• Lohrasp Seify, Head of Data at Reach


• 10.02.2022 03:00 pm
#data #management

Data in its many forms, schemas and sources is getting more complex to grapple with, and volumes are skyrocketing as more touchpoints come online.

For eCommerce businesses, trying to unravel these many intertwining data strands is placing pressures on their operations, when they would much rather focus on serving their customers. But without a clear overview of where data is coming from, and how it’s managed, businesses can’t get the insights they need to reach and serve their customers in the most effective way.

With the pandemic forcing many businesses to overhaul their entire operating models virtually overnight, digital payment usage is soaring worldwide. While this is good news for sales, ecommerce businesses face being overwhelmed by a data tsunami if they don’t have good data management and mapping in place. Ample evidence of this comes in a report from Deloitte and the Institute of International Finance, which stated: “Institutions that invested in digital over the past decade have been better prepared to navigate these shifts and respond to the crisis.” 

It’s crucial that retailers look at data management and governance as a core strategic priority that deserves the same consideration and effort as onboarding customers and generating more sales. These processes go hand-in-hand with each other. But when data remains hidden, fragmented and siloed, its true value can’t be leveraged, and businesses can’t enhance their operations in the ways they need to grow successfully.

Now more than ever, retailers need to evaluate their current data management and governance practices, so that they can scale easily and speedily to meet changing customer demands or business environments. At the same time, they need to ensure their data is safely stored and remains compliant with local and global regulatory demands. Finding the right balance between data agility and tight security can be difficult to achieve, especially for small retailers that don’t have the same resources, funds or technical expertise to achieve optimal data management.

The burdens of data management, governance, and regulatory compliance demands are intensified for smaller businesses that want to expand into other markets. Research shows that around 20% of retailers say a lack of investment in effective data tools is an obstacle to scaling up. 

Without the expertise and access to technology that can extract actionable insights from data, ecommerce businesses will have no clear sight of what their customers want, or how to plug any gaps in their operational processes or omnichannel ecommerce capabilities. Optimizing data management and governance will give businesses the keys to unlocking these data insights.

Unravelling the many complex layers of data

It’s vital that retailers gain an understanding what data unlocks, and what it doesn't, to guide their growth plans. Just because you have vast volumes of data doesn’t mean it’s all useful data.

In many businesses, typically data is siloed in different business units or departments, and flows through disparate pipelines. But when the business can’t see the links between these different data touchpoints, data can’t be leveraged to its maximum potential at the whole enterprise level. 

Identifying and mapping all the data points in a retailer’s systems will enable the ability to centralize it and govern it for the good of the business. Good data governance and centralization doesn’t mean physically placing all data in one place, but is about understanding where all of your data points are, and harnessing them in the most effective and actionable ways. With this enhanced overview of their data, businesses can more easily tap into its insights to accelerate their growth ambitions. 

Understanding where data resides and how it can be utilized will be different for each business. But identifying it, harnessing it and standardizing it will give everyone in the business a common language to speak with, which means pain points can be articulated and rectified much more quickly. 

Data management made easy with expert localized processing providers 

Retailers rarely have the time or the in-depth knowledge to undertake the time-consuming task of data drilling or analysis. Successful data management doesn’t happen overnight - it’s a methodical process that requires skill and deep expertise to get right.  

Fortunately, expert localized processing and Merchant of Record (MOR) providers can handle this work on behalf of businesses, enabling them to focus their efforts on their customers. At Reach, our wide-ranging data management and mapping capabilities take care of every aspect of data governance, security and compliance requirements. When data is mapped in this way, and presented in a way that everyone can understand, businesses get the clarity they need to get to the next stage of growth. 

We can identify any operational gaps, data duplication or redundancies, helping retailers to streamline and supercharge their processes, and serve their customers with more agile and intuitive data-driven insights. They might only need a simple API that can be easily integrated into their website, or a plug-and-play installation with a third-party sales platform to optimize checkout processes. Depending on the business’s requirements, customized bespoke solutions can be developed.

Data is the most valuable asset in any business. The last few years have shown how business threats and opportunities can appear with lightning speed, and a retailer’s survival depends on how quickly it can react and adapt. With better data management, businesses can achieve smoother operational efficiencies, glean intuitive customer insight, and set clear roadmaps for future growth. There’s no doubt that data volumes will continue to surge in size and complexity, which is why retailers should place optimized data management at the heart of their growth goals right now.