To succeed in an increasingly competitive retail landscape, you will need to outperform your competitors’ ability to handle the unpredictable. The way you act towards the unpredictable future will decide if your company can keep up with the pace of tomorrow.

We at BearingPoint believe what was unpredictable in the past, is now possible to predict by using data science, AI algorithms and data lakes. Getting personalized product recommendations, more efficient supply chain management and better cross functional transparency are examples of what is made possible by becoming increasingly data driven.

Data has been a key asset for retailers for years and data management is already a critical success factor within the retail industry. This article will discuss how the key to remain competitive is moving from being merely data curious (using data retrospectively) to being truly data driven: using data for strategic and operational decision. For the retail industry, being data driven enables companies’ huge customer service opportunities. To be competitive, retailers must be able personalize customer offers, respond to customer needs with unique assortment and have a clear understanding of retentions rates.

Therefore, we believe retailers must focus on 4 key activities:

  1. Ensure active participation in any technology developments.
  2. Have data governance in place.
  3. Spread and cultivate a data culture among your employees.
  4. Ensure the quality of your data is first class.

Technological trends and technologies on everyone’s lips

Retailers are currently on a journey, going from data curious to becoming fully data driven. This transformation requires, in addition to data governance, data quality and data culture, implementing the right technologies.

Top data technology trends:

  • Self-service BI
  • Data base and Data lakes
  • Block Chain & Phygital Auto ID technologies
  • Data warehouses
  • Data Science & AI algorithms

 

 

  • Elisabeth Denner

Would you like more information?

If you want to get more information about this insight please get in touch with our experts who would be pleased to hear from you.

  • Elisabeth Denner
    Contact me
Toggle search
Toggle location