Originally Published on: QuantzigHow we Helped a US retailer in Standardizing Data, Data Delivery Mechanism, and Tracking Usage
Client Overview: Quantzig collaborated with a leading US-based retail client, recognized for its extensive product range and customer-centric approach. With a robust workforce of 85,000 employees, the client aimed to transform their data into a strategic asset to enhance productivity and secure a competitive edge in the dynamic retail landscape.
Challenges Addressed: The client grappled with significant challenges in consolidating data from diverse sources, coupled with managing the complexity of data governance. Determining the comparative cost and ROI of their data and eliminating redundancy were critical issues. Standardizing KPIs and developing an internal data monetization strategy were key challenges faced in leveraging their data effectively.
Quantzig’s Innovative Solutions for Data Monetization
Tailored Data Monetization Strategy: Our approach commenced with a comprehensive assessment of the client’s data inventory and structure, revealing significant redundancies, consumption gaps, and duplicated efforts. In response, we devised a custom solution using the Microsoft Power Platform combined with Synapse, tailored to address these challenges.
Key Solution Features:
- Data Inventory and Structure Optimization: Streamlined data inventory eliminated redundancies, fostering a more cohesive and efficient data structure.
- KPI Standardization and Monetization: Identification of key monetizable KPIs and their standardization enabled real-time tracking and decision-making.
- Automating Data Processes: Automation of various data processes broke down barriers to data monetization, capitalizing on data assets more effectively.
Impact of the Solution:
Reduction in Redundancy: Implemented strategy led to a 60% decrease in data redundancy.
Cost Savings: Total Cost of Ownership (TCO) decreased by 28%, demonstrating significant cost efficiency.
Business Value Realization: The solution quantified and delivered tangible business value, enabling the client to secure additional budgets for strategic data investments.
Outcomes of Quantzig’s Data Monetization Strategy:
Significant Reduction in Redundancy: Implementation led to a 60% reduction in data redundancy, streamlining data management and making the data handling process more efficient.
Decrease in Total Cost of Ownership (TCO): Optimizing data processes and eliminating unnecessary duplication resulted in a 28% reduction in TCO, reflecting substantial cost savings.
Tangible Business Value Realization: The strategic approach quantified the business value derived from data assets, facilitating the acquisition of additional budgets for strategic data investments.
Enhanced Operational Efficiency and Decision-Making: The comprehensive data strategy and integration of Microsoft Power Platform with Synapse revolutionized operational efficiency, empowering data-driven decisions and enhancing productivity.
Data Monetization Strategies in Retail: A Broad Perspective
The success of Quantzig’s tailored data monetization solutions underscores the transformative potential of such strategies in the retail industry. Here are key takeaways:
Transforming Data into Strategic Assets: Harness data as a valuable asset to boost productivity, enhance customer experiences, and maintain a competitive edge.
Overcoming Data Governance Challenges: Effective data monetization strategies help manage the complexities of data governance, turning potential challenges into opportunities for efficiency and growth.
Realizing the Full Potential of Data: By standardizing KPIs and implementing data monetization strategies, retailers can unlock the true value of their data for strategic decision-making.
Driving Innovation and Growth: Data monetization is about fostering innovation and opening new avenues for growth, leveraging data as a catalyst for change.
Creating a Competitive Advantage: A well-implemented data monetization strategy provides a significant competitive advantage, enabling retailers to stay ahead of market trends and meet evolving consumer needs effectively.
