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Why having the right kind of data matters in 2023

Why having the right kind of data matters in 2023

As retailers and wholesalers prepare for the next few years, many are considering the possibility of partly or fully automating their operations. But before any changes can be made, businesses must ensure they have the right kind of data.

Under-automation is holding businesses back

In the modern retail environment, data sets come from a variety of sources, meaning they can come in a variety of configurations. This can often lead to incomplete or insufficient data, which affects the accuracy of business decisions. Even if they’re not relying on spreadsheets, many businesses lack a connected system into which data can be fed.

Without being able to look at the whole picture, businesses are unable to react to ever-evolving situations and are dependent on staff making manual decisions, and research from the last few years have highlighted how much time is wasted on under-automated processes.

Finding the power in your data

A connected system that uses analytical data can provide businesses with the power to adapt to changing stock levels or product lead times. Not only does it allow for better decision making, but it can also give you a sense of what’s coming.

Having an integrated system that works across multiple departments where the data flows – just by people doing their job, by pulling in orders and gathering data as a matter of course – allows businesses to actually analyse that data in a way that makes more sense and allows you to make better decisions in real time.

Creating a secure foundation

In addition to having a connected system, businesses should also consider how their data is currently stored. Is it in a central hub, or is it scattered across multiple databases? How easily can it be accessed, and how quickly can it be updated?

2023 will also revolutionise the way businesses use data, and by leveraging automation, businesses can use their data to make smarter, more informed decisions. For example, automation can help businesses identify trends and patterns in customer behaviour or purchasing habits, enabling them to make better decisions about how to stock their shelves and how to optimise their marketing strategies.

In the upcoming years, businesses must focus on collecting and storing the right kind of data. This data will be the foundation of a successful, automated system. By leveraging the power of automation and taking measures to ensure data security, businesses can prepare for a successful transition to automation.

Making the switch

As businesses look ahead to 2023, it’s important to ensure that your data is in order. Without this, automation can’t happen. This means making sure that your data isn’t siloed and that it flows between departments. It also means having a connected system that uses analytics to help you make better decisions in real time.

If you’re looking to make the switch to automation in 2023, make sure you’re prepared. By having a connected system with analytical data, you can ensure that your business is ready to take advantage of all the benefits automation can bring.

Having the right data is essential to understanding how automation can give your business the power to grow, even in times of recession and high inflation. Download our latest whitepaper ‘Automation within reach in 2023 to uncover the potential of your own operation and explore the potential of data–driven decisions. 

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