“Data readiness” refers to an organization’s ability to collect, manage and use data effectively. It involves ensuring that the data is accurate, accessible, secure and in a format that supports business decision making. The value is clear. Analyzing the most current data can quicken decision-making processes, improving operations, customer engagement and access to potential business opportunities.
Yet, PYMNTS Intelligence finds that many retailers and consumer-facing platform businesses lack data readiness and are unable to access usable and timely data for decision making. Fewer than half of surveyed firms have dedicated companywide analytics teams. Furthermore, half have no access to real-time data.
Firms with higher data readiness have these resources active and are heavily reliant on analytics for decision making. As a result, these firms are 52% more likely to have seen increased revenue in the past year. Highly data ready firms report more than 10 times the revenue of those that are less data ready.
These are some of the findings explored in “The Platform Business Data Readiness Survey: How Real-Time Data Can Drive Growth,” a PYMNTS Intelligence and Fiserv collaboration. The report explores the data readiness of U.S. retailers and consumer-facing platform businesses when tracking internal and external sales data. These firms include grocery and non-grocery retail, gaming, streaming services and gig economy aggregators. Between June 12 and Aug. 7, we surveyed 549 executives working at firms that generated at least $500 million in revenue in 2023 to determine how access to real-time sales data impacts their firms.
The report explores the level of data readiness among retailers and consumer-facing platform businesses. Eight charts of insightful data detail how access to real-time data benefits firms looking to improve decision making. Download the report to learn more.