How to Enhance the Value of Data with Operational Reporting

Providing insights of wider retail functions, operational reporting is a critical component to maximizing the value of data. With automated operational reporting in real-time, retailers can make informed decisions and respond quickly to rapidly changing retail needs. Retailers that use data analytics and operational reporting have the potential to dramatically improve their customer acquisition and retention. They are up to 23 times more likely to acquire customers and 6 times more likely to retain existing customers.

The True Value of Data in Retail

The importance of data in retail cannot be overstated. In today’s omnichannel world, consumers expect personalized experiences. To meet this demand, retailers must make full use of data. This will enable them to create tailored experiences for customers on all platforms.

Whether to gather information about their customers’ shopping habits, preferences, and demographics or to gain insights related to inventory, store performance, and supply chain, leveraging data in real-time is a must for retailers.

Teamwork Commerce’s Analytics & Reporting tool gives retailers access to valuable insights about their business, customers, and supply chains. These insights are always up to date. This helps them better identify top-selling products, loyal customers, high-performing stores, required stock, and much more.

This further enables retailers to make effective decisions related to procurement, pricing, distributions, and promotions, ensuring that the right products are available at the right time at an appropriate price. Furthermore, with the state-of-the-art solution, retailers can benefit from automated forecasting reports that provide insights into future trends by analyzing sales data and supporting metrics.

What’s more, the advanced tool helps retailers navigate areas for improvement in efficiency and cost reduction by analyzing operational data. This can range from optimizing staffing levels to improving supply chain management, all of which results in a streamlined and cost-effective operation.

Since outdated solutions do not allow retailers to drive the full value of data, retailers that rely on traditional analytics tools can put themselves at risk of being left behind in today’s fast-paced retail climate. 

How Can Retailers Harness Data to its Maximum Potential?

Without context, data is just a bunch of numbers. It is like a puzzle with all the pieces scattered around – retailers must piece them together to see the entire picture. In other words, retailers need a complete retail vision in one place at the click of their fingers.

Retailers today deal with vast amounts of data from various sources. This information can include anything from sales transactions, customer interactions and inventory movements, through to supply chain activities. They require solutions that can be seamlessly integrated with point of sale (POS) and can automate operations across all platforms eliminating the need for manual data entry – which is time-consuming, error-prone, and results in data inconsistencies.

Retailers can benefit from Teamwork Commerce‘s integrated solution – saving time, reducing errors, and ensuring that their data is accurate. The cloud-based solution leverages data in real-time and provides clear visibility across all platforms instantly. Retailers can view every store and channel quickly. They can also use real-time inventory data to access various on-demand reports.

A Tool to Enhance the Value of Data

Teamwork Commerce’s tool helps retailers enhance the value of their data. It does this by providing them with advanced dashboards. These dashboards offer flexible visualization and live KPIs, while the data is presented through charts, graphs, and tables, all on one page. This makes it easy to comprehend the overall performance.

In addition, these dashboards are integrated with Looker’s data dictionary tool which provides retailers with a centralized interface for searching through fields and descriptions, providing retailers with a central interface for searching fields and descriptions.

Leveraging the dashboard, retailers can gain quick real-time updates from any part of the world at any time. What’s more, the solution also allows retailers to set automated reports and provides data on demand. This serves to be a game-changer when it comes to utilizing data to its maximum potential.

The future of retail is omnichannel. Retailers who are able to utilize data to their advantage can remain ahead of the curve.

 Want to get a demo of how the solution can enhance the value of your data? Please get in touch.