Why do retailers love to hate data?
The benefits of using data and analytics to drive strategic business decisions are well documented. However, companies, especially retailers, often jump on the “Big Data” bandwagon without fully evaluating their overall strategy, such as determining what retail sales demand forecasting data they plan to collect, how they will evaluate it, and how they will act on the results.
Not surprisingly, retailers are either drowning in data, ignoring external influences to their business, using decades-old algorithms or analytics tools or have executives who are skeptical about the reliability or quality of forecasting internal insights.
This illustrated playbook describes the 5 steps that retailers can take to turn big data into better decisions and accurate demand forecasting – from focusing on decisions to implement the right technology solutions.