For retailers, utilizing their big data has become synonymous with business success. 93% percent of businesses rely on data to help them do their jobs effectively, according to a study conducted by DOMO. The trouble is, while many have a data-driven dashboard in place, they don’t necessarily have access to the information that’s most valuable to their organization and most likely to impact their bottom line.
To be truly effective, retailers must be able to connect metrics and key performance indicators (KPIs) with critical objectives like increasing revenue and improving social sentiment. We’ve identified four steps toward developing a better dashboard to kickstart your journey down the path to enhanced business intelligence. Getting the right information into the right hands at the right time doesn’t just help you obtain and retain customers—it can revolutionize your whole organization.
Step 1: Get data integrity.
Does the dashboard you’re currently using adequately address your data needs? We asked businesses this question, and only 20% of them had total confidence in their existing setup. It’s a fact that data can sometimes be inaccurate, whether that’s due to human error or because the data was before it reached you. That’s a major issue for marketers who have committed to optimizing ad spend.
Retailers need data that’s accurate, complete, and timely—and the good news is, it already exists. Harnessing it is simply a matter of choosing a dashboard that maintains the integrity of your data to deliver the most error-free information possible.
Step 2: View only the essentials.
Two-thirds of retailers told us they regularly have a hard time making sense of the data they have access to. Blame “data noise,” —defined as data that, for whatever reason, can’t be interpreted correctly—which makes it difficult to identify and extract the information that’s most relevant to your business. Trying to interpret every piece of data available just isn’t productive. Instead, view only the essentials that can move the needle on revenue, customer sentiment, and whatever else matters most to your team.
Step 3: Timely access to data.
It can cause huge problems to have to wait a week for the data that’s needed to make business decisions today. Only 4% of our survey respondents strongly agree that they have timely access to their information. When it comes to retail data, it’s not what you view, but when you view it, that counts—because even the most compelling business insight is useless if it’s based on stale data. Think of timely data as a compass that can help you make adjustments and correct your course. Real-time insights will guide you to a more informed strategy.
Step 4: Make it visible.
The decisions that marketers make directly impact every department, from supply chain to operations and sales. So how comprehensive is your view of your business?
To create a successful retail dashboard, collaboration and communication are key. For example, knowing that a product sold particularly well when it was placed at the counter is a valuable insight—even more so if you can share that knowledge with decision makers who can act on it. Rather than waiting for the next monthly regional meeting to share notable results, you can aim for full visibility and access to relevant data points at all times. When every department is able to see the big picture, they’re better equipped to propel the business forward.
If the idea of upgrading your data management feels overwhelming, take heart: you don’t need to tackle it all at once. Making small but meaningful changes can result in significant improvements as you work toward creating a more successful retail dashboard for your business.
To learn more, watch our 4 Steps to Creating a Successful Retail Dashboard webinar in its entirely here.