When customers go shopping, they expect to be able to find the products they want at a convenient location at the right price point. Pulling this off effectivelyconsistently requires retailers to consider disparate types of information including an in-depth analysis of the supply chainconsumer purchasing trends. In short, coming up with a cohesive strategy often involves a lot of educated guesses.
But it doesn’t have to be this way.
Artificial intelligence is here to help. Data management services can help companies ingestconsolidate large amounts of data from different sources in varying formats, detect patternsrespond in real time with a retail data analysis.
As a brand or a retailer, you are likely sitting on mounds of data: Sales data, point of sale execution data, market research.
But acquiring this data is only half the battle. To achieve a successful digital transformation, brandsretailers need to figure out a way to nimbly use this data to predict market trends, effectively launch new products, improve productivity,increase revenue.
Monitoringanalyzing large amounts of data — like sell-in, sell-out, forecast, external stock data, point of sale executionmarket research — is a gargantuan challenge for brandsretailers.
Adding to this challenge is the fact that data often comes from clients in different forms, making it hard to store, analyzetransform into usefulactionable information.
Having different data sets can be worse than having no data at all: Misaligned data sets cause analysis errors, which can lead to misguided business strategies.
Data harmonization tools like Storecheck Hub aggregate data from different sourcesinstantly organize it in a single data integration platform, making it easier to identify business opportunities, devise strategiesimplement them right away.
How does it work?
Using AI, your platform of choice can automatically collect information from all sources. The data is then cleaned, validatedharmonized into a standard language.
Algorithms then analyze the dataalign it to KPIs to generate reports which can help improve everything from inventory management to productivity to point of sale execution.
Storecheck Hub also offers instant reports to get an immediate picture of sales performance, identify product shortagesroot causes, improve your forecastmonitor your offerslaunches.
If you want to take advantage of the power of data managementanalytics, data harmonization should be one of your very first goals. Unless data sets are harmonized, their true power can never be realized. By unifying the numbers, data harmonization tools help unify organizations by allowing everyone work with same data pointsarrive at the same conclusions.
Given all of this, it’s no surprise that retailers that adopt AI into their retail data harmonizationprocessing have an advantage over competitors still making educated guesses.
Want to know more about how to make your data work for you? Reach out to Storecheck to learn more about Hubother AI solutions for retail.