Of all the industries facing an influx of data, retail is perhaps at the forefront of this flood of information. An array of consumer transactions, inventory statistics and data points from all areas come together to form a complex web of input.
But as the PwC 2014 Global Data and Analytics Survey reveals, many decision-makers in the retail industry don’t feel senior managers are fully prepared to make the most important decisions needed within the next 12 months.
Retail executives say they would use data and analytics more for big decision making if the quality, accuracy or completeness of the data were higher (44%). Yet for all of the challenges, 66% have already changed their organisations’ approach to decision making as a result of data and analytics, and another 32% plan to do so.
Crucially, the most common reason given for not using data analysis is the lack of quality data itself.
The retail industry is among those with the largest number of data points already existing. Given the amount of change occurring in the industry – and the subsequent rise in opportunities – retailers should think about restructuring the way they think about data in order to realise the maximum value available.
To view the rest of this infographic, visit the retail page for the Big Decisions report here.
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