It’s no secret that data is changing our world in a big way. With digital transformation comes the ability to track nearly everything, from purchases to locations, even interests and life events. Many industries have found ways to harness this data for good, creating more efficient processes internally and decision-making that’s backed by facts instead of feelings.
SCOPE, a suite of data solutions for the shooting sports industry, is no different. Created by the National Association of Sporting Good Wholesalers (NASGW) with input from its members, SCOPE is bringing the shooting sports industry quality data insights like it’s never seen before.
As active participants in our industry, there’s a lot we can learn from how other industries are leveraging data. Here are 5 ways various industries are utilizing data and how you can apply them to your business through SCOPE.
1. Production Planning
Many specialty sports manufacturers have been finding ways to use data to hone in on production, seeking to reduce overproduction or underproduction of inventory. With data showing sales trends on a daily, monthly and yearly basis, these companies are able to get closer to the exact amount of product needed than ever before. On top of that, manufacturers have a better understanding of what sells the most, helping them develop new products within that category to target specific preferences.
SCOPE helps manufacturers in the shooting sports industry do the exact same thing. It allows manufacturers to easily see inventory levels for each of their products in their participating wholesalers’ warehouses to better plan for future production.
2. Partner Accountability
Partnership is important for most companies – one industry relies on another to generate income and few are totally self-sufficient. When that’s the case, reporting between partners creates transparency. Healthcare providers, for example, rely heavily on other providers within a healthcare system to provide records, reports and health history. Large healthcare providers that offer a range of services from physical to dental and mental health are using data to bring all patient information into one platform, making it accessible to any health care provider within that system. With this data consolidation, a primary care doctor doesn’t have to reach out to the same hospital’s orthopedic doctor to see a patient’s diagnosis and provide holistic care.
Similarly, SCOPE allows manufacturers to view distributor and retailer data without having to call their partners up and request monthly reports. All of this data is in one place, automated. This can help you understand how your partners are performing as well, allowing you to evaluate which relationships are most valuable to your business and overall sales performance.
3. Understanding Your Audience
Marketers have long been collecting data to understand who a brand’s customers are, where they are, and what types of products they’re most interested in. Collecting data from a variety of sources has allowed marketing professionals to better target their audiences with products they’re most likely to be interested in – a win-win for everyone.
With geographic map visuals, SCOPE DLX allows manufacturers and distributors to better understand what’s selling and where. This understanding trickles down to better marketing and more strategic partnerships with retailers in different geographic locations.
4. Long-Term Trend Monitoring
Real estate companies and agents are utilizing data to monitor long-term trends in the market. They look for buying and selling trends on a seasonal, year-long and even 10-year basis to help them understand what to expect. But they’re also lining up real estate trends with factors outside of the market – recessions, pandemics, shifts in government and advances in technology. Looking at how these larger trends impact an industry is huge for long-term planning.
With SCOPE, NASGW members can view product shipments throughout the year, and compared to past years. Looking at this data throughout the years, you’ll start to notice trends for your particular products, like whether they sell better in certain seasons and how the market responds to environmental and social factors. For your business, this leads to a higher level of predictability and more accurate forecasting.
5. Gaining Stakeholder Buy-In
Financial data has long been used by sales professionals to advocate for more funds, more products, more travel or other resources that require leadership buy-in and approval. When making an argument, it’s hard to argue with the facts. The proof is in the data. And with data visualizations, it’s even easier to make a compelling case.
SCOPE makes it easier for all levels of staff to show how sales and shipments are going in order to make a case for change in one direction or another. Whether you’re pitching an idea to the CEO or a potential partner, you’ll have data on your side.
It’s time for the shooting sports industry to take advantage of the insights data can provide, and NASGW is here to lead the charge. If you’re interested in trying SCOPE, reach out to us to set up a consultation about how it can work for you. SCOPE is available only to NASGW members, so if you’re not a member, consider joining today.