Making sense of Retail data management
Retailers today have much better visibility into what is happening at the store level, however much of this data never gets turned into actionable knowledge. Retailers need to start tapping into the hidden value that is locked in the massive amounts of data that retailers have stored from decade’s worth of history. The most common remark made by tier one retailers is along the lines of, “Our company has spent millions of dollars and years gathering and storing data, but what we lack is the ability to gain any real value or competitive advantage from our efforts.”
The problem lies in the way that retailers have tried to use their giant data cache(s) to derive value. Until now all retail data initiatives have sought to either “analyze” or “optimize” data and some initiatives have been aimed at doing both. To meet the changing demand of today’s retail customers, analyzing and optimizing data are simply not sufficient any longer. There is a third component to this exercise that must occur: Data Synthesization.
Q creates actionable knowledge through synthesization
This component is the basis of Quantum Retail’s solution, Q. Enabling retailers to understand their data in real-time. Q takes in as much data as a retailer can provide – analyzes it, understands it, and recommends action for the retailer. This action is not a one-time process, but an ongoing learning process built into the system on a product by product and store by store basis, meaning that you no longer need to understand, prioritize, compare and plan from vast amounts of data – the system literally does it for you.
This may seem unbelievable – but the system can synthesize the data based on goals and strategies that you set – like profitability, availability, customer service, style, stock level, etc. The Quantum Team helps you understand what your business strategies are – and we program the system around them. However, these strategies may change, but Q changes with you.
Real-time execution is your competitive advantage
With the complexity and extent of data that most retailers have, it’s time to look at how to turn your data into execution. It’s also time to realize which data sets are relevant for today’s market. With the dramatic shifts in our economy and in consumer buying habits, the most relevant data retailers have to forecast and plan their strategies – is real-time data. Knowing what your customers are doing and having the power to execute on their behavior immediately – will give your business an extreme competitive advantage.
To learn more about how data synthesization relates to your specific organization, contact Quantum Retail Technology.
Get back in the game
Are you ready to know exactly what your customers are asking for at every location and to have the ability to react as their wants change? If you are looking for a solution that can drive momentum for your business this year, check out the solutions offered by Quantum Retail. Our customers see valuable results in 8 to 12 weeks and our implementation approach gives your team access to the system from early on, so you can manage changes to your processes with ease. Quantum Retail continues to help all of its clients drive positive business value more rapidly than anything seen in retail.
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