First Data Corporation, the global leader in payment technology and services solutions, today introduced its InsighticsSM solution for small and medium-sized businesses (SMBs).
Insightics is an innovative, cloud-based software that unlocks the power of big data behind payment transactions to give SMB merchants the ability to monitor key business metrics affecting their business, better understand customers to engage effectively, and derive more value from marketing and loyalty programs to grow revenue.
Many small business owners struggle to get a timely and measurable view into their key business drivers, and may not know what their best days and times of the week are, how many new versus repeat customers they received in a week, if repeat customers tend to spend more than new customers, how far their highest spending customers traveled to reach them, and when they have a lackluster sales day, can see if it is happening to similar businesses.
Such timely insights are invaluable for merchants to make important business decisions to grow their businesses, and can help them plan when to add additional staff, when to run promotions and whom to target, which customers to reward, and more. Generating these insights and making them actionable typically involves analyzing large amounts of data, applying data science and providing it to SMB owners in an easy-to-use consumable manner, something that only large businesses with deep pockets could traditionally afford. With the Insightics solution, First Data is providing these capabilities directly to SMBs.
"We are putting Big Data to work for the main street merchants to help grow their businesses," said Krish Mantripragada, senior vice president, Information and Analytics Solutions, First Data. "By analyzing payment, point-of-sale and customer data for every merchant alongside data from millions of other merchants, we are providing an unprecedented level of visibility and insight into customers, sales and related businesses. Insightics is an instant on, incredibly powerful, yet simple-to-use solution that all merchants can use to make informed and timely decisions to grow their businesses."
Processing more than 59 billion transactions globally for more than six million merchant locations in 2013, First Data has long been a data powerhouse with the ability to help its clients use transaction data to prevent fraud, identify spending patterns, and create loyalty programs.
"Insightics for SMBs clearly demonstrates First Data's transformation from a transaction processor to a trusted business advisor and technology solutions provider," said Guy Chiarello, First Data president. "The Insightics platform takes advantage of our unique position and scale to deliver a valuable solution to small and medium-sized businesses."
The Insightics solution is just one more way that First Data continues to enable SMBs to grow and meet evolving customer needs.
"First Data has focused on making its 'big data' insights practical for small and medium-sized businesses," said Peter Krasilovsky, chief analyst, BIA/Kelsey. "Products like First Data's Insightics, in particular, help put SMBs on a more level playing field with larger businesses when it comes to assessing the impact of sales, traffic and engagement."