The availability of more data feeding consumer analytics is rapidly increasing given the amount of data generated by consumer activity through web, mobile & social media.
No kidding Sherlock – you say – but how to turn that into actionable items is the real head scratcher. Metric management and performance based management is probably not new. Current data warehousing technologies are nothing but metric/performance based managements. Most retail vendors and CPG companies have KPIs and dashboards that they use. So this “new” big data revolution isn’t really new and it’s not really “bigger.”
The difference really is this – most retail suppliers are only using the POS and inventory data supplied by their retailer. Typically, this has gone into a structured data warehouse and, while predictable, is also inflexible. Inflexible in the sense that it takes weeks or months of IT time to code a new data structure into a rigid data warehouse.
The real power of big data is that unstructured data can be brought into the analytics within days, sometimes hours. This allows for real ad hoc “what if” analysis. Flexible and powerful enough to let you ask – and get answered – questions that have percolated in the back of your mind.
- How does weather temperature impact my sales?
- How can I track consumer sentiment around a product launch and does that impact POS?
Ask your analytics provider if they can quickly bring you insights about data currently not in the data warehouse. Or do they simply provide you canned reports that everyone has seen a thousand times. Or worse, your provider will hardcode reports based on some archaic database language that requires a programmer dozens of hours (say expensive) to change.
When you are ready to see how to gain the insights provided by big data simply contact us and we bring you a demo of your new power source.