Big data, business intelligence, analytics reporting. There are plenty of nuanced buzzwords in retail, but they all tell us the same thing: if you want to make the best, most informed decisions for your store, you need to analyze and understand your store's data and information. There are plenty of tools and methods out there available, but not all are created equal. According to a recent article shared at Retail Minded, there are some common BI mistakes retailers are making that can cost them in the long run.
Focusing on a limited data set
With the mountains of consumer data available today, companies can easily become overwhelmed or side-tracked by the sheer size of the information presented to them. In many cases, this can lead to focusing on an overly narrow or limited data group in order to simplify the data collection and analysis process.
Applying the results of this analysis to the wider customer base or company policy, however, can create a skewed image and even negatively impact the retailer’s operations. Instead, by strategically combining the results of analyses on a number of categories, retailers are able to uncover more accurate and effective strategies for attracting, engaging and retaining their customers.
Before jumping into big data analysis or even data science, it is important that these companies determine the necessary size and scope of their analytics program in order to yield the most accurate and useful insights to meet their business’ objectives.— Jonathan Beckhardt, Retail Minded
Continue reading the original article