Jul 29 2015
Baseball’s Secret Weapon: Advanced Analytics
In Major League Baseball, teams rely on sabermetrics to make the best possible scouting and player signing decisions. This terminology may sound familiar to anyone who has watched the movie Moneyball – a true story about the improbable success of the Oakland A’s during the 2002 MLB season thanks to advanced analytics.
Sabermetrics is a statistical breakdown of virtually every aspect of a player’s contributions to a team, putting their contributions into hard numbers and assigning value to the little things that distill a player’s value down to the at-bat.
It is a formula for success, and all of the winning clubs use it religiously.
But what if I told you that the business world’s version of sabermetrics was available to empower your employees. After all, data is an essential resource for every company – and some of the world’s top brands understand that data helps their employees to be more effective contributors. In the retail world, insights and analytics drive critical business decisions and getting to know them is vital to the continued success of your company.
And while it is virtually impossible to dwell on every possible insight, industry leaders are taking advantage of new software platforms, like Askuity, that can prioritize insights and opportunities for optimal results. Because at the end of the day, it’s all about using data to empower everyone in your organization and to supercharge your business with the insights that are actually driving your growth.
It doesn’t matter if you are selling through eCommerce , big-box retail, or even direct-to-consumer. The use of retail analytics is quickly becoming one of the most effective tactics to synthesize retail trends to help outperform competitors.
The Peril of ‘Data Silos’
At most companies, it’s not uncommon to find that one data expert, or team of data specialists that analyzes data and provides ad hoc deliverables for the rest of the company. And while these data experts may be adept at taking product data and transforming it into insights, it isn’t a sustainable model to have data and insights siloed off from the rest of the company. Because sooner or later it will result in bottlenecks that can slow down your speed-to-insights. And at the end of the day, data silos can restrict your company’s ability to react to time sensitive opportunities – resulting in lost customers and lost sales.
Shooting from the hip just isn’t going to cut it long-term. You need to have a firm grasp on what is selling and what isn’t, in order to maximize the movability of your products. A specialized analytics platform arms everyone on your staff with the data they need to make the fact-based decisions that can positively impact sales, marketing, category management and supply chain operations.
Empowering Teams With Technology
Askuity’s user-friendly interface allows users to view, crunch, and manage data with ease, in a way that allows anyone to instantly become a data virtuoso. Bridging the gap between consumer-focused mobile applications, which can offer shoppers a wealth of information, mobile applications for sales reps are still few and far between. This leaves sales reps with outmoded tools and hard copy files to make their decisions in the field.
For example, sales reps can use mobile analytics to gain access to sales analytics simply by scanning UPC codes while they’re out and about, giving them unparalleled visibility and ensuring they will be fully informed while in store. It enables them to have important discussions with store managers and the frontline employees who oversee product shelving on a daily basis. With Askuity, the cloud holds all your data, which eliminates the need to carry around bulky binders, folders or stapled papers. You can access everything from your smartphone or tablet for intuitive insights on-the-go.
You’re playing in the big leagues now, and you need the essential decision-making resources if you’re going to make an impact. You wouldn’t dare send your employees into work without a computer or a phone. So why keep them from the data that they need to be their best and make well-informed decisions?
In the information age, there’s no such thing as getting by without data. Get ahead of the curve and arm your team with the tools they need to be their best.