- Date 18 Nov 2021
Data is Knowledge; Knowledge is Power. The digital age allows us to collect and analyse data to take action on it quickly and with higher accuracy. Organisations that store large amounts of data understand their customers better because they know what their customers want, when they need it and can predict the next course of action. These organisations successfully harness the knowledge derived from data and translate it into significant profit. This provides a powerful incentive to expand the size and scope of the data collected.
Enterprises with the most actionable data tend to be the most powerful and profitable. The five most valuable (richest) global brands as of October 2021 are all tech companies (Apple, Google, Microsoft, Amazon, Facebook), all of which collect vast amounts of data from their consumers daily. While these organisations monetise and monopolise customer data purely for their benefit, RedCloud is different - the data collected is shared with the relevant distributors and FMCG’s to ensure that knowledge is spread across the supply chain.
At any data conference, you are most likely to hear about the 5 V’s of data: Volume; Velocity; Variety; Veracity and Value. All of which are critical for companies to unlock the true potential of the data collected and benefit from it. However, most FMCG brands in emerging markets still rely heavily on a traditional distribution chain that isolates them from the end retailer, thus limiting the amount of data accessible to business strategists. This is where RedCloud, the world’s first open commerce platform excels.