Big data is single-handedly changing the way that retailers operate their brands. With more customer touch points creating reams of data, the quantity of available information is at an all time high – a factor that is both a blessing and a curse. Retailers are seemingly drowning in increasing levels of complex big data. Too many companies remain overwhelmed by the increasing level of this information, a factor that makes them wary of the intricate details big data holds. However, savvy retailers are taking a breath, embracing big data, and learning to use the information to their benefit. By creating a two-pronged data sharing strategy – one that includes sharing data between lines of business, as well as among trading partners operating outside the company’s four walls – retailers can arm themselves with a secret weapon needed to transform how they interact with customers and improve business processes.
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