We recently released our Product Information Management solution, because we saw so many merchants struggling with their product data. As retail morphs into eCommerce and marketplace selling and mobile selling and… (must I continue?) …one thing stands out as critically important: data.
It’s not just product data, either. It’s all data!
If you want to successfully grow, you need to have the people, processes, and systems in place to manage data. It’s the only way to utilize that data in ways that help you differentiate. Data can be an asset if used properly, but it can be a liability if it doesn’t get love.
This week, we’re reading about data (big and small) and how merchants/retailers need to organize around managing it.
Making Mistakes With Your Data
This article, from VendHQ’s blog, dive’s into some of the common data mistakes retailers make. What’s interesting about these mistakes is that none of them are technology mistakes. They are mistakes like “collecting data, but not using it” or “not empowering staff to be data-centric”.
Of course the technology is important! Otherwise, where is your data going to come from. But, it’s critical that you implement the culture to utilize that data. The technology won’t do it for you.
Big Data & ERP
Sage ERP shares some ideas about how big data can take your ERP implementation to the next level, in this article. You might have a ton of data locked up in your ERP system and Sage says you’re probably only utilizing 12% of it. If this is you, there’s a huge opportunity to use this data to improve sales, supply chain, inventory…pretty much every part of your business.
Organizing for Analytics
In this article (intended to spark discussion), RetailWire asks whether you are organizationally prepared to benefit from analytics. I feel like a broken record, here, but… Just collecting data will not get you very far. You have to be able to derive insight and make business decisions using that insight.
Happy Mother’s Day to all you fellow moms out there!