Business leaders like former Intel CEO Brian Krzanich say that “data is the new oil” in the world economy. That means mining it, managing it, and putting it to work is vital to the success of any business. Many businesses have loads of data they aren’t putting to work. That’s why adopting and utilizing the latest retail technology with features and integrations that work in unison and use the data it provides is critical.
Industry experts have long accepted that 80% of the data produced by business is unstructured – information that is unorganized in documents such as invoices, emails and reports. Deloitte, one of the world’s largest accounting firms, raised that estimate closer to 90% in 2017. Paladin specializes in organizing that data and delivering it in a format businesses can use.
Putting data to work. What does that mean? It’s important that independent businesses shift their thinking about data. Whether it’s a store that doesn’t currently use a technology system, or a highly profitable chain, putting your data to work should be the primary goal.
The core function of a retail platform is to streamline operations and make businesses more profitable. They utilize algorithms that analyze sales data and automate processes like supply chain, inventory control, customer management, linking in-store and online sales, and back-office operations.
Corporations that run big-box stores or online retail spend millions developing their own retail platforms. Independent businesses can do business as effectively, but on a more personal level, by enlisting the tools available in a comprehensive retail platform that touch all aspects of the business.
At Paladin, we launched an NPS (Net Promoter Score) system last year and what we’ve learned from it is monumental. NPS is a tool used to gauge customer satisfaction. We use it to tell us how we’re performing. That’s what it comes down to for every business, develop insights and make better decisions based on the information you have at your fingertips.