Data has become one of the most valuable assets to help retailers optimize processes, reduce costs, gain a competitive advantage, and delight customers. While retailers produce enormous amounts of data, it is usually siloed away in different applications and databases, accessible only to the team that manages or uses the application on a regular basis. Establishing a data strategy is an important step to leverage machine learning (ML) across the retail enterprise and connect the dots between different parts of the organization. In this how-to guide, you’ll learn about the evolution of data in the retail industry and why it has become a critical asset. You’ll also learn that if collected, stored, maintained, and mined with a data-driven culture, well-designed strategies, appropriate governance, and cloud-based technologies, data can become a competitive advantage to connect seemingly unrelated dots, see the unseen, and reveal opportunities long before they become mainstream—to propel your business past your competitors and futureproof your organization.
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