ENTERPRISE DATA: UP YOUR GAME!
No matter how you slice it, data rules the commerce world. Brands and merchants that take command of enterprise data can beat the competition through improved understanding of all aspects of their business, from sourcing and merchandising to marketing and loyalty.
Data warehouse or data lake?
Data warehouses typically provide reports for a pre-determined suite of metrics that are considered table stakes in most businesses, including daily/weekly/monthly sales and profit margins, inventory-vs-demand, and marketing data by channel.
Data lakes, on the other hand, are less structured repositories of data, allowing business leaders to ask questions on the fly (e.g., did today’s sale on blue jeans perform better with customers who recently purchased sweaters or with those who purchased tee-shirts?). By allowing companies to identify queries on the fly, data lakes can build on data warehouse reports to identify emerging trends and assess new opportunities.
While data warehouse functionality is typically meant to be used out of the box or with limited assistance from data scientists, data lakes often require ongoing programming from skilled in-house data scientists.
Is change management needed to bring true data utilization to an organization?
Yes! Many companies currently handle data in silos. To create the most efficiency and usability, all stakeholders need to be on the same page about what data is collected and how it will be used. Organizations also need to be aware of interdependencies between departments or business functions.
Change management is often required to help organizations set up new processes for collecting, analyzing and sharing data.
Last but not least: Convincing the C-suite
It often helps to give an example of how you plan to use data to solve a current business problem. It may also help to share our lists at the top of this post about what happens to an organization when data is or isn’t optimized.
FitForCommerce has put together 5 tips around enterprise data for you, depending on your current level.
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