Most companies suffer from risk aversion and have no clear goals for an analytics project.
“Is data important?”
“Everyone says yes. If you ask why, many don’t know.”
Others look down on analytics, considering their work to be more art than science.
One department store executive recalled a buyer asking,
“Will an algorithm tell me what dresses to buy? I know what dresses to buy.”
https://lnkd.in/gCG4UEEb
📊 Unlocking the Potential of Advanced Data Analytics in Retail 🛍️
The retail industry has been buzzing about the power of advanced analytics for years, yet many companies are falling behind in leveraging this game-changing technology. A recent Harvard Business Review article sheds light on why and how retail can catch up:
🛒 The Gap: While giants like Walmart and Amazon thrive on real-time data, most retailers are stuck with basic tools, missing out on profits.
💰 The Cost of Lagging: During the pandemic, digital leaders outperformed laggards by 83% in profitability. In grocery retail alone, advanced analytics could boost earnings by 2%.
🧩 The Challenges: Six key factors are holding retailers back:
1. Culture: Risk aversion and unclear analytics goals.
2. Organization: Struggling with centralization vs. decentralization.
3. People: Lack of talent bridging business and analytics.
4. Processes: Lengthy projects and unclear priorities.
5. Systems: Legacy systems and data integration issues.
6. Data: Poor data quality and management.
🚀 Getting Started: Retailers can take the following steps:
1. Assess your current analytics maturity and readiness.
2. Reimagine your organizational culture, emphasizing analytics empowerment.
3. Invest in cloud-based systems and data governance.
4. Develop talent pipelines, collaborate with universities, and provide in-house training.
🔮 The Advantage: The data analytics revolution is happening fast, and those who harness its insights first will gain a competitive edge.
Don’t miss the opportunity to unlock the true potential of data analytics in retail. 📈 #DataAnalytics#RetailTech#BusinessInsights
Read the full article here: https://lnkd.in/eGsGapU7
Why Retailers Fail to Adopt Advanced Data Analytics
https://hbr.org/2023/02/why-retailers-fail-to-adopt-advanced-data-analytics