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Retail Insights & Analytics

5 Ways Data Collaboration Has Revolutionized Business

Here's five ways data collaboration has revolutionized business and how this improves when you use a better analytics system to get everyone coordinated.

Data collaboration has traditionally been a challenge for many retailers and suppliers due, in large part, to technological limitations of either partner to gather that data and share it in a consistent and timely manner. However, advancements in supply chain technologies by companies who specialize in streamlining data collaboration between trading partners have revolutionized how they manage their joint business using industry-leading data synchronization and analytics.

Five Ways Data Collaboration Has Revolutionized Business

The foundation of any data sharing solution should be the quality of the data itself. Choosing a partner that is able to cleanse the raw data upon receipt, and prior to importing into a centralized portal, will provide better levels of accuracy both in the data presented and the analytics that draw out the actionable insights. Here are five ways data collaboration has revolutionized business:

1. POS Sales Data Updated Daily

Retailers have traditionally been protective of their POS data and how it is shared. As a result, many suppliers have grown dependent on syndicated data sources to analyze sales performance with their retailers. However, access to Point-of-Sale (POS) information using real-time technology can provide much more . During collaborations with your supplier, you both need to know what's occurring in each store you own. You may have a huge chain of stores in various cities or even states. Since you can't possibly visit or contact all of them, how do you know what's occurring in sales and inventory upkeep?

Having each POS sale noted in one database lets you and the supplier know what's going on without creating discrepancies.

2. Perpetual Inventory Management 

Using real-time technology is a more recent invention, yet it came at the perfect time in an era when it's needed more than ever. In order to collaborate between you and your supplier, real-time data eliminates having to make constant calls or sending protracted emails.  

iControl's partner, QSR, focuses on improving large and small restaurants lower food costs and waste by improving their inventory management  

While real-time analytics can come in various categories, having it in inventory management is vital. Especially for a DSD supplier, knowing when inventory needs through leveraging DSD software can save time and prevents major mistakes.

SEE ALSO: Get Paid On Time: How Electronic Payments Are Changing the Game

3. Promotional Sales and ROI

Joint promotional planning between retailers and suppliers Do you know how your promotional sales are going in the various stores you own? It's important for you to collaborate on this with your team, including the sales and marketing departments. They need to know how well your promotional efforts perform so they can make tweaks or take away something not working.

Now you can by studying easy-to-read metrics showing performance and how much ROI you're getting back.

4. Business Reviews and Scorecards

Reviewing how all your business processes work becomes easier when you have a scorecard system giving you an immediate view of how profitable you are. Having a streamlined system showing a basic overview helps you share information with everyone in your business chain so everyone understands what's going on.

When you have to travel for business, bringing everyone in for meetings on business performance is probably impossible. Having easily accessible analytics doesn't even require you meeting in person to collaborate or share. Reports get done in streamlined charts and graphs so it doesn't leave any questions about what your numbers are.

SEE ALSO: 5 Ways Next-Gen Reconciliation is Revolutionizing The Alcohol Payment Process

5. Item Performance

While you want to see how your business is doing as a whole, seeing how well items you sell are doing helps you make faster decisions on future sales tactics. Again, real-time metrics tell you which of your products are selling best in each store.

It's possible you'll want to drop a product, and your supplier will know this without automatically sending a scheduled shipment to you. 

Contact us to learn about our own SaaS platform that will allow you to do data collaboration at a whole new level.

Have you ever tried using mobile payments for your business? It's important to know how much money you could be saving from this––contact us to find out now.

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