Commonwealth Bank has upgraded its online data-driven tools that provide businesses with practical insights to enhance their performance and productivity.
Daily IQ 3.0 provides small and medium enterprises (SMEs) and institutional businesses with personalised insights into their cash flow, their performance against the industry, as well as the purchasing behaviours of existing customers including repeat purchases, average spend, age and location.
Adam Bennett, group executive, business and private banking, Commonwealth Bank said, “By providing businesses with data-driven insights we’re helping them make better decisions on how to optimise their finances, where to expand, where to target marketing, when to optimise staffing, and where to increase customer loyalty.
“The reality for many businesses is that data can be hard to get and even harder to analyse. Daily IQ is putting actionable insights directly into the hands of businesses — helping them make informed decisions to enhance their performance and productivity,” he said.
The Daily IQ platform has already helped hundreds of businesses across the country, including producer and retailer of baked confectionary goods, Christopher’s Cake Shop. This 60 year old family-run business has the majority of its stores located in Sydney’s south.
Using data-driven insights in Daily IQ, it discovered a large number of customers came from Sydney’s western suburbs. With plans to grow the business, Christopher’s Cakes plans to open two new stores in Sydney’s western suburbs by the end of the year.
Kyriakos Panayi, CEO of Christopher’s Cake Shop, said, “We built the business from the ground up. In the past, we’ve made our business decisions on gut feel and it’s worked during that time. But with the pace of technological and economic change, it’s important that we have access to data and insights to make informed decisions and remain competitive.
“Tools like Daily IQ mean we can now work on the business rather than in it — and with the information we have at our fingertips we can sit back and say, ‘based on numbers, this is our strategic roadmap going forward’,” he said.
In the past year, Daily IQ has processed 5.8 billion records, and generated 1.6 million unique insights.