Mastering the Five Rules of Retail Data Management
The global retail industry continues to be data rich and knowledge poor.
This problem is compounded by the ever-tightening operational budgets for both CPG manufacturers and their retailer partners. As a result, there are limited options for transforming the growing volumes of retail-related data into the actionable insights that can radically increase sales and profits, while lowering costs.
On top of all of that, the complexity of the retail environment continues to increase with the expansion of omnichannel and the growing use of advanced digital technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
The question then becomes: How can you effectively manage all of these emerging trends and technologies to create the timely, actionable insights that will help you grow, profit and rule in 2019?
The first rule of profitably managing your data is to enable near real-time data availability. Gone are the days when a monthly data report was sufficient. As the retail industry moves into an omnichannel-driven world, delayed data becomes more and more obsolete. Therefore, next day data availability ensures the opportunity for timely analysis and actionable insights that drive tangible and measurable changes to your bottom line.
Following a more frequent flow of data, the next rule is to create organizational alignment around a “single point of truth” for that data. After capturing a broad range of very large datasets from disparate sources, it is crucial to quickly “cleanse” and “harmonize” the data. This creates internal efficiencies and increases reporting effectiveness by ensuring the entire organization is aligned to a “single point of truth” for data management.
If you’re interested in learning more about how you can manage, monitor and monetize your data for growth and long-term success, we invite you to download RSi’s newly published guide, “Mastering the Five Rules of Retail Data Management.” It will help you turn your data assets into a winning competitive advantage.
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