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Cloud Retail, Transport & Hospitality 3 min read

Data is fast becoming retail’s biggest asset

Data is fast becoming retail’s biggest asset

Why you need to advance your data strategy?

Round table Round up

Data is now an integral part of the decision-making process for all retailers. Successfully incorporating analytics into processes to understand consumer change is rapidly becoming a differentiating point between those who succeed and fail in the industry.

To discuss this in more detail, we recently hosted a retail virtual roundtable where we were joined by guest speakers Alex Faupel; Director of Azure Corporate Sales at Microsoft and Dave Robertson; CIO & Director of Technology Platforms & Business Partnering at Co-Op

During the roundtable, we discussed some of the data challenges facing the retail industry, what problems you are trying to solve with data, what that is and what that means, what data do you currently have and what data are you missing, members vs customers, how much data to collect and what to use of that data and how. We looked at what roles in an organization can aid in the use and practicality of data collected; and what that means to the data first transition in retail.

Dave Robertson: CIO & Director of Technology Platforms & Business Partnering from Co-op kicked off the conversation and explained how the Co-op has been working to collect data across various forms and are now implementing the information they have collected.

This led to a larger discussion on the question of what to collect and what to do with what you do collect from your data. Finding the worth or value of the data being collected is a major question for the sector right now with storage being moved somewhere useful to be able to be utilized. But now with most companies having done this they are able to collect more, getting all the data to then utilize.

With the focus being on data first or data driven to increase that engagement we discussed the solutions seen to work. The first point being were to start, focusing on the immediate then scale out from there. Once the start is set its easier to work in the fine details. To be able to do this as well we discussed how you must know your customer from different areas. Ans then explained its concept to lead with “what” and “why” before “how” to achieve the business outcomes.

We can offer the assistance with this by defining and building your data strategy. Our Modern Data platform helps you unleash the full potential of your data and increase its value to your organisation, guiding you through the whole process, providing insights, improvements, and best practice.

Click to start your journey: Modern Data Platform – ANS