Big Data and Analytics in Retail in North America: issues, stakes and opportunities.
Pending, to
comment this report, Connectikpeople.co wants to underscore some major factors
in this market. Progressively, we observe that, many retailers do not
yet have the big data and analytics maturity to address the range of technology,
staffing, data, and process requirements needed to capitalize on their data
assets. Meaning that, retailers lacking mature BDA capabilities or
well-conceived plans for acquiring these capabilities stand to lose ground to
competitors with more mature capabilities.
A new report, "Business Strategy: IDC Maturity Model Benchmark : Big
Data and Analytics in Retail in North America,” captured by Connectikpeople.co,
is based on a study of 701 organizations
including 100 non-food retailers and 100 food retailers and
CPG companies.
According to this study, big data and
analytics have become top agenda items for a growing number of retail
executives; however, retailers do not yet have mature BDA competencies across
five critical dimensions: intent, people, process, technology, and data.
Overall, the study presents benchmark data on the maturity of BDA
capabilities of North American retailers, identifies the key capabilities that
characterize retailers whose BDA programs have met or exceeded their
expectations, and offers detailed guidance for achieving BDA success.
Key highlights for this industry, captured by Connectikpeople.co include:
- BDA will remain one of retail's top investment priorities for the foreseeable future,
- Retail is at the epicenter of emerging BDA opportunities in enterprise data, social media, digital and mobile advertizing, mobile metadata, instrumented store operations, and item-level RFID,
- Two classes of retailers are emerging, "BDA haves" and "BDA have nots," each comprising about 20% of the industry, immediately making BDA a defining basis of retail competitive advantage,
- With 60% falling in the middle, the structure of the retail industry will swing on the BDA capabilities.
- Retailers should invest in their BDA competencies as there is a positive correlation between BDA maturity and successful outcomes of BDA initiatives.
- Obtaining BDA maturity is a multifaceted endeavor across five core dimensions: intent, people, process, technology, and data. Success depends on the absolute level of maturity in each dimension and on aligning the five dimensions at or near the same level of maturity.
- The top 10 traits that most distinguish high achievers extend beyond data and technology capabilities, areas that can garner inordinate priority, to include all five dimensions: mature BDA process management, executive leadership, line-of-business (LOB) utilization of BDA insights, collaborative cultures among lines-of-business and analytics groups, and skills in advanced analytics, data and content management, and management of BDA IT hardware.
