A recent article in The Guardian underscores the importance of leveraging Big Data to make critical business decisions. The article offers advice for five key changes that retailers can make to drive value from their Big Data:
- Put data at the center of your business culture: This includes making sure to test every new business idea. Read More.
- Determine which data matters most for your business: Businesses need to consider how to secure the most meaningful data
- Integrate Data: Retailers tend to compartmentalize their data by channel, when they should be taking a single view of their customers. This includes aligning online and in-store sales and promotions. Read about how Nordstrom won with this strategy.
- Test, Test, and Test again. Watch this short video to learn more.
- Broaden the data set: Start thinking about including external factors, including weather, location, and special events
Leading organizations have already started conducting scientific tests. In-market testing remains the only way to understand cause-and-effect relationships between business decisions and key performance metrics, allowing executives to finally answer the question, “did this program really work?”