Owning Your Data and Driving Business Success
In today's fast-paced and data-driven world, e-commerce and retail companies are constantly seeking innovative ways to gain a competitive edge. As authorities in the field, we understand the paramount importance of owning and leveraging data for the success and growth of your business.
A crucial step to unlocking the power of data is by utilising the right tools, and this is where ELT (Extract, Load, Transform) comes into play. ELT stands for Extract, Load, Transform. It focuses on loading raw data directly into the data warehouse before any transformation takes place.
In this article, we’ll go into the importance of owning your data in the e-commerce and retail sectors, provide a comprehensive explanation of ELT tools, and discuss how they can empower your company to make the kind of data-driven decisions that’ll leave your competitors in the dust.
The Role of Data in E-commerce and Retail
We cannot overstate the importance of data-driven decision-making. A staggering 94% of companies are beyond the planning phase in adopting a data-driven strategy. Many have cracked the code to success by putting data in the driver's seat.
For instance, through using data-driven personalisation. Research shows that “companies that grow faster drive 40 percent more of their revenue from personalisation than their slower-growing counterparts.”
And, get this, companies that nail the personalised experience see a sweet 25% bump in revenue.
But the magic of data doesn't stop at personalisation. The best ELT tools can also help you level up your inventory management and demand forecasting. Imagine cutting out-of-stocks and overstock issues in half. That's a 50% reduction!
Just look at Walmart in the USA – they've harnessed the power of data analysis to optimise their supply chain and stay ahead of the competition.
ELT Tools: An Essential Component of Data Ownership
Gaining full control and ownership of your data is vital, which is where ELT tools come into play. These tools encompass three core components: data integration, data transformation, and data warehousing – everything you need to tame your data and put it to work.
We're talking better data accuracy and quality, lightning-fast processing and analysis, not to mention scalability and adaptability.
Surprisingly however, according to TDWI research, only 34 percent of businesses are taking an ELT approach, loading data into the cloud first, and then using cloud-optimised tools to transform it. More telling is the fact that 37% are still manually coding data to “to get it into the needed format for analytics.”
The data clearly shows a pressing need for streamlined, expeditious, and scalable data transformation solutions like those provided by Kleene, which are both cost-effective and impactful.
Key Features to Consider When Selecting an ELT Tool
Alright, let's talk about ELT tools! Choosing the right ELT tool is crucial, so here are the key features you should consider when selecting the perfect ELT solutions for your business:
A. User-Friendly Setup & Operation: Look for an ELT tool that's a breeze to set up and operate. Trust us, you'll thank us later when your team can focus on the big wins instead of wrestling with complicated processes.
B. Integration with popular data sources and platforms: An ideal ELT tool should seamlessly integrate with various data sources, such as CRM, ERP, and social media, as well as platforms like Shopify, Magento, and Salesforce, to ensure data accuracy and consistency.
C. Customisation & Flexibility for Days: Every business is unique, so your ELT tool needs to be ready to cater to your specific needs. Go for a tool that lets you easily transform, clean, and prep data like a boss.
D. Security and compliance: It's essential to choose an ELT tool that prioritises data security and adheres to industry regulations, ensuring that your customer and transaction data remains protected.
E. Scalability & Performance that Won't Quit: Your business is going places, and your ELT tool needs to keep up. Opt for a solution that'll stay strong, even when your data volume starts to explode, so you don't hit any roadblocks on your path to success.
Case Studies: How e-commerce and Retail Companies Can Successfully Use ELT Tools
In this section, we'll explore two compelling case studies that demonstrate the power of ELT tools in transforming e-commerce and retail businesses.
First, let's examine Swoon, a London-based D2C furniture company, which struggled with manual data processing and limited analytics capabilities. By implementing the Kleene platform, they automated data pipelines for daily operational and supplier-facing product quality reporting.
This shift allowed Swoon to focus on core operations, improve metric accuracy, and engage with B2B partners more effectively. The scalable, cloud-based solution accelerated insights, reduced human error, and enabled data-driven decision-making, while attracting top-tier analytic talent. You can know more about this here.
Now, let's talk about Xtrac, a global leader in transmission systems, faced challenges with siloed data landscapes and gut-feel decision-making. With Inflexion's investment, they partnered with Kleene to centralise their data strategy. Kleene connected multiple finance systems, automating the general ledger process, and reducing production time from weeks to mere moments.
This integration facilitated the hiring of a skilled internal analyst who used Kleene to build dashboards, reports, and a Power BI plugin, shifting Xtrac towards data-driven decision-making and competitive advantage. You can know more about how Kleene has helped Xtrac here.
The Final Word
In conclusion, we cannot stress enough the undeniable edge that owning data brings to the e-commerce and retail game. We're living in a fast-paced digital world, and to stay ahead of the pack, companies must fully embrace the critical role of ELT tools in achieving data ownership.
We can help you do that. With Kleene, you can access all your data in one place and in one language, empowering you to make well-informed decisions. We help you connect, transform, and visualise your data quickly and in a scalable manner, making it an essential partner in driving business success.
Remember! Companies that are data-driven are 23 times more likely to acquire customers. Additionally, businesses leveraging data insights can experience up to a 30% increase in operating margins.
Don't you think it's time to say goodbye to headaches and hello to easy data management that can actually power your business? We do, so ask us about a free product demo!