Data Monetization in Retail: Bringing more profit!
Data Monetization in Retail: Bringing more profit!
"A new intelligence for a connected world" was the motto of Information Builders' International Summit Series which stopped in Frankfurt in September this year.
On this event our colleague, Helmut Hitzler spoke on "Customer Insight Sharing – Data Monetization in Retail" sharing best practices how emnos Analyzer and Dashboards are used by retailers and suppliers to monetize data for competitive advantage. A quick snapshot of his speech, in his own words…
Challenges in brick and mortar retail continue to grow every year. In the times of declining revenues and shrinking profit margins, retail organizations are under tremendous pressure to save money or find new ways to make money.
Significant financial value is locked away in retailers’ enterprise systems and data monetization is the way to let this value out. Data monetization is about harvesting direct financial results from having access to the data and insights that are stored, maintained, categorized and made accessible in an optimal manner.
The real value of data
According to recent research from Research and Market, the growth in data monetization will be over 200% in next 5 years from 1.42 billion $ in 2018 to 3.12 billion $ by 2023.
Since the market is big, lots of organizations are looking forward to take their shares. For example, almost 51% of Asia Pacific enterprises also want to have data monetization in the next 12-18 months. Of course, retail industry will get important share in this growth, since data in retail has serious role to play.
Opportunities to monetize data exist across and that’s why it is so important for all retailers and manufacturers to leverage customer and category information to boost revenues and reduce costs.
Collaboration between retailers and suppliers has remained at the heart of effective monetization. Customer insights help take this collaboration to the next level and create better informed decisions thus expanding the opportunity further.
Simplifying data and analysis
For example, executive management needs easy access to relevant information through guided insights pushed directly on their tablet screens. Intuitive dashboards already highlighting significant sales movement, and providing recommendations have become essential to daily decision making. On the other hand, category managers need to tap into information to analyze consumer behavior and category trends to make joined up and informed decisions about their categories, supplier collaborations and assortment planning
Data analysts need a flexible platform to dig through data and run reports to answer very specific business questions, sometimes leading to critical decisions like identifying products ranges for own labels. Business managers on the other hand, need the same data simplified into recommendations or directional input so that they can take better decisions, faster.
Effective tools for collaboration and simplified insights make sure all stakeholders – from executives to category managers & analysts to suppliers – can leverage and monetize data.
emnos offers these capabilities via a fully unified, seamlessly integrated SAAS platform – the emnos Insight Platform. With our Insight Platform we satisfy all these needs ranging from providing trends, to specific insights to optimize certain levers to a flexible platform.
As an expert in data monetization with its long time experience, emnos can help retailers to valorize their data internally and to monetize this data externally. We have lots of experience in this field and have been able to assist various global retailers in all the marketing activities with a passive or active role.
With its analytics powerhouse tool, emnosAnalyzer & Insights Platform, both retailers and suppliers get a comprehensive view of total and category based customer behavior & sales performance. Not just limited to the sales view, it also gives a customer view of category and product metrics, allowing to take customer-centric decisions. Number of our clients worldwide have been able to help equip their business teams with an ability to access detailed insights efficiently and to commercialize those with suppliers with emnos Analyzer and Insights Platform.
To provide deep category and customer insights, answering key business questions across all marketing and merchandising levers, emnos Analyzer consists of a suite of standardized, on-demand reports. These reports can be ordered and run by analysts and business users within a few minutes across different product, store, customer and time dimensions.
emnos Insights Dashboards provide a quick and easy overview of current business performance of a retailer using charts, tables, and maps. They are tailored for specific roles like executive management or category management displaying KPIs on a granularity level and filtered as required. The Insights are refreshed automatically whenever data is loaded.
The emnos Insight Platform is the central location for retailer and supplier organizations to collaborate on customer analytics to achieve the desired revenue or cost savings. With a rich set of interfaces supported, the Platform can integrate and talk to various existing retail technology tools and products and allows adaptability and quick time to implementation without disrupting any existing processes.
More retail organizations are monetizing their data to drive revenue, increase productivity, or reduce expenses. Data monetization enables them to better leverage their information assets to increase the bottom line.
emnos helps retailers in set up their data monetization initiative and at times also operates the commercialization for them. For several years, emnos has built a successful insight sharing model for many of the world’s leading grocery retailers. This model helps them to leverage the power of insight sharing as well as to enable facilitated collaboration with their suppliers and consumer products manufacturers.