The Author: Anne Golombek
Anne Golombek is COO and Marketing Lead at minubo, the Commerce Intelligence Company. As an expert in data-driven commerce, she is one of the initiators of the Commerce Reporting Standard project.
The Commerce Reporting Standard initiative has dedicated itself to enabling retailers to turn their companies into data-driven organizations. But why is this so important to keep up with the developments in today’s retail landscape? In my presentation at the Internet World TrendArena 2018, I shared my thoughts on why good retail concepts can still be successful with Amazon around – leveraging data for better decision-making on all organizational levels.
In a Nutshell: Why a Data-Driven Work Culture is Key to Success
I’ll try to summarize what’s the essence of my presentation – valid not only for retailers specifically competing against Amazon, but for establishing a strong market position in general.
While, of course, a good positioning strategy is still (and always will be) key to success, it can only come off if it’s supported by what I call executional excellence – mainly concerning the following three areas:
- Securing customer access
- Gaining maximum value from customers
- Achieving resource efficiency on all levels (strategic and operational)
All of these aspects can only be executed in an excellent way, if processes and decisions are based on data. Nothing else allows for a sufficient level of process precision and informed decisions – no matter if we talk about testing and optimizing ways to acquire new customers, about leveraging gathered data to approach existing customers at exactly the right time with exactly the right message or about enabling the CEO as well as the Purchasing Assistant to spend money on the right stuff.
How CRS Helps to Realize That Vision
And this is where the CRS project comes into play: As not only technology (and later: usage) are key to establishing a data-driven work culture, but concept is the very first step that has to be made here, it’s absolutely crucial that retailers know what they need to lay the ground for data-driven decision-making: Which metrics do I have to consider and how are they calculated? Which KPIs are important for which role? How can I make processes better by supporting them with data? – The Commerce Reporting Standard wants to provide answers to these questions by bundling industry best practices into a framework that retailers can access in order to implement it for their company’s purposes.
But enough with the summary: Have fun watching the video! I’m excited to learn what you think about this topic.
+++ Unfortunately, the video is in German only +++
© Marc Müller_Internet World 2018