It’s All About the Data

It’s All About the Data

Whether you like it or not, analytics is now a part of everyday life. This is especially true in retail, and if it   isn’t the case in your company, it should be.  However, organizations need to be smart about how they tackle an analytics and data strategy. The abundance of data that needs to be consumed to keep up with business opportunities is no longer a ‘put more men on the job’ scenario. Rather, it means getting the best analytic engine you can find and using it across the business.

The amount of data available is growing exponentially. IoT, for example, just an acronym a couple of years ago, has opened up an enormous amount of intelligence about many of the tools in your businesses. It has provided new, critical insight, which if used effectively, will allow your business to operate more effectively. With access to the wealth of information lying beneath the surface, and the right capabilities to capture the nuggets of value, it can reveal new dimensions of your operation like clockwork.

Take loss, for example. In days gone by, people would view loss as the trigger to enhance your analytics capabilities for the purpose of understanding the “how” and preventing it in the future. That would often mean hiring more people to interpret your data.  Now, it means upgrading your analytics platform with detailed analysis using pattern seeking-pattern matching technology with machine learning algorithms. Effectively, it does the work for you.

The technology advances change the paradigm from a ‘you have to work harder’ into ‘you have to work smarter.’ Not only does it find the opportunities that will drive more sales and increase profits – it tells you what to do. It work-flow manages each opportunity to successful resolution.  Can you afford not to take advantage?

Mountains of data can be very effectively consumed by this new technology.  It uses pattern technology to think better than your best analysts as it deciphers the data to sort out business opportunities of all kinds.  Here are a few examples of issues it can identify:

  • Are you having issues with quality of products?
  • Are you losing sale opportunities at certain times of the day or day of the week due to availability?
  • Are you tying up critical capital investment in dust collecting inventory?
  • Are you getting critical business data to the right associates at the right time to make good business decisions?
  • Are your vendors all working and supporting your best interests?

You might not realize it, but there is so much that you aren’t seeing that is driving your business direction today. With the right technology, you can take greater charge of the direction on a day-to-day basis. Well, what are you waiting for?