Big data promises to save companies millions. There’s a catch, though: You need to have the right vision.
Shell’s data success story proves just how much a strategic initiative can pay off. They developed a data analytics platform to predict equipment failure. Now, they’re saving millions of dollars with less mechanical downtime.
Your story could be the same. Your data holds the key to your learning business’s success. With big data, you’ll be able to optimize your content for addictive course experiences. You’ll be able to easily target customers for new courses in your ecommerce store. If you mine the geographic data, you might even find new markets you never knew you had.
One thing is for sure: you’ll never find your goldmine without digging into the data. In this post, we’ll explain how BenchPrep’s new and improved data suite gives you access to the learning program insights you need to make impactful business decisions that take your program to the next level.
Data + Human Analysis = Business Growth
Josh Bersin and Marc Zao-Sanders recount the story of a retail data team’s faux pas. This team proudly explained why some retail stores with specialized roles had lower employee turnover. Unfortunately, their pride didn’t last long. One executive pointed out that the summer months always caused high turnover rates. Turns out they’d discovered nothing new, despite months of data analysis.
The lesson: Data without context leads to faulty conclusions.
At BenchPrep, we give you two ways to access the context you need to meaningfully act on your learning program data:
- Powerful data analytics embedded directly into our platform.
- Improved access to raw data, including self-service tools.
Take a look at our data journey stages to see where your team falls. No matter your resources and data maturity, all companies can make data-driven decisions with the right tools and technology in place.
Turbo Charge Your Data Ecosystem
All your tools—your ecommerce store, your LMS, your collaboration tools—generate data. The problem is, you often need to pull data together from these different systems to form meaningful insights. Instead of one report or source of truth, you're managing a data ecosystem.
Some learning businesses are staffed to manage this ecosystem well—they have a data team and robust IT resources to help them make sense of their data. Other learning businesses don't have this infrastructure in place, so their learning program leaders have to figure it out on their own...or else miss out on the opportunity to act on the data they collect.
At BenchPrep, we realize no one is at the same spot on their data journey. Instead of only offering inflexible static data reporting, we created data packages. This way you can leverage your team’s data abilities to maximum advantage.
Option 1: Self-Service Data Dashboards and Reporting
No matter your data expertise, the BenchPrep data suite provides actionable, real-time insights from your learning program. Even better, the granular level of data reporting allows you to make the best decisions possible. Our new and improved reporting dashboard gives you real-time access to your learning program data and allows you to build custom reports to answer the questions that matter most to your learning business.
Data-Dashboard Advantages:
- Great for smaller teams — no investment in other data tools required.
- Product insights — discover which topics resonate with your audience and apply these learnings to other courses to create a more addictive learning experience.
- Deep insights into your content — optimize it for maximum learner engagement.
Option 2: Flexible Raw Data Access
Some customers find the self-service reporting doesn’t meet their full data needs, especially those customers who are already advanced in their learning program analytics and those who have IT and data analyst resources in-house. That’s why BenchPrep makes it as easy as possible for you to access your raw data to manage on your own. By leveraging Snowflake, customers have a scalable, flexible, and performant data platform where they can ingest, store, and analyze large sets of data from their learning programs and consolidate siloed data sources to Snowflake’s single, integrated platform.
Raw Data Package Advantages:
- Best of both worlds — cost-effective data storage combined with full control.
- Leverage Snowflake’s industry-leading data cloud — your one-stop data silo.
- Save your data team resources for analysis — we’ll manage and store your data silo.
Game-changing Big Data for Learning Businesses
Every industry has specific uses for big data. Learning businesses also have intuitive use cases for big data.
Here are a few decisions big data can help your business make:
Learner Journeys - L&D talks about learner journeys all the time, but do we have the data to back it up? How do people actually consume our courses? Big data can surface the learner journey from purchase to completion or drop off — and help you to better target learners back to your platform.
Content Optimization - Most learning management systems (LMSes) track completions. But do they track granular data? Can your data show you at exactly what point a learner stopped watching a video? Are you able to figure out the difficulty of a question? Granular learner data can help you optimize content at the smallest level.
Learner Confidence - BenchPrep is the only LMS that collects data on confidence to provide deep insights into learner sentiment, and we're the only platform that enables granular reporting on sub-topics within your content. Having access to this type of data enables you to know how content is actually resonating with your learners — learners who are showing high levels of confidence on specific material but not performing well on exam day can help to identify gaps in content.
Ideal Pricing for You - New teaching platforms have driven down the price of online courses. How do you know what price is too high for your premium course? Big data shows you what prices performed well historically in your ecommerce store. You’ll see what price point allows you to make a profit without scaring away your learners.
These are just a few ways big data can be harnessed to grow your learning business. With flexible access to the BenchPrep’s data suite, who knows what you will uncover?
One thing is certain, though. Your data represents an opportunity for your business. At BenchPrep, we’re ready to give you the deep insights you need to stay agile and pivot your business as necessary.
Want to see our data suite live in action? Request a demo by clicking here.
