Big brands understand that being data-centric isn’t optional.
In fact, by 2021, 75% of large enterprises will recognize the chief data officer as a “mission-critical” business function. Organizations clearly see the value of investing in data, yet a sizable 60% of companies admit that finding the data they need to solve their business problems is still a challenge.
Winning brands are overcoming this struggle with agile reporting, a system of data analysis that ignites a cycle of continuous improvement at retail. Read on to discover what this process entails, and some of the learnings brands are uncovering to help them enhance their retail presence.
What is agile reporting?
A hallmark of agile reporting that differentiates it from standard reporting frameworks is the speed of analysis. When brand managers have real-time insight into what’s happening at the retail store-level, they’re in a much better position to correct issues that are detrimental to sales.
The agile reporting method is involves a few key fundamentals:
● Data must be consolidated into a central location.
● Data is collected in a standardized way.
● Data is shareable in real-time.
Centralizing data saves time, since managers aren’t trying to pull reports from multiple different sources to paint a complete picture. Standardizing how data is collected prevents errors and ensures the right information is being tracked. Finally, making reports shareable encourages data-centricity from the top of an organization.
The cycle of continuous improvement
Agile reporting affords brands a slew of benefits (more on that below), but perhaps the greatest is its ability to make data more actionable. Brands…