To date, Qrious has delivered the architecture and initial development projects. Data is flowing freely into LMI’s Snowflake platform, which tracks records which would otherwise not be collected. This includes LMOD app data such as the videos customers are watching, when ‘pause’ is pressed, subscription status and more.
As a data-driven organisation, LMI uses data for both historical and forward-looking views. Says Toia: “The historical analysis evaluates decisions already made, for example, if we were to spent X amount on Facebook advertising for our direct-to-consumer app, then we could ask ourselves how many customers did we acquire, what was the cost per acquisition, and is it therefore worth investing more.”
That one example, he says, is representative of multiple small yet essential data tasks which support continuous business optimisation. “We also use historical data to understand how we can deliver better customer experiences. Using the example of the B2C app again, we will be able to check the success of new videos released on our on-demand platform with metrics on when, for how long and how many times they are watched. And at an even more granular level, we can identify and analyse the features in the videos that capture customer interest.”
Data from multiple sources of the business are combined and contextualised, including that from financial, marketing, sales and other systems contributing to multi-dimensional views of performance.
With the forward-looking view, KPIs for business metrics like net repeatable revenue are analysed and tracked. “With our targets, it becomes a mathematical exercise to get there, particularly when you have an idea of how marketing and advertising investments pay off in terms of customer acquisitions. We also look at things like profit level, customer numbers and so on. The data effectively tells us how achievable forward-looking objectives are.”
Despite the sophistication, it is still relatively early days as LMI continues exploring its data journey. “Thanks to Qrious, we have a platform which greatly condenses cost (compared to traditional approaches) while accelerating time to insights. As we work towards enabling more reporting and insights from Snowflake, leveraging data value wherever possible, we’re shifting from backward to forward-looking. We’re using data to create, understand and optimise our customer experiences.”