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Managing Data Quality for a Thriving Retail Business

Blog: NASSCOM Official Blog

The Retail industry is extremely competitive, making it rather difficult for companies to stand out from the pack. This situation has only exacerbated as consumers have moved online, initially to seek convenience but now, out of lockdown and social distancing led necessity. With every company offering an array of products (and services) to meet the modern-day needs of customers, the industry is experiencing a surge of data. Smart utilization of this data is necessary to increase business value and one of the best ways to do this is by focusing on data quality management.

Improved data quality can help the retail sector with actionable insights through which they can cater to the targeted market with a better business proposition and enhanced customer experience.

Why is data quality management critical for retailers?

In the Retail industry, data about customer needs, market dynamics, and competition is continuously generated from millions of data points. Bad quality data means decisions will be made on incorrect, duplicate, and improper data.

Let’s take the example of bad quality customer data and its impact on marketing decisions. If the data that has been collected consists of unclear demographics or wrong choices, retailers will end up wasting humongous amounts of time in trying to reach out to customers with uncertain messages – when they could have spent that time on more critical, business value-driving tasks.

On the flip side, good quality data ensures retailers unearth the right insights and make the right decisions. With the right data, companies can get more ROI from each campaign they execute while delivering better results through targeted messaging and offers. Therefore, to reap the benefits of data and avoid the risk of falling behind, data quality management is critical. The better the quality, the more retailers can get out of it.

Effective data quality management in retail can:

Tips for effective data quality management

If there is one reason why retail giants like Amazon have been so successful, it is because quality data is woven into their DNA. The right data can not only help retailers in deciding what to sell, but also whom to sell it to, how to sell, and more. They can leverage data to understand customers, incorporate new product features, enhance business processes, track inventory, personalize experiences, and improve engagement.

Collecting high-quality data can be tough, especially when data is dispersed across different departments, applications, and systems. Manual data entry efforts and a lack of proper tools can also further bring down the quality of data. Here are some tips to build an effective data quality management strategy:

Data is now key to successful retailing. Embracing the right approach to data quality management can go a long way in helping retailers meet business goals and exceed customer expectations. With the right data, you can not only get a full picture of your audience, but also use it to power all your decisions. This would have been a crucial advantage at the best of times, but in the age of COVID-constrained opportunities, this may have become vital to retail success.

The post Managing Data Quality for a Thriving Retail Business appeared first on NASSCOM Community |The Official Community of Indian IT Industry.

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