Data management is essential in the field of business, including large retail companies. In addition, the great proliferation of new offers, demands and experiences for consumers have made the business environment more competitive.
Likewise, the volumes of data handled by retailers have been increasing thanks to their high hourly availability. Therefore, it is necessary to take advantage of the benefits offered by proper information management.
Competitive advantages with the help of data management
It’s undeniable that the proper data management becomes a great opportunity to get the most out of business. In addition, well-managed data can be used by a Data Scientist to study trends, develop machine learning models and many other important purposes.
Thanks to that, you can reduce risks and gain agility in making management decisions, being more efficient. Here are four benefits to consider of a good data management in large retail companies.
1. Decreased time to market
By reducing the time, it takes to put a product on the market you can gain a competitive advantage. This is possible with correct data management tools that unify the information of partners and resource providers.
In this way, you can have a centralized information, without requiring manual management.
2. Optimizing inventory levels
Proper information management will benefit inventory levels. This will save time and optimize product data. In addition, you can automatically contribute data to the following areas:
- Consumer systems
- Production processes
- Sales channels
The ideal is to maintain a global vision of the divisions, channels and departments to be in control at all times.
3. Preparing data for new channels
Proper information management will help you innovateandscale when corporate and consumer needs demand it. In this way, you will access new environments faster, for example:
- Modern ecommerce formats
- Virtual reality
- Machine learning
As trends progress, you’ll need to prepare yourself to meet the challenges of new sales channels. Thus, you can offer the best to users and maximize the efficiency of their consumption experience.
4. Decrease in product returns
The return of products is one of the factors that must be considered in large retail companies. Mainly, becauseitinfluencesthefinanceareaby reducing sales margins between 2 and 3%. In addition, in the online field, it affects the management indicators (KPI’s), mainly these:
- Conversion rate from prospect to customer.
- Traffic to the web.
- Percentage of product market share.
- Customer satisfaction index with the brand.
A properly implemented management system will optimize information throughout the supply chain. This will reduce the return of the products.
Maximize business efficiency
You should focus on improving the data associated with the products in the supply chain and the entire business area. In this way, you will obtain a better performance, greater positioning in the market, and optimal relationship with suppliers and consumers. For this reason, it is so important to have a qualified and experienced staff that can perform the necessary operations in data management systems. The possibility of success of your company could well depend on it.