As the market shifts toward the gig economy, consumer and client expectations follow suit. To keep pace with this move and meet rising expectations, organizations must evolve. Services like Uber, restaurants that skip the physical storefront and instead only deliver to customers, businesses with models similar to FabFitFun, etc play into the rise of the gig economy and consequently decreased time to value for consumers.
What implications does this bring for your organization and industry?
Implication #1: Even “streamlined” analytics will become more “streamlined”
One after the other, business intelligence (BI) vendors rush to roll out the newest add-on, each promising faster time to value and quicker data-based decision-making. We have moved from first generation legacy business intelligence platforms, to second gen analytics-focused systems, to the 3rd generation of BI that features components driven by AI and embedded analytics. Sending this point home is the advent of zero-click analytics— a method where data is instantly sent to applications and displayed to users on the platform of their choosing (whether that be tablet or phone applications, on a desktop, etc).
As time goes on, this focus on reduction of time to insight will progress further in order to keep pace with customer expectations. This doesn’t necessarily mean an organization needs to immediately implement a zero-click analytics program to maintain competitiveness. However, an organization should be aware of the “instant” analytics trend so as to better shape company growth and operational strategies moving forward. This could manifest itself when reviewing company strategy with a focus on data silo elimination, improved interfacing between department databases, or a revamp of the company analytics platform to better connect organization data sources.
Among other BI vendors, Qlik® is an excellent example of a vendor embracing this instant culture direction. As time to value decreases across all industries and services, customers demand instant results. This includes the immediate resolution of any questions or problems that crop up — whether that be cancelling a subscription, predicting when an item will come back in stock, or, in the case of the Qlik Insight Bot™, easily calling forth graphs and trends to simplify complex data. The Insight Bot adds on to Qlik’s already extensive business intelligence offerings, making them an even more competitive vendor with an end-to-end solution in the market.
Implication #2: The Supply Chain Across Industries
The need to innovate and produce at an increasingly rapid rate is perpetual, and the instant culture of today’s society encourages this. Organizations across industries feel the pressure to evolve supply chains and deliver products faster. Companies like Amazon have thrown their full weight behind this instant value mantra and are pulling further ahead due to their ability to put products in the hands of consumers (in most cases) with a one-day turnaround. To compete with larger organizations like Amazon, businesses must emphasize analytics in the supply chain. This will facilitate risk reduction through an improved oversight of both market trends and global events. Global events like hurricanes, or new international compliance laws not only impact company supply chains, but ultimately customers.
“… supply chain analytics generates a notable impact for smaller businesses and can help smaller companies compete against their larger counterparts. “Tweet
In the vast majority of cases, an analytics scale such as Amazon’s is not realistic— few companies have the financial or personnel resources available to implement one-day delivery. Despite this, supply chain analytics generates a notable impact for smaller businesses and can help smaller companies compete against their larger counterparts. It may not result in one-day delivery, but any sort of reduced order-to-delivery time is progress. The right analytics processes can help to achieve those results.
Aside from decreased shipping time, improving inventory tracking through the use of inventory reporting is a realistic step that can garner noticeable results. Integrating sales data with inventory data specific to geographic location (if a company has multiple locations), promotes “big picture” analytics opportunities.This unlocks the ability to view product flow by region, alerts customers when items will arrive, return in stock, and when a large order is likely to be completed, all with a higher degree of accuracy. This enhances the satisfaction of your target demographic, whether this be other companies or consumers.
Implication #3: The Retail Industry
This gig-analytics ecosystem can be seen altering the retail system as more and more consumers opt to shop online. Online consumer purchasing behavior leads to the creation of multiple data touch points. From this customer data, retailers riding the instant analytics wave pull away from competitors due to a newfound comprehensive view of consumer trends and ability to reduce the time frame needed to transform trends to tangible products.
In the age of instant analytics, consumer data helps retailers more efficiently identify trends, design and iterate products based on these trends, and more effectively market final products to consumers. In total, this culture of immediacy is drastically decreasing the time from trend identification to the placement of final products in the hands of consumers. Whether a company fully embraces this with a new end-to-end analytics platform, or opts to focus more resources on general data management strategy, this is something that will define leaders across the retail industry.
In a business environment that never stops moving forward, analytics continues its rise in importance congruent to the ability to harness data and unleash continuous innovation. If you’d like to better prepare your company to compete in the age of instant culture, message us for a free data strategy consultation, we’d love to help you grow.