Friday, January 18, 2019

Why Data Is Key to Retail Success

By Krista Garcia
From eMarketer

According to a new study by Snowflake Computing and Harvard Business Review, companies that make data-driven decisions have the best chance for longevity. Yet across industries, they found that only 5% of retail and CPG enterprises qualify as data-driven, half of the survey average (10%).

This stands in opposition to stated goals. The retail industry had the highest number (89%) that placed great importance on getting better insights into customer needs and expectations. Faster decision-making was also a priority (79%) as well as improving process and cost efficiency (68%).

What is holding retailers back? The biggest challenge cited was human in nature; 44% said they lacked the digital and data analytic skills to transform. More than one-third cited internal resistance to change while 29% blamed legacy processes.

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