{ "seo": { "description": "Unlock your data-driven potential. Discover strategies for success in our Wholesale, Retail, & eCommerce Series. Start your data journey today!", "title": "Harness Data & Analytics to Prevent Major Business Disruptions" }, "thumbnailImage": "https://cdn.builder.io/api/v1/image/assets%2Ffb3ccc876dd442c6ae31d776377e35db%2Fb750f0a0f0c7434eb7948761e7275a62", "content": "

Part of our Wholesale, Retail, & eCommerce Series

A majority of companies are looking to become data-driven with only a few having achieved success. And then there are those who are still finding their way into it. Now is the best time to start your data journey.

In this article you’ll learn:

• Wide breadth of benefits that data can deliver covering customer insights to operational efficiency.
• The challenge and opportunity in developing your own data structure.
• Actionable steps to get your data journey started in your organization.

From Buzzwords to Must-haves

Across industries, we have been hearing a handful of “ buzzwords” over the past few years such as digital transformation, omnichannel, seamless customer experience, and big data, among others. Several big players in the wholesale and retail industry have taken action on these trends ranging from exploration to integrating technology in some way, shape, or form.

However, the vast majority of retail companies have not taken an active approach to digital transformation. Instead, focusing largely on the brick and mortar experience while deploying digital assets that often don’t really contribute much to the overall customer experience.

In fact, by the end of 2019, a study conducted by Gartner found that despite having almost 90% of business leaders reporting that digital transformation was a company priority, only 40% have actually embarked on digital initiatives and afterwards scaled them.

Additionally, there is also a significant research finding by Deloitte that can now be considered an indicator of what was about to come. In one of their surveys, the results showed that close to 9 out of 10 companies believe that digital will disrupt the industry, yet only 44% said they were prepared in case that happens. And indeed disruption came.

The Covid19 pandemic shook the wholesale and retail industry to its core and brought about the much anticipated digital disruption virtually overnight. The situation brought those digital “buzzwords” to the forefront of the discussions in a bid to quickly adapt to the sudden shifts in customer behaviour.

Reacting to the changes, wholesale and retail industry players were able to launch digital platforms in short periods with relative ease. However, a key aspect of digital transformation that has enormous business impact and potential may be getting sidetracked in all the rush — data & analytics.

The Unmitigated Value of Data

Even before the pandemic hit, most companies have been working to adopt big data analytics and found it challenging to leverage the value of data. Either lacking the right tools to mine relevant data or not having the skills and technology to perform analytics and derive actionable insights. Several studies have consistently shown that C-level executives acknowledge that leveraging data will greatly improve their businesses.

But what business values do companies stand to gain from big data and analytics?

Extensive Customer Insight

Arguably, the biggest benefit retailers get out of being “forced” into digital channels is the opportunity to generate more relevant customer data. Traditional brick & mortar retail business models have limitations as to the amount and type of data they can collect such as POS, loyalty cards, or purchased items. But having digital channels allows businesses to engage and understand individual customers in terms of shopping behaviour, product preferences, platform or mobile app usage, and so much more. Retailers can gain crucial information to help improve and provide a top-notch customer experience.

Studies have shown that around 80% of customers are more likely to purchase from a brand that delivers a personalized experience. On top of that, they are even willing to spend up to a 16% price premium if they have an outstanding experience. And the only way to achieve that is to truly know your customers, through data.

Operational Efficiency

Organizational digital transformation offers the opportunity for a business to find its way into achieving efficiency across business areas. Traditional enterprise operations have functional areas operating in silos despite having a direct impact on each other’s KPI’s or success factors.

Data & analytics can uncover inefficiencies in business processes and technologies and derive

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