Flotation Devices: 5 Ways to Keep from Drowning in Retail Data
Do you find yourself literally swimming in data? If you’re like some of our clients, it can certainly feel like drowning instead of swimming at times. Focus on these five keys to emerge from that sea of data with valuable insights.
Find the right resource for collecting your data:
This is as simple as it gets. Every company has their greatest resource already built in: its employees!
There is a power and value to your own network that can grow with the right encouragement. Your most valuable key to insight is from the very people who are engaged daily in the process that drives success. That is why the greatest value should be in empowering your employees, in order to leverage their visibility and commitment to the plan for success. Providing power and a voice to your network can accelerate both the rates for success and growth.
Employ the right technology and tools to enhance the reporting process:
The world has gone mobile, have you? If not, it is time to put all of those pocket computers to work! They are not only for email, but these devices have GPS locators and cameras making a smartphone the ultimate field tool! At GoSpotCheck we’ve created software that enables data capture, image capture, and simple reporting, by employing these devices. The solution for large data collection, market research, and compliance is alive and well!
Collect the data that matters:
Companies know it is important to collect data and feedback but the question is always about what data to collect. Organizations are often collecting too much unnecessary information that can create a cloudy mess of static and noise. Finding the clarity, and finding the essential components to the formula that ultimately drives success, can be easier than it seems. For instance, take a look at how major brands like Nike, Boeing, and Macy’s handled this issue on a very large scale.
Simplifying your process and your analytics can help you arrive at conclusions faster. Gaining insight in real time using today’s applicable technologies is the most accurate way of making informed decisions. By narrowing your focus with more precision and faster timing, you can arrive at decisions that will make an immediate impact. Target the things that matter the most and turn them into immediate action items. Who can really wait for monthly (or even weekly) reporting?
Manage clear reporting that allows you to get to faster answers:
Structuring your data collection and creating a uniform analytics platform will turn your data into “actionable insights”. Along with the advancements in technology and data collection comes the daunting task of housing, organizing and then making sense of it all. Excel spreadsheets and disparate emails with digital photos attached are no longer cutting it, and so the notion of a “dashboard” or a control center for visibility can be a powerful lens to view the most accurate, and more importantly, the most important data.
Make informed decisions based on store level intelligence and facts (no more high level decisions in the dark):
According to the Xavier Leadership Blog,
“While 94% of executives say that leading innovation and change is vital to the long-term success of their business, fewer than one third say they have a formal way of leading innovation and change in their organization”.
Gone are the days of high-level decision making behind closed doors; Today we are armed and equipped with enough pertinent and effective data to make the right decisions in the moment. Risks still need to be taken, and innovation will continue, but with the power to understand the impact of every decision as it is made.
Out on the open market seas, waves of data come crashing down as the tides turn and the market changes constantly. There is a life preserver, there is a life boat, and there are ways to stay afloat and keep from drowning. Please take a look at our product overview as one such method!