The rise of big data occurred in the 1990s, when businesses acknowledged the value of data, while new technologies – at the time – were still being developed. Shortly after, in the 2010s, did more fields such as retailers, healthcare, banks and manufacturers, begin to understand how beneficial it would be to use data analytics as well. It has come to a point where most businesses nowadays, regardless of size or age, recognise the power of data and use it to leverage their sales and supply chain management among other things.
Beyond data collection
There is a common misconception that data as a single entity, is the solution for a business to excel. However, data is really just information that can be used to solve specified issues in an organisation by providing apt insights into consumer behaviour and business processes – when analysed. Without analysis of collected data, there would essentially be no value in the insights that were gathered. Thus, these two processes – data collection and analysis must work concurrently in order to be understood and to generate the desired result. This process will map interpreted data to the targeted areas that require improvement in a company.
You can only fully reap the benefits of data when you understand your company’s biggest issues, and then leverage data analysis along with data storytelling to address those challenges.
The Importance of Data Analytics Tools in Providing Valuable Insights
To jumpstart a business’ hand in trying to leverage their data, they need to have a tool that could give them access to holistic reports based on real-time data — a tool like SYCARDA.
With installing SYCARDA, businesses can gather intel on their best-selling products, specific consumer behaviours and so on. SYCARDA is designed to automatically collect sales receipt data from each point of sale (POS) system and later transfer them to a cloud which can be accessed through their user-friendly web portal. By acquiring comprehensive data, you can easily connect the dots and build a powerful narrative that explains why certain aspects of your business could be better. Your data story will be the driving force for tackling issues in your company. It will ensure that your team actually understands the meanings strung through your data, and are capable of working together to concoct effective plans for a more efficient business model.
Utilising Data Insights to Drive Customer Engagement and Growth
The rise of e-commerce and delivery helped to widen the trove of data available for F&B businesses to capitalise on. The high volumes of transaction data recorded daily on virtual platforms provide valuable information regarding customer preferences, locations, payment methods and so on. These insights put together can be used to modify marketing strategies and promotional methods for businesses to boost sales and brand awareness. Furthermore, the accumulated data and improvement in sales performance may allow an F&B business to consider expanding its business into physical restaurants or stores around the vicinities of its customer base.
When F&B brands leverage powerful data analytics software like SYCARDA, it reduces the manual labour and effort it takes for a company to take a deeper look into their POS data. Through using SYCARDA, you can have a user-friendly platform that can be accessed on devices anytime, anywhere, and produces real-time insights that help you instantly identify your best-selling items, best product pairings, average basket size and so much more.
Learn more about Data Analytics for Retail & FNB from SYCARDA. Download E-book now for free.
