Retailers face unprecedented data volumes, bringing both opportunities and challenges.
- Inconsistent or fragmented data can mislead decision-makers in the retail industry.
- Fabio De Bernardi highlights the importance of clean, actionable data for retailers.
- Retailers must overcome messy, unstructured data from various sources.
- A data-driven culture is essential for adapting and surviving in today’s market.
Retailers today operate amidst a deluge of data, spanning customer behaviour to supply chain metrics. Despite the potential of this information, many retailers grapple with its sheer volume and complexity. As Fabio De Bernardi notes, the industry must transition from traditional data focuses, such as supply chain management, to incorporating marketing insights—that is, customer behaviours and audience data—to remain competitive.
The mishandling of data, particularly messy and unstructured data, can severely impact decision-making. De Bernardi provides a scenario where data from numerous sources—be it online transactions or in-store purchases—remains siloed, creating a fragmented picture. This inconsistency can lead to poor decisions, such as misdirected marketing efforts that not only waste resources but also damage customer trust.
For retailers, achieving a comprehensive view of operations necessitates clean data, which De Bernardi describes as accurate and consistent. This data must be readily usable across the organisation to make informed decisions. Whether aimed at targeting specific customer segments, managing stock levels efficiently, or better analysing campaign outcomes, clean data reduces reliance on guesswork.
However, the road to harnessing clean data extends beyond technology; it demands a cultural shift within organisations. Retail leaders must recognise data’s role not as an auxiliary aspect but as a core driver of strategy. Employees at all levels should advocate for enhanced data practices, fostering an environment where insights are freely shared across departments.
De Bernardi emphasises the peril of unreliable data: operating on poor data equates to decisions based on chance rather than informed insight. The future of retail, intertwined with AI and machine learning, hinges on the integrity of data inputs. For progress, companies must focus on establishing trust in their data systems and ensuring accessibility to pertinent data across all functions.
Retailers must prioritise data quality and integration to thrive in a competitive marketplace.
