31 necsema.net Insights at the Speed of Business: Why C-Stores need Answers Now By Bill Ivers, CEO, Taiga Introduction In the fast-paced realm of c-store retail, the demand for actionable insights has surged. However, many retailers overlook the complexity of accessing and utilizing data efficiently. While some cling to the belief that insights are easily attainable with effort, the truth often contradicts this assumption. As the CEO of a prominent data analytics company noted, “Most of the world will make decisions by either guessing or using their guts. They will be either lucky or wrong.” Why can’t convenience retailers simply make informed decisions? When faced with issues requiring prompt decisions, the manual, labor-intensive process of data extraction, manipulation, and analysis becomes a significant barrier, often resulting in decisions based on intuition rather than informed perspectives. The crucial element in this equation is “time to insight,” as pertinent information swiftly becomes outdated before thorough analysis can be completed. For convenience retailers to unlock the true value stored in their data, their teams need answers now. The Journey from Raw Data to Insights Convenience stores accumulate terabytes of new raw data everyday. With each transaction, data is spread across various technology systems like Back Office, POS, Loyalty, and ATG. Integrating this data necessitates multiple steps before analysis can even commence. The journey from aggregated raw data to insights is intricate, involving tasks such as data cleaning, categorization, and thorough analysis. Without adequate tools and technologies, this process becomes excessively time-consuming, error-prone, and may yield only fragmented insights. Data insight platforms are reshaping this approach by offering streamlined solutions that facilitate real-time aggregation and AI-driven analysis, thereby extracting maximum value from data. Crucially, the final step involves data visualization, ensuring insights are presented in an easily understandable and actionable manner for every team member. Envision the potential for your business to thrive when informed decisions are just a click away. The Perceived Skills Gap When introducing our platform to a new retailer, there’s often an initial assumption that deploying a data insight platform would entail significant effort. However, the reality is quite the opposite. Unlocking actionable insights doesn’t demand a team of SQL experts and Data Scientists. Automated technology can handle the heavy lifting for you. A typical implementation takes less than 90 days from project kickoff to providing data- driven insights for all team members, irrespective of their technical proficiency. By bridging the skills gap, an effective data insight platform empowers retailers to fully leverage their data’s potential without the necessity of hiring additional technology experts. Conclusion: The Strategic Advantage of Insight- Driven Organizations In conclusion, insight-driven organizations hold a strategic advantage in the competitive landscape of convenience retail. By prioritizing actionable insights and investing in the right tools and technologies, retailers can unlock new opportunities for growth and success. With the right data insight provider, the path to informed decisions is streamlined, saving valuable time and delivering Answers Now. It’s time to embrace the power of insights and propel your business forward.
