A worldwide survey by analyst group Gartner undertaken in 2018 showed that
91% 2018 of organisations across multiple sectors have not yet reached a “transformational” level of maturity in data and analytics, despite this area being a number one investment priority for CIOs in recent years.
Retail is one of those sectors that is widely considered to be a DRIP
industry – in other words it is data rich and insight poor, and so many companies in the sector are looking at ways to make better use of the information they have at their disposal.
The business of data management is keeping leadership teams across retail occupied, as they look at how they can optimise it for the betterment of their respective organisations – but the deployment of new systems might be held up by a fear and distrust of their output. Retailers need to put these doubts aside.
In fashion retail – the focus of this report – there is significant room for improvement in how companies use data for forecasting and throughout the supply chain. With sophisticated data science and greater trust in systems and analytics, fashion retailers can manage in-season trading on a more proactive and professional basis, resulting in:
- Faster return on cash
- Higher margins
- Lower execution costs
- More engaged Staff
- And multiple other Benefits.