Four shifts are shaping retail data
Through a special arrangement, presented here for discussion is a summary of a current article from the Spieckerman Retail blog.
A variety of intuitive and flexible analytics tools are arriving to finally help retailers make sense of the endless amount of data coming at them.
In a podcast with Graeme Noseworthy, senior content marketing manager with IBM Analytics, I recently shared four ways data analytics is transforming the retail industry:
From “less is more” to “bring it on.” Armed with a treasure trove of advanced analytical tools and user-friendly dashboards, retailers are finally gaining the confidence to open up the data fire hose. Moving forward, this will include integrating weather and social data into traditional retail data sets and harnessing IoT insights gathered from innumerable consumer devices and products. The implementation of these innovations won’t be without controversy, but the train has left the station when it comes to data diversity.
From data mandate to data inform. As retailers’ data confidence increases, a surprising shift is underway: gut instinct and creativity are back. Not that long ago, it was assumed that data would drive every important retail decision; today, retailers are taking a more balanced approach that includes the human touch. As one retail executive shared with me recently, “Retail is science and art, and the art comes from people.”
From data reporting to data story-telling. As data collection becomes commoditized, data storytelling will emerge as a major differentiator for retailers and for any company competing in the technology space. In a world of seemingly endless insights, and with many stakeholders involved, stories will unify and crystallize opportunities.
From “industry-itis” to embracing the blur. Solution providers tend to segment opportunities by industry, and many technology trade show floors are divided into industry-defined sections, such as telcom, healthcare and retail. While taking this approach may seem to highlight the diversity of applications for particular technologies, it ultimately limits possibilities. This is particularly true in retail, as more retailers become healthcare providers and as telecoms open retail locations. Now it’s time for technology companies to break out of the old silos and showcase how solutions address retail’s many new models and retailers’ new identities.
- Four Shifts Shaping Retail Data – Spieckerman Retail
- What does the future have in store for the data-driven retailer? – IBM Big Data & Analytics Hub
DISCUSSION QUESTIONS: Which of the shifts in approach to data analytics will have the greatest impact on the way retailers operate? To take advantage of these developments, what needs to happen next in most retail organizations?