The Top Three ROIs Areas of Data Driven Decision Making
Every Company is Now a Data Company
To ensure competitiveness and resilience in the market, companies including micros and SMEs should leverage information to spot trends and market demand. Forbes’ David Kirkpatrick famously claimed that “every company is a software company.”¹ The same has become true of data: every company is now a data company, too.
Obviously, insights derived from analytics have become an essential driver of innovation, optimisation and competitive edge. Misinterpreting data incorrectly or, even worse, ignoring crucial information will result in businesses not keeping pace with the market and hence will be out of touch with customers. As a result of these missteps, great opportunities are lost as progress stagnates.
On the other hand, businesses who actively use data tools are propelled to find new and creative ways to reinvent their businesses and productise the resulting data as we will demonstrate in this article.
This is especially crucial for SMEs where resources are scarce and budgets are tighter.
Here are the top 3 ROIs areas which you can expect from our analytics dashboard:
As our infographic above points out, having real time data plus analytic comparisons at your fingertips, can help you define and execute your business strategies more efficiently. For example, a promotion tactic can be executed more effectively by launching the right product at the right time so you can reach your sales target. You also have a front row seat to monitor your competitors’ launch dates, trade movements and what they are stocking up.
Chart shows Everlane turned to discounting as the Covid-19 crisis slowed sales dramatically from February onwards. Image source: Omnilytics dashboard.
Despite your best efforts in predicting stock demand, you may end up with some stock that just won’t sell! With the Omnilytics dashboard, you no longer have only static reports. With accurate data to spot trends, you can now drill down even further to identify the what to stock up and when, as well as unique opportunities to fill market gaps and trade efficiently from season to season.
Trade movement for jeans tagged as ‘oversized’ at Shein, Farfetch and PrettyLittleThing. Source: OmnilyticsDashboard
Last but not least as businesses are always on the lookout for new market opportunities, Omnilytics has got you covered with crucial market data covering more than 41 million SKUs, and over 116,000 brands giving you the most comprehensive data in the market. We are the trusted brand in this market helping businesses grow on new grounds.
Let your Data Driven Transformation Begin
At the heart of a good marketing and business plan is data. Your data can tell you what your consumers are demanding, what will keep them loyal, what offers they will respond to, and ultimately, how to drive higher revenue and help you expand into new markets.
Having the right technology is mission-critical, but that’s not all you need. You’ll also have to put the right operations into place and bring your people and culture along. And for that, Omnilytics is committed to your roadmap.
Have a question or want to see a demo? Let’s connect you with our sales team here ! We are ready to address all your inquiries.
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