How does data help with smart business decision-making?
PuroEGO, a Spanish company with over 20 years of experience in the textile sector, launched its brand in 2007 with the aim of providing a dynamic, urban vision of masculine fashion rooted in traditional tailoring. Driven by innovation, PuroEGO won the 2019 Innovation in Retail Prize at the Retail Forum of Spain. However, its Director of Operations, Daniel Martín Ruano, wanted to access more detailed and agile information that would enable him to make strategic decisions for the business more easily and quickly.
To effectively plan strategies that allow excess stock to be relocated and to know the exact profit margin each day, an overview of the entire logistical value chain is required in the retail sector. PuroEGO used to prepare its reports manually in Excel, a task that took a dedicated person two days to complete. This left the company working blind from Monday to Wednesday every week, not having a complete vision of its margin or surplus. By the time PuroEGO finished collecting and analyzing the data, it was already two days out of date.
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To achieve better control of its margins and surplus and rotate stock more effectively, PuroEGO needed greater agility in gathering information, analyzing data, and making decisions. Together with Luce IT, PuroEGO’s provider of technological solutions and a Domo partner, they compared various Business Intelligence solutions and found Domo to be the most complete, comprehensive, and scalable option for the company.
“The Domo SaaS solution offered us a way to see and analyze the data so that my team and I could have a clear and objective picture of the business’s situation every day,”says Martín Ruano. With the Domo solution, PuroEGO now has real-time knowledge of how goods are performing in each store. In textile retail, the most critical KPIs are gross margins on the sale of goods throughout the entire season, taking into account discounts and targets, and surplus, which should ideally be no more than 20%.
With the Domo SaaS solution, PuroEGO has a system that provides a general, real-time overview of each store’s situation, allowing the company to move goods once a month instead of just twice a year as it did before using Domo.
“Information is updated automatically on a daily basis. I can, therefore, start my day by reviewing the data and then use this information to make decisions much more agilely,” says Martín Ruano. “This way, we can distribute the surplus more quickly, at the same time increasing our profit margin, without having to resort to discounting to sell this surplus.”
All companies need reliable data to make smart business decisions, particularly in the retail sector, which is becoming increasingly competitive with shorter-cycle strategies and facing new challenges related to changes in consumer habits. A BI SaaS platform like Domo’s covers the entire process from data extraction and storage in the data lake to visualization of this data, and in which intake is so flexible that new data sources can be incorporated, and new dashboards can be designed in just a few hours.
Domo gives PuroEGO an edge to analyze variables that BI software does not usually look at. This, combined with Luce IT’s experience and support throughout the process, is the perfect blend to make a resounding and lasting success of PuroEGO’s operations.
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