For years now, executives have been told that advanced analytics can provide better answers to almost every business question. Yet in retail, at least, surprisingly few companies have taken full advantage of the opportunity.
Why Retailers Fail to Adopt Advanced Data Analytics
Six factors holding the industry back — and how it can move ahead.
February 27, 2023
Summary.
Advanced analytics have been available to businesses for years and are getting better all the time, but with a few big exceptions most retailers still use very basic tools. They do this even though they understand the advantages that analytics have given their competitors. What is holding them back from more fully embracing analytics? To find out, the authors interviewed 24 global retail executives in the Americas, Europe, and Asia and found that six factors are the primary sticking points. In this article they discuss those six factors and offer retailers some suggestions for how to move forward and profit from what advanced analytics have to offer.