There are a number of touch points that make up a holistic approach with each component having its own set of challenges to the business. In part one we looked at creating strategies and analysing channels to capture data. In part 3 and 4 we touch on the technology that supports the initiatives and the resources to manage the input and output to ensure that it’s successful.
Technology and Infrastructure
So we have outlined our strategy and identified those channels which will effectively provide the data required to achieve our analysis. Now the question is do we have the means to capture, manage and publish it?
For many retailers just managing the daily operations is a challenge that engulfs the key stakeholders and administrators. Whether it be due to disparate solutions for Point of Sale, ecommerce, purchasing or accounting. In this environment achieving a single view of the business will be challenging. It will also make collecting data and translating it extremely difficult. With a more cohesive ecosystem, IT systems will be in a more advantageous position to expand on inputs and provide a backbone for outputs. For example triggers at the POS or website that capture customer detail are fed through to a customer relation management system.
Utilising a BI (Business Intelligence) platform can also provide managers with simple feedback of sales and staff behaviours through to comprehensive dashboards with key performance indicators. Analytics turns data into information and information into knowledge and by empowering managers to make informed decisions the reaction time to proactive decision making can only decrease. Likewise increasing the visibility of staff sales enhances their desire to increase their output. With real time analytics results of top-performing locations and sales associates can be collected, aggregated and posted into a meaningful format, so the entire organization can identify and recognize them.
Resources and personal
The final piece of this is the actual resources required to create, manage and action data. For many retailers IT departments are seen as a luxury, a necessary expense not an asset. Certainly outsourcing IT is an option as well as investing in an Enterprise Solution (ERP) that provides an integrated solution built on a scalable architecture.
There are options presenting themselves via cloud computing. This can provide retailer with scalable options to access comprehensive solutions without the major investment in system architecture. Investing in our people is one of the resources that we can also capitalise on. Our ecommerce engines have an advantage of digital footprints but what about our floor staff. They are probably underutilised and hold the key to future insight. If we empower them with means to capture data then this data can be translated in trends. These trends can then be translated back to staff so as they can see the story behind top selling items, product groups and categories all providing assistance during their sales engagements. Wouldn’t it be a refreshing change to have a sales assistant said (legitimately) “Did you know that this colour has been hot this week at all our stores and that we only have a few left”. Similar with our online clientele if this bricks and mortar insight was translated when consumers we viewing items. As mentioned in part two thinking creatively about data channels such as the weather or centre activity can be managed at a localised level with little to no overhead for the IT department.
Capturing, managing and translating data can be an overwhelming task for most retailers. If they are able to create a strategy, identify the appropriate input channels, ensure the technology supports the initiatives and finally invest in the resources then they might be able to harness new insight, make smarter decisions and achieve better outcomes. There’s a saying “knowledge is power” and in today’s fast paced environment we shouldn’t lose sight of how it can empower and differentiate us.