What You Need to Succeed When Creating a Big Data Project
There are hundreds of data points supply chain managers review and utilize daily. Between performance metrics, inventory levels, and other key performance measurements it can be difficult to know where to start when taking on a new data project. With all of this data readily available to examine, businesses need to have a game plan to succeed at increasing efficiency and driving down cost. Companies rely on insights driven by data to inform future decisions and save both time and money, so here’s what you need when starting another big data project.
Think about the problems or pain points your company faces. Are you consistently seeing out of stock issues, or are sales not quite matching revenue? When beginning a large data project if you envision your problem before embarking on collecting data, funneling down to the root of the issue with synthesizing your efforts. To understand the problem at hand it’s also beneficial to envision the solution and what that entails. Do you need stores to report sales more frequently, or require a better forecasting methodology? Knowing how to get to the solution will help evaluate whether or not your company possesses the adequate tools to collect meaningful data. With this also comes along the question is this data usable? Sure you can collect data on thousands of different aspects of your business, but is that information useful.
As you delve further into the beginnings of a large data project, it becomes clear that there are many moving parts. However, the advent of crowdsourced data collection can alleviate all of these complications. With Wiser you can describe your pain points and what solutions you need. Our high-touch process will create surveys that can be distributed nationwide using our wildly popular app and have resulted in near real-time. We provide the sample, audience, and the solutions.
Contributing Writer: Gabrielle Winant
Need better data to inform your decisions? Whether in-store or online, Wiser has you covered from pricing to assortment to promotions. Schedule a meeting today to learn how to turn retail data into action.