Data and Analytics in 2021: A Core Business Function?
Snippet: As more businesses start to accelerate their digital transformation processes, the role of data and analytics will become increasingly more important.
As more businesses start to accelerate their digital transformation process, the role of data and analytics will become increasingly more important.
Today, data and analytics have become a core business function. It provides valuable insights into customer behavior, enables operational optimization, and improves strategic decision-making processes.
Data Analytics and The Coronavirus Pandemic
The pandemic has highlighted the critical role of data and analytics in helping businesses overcome one of the toughest modern challenges — the coronavirus pandemic. By leveraging the insights gained from data analytics, retailers can quickly and effectively respond to changing consumer demands and logistic challenges.
It has also become an essential factor in building resilient and agile companies that are able to adapt to disruption in the business environment effectively. When combined with technologies such as Artificial Intelligence and Machine Learning, data analytics can truly become a game-changer for companies and the economy.
Furthermore, data can also open up various opportunities and revenue streams that companies may not have considered before.
Increasing Competitiveness with Data and Analytics
In order to become more competitive by leveraging data and analytics, companies need to:
- Collaborate with diverse teams and organizations in order to gain access and leverage a broad range of data assets — both internal and external to the company.
- Establish a “must-share data” approach to enable decision-makers to access the right data at the right time.
- Create a quantifiable success indicator for key business outcomes in relation to data and analytics.
- Adopt emerging technologies to support data and analytics such as sensors, mobile technologies, and cloud computing to ensure seamless integration.
- Choose the right analytics software to collect, organize and help you interpret your data easily — like SYCARDA.
SYCARDA helps companies understand the changes in customers’ behavior during this unprecedented time by collecting a range of data at the point of sale (POS) and creating easy-to-understand reports.
This enables retailers to figure out their best-selling products, best product pairings, and track customer spending easily. Just like SAP business intelligence software, these insights can be used to identify patterns and trends, allowing retailers to gain a better understanding of their customers, and make better business decisions.
SYCARDA can be adopted across various sectors that operate with a POS, such as F&B, pharmacies, supermarkets, and so on. So if you’re interested in leveraging data analytics to make your company more competitive, SYCARDA can be the key to achieving your business goal.
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