In a short period of time Big Data has traversed a familiar hype cycle – from exuberant optimism to disillusionment. In EKN’s view, retailers will do well to focus on pertinent issues it brings into focus: Namely, the opportunity to improve customer-centric and operational decision-making by building deeper insight from a massive stream of internal and external data.
However, retailers must approach Big Data as they would any other business strategy, which is to ask 3 important questions; Is this for us, how ready are we and how do we set ourselves up for success?
EKN’s 2012 Big Data report was a first of its kind, detailed look at Big Data in retail. This report is based on an additional survey of 70+ retail industry executives, and includes new findings as well as comparison with those from last year.