How to Build and Drive a Data Culture
E-commerce and retail companies are bursting with information—everything from key performance indicators (KPIs) and web analytics to weather and mobile data. When analysed correctly, this vast quantity of data has the ability to provide unique and powerful insights that can enable companies to develop market-leading business strategies. At the same time, with so much automation driving e-commerce operations, the smallest blip or glitch has tremendous power to do significant financial and reputation damage.
To capture and understand data, for years e-commerce and retail companies have relied on traditional tools, like alerts, dashboards, and statistical analysis software. But, as e-commerce thrives and more digital data become available, consider that information from every physical store, website, mobile operating system, competitor, and country in which the e-commerce or retail company operates must be captured, tracked, and analyzed, in order for it to be used to develop a meaningful business strategy, and to enable the company to adapt that strategy in “Internet era.” The simple truth is that the number of combinations that can be applied to e-commerce and retail data sources is simply too vast for any business intelligence (BI) team to keep up with using traditional BI solutions.