Winning the Data Analytics Race:

Turning Data into Information and Information into Decisions!

To succeed in today’s retail marketplace both vendors and retailers need not just the best data, but the right people to turn data into action. It’s no longer enough for a retailer to have the best prices, the best products, or even the best service.  Think about Toys“R”Us, Linens ‘n Things, or Circuit City. Obviously, these retailers did many things right, but as customers’ preferences and the marketplace changed, these retailers failed to keep pace. To keep pace with retail customers and markets it’s crucial to have accurate and actionable data! This is where Paradygm comes in! Paradygm not only provides comprehensive data retrieval and analytics, but the expertise to understand and execute on what the data means.    

Tools and Expertise: The Winning Formula! 

While it’s true that most large retailers and their vendors have better analytics than ever before, it is also true that these analytics tools don’t replace expertise. Paradgym Consulting allows vendors and retailers to turn Information into Data, Data into Decisions, Decisions into Strategies, and Strategies into Execution.    

Information > Data > Decisions > Strategies > Execution

The way to make fully informed retail decisions is to turn information into actionable data.  And the way to make that happen is to work with experts who offer decisions and ways to test decisions.  Ultimately, the right decisions become the successful strategies upon which to execute. 

Information: One of the key skills retailers and retail vendors need is to understand their clients’ systems; to know where to pull data

Data: There are 3 crucial questions to ask:

1.    Is the source the right one?

2.    Is the data pulled correctly?

3.    Does the data look accurate?    

• What is the data source?

o   Paradgym verifies and understands the various data sources appropriate for each client

• What goes into each data set?

• o   Paradgym understands what’s being measured with each retailer’s Key Performance Indicators For example:

§  Gross Margin

Many retail decision makers and their vendors don’t fully understand what data goes into their Gross Margin or how it’s calculated. 

Does the retailer use retail or cost accounting and what falls above and below the line? 

§  Comp Shops

There is a need for data understanding when executing a Comp Shop. 

Does the retailer or vendor know which competitors are being compared?

Does the comp shop focus on the right competitors?   

Decisions: Even the most sophisticated analytics tools are ineffective without skilled professionals who can interpret the data. Here's why knowledgeable experts are indispensable:

• Ability to use Strategic Decision-Making.

  • Experts can align analytics with business goals, ensuring that insights translate into impactful strategies.

• Understanding the concept of data storytelling.

  • Raw data can be overwhelming. Experts distill complex analytics into clear narratives, making it easier for decision-makers to understand and act.

•  Adapt to various retailers and vendors.

  • The retail environment is dynamic. Experts can adapt to changing trends and refine strategies based on evolving data and broad experience.

Strategies: Developing successful strategies based on accurate data is what retail experts do.  

• Know how to innovate to reach strategic goals.

  • Knowledgeable professionals can think beyond the numbers, finding creative ways to use data to enhance customer experiences and operational efficiency.

• Know how to take the retailers’ data and tell a story…a story that leads to a plan. 

Execution: At the end of the day, data must lead to the execution of new plans…plans that drive growth. Otherwise, it’s just information. 

What types of data does a retailer or vendor need? 

• Sales reporting

• Pricing data

• Product load-In information

• Inventory management data

• Demand planning

• Sales and demand forecasting

• Production budgeting and management  

Conclusion:

Retail customer expectations and market dynamics are constantly shifting, so data-driven strategies are the key to sustained success. By investing in analytics and expertise, retailers and vendors can transform challenges into opportunities, ensuring growth and relevance in a competitive market.

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Reach out to: admin@paradygmconsulting.com