5 Ways Retailers Can Best Leverage Data Analytics

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Improve Efficiency/Reduce Costs

Improve operational efficiency or reduce costs and maximize profitability.

Retailers can optimize operational efficiency by implementing a data analytics strategy to visualize and manage data across numerous suppliers and vendors. For example, a company may want to compare information from a large quantity of subcontractors, but can only examine a small subset with manual, human efforts using Excel functions. When implementing a comprehensive data analytics software and strategy, a company has the ability to analyze information from all subcontractors at once and determine which supplier meets their needs, based on a complete picture of the supply-chain. With the capabilities in place to consume data insights and optimize results accordingly, you ensure you’re getting the best combination of delivery, price, speed and fulfillment.   

In today’s competitive landscape, it’s no surprise that retailers are struggling to attract consumers – both online and in-store. In fact, BDO analysis found that 92 percent of companies noted risks related to U.S. growth and expansion, up from 56 percent in 2013. The brands that are attracting and retaining customers successfully are leveraging data to better target consumers.

However, data can be a very complex issue for retailers, as they’re not just pulling from large datasets, they’re also pulling from multiple sources. Consider all of the channels that go into a retail campaign: marketing funnel, social channels, customer data, lead generation data and so on. To manage campaigns effectively, retailers need to see the whole picture and know what data from which channels is most impacting their campaigns.

In this slideshow, Sisense VP of Product, Jeremy Sokolic, highlights how retailers can drive the most valuable insight and propel their business forward.


Related Topics : Vulnerabilities and Patches, Resellers, Broadcom, Broadband Services, Supercomputing

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