With Black Friday and Cyber Monday still top of mind, and the next couple of weeks leading up to what has been referred to as the biggest shopping season of the year, retailers are experiencing the largest influx of information in a condensed period of time ever. How all of this data is churned, acted upon, stored and analyzed has been studied and debated ad infinitum. Still, multiple questions may be going unanswered:
- Are there hidden opportunities and pitfalls to all of this information?
- How will the data be managed?
- Are retailers really getting the most value from the data they collect?
In last week’s Solution Providers for Retail blog site, SAP expert Dr. Werner Hopf talks about Big Data Challenges for Retailers During the Holiday Season. In the article, he states that, “Point of sale delivers priceless transaction-level detail collected by dozens of registers in hundreds of stores across multiple jurisdictions. With so much data from so many sources, retailers are vulnerable to increased fraud, audit issues, and the inability to analyze the large volume of data to its full extent.”
He continues on that as a matter of course, and most particularly during the holiday boom, that retailers often overlook three key areas. He goes on to recommend that retailers evaluate managing data for the areas of audit, fraud protection and, of course, data analysis. Read full article….
How are you competitively taking advantage of your Big Data?