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Collecting the Right Data from Different Sources of Data

In previous articles, I have written about the importance of data and how it’s one of the most invaluable assets that any company has. On this occasion, I want to talk about the impact on a company’s decisions and predictions when erroneous data is used from the collection of different sources of data. 

In the last several years organizations have understood that with their sales and the evolution of channels to distribute their products the amount of data that is collected is quite a lot. This data comes from many different sources. The organization itself, distributors, retailers, and finally consumers.        

As with anything when you have different stakeholders the only way to ensure everyone is on the same page is to have systems in place that track the right information and hopefully talk to each other. Today several different systems help organizations keep inventories, capture the amount of time that products take to go from one place to another, and finally to be sold by the retailer. Making sure that the several systems are interconnected help make better business decisions.

With the evolution of how the various systems track data the most important one comes from your consumer. As with data, organizations can better understand what their consumers want and can make more agile decisions about the right product for the right audience/consumer. 

For that reason, ensuring that the data entered and the data that flows throughout the several channels/systems is accurate is imperative. Having the wrong data can impact your business decisions.

Example

As an example, and not to go too far, think about 2020. Yes, I am talking about our Covid-19 year. At that time many organizations were facing distribution issues and the companies that were quick to read their data and understand where their biggest consumer was, provided additional dollars to ensure that their products were getting to the right places to ensure that they could be sold. Knowing consumer buying habits and the change they were going through helped companies with the right data and insights be agile in their decisions from a local to a global level.

Bacardi, the world’s largest privately held, family-owned spirits company; as mentioned in an article called Marketers Try New Data Tools to Navigate Pandemic from omd.com talks about how they used analytics platforms to understand their existing data better and shifted their marketing dollars to where it was needed.

The organizations that got the correct data and insights from it were the ones that were above other companies/competitors during one of the most hardship times that many organizations have faced in the last several years. To provide the right insight to the decision-makers, the data needed to be accurate, which as mentioned before brings us back to the idea that data is one of the most invaluable assets any company can have. 

To learn more about the importance of data click here!

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