Fast data may be the next big thing, but what exactly is it, and how can it help your association?
Fast Data – Associations have found ways to get more business intelligence out of their data and use it to inform their decision making. Now the next challenge is to do it faster.
“Fast data”—identified by the ASAE ForesightWorks research initiative as one of 46 drivers of change that are likely to have a significant impact on associations in the future—involves real-time decision making, based on the idea that the greatest value from data comes when the analytics can be used immediately. Fast data allows associations to be nimble and responsive to what members are talking about, registering for, or purchasing.
For example, if your data is telling you that lots of members are discussing a particular topic in your online community, your organization might respond by creating a webinar, which would take place in a week or two. “That’s something that’s different for associations. You’re not planning a year in advance—you’re really pivoting based on fast data,” says Julie Sciullo, CEO of Association Analytics.
While associations have always had this data, “it was a mountain, and they couldn’t necessarily tackle it,” Sciullo says. Fast data breaks up the mountain into digestible pieces and makes them actionable.
Ultimately, associations should see fast data as a way to better engage members and tailor offerings to them.
“The immediate benefit is true engagement—giving people what they care about when they care about it,” Sciullo says. “It’s paying attention to what your community is talking about and then serving that back to them.”
This article originally appeared on associationsnow.com To read the full article, click here.
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