Most modern businesses recognize the value of data. Data is increasingly becoming the decisive factor for the success or failure of business models today. This is especially true in retail because data increases process efficiency, reduces costs, and allows companies to understand their customers and market better. In this article at CIO.com, Andrea Benito interviews Murat Ozkan, chief information and digital officer at Anadolu Efes, the Turkey-based international beverages company, about how a data management strategy comprising AI and analytics offers growth opportunities for businesses.
What Goals Can the Retail Industry Achieve With Efficient Data Management?
“With the help of digital image technologies, representatives start taking real-time images of the assets such as [beverage] coolers to measure fraud and deficiencies and take related actions in a timely manner,” says Murat Ozkan. Additionally, here are other goals retail organizations can achieve:
- Personalized marketing is one of retail’s most common uses of data. It empowers businesses to target consumers on a more specific level.
- Better data management can also improve the functionality of e-commerce sites. These factors will impact shoppers, making them more likely to return after a positive site experience.
- Effective data utilization makes it easier to track where the products come from and how much waste an organization generates. Retailers can then communicate the information to consumers and demonstrate their social or environmental governance.
- Deduplicating, cleansing, and organizing data will make providing the necessary documentation to the authorities easier. Additionally, it offers detailed insight into retailers’ data operations and shows whether they remain compliant.
According to Ozkan, today, chief information officers (CIOs) are implementing new technologies, such as the internet of things, artificial intelligence, machine learning, edge computing, and advanced robotics, to boost user experiences. Data management is undoubtedly a complex area of business operations. Therefore, organizations must hire an experienced and skilled team with advanced data management skills to develop and refine data management. Leverage the unlimited potential of data to unlock your business opportunities. To read the original article, click on https://www.cio.com/article/304979/anadolu-efes-cio-drives-ai-fuelled-data-analytics-strategy.html.