Data is the foundation of successful analytics. It is critical to receive, cleanse, harmonize, and hub the data well. Purchase power of the Millennials has surpassed that of the Boomers and they are very digitally engaged. To offer our consumer personalized offers in the new paradigm, data is critical. Clean data enables revenue growth management practices, customer level P&L’s, post event analytics, TPO, AI, holistic enterprise reporting, and executive dashboards. Data is a strategic asset not a transactional element and must be prioritized to maximize current and future growth potential.
Action – Establish Enterprise Data Ownership that is responsible for:
- Data management,
- Enterprise analytics & reporting,
- Executive dashboards, and
- Generating critical “enterprise” outputs for the common denominators above:
- Lift coefficients,
- Incremental, etc.
This becomes the foundation for analytics capabilities which drive enterprise wide alignment, collaboration, & solutions to business challenges. The goal is one version of the truth and real time insights.
In addition, POI research consistently reflects that there are challenges moving capabilities from transactional to analytical. Ownership of the Data and “common denominators” of analytics provides consistency and reduces burden across the enterprise. The goal is for the organization to have data-driven “intelligence” and insights based on the “one version of the truth.”
Driving insights out of the data & through the organization has always been the goal. Companies have struggled with quantity & quality of data available and the administrative burden of analysis. This work has left little time to actually generate insights. The good news is that advanced analytic technologies are now in market that enable robust analytics insights in real-time. Partnering and innovating with our retail partners will be how we continue to keep brick and mortar retailers strong through the change. There is a fragmentation of basket and trips due to new purchase behavior, and our retailers and manufacturers need to partner to creatively re-build lost revenue. “Intelligence” and “whys” come from analytics and analytics from data. Again, data is foundational to this partnership and realizing mutual profitable growth. Personalization is possible with the available data, but it is hard with the legacy systems many companies have in place.
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