target audience: TECH BUYER Publication date: Dec 2022 - Document type: IDC Perspective - Doc Document number: # US49334222
Retail Data Crossroads — Why Data Management Strategy Has Never Been More Important in Retail
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Abstract
This IDC Perspective provides insights into the significance of retail data management. Retailers are facing a complex situation with regard to data at a time when it's never been more important to be able to draw quick data insights — especially in critical areas such as supply chain, inventory visibility, customer experience, and personalization. While the amount of retail data generated grows rapidly, there are significant challenges to overcome from data silos and visibility, data governance issues, and growing data security concerns. Accordingly, retailers are moving to increase data automation and integration investments to gain competitive advantage by maximizing the value of data.
"Developing a cross-functional data management strategy and investment plan across retail operations is critical amid today's quickly evolving business conditions to harness insights from the spiraling amounts of data to grow omni-channel revenue," according to Margot Juros, research manager, IDC Retail Insights' Worldwide Retail Technology Strategies.