Overcoming Paralysis by Analysis

In today’s hyperconnected, cross-platform world, retailers are overwhelmed by a deluge of data. They’re collecting multiple types of data, including customer demographic data, transactional data, product data, operations data, shipping data, promotional/marketing data, workforce data, out of date, competitor data, among others. You can see why data overload is so prevalent for today’s retailers. Why is this such an issue? Collecting the right data and interpreting it correctly can help a company improve efficiency, cut costs, boost revenues, and maximize profits by enabling informed decision-making across all functions of the business. Conversely, so-called “paralysis by analysis” — i.e., having an overabundance of data that renders an organization unable to interpret it and make it actionable — is a real challenge for retailers in the era of big data.

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Source: Retail