Data in Retail –
Booster for the Return
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Are you aware of the value of your data?
Data is a decisive factor for the success of business models today. Especially in retail, companies rooted exclusively in digital business have established a presence over the past few years. Their key advantage has been the intelligent gathering and use of data. With the added value for the customer always in focus.
For many retailers, the main thing missing is the necessary deeper understanding of data and its strategic and intelligent management. In most cases, the topic is left to individual data experts, of whom there are too few on the one hand and who are often organizationally isolated on the other. This creates data silos that are incompatible with each other. The result is a significant reduction in the value of the information.
Gartner predicts that by 2023, 90% of all enterprise companies will embed data as a strategic asset in their business strategies. Topics such as artificial intelligence, blockchain or machine learning, but above all people, will play a decisive role in this.
Strategic collaboration between executive management level, business departments and IT ensures that all capabilities of the available potential with data are fully leveraged. And the potential is enormous: Increased customer and market awareness, more efficient processes, reduced costs, avoidance of errors and correspondingly minimized risks!
More and more frequently, executive management levels and strategic management consultancies are the starting point for projects in the data environment. This is why we have developed an integrated consulting approach together with Roland Berger. For this purpose, we have combined our expertise in management consulting and data management to advise companies in the retail industry.