Sparkling Results: How International Diamond Center is Using Data Analytics to Revolutionize Fine Jewelry Retailing
Tampa, FL
International Diamond Center Selects Querybridge to Develop Data Analytics Center of Excellence.
International Diamond Center (IDC) has selected Querybridge, headquartered in Tampa, FL, to help build an Analytics Center of Excellence.
International Diamond Center is a premier jewelry store chain with 11 retail locations, primarily in Florida. They have been in business since 1983.
Querybridge's expertise will give IDC "More real-time reporting and predictive insights to foster our growth plan," said Brian Stamey, VP for Marketing and Store Operations.
Stamey added that "Querybridge is a perfect partner due to Sherman Distin's (CEO & Founder of Querybridge) and team's expertise and vast experience in building data infrastructures, digital marketing strategies, and predictive analytics. Plus, Querybridge takes the time to listen to our needs and shaped a custom program for us."
Sherman shared his praise for IDC:
"IDC is a great client as they truly see the power of building a robust Analytics Center of Excellence and leveraging Data Analytics as part of their growth strategy."
The Analytics Center of Excellence will centralize data from digital marketing, store traffic monitors, Point of Sale systems, merchandising tools, and inventory software for IDC.
"We look forward to working with Brian and his team this year," Sherman added.
In addition to IDC, Querybridge facilitates business or web analytics for other retailers like Butler Tire and Wheels, Volt Lighting & Amp Lighting, to name a few.
What is an Analytics Center of Excellence?
An Analytics Center of Excellence is, simply put, comprised of a data lake, a data warehouse, data marts, dashboards, subject matter experts for data governance and maintenance, and a team of data analysts.
The data lake centralizes all business data. The data warehouse structures said data for efficient usage. The data marts, each with a specified scope, make specific data available to the dashboards. Subject matter experts keep data dictionaries current, manage data access and generally keep the data warehouse clean and functional. Last but certainly not least, the team of data analysts interprets the dashboards turning insights into data stories that enable data-driven decision-making from organizational leaders.
Querybridge assists organizations and companies in navigating the transition into Analytics COE ownership and data-driven thinking with change management, project management, execution, and ongoing consultation, enabling businesses to use data as a competitive advantage.
Can you benefit from an Analytics Center of Excellence?
If you want better performance and less guesswork regarding business results, the answer is a resounding "YES."
A 2022 MIT study showed a clear correlation between the use of dashboards and better business performance. This study looked at more than 1,300 large companies and organizations. Research shows that organizations effectively using dashboards to communicate business performance outperform other companies in critical performance measures like net profit margin, revenue growth, percentage of revenue from cross-selling, and customer experience.
The study done by MIT showed an 80% percent advantage in net profit margin for those organizations and companies that used dashboards versus those that did not. That's a massive return for investing in an analytics center of excellence. Even for small businesses with monthly profits in the tens of thousands, the annualized return grows significantly. Now imagine that across a seven or 10 figure business.
Those who now operate with an Analytics Center of Excellence were better at empowering employees, observed better profit margins from new projects, and realized better customer reviews. These companies were also more likely to hit revenue targets and find operational efficiencies.
Many reasons point to why dashboards are so influential. Few would argue that the influence is as least partially due to the ability of everyone in the company to have direct exposure to how the business is tracking against key performance indicators. With that clarity, teams can work together to ensure performance is headed in the right direction.
The Immediate Benefits of an Analytics COE
Once implemented, you can begin making use of the following benefits:
- Having Convenient and Accessible Performance Data
With a dashboard, you will have the information you need right at your fingertips. Dashboards are the user interface to your Analytics COE. They are created to make data easier to analyze at a glance but, more importantly, easier to understand and inspire action. A good dashboard communicates key performance trends within three seconds of viewing.
- Reduce Guesswork and Make Data-Driven Decisions
There is a saying that goes – good decisions require good data. To make an informed decision for your company or organization, you will need data. Most business operators know this but also know time is limited, and the luxury of waiting for the right data to decide is not often available. With the right data now a few clicks away, leaders can make decisions faster with good data in hand.
- Quickly See KPIs Going Up or Going Down
Your Analytics COE will have visualizations that show performance hits and misses as well as benchmarks that you want to maintain or exceed.
Those visualizations can help you confidently set goals based on forecasts and trends. You are no longer tied to finger-in-the-air estimates. Instead, you can zero in on growth opportunities and determine the actions you need to take to blaze the desired path.
- Get On-Demand Business Intelligence
Business Intelligence is data based on your company or organization's history. BI compiles trends of previous projects, marketing campaigns, and product launches, making an excellent foundation for predictive analytics.
The Dashboards of an Analytics COE
The dashboards found in an Analytics COE are grouped into three primary categories.
- - Strategic Dashboards
- - Operational Dashboards
- - Tactical Dashboards
Strategic Dashboards, or Executive Dashboards, are often used by the C-suite and board members involved in setting strategic directions and ensuring goals are reached. These dashboards continually monitor new strategic ventures as well as company top-line performance. Strategic dashboards are "big picture" dashboards.
Operational Dashboards are designed to glean insight into the performance of departments. These dashboards are found on the screens of VPs and Directors. The operational dashboards present data that is determined to be most helpful for improving how a team operates. They are used to make sure the day-to-day runs smoothly and to plan.
In order for these dashboards to be effective, they require a deep understanding of the department's purpose, standard operating procedures, and goals. A marketing team dashboard will be significantly different from an accounting team dashboard.
Tactical Dashboards are used by team managers within departments who need clarity as to why something is happening or simply the result of a measured change. If a decision was made to increase or decrease spend within a marketing channel, a tactical dashboard will show that decision's positive or negative impact.
If your business is ready to instill a data-driven culture by developing an Analytics Center of Excellence and begin making decisions like some of the largest, top-performing companies in the world, don't hesitate to reach out. Contact us at hello@querybridge.com to start transformation at your company.
Weill, P. and Woerner, S. (2022, January 20). Dashboarding Pays Off. MIT CISR. https://cisr.mit.edu/publication/2022_0101_Dashboarding_WeillWoerner