EKN Research, RIS News and Consumer Goods Technology recently released a joint study regarding analytics in the industry. The goal of this report was not just to paint a picture of the current state of the industry (technology adoption, investment horizons, collaboration levels), but to uncover characteristics of leaders, highlight areas where a greater focus is required (capability building) and provide a framework that can help guide execution.
The study found that the key areas of focus for retailers are customer insights (profiling/analysis), inventory planning and demand forecasting. It is clear that understanding customers and managing inventory are top requirements and spending must match these priorities in order to make progress.
Retailers note that the challenges to improving their analytic capabilities are limited software toolsets, an intuition-driven culture rather than data-driven culture and an absence of clearly articulated analytics strategy. Given these findings it is clear that retailers see the clear benefits of investing in their own analytics capabilities to support key business goals, but still lack the best practices or strong analytics leadership necessary to guide focused, enterprise-wide investments.
In order to help our customers with their analytics strategy, JustEnough introduced JustEnough Customer Insights in January. Customer Insights helps retailers identify trends, opportunities and causal relationships within their vast amounts of customer data and enables them to act upon those insights quickly and easily. Our solution is integrated across the retail planning process to improve customer loyalty, optimize pricing and promotions and improve the bottom line.
Contact us to learn more about how we can help you gain valuable, actionable insights into your customers. To read the full research article, click here.