40 minutes later.

The Federal Communications Commission, which conducted the federal portion of the investigation into the incident, put partial blame on a lack of clarity about the drill between the Hawaii Emergency Management Agency supervisors of the evening and the morning shifts and a subsequent lack of supervision.

The night-shift supervisor wanted to test the preparedness of the morning-shift workers with an unannounced drill, according to the FCC report. While the day-shift supervisor was allegedly aware that the drill was to take place, he thought that it was to test the night-shift personnel, not the morning crew. As such, he was not prepared to oversee the drill.

The test, which followed normal protocols, involved the night-shift supervisor playing a prerecorded message to emergency personnel warning them that a threat was imminent. The recording, which was simulating real notification from the U.S. Pacific Command, did include the words “Exercise, exercise, exercise,” according to the FCC report, but it also stated “This is not a drill” – which is what workers would expect to hear in a real warning for an active missile alert.

Adding to the confusion was that the worker who was responsible for transmitting the alert as an active emergency heard the language that reflected that it was not a drill, but did not hear the “exercise” language in the tape playback. The employee, believing that it was an actual alert, rather than a drill, responded affirmatively to a prompt asking “Are you sure that you want to send this Alert?”, said the FCC. He was, according to both the FCC and the state investigation into the incident, the only employee to believe that it was an actual alert, and the only worker not to hear the “exercise” portion of the drill.

Adding to the confusion was the revelation by Hawaii state officials on Tuesday that the employee in question had a troubled work history stretching back over the past decade.

The state investigation revealed that the employee had been counseled and corrected for poor performance over the previous 10 years, including that, on at least two occasions, the employee also “confused real life events and drills.” While other members of the employee’s team were reportedly uncomfortable with him and his work for some time, this mistake proved to be the final action of his career with the Hawaii Emergency Management Agency, as he was terminated last week, pending appeal.

Vern T. Miyagi, administrator of the Hawaii Emergency Management Agency, resigned Tuesday morning as the investigation results were released and “has taken full responsibility” for the incident, according to Major General Joe Logan, the state adjutant general, who oversees the agency.

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