Business Optimization Through Real-Time Insights for Retailers
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Presentation from Retail’s BIG Show, January 15-17, 2017. TREVOR HEINER, Dir,. Business Planning and Analytics, Express Locations JEFF SATO, Dir., BI, The Honest Company PAUL WEISKOPF, SVP, Corporate Development, Domo
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Business Optimization Through Real-Time Insights for Retailers
- 1. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Business Optimization Through Real-Time Insights for Retailers TREVOR HEINER, Dir,. Business Planning and Analytics, Express Locations JEFF SATO, Dir., BI, The Honest Company PAUL WEISKOPF, SVP, Corporate Development, Domo
- 2. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Mission Optimize your business in real time by connecting you to the data and people you need to improve business results.
- 3. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 MARKETING SALES OPERATIONS ITFINANCE SERVICES ANALYSTS FUNCTIONAL SPECIALISTS BUSINESS MANAGERS EVERY EMPLOYEECXOSIT Domo’s platform for business optimization transforms every functional area Built for all users
- 5. Retail’sBIGShow2017|#nrf17 Relevant data Access the most relevant data to identify business opportunities faster Customizable platform Customize Domo to reveal your strategic opportunities Social insights Make faster better decisions across your organization Real-time optimization Stay ahead of your competition and optimize your business in real time How Domo Delivers
- 7. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 How The Honest Company Uses Domo For Real-Time Insights JEFF SATO DIRECTOR, DATA SOLUTIONS
- 8. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 The Honest Company The Honest Company passionately believes in creating effective, beautiful, convenient, and affordable products for babies and homes • 5 verticals: Baby & Kids, Home Care, Personal Care, Vitamins & Supplements, Beauty • 100+ products • Omni-Channel
- 10. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Pre-Domo Pain Points • Data Silos • Hard to gain holistic view of business • Lack of collaboration around data • Real-time insights next to impossible • Reactive not proactive • Inefficient use of analyst resources
- 11. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Domo Solution • All of our data in one place • Holistic picture of the business • Easy to share data across teams • Timely insights • Actionable insights • Analysts focus on analyzing data
- 15. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Store Level ‘Systems of Success’ • Store Managers are expected to execute on daily routines and behaviors that lead to success on the sales floor • One critical component is a daily coaching conversation with each sales representative before he or she begins a shift • Review prior day successes / failures • Identify area of opportunity • Set goals and a plan for how to achieve
- 16. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Daily Coaching Conversation - Before Domo • Store Manager retrieves performance data each morning from a spreadsheet with sales results updated through prior day • 10-15 minutes Manager Instructions
- 17. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Daily Coaching Conversation - Using Domo • Personalized performance data available anytime or anywhere using mobile application • Automatic updates • Visualizations tell the story • Eliminated spreadsheets from retail stores
- 18. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 • Group messaging and communication took on many forms Messaging/Communication - Before Domo
- 19. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 • Teams can collaborate or communicate in public channels or in private chats • Conversation happens in the same location where critical business data is found • Mobile and desktop ready Messaging/Communication – Using Domo
- 20. Retail’sBIGShow2017|#nrf17Retail’sBIGShow2017|#nrf17 Efficiencies and Benefits • Employee time/efficiency (eliminated daily report preparation) • Sales teams are focused on the metrics that matter most and driving improved performance results on these visible metrics • Noticeable improvement in knowledge transfer of metrics to sales team • Visualizations make the metrics easier to communicate and understand • Centralized communication tool – Domo Buzz
Notes de l'éditeur
- So much data from advertising, logistics, and point of sale is available at every turn, but few are in a position to harness it all. The 'available' data is stored in unique formats, disparate systems, and a challenging combination of data centers, leaving this valuable resource scattered across departments and geographies, and separated from those who need it now. Retail is more complex than ever before as consumer behavior is dramatically splintered between brick-and-mortar, and a growing number of digital sales and distribution channels," said Paul Weiskopf, Domo's senior vice president of corporate development, who is presenting at the show. "Domo helps retailers easily bring together the relevant data about their business, from disparate systems across the broadest range of marketing, distribution and POS channels, to deliver the real-time insights that allow them to make better decisions and optimize business performance."
- Why these things, not others? These are not the ONLY things that are great about Domo, but they are the most differentiating As others adopt our language about how BI is changing, we need to sharped our focus on how we are different Domo’s Business Cloud platform delivers the perfect solution for retailers focused on gaining a competitive edge. Today, many retailers utilize Domo across departments to make better, faster decisions based on data-driven insights.
- Areas of opportunity include a review of commission trends and how to maximize the commission potential during the month
- Would often require manual calculations to determine ‘what if’ scenarios for projecting commissions with improved performance
- Store Manager is no longer a bottleneck to distributing the information to front-line sales teams. Employees can access regardless of whether they are at work (check commission trends on a day away from work!). No longer dependent on a competent manager to provide information. Excel competency is low in our retail stores. Using excel is no longer necessary.
- ‘Mobile’ workforce requires effective mobile communication tools for groups Sales teams are ‘remote’ across multiple stores within a region and need to communicate. Mobile is key. Reaching our millennial workforce via email is extremely challenging Disparate messaging systems prevent us from controlling the communication environment
- One communication system standard across the entire organization (in addition to email) Perfect tool to reach a mobile-first workforce (Headquarter to contact store personnel is FAR MORE EFFICIENT than email)
- Before Domo, managers spent 10-15 min per day preparing reports After Domo, reports are available to all employees via mobile app or on desktop with no preparation needed. Time savings and better knowledge transfer