The value of data in today’s retail landscape By Elets News Network - 29 November 2022

The value of data

Data has enormous potential in the modern retail landscape. Although data has been used to inform decisions for decades, the widespread adoption of technological advances such as artificial intelligence (AI) and machine learning (ML) has enabled retailers to use data more efficiently than ever before.

Retailers can gain valuable insights into market trends, optimize supply chains, and even predict customer behaviour with access to customer data. This enables them to provide customers with highly personalized experiences that are tailored to their specific requirements. Additionally, it enables them to identify areas for improvement within store operations, allowing them to stay ahead of the competition and be profitable in an increasingly competitive marketplace.

Data, in addition to providing insight into consumer behaviour and preferences, can assist retailers in better understanding their target market, allowing them to focus marketing efforts on the appropriate audience. Retailers can craft campaigns that resonate with the intended audience, driving sales and increasing overall brand visibility by understanding who their customers are and what they are looking for.

When it comes to pricing strategies, data is also critical. Analytics-driven insights enable retailers to set more competitive prices based on demand and supply dynamics, allowing them to maximise profits while offering consumers appealing discounts.

Data is critical in the modern retail landscape because it provides businesses with invaluable insights into customer behaviour, preferences, and trends. With such data, retailers can create unique customer experiences, increase engagement, and increase profitability.

The function of logical data fabric

The process of connecting disparate systems and networks so that they can communicate with one another is known as logical data fabric. It allows data to flow between different data sources without the need for complex code. This assists the organisation in lowering costs, improving performance, and increasing operational efficiency. Logical data fabrics also allow for the integration of various applications such as databases, analytics, enterprise resource planning (ERP), customer relationship management (CRM), and others.

Logical data fabrics can provide a centralised platform for end users to access their business-critical information quickly and securely by unifying different application architectures into a single point of access. In today’s digital landscape, logical data fabrics are becoming increasingly important as businesses strive to become more agile and efficient by leveraging their existing data assets. Furthermore, as the number of connected devices and data grows exponentially, logical data fabrics are becoming an essential component of any IoT (Internet of Things) strategy.

Organisations can use their data to make better decisions and drive further innovation by having a unified platform to access all connected resources.

To summarise, logical data fabric is a critical technology that enables organisations to leverage their disparate systems and networks to communicate with one another in a timely, secure, and cost-effective manner, thereby unlocking the potential of their data. It enables businesses to manage their ever-increasing needs while capitalising on the latest trends in digital transformation. As a result, investing in a solid logical data fabric solution can be critical to the success of any organisation in today’s digital world.

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