For the retail industry, the prevailing customer sentiments determine the latest trends that inform decision making – from product design and manufacturing, to marketing messages.
We have seen an increased focus on data analytics as a necessity for all industries – but particularly for retail, where accurate and up-to-date data is critical to meet customer demand that rapidly fluctuates.
Big Data is the key to accurate data analytics on a company-wide scale. But what exactly is Big Data?
Big Data is defined as:
“Big Data refers to the large, diverse sets of information that grow at ever-increasing rates.”
In simple terms, we tend to look at 3 ‘V’s when discussing Big Data: Volume, Velocity and Variety. For retailers, big data will relate to the amount on information held on their customers, their business transactions and stock, and their employees.
The 3 Vs can make analysing Big Data to unearth the value behind the raw data difficult. With so much information, it can be impossible to know what is valuable and what isn’t, and the validity of any information held.
This is where master data management systems can help parse data from across multiple systems to discover insights that can improve decision making from marketing to stock and manufacturing decisions. For more information about how data management can help retailers discover their best customers, read this article.
Check out the infographic below for more information on the power of Big Data and how retailers in particular can benefit from this valuable, mostly untapped, resource.