My Biz: Annex Analytics is in support of more data

CEDAR RAPIDS - There's no such thing as having too much data, Jim Thebeau figures.

'It doesn't matter if you are a nonprofit, for-profit, big company or small company,” Peggy Stover added. 'You will have data for your business, and the issue is what are you doing with it, and are you using it to its fullest advantage for your business.”

Thebeau and Stover founded Annex Analytics a year ago when they discovered they shared a common business interest in the analytics process for small to medium-sized companies.

Analytics is the process of studying and then analyzing the business performance data of a company or organization to identify where that company's weaker performance indicators might be.

Once discovered, Annex Analytics can help a client figure out where to restructure for better revenue opportunities, decision-making methods and even implementation of improved data collection processes with the appropriate professional tools.

Combined, the pair has more than 50-plus years of marketing, marketing research and marketing analytics experience, and both worked for several major Fortune 500 corporations. Stover now also teaches at the University of Iowa Tippie School Of Business.

In meeting with a client, initial discussion 'may revolve around things like their sales are down, or their traffic on their e-commerce site is down and they know something is wrong, but they can't figure out why,” Stover said.

'We ask them to share the data they collect on their business with us - whatever they are comfortable sharing with us to look at.”

Data comes from such sources as spreadsheets showing sales figures and revenue, credit and debit card sales records or even, in one example, shoe boxes containing paper receipts.

'Oftentimes companies think they are collecting the right amount of data, or the correct date when, in fact, they may not be,” she said.

'We are here to help, not judge,” she emphasized, noting that some people may feel reluctant to share their business information at first.

Once the team has made its analysis, which might encompass comparing regional, industry and even government statistical reports on top of the information provided by the client, a plan of action can be set.

Annex Analytics has a networking team of 10 with various areas of expertise such as social media and marketing or data visualization.

'We will bring that partner up to speed about the identified issues and opportunities for the client, and then remain in the background to keep informed of how things are progressing,” Stover noted.

Annex Analytics works with everything from start-ups to companies that have revenues up to $4 billion.

'We are one of six companies that recently pitched and presented to the Iowa Racing and Gaming Commission for the study that they are going to award in mid-April,” Thebeau added.

l If you know of a small business in operation for more than a year that would make an ideal 'My Biz,” contact michaelchevy.castranova@thegazette.com.

At a glance

l Co-Owners: Peggy Stover, president, and Jim Thebeau, chief operating officer

l Business: Annex Analytics

l Address: 329 10th Ave. SW, Cedar Rapids

l Phone: (319) 360-0619

l Website: www.AnnexAnalytics.com