US Retailers Want To Optimize Analytics

Big data is one of the most important business trends, and one many companies hope to use to their advantage. Businesses are increasingly relying upon data and analytics to better understand their customers, enhance the shopper experience and increase sales. However, tracking, managing and analyzing an enormous amount of data can become overwhelming for a small-business owner, which is why it can prove beneficial for a company interested in using this data to employ an outsourcing company that handles the time-consuming tasks associated with managing and interpreting analytics.

Many small-business owners interested in analytics
Companies recognize the benefits big data can provide and are eager to implement solutions that can help them expand their reach and better understand target customers. According to new research by consultant KPMG, retailers are driven to data management by a desire to improve client perceptions, thus boosting sales. The data showed there are many areas in which operations use data and analytics to make decisions and adjust company strategies. While 67 percent of retailers surveyed use analytics to alter brand and product management, 56 percent used this information to make more competitive pricing decisions. Another 40 percent found this data useful when expanding their operations.

Businesses had differing opinions on where data and analytics could best drive actionable insights. Fifty percent thought enhancing operational excellence would be the optimal use of data, while 36 percent believed acquiring customers would be a better use of the information they acquired.

Few firms manage data optimally
Despite the importance business owners believe data plays in helping them grow and better serve clients, relatively few are well versed in analytics management. According to the survey, a mere 12 percent believe their company has a high data analytics literacy rate, and 33 percent think their business is moving toward a high analytics literacy rate. Forty-three percent believe their firms are just average, and 11 percent admit their operations had an average-to-low literacy rate when it comes to analyzing and utilizing data.

Managing data can be difficult and time consuming, but it does play a vital role for businesses today. As such, companies unable to manage and analyze data internally may look to a BPO company that can more effectively handle the task. Outsourcing research can effectively review data, making it simpler for business owners to focus on growing their operations based on these insights.