At no point in human history have organisations and individuals had more access to information than they do today. For retailers, technology is capable of revealing truly beneficial insight regarding potential and existing customers, but for many this information remains shrouded.
As discussed in the previous instalments of this article, Business Intelligence (BI) is increasingly becoming a driver of conversions and retention, increasing efficiency and profit alike. Terms like Big Data are bandied about, yet for many organisations, leveraging huge quantities of data to yield accurate insight can be a challenge.
These challenges are broadly defined by structure and data. For businesses with IT systems in place, the goal will be to translate existing data structures into a common format. For many retailers using ‘silo’ systems, capturing data and standardising the information will absorb the greatest amount of initial resource investment.