Originally published by Quantzig: How we Helped a US retailer in Standardizing Data, Data Delivery Mechanism, and Tracking Usage
Summary and Client Overview:
Quantzig collaborated with a prominent US-based retail client to revolutionize their data management and leverage it as a strategic asset. With 85,000 employees, the client aimed to enhance productivity and gain a competitive edge in the dynamic retail landscape.
Challenges Faced:
The client grappled with consolidating data from diverse sources, managing data governance complexities, determining comparative costs, and developing a robust data monetization strategy.
Quantzig’s Innovative Solutions for Data Monetization:
Our tailored approach involved a comprehensive assessment, leading to a custom solution using the Microsoft Power Platform combined with Synapse. Key features included data structure optimization, KPI standardization, and the automation of data processes.
Impact of the Solution:
Quantzig's solution resulted in a 60% reduction in data redundancy, a 28% decrease in Total Cost of Ownership (TCO), and tangible business value realization. The strategic approach facilitated additional budgets for strategic data investments.
Key Outcomes Delivered:
- **Significant Reduction in Redundancy:** A 60% decrease in data redundancy streamlined data management, enhancing efficiency.
- **Cost Savings:** TCO reduced by 28%, demonstrating substantial cost efficiency.
- **Tangible Business Value Realization:** Quantified business value facilitated additional budgets for strategic data investments, recognizing the value added by the data monetization strategy.
- **Enhanced Operational Efficiency and Decision-Making:** The integration of the Microsoft Power Platform with Synapse revolutionized operational efficiency, enabling data-driven decisions for improved productivity and business performance.
Broad Perspective on Data Monetization Strategies in Retail:
The success of Quantzig's data monetization strategy highlights its transformative potential in the retail industry. Key takeaways include transforming data into strategic assets, overcoming data governance challenges, realizing the full potential of data, driving innovation and growth, and creating a competitive advantage.
In Conclusion:
Effective data monetization strategies, as demonstrated by Quantzig, can reshape the retail landscape, fostering efficiency, innovation, and profitability. They represent a crucial step towards a data-driven future in retail, where data becomes a key driver of business success.
