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Data insights helped boost revenues for these three large corporates

February 21, 2022

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Data is facts, no one can contradict what data says. Data for sure tells us what we are doing right but if you look closely, it also hints at what we should not be doing. It speaks to you about how your company is doing and how the business is doing. But are you listening to it?

In conversation with data and analytics experts, ETCIO spoke to three different companies from distinct industry verticals to see how data can be leveraged to boost revenues and profits.

Retail giant Tesco for example operates in a highly price-competitive space of grocery retail and needs to invest in price reductions from time to time

Talking about how data played a role in this, Venkat Raghavan, Associate Director and Global Head, Enterprise Analytics, Tesco Business Services, said, “While we all feel that products with high sales or visibility in our stores are where we should invest in prices, we learned that over 20% of these investments do not yield desired results. We, therefore, have shifted to a data-led price investment strategy that showed us that some highly visible products have inelastic demand – that is, little to no significant increase in sales post reduction in prices.”

Data also told Tesco that some of these products are bought along with products that too have low profitability, which leads to further reduction on the returns from price investments. This insight helped the team at Tesco to optimize their price investments covering only those products that individually and along with the associated products drive positive ROI for the business.

Listening and reacting to small nudges that the data hints at can deliver a big change in the company’s growth graph. Connecting the dots in data and linking these dots back to business has always been faithful for companies and businesses. And it’s not just about the princess or profitability, you may have a wrong idea about your consumers too. And data again had an idea about it before.

Similarly, when ET Money, an investment and personal finance platform, was launched, there was a perception that the platform would have more users and investors from the metro cities. But what data showed six months down the road was a myth breaking realization for the founder Mukesh Kalra.

“At first, when we launched ET Money, we thought that it’s more for people from metro cities and it was going to be the high-end people who are saving a lot and would like to invest. In the first 6 months, we started seeing that users were coming from all over India. The data showed us that there are so many users who have a high amount of investible surplus across India and not just the metro cities. And this actually changed our outlook towards scaling our business,” explained Mukesh P Kalra, Founder and CEO at ET Money.

Earlier the team at ET Money had thought the company to be an urban-centric company but now they are completely PAN India. The application has investors and users from more than 1300 cities today which was thought to be only from metro cities initially.

Logistics firm Ecom Express gained similar insights when it inspected the data to learn that assumptions the company was working on had to be corrected.

Working on a hub and spoke model, Ecom Express has hubs that are connected with distribution centers. For the last past of the mid-mile operations, the company has had its trucks departing from the large facilities covering multiple locations. They would leave from the hub and come back to the same hub. We had to plan our routine trips accordingly.

“The team took feedback from our operations team about the vehicle size and how many shipments would go in a vehicle. We ran our simulations and got to know that the ground operations were running fewer vehicles than we were proposing. We checked the distribution of shipments size and weights and realised that the original assumptions our data science team were playing with had to be corrected. We then re-calibrated the actual vehicle capacities to get the right numbers and insights,” explained Bhupinder Singh, Head Data Science at Ecom Express.

It is not always that data will help you scale up business directly but it will always have hints and links to the growth. Data helps you find hidden opportunities to grow your business.

So, are you ready to listen to your data?

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