Data has increasingly become the lifeblood for understanding customers, optimising business processes and identifying growth opportunities. This is particularly true for those businesses with a strong online presence. For them, data is the business.
The Australian retail sector is expecting a bumper Christmas spending period this year with the National Retail Association (NRA) releasing its pre-Christmas and Boxing day trade projections that show Australians are expected to spend more than a billion dollars a day during the busiest trading period of the year.
This is great news for retailers who often rely on this busy time to boost sales, but in order to capture the attention of a (quite literally) crowded marketplace during the noisiest retail period of the year, retailers need to be savvy about consumer engagement.
Organisations and consumers currently co-exist in a landscape where the customer is truly king. Consumers' bargaining power and demands are exponentially growing, and businesses are seeking to adapt their supply chains to maintain a competitive edge.
New technology is allowing organisations to make their supply chains more efficient, creating exceptional customer service environments with faster delivery times, minimising costs, improving customer satisfaction, stimulating profit margins and allowing better inventory visibility.
Having an optimised supply chain will also streamline internal operations with organisations gaining more intuitive overviews of their operations. Not only are they better able to make informed and instant decisions, companies now have a clearer understanding of daily operations, and are able to make improvements to identified issues.
When it comes to assessing technology needs in business the term ‘future-proofing’ continues to lead conversations. This is especially true within the services sector where factors such as resource utilisation and service delivery are critical to growth and at times rely on integrated solutions accessing real time data to achieve them.