How To Know Reporting, Analytics and Data Strategies With Epos System In 2019
As retailers looking for retail technology leader`s road map for 2019 and beyond, building strategies related to data are – and will increasingly be – massively significant for the industry. Furthermore, that is because this approach will bolster so much of the innovation that looks set to affect retail in near future.
Whether it may be about exploring artificial intelligence (AI)- influenced practices, customized marketing strategies, better cyber security, or simply, more sophisticated forecasting and accounting processes, understanding the data flowing through the business is going to be crucial. If companies aren`t measuring it, how can they manage with that new landscape?
As Molly Bearns, senior director and analyst and Gartner, said in recent, CIOs used to be tasked with minimizing risk and cost – however at this point they have significantly more on their plates. Great reporting and data analysis practices – which are inside the CIO and CTOs` jurisdiction – are at the core of driving such huge numbers of internal operations and customer services that are a part of advanced retail.
With retail CIOs expecting to measure the impact of their work, which we`re all aware now has a much wider effect on their organizations strategies than simply `keeping the lights on`, Bearns noticed the change. "They are putting resources in analytics for both near term benefits like decision making and to get ready for innovations, for example, smart machines, AI and augmented reality – all of which will require robust datasets," she remarked.
Turn Insights into action
Anyway, how does a retail technology leader build out that reporting and analytics strategy and take advantage of it? There`s no point boasting about all the data one possesses in a business if it`s not being put to great use.
Gartner research found that companies of all types, including retailers, feel the desperation to embrace digital business if they want to remain relevant and competitive, yet they often lack the relevant data and analytics organizational structure.
The analyst group recommended that a senior official, for example, a chief data officer (CDO) must take charge for the data and analytics competence and literacy data through their organisation.
It`s pivotal, the group stated, to motivate each employee in the organisation to become data literate. Retailers in the UK, including Marks and Spencer and N Brown, are working with data science education supplier Decoded to help reach this goal.
As per Gartner`s third annual CDO survey, released earlier, poor data literacy is one of the greatest barriers to success in the CDO office, so improving this area must be one of the primary ports of call. That, alongside finding the right technology supplier to make the data insight actionable and accessible across the business, can help technology leaders take full advantage of the information they hold.
One of those essentials are in place, retailers have the potential to embrace all that’s new – including AI, personalisation and, automated forms – realizing they`ve done everything they can to make their data perfect, clean, tidy and ready to go.