Retail

Strategic Insights: Leveraging Data Analytics in Retail for Sustained Growth

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Author(s)

Mike Withey

Corporate Senior Vice President, WNS

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Key Points

In collaboration with The Retailer

Retail businesses realize the importance of acquiring and analyzing massive amounts of data to create personalized customer experiences and stay competitive in the marketplace. However, a global analytics study by Forrester Consulting on behalf of WNS shows that investment in and integration of data and analytics into enterprise systems is still behind the curve.

Some eye-opening numbers from the study include:

While 61 percent of retailers recognize data and analytics as vital strategic enablers, only 24 percent are prioritizing investment to build the necessary capabilities
~46 percent of retailers are investing in enabling technology, with only 11 percent equipped with some cloud-based capabilities
60 percent say they lack data management technology maturity, and 50 percent claim that the inability to process big data fast enough is setting them back

Companies need to accelerate their data and analytics capabilities to realize the benefits of analytics-driven decision-making at scale. Featured in the Autumn 2022 Edition of BRC’s magazine The Retailer, this article explores key statistics from the detailed study while outlining three focus areas for retailers to add speed and scale to their data and analytics programs.