Getting Data Analytics Right

Industry experts on how to make the most of data analytics to be able to make decisions that add value to the business

- Phygital Bureau

The analysis of data for making the right decisions is a foundational element for any business, representatives of different brands and experts said. And it starts from back-end operations and inventory to understanding customers to provide them with the right experience at the right time.

"Our view is that data can be the perfect anchor in the storm. It can help businesses understand where they are heading and what they need to do around decision making rather than just relying on the gut," said Aditya Priyadarshan, managing director (MD) & lead retail, Accenture India.

The relevance of data also becomes important with time as consumers today have become more demanding.

The Right Use of Data

The right data analysis helps in accurately recommending offerings relevant to the customers.

"Data analytics is helping us in targeting the relevant stuff for the customer so I can give them personalised offering," said Sandeep Jabbal, chief digital transformation & information officer, Shoppers Stop speaking about how the department store chain uses data. "I should not be offering something that a customer doesn't like to buy or has not purchased in the last 10 years. I could always offer complimentary products, but I should not be offering something that customer has never shown an inclination for," he added. In addition to personalised offerings, and customer campaigns, analytics also helps analyse demand.

"We look at data analytics from two points of view, one is from the demand side, second is from the supply side," said Rajneesh Sharma, head-IT, of Campus Activewear.