In the age of digital disruption, the retail industry is undergoing a profound data-focused transformation and those brands that fail to adapt risk being left in the dust. Amidst this dynamic landscape, a groundbreaking retail data analytics program has emerged, reshaping how consumer brands perceive and interact with their point-of-sale data. Four strategic pillars form the foundation of this revolution, propelling brands into uncharted territories of success.
Automated Data Extraction and Cleaning from Vendor Portals
The first pillar, data extraction from vendor portals, is the key to unlocking information. By harnessing the capabilities of platforms such as Retail Link, Vendor Central, and VendorIQ, brands gain unprecedented access to vital data streams. Suddenly, the floodgates burst open, empowering brand-side individuals to converse in the language of retailers. It’s a paradigm shift that blurs the lines between brand and retailer, forging new avenues for collaboration and innovation.
The second part of this pillar, cleaning the data, has been discussed at length here. Incorrect data types, identifying missing values, and deduplicating extra records can easily bring an analytics initiative to its knees. Thankfully, third-party SaaS vendors, such as Krunchbox, proactively address these issues from a long list of retailers, so brands don’t have to spend expensive engineering hours on this step.
The potential of this data deluge would be nothing more than an overwhelming torrent if not for the second pillar: scale. Multi-retailer reporting entails vast volumes of data—millions, or even hundreds of millions of records, depending on the specific use case. Gone are the days of relying on simple spreadsheets that falter under the weight of such immense datasets. With the most recent wave of Business Intelligence tools in the market, such as Power BI, Looker, and Tabluea, the time for change has come, and it promises more efficient, streamlined processes that drive decision-making to new heights.
But speed alone is not enough. Enter the third pillar: speed coupled with agility. No longer burdened by the complex task of data modeling, analysts find themselves liberated to ponder the intricacies of leveraging data for the elusive holy grail of business: return on investment. Given the multitude of data tagging required, reports that once required an entire week to produce for a single retailer are now ready on Monday morning, encompassing all major retailers. The acceleration of insights dissemination equips brands with a competitive edge that can redefine market dynamics.
And lastly, the fourth pillar: innovation. Boundless access to data at an unprecedented scale catalyzes a breeding ground for novel optimization opportunities. As the proverbial floodgates open, a wave of creativity washes over the industry, ushering in a new era of forward-thinking strategies. Brands armed with this newfound power are no longer constrained by convention but rather driven by the audacity to reimagine the retail landscape, disrupt traditional norms, and stake their claim on the cutting edge.
In this age of digital evolution, the retail analytics program for consumer brands stands tall as a symbol of transformation and disruption. It shatters the data shackles of the past, propelling brands into uncharted territories of growth, profitability, and customer-centric excellence. The power of data is harnessed like never before, revolutionizing how brands perceive, strategize, and thrive in an ever-evolving market. Welcome to the future of retail analytics, where possibilities are infinite, and the status quo is merely a stepping stone to progress