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Retailers must invest in analytics for better business opportunities, says report

Retailers must invest in analytics for better business opportunities, says report 

IDC surveyed 701 retailers, including 100 food and 100 non-food retailers, and found that most of them do not have BDA competencies in five key areas: intent, people, process, technology, and data.

To push back against this trend, IDC suggests that retailers strongly consider investing in BDA.

“Many retailers today do not yet have the big data and analytics maturity to address the range of technology, staffing, data, process, and strategic intent requirements needed to capitalize on their data assets. IDC developed a BDA maturity framework to assist retailers in assessing their current capabilities and to evaluate gaps in reaching higher levels of BDA maturity,” said Greg Girard, Program Director, IDC Retail Insights Worldwide Omni-Channel Retail Analytics.

Retailers that do achieve BDA maturity will be in a position to reap the most benefits from BDA initiatives.

IDC predicts that the 60 per cent of retailers that fall between the “BDA haves” and “BDA have nots” will be in the best position to gain a competitive advantage by investing in their BDA competencies.

The process, however, is not an easy one. The report cautions that BDA maturity will be necessary in the areas of intent, people, process, technology, and data if retailers wish to achieve BDA maturity.

Furthermore, many retailers face the hurdle of knowing which technologies to choose to drive their BDA projects.

Nonetheless, the survey suggests that retailers are in the best position to take advantage of BDA opportunities in “enterprise data, social media, digital and mobile advertising, mobile metadata, instrumented store operations, and item-level RFID.”

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