Despite the rise of automated, AI-powered solutions for collecting, managing, and sharing data, many retailers and manufacturers still rely on a manual approach. This time-consuming, resource-heavy process can leave businesses trailing behind their more tech-enabled counterparts.
The consequences of relying on manual data integration are significant. It consumes valuable time and resources that could be better spent on other projects. Additionally, manual data integration does not offer future projections, which prevents businesses from making proactive or predictive decisions. This limits their ability to respond quickly to market changes and optimise their strategies based on data insights.
A recent study* found that 41% of businesses cite manual data wrangling as a significant challenge in their operations. Among these businesses, 53% reported a low level of trust in their data due to inaccuracies and mistakes. This highlights the dual burden of manual data processes, which not only consume valuable resources but also compromise data quality and reliability.
For example, the success of any marketing team hinges on its ability to navigate three crucial stages: hindsight, insight, and foresight. Hindsight involves measuring the impacts of past marketing decisions. Insight involves uncovering timely insights from data. Foresight is about making proactive decisions based on predictive data.
Despite two-thirds of marketing teams considering themselves analytically mature**, the reality is often different. Many teams find themselves stuck in the hindsight stage, unable to progress due to manual data management. This limitation is particularly problematic given the fast-paced nature of the business environment, which necessitates more advanced data practices.
The Role Of Data
In any organisation, data needs to be simple, flexible, consistent, secure and, importantly, accessible to those that need it – with automated solutions playing an increasingly important role.
Despite being one of the biggest retailers in the world, IKEA faced just such a challenge in its Austrian operations. Its data processes were dispersed across different departments, making them inaccessible to key areas of the business.
Moreover, data management relied heavily on manual input, with large volumes of data being entered into spreadsheets from various sources, services, and agencies. The complexity was further compounded by data collected through the IKEA Family Loyalty programme, adding layers of complication to an already outdated system.
This fragmented setup hindered IKEA's ability to distribute data across the organisation effectively. Departments such as finance and e-commerce struggled to access vital data, impeding IKEA's efforts to gain deeper insights into its customers and drive future growth.
An Automated Approach
IKEA sought assistance from Adverity, experts in optimising daily data operations and facilitating efficient data collection, management, and sharing. Adverity helped IKEA automate its data aggregation process, providing its team with accessible and relevant data across the organisation.
Adverity worked with IKEA on the implementation of Power BI as a visualisation tool, replacing existing Excel- and PowerPoint-based solutions, as well as improving visibility and granularity when it came to monitoring business performance and customer behaviour.
This, in turn, enabled the retailer to garner detailed insights into trends and patterns, facilitating informed decision-making. With accurate data at its disposal, IKEA could strategically drive future investments and foster growth.
“When I started working at IKEA, we couldn’t even achieve 10% of what’s possible now," Maimuna Mosser, chief business development officer at IKEA, commented. “Adverity was one of the key contributors to this improvement. Many of our decisions and the facts we uncovered from our data were processed by Adverity.”
For more information, visit www.adverity.com.
This article was written in partnership with Adverity. Source: *Adverity – Marketing Analytics State of Play 2022: Challenges and Priorities; ** Adverity – Reality Check: Are Marketers as Analytically Mature as They Think?
