What data know about your branches

In .Consumer Products & Retail, .Customer Experience, .Data & applied AI, .Financial Services, Blogfest-en, Uncategorized by Baufest

In times subject to disruptions of diverse order, data become a central asset to make decisions and optimize business performance.

Wednesday 9 - December - 2020

Companies need to guide their activity based on data analysis to adapt their proposals and actions to new customers´ demands. On the other hand, the Covid pandemic forced many organizations to the challenge of redefining their assistance systems through physical channels, and data results became essential to strengthen localization strategies of retail stores and bank branches, for example. In this sense and by analysis customers’ behaviours, informed decisions can be made about which openings, closedowns, and configurations it is convenient to carry out, taking into account as well, the performance of each branch, the layout of nearby stores (own and third party owned), etc.

How is this achieved?

It is common today for organizations to have enormous amounts of data available about their customer’s ´activities in their stores or branches but find themselves swamped precisely by the volume – and not always count with the big data and analytic solutions required to convert that enormous load of data into “smart data”. This is why, a new business insights service may help organizations to benefit from that data, their own as much as their competitors´, and to obtain a deeper knowledge of their customers, which at the same time allows for maximizing the results of marketing and innovation actions, improvement of the performance of each branch or store, and obtaining a larger adjustment capacity to the context. As well, this business insights service allows detection of new opportunities through predictive analysis.

Transformative results

Transformative commercial results obtained being a data-based company can potentiate growth strategies and boost the business forward. Specifically, for the case of decisions linked to the placement of physical assistance channels, data analysis offers empiric information – and no longer mere intuition – that “maps” what happened, X-rays the current situation and projects the results.

For instance, a study by Deloitte found out that organizations focusing more on information, analysis and data-based decision making, have two times more probabilities of exceeding business goals. The research pointed out, previously found that from the 26% of the companies that used a unique and common set of tools and methods in the entire company to access and analyse data, 80% had exceeded their busines objectives the previous year.

Besides, from the 37% of companies with the highest level of analytic maturity, almost half (48%) had significantly exceeded their commercial objectives for the past 12 months.  Now, in order to be successful, companies must become real big data “analysis makers”, to modify the way they work and make decisions related to their branches or stores, for example. And to achieve that, they need to integrate three key topics: culture, technology and talent. This can be achieved on their own, or by means of strategic alliances with specialized technology services suppliers which allow them to benefit from the knowledge that comes from data analysis.