The Coeo team have worked with organisations from across the retail sector and we've seen that increasing numbers of companies are looking to learn more from their customer data.
However, many companies don't know how to go about starting to use it. They want to derive extra value, but don't know how.
This blog is a short guide to laying the groundwork for making data-driven decisions in retail.
In order to carry out customer profiling, retailers need to ensure they have good quality data. Inaccurate data will lead to inaccurate results - you need to build a true picture of your customers in order to provide the best possible service.
You can take these steps to start improving the quality of data within your business:
The structure used to store and manage data is as important as the data itself. Having an outdated or badly designed system:
When looking at your organisation's architecture it is important to consider:
For example, a business that does not have a data warehouse will likely have the same data being stored in numerous places, making it hard, or near impossible to create a single version of the truth, or master record. Ensuring that you have a reliable set of master data stores is key to deriving value from the data a business is storing, it also acts as the source of the truth where there is a dispute over the accuracy of a data point.
Coeo has helped its retail customers improve their approach to data management by helping them develop a master data management capability. This involves bringing together people, process and technology. If you’re interested in improving your data management capabilities contact us on info@coeo.com.