Are You Data Rich?

Even if you are, leveraging the data meaningfully is a different ball game. Getting that part right is key to success in your organisation's digital transformation drive

- Nidhi Singal

Kitchenware, a small K utensils shop in old Gurugram's Sadar Bazar, recently digitized its inventory. Every product in the store was barcoded, easing the billing process. But the data wasn't used to analyze fast-moving and rarely moving products, which could have simplified inventory management-for example, which item to stock more, or which item to reorder at more frequent intervals, among other things.

Now, munch on this. When India went into its first Covid-19 lockdown in March 2020, GCMMF (Amul) was able to successfully deploy a frozen food supply chain to deliver dairy products overnight, R.S. Sodhi, MD of Amul had earlier told Business Today. By maximizing the use of data, software and digital infra, Sodhi was able to manage inventory in a way that the retailers never ran out of stock of key essential items.

While the scale of Kitchenware and Amul are obviously different, the fundamental need for digital solutions was the same. Yet, it was Amul's access to and analysis of real-time data that helped it steer through the lockdown challenge.

WHY DATA-DRIVEN TRANSFORMATION MATTERS

54%

INCREASE IN REVENUE PERFORMANCE

44%

FASTER TIME-TO-MARKET

62%

IMPROVEMENT IN CUSTOMER SATISFACTION

54%

INCREASE IN PROFIT IMPACT

SOURCE HARVARD BUSINESS REVIEW