Here we summarise the key data activation trends we’ve seen with retailers in 2023 and what they’re looking to do more of in 2024 – we’ve rounded them up here into a practical list of 10 New Year’s data resolutions:

1

Automate your reporting! If there’s one thing everyone we speak to is delighted to eliminate, it’s the HOURS and HOURS of time spent across teams, departments and organisations across the country on wrangling CSVs and spreadsheets into daily, weekly and monthly reports.

2

Say goodbye to data disagreements… If you spend more time arguing about the data than you do making decisions, this one is for you. Get all your data in to one place, cleaned and matched together for a single view of the truth across your organisation to facilitate aligned action.

3

Budgets are tight everywhere at the moment and we’re all being expected to do more with less. Get more from your budgets by getting to the granular level of reporting across your departments so you can zero in on what’s really driving ROI and optimise your spending.

4

Frustrated by the volume of output coming from your Data Analysts? You’re not alone. According to Forbes, Data Scientists are spending a massive 80% of their time on Data preparation. That’s time they could be spending doing actual analysis. Empower your Analysts and Data Scientists to spend their time looking for trends and discovering valuable insights by removing the chore of data preparation.

5

Inform and enable dynamic pricing decisions to optimise your key selling windows for profit maximisation, across all your marketplaces. Juggling stock levels and pricing decisions is critical to maximising your profit and driving your sell through rate. This is only possible if you have the data surfaced regularly to inform speedy action.

6

Is your Analyst a bottleneck? If you’re wanting to speed up decision making in 2024, empower your team with self-service analytics you can be confident in (and they can use).

7

Is there talk about the need for a Data Warehouse but no time/team/budget to get it off the ground? The modern data stack can help here. There are tools and technologies out there now that give all benefits of a foundational data warehouse and analysis tools, without the headaches and expense.

8

Automate your processes, marketing and introduce AI with confidence. If you automate your marketing campaigns on poor data, you end up introducing an unknown level of risk into your organisation. Get your data into its best possible state to form a solid foundation for any AI/automation activity.

9

Thinking of raising investment? Identify the key value drivers in your organisation. What drives profit? What reduces risk? Surface these metrics to the teams who can actually do something to impact these drivers, track performance and optimise your company valuation.

10

Get to know your customer better by linking more of your data sets together and combining with Open Data. Get more in-depth segmentation – go beyond recency, frequency and value and make 2024 the year of personalisation.

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These are just some of the challenges we’ve helped our clients overcome in 2023. If tackling one (or more) of these would really help you get 2024 off to a flying start we’d love to talk to you. It’s a lot simpler than you may think.  Give us a shout on hello@thedatarefinery.co.uk to get a discovery call booked in or click here for free trial.