Insights from DX3 Canada 2020
So, how can a retailer create personalized experiences? How can they understand and connect with their customers authentically? The answer is data. Lots of data. And, lots of meaningful insights derived from the data.
Many of the exhibitors and sponsors at DX3 2020 were technology SaaS providers that offer solutions to ingest, digest and make sense of retailer data using things like artificial intelligence (AI), machine learning (ML), proprietary algorithms and other software-based innovations. They provide big companies, like Canadian Tire, with tools to make better business decisions, specifically by leveraging data and transforming it into meaningful insights. These insights can be used to drive new ideas for products and services, as well as spark ideas for unique ways of connecting with audiences.
However, for data analysis to work, a retailer must first collect and provide accurate and relevant data. Before it’s ever analyzed and put into algorithms, it’s got to be the right data. The trouble is many retailers aren’t using the latest ERP or CRM tools and either simply don’t capture enough data or don’t capture relevant data points.
To combat this, many of the technology vendors we spoke with at DX3 discussed the idea that, when leveraging new technology, companies should take a “crawl, walk, run” approach:
- Crawl– Implement foundational IT systems that capture, store and segment relevant data.
- Walk– Add AI, ML and other software to make sense of the data and provide strategy going forward.
- Run– Rely almost exclusively on software results to make quick and agile decisions.
How can WatServ help? At WatServ, we play an integral role in the early (“crawl”) stages of transforming and updating database capabilities. By offering cloud technology services – such as putting SQL and Dynamics in Azure – we empower retailers to embrace the latest technology tools, which they can then leverage to process and refine their data. The lessons we learned at DX3 reminded us that a strong foundation, like the ones we provide to our clients, is critical to data-driven business success.
Thank you to everyone we met at DX3.
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