I joined DynamicAction and LEGO Group onstage at FT Future of Retail 2019 to discuss how to maximize the power of data-driven customer insight.
The event discussion offered three main takeaways for retail enterprises looking to expand and optimize their data.
Be smarter about how we look at data.
It's time to wean ourselves off of Excel. When all your data is in a spreadsheet, it's hard to find value within the rows and columns. There are much better ways of visualizing data today, and tools like MicroStrategy HyperIntelligence™ benefit everyone in the enterprise with intelligence—not just the data-adept.
Data lakes aren't the answer.
While a unified warehouse is challenging to achieve, data lakes haven't proven themselves to be better. Business users and analysts alike are referring to them as "data swamps." So how can enterprises turn disparate data from multiple sources—and at different levels of usability—into something that elevates the enterprise?
The answer is an enterprise semantic layer: software that filters data from different sources and provides the governance necessary for a single version of the truth across the organization. When all users—from store managers to executives—are looking at the same numbers, you’re on your way to success as a retailer of the future.
Keep a pulse on your business.
Retail business leaders need to be in the know about vital KPIs such as store performance and customer experience—and they need this data to be in real time, accurate, and easily accessible. Self-service BI makes this possible, but those looking to the future should take advantage of new technologies such as HyperIntelligence to not only make data accessible, but to integrate it into the natural workflow of every employee.
So what concrete benefits will these important tips deliver to your retail enterprise? Here are three of many:
- Competitive pricing: Flag pricing discrepancies with the help of HyperIntelligence and deliver the best possible value to your customers
- Real-time store performance monitoring: Mobile dashboards can deliver important store and customer KPIs to every employee on the floor, helping them boost the customer experience and drive sales
- Inventory management: Never experience a stockout again by arming your store ops and supply chain managers with the accurate inventory data they need to take collective action
The discussion at FT Future of Retail made it clear that the retail industry needs to embrace data and analytics to keep up with both competitors and consumer demands. Check out our Retail Solutions Guide to learn more about how MicroStrategy can help your retail organization transform into an Intelligent Enterprise.