Bringing together POS data, location based data and social media information with Business Initiatives in a Retail Big Data project.
Big Data initiatives in retail have to integrate multiple sources of structured and unstructured data coming from many sources. The biggest challenge will be to align these data sources to sales and marketing business goals for each of these organizations. A smart data governance layer is critical to bring the power of this big data to the fore.
The trick is to harvest the hidden data from this amalgamated data and apply it to business processes and opportunities. To get to this level of engagement the biggest barrier is the reaction time to consumer preferences and choices. Since integration of structured and unstructured data along with change in sales and marketing tactics, pricing information, and supply chain data could take time, the success of this Big Data initiative depends on deep and clever data manipulation and at least some semi-automated or fully automated processes to react to consumer trends.
Combining data from POS, store card or retail card demographics and large amounts of mobile data buying habits, Big Data can improve the ROI of a retail organization and improve customer “stickiness”.
A solid IT Data Governance plan aligned with business imperatives to harvest and harness these data sources with a Big Data project would be the key to address the common retail organization issues of revenue enhancement, inventory management and customer loyalty.
RoundWorld Solutions’ 360 degree view of Big Data in retailing can help that C-Level executive get the right information, delivered by the right tool, to the right resource at the right time. Our unique 3 layer Big Data tool set – a flat file format based data collector and validator, executive templates, and our top layer visualization tool allows manufacturers to consolidate and access their data to truly unlock the power of Big Data and capitalize on the vast knowledge that they have acquired and collected in their siloed applications.
If you would like to discuss the Roundworld Solutions Big Data 360 View Tool, or this article please contact the author Arun Kumar – Vice President, Solutions and Delivery at firstname.lastname@example.org or contact us today.