Retailers realize the importance but struggle to successfully understand and utilize analytics
Boston, MA , 2017-Mar-24 — /EPR Retail News/ — According to a new special report from Boston Retail Partners (BRP), retailers recognize the importance of enhanced data and analytics with 44% indicating improved analytics is a top priority. However, the ability to leverage analytics to improve business performance lags intent due to a lack of organizational alignment and inconsistent processes according to the BRP SPECIAL REPORT: The Fine Art of Analytics.
“It is becoming essential for retailers to broaden their analytical capabilities to effectively address strategic business decisions,” said Gene Bornac, vice president, BRP. “Analytics provide advanced visibility into sales performance by channel, by assortment, and further by item, which helps guide more accurate planning and allocation decisions.”
Implementation of a successful unified commerce analytics approach requires organizational alignment across all business segments. Without organizational alignment, it is difficult to maximize the benefits that big data can bring to omni-channel performance.
However, as organizations increasingly integrate their systems, omni-channel opportunities to gather and utilize data in interesting ways to make smarter merchandising decisions. Real-time analytics are a key part of identifying and understanding the customer across channels and creating the right assortment available at the right time for that customer. By prioritizing an investment in a systems architecture that handles collection and utilization of data universally across the organization, retailers can best position themselves for profitability and key differentiation to their customers.
This Special Report provides insight into BRP’s 2016 Merchandise Planning Survey, highlights the challenges facing leading retailers today relating to data and analytics, and offers next steps for retailers to make the most of the data that exists across their organization.
To download the complete BRP SPECIAL REPORT: The Fine Art of Analytics, visit: https://bostonretailpartners.com/2017-brp-special-report-analytics/
About Boston Retail Partners
Boston Retail Partners (BRP) is an innovative and independent retail management consulting firm dedicated to providing superior service and enduring value to our clients. BRP combines its consultants’ deep retail business knowledge and cross-functional capabilities to deliver superior design and implementation of strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. BRP’s consulting services include:
For more information on BRP, visit www.bostonretailpartners.com.