Attention to Retail: Staying ahead of the competition

Published 4th October 2017

Attention to Retail

Attention to Retail

Turning your numbers into narrative

Felicity French - Marketing Manager

When it comes to getting ahead of the competition, savvy businesses have realised that the most valuable asset at their disposal is their transactional data. The key to gaining that elusive competitive edge is putting that data to work in an intelligent way so that the numbers can be turned into narrative.

That all sounds ideal, but what if your current systems and processes just can’t cope with strain of keeping up with the demands of modern retail?  What if your Excel based systems has been pushed beyond their limits and other useful information is trapped in multiple data silos?

What you need is a solution that breaks down silos and enables you to run effective processes across a whole organisation - from HQs though to countries, branches, departments, warehouses, stores and SKU level.  And of course, data has little value if your people on the ground can’t make sense of it.  So, with all of this in mind, what components do you need to really turbo charge your data.

Keeping up with buyer behaviour

Today’s consumer is more researched, knowledgeable and better-informed about products and services than ever before.  Businesses need to look at how they can adapt their business models so that they can stay up-to-date with the needs of these prospective customers.

This means putting systems in place to ensure that they can stay agile and effectively monitor what is happening on the shop floor to respond quickly to changing trends and buyer behaviour.  To do this, you need the ability to get the data that matters to decision makers quickly and in a way that they can rapidly interpret.

Free your data

For many retailers, the reality is that they operate manual, spreadsheet-based reporting which is time consuming and can be prone to error.  We worked with one well-known high street retailer that had one person in the Finance team manually budgeting for over 200 individual stores.  What they needed was the ability to extract data from multiple locations, in a couple of clicks and without compromising data integrity.  Once they could do this they could build up a clearer picture of how they were really performing.

Once data from individual stores and online sales platforms can be successfully combined it can be analysed for meaningful insight.  It can uncover sales trends and opportunities, monitor inventory and margins and reveal under-performing products and stores.  When all this information is in the mix then you can really start to see a powerful narrative around the numbers and make informed strategic decisions based on reliable facts.

Make it easy to understand

Of course, all this information is only any good if it can be understood by the people who need it from store managers to board members.  Most people are visual learners and our information recall is significantly enhanced when tied to visual imagery.  Raw data that can be quickly transformed into engaging, customisable infographics data makes for more digestible information at a glance. 

In short good reliable data married with a guided narrative and attractive visuals, that everyone can understand, are the key elements required to really bring your data to life and make for insightful data storytelling.

If you need to up your game to keep up with the competition and would value instant, reliable access to data from across your organisation then contact us for more information or join us on 13 December for a free hands-on workshop.  To register for your place, click here.